Icahn Enterprises L.P. Stock price
Compare with Peer Group
📊 Peer Group
📈 What is it?
The peer group consists of the companies with the most similar business model. They serve as a benchmark for putting a stock into context.
🧮 How is it selected?
Based on similarity of business model, meaning companies from the same industry with comparable products and a similar customer base. That's the only way to compare apples to apples.
🏛️ Why does it matter?
Whether a stock is cheap or expensive is best judged by comparison. A P/E of 18 or an EV/FCF of 20 can look cheap or expensive depending on the yardstick. The peer group gives you the most accurate one: companies with a similar business model that operate under the same conditions.
🎯 What does it mean for investors?
When a metric sits below the peer average, the stock is valued more cheaply relative to its competitors, and above the average more expensively. A discount to the peer group can be an opportunity, but it can also have a reason (for example lower growth). The comparison is a starting point, not a verdict.
AI Insights on Icahn Enterprises L.P.
Insights
Invest better with AI
StocksGuide Unlimited – full access to AI analyses
👉 More detailed insights
👉 Exclusive perspectives on opportunities & risks
👉 Clear answers to your questions
Invest better with AI
StocksGuide Unlimited – full access to AI analyses
👉 More detailed insights
👉 Exclusive perspectives on opportunities & risks
👉 Clear answers to your questions
Invest better with AI
StocksGuide Unlimited – full access to AI analyses
👉 More detailed insights
👉 Exclusive perspectives on opportunities & risks
👉 Clear answers to your questions
Invest better with AI
StocksGuide Unlimited – full access to AI analyses
👉 More detailed insights
👉 Exclusive perspectives on opportunities & risks
👉 Clear answers to your questions
Is Icahn Enterprises L.P. a Top Scorer Stock based on the Dividend, High-Growth-Investing or Leverman Strategy?
As a Free StocksGuide user, you can view scores for all 9,127 stocks worldwide.
StocksGuide Premium
StocksGuide Unlimited
Key metrics
📘 Market Capitalization
📈 What is it?
Market capitalization shows how much a company is currently worth on the stock market.
🧮 How is it calculated?
🏛️ Why is it important?
It helps classify companies by size (Large, Mid, Small Cap) and indicates their market presence and relative stability.
🧮 Calculation
🎯 What does this mean for investors?
- Large-cap companies tend to be more stable, often pay dividends, but may grow more slowly.
- Smaller firms may offer higher growth potential but come with more volatility.
- Market capitalization is a useful indicator of company size — but not a measure of whether a stock is undervalued or overvalued.
📘 Enterprise Value (EV)
📈 What is it?
Enterprise Value represents the total cost to acquire a company — including its debt and excluding its cash reserves.
🧮 How is it calculated?
(= Market Cap + Net Debt)
🏛️ Why is it important?
EV gives a more complete picture of a company's value than market cap alone and is used in key valuation ratios like EV/FCF or EV/Sales.
🧮 Calculation
🎯 What does this mean for investors?
- Enterprise Value shows the true cost of buying a company, including all financial obligations.
- It is more accurate than just looking at market cap, especially when comparing companies with different levels of debt or cash.
- Professional investors prefer EV-based multiples because they better reflect the company’s full financial footprint.
📘 Net Debt
📈 What is it?
Net Debt shows how much debt remains after subtracting a company’s available cash reserves.
🧮 How is it calculated?
🏛️ Why is it important?
It indicates how dependent a company is on borrowed money and how easily it can service its debt in the short term.
🧮 Calculation
🎯 What does this mean for investors?
- Low or negative net debt signals financial strength and flexibility.
- Companies with strong cash positions are better positioned in crises.
- High net debt increases financial risk — especially in environments with rising interest rates or economic downturns.
📘 Cash
📈 What is it?
Cash represents all liquid assets a company can access immediately — including cash, bank deposits, and short-term investments.
🧮 How is it calculated?
🏛️ Why is it important?
It reflects a company’s financial flexibility and resilience — enabling investments, buybacks, or buffer in downturns.
🧮 Calculation
🎯 What does this mean for investors?
- A strong cash position means greater room for maneuver and crisis resistance.
- Cash-rich companies can invest, pay down debt, or repurchase shares.
- But excess idle cash might indicate a lack of growth opportunities.
📘 Shares Outstanding
📈 What is it?
Shares outstanding represent the total number of a company’s shares currently held by investors — excluding treasury stock.
🧮 How is it calculated?
🏛️ Why is it important?
It’s the basis for key metrics like Earnings Per Share (EPS), Market Capitalization, or the Price/Earnings ratio (P/E).
🧮 Calculation
🎯 What does this mean for investors?
- Fewer shares in circulation typically increase earnings per share — making each share more valuable.
- Share buybacks reduce the number of shares and boost per-share metrics.
- Issuing new shares does the opposite — diluting shareholder value and lowering per-share figures.
📘 Price-to-Earnings Ratio (P/E)
📈 What is it?
The P/E ratio shows how many times a company's earnings per share are reflected in its current share price — in other words, how "expensive" the stock appears relative to its profits.
🧮 How is it calculated?
🏛️ Why is it important?
The P/E ratio is one of the most widely used valuation metrics. It helps investors assess whether a stock appears cheap or expensive compared to its earnings power.
🧮 Calculation
📊 P/E (TTM) = Based on earnings from the last 12 months (Trailing Twelve Months):🎯 What does this mean for investors?
- A low P/E may indicate undervaluation — or signal underlying issues.
- A high P/E may reflect strong growth expectations — or an overvalued stock.
📘 Price-to-Sales Ratio (P/S)
📈 What is it?
The P/S ratio shows how much investors are paying for $1 of the company’s revenue – regardless of profitability.
🧮 How is it calculated?
🏛️ Why is it important?
P/S is especially useful for evaluating growth companies or businesses not yet profitable. It reflects how the market values the company’s sales.
🧮 Calculation
Market Cap = $4.95b | Revenue (TTM) = $10.19b
Market Cap = $4.95b | Estimated Revenue = $8.76b
🎯 What does this mean for investors?
- A low P/S may indicate undervaluation — or low profitability.
- A high P/S can reflect strong growth expectations — or excessive optimism.
- Especially helpful when evaluating companies where profits are low, volatile, or negative.
📘 Enterprise Value to Sales (EV/Sales)
📈 What is it?
EV/Sales shows how much investors are paying for $1 of revenue — considering not just equity, but also debt and cash. It’s the capital structure–adjusted version of the P/S ratio.
🧮 How is it calculated?
🏛️ Why is it important?
It’s ideal for comparing companies with different levels of debt. It reflects a company's true cost relative to its revenue.
🧮 Calculation
Enterprise Value = $9.34b | Revenue (TTM) = $10.19b
Enterprise Value = $9.34b | Forward Revenue = $8.76b
🎯 What does this mean for investors?
- EV/Sales allows for capital structure–neutral company comparisons.
- A lower ratio may indicate undervaluation; a higher one may signal strong growth expectations or overvaluation.
- Especially helpful when evaluating high-growth companies with low or negative earnings.
📘 Enterprise Value to Free Cash Flow (EV/FCF)
📈 What is it?
EV/FCF shows how many years it would take for a company to "pay back" its enterprise value using its free cash flow.
🧮 How is it calculated?
🏛️ Why is it important?
It focuses on real cash generation, ignoring accounting noise — ideal for assessing profitability and value based on liquidity, not earnings.
🧮 Calculation
🎯 What does this mean for investors?
- A low EV/FCF may signal undervaluation and strong cash generation.
- A high EV/FCF might reflect weak recent cash flow or aggressive growth expectations.
- Best suited for stable, mature businesses with predictable free cash flows.
📘 Price-to-Book Ratio (P/B)
📈 What is it?
The P/B ratio compares a company’s market value to its book value — showing how much investors are paying for each dollar of net assets.
🧮 How is it calculated?
🏛️ Why is it important?
P/B is commonly used for asset-heavy industries like banks or industrials. It helps assess whether a stock is trading above or below its net asset value.
🧮 Calculation
🎯 What does this mean for investors?
- A P/B below 1 may signal undervaluation — or weak profitability.
- A P/B above 1 implies the market expects future value creation (e.g., brand, IP, growth).
- Best used for companies with tangible assets and strong balance sheets.
📘 Dividend per Share (DPS)
📈 What is it?
Dividend per Share shows how much cash a company pays out to shareholders for each share they own – usually on an annual or quarterly basis.
🧮 How is it calculated?
🏛️ Why is it important?
DPS is the absolute value of the payout per share – crucial for income-focused investors and dividend strategies.
🧮 Calculation
🎯 What does this mean for investors?
- A stable or growing DPS often signals a strong, shareholder-friendly business.
- DPS alone doesn’t tell you how attractive the payout is – the stock price also matters (→ see Dividend Yield).
- Long-term dividend growth is often a hallmark of high-quality companies – like the dividend aristocrats.
📘 Dividend Yield
📈 What is it?
Dividend yield shows how large a company’s dividend is in relation to its current share price.
🧮 How is it calculated?
🏛️ Why is it important?
It allows investors to compare dividend payouts across stocks, regardless of price or payout size.
🧮 Calculation
🎯 What does this mean for investors?
- A stable yield can reflect reliable distributions.
- Comparing 1Y and 5Y yield shows whether dividend growth keeps pace with stock price appreciation.
- A low yield isn’t always negative – it can signal strong past performance or growth focus.
📘 Dividend Growth
📈 What is it?
Dividend growth shows how much a company has increased its dividend per share over time.
🧮 How is it calculated?
5Y: Compound Annual Growth Rate (CAGR)
🏛️ Why is it important?
Consistently rising dividends are often a sign of financial strength and shareholder orientation – especially relevant for long-term investors.
🧮 Calculation
🎯 What does this mean for investors?
- Stable dividend growth is a sign of sustainable earning power.
- High dividend growth can significantly boost your total return:
- If a company pays $1 in dividends and increases it by 15% annually over 5 years, you’ll receive $2 per share in year 5 – twice as much as at the start!
📘 Payout Ratio
📈 What is it?
The payout ratio shows what percentage of a company’s earnings (per share) is distributed to shareholders as dividends.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess whether the dividend is sustainable – especially in relation to the company’s profitability.
🧮 Calculation
🎯 What does this mean for investors?
- A low payout ratio means the company retains more earnings for reinvestment – typical for growth companies.
- A moderate payout (e.g. 25–50%) indicates a healthy balance between returns and reinvestment.
- High payout ratios may seem attractive but can carry risk if earnings decline.
📘 Consecutive Dividend Increases
📈 What is it?
This metric shows how many consecutive years a company has raised its dividend per share – without any cuts or pauses.
🧮 How is it calculated?
(Special dividends are not considered.)
🏛️ Why is it important?
A long track record of increases reflects financial strength, consistency, and shareholder commitment.
🎯 What does this mean for investors?
- A long dividend increase streak builds confidence – especially in volatile markets.
- Such companies are seen as reliable and income-friendly investments.
- The longer the streak, the stronger the company’s dividend discipline.
📘 Revenue
📈 What is it?
Revenue shows how much a company earns in total from selling its products and services – the gross income before any costs are deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Revenue is one of the key figures to assess a company’s size, market position, and growth potential.
🧮 Calculation
🎯 What does this mean for investors?
- Growing revenue indicates rising demand and can be an early signal of future earnings growth.
- Comparing actual and expected revenue reveals trends in the market environment and analyst sentiment.
- Note: Strong revenue alone isn’t enough – margins and profitability matter just as much.
📘 EBITDA
📈 What is it?
EBITDA stands for “Earnings Before Interest, Taxes, Depreciation, and Amortization.” It reflects a company’s operating profit before the effects of financing, taxes, and accounting depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
EBITDA is widely used to evaluate a company’s operating performance – especially across capital-intensive sectors or international comparisons.
🧮 Calculation
🎯 What does this mean for investors?
- A high or growing EBITDA indicates strong operational profitability – independent of taxes, interest, or accounting methods.
- It’s especially useful for comparing companies across sectors or geographies.
- Important: EBITDA is not a net income figure – it excludes key costs like depreciation and interest.
📘 EBIT
📈 What is it?
EBIT stands for “Earnings Before Interest and Taxes.” It reflects a company’s operating profit after depreciation, but before interest and tax expenses.
🧮 How is it calculated?
🏛️ Why is it important?
EBIT is a core profitability metric that shows how well the company performs in its main business operations – independent of capital structure and tax environment.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT indicates strong profitability from the company’s core business – before financial and tax effects.
- It allows better comparison between companies with different debt levels or tax structures.
- Compared to EBITDA, EBIT already accounts for depreciation and reflects capital intensity more clearly.
📘 Net Income
📈 What is it?
Net income is the company’s total profit – the amount left after all expenses, taxes, interest, and depreciation have been deducted.
🧮 How is it calculated?
🏛️ Why is it important?
Net income is the most comprehensive measure of a company’s profitability – showing how much actual profit remains after all business and financing costs.
🧮 Calculation
🎯 What does this mean for investors?
- Growing net income indicates that the company is managing all of its costs efficiently.
- It directly influences valuation metrics like P/E ratio and the company’s dividend capacity.
- Over time, net income trends reveal how resilient and profitable the business model really is.
📘 Free Cash Flow (FCF)
📈 What is it?
Free Cash Flow shows how much actual cash remains after a company covers its operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
FCF reflects a company’s real financial strength – regardless of accounting profits. It shows how much flexibility a company has for dividends, share buybacks, or debt reduction.
🧮 Calculation
🎯 What does this mean for investors?
- High free cash flow means the company generates real, usable cash – independent of reported net income.
- It’s often the most reliable base for sustainable dividends and buybacks.
- Declining FCF can be an early warning sign – even when profits appear stable.
📘 Revenue Growth
📈 What is it?
Revenue growth shows how much a company’s sales have changed compared to the previous year – both on a trailing basis (TTM) and based on forward projections.
🧮 How is it calculated?
Forward = (Expected revenue ÷ Revenue in prior year − 1) × 100
Forward growth is based on analyst estimates for the current fiscal year.
🏛️ Why is it important?
Rising revenue signals growing demand, business expansion, and market share gains – especially important for growth-oriented companies.
🧮 Calculation
🎯 What does this mean for investors?
- Growth is the engine of long-term value creation – especially in tech and growth sectors.
- What matters is not just current growth, but its sustainability.
- Forward projections reflect whether analysts expect continued momentum – or a slowdown.
📘 EBITDA Growth
📈 What is it?
EBITDA growth shows how much a company’s operating profit (before interest, taxes, depreciation, and amortization) has increased or decreased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBITDA ÷ EBITDA from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
Growing EBITDA indicates improving operational profitability – regardless of financing or accounting effects.
🧮 Calculation
🎯 What does this mean for investors?
- Strong EBITDA growth signals operational efficiency and scalability – especially during growth phases.
- EBITDA growth can be an early indicator of margin and earnings expansion – but should be assessed alongside revenue and EBIT.
📘 EBIT Growth
📈 What is it?
EBIT growth shows how much a company’s operating profit (after depreciation, but before interest and taxes) has increased compared to the previous year.
🧮 How is it calculated?
Forward = (Expected EBIT ÷ EBIT from prior year − 1) × 100
The forward estimate is based on analyst projections for the current fiscal year.
🏛️ Why is it important?
EBIT growth is a direct indicator of a company’s business performance – taking into account capital intensity through depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- Rising EBIT signals improving operating profitability – even after accounting for depreciation.
- It’s especially important for evaluating companies with significant capital expenditures.
- Combined with revenue and EBITDA growth, EBIT growth provides a well-rounded view of operational progress.
📘 Net Income Growth
📈 What is it?
Net income growth shows how much a company’s bottom-line profit has increased or decreased compared to the previous year – both on a trailing basis (TTM) and based on analyst projections.
🧮 How is it calculated?
Forward = (Expected net income ÷ Net income from prior year − 1) × 100
The forward estimate reflects analysts’ expectations for the current fiscal year.
🏛️ Why is it important?
Net income is the ultimate measure of profitability. Growing net income signals stronger efficiency, cost control, and sustainable earnings power.
🧮 Calculation
🎯 What does this mean for investors?
- Stronger net income boosts valuation, dividend potential, and investor confidence.
- If profits stall while revenue grows, it may signal margin pressure.
📘 Free Cash Flow Growth
📈 What is it?
Free cash flow (FCF) growth shows how a company’s available cash – after covering operating expenses and capital expenditures – has changed compared to the previous year.
🧮 How is it calculated?
🏛️ Why is it important?
Free cash flow reflects real financial strength. Growing FCF indicates more flexibility for dividends, share buybacks, and reinvestment.
🧮 Calculation
🎯 What does this mean for investors?
- Declining FCF may point to rising investments, increasing costs, or weaker operating performance.
- Especially for dividend investors, FCF growth is critical – since dividends are paid from actual available cash.
- A negative trend isn't always bad, but it deserves closer attention.
📘 Gross Margin
📈 What is it?
Gross margin shows how much of a company’s revenue remains after deducting the direct costs of goods sold (like materials and production). It represents the company’s “raw profit” before fixed costs, taxes, and interest.
🧮 How is it calculated?
Or simply: Gross Margin = Gross Profit ÷ Revenue × 100
🏛️ Why is it important?
Gross margin indicates how efficiently a company can produce or procure what it sells. It is a key measure of product-level profitability and pricing power.
🧮 Calculation
🎯 What does this mean for investors?
- A high gross margin suggests strong pricing power and efficient production.
- Falling margins may signal rising input costs or competitive pressure.
- Compared to peers, gross margin offers insights into the quality of a business model.
📘 EBITDA Margin
📈 What is it?
The EBITDA margin shows how much of a company’s revenue remains as operating profit before interest, taxes, depreciation, and amortization.It reflects operating efficiency without being distorted by financing or accounting factors.
🧮 How is it calculated?
🏛️ Why is it important?
The EBITDA margin reveals how much operating income a company generates per dollar of revenue – independent of capital structure and tax effects.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBITDA margin reflects strong core profitability – before accounting distortions.
- It allows for effective comparisons across companies and sectors.
- A stable or growing margin signals efficient cost control and business scalability.
📘 EBIT Margin
📈 What is it?
The EBIT margin shows what percentage of revenue remains as operating profit after depreciation but before interest and taxes.
🧮 How is it calculated?
🏛️ Why is it important?
The EBIT margin reflects a company’s core profitability while accounting for capital intensity (e.g. machinery, infrastructure). It’s especially useful for comparing businesses with different levels of depreciation.
🧮 Calculation
🎯 What does this mean for investors?
- A high EBIT margin shows that the company remains efficient even after factoring in depreciation.
- It’s especially relevant for capital-intensive industries.
- Stable or rising EBIT margins over time are a strong indicator of pricing power and business quality.
📘 Net margin
📈 What is it?
Net margin shows how much of a company’s revenue remains as bottom-line profit after deducting all costs, interest, taxes, and depreciation.
🧮 How is it calculated?
🏛️ Why is it important?
Net margin reflects a company’s overall efficiency – across operations, financing, and taxation. It shows how much actual profit is generated from each dollar of revenue.
🧮 Calculation
🎯 What does this mean for investors?
- A high net margin means the company is not only strong operationally but also manages financing and taxes efficiently.
- Peer comparisons reveal business quality and competitiveness.
- Declining margins despite revenue growth can be a red flag for rising costs or inefficiencies.
📘 Free cash flow margin
📈 What is it?
The free cash flow (FCF) margin shows how much of a company’s revenue remains as actual free cash after covering all operating expenses and capital expenditures.
🧮 How is it calculated?
🏛️ Why is it important?
This margin reflects the true liquidity generated by the business – independent of accounting rules or depreciation. It’s especially relevant for dividends, buybacks, and reinvestment decisions.
🧮 Calculation
🎯 What does this mean for investors?
- A high FCF margin means a company consistently generates strong cash flow.
- It’s a positive signal for financial stability and shareholder returns.
- The long-term trend is key – a declining margin may indicate rising investments or weakening operating efficiency.
📘 Equity Ratio
📈 What is it?
The equity ratio indicates what portion of a company’s total assets is financed by shareholders’ equity – in other words, how much it relies on its own capital.
🧮 How is it calculated?
🏛️ Why is it important?
A high equity ratio reflects financial strength and stability, especially during downturns. It’s a key indicator of a company’s solvency and long-term risk profile.
🧮 Calculation
🎯 What does this mean for investors?
- Companies with high equity ratios are generally more resilient and less dependent on external debt.
- Low equity ratios can signal higher risk or aggressive financial strategies.
- Important: Always assess the equity ratio in combination with the return on equity (ROE). This shows not just how stable the company is – but also how efficiently it uses shareholder capital.
📘 Return on Equity (ROE)
📈 What is it?
Return on equity (ROE) shows how efficiently a company uses its shareholders’ equity to generate profit. In other words: how much net income is earned per dollar of equity.
🧮 How is it calculated?
🏛️ Why is it important?
ROE is a core profitability metric. It helps investors understand whether a company delivers attractive returns on the capital provided by its shareholders.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROE indicates that the company is using its capital efficiently and profitably.
- It’s especially meaningful for capital-intensive businesses or firms with high equity bases.
- Important: A very high ROE can also result from high debt levels – always interpret it alongside the equity ratio to assess financial health.
📘 Return on Capital Employed (ROCE)
📈 What is it?
ROCE measures how efficiently a company generates profits from its total capital – including both equity and interest-bearing debt.
🧮 How is it calculated?
It evaluates the return on all capital employed, regardless of how it’s financed.
🏛️ Why is it important?
ROCE is ideal for comparing companies with different financing structures. It shows how well management uses capital to create value for both shareholders and creditors.
🧮 Calculation
🎯 What does this mean for investors?
- A high ROCE means the company uses its capital efficiently – regardless of whether it's funded by debt or equity.
- The higher the ROCE compared to peers, the more value the company creates with its invested capital.
- Especially relevant for capital-intensive sectors like industrials, energy, or infrastructure.
📘 Return on Invested Capital (ROIC)
📈 What is it?
ROIC measures how efficiently a company generates returns from the capital invested in its core operations – regardless of whether the capital comes from equity or debt.
🧮 How is it calculated?
- NOPAT = Net Operating Profit After Taxes
- Invested Capital = Operating assets minus non-interest-bearing liabilities
🏛️ Why is it important?
ROIC is one of the most accurate indicators of capital efficiency. Unlike return on equity, it is not distorted by leverage and shows how much value is created for all capital providers.
🎯 What does this mean for investors?
- A high ROIC shows how effectively a company uses the capital that is truly invested in its core operations.
- Unlike ROCE, ROIC focuses only on the capital that is actively used to run the business – and that requires a return (i.e. interest-bearing).
- Especially useful when comparing companies with large amounts of excess cash or non-interest-bearing liabilities – giving a more realistic picture of capital efficiency.
📘 Leverage Ratio (Debt-to-Equity)
📈 What is it?
The leverage ratio indicates how much a company relies on interest-bearing debt (such as loans and bonds) relative to its shareholders’ equity.
🧮 How is it calculated?
🏛️ Why is it important?
This ratio helps assess a company’s financial structure and risk profile. High leverage can enhance returns – but also increases exposure to interest rate changes and financial stress.
🧮 Calculation
🎯 What does this mean for investors?
- A low leverage ratio signals financial strength and independence.
- A higher ratio can improve returns in good times but increases risk during downturns or rising interest rate periods.
- 👉 Always interpret in the context of industry, capital intensity, and interest rate environment.
📘 Earnings per share (EPS)
📈 What is it?
Earnings per Share (EPS) shows how much profit is attributable to a single share – and is one of the most important metrics for evaluating a company's performance.
🧮 How is it calculated?
The diluted share count reflects potential new shares that could be issued through options, convertible bonds, or other rights.
🏛️ Why is it important?
EPS is the basis for many key valuation metrics like P/E ratio, PEG ratio, or payout ratio. It enables comparisons of profitability across companies, regardless of their size.
🧮 Calculation
🎯 What does this mean for investors?
- EPS captures per-share profitability and is especially useful for comparisons over time or with analyst estimates.
- Rising EPS may signal consistent growth or share buybacks.
- Important: Always use diluted EPS for more realistic valuations – especially in companies with stock-based compensation.
📘 Free cash flow per share (FCF per share)
📈 What is it?
Free Cash Flow per Share shows how much free cash flow a company generates per outstanding share – after investments, but before dividends or debt repayments.
🧮 How is it calculated?
Free cash flow is calculated as operating cash flow minus capital expenditures (CapEx).
🏛️ Why is it important?
FCF per Share reveals how much real cash is available per share – useful for dividends, buybacks, or reducing debt. Unlike net income, free cash flow is harder to manipulate and often seen as a more reliable metric.
🧮 Calculation
🎯 What does this mean for investors?
- High FCF per share signals strong financial flexibility.
- It shows how much capital the company can effectively reinvest or return to shareholders.
- Particularly relevant for dividend payers and capital-efficient businesses.
📘 Short interest
📈 What is it?
Short interest indicates how many shares of a company are currently sold short – that is, borrowed and sold by investors who expect the price to decline.
🧮 How is it calculated?
It reflects the percentage of a company’s shares that are being shorted relative to the total shares available.
🏛️ Why is it important?
Short interest serves as a sentiment indicator: A high value may signal skepticism or bearish expectations – but also increases the potential for a short squeeze if prices rise unexpectedly.
🧮 Calculation
🎯 What does this mean for investors?
- Low short interest usually indicates market confidence in the company.
- High short interest can be a warning sign – or an opportunity if sentiment shifts.
- Especially relevant in volatile markets or ahead of key earnings releases.
📘 Employees
📈 What is it?
The employee count shows how many people a company employs worldwide – offering insights into its size, structure, and business model.
🧮 How is it calculated?
🏛️ Why is it important?
It helps assess operational scale, labor intensity, and cost structure. Combined with revenue and profit, it enables key metrics like revenue per employee or productivity.
🧮 Calculation
🎯 What does this mean for investors?
- A high headcount can signal operational complexity – but also significant growth capacity.
- Revenue per employee is a key indicator of efficiency.
- Especially useful for comparing tech, industrial, or service-heavy companies.
📘 Turnover per employee
📈 What is it?
Revenue per employee indicates how much revenue a company generates on average per employee – a key measure of efficiency and productivity.
🧮 How is it calculated?
The employee count is typically taken from the most recent annual report.
🏛️ Why is it important?
This metric helps compare business models – especially between labor-intensive and technology-driven companies. A high value suggests automation, operational efficiency, or strong value creation per head.
🧮 Calculation
🎯 What does this mean for investors?
- A high revenue per employee indicates a scalable and margin-strong business model.
- A low figure may reflect labor-intensive operations or lower value-add.
- Especially helpful when comparing tech companies to industrial or service sectors.
Icahn Enterprises L.P. Stock Analysis
Analyst Opinions
5 Analysts have issued a Icahn Enterprises L.P. forecast:
Analyst Opinions
5 Analysts have issued a Icahn Enterprises L.P. forecast:
Icahn Enterprises L.P. Events
Past Events
|
AUG
5
Q2 2026 Earnings Call
about 2 months ago
|
|
MAY
6
Q1 2026 Earnings Call
5 months ago
|
|
FEB
25
Q4 2025 Earnings Call
7 months ago
|
|
NOV
5
Q3 2025 Earnings Call
11 months ago
|
StocksGuide Free
Icahn Enterprises L.P. — Q2 2026 Earnings Call
1. Management Discussion
Good morning, and welcome to the Icahn Enterprises L.P. Second Quarter 2026 Earnings Call with Ted Papapostolou, President and CEO; Robert Flint, Chief Financial Officer; and Joseph Passeri, Director of SEC Reporting.
I would now like to hand the call over to Joseph Passeri, who will read the opening statement.
Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statements may be identified by words such as expects, anticipates, intends, plans, believes, seeks, estimates, will or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises L.P. and its subsidiaries. .
Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors that are discussed in our filings with the Securities and Exchange Commission, including economic, competitive, legal and other factors. Accordingly, there is no assurance that our expectations will be realized. We assume no obligation to update or revise any forward-looking statements should circumstances change, except as otherwise required by law.
This presentation also includes certain non-GAAP financial measures, including adjusted EBITDA. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the back of this presentation.
We also present indicative net asset value. Indicative net asset value includes, among other things, changes in the fair value of certain subsidiaries which are not included in our GAAP earnings. All net income and EBITDA amounts we will discuss are attributable to Icahn Enterprises unless otherwise specified.
I'll now turn it over to Ted.
Thank you, Joe. Q2 NAV decreased by $765 million compared to Q1. The decrease was primarily driven by the funds of $243 million and CVI of $435 million. Included in Q2 NAV is an estimated gain of approximately $100 million from the expected sale of Pep Boys. Updating just for market value subsidiaries and investments for the month of July, NAV increased by $268 million due to an increase from CVI of $575 million and the funds decreased by approximately $312 million.
During the second quarter, CVI experienced a leadership transition following the departure of its CEO for personal reasons. CVI benefited from a deep bench of experienced leaders and the transition has been managed seamlessly. The company's strategic direction, operational priorities and commitment to creating shareholder value remain firmly intact.
Looking ahead, major geopolitical developments continue to contribute to volatility across energy markets. While these dynamics can create near-term uncertainty, they have also established attractive market opportunities for the balance of 2026. We believe CVI is well positioned to capitalize on these opportunities. We were pleased to see CVI declare a $0.10 per share dividend.
We are also pleased to have entered into a definitive agreement in July to sell Pep Boys for $700 million, subject to customary closing and purchase price adjustments. This transaction represents the culmination of years of hard work and disciplined execution by our leadership team and thousands of dedicated employees across the organization.
Through a multiyear transformation plan, we strengthened the business and positioned Pep Boys as a more profitable and valuable enterprise. We believe this transaction validates the progress made over that period and represents the successful realization of our efforts to create value.
As part of the transaction, IEP will retain the owned real estate previously transferred from Pep Boys as well as the franchise businesses and certain retained liabilities, including supercenter leases. Following the closing, Pep Boys is expected to continue leasing most of these locations from IEP, creating an ongoing landlord tenant relationship.
Importantly, the transaction is expected to provide significant financial flexibility. While we continue to evaluate the most effective use of proceeds, we currently anticipate that a portion will be used to address the upcoming debt maturities, further strengthening our balance sheet and enhancing our ability to capitalize on future opportunities. The Board declared unchanged distribution at $0.50 per depository unit.
In terms of our top positions within our funds, Centuri reported base revenue and gross profit growth of 36% and 21% in Q2. The company announced an acquisition of a premier provider of mechanical and electrical construction services. The stock was up approximately 4% for Q2.
IFF continues to execute on its portfolio optimization, announcing it entered into an agreement to sell its food ingredients business and its portfolio of botanical extracts vitamins and minerals and food enhancement. IFF stock was up approximately 9% for Q2.
Caesars reported Q2 results with strong regional and digital performance with high hold in Vegas. Caesars' stock was up approximately 14% for Q2.
EchoStar announced the completion of its license purchase agreement with AT&T. EchoStar's stock was down approximately 13% for Q2.
JetBlue reported solid Q2 results, growing revenue per available seat mile by approximately 11%, while operating expenses per available seat mile, excluding fuel, increased by approximately 2%. JetBlue's stock was up approximately 30% for Q2.
I will now pass it to Rob to talk financial results.
Thank you, Ted. For the second quarter of 2026, net loss attributable to IEP was $355 million or a loss of $0.52 per unit. Net loss attributable to IEP was $165 million or a loss of $0.30 per unit in the prior year quarter. Q2 '26 adjusted EBITDA loss attributable to IEP was $134 million compared to adjusted EBITDA attributable to IEP of $40 million for the prior year quarter.
I'll now provide more detail regarding the performance of our individual segments.
The investment funds had a negative return of 7.7% for the quarter, excluding the refining hedges. Including the refining hedges, the funds had a negative return of 10.9% for the quarter. Long positions had a net positive performance attribution of 3.9% and short positions had a negative performance attribution of 15.5%. The funds had a net short notional exposure of 30% at quarter end compared to net short of 29% as of prior quarter end.
Excluding our refining hedges, the funds had a net long notional exposure of 23% as of quarter end compared to net short of 2% as of prior quarter end.
Our investment in the funds was approximately $2 billion as of quarter end and had approximately $741 million in cash.
Moving to our Energy segment. Energy segment adjusted EBITDA attributable to IEP was $102 million for Q2 '26 compared to $40 million in Q2 '25. The second quarter refining operations were solid with crude utilization over 98%, although margins were weighed down by higher RFS obligation costs. The Fertilizer segment had strong results driven by robust demand for the spring planting season.
We are pleased with CVR's announcement of a $0.10 dividend and continue to believe that CVI's assets are well positioned to benefit from the global tightness in refined product and nitrogen fertilizer.
Now turning to our Automotive segment. Q2 '26 automotive service revenues decreased by $14 million compared to the prior year quarter, primarily driven by the closure of stores during the balance of 2025 and offset in part by improved pricing. Same-store sales were flat compared to the prior year quarter.
Looking ahead, we anticipate the sale of Pep Boys will close during the third quarter. As part of the transaction, we will retain the AAMCO and Precision Tune Auto Care franchise businesses, which we believe have significant long-term value as well as certain supercenter leases that we expect will become part of our Real Estate segment. For these assumed supercenter locations, Pep Boys will enter into subleases for the portion of the location in which it will operate while we retain the ability to lease excess and available space to third-party tenants. Following the closing, our Real Estate segment is expected to include more than 400 owned and leased locations with Pep Boys serving as the primary tenant.
Now turning to all other operating segments. Real Estate's Q2 '26 adjusted EBITDA increased by $9 million compared to the prior year quarter. The increase is primarily driven by income from the assets that were transferred from the Automotive segment, of which $9 million is intercompany rent from Pep Boys and $2 million from third-party tenants. Food Packaging's adjusted EBITDA attributable to IEP decreased by $2 million for Q2 '26 as compared to prior year quarter. The decrease is primarily due to lower volume and continued disruptive headwinds from the restructuring plan.
Home Fashion's adjusted EBITDA decreased by $1 million when compared to the prior year quarter primarily due to softening demand in our hospitality business and continued supply chain disruptions in the Strait of Hormuz.
Pharma's adjusted EBITDA decreased by $14 million when compared to the prior year quarter, primarily due to reduced sales resulting from generic competition in our anti-obesity drug therapy and increased R&D expenses related to our ongoing pivotal drug trials. The TRANSCEND trial preparation for our PAH drug remains on schedule with one site active and patients qualified pending final consents, a second site in the patient-prescreening step and additional 12 sites in contracting.
Now turning to our liquidity. We maintain liquidity at the holding company and at our operating segments to take advantage of attractive opportunities. As of quarter end, the holding company had cash and investment in the funds of $2.4 billion, and our subsidiaries had cash and revolver availability of $1.4 billion. Subsequent to quarter end, our investment in the funds declined to approximately $1.7 billion as of the end of July, resulting in holding company liquidity of roughly $2 billion.
Looking ahead, we expect the sale of Pep Boys to close during the third quarter, further enhancing our liquidity and providing flexibility to address our upcoming 2027 notes maturities and strengthen the balance sheet. We continue to focus on building asset value and maintaining liquidity to enable us to capitalize on opportunities within and outside our existing operating segments.
This concludes our presentation of second quarter results, and we look forward to our update next quarter. Thank you.
Thank you all for participating. You may now disconnect.
Icahn Enterprises L.P. — Q2 2026 Earnings Call
Icahn Enterprises L.P. — Q2 2026 Earnings Call
Q2 shows a large net loss and NAV drop, but management secured a $700M Pep Boys sale, held the distribution, and preserved liquidity.
📊 Quarter at a Glance
- Net loss: $355M attributable to IEP (loss $0.52/unit) vs $165M in prior-year quarter (loss $0.30/unit).
- Adj. EBITDA: loss $134M vs positive $40M year-ago (adjusted EBITDA excludes certain non‑cash or one‑time items).
- NAV: Indicative net asset value fell $765M QoQ; July market-value update added ~$268M.
- Funds return: Investment funds -7.7% excl. refining hedges (-10.9% incl. hedges); net short notional ~30% at quarter end.
- Liquidity: Holding company cash and fund investment ~$2.4B at quarter end (≈$2.0B end‑July after mark‑to‑market).
🎯 What Management Says
- Pep Boys sale: Definitive agreement to sell Pep Boys for $700M, but IEP will retain real estate, franchise businesses and certain liabilities, creating landlord/tenant cash flow.
- CVI focus: CVI managed a CEO transition smoothly, declared a $0.10/share dividend, and is positioned to benefit from tight refined product and fertilizer markets.
- Capital priorities: Management plans to use proceeds to address upcoming debt maturities, preserve liquidity and pursue value‑creating opportunities while keeping the $0.50/unit distribution unchanged.
🔭 Outlook & Guidance
- Timing & use: Pep Boys sale expected to close in Q3; proceeds likely to shore up the balance sheet and address 2027 note maturities.
- Distribution: Board declared the distribution unchanged at $0.50 per depository unit.
- Risks: Continued fund volatility, energy‑market swings, RFS (renewable fuel standard) costs, and pharma generic competition could press results.
⚡ Bottom Line
- Investor take: Results were weak this quarter, driven by funds and mark‑to‑market losses, but the Pep Boys sale, retained rental income, steady distribution and meaningful holding‑company liquidity reduce short‑term balance‑sheet risk; watch fund performance, 2027 maturities and pharma trial outcomes.
Disclaimer: This analysis was generated with AI. AI can also make mistakes. This is not investment advice.
Icahn Enterprises L.P. — Q1 2026 Earnings Call
1. Management Discussion
Good morning, and welcome to the Icahn Enterprises L.P. First Quarter 2026 Earnings Call with Andrew Tino, President and CEO; Ted Papapostolou, Chief Financial Officer; Robert Flint, Chief Accounting Officer; and Joseph Passeri, Director of SEC Reporting.
I would now like to hand the call over to Joseph Passeri, who will read the opening statement.
Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statements may be identified by words such as expects, anticipates, intends, plans, believes, seeks, estimates, will or words of similar meaning and include, but are not limited to, statements about expected future business and financial performance of Icahn Enterprises L.P. and its subsidiaries.
Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors that are discussed in our filings with the Securities and Exchange Commission, including economic, competitive, legal and other factors. Accordingly, there is no assurance that our expectations will be realized. We assume no obligation to update or revise any forward-looking statements should circumstances change, except as otherwise required by law. This presentation also includes certain non-GAAP financial measures, including adjusted EBITDA. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the back of this presentation.
We also present indicative net asset value. Indicative net asset value includes, among other things, changes in the fair value of certain subsidiaries, which are not included in our GAAP earnings. All net income and EBITDA amounts we will discuss are attributable to Icahn Enterprises unless otherwise specified.
I'll now turn it over to Andrew Teno.
Thank you, Joe, and good morning, everyone. I wanted to say thank you to everyone, who I've worked with over the past few years, both before becoming CEO and after. It is an honor and privilege to work with and learn from the living legend of activism in our Chairman, Carl Icahn.
Over the past few years, we have worked hard to high-grade the Investment Fund portfolio and to get our controlled operations moving in the right direction. I leave the company knowing that it's in good hands with a significant war chest to take advantage of opportunities as they arise. It's been a pleasure and honor. And with that, I will hand it over to Ted, our new CEO. Congratulations, Ted.
Thank you, Andrew. Before turning to the work ahead, I want to begin by thanking Andrew for his leadership and service to Icahn Enterprises and wish him continued success in his next chapter. I am honored to take on the role of CEO and excited by the opportunity ahead. Icahn Enterprises has a unique portfolio, a strong heritage of disciplined capital allocation and a culture of accountability and long-term thinking.
I look forward to building on that foundation, working closely with Carl and our Board to continue strengthening the enterprise and executing on our priorities. I also look forward to working with Rob in his new role as CFO. With that, let's get into the results.
First quarter NAV increased by $201 million compared to year-end. The increase was primarily driven by an increase of $605 million in our long position in CVI, which was offset in part by losses on refining hedges of $320 million in our Investment segment, also known as the funds. Regarding CVI, major geopolitical events drove volatility, which have set up attractive market opportunities for the balance of 2026. We believe CVI is well positioned to allow for potential future debt reductions and capital returns to shareholders. We are pleased with CVI's announcement of a $0.10 dividend.
For Q1, the Investment segment was up approximately 4%, excluding the refining hedges. In terms of our top positions, AEP is an electric utility that benefits from the AI infrastructure build. In the first quarter, the company reaffirmed its 2026 operating EPS outlook and increased its long-term operating earnings CAGR to greater than 9%, supported by 63 gigawatt of incremental contracted load and 11% rate base growth through 2030. AEP stock was up approximately 14% for Q1.
Centuri reported strong base revenue and gross profit growth of 28% and 50% in Q4. The company also guided to strong double-digit base revenue and gross profit growth for 2026 as it continues to capture the tremendous tailwinds from increased energy infrastructure investment. The stock was up approximately 16% for Q1.
IFF continues to execute on its portfolio optimization, running a sale process for its food ingredients business and announcing the completion of its divestiture of the soy crush business. IFF stock was up approximately 8% for Q1.
Caesars reported solid Q1 results with Vegas stabilizing regional sales growing in the low single digits and digital posting strong EBITDA growth of 61%. Caesars is expected to generate significant cash flow in 2026, which we hope to fund meaningful share repurchases and debt paydown. Caesars' stock was up approximately 13% for Q1.
Echostar lowered its total expected tax and decommissioning costs related to its divested assets, which we believe meaningful upside remains for the position with the IPO of SpaceX potentially serving as a material positive catalyst. Echostar stock was up approximately 8% for Q1. As of quarter end, we had approximately $782 million in cash at the funds.
Lastly, the Board declared an unchanged distribution at $0.50 per depositary unit.
I will now pass it to Rob to discuss our financial results.
Thank you, Ted. For the first quarter of 2026, net loss attributable to IEP was $459 million, or a loss of $0.71 per unit. Our first quarter consolidated results include $425 million of losses on refining hedges in our Investment segment and $158 million of unrealized derivative losses in our Energy segment. Q1 '26 adjusted EBITDA loss attributable to IEP was $216 million compared to adjusted EBITDA loss attributable to IEP of $228 million for the prior year quarter.
I will now provide more detail regarding the performance of our individual segments. The Investment Funds had a positive return of 4.4% for the quarter, excluding refining hedges. Including the refining hedges, the funds had a negative return of 8.2% for the quarter. Long and other positions had a net positive performance attribution of 4.1% and short positions had a negative performance attribution of 12.9%. The investment funds had a net short notional exposure of 29% at the end of the quarter compared to net short of 13% at year-end.
Excluding our refining hedges, the funds had a net short notional exposure of 2% as of quarter end compared to net long of 19% at year-end. Our investment in the funds was approximately $2.2 billion as of quarter end.
Moving to our Energy segment. Energy segment adjusted EBITDA attributable to IEP was negative $5 million for Q1 '26 compared to negative $6 million for Q1 '25. The first quarter refining operations were solid with crude utilization of 97%, although margins were weighed down by higher RFS obligation costs and unrealized derivative losses. The Fertilizer segment had strong results driven by robust demand for the spring planting season.
We believe that CVI's assets are well positioned to benefit from the global tightness in refined product and nitrogen fertilizer.
Now turning to our Automotive segment. Q1 '26 Automotive Services revenues decreased by $9 million compared to the prior year quarter, primarily driven by closure of stores during the balance of 2025, offset in part by increased price. Same-store sales paints a better picture having increased by approximately 2% as compared to the prior year quarter. We are pleased with this positive revenue trajectory, but there's still a lot more work to be done. We continue to focus our efforts on product, pricing, labor and distribution strategy.
Now turning to all other operating segments. Real Estate's Q1 '26 adjusted EBITDA increased by $18 million compared to the prior year quarter. The increase is primarily driven by income from the assets that were transferred from the Automotive segment, of which $9 million is intercompany income from the auto segment and $2 million from third-party tenants. Food Packaging's adjusted EBITDA attributable to IEP decreased by $6 million for Q1 '26 as compared to the prior year quarter. The decrease is primarily due to lower volume and disruptive headwinds from the restructuring plan.
Home Fashion's adjusted EBITDA decreased by $2 million when compared to the prior year quarter primarily due to softening demand in retail and hospitality business and supply chain disruptions in the Strait of Hormuz.
Pharma's adjusted EBITDA decreased by $10 million when compared to the prior year quarter, primarily due to the reduced sales resulting from generic competition in the anti-obesity prescriptions and increased R&D expenses related to our ongoing pivotal drug trials. The Transocean trial preparation for our PAH drug is on schedule, and the first patient will be dosed in the next 60 to 90 days. The physician community remains excited by the potential for disease-modifying designation.
Now, turning to our Liquidity. We maintain Liquidity at the holding company and at our operating subsidiaries to take advantage of attractive opportunities. As of quarter end, the holding company had cash and investment in the funds of $2.8 billion, and our subsidiaries had cash and revolver availability of $1.3 billion. We continue to focus on building asset value and maintaining liquidity to enable us to capitalize on opportunities within and outside our existing operating segments.
Thank you. Operator, can you please open the call for questions?
[Operator Instructions] As I see no questions in the queue, I will pass it back to Ted Papapostolou for closing comments.
Thank you, everyone, and looking forward to our next update call.
This concludes our conference. Thank you for participating, and you may now disconnect.
Icahn Enterprises L.P. — Q1 2026 Earnings Call
Icahn Enterprises L.P. — Q1 2026 Earnings Call
Icahn Enterprises reports Q1 2026 results: NAV up, but a net loss driven by hedges and energy items.
📊 Quarter at a Glance
- NAV: up $201 million quarter over quarter, driven by CVI position.
- Net loss: $459 million, or $0.71 per unit, in the quarter.
- Adjusted EBITDA (IEP): loss of $216 million, better than $228 million in the prior year quarter.
- Investment funds return: +4.4% (excl. refining hedges); -8.2% including hedges.
- Liquidity: holding company cash/investments $2.8B; subsidiaries with $1.3B cash/revolver availability.
🎯 What Management Says
- Portfolio focus: High-grading the Investment Fund portfolio and leveraging volatility in CVI to pursue debt reductions and shareholder returns.
- CVI exposure: CVI contributed to NAV gains; potential for future debt reductions and shareholder returns; CVI announced a $0.10 dividend.
- Capital discipline: Maintain disciplined capital allocation and a war chest to act on opportunities in 2026, with collaboration across leadership and the board.
- Dividend: Board kept the quarterly distribution unchanged at $0.50 per depositary unit.
🔭 Outlook & Guidance
- Guidance stance: No company-wide numeric guidance; emphasis on opportunities in 2026 and potential capital returns tied to portfolio strength and CVI.
- Portfolio drivers: AEP, Centuri, Caesars, and Echostar highlighted as catalysts for cash flow, earnings trajectory, and strategic optionality.
- Strategic levers: SpaceX IPO potential and ongoing asset optimization may offer upside; liquidity remains a support for opportunistic actions.
⚡ Bottom Line
NAV rose modestly in the quarter, but net loss persisted due to hedge and energy costs. The portfolio remains positioned for capital returns and debt reduction in 2026, with CVI as a key driver and substantial liquidity to pursue opportunities.
Disclaimer: This analysis was generated with AI. AI can also make mistakes. This is not investment advice.
Icahn Enterprises L.P. — Q4 2025 Earnings Call
1. Management Discussion
Good morning, and welcome to the Icahn Enterprises L.P. Fourth Quarter 2025 Earnings Call with Andrew Teno, President and CEO, Ted Papapostolou, Chief Financial Officer; and Robert Flint, Chief Accounting Officer. I would now like to hand the call over to Robert Flint, who will read the opening statement.
Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statements may be identified by words such as expects, anticipates, intends, plans, believes, seeks, estimates, will or words of similar meaning and include, but are not limited to, statements about the expected future business and financial performance of Icahn Enterprises L.P. and its subsidiaries.
Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors that are discussed in our filings with the Securities and Exchange Commission, including economic, competitive, legal and other factors. Accordingly, there is no assurance that our expectations will be realized. We assume no obligation to update or revise any forward-looking statements should circumstances change, except as otherwise required by law.
This presentation also includes certain non-GAAP financial measures, including adjusted EBITDA. A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the back of this presentation. We also present indicative net asset value. Indicative net asset value includes, among other things, changes in the fair value of certain subsidiaries, which are not included in our GAAP earnings. All net income and EBITDA amounts we will discuss are attributable to Icahn Enterprises unless otherwise specified.
I'll now turn it over to Andrew Teno, our Chief Executive Officer.
Thank you, Rob, and good morning to everyone on today's call. Fourth quarter NAV decreased by $654 million compared to the third quarter. The excellent performance in our funds, up 11% for the quarter, was offset by share price declines in CVI. Regarding CVI, we don't believe there are any material changes to CVI's outlook. Rather, we remain optimistic on the medium-term refining outlook. The two positive factors are: One, limited capacity expansions globally; and two, multiple new pipeline projects that will move Mid-Con and Gulf Coast barrels to the West Coast, which should help improve regional profitability for CVI.
On a company-specific level, CVI is focused on improving its capture rates, which should drive improved profitability even if industry crack spreads remain constant.
Now turning to the funds. In the fourth quarter, we were up approximately 11%, including refining hedges and up approximately 9%, excluding refining hedges. The big contributors for the quarter were EchoStar, the refining hedges in Centuri. Our lone big detractor was Caesars. For the year, we are about flat, including refining hedges and up 7%, excluding refining hedges.
In terms of our top positions, AEP is an electric utility that is benefiting from the AI infrastructure build-out and a new world-class management team. During their third quarter call, AEP disclosed a new $72 billion CapEx plan that would drive its asset base to grow at a 10% CAGR and its earnings per share to grow at a 9% CAGR through 2030. Already, after only a few months, the company is seeing opportunities to add an additional $5 billion to $8 billion of projects that would further grow its asset base and earnings per share.
Southwest Gas is a gas utility that we exited subsequent to the quarter. I am proud of the work that we did in collaboration with the Board and management team. The company is in a much better position today than when we first invested, given the Great Basin pipeline expansion project, path to improve return on equity and best-in-class balance sheet.
Turning to EchoStar. The company sold additional spectrum to SpaceX in exchange for additional SpaceX common equity, further demonstrating the value of EchoStar's spectrum portfolio. We believe meaningful upside remains and that the IPO of SpaceX could serve as a meaningful positive catalyst.
Centuri. A utility infrastructure services firm is firing on all cylinders, reporting base revenue and EBITDA growth of 25% and 28% in Q3. The combination of the organic growth and a recent equity offering has led to leverage decline to mid-2x EBITDA giving the company significant financial flexibility, further enabling it to continue capturing the tremendous growth in energy infrastructure investment.
IFF is a high-quality consumer staple company, where the refreshed management team continues to impress. IFF announced a formal sale process for its food ingredients business and gave 2026 guidance for mid-single-digit comparable EBITDA growth as portfolio optimization and investment in product innovation drive volume growth and performance.
One name that fell off the top 5 list is Caesars, where the stock has underperformed our expectations. We continue to believe that Caesars is undervalued given the significant owned real estate portfolio and the growing digital business powered by iCasino. Using consensus estimates, Caesars trades in approximately 20% free cash flow yield, which is expected to be used to repurchase shares and pay down debt.
If I step back and speak a bit more broadly, we are taking a slightly more cautious view of the market. With all the wild swings in sectors that are deemed at risk of AI, we are happy to be in defensive names that should benefit from the AI build-out with a significant war chest to take advantage of opportunities as they arise.
As of year-end, we had approximately $750 million in cash at the funds. More recently, our cash balance at the funds has increased and is greater than $1.2 billion. Subsequent to the quarter end, we have taken steps to reduce our IEP corporate debt balance and we called in the remaining balance of the 2026 maturities.
Lastly, the Board declared an unchanged distribution at $0.50 per depositary unit.
I will now pass it to Ted to talk about our controlled businesses.
Thank you, Andrew. Energy segment's adjusted EBITDA was $51 million for Q4 '25 compared to $99 million in Q4 '24. The fertilizer business was negatively impacted by low utilization caused by the turnaround at the Coffeyville's fertilizer facility and a 3-week downtime event caused by the facility's third-party air separation plant.
During December, CVI completed the reversion of the RDU at the Wynnewood refinery back to hydrocarbon processing.
And now turning to our Automotive segment. Q4 '25 automotive service revenues decreased by $1 million compared to the prior year quarter. Same-store sales paints a better picture having increased by 5% as compared to the prior year quarter. We are pleased with this positive revenue trajectory, but there's still a lot more work to be done. We continue to focus our efforts on product, pricing, labor and distribution strategy.
Now turning to our other operating segments. Real Estate's Q4 '25 adjusted EBITDA increased by $6 million compared to the prior year quarter. The increase is primarily driven by income from the assets that were transferred from the Auto segment of which $9 million is intercompany income from the Auto segment and $3 million from third-party tenants.
Food Packaging's adjusted EBITDA decreased by $8 million for Q4 '25 as compared to the prior year quarter. The decrease is primarily due to lower volume, higher manufacturing inefficiencies and disruptive headwinds from the restructuring plan. During Q4, we made a change to the CEO position and brought back Tom Davis, who was the CEO of this case previously and has a successful track record with the company. With his knowledge of the industry and the business, we feel he is the right person to lead this case through this transformative period.
Home Fashions' adjusted EBITDA decreased by $5 million when compared to the prior year quarter, primarily due to a softening demand in our U.S. retail and hospitality business. The tariff uncertainty has created opportunity for the company as new business has entered into the bidding pipeline and we are hopeful this will have a positive impact for the segment in 2026.
Pharma's adjusted EBITDA decreased by $4 million when compared to the prior year quarter, primarily due to reduced sales resulting from the generic competition in the anti-obesity market. The TRANSCEND trial preparation for our PAH drug is on schedule, and the first patient will be dosed in the next 60 to 90 days. The physician community is excited by the potential for a disease-modifying designation.
And now turning to our liquidity. We maintain liquidity at the holding company and at our operating subsidiaries to take advantage of attractive opportunities. As of quarter end, the holding company had cash and investment in the funds of $3.5 billion and our subsidiaries had cash and revolver availability of $913 million. We continue to focus on building asset value and maintaining liquidity to enable us to capitalize on opportunities within and outside our existing operating segments.
Thank you. Operator, can you please open up the call for questions?
[Operator Instructions] All right. Thank you so much. This concludes our Q&A. I will pass it back to Andrew Teno for final comments.
All right. Well, thank you, everyone, for joining today's call, and we'll speak to you next quarter.
Thank you. And this concludes our conference. Thank you for participating, and you may now disconnect.
Icahn Enterprises L.P. — Q4 2025 Earnings Call
Icahn Enterprises L.P. — Q3 2025 Earnings Call
1. Management Discussion
Good morning, and welcome to the Icahn Enterprises L.P. Third Quarter 2025 Earnings Call with Andrew Teno, President and CEO; Ted Papapostolou, Chief Financial Officer; and Robert Flint, Chief Accounting Officer.
I would now like to hand the call over to Robert Flint, who will read the opening statement.
Thank you, operator. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements we make in this presentation, including statements regarding our future performance and plans for our businesses and potential acquisitions. Forward-looking statements may be identified by words such as expects, anticipates, intends, plans, believes, seeks, estimates, will or words of similar meaning and include, but are not limited to, statements about expected future business and financial performance of Icahn Enterprises L.P. and its subsidiaries.
Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors that are discussed in our filings with the Securities and Exchange Commission, including economic, competitive, legal and other factors. Accordingly, there is no assurance that our expectations will be realized. We assume no obligation to update or revise any forward-looking statements should circumstances change, except as otherwise required by law. This presentation also includes certain non-GAAP financial measures, including adjusted EBITDA.
A reconciliation of such non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in the back of this presentation. We also present indicative net asset value. indicative net asset value includes, among other things, changes in the fair value of certain subsidiaries, which are not included in our GAAP earnings. All net income and EBITDA amounts we will discuss are attributable to Icahn Enterprises unless otherwise specified.
I'll now turn it over to Andrew Teno, our Chief Executive Officer.
Thank you, Rob, and good morning, everyone. We had a good third quarter. NAV increased $567 million. CVI, net of refining hedges, increased NAV by $547 million, and the funds, excluding refining hedges were up approximately 5%. For CVI, the outperformance was driven by 3 factors: the continued conflict in Ukraine, increased crack spreads and most importantly, the resolution of our small refinery exemptions from 2019 to 2024 and which removed a $488 million liability from the CBI balance sheet. Going forward, our hope is that the Trump administration and the EPA will continue to grant small refineries, the exemptions they deserve. And to be clear, we believe that Wynnewood is entitled to receive 100% exemptions going forward.
Turning to the funds. We were up approximately 5%, excluding refining hedges. The big winner for the quarter was our investment in EchoStar and big detractors were the broad market and refining hedges. In terms of our top positions. AEP is an electric utility that is benefiting from the AI infrastructure buildout. Importantly, not all electric utilities will benefit the same from the AI build-out. In order to be a winner, you need to have 4 things: The right jurisdictions, the right assets, enough scale and a hungry management team. AEP checks all those boxes. AEP has sizable operations in the data center hotspots of Texas, Indiana, Oklahoma and Ohio, which have available land and low power prices.
AEP had the right assets given its 55% mix of earnings from transmission which enables timely recovery on investments and the ability to build new generation across multiple jurisdictions to support the increasing power needs. Scale is important because investments in new power generation are large dollars, a $3 billion investment can be too big for smaller entities to fund. With a greater than $60 billion market cap, AEP has the necessary scale. And lastly, you need to have a management team that is hungry that wants to win thinks creatively and matches the intensity of the customer base. Under the leadership of the new CEO and CFO at AEP, we believe we are in excellent hands.
Turning to Southwest Gas. SWX has recently completed its full separation from Centuri and now has an absolutely best-in-class balance sheet. The company should grow earnings faster than Peter gas utilities given recent legislation and policies in both of its key jurisdictions that enable more timely recovery on investments. Southwest Gas also has a potential significant pipeline expansion for data center, power gen and industrial users in Northern Nevada. With both growth drivers, 2 research analysts recently predicted that SWX could grow net income at a 14% CAGR between 2025 and 2029 when many peers will be in the 6% to 8% range.
For EchoStar, we were attracted to the asymmetric upside driven by the highly valuable spectrum assets. The recent deals to sell spectrum to AT&T and SpaceX highlight that value with the stock having increased from the teens in June to approximately $75 per share as of quarter end. We think there is still considerable upside remaining. IFF is a high-quality consumer staple company. The refreshed management team's focus on high-growth and innovation-led businesses has enabled IFF to streamline its portfolio rightsize its balance sheet and restore financial flexibility to invest in R&D and return cash to shareholders.
With the company continuing to drive improvement within the food ingredients business, IFF is near an inflection point that will enable it to close its discount to peers. For Caesars, no doubt we have been disappointed with the recent performance, but our thesis is unchanged. We see considerable owned real estate value a growing high-quality digital business at the early stages of an iCasino rollout across the country and significant free cash flow being used to repurchase shares. I would also like to mention our recent 13D filing related to an investment in Monroe, which has approximately 1,100 auto service locations across the U.S. We think Monroe is an attractive investment opportunity and look forward to discussing more in future calls. And now I would like to pass it on to Ted to discuss our controlled businesses.
Thank you, Andrew. I will start at our Energy segment. Andrew has already touched on the major highlights. I'll just add that the energy segment consolidated EBITDA was $625 million for Q3 '25, compared to a loss of $35 million in Q3 '24. Moving to our Automotive segment. Q3 '25 automotive service revenues increased by $11 million compared to the prior year quarter. We are pleased with the same-store sales performance with revenue increasing by $21 million or 6% as compared to the prior year quarter. As we fine-tune our product, pricing, labor and distribution strategies, we believe enhanced profitability will follow. We've also made significant changes to our store footprint.
During the last 12 months, we closed a total of 89 underperformers, of which 20 came subsequent to Q3 '25 and we opened 14 new locations. We will continue to analyze our footprint and close and open locations where appropriate. Subsequent to quarter end, we transferred the vast majority of our owned properties out of the Automotive segment into our Real Estate segment. We believe this move will help unlock the value of both our real estate and auto service operations. Now turning to the other operating segments. Real Estate Q3 '25 adjusted EBITDA decreased by $12 million compared to the prior year quarter.
This decrease was primarily due to the sale of our Country Club earlier this year. We expect EBITDA to increase in the second half of 2026 as we ramp up construction at our existing club and surrounding development. During the quarter, we closed on certain properties for a pretax gain of $223 million. Food Packaging's adjusted EBITDA decreased by $8 million for Q3 '25 as compared to the prior year quarter. The decrease is primarily due to lower volume, higher manufacturing inefficiencies and disruptive headwinds from the restructuring plan. We expect the restructuring plan to impact results until its completion, which is now expected to be during Q2 '26.
Home Fashions adjusted EBITDA decreased by $4 million when compared to the prior year quarter, primarily due to softening demand in our U.S. retail and hospitality business. Pharma's adjusted EBITDA decreased by $7 million when compared to the prior year quarter, primarily due to reduced sales resulting from generic competition in the anti-obesity market. We are excited about our developmental drug for PAH. We finalized our partner for the CRO and have named the trial TRANSCEND. The trial will consist of approximately 90 sites across the globe with total enrollment of 300 patients. The first patient is to be dosed during Q1 2026. If this product obtains approval, it potentially will be the first disease-modifying product for the treatment of patients suffering from PAH.
And now to our liquidity. We maintain liquidity at the holding company and at each of our operating subsidiaries to take advantage of attractive opportunities. As of quarter end, the holding company had cash and investment in the funds of $3.4 billion and our subsidiaries had cash and revolver availability of $1.2 billion. We continue to focus on building asset value and maintaining liquidity to enable us to capitalize on opportunities within and outside our existing operating segments. Thank you. Operator, can you please open up the call for questions.
[Operator Instructions]. I will turn the call back to Andrew Teno for final comments.
Thank you very much. Thank you, everyone, for joining. And I'd like to leave with a reminder that here at Icahn Enterprises, we are intensely focused on our activism strategy. We have unique advantages, including the Icahn brand name, and a long history and willingness to waste proxy contests. It is this track record, which frequently allows us to be invited to join boards and work cooperatively with our fellow directors to make the key changes that will drive shareholder value.
Furthermore, given our balance sheet, liquidity and permanent capital structure, we have the ability to tender for entire businesses, the tool most simply do not possess. Though our returns can be lumpy and dissatisfying at times. And again, this quarter, they were quite good. We continue to focus on our activist efforts at both our Investment segment and controlled businesses, and we believe they will bear fruit for all unitholders. Speak soon.
Thank you. And with that, we conclude our conference for today. Thank you for participating, and you may now disconnect.
Icahn Enterprises L.P. — Q3 2025 Earnings Call
Financial data from Icahn Enterprises L.P.
Revenue
Revenue is the sum of all sales generated by a company, e.g. for its products or services.
Revenue (TTM) metric explainedDirect Costs
Direct costs are the costs incurred directly in connection with the manufacture of the product or service.
Gross Profit
Gross Profit indicates how much of the revenue remains in the company after deducting direct production costs. If the percentage share of sales is calculated, this is referred to as the gross margin.
Gross Profit metric explainedSelling and Administrative Expenses
Selling, general and administrative expenses (SG&A) include all expenses for marketing and sales as well as the general administration of the company.
Research and Development Expense
Research and development costs (R&D) provide information on how much the company invests in the research and development of its products. The costs are particularly interesting as a percentage of revenue and in comparison to direct competitors.
EBITDA
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the company's earnings before interest, taxes, depreciation and amortization. The EBITDA margin is calculated as a percentage of sales.
Depreciation and Amortization
Depreciation represents reductions in the value of the company's assets (e.g. due to wear and tear on machinery).
EBIT (Operating Income)
EBIT (Earnings Before Interest and Taxes) is the company's profit before interest and taxes, also known as the operating income. The EBIT Margin is calculated as a percentage of sales at
.
Net Profit
Net Profit represents the profit or loss after deduction of all costs.
Net Profit metric explainedStocksGuide Premium
| Jun '26 |
+/-
%
|
||
| Revenue | 10,187 10,187 |
12%
12%
100%
|
|
| - Direct Costs | 9,067 9,067 |
6%
6%
89%
|
|
| Gross Profit | 1,120 1,120 |
112%
112%
11%
|
|
| - Selling and Administrative Expenses | 841 841 |
3%
3%
8%
|
|
| - Research and Development Expense | - - |
-
-
|
|
| EBITDA | 267 267 |
164%
164%
3%
|
|
| - Depreciation and Amortization | 600 600 |
19%
19%
6%
|
|
| EBIT (Operating Income) EBIT | -333 -333 |
64%
64%
-3%
|
|
| Net Profit | -515 -515 |
21%
21%
-5%
|
|
In millions USD.
Don't miss a Thing! We will send you all news about Icahn Enterprises L.P. directly to your mailbox free of charge.
If you wish, we will send you an e-mail every morning with news on stocks of your portfolios.
Icahn Enterprises L.P. Stock News
Company Profile
Icahn Enterprises LP operates as holding company. It operates through following business ten segments: Investment, Automotive, Energy, Railcar, Food Packaging, Metals, Real Estate, Home Fashion, Railcar and Mining. The Investment segment is comprises of various private investment funds. The Automotive segment holds ownership in Icahn Automotive Group LLC. The Energy segment holds ownership in CVR Energy, Inc., which owns majority interests in two separate operating subsidiaries, CVR Refining, LP and CVR Partners, LP. The Railcar segment holds ownership in American Railcar Industries Inc., which is a manufacturer of hopper and tank railcars. It provides fleet management, maintenance, engineering and field services. The American Railcar Industries services include maintenance planning, project management, tracking and tracing, regulatory compliance, mileage audit, rolling stock taxes and online service access. The Food Packaging segment holds ownership in Viskase Cos., Inc., which is engaged in production and sale of cellulosic, fibrous and plastic casings for the processed meat and poultry industry. The Metals segment operates through company indirect wholly owned subsidiary, PSC Metals, Inc., which engages in the business of collecting, processing and selling ferrous and non-ferrous metals, as well as the processing and distribution of steel pipe and plate products in the Midwest and Southern U.S. The Real Estate segment consists of rental real estate, property development and resort activities. The Home Fashion segment operates through company indirect wholly owned subsidiary WestPoint Home LLC, which consists of manufacturing, sourcing, marketing, distributing and selling home fashion consumer products. The Railcar segment holds ownership in American Railcar Leasing, LLC, which operates leasing business consisting of purchased railcars leased to third parties under operating leases. The Mining segment holds interest in Ferrous Resources Ltd, which acquires and develops mining operations and related infrastructure to produce and sell iron ore products to the global steel industry. The company was founded on February 17, 1987 and is headquartered in New York, NY.
StocksGuide Premium
| Head office | United States |
| CEO | Mr. Teno |
| Employees | 13,562 |
| Founded | 1987 |
| Website | www.ielp.com |
