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Carl Icahn's diversified holding company spanning refining (CVR Energy), automotive parts, real estate and an activist portfolio.
Carl Icahn's diversified holding company spanning refining (CVR Energy), automotive parts, real estate and an activist portfolio.
Is a holding partnership: Carl Icahn owns most of its units, and its value comes mainly from the investment fund's marks on activist stakes and from CVR Energy, the refiner and nitrogen-fertiliser maker it holds a majority of. Earnings are volatile. It pays a regular distribution that unitholders can take in cash or in additional units.
Moat: none (scale). A conglomerate of largely unrelated businesses; value depends on Icahn's capital allocation, not one moat.
Headquarters: Sunny Isles Beach, Florida, United States · Founded: 1987 · Employees: 13,547
Size Icahn Enterprises L.P (IEP) is a United States Energy company (Oil Refining/Marketing) with a market value of $3.38B, the 1465th largest of 3,117 United States companies the cockpit tracks. Shares closed at $4.75 on 6 Nov 2026.
Performance Over six months the shares fell 40.8%, against +5.7% for the median peer and -1.1% for the United States market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 15.8% over the last twelve months (peer median +16.9%); the operating margin is -7.3% (peer median 6.5%).
Valuation It trades at 9.5× forward earnings against a peer median of 7.0× (5th most expensive of 18).
Capital Return on invested capital runs 18.2 points below its cost of capital (6.3% WACC).
Credit Icahn Enterprises L.P has 5 bonds outstanding ($4.43B), rated B+ by the agencies and trading like B- at a weighted spread of 985 bp.
Short interest Short interest is 2.5% of the free float (15 Oct 2026).
Next results Next results expected around 19 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $11.2B | $9.91B | $10.2B | $11.9B | $14.4B |
| Revenue growth | — | -3% | -15% | -17% | — |
| Gross profit | -$19.0M | $1.31B | $935M | $1.95B | $2.20B |
| EBITDA | -$263M | $1.07B | $663M | $1.61B | $1.46B |
| Net income | -$1.02B | -$293M | -$436M | -$670M | -$179M |
| Free cash flow | -$61.0M | -$654M | $552M | $3.43B | $717M |
| Capital expenditure | $369M | $341M | $280M | $303M | $338M |
| Total debt | $7.45B | $8.48B | $8.71B | $11.2B | $14.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Icahn Enterprises L.P IEP | $3.38B | -41% | +16% | -7% | 9.5× | n/a |
| Berkshire Hathaway BRK-B | $1.22T | +20% | +4% | 16% | 26.0× | n/a |
| Loews L | $22.2B | +5% | +3% | 12% | n/a | n/a |
| CVR Energy CVI | $3.83B | +14% | +34% | 11% | 5.2× | -17.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | IEP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.5% | -16.9% | 5th lowest of 20 |
| 6-month return | -40.8% | +5.7% | lowest of 20 |
| Distance from 52-week high | -49.0% | -27.2% | lowest of 20 |
| Revenue growth (TTM) | +15.8% | +16.9% | 10th lowest of 20 |
| Operating margin | -7.3% | 6.5% | lowest of 20 |
| Forward P/E | 9.5× | 7.0× | 5th most expensive of 18 |
| ROIC minus cost of capital | -18.2 pp | +10.8 pp | lowest of 20 |
| Bond spread | 985 bp | 254 bp | widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Icahn Enterprises L.P IEP | United States | $3.38B | -41% | +16% | -7% | 9.5× | n/a | n/a |
| Par Pacific PARR | United States | $3.41B | +6% | +29% | 13% | 3.4× | n/a | n/a |
| Calumet CLMT | United States | $3.48B | +24% | +13% | 1% | 9.1× | 39.0% | +12.8% |
| Mangalore Refinery & Petrochemicals MRPL.NS | India | $3.26B | +13% | +38% | 6% | 4.6× | -6.0% | +22.9% |
| DOF DOFG.OL | Norway | $3.24B | -12% | +22% | 26% | 7.8× | 0.9% | +28.0% |
| Sinopec Shanghai Petrochemical 0338.HK | Hong Kong | $3.71B | -8% | -6% | -2% | 20.8× | n/a | n/a |
| Cosmo Energy 5021.T | Japan | $3.74B | -10% | 0% | 9% | 7.0× | -18.5% | +3.7% |
| Viva Energy VEA.AX | Australia | $3.04B | +19% | -2% | 4% | 7.8× | -15.1% | +18.2% |
| CVR Energy CVI | United States | $3.83B | +14% | +34% | 11% | 5.2× | -17.9% | +12.8% |
| Delek US DK | United States | $3.92B | +39% | +11% | 6% | 3.2× | -10.1% | +8.0% |
| Chennai Petroleum CHENNPETRO.NS | India | $2.27B | +34% | +31% | 10% | 3.5× | -12.0% | +28.6% |
| Castrol India CASTROLIND.NS | India | $2.00B | +3% | +17% | 20% | 17.9× | 10.7% | +13.8% |
| Ampol ALD.AX | Australia | $5.95B | +6% | +15% | 6% | 10.8× | -14.0% | +15.4% |
| PBF Energy PBF | United States | $8.16B | +65% | +32% | 8% | 2.6× | n/a | n/a |
| Hindustan Petroleum HINDPETRO.NS | India | $8.67B | -2% | +17% | 0% | n/a | 24.7% | +13.6% |
| S-Oil 010950.KS | South Korea | $9.00B | -21% | +19% | 10% | 3.5× | n/a | n/a |
| Idemitsu Kosan 5019.T | Japan | $9.54B | -9% | -3% | 6% | 7.1× | -12.8% | +12.2% |
| North Huajin Chemical Industries 000059.SZ | China | $1.10B | -20% | +3% | 1% | 14.1× | -8.0% | +4.6% |
| North Atlantic Energies NAE.PA | France | $1.09B | +30% | -23% | 3% | n/a | n/a | n/a |
| SK Innovation 096770.KS | South Korea | $13.4B | -25% | +26% | 9% | 4.5× | n/a | n/a |
Icahn Enterprises L.P has 5 bonds outstanding with $4.43B face value. The agencies rate it B+; its bonds trade like B-. Weighted yield 14.41%, a spread of 985 bp over government bonds.