Stock fact sheet · data as of
CVR Partners, LP (UAN): fair value, margin of safety and Wheel Score
Ticker symbol UAN · Basic Materials · Agricultural Inputs · United States · Partnership units · Blend Income
UAN trades as units of CVR Partners, LP, a limited partnership: owners receive a K-1 tax form instead of a 1099, and the payouts are distributions rather than dividends.
Is UAN undervalued?
UAN has a margin of safety of 40%: the stock closed at 112.02 on 5 Nov 2026 against a GLS average fair value of 186.77. 5 of the 9 valuation models that produced a number sit above the price. Our scans treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
The 9 models disagree widely: GLS Growth gives 29.47 while DCF gives 446.64. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
Ranked against every other company we cover, neither cheapness nor growth clearly wins for UAN, so the nightly engine files it under Blend (value score 51, growth score 45, out of 100). It also carries the Income tag (Income = a dividend yield of 4% or more).
Nine valuation models for UAN
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 446.64 | +299% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 76.34 | -32% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 162.42 | +45% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 40.27 | -64% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 29.47 | -74% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 331.34 | +196% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 269.65 | +141% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 212.92 | +90% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 111.86 | -0% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -46.34 | -141% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 0.0000 | -100% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - UAN passes 5 of the nine Piotroski tests, which falls one point short of the "Piotroski 6 or more" Wheel Trade Filter. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is 6.0 out of 10: a record that is solid on some of the four parts the score weighs (returns on capital, pricing power, lasting growth, balance sheet) and weaker on others.
Returns on capital are moderate - ROIC 11.5%, ROE 37.1%, ROA 10.2% - with debt at 2.23 times equity and a free-cash-flow yield of 12.6%. Debt of 2.23 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
The dividend yield is high at 12.92% (payout ratio 144%) - a payout above 100% of earnings, which is not covered by profits. A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Product, UAN 65%, Product, Ammonia 21%, Products, Other 8% (quarter Q2 FY2026).
Institutional ownership scores 7/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 5 / 9 | ROIC | 11.5% |
|---|---|---|---|
| GLS Moat | 6.0 / 10 | ROE | 37.1% |
| Debt / equity | 2.23 | ROA | 10.2% |
| Free-cash-flow yield | 12.6% | Payout ratio | 144% |
| Institutions | 7 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 51: Fair
UAN scores 51 out of 100 on the Wheel Score (Fair band, 50-69) because it fails filter 4, financially healthy - Piotroski 5/9 (under 6); and filter 5, can repay its debt - 3.7 years to repay its debt (over 3). A stock must pass all 9 Wheel Trade Filters to reach 70. Otherwise the parts read: value strong, premium strong, moat good, health fair, red flags strong, option trading weak, stability fair.
Implied volatility is 36% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 3,649 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 75k shares a day on a market cap of $1.2B, with a beta of 0.14 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 5/9 (under 6) |
| 5 | Can repay its debt | Fails | 3.7 years to repay its debt (over 3) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 40% below fair value | |
| Premium | Strong | implied volatility 36% | |
| Moat | Good | moat 6.0/10 | |
| Health | Fair | Piotroski 5/9 | |
| Red Flags | Strong | Red Flags score 100/100 | |
| Option trading | Weak | 472 contracts a day, 3,649 open interest | |
| Stability | Fair | beta 0.14, $1.2B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for UAN in the nightly calendar. The shares go ex-dividend on 16 Nov 2026 (1.79 per share), so a covered call sold before then carries a small early-assignment risk around that date.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Agricultural Inputs
The 12 companies below are the closest to CVR Partners, LP by market cap within the Agricultural Inputs industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| FMC FMC Corporation | 6.42 | 57.28 | +89% | 37Weak | $804M |
| BWEL JG Boswell Company | 593.58 | 1,715.58 | +65% | 29No options | $566M |
| IPI Intrepid Potash, Inc. | 31.28 | 33.00 | +5% | 33Weak | $421M |
| SMG The Scotts Miracle-Gro Company | 67.19 | 57.85 | -16% | 32Weak | $3.9B |
| ITFS Itafos Inc. | 1.52 | 2.59 | +42% | 30No options | $295M |
| ICL ICL Group Ltd | 4.58 | 4.07 | -12% | 37Weak | $5.9B |
| MOS The Mosaic Company | 21.61 | 21.49 | -1% | 32Weak | $6.9B |
| CTVA Corteva, Inc. | 12.26 | 4.89 | -151% | 37Weak | $8.2B |
| CF CF Industries Holdings, Inc. | 111.68 | 179.03 | +38% | 91Prime | $16.9B |
| NTR Nutrien Ltd. | 72.07 | 63.18 | -14% | 42Weak | $34.4B |
| AVD American Vanguard Corporation | 0.9759 | - | - | 9Weak | $29M |
| BIOX Bioceres Crop Solutions Corp. | 0.2534 | 18.64 | +99% | 27Weak | $16M |
Scan the whole market the same way
A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about UAN
Is UAN undervalued right now?
By the GLS models, yes: at 112.02 the stock is 40% below the average fair value of 186.77 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of UAN and what does it mean?
UAN scores 51 out of 100 (Fair) - it fails Wheel Trade Filters 4, 5. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for UAN?
186.77 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does CVR Partners, LP report earnings next?
No upcoming earnings date is recorded for UAN in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does UAN have listed options, and how liquid are they?
Yes. The nightly snapshot found 72 listed contracts with 3,649 open interest across all expiries and implied volatility of 36% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.
Is UAN a partnership?
Yes. UAN trades as units of CVR Partners, LP, a limited partnership: owners receive a K-1 tax form instead of a 1099, and the payouts are distributions rather than dividends.