A Business at a Glance
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ICAHN ENTERPRISES L.P.
IEP
$4.8B
Mkt Cap
$7.69
-0.26%
ICAHN ENTERPRISES L.P. (IEP) has a 5-year average return on invested capital (ROIC) of 1.3%. This is below average and may indicate limited pricing power.
ICAHN ENTERPRISES L.P. (IEP) has a market capitalization of $5.2B. It is classified as a mid-cap stock.
ICAHN ENTERPRISES L.P. (IEP) does not currently pay a regular dividend.
ICAHN ENTERPRISES L.P. (IEP) operates in the Petroleum Refining industry, within the Energy sector.
ICAHN ENTERPRISES L.P. (IEP) reported annual revenue of $9.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
ICAHN ENTERPRISES L.P. (IEP) has a net profit margin of -3.1%. The company is currently unprofitable.
ICAHN ENTERPRISES L.P. (IEP) generated $-654 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Item 1. Business Business Overview Icahn Enterprises L.P. (“Icahn Enterprises”) is a master limited partnership formed in Delaware on February 17, 1987 and headquartered in Sunny Isles Beach, Florida. We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma. References to “we,” “our” or “us” herein include Icahn Enterprises and its subsidiaries, unless the context otherwise requires. Icahn Enterprises owns a 99% limited partner interest in Icahn Enterprises Holdings L.P. (“Icahn Enterprises Holdings”). Icahn Enterprises Holdings and its subsidiaries own substantially all of our assets and liabilities and conduct substantially all of our operations. Icahn Enterprises G.P. Inc. (“Icahn Enterprises GP”), which is indirectly owned and controlled by Mr. Carl C.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 10.0B | 9.7B | 10.0B | 10.9B | 14.2B | 11.3B |
| Net Income | -336M | -299M | -445M | -684M | -183M | -518M |
| EPS | $0.00 | - | - | - | - | - |
| Free Cash Flow | -101M | -654M | 552M | 3.4B | 717M | 16M |
| ROIC | 0.0% | 2.8% | 0.8% | -0.5% | 2.9% | 0.7% |
| Gross Margin | - | 16.6% | 12.5% | 9.2% | 16.5% | 16.3% |
| Debt/Equity | 0.00 | 3.24 | 2.68 | 2.15 | 1.69 | 2.20 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 0 | 186M | 53M | -40M | 419M | 70M |
| Operating Margin | 0.0% | 1.9% | 0.5% | -0.4% | 3.0% | 0.6% |
| ROE | 0.0% | -13.6% | -15.7% | -19.2% | -4.9% | -15.0% |
| Shares Outstanding | 672M | - | - | - | - | - |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 19.2B | 15.3B | 7.4B | 12.6B | 11.8B | 9.0B | 6.1B | 11.3B | 14.2B | 10.9B | 10.0B | 9.7B | 10.0B |
| Gross Margin | 13.9% | 16.6% | -81.8% | -18.9% | 22.4% | 8.5% | N/A | 16.3% | 16.5% | 9.2% | 12.5% | 16.6% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.6B | 1.9B | 1.0B | 1.3B | 1.4B | 1.4B | 1.2B | 1.2B | 1.3B | 852M | 783M | 837M | 845M |
| EBIT | 371M | 28M | N/A | N/A | 2.0B | -473M | -1.1B | 70M | 419M | -40M | 53M | 186M | 0 |
| Op. Margin | 1.9% | 0.2% | N/A | N/A | 16.9% | -5.3% | -17.7% | 0.6% | 3.0% | -0.4% | 0.5% | 1.9% | 0.0% |
| Net Income | -373M | -1.2B | -1.1B | 2.5B | 1.5B | -1.1B | -1.7B | -518M | -183M | -684M | -445M | -299M | -336M |
| Net Margin | -1.9% | -7.8% | -15.3% | 19.4% | 12.6% | -12.2% | -27.0% | -4.6% | -1.3% | -6.3% | -4.4% | -3.1% | -3.4% |
| Non-Recurring | 187M | 708M | 588M | 2.2B | 192M | 271M | -4.0M | 146M | -6.0M | 16M | -1.0M | 297M | 297M |
| Returns on Capital | |||||||||||||
| ROIC | 6.0% | 0.4% | N/A | N/A | 23.3% | -8.2% | -13.4% | 0.7% | 2.9% | -0.5% | 0.8% | 2.8% | 0.0% |
| ROE | -6.5% | -25.3% | -36.7% | 67.6% | 25.5% | -18.3% | -37.4% | -15.0% | -4.9% | -19.2% | -15.7% | -13.6% | 0.0% |
| ROA | -1.1% | -3.3% | -3.2% | 7.5% | 5.4% | -4.6% | -6.7% | -2.0% | -0.7% | -2.8% | -2.4% | -2.0% | -2.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -390M | 748M | 1.2B | -1.3B | 923M | -1.5B | -416M | 321M | 1.1B | 3.7B | 832M | -313M | 266M |
| Free Cash Flow | -1.8B | -611M | 971M | -1.7B | 651M | -1.7B | -615M | 16M | 717M | 3.4B | 552M | -654M | -101M |
| Owner Earnings | -1.2B | -101M | 692M | -1.9B | 415M | -2.0B | -926M | -196M | 546M | 3.2B | 321M | -919M | -345M |
| CapEx | 1.4B | 1.4B | 247M | 316M | 272M | 250M | 199M | 305M | 338M | 303M | 280M | 341M | 367M |
| Maint. CapEx | 788M | 849M | 526M | 518M | 508M | 519M | 510M | 517M | 509M | 518M | 511M | 603M | 608M |
| Growth CapEx | 623M | 510M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 788M | 849M | 526M | 518M | 508M | 519M | 510M | 517M | 509M | 518M | 511M | 603M | 608M |
| CapEx/OCF | N/A | 181.7% | 49.9% | N/A | 29.5% | N/A | N/A | 95.0% | 32.0% | 8.1% | 33.7% | N/A | 138.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 103M | 81M | 97M | 112M | 526M | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | N/A | N/A | N/A | 8K | 23K | 19K | N/A | 18K | 29K | 5K | N/A | 3.0M | 3.0M |
| Debt Repayment | 4.0B | 972M | 1.9B | 1.4B | 1.3B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 2.2B | 3.6B | 7.3B | 5.7B | -166M | -1.1B | 6.5B | 5.5B | 4.3B | 3.9B | 4.0B | 4.8B | 4.9B |
| Cash & Equiv. | 2.9B | 2.1B | 1.8B | 1.2B | 2.7B | 3.8B | 1.7B | 2.3B | 2.3B | 3.0B | 2.6B | 1.4B | 1.3B |
| Long-Term Debt | 11.6B | 12.2B | 11.2B | 7.6B | 7.3B | 7.6B | 8.2B | 7.8B | 6.6B | 6.9B | 6.6B | 6.3B | 6.2B |
| Debt/Equity | 2.13 | 3.06 | 5.20 | 1.49 | 1.12 | 1.39 | 2.42 | 2.20 | 1.69 | 2.15 | 2.68 | 3.24 | 0.00 |
| Interest Coverage | 0.4 | 0.0 | N/A | N/A | 3.8 | -0.8 | -1.6 | 0.1 | 0.7 | -0.1 | 0.1 | 0.4 | 0.4 |
| Equity | 5.4B | 4.0B | 2.2B | 5.1B | 6.5B | 5.5B | 3.4B | 3.5B | 3.9B | 3.2B | 2.5B | 1.9B | -5.0M |
| Total Assets | 35.8B | 36.4B | 33.4B | 31.8B | 23.5B | 24.6B | 25.0B | 27.7B | 27.9B | 20.9B | 16.3B | 14.2B | 12.9B |
| Total Liabilities | 23.4B | 26.4B | 25.4B | 20.4B | 10.5B | 13.7B | 15.7B | 18.4B | 18.4B | 14.8B | 11.7B | 10.8B | 10.6B |
| Intangibles | 1.1B | 1.1B | 1.1B | 544M | 501M | 431M | 660M | 595M | 533M | 466M | 409M | 349M | 340M |
| Retained Earnings | N/A | N/A | N/A | -47M | -29M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Working Capital | N/A | N/A | N/A | N/A | 1.7B | N/A | 24M | 337M | 568M | 1.4B | 1.1B | 777M | -1.5B |
| Current Assets | N/A | N/A | N/A | N/A | 2.7B | N/A | 1.6B | 2.1B | 2.5B | 3.0B | 2.6B | 2.0B | 2.0B |
| Current Liabilities | 4.9B | 4.4B | 8.2B | 4.0B | 2.7B | 4.3B | 5.2B | 5.4B | 4.8B | 4.1B | 3.5B | 2.8B | 3.4B |
| Per Share Data | |||||||||||||
| EPS | -3.13 | -9.48 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Owner EPS | -9.90 | -0.80 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -0.51 |
| Book Value | 45.74 | 31.64 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -0.01 |
| Cash Flow/Share | -3.28 | 5.94 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.40 |
| Dividends/Share | N/A | N/A | 6.00 | 6.00 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 119.0M | 126.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 672.1M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | 1.2 | 2.6 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | 45.8 | 141.7 | 94.6 | 3.1 | 2.9 | N/A | N/A | N/A | N/A | N/A | 116.7 | 46.0 | N/A |
| Price/Book | 0.5 | 0.5 | 1.2 | 0.5 | 0.6 | 0.9 | 1.8 | 2.3 | 3.0 | 1.8 | 1.9 | 2.5 | N/A |
| Price/Sales | 0.1 | 0.2 | 0.1 | 0.2 | 0.4 | 0.6 | 0.9 | 0.7 | 0.8 | 0.9 | 0.7 | 0.5 | 0.5 |
| FCF Yield | -70.2% | -27.9% | 36.4% | -59.4% | 17.2% | -33.3% | -10.3% | 0.2% | 6.2% | 58.3% | 12.0% | -13.5% | -2.0% |
| Market Cap | 2.6B | 2.2B | 2.7B | 2.8B | 3.8B | 5.1B | 6.0B | 8.2B | 11.5B | 5.9B | 4.6B | 4.8B | 5.2B |
| Avg. Price | 21.04 | 17.81 | 12.96 | 14.00 | 19.36 | 22.42 | 19.43 | 23.93 | 25.92 | 19.01 | 11.23 | 7.78 | 7.69 |
| Year-End Price | 19.51 | 14.03 | 15.36 | 14.63 | 17.67 | 21.29 | 20.35 | 23.10 | 26.84 | 11.26 | 7.19 | 7.60 | 7.69 |
ICAHN ENTERPRISES L.P. passes 0 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average ROIC is 1.3% with a gross margin of 14.2%. At current prices, the estimated annualized return to fair value is -3.9%.
ICAHN ENTERPRISES L.P. (IEP) has a debt-to-equity ratio of 3.24. This indicates higher leverage, which may increase financial risk.
ICAHN ENTERPRISES L.P. (IEP) has a return on equity (ROE) of -13.6%. A negative ROE may indicate losses or negative equity.
ICAHN ENTERPRISES L.P. (IEP) has a 5-year average gross margin of 14.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for ICAHN ENTERPRISES L.P. (IEP), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.