Corteva, Inc. (CTVA) vs CVR Partners, LP (UAN)

Corteva, Inc. and CVR Partners, LP are both Agricultural Inputs companies. Corteva, Inc. is the larger, with a market value of $53.0B against $1.3B — 39.9× the size. CVR Partners, LP trades at the lower P/E: 8.1× against 52.0×. CVR Partners, LP grew revenue faster over the last twelve months: 17.5% against 3.70%. CVR Partners, LP has the higher net margin (23.7% vs 5.66%) and the higher return on invested capital (15.3% vs 3.94%). Both pay a dividend; CVR Partners, LP yields more (37.2% vs 1.31%). Across the 23 metrics below, CVR Partners, LP leads on 18 and Corteva, Inc. on 5.

Valuation

Metric CTVA UAN Agricultural Inputs median
P/E 52.00 8.09 15.82
P/S 2.95 1.92 0.85
P/B 2.07 3.74 0.80
Price to free cash flow 79.66 8.97 13.58
EV/EBITDA 18.34 6.27 6.55
EV/Sales 3.09 2.56 1.07
Earnings yield 1.92% 12.36% 0.00%
Free cash flow yield 1.26% 11.15% 2.54%

Profitability

Metric CTVA UAN Agricultural Inputs median
Gross margin 49.54% 46.11% 30.83%
Operating margin 9.87% 28.10% 0.30%
Net margin 5.66% 23.67% (7.81%)
Free cash flow margin 3.70% 21.37% 1.46%
Return on equity 3.91% 48.30% (2.64%)
Return on assets 2.42% 15.59% (5.16%)
Return on invested capital 3.94% 15.27% 0.00%

Growth

Metric CTVA UAN Agricultural Inputs median
Revenue growth (TTM) 3.70% 17.47% 8.74%
EPS growth (last fiscal year) 23.08% 61.98% —
Revenue growth, 5-year CAGR 4.12% 11.61% 3.77%
Net income growth, 5-year CAGR 9.94% 0.00% 0.00%

Health

Metric CTVA UAN Agricultural Inputs median
Debt to equity 0.19 1.64 0.47
Current ratio 1.52 3.01 1.55
Net debt to EBITDA (0.63) 2.37 0.16

Dividend

Metric CTVA UAN Agricultural Inputs median
Dividend yield 1.31% 37.15% 4.12%
Payout ratio 0.38 — 0.05

Size

Metric CTVA UAN Agricultural Inputs median
Market cap 53.01b 1.33b 269.62m

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