Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026
Basics
Sector
Energy
Industry
Oil & Gas Refining & Marketing
Country
United States
Market cap
3.8B USD
Enterprise value
9.9B USD
Full-time employees
13,562
Overall health
Drawback:less profitable than most peersless profitable than peers
Drawback:its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback:higher risk than most peers: more debt relative to equity (3.19× vs a peer median of 0.47×)higher risk: more debt vs equity (3.19× vs peers 0.47×)
Much more borrowing than peers.Debt is 3.2× equity vs a peer median of 0.5×.Debt is 3.2× equity vs peers 0.5×.
Debt is 3.2× shareholders' equity, against a peer median of 0.5×, among the highest 10% of its peer group.Debt is 3.2× shareholders' equity, vs peers 0.5×, among the highest 10% of its peer group.
Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.
Icahn Enterprises L.P.'s fiscal-year revenue declined in each of the three years to 2025.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Icahn Enterprises L.P. reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
StockQuotient Score
21/ 100▲ 1 since Oct 27 closeOct 5 20 → Nov 4 21 (+1)
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield-13.8%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.49Sector median: 0.0522 · MAD: 0.0351
EBITDA yield5.4%
Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsReported value50% base weight · Z-score -1.29Sector median: 0.1209 · MAD: 0.0518
Free cash flow yield-6.4%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.26Sector median: 0.0618 · MAD: 0.0491
Why it changed since the Oct 27, 2026 close: Score 5 → 6
Peer companies moved+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Return on invested capital, operating margin, and return on assets.
Operating margin-1.3%
Yahoo Finance fallback · SEC operating income not reported in standard form · fiscal year to Dec 2025Reported value33% base weight · Z-score -1.39Sector median: 0.1169 · MAD: 0.0936
Return on assets-4.1%
SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -2.82Sector median: 0.0444 · MAD: 0.0302
Return on invested capital-9.5%
Yahoo Finance fallback · SEC operating income or invested capital unavailable · trailing 12 monthsReported value33% base weight · Z-score -2.91Sector median: 0.0929 · MAD: 0.0648
Other data (not scored)
Gross margin7.1%
Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3310 · MAD: 0.1935
Return on equity-17.8%
Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.1014 · MAD: 0.0743
Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.
Beta0.70
Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.56Sector median: 0.5680 · MAD: 0.2415
Current ratio1.65×
Yahoo Finance fallback · SEC figure unavailable or out of dateReported value33% base weight · Z-score 0.56Sector median: 1.3710 · MAD: 0.5060
Debt / equity3.19×
Yahoo Finance fallback · no standard SEC debt tagOutlier capped at sector 5th/95th percentile33% base weight · Z-score -7.81Sector median: 0.4659 · MAD: 0.3175
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Icahn Enterprises L.P.
Is Icahn Enterprises L.P. getting weaker?
Its latest SEC filing (Aug 5, 2026) got weaker in some ways: share count up 5.8%. Its overall score is 21/100, up 1 since Oct 28, 2026.
How is Icahn Enterprises L.P. valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 10/100 against 404 energy peers.Earnings yield -13.8% vs a peer median of 5.2% (weaker than 100% of peers).Earnings yield -13.8% vs peers 5.2% (weaker than 100% of peers).
Is Icahn Enterprises L.P. growing?
At about the same pace as its peers. Growth scores 58/100 against 404 energy peers.Revenue growth 10.6% vs a peer median of 0.5% (stronger than 72% of peers).Revenue growth 10.6% vs peers 0.5% (stronger than 72% of peers).
How profitable is Icahn Enterprises L.P.?
Less profitable than most of its peers. Profitability scores 6/100 against 404 energy peers.Return on invested capital -9.5% vs a peer median of 9.3% (weaker than 94% of peers).Return on invested capital -9.5% vs peers 9.3% (weaker than 94% of peers).
How risky is Icahn Enterprises L.P.?
Higher risk relative to 404 energy peers, judged on debt, liquidity and share-price swings.Current ratio 1.65× vs a peer median of 1.37× (stronger than 63% of peers).Current ratio 1.65× vs peers 1.37× (stronger than 63% of peers).Debt / equity 3.19× vs a peer median of 0.47× (weaker than 100% of peers).Debt / equity 3.19× vs peers 0.47× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026
Got weaker
Share count up 5.8% (existing holders diluted)
Worth watching: Icahn Enterprises L.P. is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.
Previous quarter
Latest quarter
Change
Revenue (12 months)
10.0B USD
10.6B USD
+6.1%
Net income (12 months)
−336.0M USD
−526.0M USD
+56.5%
Free cash flow (12 months)
−101.0M USD
−244.0M USD
+141.6%
Debt
6.4B USD
6.4B USD
−0.0%
Cash
1.3B USD
1.2B USD
−6.0%
Shares outstanding
672.1M
710.9M
+5.8%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Sector: Energy · 117 companies
Valuations in Energy are above their usual range since 2016.
71% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +37% and earnings +10% (medians): prices rose faster than earnings.
Median price-to-sales is −30% vs the whole market, against a usual −35%.
2016Shaded: most expensive fifth of its range2026
Shown for Energy: too few Oil & Gas Refining & Marketing companies have a long enough history of their own.
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Operating margin
-4.4%
1.3%
-7.8%
—
—
—
Net margin
-4.6%
-1.3%
-6.3%
-4.4%
-3.1%
▲ 1.3 pts
Return on assets (ROA)
-1.9%
-0.7%
-3.3%
-2.7%
-2.1%
▲ 0.6 pts
Free cash flow margin
0.1%
5.1%
31.4%
5.5%
-6.8%
▼ 12 pts
Interest coverage
-0.74×
0.33×
-1.54×
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IEP price history
Price history is added with the daily price update and will appear after the next one.