Icahn Enterprises LP (IEP)
NASDAQ:IEP
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Icahn Enterprises
(NASDAQ:IEP)
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Rating:45Neutral
Price Target:
$8.00
▲(0.00% Upside)
Action:ReiteratedDate:05/06/26
The score is held down primarily by weak financial performance (declining/volatile revenue, compressed margins, recurring net losses, and high leverage) and very unfavorable valuation via an extremely high P/E. Technicals are moderately supportive (price above key moving averages, positive MACD) but look overextended (high RSI/Stoch). The latest earnings call was mixed: strong liquidity and some portfolio positives, but large hedge-driven losses and increased short exposure add meaningful risk.
Positive Factors
Diversified Business Model
IEP’s multi‑sector platform spreads operating and cyclical risk across energy, automotive, packaging, real estate and an investment segment. This structural diversification gives durable optionality to allocate capital to stronger businesses and smooth cash flows over a 2–6 month horizon.
Negative Factors
High Leverage
Persistently elevated leverage and a declining equity base materially constrain IEP’s financial flexibility. Even with some debt reduction since 2022, high leverage increases vulnerability to earnings volatility, raises refinancing and interest cost risk, and limits durable capacity for growth or payouts.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified Business Model
IEP’s multi‑sector platform spreads operating and cyclical risk across energy, automotive, packaging, real estate and an investment segment. This structural diversification gives durable optionality to allocate capital to stronger businesses and smooth cash flows over a 2–6 month horizon.
Read all positive factors
Icahn Enterprises (IEP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.36B
Dividend Yield27.59%
Average Volume (3M)860.23K
Price to Earnings (P/E)―
Beta (1Y)0.94
Revenue Growth1.28%
EPS Growth69.04%
CountryUS
Employees15,037
SectorEnergy
Sector Strength52
IndustryConglomerates
Share Statistics
EPS (TTM)-0.60
Shares Outstanding672,050,540
10 Day Avg. Volume624,244
30 Day Avg. Volume860,234
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 Cap0.76
Enterprise Value/Revenue0.41
Enterprise Value/Gross Profit3.44
Enterprise Value/Ebitda5.37
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
IEP makes money through a combination of (1) operating earnings from its majority-owned subsidiaries and (2) returns from its Investment segment. Operating businesses generate revenue primarily from selling products and services to customers in th...
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:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Neutral
The call presented a mixed picture: clear operational and portfolio highlights (NAV up $201M, strong CVI contribution and dividend, solid liquidity of ~$2.8B at the holding company and $1.3B at subsidiaries, positive standalone fund performance excluding hedges, several portfolio companies showing stock and operational gains, and certain segment improvements). However, large, concentrated losses tied to refining hedges and energy derivatives (totaling several hundred million), a sizeable net loss ($459M), negative adjusted EBITDA for the quarter, increased net short exposure in the funds, and multiple segment-level EBITDA declines tempered the positives. Management emphasized liquidity, positioning, and opportunities ahead, but near-term financials were materially impacted by hedging and market-driven headwinds.Positive Updates
Net Asset Value Increase
Quarterly NAV increased by $201 million vs. year-end, primarily driven by a $605 million increase in the long position in CVI.
Negative Updates
Large Net Loss for the Quarter
Net loss attributable to IEP of $459 million, or a loss of $0.71 per unit for Q1 2026.
Read all updates
Q1-2026 Updates
Positive
Negative
Net Asset Value Increase
Quarterly NAV increased by $201 million vs. year-end, primarily driven by a $605 million increase in the long position in CVI.
Read all positive updates
Company Guidance
Management's guidance emphasized disciplined capital allocation and strong liquidity to pursue opportunities, with several specific targets and outlooks: AEP reaffirmed its 2026 operating EPS outlook and raised long‑term operating earnings CAGR to >9%, supported by 63 GW of incremental contracted load and 11% rate base growth through 2030; Centuri guided to strong double‑digit base‑revenue and gross‑profit growth in 2026; Caesars is expected to generate significant 2026 cash flow to fund meaningful share repurchases and debt paydown; CVI announced a $0.10 dividend and is positioned to enable potential future debt reductions and capital returns; the Board maintained the distribution at $0.50 per depositary unit. Management also noted Q1 metrics that frame the outlook: NAV up $201 million (driven by a $605 million increase in the CVI long), Q1 adjusted EBITDA loss attributable to IEP of $216 million (net loss $459 million, or $0.71 per unit), investment funds +4.4% excl. refining hedges (−8.2% incl. hedges) with refining‑hedge losses of roughly $320–425 million, net short notional exposure 29% (2% excl. hedges), crude utilization 97%, holding‑company cash & investments ~$2.8 billion, subsidiary cash and revolver availability ~$1.3 billion, cash at the funds ~$782 million, and IEP’s investment in the funds ~ $2.2 billion.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
7.60
Positive
7.45
Positive
7.46
Positive
Market Momentum
0.05
Negative
54.96
Neutral
77.61
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 7.65, above the 50-day MA of 7.60, and above the 200-day MA of 7.46, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 54.96 is Neutral, neither overbought nor oversold. The STOCH value of 77.61 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $4.22B | 17.27 | 38.69% | 1.01% | -8.03% | -96.10% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
63 Neutral | $553.05M | ― | 0.02% | ― | 19.20% | -15.89% | |
61 Neutral | $4.60B | 13.17 | 6.80% | 2.76% | -45.40% | -28.15% | |
57 Neutral | $606.18M | -0.93 | -49.30% | 1.90% | 51.59% | 17.73% | |
54 Neutral | $905.09M | -4.81 | -46.27% | 20.53% | 7.52% | -1.67% | |
45 Neutral | $5.36B | ― | -18.80% | 27.59% | 1.28% | 69.04% |
* Energy Sector Average
IEP
Icahn Enterprises
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Icahn Enterprises Corporate Events
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Icahn Enterprises Updates Investor Presentation, Highlights Yield and Risks
Neutral
Mar 5, 2026
Icahn Enterprises L.P. has released updated investor presentation materials in March 2026 outlining its structure as a Carl Icahn-controlled diversified holding company with significant stakes in energy, automotive, real estate, food packaging, ho...
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.