CF Industries Holdings Inc (CF) is undervalued and CVR Partners LP (UAN) is undervalued.
Against our estimates of intrinsic value, CF trades at the wider discount: a margin of safety of +68%, against +66% for UAN.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.9% (average of 3 methods) values the shares at $373.46; the price of $120.59 is 68% below that value, and 81% of that value comes from beyond year five.
Leak Score 92/100 on 10 of 12 signals
Discounting its cash flows at 7.2% (average of 3 methods) values the shares at $380.69; the price of $128.85 is 66% below that value, and 83% of that value comes from beyond year five.
Leak Score 85/100 on 8 of 12 signals
| Metric | CF | UAN |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $120.59 | $128.85 |
| Intrinsic value | $373.46 | $380.69 |
| Margin of safety | +68% | +66% |
| Leak Score | 92/100 (10/12) | 85/100 (8/12) |
| Market cap | $18.2B | $1.4B |
| Revenue growth, 5 years | 11.4% | 11.6% |
| Operating margin | 41.5% | 28.5% |
| Net margin | 27.1% | 23.7% |
| Return on equity | 39.2% | 48.3% |
| Debt to equity | 0.63 | 1.67 |
| P/E | 8.9x | 8.5x |
| Forward P/E | 11.1x | — |
| P/B | 3.2x | 3.9x |
| Dividend yield | 1.8% | 11.2% |