CVR Energy vs Par Pacific
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The short version
- Par Pacific is the larger business, with $7.5B of revenue in fiscal 2025 against $7.2B for CVR Energy.
- CVR Energy grew revenue faster (−5.9%, against −6.4%).
- Par Pacific kept more of each dollar of sales as operating profit (7.2% operating margin, against 2.5%).
- Par Pacific turned more of its sales into free cash flow (4.0% FCF margin, against −0.6%).
- Par Pacific earned a higher return on the capital invested in it (19.3%, against 9.1%).
- Investors pay more for each dollar of CVR Energy’s earnings: a P/E of 85.5x against 4.5x for Par Pacific.
| Latest fiscal year | CVI · FY25 | PARR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.8B | $3.8B |
| Revenue | $7.2B | $7.5B |
| Free cash flow | −$41.0M | $296M |
| Net income | $27.0M | $369M |
| Growth | ||
| Revenue growth | −5.9% | −6.4% |
| 5-year growth | 12.8% | 19.0% |
| Share count change | 0.0% | −9.1% |
| Profitability | ||
| Gross margin | 4.8% | — |
| Operating margin | 2.5% | 7.2% |
| Net margin | 0.4% | 5.0% |
| FCF margin | −0.6% | 4.0% |
| Return on capital | 9.1% | 19.3% |
| Return on equity | 3.8% | 27.3% |
| Balance sheet | ||
| Net debt | $1.3B | $653M |
| Net debt / EBITDA | 2.2x | 1.0x |
| Dividends and buybacks | $0.0M | $125M |
| Valuation & quality | ||
| P/E | 85.5x | 4.5x |
| Piotroski F-score | 8 | 6 |
Revenue
FY16
CVI $4.8B
PARR $1.9B
FY17
CVI $6.0B
PARR $2.4B
FY18
CVI $7.1B
PARR $3.4B
FY19
CVI $6.4B
PARR $5.4B
FY20
CVI $3.9B
PARR $3.1B
FY21
CVI $7.2B
PARR $4.7B
FY22
CVI $10.9B
PARR $7.3B
FY23
CVI $9.2B
PARR $8.2B
FY24
CVI $7.6B
PARR $8.0B
FY25
CVI $7.2B
PARR $7.5B
CVI
PARR
Operating margin
FY16
CVI 1.5%
PARR −1.1%
FY17
CVI 2.4%
PARR 3.9%
FY18
CVI 7.5%
PARR 2.4%
FY19
CVI 9.1%
PARR 2.7%
FY20
CVI −8.5%
PARR −10.2%
FY21
CVI 1.2%
PARR −0.2%
FY22
CVI 8.8%
PARR 6.0%
FY23
CVI 12.1%
PARR 8.3%
FY24
CVI 0.8%
PARR 0.6%
FY25
CVI 2.5%
PARR 7.2%
CVI
PARR
Free cash flow
FY16
CVI $134M
PARR −$48.2M
FY17
CVI $128M
PARR $74.8M
FY18
CVI $526M
PARR $42.2M
FY19
CVI $626M
PARR $21.7M
FY20
CVI −$34.0M
PARR −$101M
FY21
CVI $172M
PARR −$57.2M
FY22
CVI $776M
PARR $400M
FY23
CVI $743M
PARR $497M
FY24
CVI $225M
PARR −$51.8M
FY25
CVI −$41.0M
PARR $296M
CVI
PARR
Return on capital
FY16
CVI 3.0%
PARR −3.0%
FY17
CVI 6.1%
PARR 13.4%
FY18
CVI 17.6%
PARR 10.5%
FY19
CVI 18.4%
PARR 11.9%
FY20
CVI −11.8%
PARR −24.7%
FY21
CVI 4.2%
PARR −0.7%
FY22
CVI 41.3%
PARR 62.7%
FY23
CVI 41.0%
PARR 56.9%
FY24
CVI 2.6%
PARR 2.0%
FY25
CVI 9.1%
PARR 19.3%
CVI
PARR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.