Icahn Enterprises L.P. (IEP) 10-Year Financial Performance & Capital Metrics

IEP • • Industrial / General

IndustrialsConglomeratesPrivate Equity & Investment ConglomeratesActivist Investment Conglomerates

AboutIcahn 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 capital through various private investment funds. The company's Energy segment refines and markets transportation fuels; and produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. Its Automotive segment is involved in the retail and wholesale distribution of automotive parts; and offers automotive repair and maintenance services. The company's Food Packaging segment produces and sells cellulosic, fibrous, and plastic casings that are used for preparing processed meat products. Its Real Estate segment is involved in the rental of retail, office, and industrial properties; construction and sale of single-family homes and residential units; and golf and club operations. This segment also engages in hotel and timeshare resort operations. The company's Home Fashion segment manufactures, sources, markets, distributes, and sells home fashion consumer products. Its Pharma segment offers pharmaceutical products and services. The company was incorporated in 1987 and is headquartered in Sunny Isles Beach, Florida.Show more

Revenue $10.17B -14.7%
EBITDA $663M -58.9%
Net Income -$436M +34.9%
EPS (Diluted) -0.94 +46.4%
Gross Margin 9.19% -43.8%
EBITDA Margin 6.52% -51.9%
Operating Margin 1.49% -83.8%
Net Margin -4.29% +23.7%
ROE -8.15% +4.9%
ROIC 1.07% -79.2%
Debt/Equity 1.89 +2.1%
Interest Coverage 0.29 -85.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.8x book value

✗Weaknesses

✗Shares diluted 22.0% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-6.04%

5Y-1.94%

3Y-6.12%

TTM-7.65%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM19.12%

EPS CAGR

10Y-

5Y-

3Y-

TTM27.53%

ROCE

10Y Avg1.37%

5Y Avg2.22%

3Y Avg4.06%

Latest1.04%

Peer Comparison

Activist Investment Conglomerates

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IEPIcahn Enterprises L.P.	4.72B	7.86	-8.36	-14.71%	-3.95%	-11.26%	11.7%	1.89

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	15.15B	16.21B	10.48B	10.89B	11.22B	6.67B	12.29B	14.42B	11.92B	10.17B
Revenue Growth %	-0.2%	0.07%	-0.35%	0.04%	0.03%	-0.41%	0.84%	0.17%	-0.17%	-0.15%
Cost of Goods Sold+	13.38B	14.57B	8.78B	9.68B	8.75B	6.86B	9.96B	12.22B	9.97B	9.23B
COGS % of Revenue	0.88%	0.9%	0.84%	0.89%	0.78%	1.03%	0.81%	0.85%	0.84%	0.91%
Gross Profit+	1.76B	1.64B	1.7B	1.21B	2.47B	-196M	2.33B	2.2B	1.95B	935M
Gross Margin %	0.12%	0.1%	0.16%	0.11%	0.22%	-0.03%	0.19%	0.15%	0.16%	0.09%
Gross Profit Growth %	-0.06%	-0.07%	0.04%	-0.29%	1.03%	-1.08%	12.89%	-0.06%	-0.11%	-0.52%
Operating Expenses+	1.91B	2.34B	1.27B	1.39B	1.38B	1.19B	1.24B	1.25B	852M	783M
OpEx % of Revenue	0.13%	0.14%	0.12%	0.13%	0.12%	0.18%	0.1%	0.09%	0.07%	0.08%
Selling, General & Admin	1.91B	2.34B	2.56B	1.39B	1.38B	1.19B	1.24B	1.25B	852M	783M
SG&A % of Revenue	0.13%	0.14%	0.24%	0.13%	0.12%	0.18%	0.1%	0.09%	0.07%	0.08%
Research & Development	189M	192M	195M	0	0	0	0	0	0	0
R&D % of Revenue	0.01%	0.01%	0.02%	-	-	-	-	-	-	-
Other Operating Expenses	0	0	195M	0	0	0	0	0	0	0
Operating Income+	-143M	-701M	431M	-172M	1.09B	-1.39B	1.09B	950M	1.1B	152M
Operating Margin %	-0.01%	-0.04%	0.04%	-0.02%	0.1%	-0.21%	0.09%	0.07%	0.09%	0.01%
Operating Income Growth %	-1.57%	-3.9%	1.61%	-1.4%	7.35%	-2.27%	1.79%	-0.13%	0.15%	-0.86%
EBITDA+	701M	307M	902M	273M	1.54B	-937M	1.61B	1.46B	1.61B	663M
EBITDA Margin %	0.05%	0.02%	0.09%	0.03%	0.14%	-0.14%	0.13%	0.1%	0.14%	0.07%
EBITDA Growth %	-0.32%	-0.56%	1.94%	-0.7%	4.65%	-1.61%	2.72%	-0.09%	0.11%	-0.59%
D&A (Non-Cash Add-back)	844M	1.01B	471M	445M	450M	450M	517M	509M	518M	511M
EBIT	-905M	-1.31B	2.48B	747M	-1.13B	-1.9B	88M	577M	-368M	-44M
Net Interest Income+	-960M	-568M	-528M	-376M	-340M	-519M	-529M	-240M	82M	-46M
Interest Income	194M	131M	127M	148M	265M	169M	137M	328M	636M	477M
Interest Expense	1.15B	878M	655M	524M	605M	688M	666M	568M	554M	523M
Other Income/Expense	-1.92B	-1.48B	1.4B	395M	-2.83B	-1.2B	-1.67B	-941M	-2.02B	-719M
Pretax Income+	-2.06B	-2.18B	1.83B	223M	-1.74B	-2.58B	-578M	9M	-922M	-567M
Pretax Margin %	-0.14%	-0.13%	0.17%	0.02%	-0.16%	-0.39%	-0.05%	0%	-0.08%	-0.06%
Income Tax+	68M	36M	-529M	-14M	20M	-116M	-78M	34M	90M	-25M
Effective Tax Rate %	0.57%	0.51%	1.3%	9.14%	0.62%	0.63%	1.04%	-19.89%	0.73%	0.77%
Net Income+	-1.17B	-1.11B	2.38B	2.04B	-1.08B	-1.62B	-604M	-179M	-670M	-436M
Net Margin %	-0.08%	-0.07%	0.23%	0.19%	-0.1%	-0.24%	-0.05%	-0.01%	-0.06%	-0.04%
Net Income Growth %	-2.2%	0.05%	3.15%	-0.14%	-1.53%	-0.51%	0.63%	0.7%	-2.74%	0.35%
Net Income (Continuing)	-2.13B	-2.22B	2.36B	237M	-1.76B	-2.47B	-500M	-25M	-1.01B	-542M
Discontinued Operations	0	0	157M	1.72B	-32M	0	0	0	0	0
Minority Interest	6.05B	5.86B	6.26B	6.38B	4.67B	5.02B	5.04B	4.91B	2.1B	1.38B
EPS (Diluted)+	-9.24	-8.03	14.80	11.33	-5.38	-7.33	-2.32	-0.57	-1.75	-0.94
EPS Growth %	-2.02%	0.13%	2.84%	-0.23%	-1.47%	-0.36%	0.68%	0.76%	-2.1%	0.46%
EPS (Basic)	-9.24	-8.03	14.80	11.33	-5.38	-7.33	-2.32	-0.57	-1.75	-0.94
Diluted Shares Outstanding	126.67M	137.73M	161M	180M	200M	221M	260M	316M	382M	466M
Basic Shares Outstanding	126.67M	137.73M	161M	180M	200M	221M	260M	316M	382M	466M
Dividend Payout Ratio	-	-	0.03%	0.05%	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	22.66B	18.48B	18.43B	16.93B	18.04B	17.72B	11.99B	14.07B	11.85B	8.24B
Cash & Short-Term Investments	17.43B	11.71B	12.05B	10.99B	14.89B	12.2B	4.44B	4.89B	5.95B	5.24B
Cash Only	2.08B	1.83B	1.68B	2.66B	4.95B	3.29B	4.33B	3.87B	4.88B	4.34B
Short-Term Investments	15.35B	9.88B	10.37B	8.34B	9.95B	8.91B	102M	1.02B	1.07B	900M
Accounts Receivable	1.69B	3.09B	979M	1.14B	1.33B	3.94B	6.08B	7.65B	4.85B	2.1B
Days Sales Outstanding	40.6	69.59	34.11	38.14	43.38	215.68	180.41	193.68	148.52	75.48
Inventory	2.26B	2.98B	3.26B	1.78B	1.81B	1.58B	1.48B	1.53B	1.05B	897M
Days Inventory Outstanding	61.61	74.72	135.63	67.1	75.59	84.04	54.15	45.74	38.31	35.45
Other Current Assets	0	2.17B	11.52B	0	0	0	0	0	0	0
Total Non-Current Assets+	13.79B	14.86B	13.38B	6.47B	6.6B	7.26B	15.76B	13.85B	9.01B	8.04B
Property, Plant & Equipment	9.54B	10.12B	9.7B	4.7B	5.16B	4.78B	4.55B	4.52B	4.5B	4.37B
Fixed Asset Turnover	1.59x	1.60x	1.08x	2.32x	2.17x	1.39x	2.70x	3.19x	2.65x	2.33x
Goodwill	1.5B	1.14B	1.27B	247M	282M	298M	290M	288M	288M	288M
Intangible Assets	1.11B	1.08B	1.14B	501M	431M	660M	595M	533M	466M	409M
Long-Term Investments	15.35B	9.88B	10.02B	8.34B	0	785M	9.76B	7.62B	3.09B	2.34B
Other Non-Current Assets	-14.01B	-7.67B	-8.83B	-7.36B	696M	741M	547M	780M	493M	474M
Total Assets+	36.44B	33.34B	31.8B	23.4B	24.64B	24.99B	27.75B	27.91B	20.86B	16.28B
Asset Turnover	0.42x	0.49x	0.33x	0.47x	0.46x	0.27x	0.44x	0.52x	0.57x	0.62x
Asset Growth %	0.02%	-0.09%	-0.05%	-0.26%	0.05%	0.01%	0.11%	0.01%	-0.25%	-0.22%
Total Current Liabilities+	10.56B	10.27B	4.87B	1.99B	2.4B	4.88B	8.01B	8.48B	5.4B	2.42B
Accounts Payable	1.42B	1.76B	980M	832M	945M	738M	805M	870M	830M	802M
Days Payables Outstanding	38.62	44.21	40.76	31.38	39.42	39.26	29.49	25.99	30.37	31.7
Short-Term Debt	0	0	0	0	1.41B	2.52B	5.6B	6.72B	4.27B	1.57B
Deferred Revenue (Current)	-1000K	-1000K	-1000K	-1000K	0	0	0	0	0	0
Other Current Liabilities	799M	5.23B	1.85B	316M	54M	1.62B	1.61B	885M	301M	40M
Current Ratio	2.15x	1.80x	3.79x	8.53x	7.50x	3.63x	1.50x	1.66x	2.19x	3.41x
Quick Ratio	1.93x	1.51x	3.12x	7.63x	6.75x	3.31x	1.31x	1.48x	2.00x	3.04x
Cash Conversion Cycle	63.59	100.1	128.98	73.86	79.55	260.47	205.06	213.43	156.46	79.23
Total Non-Current Liabilities+	15.85B	15.05B	15.57B	8.51B	11.29B	10.85B	10.39B	9.88B	9.38B	9.24B
Long-Term Debt	12.63B	11.12B	7.37B	7.33B	8.08B	7.98B	7.55B	6.97B	6.5B	6.69B
Capital Lease Obligations	141M	0	0	0	539M	651M	367M	380M	442M	447M
Deferred Tax Liabilities	1.2B	1.61B	924M	676M	639M	569M	390M	338M	399M	331M
Other Non-Current Liabilities	1.05B	6M	7.46B	206M	2.03B	1.58B	1.96B	2.1B	1.95B	1.66B
Total Liabilities	26.41B	25.32B	20.43B	10.49B	13.7B	15.73B	18.4B	18.36B	14.79B	11.66B
Total Debt+	12.63B	11.12B	11.19B	7.33B	10.03B	11.15B	13.51B	14.07B	11.21B	8.71B
Net Debt	10.55B	9.29B	9.5B	4.67B	5.08B	7.86B	9.18B	10.21B	6.33B	4.37B
Debt / Equity	0.79x	0.80x	0.63x	0.38x	0.92x	1.20x	1.45x	1.47x	1.85x	1.89x
Debt / EBITDA	18.02x	36.22x	12.40x	26.84x	6.50x	-	8.40x	9.65x	6.94x	13.14x
Net Debt / EBITDA	15.06x	30.25x	10.54x	17.11x	3.30x	-	5.70x	7.00x	3.92x	6.60x
Interest Coverage	-0.12x	-0.80x	0.66x	-0.33x	1.80x	-2.02x	1.64x	1.67x	1.98x	0.29x
Total Equity+	16.08B	13.88B	17.63B	19.28B	10.94B	9.26B	9.34B	9.56B	6.07B	4.62B
Equity Growth %	-0.17%	-0.14%	0.27%	0.09%	-0.43%	-0.15%	0.01%	0.02%	-0.36%	-0.24%
Book Value per Share	126.94	100.78	109.50	107.12	54.71	41.89	35.93	30.25	15.90	9.92
Total Shareholders' Equity	10.03B	8.02B	11.37B	12.9B	6.27B	4.24B	4.3B	4.65B	3.97B	3.24B
Common Stock	4.24B	2.45B	5.34B	7.35B	6.36B	4.32B	4.37B	4.72B	4.02B	3.3B
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-4.11B	-3.89B	0	-84M	-89M	-83M	-74M	-70M	-55M	-61M
Minority Interest	6.05B	5.86B	6.26B	6.38B	4.67B	5.02B	5.04B	4.91B	2.1B	1.38B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	714M	1.66B	-1.44B	915M	-1.46B	-416M	321M	1.05B	3.74B	832M
Operating CF Margin %	0.05%	0.1%	-0.14%	0.08%	-0.13%	-0.06%	0.03%	0.07%	0.31%	0.08%
Operating CF Growth %	2.83%	1.32%	-1.87%	1.64%	-2.6%	0.72%	1.77%	2.29%	2.54%	-0.78%
Net Income	-2.13B	-2.22B	2.59B	2.05B	-1.04B	-2.47B	-500M	-25M	-1.01B	-542M
Depreciation & Amortization	863M	1.03B	1.02B	447M	450M	510M	517M	509M	518M	511M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	-30M	-99M	-592M	-19M	-89M	-49M	-168M	-148M	-48M	-45M
Other Non-Cash Items	-1.95B	5.88B	1.82B	306M	-2.39B	3.69B	2.03B	3.43B	4.43B	-1.47B
Working Capital Changes	1.44B	-3.33B	-1.88B	-2.83B	1.61B	-2.1B	-1.55B	-2.71B	-154M	2.37B
Change in Receivables	43M	72M	-67M	45M	-33M	28M	-110M	-110M	85M	15M
Change in Inventory	-74M	-38M	-198M	-86M	-20M	147M	-83M	-96M	27M	133M
Change in Payables	-32M	18M	181M	-61M	145M	-162M	77M	45M	59M	-33M
Cash from Investing+	-2.35B	-1.85B	414M	2.59B	565M	-581M	528M	-260M	-290M	-215M
Capital Expenditures	-1.36B	-826M	-991M	-272M	-250M	-199M	-305M	-338M	-303M	-280M
CapEx % of Revenue	0.09%	0.05%	0.09%	0.02%	0.02%	0.03%	0.02%	0.02%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-4.11B	57M	-320M	-2.44B	-38M	-160M	-6M	-79M	33M	-23M
Cash from Financing+	826M	87M	743M	-152M	587M	-653M	293M	-344M	-2.38B	-1.32B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-116M	-103M	-81M	-97M	-112M	-526M	-134M	-226M	-307M	-391M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-32M	248M	900M	18M	-71M	-47M	798M	483M	-1.62B	-534M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-645M	829M	-2.43B	643M	-1.71B	-615M	16M	717M	3.43B	552M
FCF Margin %	-0.04%	0.05%	-0.23%	0.06%	-0.15%	-0.09%	0%	0.05%	0.29%	0.05%
FCF Growth %	0.64%	2.29%	-3.93%	1.26%	-3.66%	0.64%	1.03%	43.81%	3.79%	-0.84%
FCF per Share	-5.09	6.02	-15.07	3.57	-8.55	-2.78	0.06	2.27	8.99	1.18
FCF Conversion (FCF/Net Income)	-0.61x	-1.50x	-0.60x	0.45x	1.36x	0.26x	-0.53x	-5.89x	-5.58x	-1.91x
Interest Paid	0	489M	499M	484M	0	507M	485M	438M	426M	423M
Taxes Paid	0	10M	39M	20M	0	0	72M	180M	105M	66M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-6.61%	-7.38%	15.12%	11.05%	-7.12%	-16.04%	-6.49%	-1.89%	-8.57%	-8.15%
Return on Invested Capital (ROIC)	-0.39%	-2.11%	1.29%	-0.51%	4.1%	-6.28%	4.6%	3.72%	5.11%	1.07%
Gross Margin	11.65%	10.12%	16.23%	11.15%	22%	-2.94%	18.95%	15.26%	16.35%	9.19%
Net Margin	-7.72%	-6.82%	22.74%	18.72%	-9.59%	-24.3%	-4.91%	-1.24%	-5.62%	-4.29%
Debt / Equity	0.79x	0.80x	0.63x	0.38x	0.92x	1.20x	1.45x	1.47x	1.85x	1.89x
Interest Coverage	-0.12x	-0.80x	0.66x	-0.33x	1.80x	-2.02x	1.64x	1.67x	1.98x	0.29x
FCF Conversion	-0.61x	-1.50x	-0.60x	0.45x	1.36x	0.26x	-0.53x	-5.89x	-5.58x	-1.91x
Revenue Growth	-20.13%	7.02%	-35.38%	3.96%	2.99%	-40.57%	84.41%	17.28%	-17.29%	-14.71%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Energy	-	-	-	-	-	-	-	-	9.3B	7.68B
Energy Growth	-	-	-	-	-	-	-	-	-	-17.35%
Automotive	7.79B	-	9.96B	2.86B	2.9B	2.46B	2.36B	2.4B	1.75B	1.54B
Automotive Growth	-	-	-	-71.32%	1.37%	-14.85%	-4.26%	1.61%	-26.86%	-12.20%
Food Packaging	344M	-	392M	379M	375M	403M	402M	426M	435M	404M
Food Packaging Growth	-	-	-	-3.32%	-1.06%	7.47%	-0.25%	5.97%	2.11%	-7.13%
Home Fashion	193M	-	183M	-	186M	190M	197M	217M	175M	176M
Home Fashion Growth	-	-	-	-	-	2.15%	3.68%	10.15%	-19.35%	0.57%
Real Estate	14M	-	15M	212M	103M	98M	96M	118M	143M	118M
Real Estate Growth	-	-	-	1313.33%	-51.42%	-4.85%	-2.04%	22.92%	21.19%	-17.48%
Pharma	-	-	-	-	-	-	-	-	101M	111M
Pharma Growth	-	-	-	-	-	-	-	-	-	9.90%
Holding Company	28M	-	68M	-	-261M	-70M	-25M	78M	110M	109M
Holding Company Growth	-	-	-	-	-	73.18%	64.29%	412.00%	41.03%	-0.91%
Investment.	-	-	-	-	-	-	-	-	-1.17B	-86M
Investment. Growth	-	-	-	-	-	-	-	-	-	92.62%
Energy	5.43B	4.78B	5.99B	7.13B	6.38B	3.97B	7.33B	10.81B	-	-
Energy Growth	-	-11.98%	25.22%	19.15%	-10.51%	-37.89%	84.75%	47.60%	-	-
Pharma	-	-	-	-	-	3M	85M	72M	-	-
Pharma Growth	-	-	-	-	-	-	2733.33%	-15.29%	-	-
Investment	-865M	-	297M	-	-1.41B	-1.25B	202M	-23M	-	-
Investment Growth	-	-	-	-	-	11.67%	116.17%	-111.39%	-	-
Metals	361M	-	409M	-	341M	317M	684M	-	-	-
Metals Growth	-	-	-	-	-	-7.04%	115.77%	-	-	-
Mining	30M	-	-	-	-	-	-	-	-	-
Mining Growth	-	-	-	-	-	-	-	-	-	-
Miningsegment	-	-	-	-	-	-	-	-	-	-
Miningsegment Growth	-	-	-	-	-	-	-	-	-	-
Railcar	440M	-	265M	5M	-	-	-	-	-	-
Railcar Growth	-	-	-	-98.11%	-	-	-	-	-	-
Mining segment	-	-	94M	-	382M	-	-	-	-	-
Mining segment Growth	-	-	-	-	-	-	-	-	-	-
Gaming	-	-	-	-	-	-	-	-	-	-
Gaming Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States	-	-	-	-	-	-	-	722M	742M	8.84B
United States Growth	-	-	-	-	-	-	-	-	2.77%	1090.97%
Other geographical locations	-	-	-	-	-	-	-	26M	28M	356M
Other geographical locations Growth	-	-	-	-	-	-	-	-	7.69%	1171.43%
UNITED STATES	9.67B	10.49B	11.88B	-	-	-	-	-	-	-
UNITED STATES Growth	-	8.45%	13.24%	-	-	-	-	-	-	-
Segment, geographic, Other	3.45B	3.57B	3.89B	-	-	-	-	-	-	-
Segment, geographic, Other Growth	-	3.33%	9.17%	-	-	-	-	-	-	-
GERMANY	1.48B	1.46B	1.53B	-	-	-	-	-	-	-
GERMANY Growth	-	-1.69%	5.22%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Icahn Enterprises L.P. (IEP) reported $9.74B in revenue for fiscal year 2024. This represents a 18% decrease from $11.92B in 2011.

Icahn Enterprises L.P. (IEP) saw revenue decline by 14.7% over the past year.

Icahn Enterprises L.P. (IEP) reported a net loss of $385.0M for fiscal year 2024.

Dividend & Returns

Yes, Icahn Enterprises L.P. (IEP) pays a dividend with a yield of 10.67%. This makes it attractive for income-focused investors.

Icahn Enterprises L.P. (IEP) has a return on equity (ROE) of -8.2%. Negative ROE indicates the company is unprofitable.

Icahn Enterprises L.P. (IEP) had negative free cash flow of $2.0M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Icahn Enterprises L.P. (IEP) 10-Year Financial Performance & Capital Metrics

IEP • • Industrial / General

IndustrialsConglomeratesPrivate Equity & Investment ConglomeratesActivist Investment Conglomerates

Revenue $10.17B -14.7%
EBITDA $663M -58.9%
Net Income -$436M +34.9%
EPS (Diluted) -0.94 +46.4%
Gross Margin 9.19% -43.8%
EBITDA Margin 6.52% -51.9%
Operating Margin 1.49% -83.8%
Net Margin -4.29% +23.7%
ROE -8.15% +4.9%
ROIC 1.07% -79.2%
Debt/Equity 1.89 +2.1%
Interest Coverage 0.29 -85.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.8x book value

✗Weaknesses

✗Shares diluted 22.0% in last year

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-6.04%

5Y-1.94%

3Y-6.12%

TTM-7.65%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM19.12%

EPS CAGR

10Y-

5Y-

3Y-

TTM27.53%

ROCE

10Y Avg1.37%

5Y Avg2.22%

3Y Avg4.06%

Latest1.04%

Peer Comparison

Activist Investment Conglomerates

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
IEPIcahn Enterprises L.P.	4.72B	7.86	-8.36	-14.71%	-3.95%	-11.26%	11.7%	1.89

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	15.15B	16.21B	10.48B	10.89B	11.22B	6.67B	12.29B	14.42B	11.92B	10.17B
Revenue Growth %	-0.2%	0.07%	-0.35%	0.04%	0.03%	-0.41%	0.84%	0.17%	-0.17%	-0.15%
Cost of Goods Sold+	13.38B	14.57B	8.78B	9.68B	8.75B	6.86B	9.96B	12.22B	9.97B	9.23B
COGS % of Revenue	0.88%	0.9%	0.84%	0.89%	0.78%	1.03%	0.81%	0.85%	0.84%	0.91%
Gross Profit+	1.76B	1.64B	1.7B	1.21B	2.47B	-196M	2.33B	2.2B	1.95B	935M
Gross Margin %	0.12%	0.1%	0.16%	0.11%	0.22%	-0.03%	0.19%	0.15%	0.16%	0.09%
Gross Profit Growth %	-0.06%	-0.07%	0.04%	-0.29%	1.03%	-1.08%	12.89%	-0.06%	-0.11%	-0.52%
Operating Expenses+	1.91B	2.34B	1.27B	1.39B	1.38B	1.19B	1.24B	1.25B	852M	783M
OpEx % of Revenue	0.13%	0.14%	0.12%	0.13%	0.12%	0.18%	0.1%	0.09%	0.07%	0.08%
Selling, General & Admin	1.91B	2.34B	2.56B	1.39B	1.38B	1.19B	1.24B	1.25B	852M	783M
SG&A % of Revenue	0.13%	0.14%	0.24%	0.13%	0.12%	0.18%	0.1%	0.09%	0.07%	0.08%
Research & Development	189M	192M	195M	0	0	0	0	0	0	0
R&D % of Revenue	0.01%	0.01%	0.02%	-	-	-	-	-	-	-
Other Operating Expenses	0	0	195M	0	0	0	0	0	0	0
Operating Income+	-143M	-701M	431M	-172M	1.09B	-1.39B	1.09B	950M	1.1B	152M
Operating Margin %	-0.01%	-0.04%	0.04%	-0.02%	0.1%	-0.21%	0.09%	0.07%	0.09%	0.01%
Operating Income Growth %	-1.57%	-3.9%	1.61%	-1.4%	7.35%	-2.27%	1.79%	-0.13%	0.15%	-0.86%
EBITDA+	701M	307M	902M	273M	1.54B	-937M	1.61B	1.46B	1.61B	663M
EBITDA Margin %	0.05%	0.02%	0.09%	0.03%	0.14%	-0.14%	0.13%	0.1%	0.14%	0.07%
EBITDA Growth %	-0.32%	-0.56%	1.94%	-0.7%	4.65%	-1.61%	2.72%	-0.09%	0.11%	-0.59%
D&A (Non-Cash Add-back)	844M	1.01B	471M	445M	450M	450M	517M	509M	518M	511M
EBIT	-905M	-1.31B	2.48B	747M	-1.13B	-1.9B	88M	577M	-368M	-44M
Net Interest Income+	-960M	-568M	-528M	-376M	-340M	-519M	-529M	-240M	82M	-46M
Interest Income	194M	131M	127M	148M	265M	169M	137M	328M	636M	477M
Interest Expense	1.15B	878M	655M	524M	605M	688M	666M	568M	554M	523M
Other Income/Expense	-1.92B	-1.48B	1.4B	395M	-2.83B	-1.2B	-1.67B	-941M	-2.02B	-719M
Pretax Income+	-2.06B	-2.18B	1.83B	223M	-1.74B	-2.58B	-578M	9M	-922M	-567M
Pretax Margin %	-0.14%	-0.13%	0.17%	0.02%	-0.16%	-0.39%	-0.05%	0%	-0.08%	-0.06%
Income Tax+	68M	36M	-529M	-14M	20M	-116M	-78M	34M	90M	-25M
Effective Tax Rate %	0.57%	0.51%	1.3%	9.14%	0.62%	0.63%	1.04%	-19.89%	0.73%	0.77%
Net Income+	-1.17B	-1.11B	2.38B	2.04B	-1.08B	-1.62B	-604M	-179M	-670M	-436M
Net Margin %	-0.08%	-0.07%	0.23%	0.19%	-0.1%	-0.24%	-0.05%	-0.01%	-0.06%	-0.04%
Net Income Growth %	-2.2%	0.05%	3.15%	-0.14%	-1.53%	-0.51%	0.63%	0.7%	-2.74%	0.35%
Net Income (Continuing)	-2.13B	-2.22B	2.36B	237M	-1.76B	-2.47B	-500M	-25M	-1.01B	-542M
Discontinued Operations	0	0	157M	1.72B	-32M	0	0	0	0	0
Minority Interest	6.05B	5.86B	6.26B	6.38B	4.67B	5.02B	5.04B	4.91B	2.1B	1.38B
EPS (Diluted)+	-9.24	-8.03	14.80	11.33	-5.38	-7.33	-2.32	-0.57	-1.75	-0.94
EPS Growth %	-2.02%	0.13%	2.84%	-0.23%	-1.47%	-0.36%	0.68%	0.76%	-2.1%	0.46%
EPS (Basic)	-9.24	-8.03	14.80	11.33	-5.38	-7.33	-2.32	-0.57	-1.75	-0.94
Diluted Shares Outstanding	126.67M	137.73M	161M	180M	200M	221M	260M	316M	382M	466M
Basic Shares Outstanding	126.67M	137.73M	161M	180M	200M	221M	260M	316M	382M	466M
Dividend Payout Ratio	-	-	0.03%	0.05%	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	22.66B	18.48B	18.43B	16.93B	18.04B	17.72B	11.99B	14.07B	11.85B	8.24B
Cash & Short-Term Investments	17.43B	11.71B	12.05B	10.99B	14.89B	12.2B	4.44B	4.89B	5.95B	5.24B
Cash Only	2.08B	1.83B	1.68B	2.66B	4.95B	3.29B	4.33B	3.87B	4.88B	4.34B
Short-Term Investments	15.35B	9.88B	10.37B	8.34B	9.95B	8.91B	102M	1.02B	1.07B	900M
Accounts Receivable	1.69B	3.09B	979M	1.14B	1.33B	3.94B	6.08B	7.65B	4.85B	2.1B
Days Sales Outstanding	40.6	69.59	34.11	38.14	43.38	215.68	180.41	193.68	148.52	75.48
Inventory	2.26B	2.98B	3.26B	1.78B	1.81B	1.58B	1.48B	1.53B	1.05B	897M
Days Inventory Outstanding	61.61	74.72	135.63	67.1	75.59	84.04	54.15	45.74	38.31	35.45
Other Current Assets	0	2.17B	11.52B	0	0	0	0	0	0	0
Total Non-Current Assets+	13.79B	14.86B	13.38B	6.47B	6.6B	7.26B	15.76B	13.85B	9.01B	8.04B
Property, Plant & Equipment	9.54B	10.12B	9.7B	4.7B	5.16B	4.78B	4.55B	4.52B	4.5B	4.37B
Fixed Asset Turnover	1.59x	1.60x	1.08x	2.32x	2.17x	1.39x	2.70x	3.19x	2.65x	2.33x
Goodwill	1.5B	1.14B	1.27B	247M	282M	298M	290M	288M	288M	288M
Intangible Assets	1.11B	1.08B	1.14B	501M	431M	660M	595M	533M	466M	409M
Long-Term Investments	15.35B	9.88B	10.02B	8.34B	0	785M	9.76B	7.62B	3.09B	2.34B
Other Non-Current Assets	-14.01B	-7.67B	-8.83B	-7.36B	696M	741M	547M	780M	493M	474M
Total Assets+	36.44B	33.34B	31.8B	23.4B	24.64B	24.99B	27.75B	27.91B	20.86B	16.28B
Asset Turnover	0.42x	0.49x	0.33x	0.47x	0.46x	0.27x	0.44x	0.52x	0.57x	0.62x
Asset Growth %	0.02%	-0.09%	-0.05%	-0.26%	0.05%	0.01%	0.11%	0.01%	-0.25%	-0.22%
Total Current Liabilities+	10.56B	10.27B	4.87B	1.99B	2.4B	4.88B	8.01B	8.48B	5.4B	2.42B
Accounts Payable	1.42B	1.76B	980M	832M	945M	738M	805M	870M	830M	802M
Days Payables Outstanding	38.62	44.21	40.76	31.38	39.42	39.26	29.49	25.99	30.37	31.7
Short-Term Debt	0	0	0	0	1.41B	2.52B	5.6B	6.72B	4.27B	1.57B
Deferred Revenue (Current)	-1000K	-1000K	-1000K	-1000K	0	0	0	0	0	0
Other Current Liabilities	799M	5.23B	1.85B	316M	54M	1.62B	1.61B	885M	301M	40M
Current Ratio	2.15x	1.80x	3.79x	8.53x	7.50x	3.63x	1.50x	1.66x	2.19x	3.41x
Quick Ratio	1.93x	1.51x	3.12x	7.63x	6.75x	3.31x	1.31x	1.48x	2.00x	3.04x
Cash Conversion Cycle	63.59	100.1	128.98	73.86	79.55	260.47	205.06	213.43	156.46	79.23
Total Non-Current Liabilities+	15.85B	15.05B	15.57B	8.51B	11.29B	10.85B	10.39B	9.88B	9.38B	9.24B
Long-Term Debt	12.63B	11.12B	7.37B	7.33B	8.08B	7.98B	7.55B	6.97B	6.5B	6.69B
Capital Lease Obligations	141M	0	0	0	539M	651M	367M	380M	442M	447M
Deferred Tax Liabilities	1.2B	1.61B	924M	676M	639M	569M	390M	338M	399M	331M
Other Non-Current Liabilities	1.05B	6M	7.46B	206M	2.03B	1.58B	1.96B	2.1B	1.95B	1.66B
Total Liabilities	26.41B	25.32B	20.43B	10.49B	13.7B	15.73B	18.4B	18.36B	14.79B	11.66B
Total Debt+	12.63B	11.12B	11.19B	7.33B	10.03B	11.15B	13.51B	14.07B	11.21B	8.71B
Net Debt	10.55B	9.29B	9.5B	4.67B	5.08B	7.86B	9.18B	10.21B	6.33B	4.37B
Debt / Equity	0.79x	0.80x	0.63x	0.38x	0.92x	1.20x	1.45x	1.47x	1.85x	1.89x
Debt / EBITDA	18.02x	36.22x	12.40x	26.84x	6.50x	-	8.40x	9.65x	6.94x	13.14x
Net Debt / EBITDA	15.06x	30.25x	10.54x	17.11x	3.30x	-	5.70x	7.00x	3.92x	6.60x
Interest Coverage	-0.12x	-0.80x	0.66x	-0.33x	1.80x	-2.02x	1.64x	1.67x	1.98x	0.29x
Total Equity+	16.08B	13.88B	17.63B	19.28B	10.94B	9.26B	9.34B	9.56B	6.07B	4.62B
Equity Growth %	-0.17%	-0.14%	0.27%	0.09%	-0.43%	-0.15%	0.01%	0.02%	-0.36%	-0.24%
Book Value per Share	126.94	100.78	109.50	107.12	54.71	41.89	35.93	30.25	15.90	9.92
Total Shareholders' Equity	10.03B	8.02B	11.37B	12.9B	6.27B	4.24B	4.3B	4.65B	3.97B	3.24B
Common Stock	4.24B	2.45B	5.34B	7.35B	6.36B	4.32B	4.37B	4.72B	4.02B	3.3B
Retained Earnings	0	0	0	0	0	0	0	0	0	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-4.11B	-3.89B	0	-84M	-89M	-83M	-74M	-70M	-55M	-61M
Minority Interest	6.05B	5.86B	6.26B	6.38B	4.67B	5.02B	5.04B	4.91B	2.1B	1.38B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	714M	1.66B	-1.44B	915M	-1.46B	-416M	321M	1.05B	3.74B	832M
Operating CF Margin %	0.05%	0.1%	-0.14%	0.08%	-0.13%	-0.06%	0.03%	0.07%	0.31%	0.08%
Operating CF Growth %	2.83%	1.32%	-1.87%	1.64%	-2.6%	0.72%	1.77%	2.29%	2.54%	-0.78%
Net Income	-2.13B	-2.22B	2.59B	2.05B	-1.04B	-2.47B	-500M	-25M	-1.01B	-542M
Depreciation & Amortization	863M	1.03B	1.02B	447M	450M	510M	517M	509M	518M	511M
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0
Deferred Taxes	-30M	-99M	-592M	-19M	-89M	-49M	-168M	-148M	-48M	-45M
Other Non-Cash Items	-1.95B	5.88B	1.82B	306M	-2.39B	3.69B	2.03B	3.43B	4.43B	-1.47B
Working Capital Changes	1.44B	-3.33B	-1.88B	-2.83B	1.61B	-2.1B	-1.55B	-2.71B	-154M	2.37B
Change in Receivables	43M	72M	-67M	45M	-33M	28M	-110M	-110M	85M	15M
Change in Inventory	-74M	-38M	-198M	-86M	-20M	147M	-83M	-96M	27M	133M
Change in Payables	-32M	18M	181M	-61M	145M	-162M	77M	45M	59M	-33M
Cash from Investing+	-2.35B	-1.85B	414M	2.59B	565M	-581M	528M	-260M	-290M	-215M
Capital Expenditures	-1.36B	-826M	-991M	-272M	-250M	-199M	-305M	-338M	-303M	-280M
CapEx % of Revenue	0.09%	0.05%	0.09%	0.02%	0.02%	0.03%	0.02%	0.02%	0.03%	0.03%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-4.11B	57M	-320M	-2.44B	-38M	-160M	-6M	-79M	33M	-23M
Cash from Financing+	826M	87M	743M	-152M	587M	-653M	293M	-344M	-2.38B	-1.32B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-116M	-103M	-81M	-97M	-112M	-526M	-134M	-226M	-307M	-391M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-32M	248M	900M	18M	-71M	-47M	798M	483M	-1.62B	-534M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-645M	829M	-2.43B	643M	-1.71B	-615M	16M	717M	3.43B	552M
FCF Margin %	-0.04%	0.05%	-0.23%	0.06%	-0.15%	-0.09%	0%	0.05%	0.29%	0.05%
FCF Growth %	0.64%	2.29%	-3.93%	1.26%	-3.66%	0.64%	1.03%	43.81%	3.79%	-0.84%
FCF per Share	-5.09	6.02	-15.07	3.57	-8.55	-2.78	0.06	2.27	8.99	1.18
FCF Conversion (FCF/Net Income)	-0.61x	-1.50x	-0.60x	0.45x	1.36x	0.26x	-0.53x	-5.89x	-5.58x	-1.91x
Interest Paid	0	489M	499M	484M	0	507M	485M	438M	426M	423M
Taxes Paid	0	10M	39M	20M	0	0	72M	180M	105M	66M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-6.61%	-7.38%	15.12%	11.05%	-7.12%	-16.04%	-6.49%	-1.89%	-8.57%	-8.15%
Return on Invested Capital (ROIC)	-0.39%	-2.11%	1.29%	-0.51%	4.1%	-6.28%	4.6%	3.72%	5.11%	1.07%
Gross Margin	11.65%	10.12%	16.23%	11.15%	22%	-2.94%	18.95%	15.26%	16.35%	9.19%
Net Margin	-7.72%	-6.82%	22.74%	18.72%	-9.59%	-24.3%	-4.91%	-1.24%	-5.62%	-4.29%
Debt / Equity	0.79x	0.80x	0.63x	0.38x	0.92x	1.20x	1.45x	1.47x	1.85x	1.89x
Interest Coverage	-0.12x	-0.80x	0.66x	-0.33x	1.80x	-2.02x	1.64x	1.67x	1.98x	0.29x
FCF Conversion	-0.61x	-1.50x	-0.60x	0.45x	1.36x	0.26x	-0.53x	-5.89x	-5.58x	-1.91x
Revenue Growth	-20.13%	7.02%	-35.38%	3.96%	2.99%	-40.57%	84.41%	17.28%	-17.29%	-14.71%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Energy	-	-	-	-	-	-	-	-	9.3B	7.68B
Energy Growth	-	-	-	-	-	-	-	-	-	-17.35%
Automotive	7.79B	-	9.96B	2.86B	2.9B	2.46B	2.36B	2.4B	1.75B	1.54B
Automotive Growth	-	-	-	-71.32%	1.37%	-14.85%	-4.26%	1.61%	-26.86%	-12.20%
Food Packaging	344M	-	392M	379M	375M	403M	402M	426M	435M	404M
Food Packaging Growth	-	-	-	-3.32%	-1.06%	7.47%	-0.25%	5.97%	2.11%	-7.13%
Home Fashion	193M	-	183M	-	186M	190M	197M	217M	175M	176M
Home Fashion Growth	-	-	-	-	-	2.15%	3.68%	10.15%	-19.35%	0.57%
Real Estate	14M	-	15M	212M	103M	98M	96M	118M	143M	118M
Real Estate Growth	-	-	-	1313.33%	-51.42%	-4.85%	-2.04%	22.92%	21.19%	-17.48%
Pharma	-	-	-	-	-	-	-	-	101M	111M
Pharma Growth	-	-	-	-	-	-	-	-	-	9.90%
Holding Company	28M	-	68M	-	-261M	-70M	-25M	78M	110M	109M
Holding Company Growth	-	-	-	-	-	73.18%	64.29%	412.00%	41.03%	-0.91%
Investment.	-	-	-	-	-	-	-	-	-1.17B	-86M
Investment. Growth	-	-	-	-	-	-	-	-	-	92.62%
Energy	5.43B	4.78B	5.99B	7.13B	6.38B	3.97B	7.33B	10.81B	-	-
Energy Growth	-	-11.98%	25.22%	19.15%	-10.51%	-37.89%	84.75%	47.60%	-	-
Pharma	-	-	-	-	-	3M	85M	72M	-	-
Pharma Growth	-	-	-	-	-	-	2733.33%	-15.29%	-	-
Investment	-865M	-	297M	-	-1.41B	-1.25B	202M	-23M	-	-
Investment Growth	-	-	-	-	-	11.67%	116.17%	-111.39%	-	-
Metals	361M	-	409M	-	341M	317M	684M	-	-	-
Metals Growth	-	-	-	-	-	-7.04%	115.77%	-	-	-
Mining	30M	-	-	-	-	-	-	-	-	-
Mining Growth	-	-	-	-	-	-	-	-	-	-
Miningsegment	-	-	-	-	-	-	-	-	-	-
Miningsegment Growth	-	-	-	-	-	-	-	-	-	-
Railcar	440M	-	265M	5M	-	-	-	-	-	-
Railcar Growth	-	-	-	-98.11%	-	-	-	-	-	-
Mining segment	-	-	94M	-	382M	-	-	-	-	-
Mining segment Growth	-	-	-	-	-	-	-	-	-	-
Gaming	-	-	-	-	-	-	-	-	-	-
Gaming Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
United States	-	-	-	-	-	-	-	722M	742M	8.84B
United States Growth	-	-	-	-	-	-	-	-	2.77%	1090.97%
Other geographical locations	-	-	-	-	-	-	-	26M	28M	356M
Other geographical locations Growth	-	-	-	-	-	-	-	-	7.69%	1171.43%
UNITED STATES	9.67B	10.49B	11.88B	-	-	-	-	-	-	-
UNITED STATES Growth	-	8.45%	13.24%	-	-	-	-	-	-	-
Segment, geographic, Other	3.45B	3.57B	3.89B	-	-	-	-	-	-	-
Segment, geographic, Other Growth	-	3.33%	9.17%	-	-	-	-	-	-	-
GERMANY	1.48B	1.46B	1.53B	-	-	-	-	-	-	-
GERMANY Growth	-	-1.69%	5.22%	-	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Icahn Enterprises L.P. (IEP) reported $9.74B in revenue for fiscal year 2024. This represents a 18% decrease from $11.92B in 2011.

Icahn Enterprises L.P. (IEP) saw revenue decline by 14.7% over the past year.

Icahn Enterprises L.P. (IEP) reported a net loss of $385.0M for fiscal year 2024.

Dividend & Returns

Yes, Icahn Enterprises L.P. (IEP) pays a dividend with a yield of 10.67%. This makes it attractive for income-focused investors.

Icahn Enterprises L.P. (IEP) has a return on equity (ROE) of -8.2%. Negative ROE indicates the company is unprofitable.

Icahn Enterprises L.P. (IEP) had negative free cash flow of $2.0M in fiscal year 2024, likely due to heavy capital investments.