Latest Ratios: P/E Ratio -12.8x · EV/EBITDA 12.8x · ROE -7.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.5B | $4.3B | $4.0B | $6.6B | $16.0B | $12.9B | $11.2B | $12.3B | $10.3B | $8.5B | $8.3B |
| Enterprise Value | $7.7B | $7.5B | $8.4B | $12.9B | $26.2B | $22.1B | $19.1B | $17.4B | $14.9B | $18.0B | $17.5B |
| P/E Ratio → | -12.83 | — | — | — | — | — | — | — | 5.04 | 3.58 | — |
| P/S Ratio | 0.48 | 0.46 | 0.40 | 0.55 | 1.11 | 1.05 | 1.68 | 1.10 | 0.94 | 0.81 | 0.51 |
| P/B Ratio | 1.12 | 1.27 | 0.87 | 1.08 | 1.67 | 1.38 | 1.21 | 1.12 | 0.53 | 0.48 | 0.59 |
| P/FCF | — | — | 7.32 | 1.91 | 22.32 | 805.84 | — | — | 15.98 | — | 9.96 |
| P/OCF | — | — | 4.86 | 1.76 | 15.17 | 40.17 | — | — | 11.23 | — | 4.99 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.80 | 0.83 | 1.08 | 1.82 | 1.80 | 2.86 | 1.55 | 1.37 | 1.72 | 1.08 |
| EV / EBITDA | 12.80 | 12.56 | 12.69 | 7.99 | 17.97 | 13.72 | — | 11.27 | 54.74 | 20.00 | 57.13 |
| EV / EBIT | — | 47.41 | — | — | 45.43 | 250.80 | — | — | 20.01 | 7.26 | — |
| EV / FCF | — | — | 15.24 | 3.76 | 36.56 | 1379.40 | — | — | 23.24 | — | 21.16 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 8.9% | 8.9% | 9.2% | 16.3% | 15.3% | 19.0% | -2.9% | 22.0% | 11.1% | 16.2% | 10.1% |
| Operating Margin | -0.0% | -0.0% | 1.5% | 9.2% | 6.6% | 8.9% | -20.8% | 9.7% | -1.6% | 4.1% | -4.3% |
| Net Profit Margin | -3.1% | -3.1% | -4.3% | -5.6% | -1.2% | -4.9% | -24.3% | -9.6% | 18.7% | 22.7% | -6.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.3% | -7.3% | -8.2% | -8.6% | -1.9% | -6.5% | -16.0% | -7.1% | 11.0% | 15.1% | -7.4% |
| ROA | -1.9% | -1.9% | -2.3% | -2.7% | -0.6% | -2.3% | -6.5% | -4.5% | 7.4% | 7.3% | -3.2% |
| ROIC | -0.0% | -0.0% | 1.1% | 5.1% | 3.7% | 4.6% | -6.3% | 4.1% | -0.5% | 1.3% | -2.1% |
| ROCE | -0.0% | -0.0% | 1.0% | 6.3% | 4.9% | 5.5% | -6.6% | 5.0% | -0.7% | 1.7% | -2.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.93 | 1.93 | 1.89 | 1.85 | 1.47 | 1.45 | 1.20 | 0.92 | 0.38 | 0.63 | 0.80 |
| Debt / EBITDA | 11.03 | 11.03 | 13.14 | 6.94 | 9.65 | 8.40 | — | 6.50 | 26.84 | 12.40 | 36.22 |
| Net Debt / Equity | — | 0.93 | 0.95 | 1.04 | 1.07 | 0.98 | 0.85 | 0.46 | 0.24 | 0.54 | 0.67 |
| Net Debt / EBITDA | 5.33 | 5.33 | 6.60 | 3.92 | 7.00 | 5.70 | — | 3.30 | 17.11 | 10.54 | 30.25 |
| Debt / FCF | — | — | 7.92 | 1.84 | 14.24 | 573.56 | — | — | 7.26 | — | 11.20 |
| Interest Coverage | 0.32 | 0.32 | -0.08 | -0.66 | 1.02 | 0.13 | -2.76 | -1.87 | 1.43 | 3.79 | -1.49 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.62 | 4.62 | 3.41 | 2.19 | 1.66 | 1.50 | 3.63 | 7.50 | 8.53 | 3.79 | 1.80 |
| Quick Ratio | 4.17 | 4.17 | 3.04 | 2.00 | 1.48 | 1.31 | 3.31 | 6.75 | 7.63 | 3.12 | 1.51 |
| Cash Ratio | 3.01 | 3.01 | 2.17 | 1.10 | 0.58 | 0.55 | 2.50 | 6.19 | 5.54 | 2.48 | 1.14 |
| Asset Turnover | — | 0.66 | 0.62 | 0.57 | 0.52 | 0.44 | 0.27 | 0.46 | 0.47 | 0.33 | 0.49 |
| Inventory Turnover | 10.15 | 10.15 | 10.30 | 9.53 | 7.98 | 6.74 | 4.34 | 4.83 | 5.44 | 2.69 | 4.88 |
| Days Sales Outstanding | — | 84.47 | 75.48 | 148.52 | 193.68 | 180.41 | 215.68 | 43.38 | 38.14 | 34.11 | 69.59 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 7.5% | 6.6% | 9.7% | 4.7% | 1.4% | 1.0% | 4.7% | 0.9% | 0.9% | 0.9% | 1.2% |
| Payout Ratio | — | — | — | — | — | — | — | — | 4.8% | 3.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | 19.8% | 27.9% | — |
| FCF Yield | — | — | 13.7% | 52.3% | 4.5% | 0.1% | — | — | 6.3% | — | 10.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% |
| Total Shareholder Yield | 7.5% | 6.6% | 9.7% | 4.7% | 1.4% | 1.0% | 4.7% | 0.9% | 0.9% | 0.9% | 2.1% |
| Shares Outstanding | — | $575M | $466M | $382M | $316M | $260M | $221M | $200M | $180M | $161M | $138M |
Includes 30+ ratios · 30 years · Updated daily
Live VCP patterns, Cup & Handle overlays, support/resistance, and AI trade plans.
High-probability breakout stocks crossing their pivot across 5 pattern engines.
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying IEP stock.
Icahn Enterprises L.P.'s current P/E ratio is -12.8x. The historical average is 18.9x.
Icahn Enterprises L.P.'s current EV/EBITDA is 12.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
Icahn Enterprises L.P.'s return on equity (ROE) is -7.3%. The historical average is 3.6%.
Based on historical data, Icahn Enterprises L.P. is trading at a P/E of -12.8x. Compare with industry peers and growth rates for a complete picture.
Icahn Enterprises L.P.'s current dividend yield is 7.51%.
Icahn Enterprises L.P. has 8.9% gross margin and -0.0% operating margin.
Icahn Enterprises L.P.'s Debt/EBITDA ratio is 11.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Refining margin volatility and leverage
Metrics are mathematically derived from official filings.
Margin Compression Reflects Refining Cyclicality
Gross margin swung from -22.5% in Q1 2026 to 6.4% in Q2, with TTM average of 8.9%, per reported figures, indicating persistent thinness and volatility in refining profitability.
The negative operating margin of -12.5% in Q2 2026, down from +7.7% in Q4 2025, suggests that administrative overhead and interest expenses are outpacing the thin gross profits generated by industrial subsidiaries. Net margin at -11.5% in Q2 2026, versus +10.5% in Q3 2025, underscores the earnings volatility driven by mark-to-market swings in the Investment segment and refining crack spreads. This pattern indicates that the partnership's true earning power is heavily dependent on external commodity and equity market conditions rather than stable operational efficiency.
Return on Capital Erodes Amid Losses
ROIC fell to -4.5% in Q2 2026 from +4.9% in Q3 2025, while ROE dropped to -15.8%, as reported in financial statements, indicating capital destruction.
The deterioration in ROIC from positive territory in mid-2025 to negative in 2026 suggests that the partnership is not generating sufficient operating income to cover its cost of capital. ROE at -15.8% in Q2 2026, compared to +8.4% in Q3 2025, reflects the combined impact of negative net margins and elevated leverage, as equity has been eroded by cumulative losses. This trend implies that the partnership is not compounding returns but rather decaying, with the drivers being margin compression rather than asset efficiency, as asset turnover remains low at 0.24.
Working Capital Efficiency Deteriorates
Cash conversion cycle lengthened to 54 days in Q2 2026 from 80 days in Q4 2025, but remains far below the 206 days in Q1 2024, per SEC filings, indicating improved but still volatile efficiency.
The reduction in DSO from 196 days in Q1 2024 to 47 days in Q2 2026 suggests that the partnership has tightened receivables collection, possibly due to a shift in revenue mix toward refining, which typically has shorter payment terms. However, the CCC remains volatile, swinging from 122 days in Q4 2024 to 54 days in Q2 2026, reflecting the unpredictability of working capital needs across segments. This volatility indicates that the partnership's cash conversion is not stable, and the improvement may be temporary, driven by commodity price movements rather than structural efficiency gains.
Leverage Spikes as Equity Erodes
Debt-to-equity surged to 3.65 in Q2 2026 from 1.17 in Q1 2024, while interest coverage turned negative at -4.19, based on reported figures, signaling heightened financial risk.
The sharp increase in leverage is driven by both rising debt levels and shrinking equity, as cumulative losses have reduced the partnership's book value. Negative interest coverage in Q2 2026 indicates that operating income is insufficient to cover interest expenses, which may force the partnership to rely on cash reserves or asset sales to service debt. This trend suggests that the partnership's balance sheet is becoming increasingly strained, and refinancing risk may escalate if earnings do not recover, especially given the recent distribution cut that signals a shift toward capital preservation.
Liquidity Buffer Thins Rapidly
Current ratio fell to 1.56 in Q2 2026 from 4.58 in Q1 2024, while quick ratio dropped to 0.99, as per financial statements, indicating reduced short-term resilience.
The decline in the current ratio suggests that the partnership's ability to cover short-term obligations with short-term assets has weakened significantly, though a ratio above 1 still provides some cushion. The quick ratio at 0.99 indicates that excluding inventory, current assets barely cover current liabilities, which may be concerning given the inventory-heavy refining and automotive segments. Under severe stress, such as a prolonged downturn in refining margins, the partnership may face liquidity constraints, especially if cash flows remain volatile and access to capital markets tightens.
Misapplied P/E Ratio Obscures True Value
The negative P/E of -14.42 is often misapplied to IEP, as it fails to capture the partnership's asset-based value and cash-generating segments, per recent data.
The P/E ratio is misleading for IEP because net income is heavily distorted by non-cash mark-to-market swings in the Investment segment and one-time items, making it an unreliable indicator of earning power. Instead, investors should focus on distributable cash flow or adjusted EBITDA, which better reflect the partnership's ability to sustain distributions and fund activist campaigns. The EV/EBITDA multiple of 13.73, while elevated, provides a more stable valuation metric, but even this may understate the value of the underlying industrial assets, which are better assessed through a sum-of-the-parts analysis.