CVI vs PARR: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
CVI and PARR are similarly sized, but PARR trades noticeably cheaper on forward earnings (7.58x vs 19.23x): the market is paying up for CVI's profile and pricing PARR more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
CVI vs PARR: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | CVI | PARR | What it tells you |
|---|---|---|---|
| Market cap | $3.58B | $4.31B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 19.23 | 7.58 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 51.62 | 9.74 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.82 | 0.82 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 73% of range | 98% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 6.82 | 2.80 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: PARR is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how CVI and PARR affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CVI and PARR share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CVI and PARR exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does CVR Energy (CVI) do?
CVR Energy (NYSE: CVI) runs two very different businesses. Its Petroleum segment operates the Coffeyville, Kansas and Wynnewood, Oklahoma refineries in the mid-continent, together processing on the order of 200,000 barrels per day, while its Nitrogen Fertilizer segment (held through the CVR Partners units) makes ammonia and UAN at Coffeyville and East Dubuque, Illinois using pet coke and natural gas feedstocks. A former Renewables segment produced renewable diesel at Wynnewood, but management reverted that unit to conventional hydrocarbon service in December 2025 after the economics turned unfavorable, keeping the option to switch back if incentives improve. Carl Icahn's Icahn Enterprises controls roughly 71 percent of the shares, so CVI trades as much on Icahn strategy as on refining fundamentals.
What does Par Pacific Holdings (PARR) do?
Par Pacific Holdings is a Houston-based diversified energy company that operates four refineries (Kapolei in Hawaii, Tacoma in Washington, Billings in Montana, and Newcastle in Wyoming) with roughly 219,000 barrels per day of combined, distillate-oriented capacity. It runs three integrated segments: Refining (gasoline, ultra-low-sulfur diesel, jet fuel, marine fuel, and asphalt), Logistics (terminals, pipelines, trucking, marine vessels, and storage), and Retail (convenience stores and fuel outlets under brands including Hele, 76, and nomnom). Because its refineries sit in supply-constrained regional markets like Hawaii and the Rockies, Par tends to face less direct competition than Gulf Coast peers.
CVI vs PARR: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- CVI drivers: Refining margin and crack-spread leverage; Nitrogen fertilizer as a ballast.
- PARR drivers: Niche regional refining margins; Hawaii Renewables and diversification.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: CVI is highly cyclical and financially leveraged, with roughly 1.8 billion dollars of debt and a debt-to-equity ratio well above peers, so downturns hit both earnings and the balance sheet. For PARR, refining is a deep cyclical business, so earnings and cash flow swing sharply with crack spreads, crude differentials, and refined-product demand.
CVI or PARR: which should you pick?
CVI vs PARR: the full fundamentals
CVI. CVI carries around 100 million shares and roughly 1.8 billion dollars of total debt, so enterprise value is well above market cap and EV/EBITDA (around 7x) is a more meaningful gauge than the distorted P/E during loss quarters. Full-year 2025 was barely profitable while EBITDA improved, and the first quarter of 2026 swung to a large loss on derivative and compliance costs. Figures are approximate and refining earnings can change sharply quarter to quarter.
PARR. PARR trades at a low single-digit trailing P/E (around 6.6x) and roughly 5x EV/EBITDA, a valuation typical of cyclical refiners where the market discounts volatile, mean-reverting margins. Q1 2026 showed the swings clearly: revenue was about $1.82 billion with net income of $54.5 million and adjusted EBITDA of $91.5 million, but adjusted EPS of $0.78 missed estimates and the stock fell around 12 percent. Trailing metrics benefit from stronger prior quarters, so headline cheapness reflects cyclicality, not guaranteed value.
Headline figures (approximate, JULY 2026): CVI shows market cap ~$3.0 billion, revenue (ttm) ~$7 billion, fy2025 net income ~$27 million (~$0.27 EPS), fy2025 ebitda ~$591 million; PARR shows revenue (ttm) ~$7.5B, net income (ttm) ~$454M, diluted eps (ttm) ~$8.83, market cap ~$2.9B.
The bottom line: CVI vs PARR
CVI and PARR are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CVI and PARR exposure against your real portfolio. It is not an investment adviser.
Wondering how CVI or PARR fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in CVR Energy with AI
Connect the broker you already use and ask Walnut's AI how CVI fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between CVI and PARR?
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CVR Energy (NYSE: CVI) runs two very different businesses. Par Pacific Holdings is a Houston-based diversified energy company that operates four refineries (Kapolei in Hawaii, Tacoma in Washington, Billings in Montana, and Newcastle in Wyoming) with roughly 219,000 barrels per day of combined, distillate-oriented capacity. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is CVI or PARR the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, CVI or PARR?
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On forward P/E (as of August 2026), CVI trades at 19.23x and PARR at 7.58x, so PARR is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both CVI and PARR?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of CVI vs PARR?
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CVI: CVI is highly cyclical and financially leveraged, with roughly 1.8 billion dollars of debt and a debt-to-equity ratio well above peers, so downturns hit both earnings and the balance sheet. Refining margins, RIN and RFS compliance costs, and derivative positions can produce large swings, including the sizable quarterly losses seen in early 2026. Icahn's roughly 71 percent stake means minority holders have limited influence and are exposed to controlling-shareholder decisions. The dividend was cut once in 2025 and could be reduced again if margins weaken. Refinery outages, turnarounds and commodity-price volatility add further operational and earnings uncertainty. PARR: Refining is a deep cyclical business, so earnings and cash flow swing sharply with crack spreads, crude differentials, and refined-product demand. Par carries meaningful leverage (enterprise value well above market cap), which amplifies both upside and downside. Unplanned outages and turnaround timing can dent throughput, as seen after a 2025 Wyoming outage, and a single major refinery problem is material given the concentrated asset base. Regulatory shifts on EPA small-refinery exemptions or emissions rules could remove helpful credits or add compliance costs. Longer term, electric-vehicle adoption and any structural decline in fuel demand pose a secular headwind.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell CVI or PARR; figures are approximate and dated (as of August 2026). Verify current data before investing.