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Icahn Enterprises LP (IEP)
NASDAQ:IEP
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Icahn Enterprises
(NASDAQ:IEP)
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Rating:48Neutral
Price Target:
$7.50
▼(-6.25% Downside)
Icahn Enterprises' overall stock score is primarily impacted by its weak financial performance and bearish technical indicators. While the high dividend yield and strong liquidity position provide some positives, the negative P/E ratio and mixed earnings call results highlight ongoing challenges. The company needs to address its financial instability and improve profitability to enhance its stock attractiveness.
Positive Factors
Energy Segment Performance
The significant turnaround in the energy segment's EBITDA indicates improved operational efficiency and strategic positioning, enhancing long-term profitability.
Strong Liquidity Position
A robust liquidity position provides financial flexibility to invest in growth opportunities and weather economic uncertainties, supporting long-term stability.
Strategic Investments
Successful strategic investments like EchoStar demonstrate effective capital allocation, potentially leading to substantial returns and enhanced shareholder value.
Negative Factors
High Leverage
High leverage can strain financial resources and limit strategic flexibility, posing risks to long-term financial health and operational stability.
Decline in Real Estate Segment
The decline in the real estate segment's EBITDA reflects operational challenges that could hinder profitability and growth in this sector over the long term.
Inconsistent Revenue Growth
Inconsistent revenue growth suggests volatility in business performance, which can impact long-term planning and investor confidence in sustained growth.
Icahn Enterprises (IEP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.61B
Dividend Yield27.14%
Average Volume (3M)1.15M
Price to Earnings (P/E)―
Beta (1Y)0.93
Revenue Growth-8.45%
EPS Growth27.66%
CountryUS
Employees15,037
SectorEnergy
Sector Strength52
IndustryConglomerates
Share Statistics
EPS (TTM)0.49
Shares Outstanding600,208,500
10 Day Avg. Volume1,211,747
30 Day Avg. Volume1,151,644
Financial Highlights & Ratios
PEG Ratio0.20
Price to Book (P/B)1.25
Price to Sales (P/S)0.40
P/FCF Ratio7.32
Enterprise Value/Market Cap2.19
Enterprise Value/Revenue1.04
Enterprise Value/Gross Profit10.28
Enterprise Value/Ebitda18.38
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Icahn Enterprises Business Overview & Revenue Model
Company DescriptionIcahn Enterprises (IEP) is a diversified holding company founded by investor Carl Icahn. The company operates across various sectors including automotive, energy, pharmaceuticals, food packaging, and real estate. IEP primarily invests in a range of businesses, often taking significant stakes and advocating for operational improvements or strategic changes to enhance shareholder value. Its portfolio encompasses companies that are leaders in their respective industries, allowing IEP to leverage its expertise in activist investing.
How the Company Makes MoneyIcahn Enterprises generates revenue through its diverse portfolio of investments and operating businesses. Key revenue streams include income from its subsidiaries, which operate in sectors such as automotive (including a significant stake in Federal-Mogul), energy (notably through investments in various oil and gas companies), and pharmaceuticals. Additionally, IEP earns capital gains from the appreciation of its equity investments, as well as dividends from its holdings. The company's activist investment strategy often involves taking large positions in undervalued companies and pushing for changes that improve performance, leading to potential exit opportunities at higher valuations. Strategic partnerships and collaborations with other firms and stakeholders also enhance its revenue potential, particularly in high-stakes negotiations and restructuring efforts.
Icahn Enterprises Key Performance Indicators (KPIs)
Icahn Enterprises Earnings Call Summary
Earnings Call Date:Nov 07, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 04, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive and negative developments. While there were significant gains in net asset value, energy segment performance, and key investments, there were also notable declines in the real estate, food packaging, home fashions, and pharma segments. The company's strong liquidity position and successful strategic investments balanced the challenges faced in other areas.Q3-2025 Updates
Positive Updates
Increase in Net Asset Value
NAV increased by $567 million, driven by CVI net of refining hedges which contributed $547 million, and the funds, excluding refining hedges, were up approximately 5%.
Energy Segment Performance
Energy segment consolidated EBITDA was $625 million for Q3 '25, compared to a loss of $35 million in Q3 '24.
Automotive Segment Revenue Growth
Q3 '25 automotive service revenues increased by $11 million compared to the prior year quarter, with same-store sales increasing by $21 million or 6%.
Positive Developments in Key Investments
Investments in EchoStar showed significant gains with stock increasing from the teens in June to approximately $75 per share as of quarter end.
Strong Liquidity Position
As of quarter end, the holding company had cash and investment in the funds of $3.4 billion and subsidiaries had cash and revolver availability of $1.2 billion.
Negative Updates
Decline in Real Estate Segment
Real Estate Q3 '25 adjusted EBITDA decreased by $12 million compared to the prior year quarter due to the sale of a Country Club earlier this year.
Challenges in Food Packaging Segment
Food Packaging's adjusted EBITDA decreased by $8 million for Q3 '25 primarily due to lower volume, higher manufacturing inefficiencies, and restructuring headwinds.
Decrease in Home Fashions and Pharma EBITDA
Home Fashions adjusted EBITDA decreased by $4 million and Pharma's adjusted EBITDA decreased by $7 million due to softening demand and generic competition, respectively.
Company Guidance
In the third quarter of 2025, Icahn Enterprises L.P. reported an increase in net asset value (NAV) by $567 million, driven mainly by a $547 million boost from CVI, net of refining hedges. The energy segment saw a significant turnaround with an EBITDA of $625 million compared to a $35 million loss in the same quarter the previous year. The Automotive segment experienced a 6% increase in same-store sales, contributing to an $11 million revenue rise. Real estate adjusted EBITDA decreased by $12 million, while Food Packaging and Home Fashions also saw declines in EBITDA, by $8 million and $4 million, respectively, due to various operational challenges. The company maintained a strong liquidity position with $3.4 billion in cash and investments at the holding company level and $1.2 billion in cash and revolver availability at its subsidiaries.Icahn Enterprises Financial Statement Overview
Summary
Icahn Enterprises faces challenges across its financial statements, with inconsistent revenue growth, negative profitability, high leverage, and volatile cash flows. To improve its financial health, the company should focus on enhancing profitability, reducing debt, and stabilizing cash flows.Income Statement
Icahn Enterprises has shown inconsistent revenue growth, with a recent TTM increase of 19.5% following a decline in previous years. However, profitability remains a concern with negative net profit margins and fluctuating EBIT and EBITDA margins. The company needs to stabilize its revenue growth and improve its profitability metrics to enhance its financial health.45
Neutral
Balance Sheet
The balance sheet indicates a high debt-to-equity ratio, particularly in recent years, suggesting significant leverage. Return on equity is negative, reflecting ongoing losses. The equity ratio has been declining, indicating potential financial instability. Improving equity and reducing debt levels could strengthen the company's financial position.40
Negative
Cash Flow
Cash flow analysis reveals a volatile free cash flow growth rate, with a significant decline in the recent TTM period. The operating cash flow to net income ratio is positive, but the free cash flow to net income ratio is negative, highlighting cash flow management challenges. Stabilizing free cash flow and improving cash flow efficiency are critical for future financial stability.50
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 9.74B | 10.17B | 11.92B | 14.42B | 12.29B | 6.67B |
| Gross Profit | 983.00M | 935.00M | 1.95B | 2.20B | 2.33B | -196.00M |
| EBITDA | 550.00M | 467.00M | 150.00M | 1.09B | 605.00M | -1.45B |
| Net Income | -385.00M | -436.00M | -670.00M | -179.00M | -604.00M | -1.62B |
Balance Sheet | ||||||
| Total Assets | 14.83B | 16.28B | 20.86B | 27.91B | 27.75B | 24.99B |
| Cash, Cash Equivalents and Short-Term Investments | 4.03B | 5.24B | 5.95B | 4.89B | 4.44B | 12.20B |
| Total Debt | 8.61B | 8.71B | 11.21B | 14.07B | 13.51B | 11.15B |
| Total Liabilities | 11.41B | 11.66B | 14.79B | 18.36B | 18.40B | 15.73B |
| Stockholders Equity | 2.73B | 3.24B | 3.97B | 4.65B | 4.30B | 4.24B |
Cash Flow | ||||||
| Free Cash Flow | -2.00M | 552.00M | 3.43B | 717.00M | 16.00M | -615.00M |
| Operating Cash Flow | 352.00M | 832.00M | 3.74B | 1.05B | 321.00M | -416.00M |
| Investing Cash Flow | -326.00M | -215.00M | -290.00M | -260.00M | 528.00M | -581.00M |
| Financing Cash Flow | -731.00M | -1.32B | -2.38B | -344.00M | 293.00M | -653.00M |
Icahn Enterprises Technical Analysis
Negative
8.00
Price Trends
8.10
Negative
8.26
Negative
8.19
Negative
Market Momentum
-0.17
Positive
32.00
Neutral
16.98
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IEP, the sentiment is Negative. The current price of 8 is above the 20-day moving average (MA) of 7.80, below the 50-day MA of 8.10, and below the 200-day MA of 8.19, indicating a bearish trend. The MACD of -0.17 indicates Positive momentum. The RSI at 32.00 is Neutral, neither overbought nor oversold. The STOCH value of 16.98 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for IEP.
Icahn Enterprises Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $3.92B | 23.23 | 6.42% | 2.77% | -57.80% | -57.40% | |
61 Neutral | $3.55B | 70.08 | 34.20% | 0.99% | -3.95% | -74.65% | |
53 Neutral | $424.39M | 143.01 | 0.63% | ― | 15.71% | ― | |
50 Neutral | $360.38M | -1.36 | ― | 19.53% | -15.85% | -59.42% | |
48 Neutral | $4.61B | -9.33 | -12.71% | 27.14% | -8.45% | 27.66% | |
48 Neutral | $546.58M | -1.95 | -13.99% | 1.91% | 32.39% | -19.35% |
* Energy Sector Average
IEP
Icahn Enterprises
7.37
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TRC
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FIP
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Icahn Enterprises Corporate Events
Business Operations and StrategyFinancial Disclosures
Icahn Enterprises Highlights Strategic Focus in New Presentation
Neutral
Nov 7, 2025
Icahn Enterprises L.P. has released updated presentation materials intended for investor and media engagements, highlighting its diversified business operations and financial performance as of September 30, 2025. The presentation outlines the company’s strategic focus on organic growth and consolidation opportunities across its subsidiaries, which possess competitive strengths and leading market positions. The release also addresses various risks and uncertainties affecting the company’s operations, including economic volatility, competition, and regulatory challenges.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.