FMC Corp (FMC) is undervalued 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 +59% for FMC.
Values as of the 22 Sept 2026 close.
Its through-the-cycle earnings (15.3% median margin), capitalised at 6.2% with no growth, values the shares at $25.73; the price of $10.57 is 59% below that value.
Leak Score 45/100 on 8 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 | FMC | UAN |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $10.57 | $128.85 |
| Intrinsic value | $25.73 | $380.69 |
| Margin of safety | +59% | +66% |
| Leak Score | 45/100 (8/12) | 85/100 (8/12) |
| Market cap | $1.3B | $1.4B |
| Revenue growth, 5 years | -5.7% | 11.6% |
| Operating margin | -1.9% | 28.5% |
| Net margin | -84.9% | 23.7% |
| Return on equity | -89.3% | 48.3% |
| Debt to equity | 2.69 | 1.67 |
| P/E | — | 8.5x |
| Forward P/E | 6.4x | — |
| P/B | 0.8x | 3.9x |
| Dividend yield | 3.4% | 11.2% |