CVICVR ENERGY INC
Petroleum Refining
- Revenue
- $7.2B
- 5.9% YoY
- Operating margin
- 2.5%
- 233% YoY
- EBITDA
- $585M
- 64% YoY
- Market cap
- $5.9B
- Employees
- 1,532
- $5M revenue each
- Net debt / EBITDA
- 1.8×
- $1.0B net debt
- AI in 10-K
- 1.4
- mentions per 10K words
Takeover score 1 of 13
Fixable underperformance 1 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$5M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo533% of net incomeCash flow under 80% of net income
- Dilutive SBCNo1% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo0% of assetsOver 40% of assets
- Shareholder dissentNo86% lowest supportAny vote under 80% support
Buyer economics 0 of 4
- Low revenue per employeeNo$5M · 33rd pctBottom quartile of its SIC industry
- Quiet on AINo1.4 per 10K words · 43rd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo1.8× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedNo$5.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$16M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $7.2B | $10.9B | $9.2B | $7.6B | $7.2B | 5.9% |
| Operating income | $87M | $963M | $1.1B | $58M | $182M | 214% |
| Net income | $25M | $463M | $769M | $7M | $27M | 286% |
| Operating cash flow | $396M | $967M | $948M | $404M | $144M | 64% |
| Capex | $224M | $191M | $205M | $179M | $185M | 3.4% |
| Stock-based comp | $46M | $71M | $34M | $15M | $42M | 180% |
| Buybacks | $1M | $12M | $0 | $0 | — | |
| Dividends | $241M | $483M | $453M | $151M | $0 | 100% |
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| May 21, 2012 | SC TO-T/A | ICAHN CARL C | — | — |
| May 15, 2012 | SC TO-T/A | ICAHN CARL C | — | — |
| May 7, 2012 | SC TO-T/A | ICAHN CARL C | — | — |
| May 1, 2012 | SC TO-T/A | ICAHN CARL C | — | — |
| Apr 27, 2012 | SC TO-T/A | ICAHN CARL C | — | — |
| Apr 19, 2012 | SC TO-T/A | ICAHN CARL C | — | — |
| Apr 13, 2012 | SC TO-T/A | ICAHN CARL C | — | — |
| Apr 3, 2012 | SC TO-T/A | ICAHN CARL C | — | — |
| Apr 3, 2012 | SC TO-T/A | ICAHN CARL C | — | — |
| Mar 29, 2012 | SC TO-T/A | ICAHN CARL C | — | — |
| Mar 28, 2012 | SC TO-T/A | ICAHN CARL C | — | — |
| Mar 19, 2012 | SC TO-T/A | ICAHN CARL C | — | — |
| Mar 19, 2012 | SC TO-T/A | ICAHN CARL C | — | — |
| Mar 16, 2012 | SC TO-T/A | ICAHN CARL C | — | — |
| Mar 14, 2012 | SC TO-T/A | ICAHN CARL C | — | — |
| Mar 9, 2012 | SC TO-T/A | ICAHN CARL C | — | — |
| Feb 23, 2012 | SC TO-T | ICAHN CARL C | — | — |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Feb 24, 2026 | ICAHN CARL C | SCHEDULE 13D/A | 70.8% | Passive |
| Apr 15, 2025 | ICAHN CARL C | SCHEDULE 13D/A | 20.8% | Passive |
| Apr 7, 2025 | ICAHN CARL C | SCHEDULE 13D/A | 68.7% | Passive |
| Feb 21, 2025 | ICAHN CARL C | SCHEDULE 13D/A | 94.7% | Passive |
| Jan 10, 2025 | ICAHN ENTERPRISES HOLDINGS L.P. | SC 13D/A | — | Passive |
| Jan 7, 2025 | ICAHN ENTERPRISES HOLDINGS L.P. | SC 13D/A | — | Passive |
| Dec 18, 2024 | ICAHN ENTERPRISES HOLDINGS L.P. | SC 13D/A | 66.3% | Passive |
| Dec 6, 2024 | ICAHN ENTERPRISES HOLDINGS L.P. | SC 13D/A | 50.9% | Passive |
| Nov 8, 2024 | ICAHN CARL C | SC 13D/A | 66.3% | Passive |
| Aug 19, 2024 | ICAHN CARL C | SC 13D/A | — | Passive |
Insider trading
- Open-market buys, 12 mo
- $16M · 3
- Open-market sells, 12 mo
- $0 · 0
- Net
- $16M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $9M | $7M | 267 | 314 |
| FY2024 | $5M | $4M | 197 | 236 |
| FY2023 | $5M | $5M | 303 | 324 |
| FY2022 | $4M | $8M | 273 | 278 |
| FY2021 | $4M | $5M | 127 | 137 |