Corteva Inc (CTVA) is overvalued and CVR Partners LP (UAN) is undervalued.
Against our estimates of intrinsic value, UAN trades at the wider discount: a margin of safety of +66%, against -31% for CTVA.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.4% (average of 3 methods) values the shares at $61.32; the price of $80.34 is 31% above that value, and 78% of that value comes from beyond year five.
Leak Score 51/100 on 9 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 | CTVA | UAN |
|---|---|---|
| Verdict | Overvalued | Undervalued |
| Price | $80.34 | $128.85 |
| Intrinsic value | $61.32 | $380.69 |
| Margin of safety | -31% | +66% |
| Leak Score | 51/100 (9/12) | 85/100 (8/12) |
| Market cap | $53.6B | $1.4B |
| Revenue growth, 5 years | 4.1% | 11.6% |
| Operating margin | 16.7% | 28.5% |
| Net margin | 5.7% | 23.7% |
| Return on equity | 4.3% | 48.3% |
| Debt to equity | 0.19 | 1.67 |
| P/E | 53.1x | 8.5x |
| Forward P/E | 19.4x | — |
| P/B | 2.1x | 3.9x |
| Dividend yield | 0.9% | 11.2% |