Icahn Enterprises LP (IEP)
NASDAQ:IEP
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Icahn Enterprises
(NASDAQ:IEP)
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Rating:49Neutral
Price Target:
$8.00
▲(0.00% Upside)
Action:ReiteratedDate:03/04/26
The score is held down primarily by weak financial performance—recurring net losses, compressed margins, high leverage, and a 2025 cash flow reversal. Offsetting factors include modestly improving technical momentum, strong liquidity and debt-reduction actions highlighted on the earnings call (including the planned 2026 notes redemption), and a very high dividend yield that supports valuation but also signals higher risk.
Positive Factors
Holding-company liquidity
A large holding-company cash/investment pool and growing funds cash provide a durable buffer to meet near-term obligations, fund subsidiary needs, and preserve strategic optionality. Over 2–6 months this reduces refinancing pressure and supports planned capex or opportunistic investments without immediate capital markets access.
Negative Factors
High persistent leverage
Sustained high leverage limits financial flexibility and raises sensitivity to revenue or commodity shocks. With equity declining and losses persisting, leverage amplifies downside risk, increases interest burdens, and constrains capital allocation choices, making multi-quarter recoveries harder to fund internally.
Read all positive and negative factors
Positive Factors
Negative Factors
Holding-company liquidity
A large holding-company cash/investment pool and growing funds cash provide a durable buffer to meet near-term obligations, fund subsidiary needs, and preserve strategic optionality. Over 2–6 months this reduces refinancing pressure and supports planned capex or opportunistic investments without immediate capital markets access.
Read all positive factors
Icahn Enterprises (IEP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.84B
Dividend Yield27.59%
Average Volume (3M)1.01M
Price to Earnings (P/E)―
Beta (1Y)0.95
Revenue Growth-8.45%
EPS Growth27.66%
CountryUS
Employees15,037
SectorEnergy
Sector Strength52
IndustryConglomerates
Share Statistics
EPS (TTM)0.00
Shares Outstanding637,209,500
10 Day Avg. Volume1,082,491
30 Day Avg. Volume1,010,592
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)1.59
Price to Sales (P/S)0.46
P/FCF Ratio-6.64
Enterprise Value/Market Cap1.66
Enterprise Value/Revenue0.81
Enterprise Value/Gross Profit6.77
Enterprise Value/Ebitda10.55
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.68
Revenue Forecast (FY)$9.29B
Icahn Enterprises Business Overview & Revenue Model
Company Description
Icahn Enterprises L.P., through its subsidiaries, operates in investment, energy, automotive, food packaging, real estate, home fashion, and pharma businesses in the United States and Internationally. Its Investment segment invests its proprietary...
How the Company Makes Money
Icahn 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 Fede...
Icahn Enterprises Key Performance Indicators (KPIs)
Any
Revenue By Segment
Breaks down sales by business segment, offering insight into which areas are generating the most revenue and potential growth opportunities or risks.
Breaks down sales by business segment, offering insight into which areas are generating the most revenue and potential growth opportunities or risks.
Data provided by:
The Fly
The FlyIcahn Enterprises Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 13, 2026
Earnings Call Sentiment Neutral
The call presented a mix of material positives (strong fund performance in Q4, robust growth and deleveraging at Sentry, a sizable AEP capital plan, improved liquidity with over $1.2 billion in fund cash, and active debt reduction) alongside notable operational and segment-specific weaknesses (a $654M NAV decline, nearly 48.5% year-over-year drop in Energy adjusted EBITDA, production disruptions in fertilizer, CVI share-price weakness, and multiple segment EBITDA declines). Management’s actions on liquidity and capital allocation are constructive, but the sizable energy and operating segment headwinds temper the outlook. Overall the positives and negatives are fairly balanced, leaving a cautious but stable outlook.Positive Updates
Strong Quarterly Funds Performance
Funds were up approximately 11% in Q4 2025 including refining hedges and up approximately 9% excluding refining hedges; for the full year funds were flat including hedges and up ~7% excluding hedges. Top contributors in Q4 included EchoStar, refining hedges, and Sentry.
Negative Updates
NAV Decline
Fourth quarter indicative net asset value decreased by $654,000,000 versus the third quarter.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Quarterly Funds Performance
Funds were up approximately 11% in Q4 2025 including refining hedges and up approximately 9% excluding refining hedges; for the full year funds were flat including hedges and up ~7% excluding hedges. Top contributors in Q4 included EchoStar, refining hedges, and Sentry.
Read all positive updates
Company Guidance
The call’s guidance emphasized a cautious, liquidity‑focused stance while retaining optionality: Q4 NAV declined by $654,000,000 vs Q3, the funds were up ~11% in Q4 including refining hedges (~9% ex‑hedges) and for the year were flat including hedges (up ~7% ex‑hedges), and the Board declared an unchanged distribution of $0.50 per depositary unit. Management highlighted AEP’s $72,000,000,000 CapEx plan supporting ~10% asset‑base CAGR and ~9% EPS CAGR through 2030 (with a potential additional $5–8 billion of projects), Sentry’s Q3 base revenue and EBITDA growth of 25–28% with leverage down to mid‑2x EBITDA, IFF’s 2026 guidance for mid‑single‑digit comparable EBITDA growth, and noted Caesars trades at ~20% free cash flow yield. Liquidity and capital actions underpin the guidance: funds cash was ~$750,000,000 at year‑end (now >$1.2 billion), holding company cash/investments totaled $3,500,000,000, subsidiaries had $913,000,000 of cash and revolver availability, the company reduced corporate debt and called remaining 2026 maturities, and operating metrics included Energy adjusted EBITDA of $51,000,000 in Q4 (vs $99,000,000 prior year), Real Estate adj. EBITDA +$6,000,000 (including $9,000,000 intercompany and $3,000,000 third‑party), Food Packaging/Home Fashion/Pharma adj. EBITDA down $8,000,000/$5,000,000/$4,000,000 respectively, automotive service revenues down $1,000,000 (same‑store sales +5%), and the TRANSCEND PAH trial set to dose its first patient in 60–90 days.Icahn Enterprises Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
28
Negative
Cash Flow
40
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 9.41B | 10.17B | 11.92B | 14.42B | 12.29B |
| Gross Profit | 834.00M | 935.00M | 1.95B | 2.20B | 2.33B |
| EBITDA | 762.00M | 467.00M | 150.00M | 1.09B | 605.00M |
| Net Income | -293.00M | -436.00M | -670.00M | -179.00M | -604.00M |
Balance Sheet | |||||
| Total Assets | 14.21B | 16.28B | 20.86B | 27.91B | 27.75B |
| Cash, Cash Equivalents and Short-Term Investments | 5.67B | 5.24B | 5.95B | 4.89B | 4.44B |
| Total Debt | 6.62B | 8.71B | 11.21B | 14.07B | 13.51B |
| Total Liabilities | 10.79B | 11.66B | 14.79B | 18.36B | 18.40B |
| Stockholders Equity | 2.73B | 3.24B | 3.97B | 4.65B | 4.30B |
Cash Flow | |||||
| Free Cash Flow | -654.00M | 552.00M | 3.43B | 717.00M | 16.00M |
| Operating Cash Flow | -313.00M | 832.00M | 3.74B | 1.05B | 321.00M |
| Investing Cash Flow | -1.00B | -215.00M | -290.00M | -260.00M | 528.00M |
| Financing Cash Flow | -507.00M | -1.32B | -2.38B | -344.00M | 293.00M |
Icahn Enterprises Technical Analysis
Positive
8.00
Price Trends
7.51
Positive
7.43
Positive
7.41
Positive
Market Momentum
0.03
Positive
51.46
Neutral
23.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For IEP, the sentiment is Positive. The current price of 8 is above the 20-day moving average (MA) of 7.63, above the 50-day MA of 7.51, and above the 200-day MA of 7.41, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 51.46 is Neutral, neither overbought nor oversold. The STOCH value of 23.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | $3.37B | 12.77 | 38.69% | 1.01% | -3.95% | -74.65% | |
60 Neutral | $510.60M | 5,985.78 | -1.75% | ― | 15.71% | ― | |
57 Neutral | $4.20B | 20.95 | 6.94% | 2.76% | -57.80% | -57.40% | |
52 Neutral | $594.36M | -4.96 | -13.99% | 1.90% | 32.39% | -19.35% | |
50 Neutral | $480.01M | -1.57 | -40.36% | 20.53% | -15.85% | -59.42% | |
49 Neutral | $4.84B | -14.82 | -10.91% | 27.59% | -8.45% | 27.66% |
* Energy Sector Average
IEP
Icahn Enterprises
7.60
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FIP
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Icahn Enterprises Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Icahn Enterprises Plans Full Redemption of 2026 Senior Notes
Positive
Jan 27, 2026
On January 27, 2026, Icahn Enterprises L.P. and Icahn Enterprises Finance Corp. announced that they have instructed the trustee to issue a notice of full redemption for all of their outstanding 6.250% Senior Notes due 2026, with the redemption sch...
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.