Nutrien Ltd (NTR) is slightly 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 +10% for NTR.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 8.0% (average of 3 methods) values the shares at $83.76; the price of $75.43 is 10% below that value, and 79% of that value comes from beyond year five.
Leak Score 27/100 on 3 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 | NTR | UAN |
|---|---|---|
| Verdict | Slightly undervalued | Undervalued |
| Price | $75.43 | $128.85 |
| Intrinsic value | $83.76 | $380.69 |
| Margin of safety | +10% | +66% |
| Leak Score | 27/100 (3/12) | 85/100 (8/12) |
| Market cap | $36.0B | $1.4B |
| Revenue growth, 5 years | 5.2% | 11.6% |
| Operating margin | 13.8% | 28.5% |
| Net margin | 8.4% | 23.7% |
| Return on equity | 9.3% | 48.3% |
| Debt to equity | 0.49 | 1.67 |
| P/E | 15.3x | 8.5x |
| Forward P/E | 15.2x | — |
| P/B | 1.4x | 3.9x |
| Dividend yield | 2.9% | 11.2% |