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Icahn Enterprises L.P.
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$3.9B
Market Cap
—
P/E
5.85
PEG
0.8%
ROCE
-22.8%
ROE
3.19
D/E
-1.0%
OPM
-29.1%
% from 52W High
26
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for IEP including FX impact
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📈 Price History
Ratio Health
— Excellent
— Good
— Average
— Poor
By Category
📊 Peer Medians
About

Icahn Enterprises L.P., through its subsidiaries engages in the investment, energy, automotive, food packaging, real estate, home fashion and pharma in the United States and internationally. The Investment segment invests its proprietary capital through various private investment funds; and it provides investment advisory, administrative, and back-office services to the investment funds. The Energy segment engages in refining and marketing petroleum in the form of gasoline, diesel, jet fuel, and distillates; renewable fuels business refines renewable feedstocks, such as soybean oil, corn oil, and other related renewable feedstocks into renewable diesel and markets renewable products; and nitrogen fertilizer business produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. The Automotive segment engages in repair and maintenance of automotive; sale of installed parts or materials related to automotive services; and sale of automotive aftermarket parts and retailed merchandise. The Food Packaging segment produces and sells cellulosic, fibrous, and plastic casings used to prepare and pack processed meat products. The Real Estate segment consists of investment properties, including land, retail, office, and industrial properties; and development and sale of single-family homes; and the operations of a resort and two country clubs. The Home Fashion segment manufactures, sources, markets, distributes, and sells home fashion consumer products. The Pharma segment offers pharmaceutical products and services; and develops approved therapies and product candidates. Icahn Enterprises L.P. was incorporated in 1987 and is headquartered in Sunny Isles Beach, Florida.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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📊 MIXED Icahn Enterprises Q1 net loss $459M, NAV up $201M, holds $2.8B cash
Revenue & Profitability
For Q1 2026, net loss attributable to IEP was $459 million, or a loss of $0.71 per unit. Adjusted EBITDA loss attributable to IEP was $216 million. The Investment Funds had a negative return of 8.2% including refining hedges, but a positive 4.4% excluding those hedges. Automotive service revenues decreased $9 million year-over-year, while same store sales increased approximately 2%.
Outlook
Management sees CVI's assets benefiting from global tightness in refined products and nitrogen fertilizer. AEP is benefiting from AI infrastructure build with 63 gigawatts of contracted load. Centuri is capturing tailwinds from increased energy infrastructure investment. Headwinds include generic competition in the anti-obesity market and supply chain disruptions in the Strait of Hormuz.
Growth Drivers
Key growth levers include AEP's 11% rate base growth through 2030 and increased long-term operating earnings CAGR to greater than 9%. Centuri reported 28% base revenue growth and 50% gross profit growth in Q4. Caesars Digital posted strong EBITDA growth of 61%. EchoStar's IPO of SpaceX could be a material positive catalyst.
Balance Sheet & CapEx
Not discussed in this earnings call.
Margins
Not discussed in this earnings call.
Key Risks
Risks mentioned include losses on refining hedges ($320 million in Q1), generic competition in the anti-obesity market for the Pharma segment, supply chain disruptions in the Strait of Hormuz for Home Fashion, and restructuring headwinds in Food Packaging.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-05
Q2 2026 saw a $765 million NAV decline, driven by fund and CVI losses, but included a $100 million gain from the pending Pep Boys sale. Net loss widened to $355 million, while energy and fertilizer segments performed strongly. Pep Boys sale is set to enhance liquidity.
Q1 2026 Q1 2026 2026-05-06
First quarter saw a $459 million net loss, but NAV rose by $201 million, driven by gains in CVI and strong segment performances in Fertilizer and Real Estate. Leadership transitioned to a new CEO and CFO, with a continued focus on liquidity and disciplined capital allocation.
Q4 2025 Q4 2025 2026-02-25
NAV declined $654M sequentially as strong fund gains were offset by CVI share declines. Energy, Food Packaging, Home Fashion, and Pharma segments saw lower EBITDA year-over-year, while Real Estate and Centuri posted growth. Cash and liquidity remain strong, with a cautious but opportunistic market stance.
Q3 2025 Q3 2025 2025-11-05
NAV rose $567 million in Q3 2025, driven by strong energy and fund performance, with key gains from CVI and EchoStar. Automotive and real estate segments saw strategic changes, while liquidity remains robust at $3.4 billion. Activism and capital flexibility continue to underpin growth.
Q2 2025 Q2 2025 2025-08-04
NAV rose $252 million from Q1, led by a 38% CVI share price increase and strong cash reserves. Energy segment EBITDA declined year-over-year, while auto and digital businesses showed improving trends. $548 million RINs liability remains a key risk.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
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