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Icahn Enterprises
(NASDAQ:IEP)
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Rating:51Neutral
Price Target:
$8.00
▲(6.67% Upside)
Action:Reiterated
Date:08/05/26
The score is held down primarily by weak fundamentals: persistent losses, high leverage, and inconsistent free cash flow. Technicals provide some support with a mild uptrend and generally positive momentum. Valuation is mixed—an unusually high yield is attractive but is offset by a negative P/E (loss-making). The latest earnings call was balanced: strong liquidity and NAV improvement were positives, but large hedge-driven losses and increased short exposure point to continued volatility.
Positive Factors
Strong liquidity
A robust liquidity cushion at the holding company (~$2.8B) plus ~$1.3B available at subsidiaries materially increases Icahn Enterprises' ability to absorb operating volatility, fund opportunistic investments or asset sales, and prioritize debt reduction or distributions without immediate financing stress.
Negative Factors
Elevated leverage
Sustained high leverage and a shrinking equity base materially constrain financial flexibility. With debt-to-equity in the mid‑single digits and equity eroded, the firm faces higher interest burden and less capacity to weather further operating losses or pursue sizable M&A without raising costly external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity
A robust liquidity cushion at the holding company (~$2.8B) plus ~$1.3B available at subsidiaries materially increases Icahn Enterprises' ability to absorb operating volatility, fund opportunistic investments or asset sales, and prioritize debt reduction or distributions without immediate financing stress.
Read all positive factors
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 (IEP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.27B
Dividend Yield26.95%
Average Volume (3M)685.67K
Price to Earnings (P/E)―
Beta (1Y)0.88
Revenue Growth12.39%
EPS Growth40.27%
CountryUS
Employees13,562
SectorEnergy
Sector Strength52
IndustryOil & Gas Refining & Marketing
Share Statistics
EPS (TTM)-0.74
Shares Outstanding710,915,100
10 Day Avg. Volume564,855
30 Day Avg. Volume685,667
Financial Highlights & Ratios
PEG Ratio0.32
Price to Book (P/B)1.59
Price to Sales (P/S)0.46
P/FCF Ratio-6.64
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.4
Revenue Forecast (FY)$8.67B
Icahn Enterprises Business Overview & Revenue Model
Company Description
Icahn Enterprises L.P. (IEP) is a diverse holding company that operates through its various subsidiaries across numerous industries, serving both the United States and international markets. Its core business activities span investment, energy, au...
How the Company Makes Money
IEP makes money primarily through (1) operating income generated by its majority-owned subsidiaries and (2) returns from its Investment segment.
1) Operating subsidiaries (segment revenues and profits)
- Energy: When operating, this segment earns...
Icahn Enterprises Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 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
31
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.70B | 9.41B | 10.17B | 11.92B | 14.42B | 12.29B |
| Gross Profit | 886.00M | 834.00M | 935.00M | 1.95B | 2.20B | 2.33B |
| EBITDA | 406.00M | 762.00M | 467.00M | 150.00M | 1.09B | 605.00M |
| Net Income | -517.00M | -293.00M | -436.00M | -670.00M | -179.00M | -604.00M |
Balance Sheet | ||||||
| Total Assets | 12.89B | 14.21B | 16.28B | 20.86B | 27.91B | 27.75B |
| Cash, Cash Equivalents and Short-Term Investments | 3.19B | 5.67B | 5.24B | 5.95B | 4.89B | 4.44B |
| Total Debt | 7.84B | 6.62B | 8.71B | 11.21B | 14.07B | 13.51B |
| Total Liabilities | 10.74B | 10.79B | 11.66B | 14.79B | 18.36B | 18.40B |
| Stockholders Equity | 1.81B | 2.73B | 3.24B | 3.97B | 4.65B | 4.30B |
Cash Flow | ||||||
| Free Cash Flow | -244.00M | -654.00M | 552.00M | 3.43B | 717.00M | 16.00M |
| Operating Cash Flow | 107.00M | -313.00M | 832.00M | 3.74B | 1.05B | 321.00M |
| Investing Cash Flow | -356.00M | -1.00B | -215.00M | -290.00M | -260.00M | 528.00M |
| Financing Cash Flow | -1.04B | -507.00M | -1.32B | -2.38B | -344.00M | 293.00M |
Icahn Enterprises Technical Analysis
Negative
7.50
Price Trends
7.46
Negative
7.45
Negative
7.21
Positive
Market Momentum
>-0.01
Positive
44.49
Neutral
34.96
Neutral
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 7.5 is below the 20-day moving average (MA) of 7.63, above the 50-day MA of 7.46, and above the 200-day MA of 7.21, indicating a neutral trend. The MACD of >-0.01 indicates Positive momentum. The RSI at 44.49 is Neutral, neither overbought nor oversold. The STOCH value of 34.96 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $4.72B | 23.04 | 198.41% | 0.93% | -12.03% | 209.72% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
57 Neutral | $4.34B | 21.74 | 6.95% | 2.64% | -29.93% | -9.37% | |
55 Neutral | $956.25M | -6.14 | -21.01% | 2.49% | 7.52% | -1.67% | |
53 Neutral | $441.80M | 72.19 | 1.27% | ― | 25.45% | ― | |
51 Neutral | $5.27B | -10.05 | -22.42% | 26.39% | 12.39% | 40.27% | |
49 Neutral | $533.00M | -0.87 | -51.47% | 2.84% | 73.46% | -259.87% |
* Energy Sector Average
IEP
Icahn Enterprises
7.42
0.30
4.23%
CODI
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12.71
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74.11%
GFF
Griffon
104.16
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42.18%
MDU
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20.65
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31.07%
TRC
Tejon Ranch Company
16.35
-0.75
-4.39%
FIP
FTAI Infrastructure Incorporation
4.51
0.08
1.85%
Icahn Enterprises Corporate Events
Business Operations and StrategyM&A Transactions
Icahn Enterprises Reshapes Portfolio With Pep Boys Sale
Positive
Jul 21, 2026
On July 19, 2026, Icahn Automotive Group agreed to sell all of the stock of Pep Boys to Mavis Tire Supply, LLC for a base purchase price of $700 million, subject to customary post-closing adjustments for items such as cash, debt and working capita...
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.