MEDIUMOutside partyCustomer
50%
top-2 Renewables customers
“10-K Item 1A: 'the Renewables Segment has two customers that each accounted for approximately 50% of its net sales'”
CVI · Concentration risk · 10-K extracted
CVR Energy (CVI) concentration risks
Updated
The most significant concentration CVR Energy discloses is top-2 Renewables customers at 50%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: CVR Energy’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 5 disclosed concentrations
HIGH0
MEDIUM4
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCustomer
28%
top two Nitrogen Fertilizer customers
“10-K Item 1A: 'the top two customers of our Nitrogen Fertilizer Segment represented 28% of its net sales'”
MEDIUMBuilt-inGeographic
PADD II refining region
“10-K Item 1A: 'Our Refineries are both located in the southern portion of Group 3 of the PADD II region, and we primarily market refined products in a relatively limited geographic area'”
MEDIUMBuilt-inGeographic
Great Plains and Midwest
“10-K Item 1A: 'Our Nitrogen Fertilizer Segment's sales to agricultural customers are concentrated in the Great Plains and Midwest states'”
LOWOutside partyCustomer
12%
Petroleum Segment top customer
“10-K Item 1A: 'The largest customer of our Petroleum Segment comprised 12% of its net sales for the year ended December 31, 2025'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile reflects a multi-segment business where customer and geographic dependencies exist across all three operating divisions, each at different scale. In the Renewables segment, two customers each accounted for approximately 50% of its net sales — a moderate combined share split evenly between two named buyers, creating a dependency where either customer represents a substantial portion of that segment's revenue. In the Nitrogen Fertilizer segment, the top two customers represented 28% of net sales — a moderate combined share reflecting the agricultural commodity nature of fertilizer distribution. The geographic exposures are structural across both refining and fertilizer. The petroleum refineries are located in the southern portion of Group 3 of the PADD II region, with primary marketing in a relatively limited geographic area — a moderate structural concentration that affects both crude input access and refined product pricing relative to benchmarks. The Nitrogen Fertilizer segment's agricultural customer sales are concentrated in the Great Plains and Midwest states, a separate moderate structural tilt tied to the geography of U.S. grain farming. At the petroleum segment level, the largest single customer comprised 12% of its net sales — a small individual share, limiting single-account risk within refining. The overall profile is notable for being consistent across business lines: moderate customer dependencies and structural geographic concentrations in each segment, without any one exposure dominating the consolidated picture. The primary monitoring variables are regional refining margins, Great Plains fertilizer demand, and the two named Renewables segment customers.
For the engine’s reasoning on CVI’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Oil & Gas Refining & Marketing
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| IEP | Icahn Enterprises L.P. - Deposi | 1 | 0 | 1 | 2 |
| CVI● | CVR Energy Inc. | 0 | 4 | 1 | 5 |
| APC | ARKO Petroleum Corp. | 0 | 1 | 0 | 1 |
| DK | Delek US Holdings, Inc. | 0 | 1 | 0 | 1 |
| DKL | Delek Logistics Partners, L.P. | 0 | 1 | 0 | 1 |
| DINO | HF Sinclair Corporation | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.