Nutrien Ltd. (NTR) vs CVR Partners, LP (UAN)

Nutrien Ltd. and CVR Partners, LP are both Agricultural Inputs companies. Nutrien Ltd. is the larger, with a market value of $35.4B against $1.3B — 26.6× the size. CVR Partners, LP trades at the lower P/E: 8.1× against 14.6×. CVR Partners, LP grew revenue faster over the last twelve months: 17.5% against 8.63%. CVR Partners, LP has the higher net margin (23.7% vs 8.44%) and the higher return on invested capital (15.3% vs 6.64%). Both pay a dividend; CVR Partners, LP yields more (37.2% vs 4.12%). Across the 23 metrics below, CVR Partners, LP leads on 16 and Nutrien Ltd. on 7.

Valuation

Metric NTR UAN Agricultural Inputs median
P/E 14.62 8.09 15.82
P/S 1.23 1.92 0.85
P/B 1.34 3.74 0.80
Price to free cash flow 18.68 8.97 13.58
EV/EBITDA 7.20 6.27 6.55
EV/Sales 1.60 2.56 1.07
Earnings yield 6.84% 12.36% 0.00%
Free cash flow yield 5.35% 11.15% 2.54%

Profitability

Metric NTR UAN Agricultural Inputs median
Gross margin 31.02% 46.11% 30.83%
Operating margin 13.70% 28.10% 0.30%
Net margin 8.44% 23.67% (7.81%)
Free cash flow margin 7.40% 21.37% 1.46%
Return on equity 9.32% 48.30% (2.64%)
Return on assets 4.46% 15.59% (5.16%)
Return on invested capital 6.64% 15.27% 0.00%

Growth

Metric NTR UAN Agricultural Inputs median
Revenue growth (TTM) 8.63% 17.47% 8.74%
EPS growth (last fiscal year) 242.65% 61.98% —
Revenue growth, 5-year CAGR 5.16% 11.61% 3.77%
Net income growth, 5-year CAGR 37.63% 0.00% 0.00%

Health

Metric NTR UAN Agricultural Inputs median
Debt to equity 0.44 1.64 0.47
Current ratio 1.39 3.01 1.55
Net debt to EBITDA 1.64 2.37 0.16

Dividend

Metric NTR UAN Agricultural Inputs median
Dividend yield 4.12% 37.15% 4.12%
Payout ratio 0.28 — 0.05

Size

Metric NTR UAN Agricultural Inputs median
Market cap 35.41b 1.33b 269.62m

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