Download PDF

1. Company Snapshot

1.a. Company Description

Icahn Enterprises L.P., through its subsidiaries, operates in investment, energy, automotive, food packaging, real estate, home fashion, and pharma businesses in the United States and Internationally.Its Investment segment invests its proprietary capital through various private investment funds.The company's Energy segment refines and markets transportation fuels; and produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia.


Its Automotive segment is involved in the retail and wholesale distribution of automotive parts; and offers automotive repair and maintenance services.The company's Food Packaging segment produces and sells cellulosic, fibrous, and plastic casings that are used for preparing processed meat products.Its Real Estate segment is involved in the rental of retail, office, and industrial properties; construction and sale of single-family homes and residential units; and golf and club operations.


This segment also engages in hotel and timeshare resort operations.The company's Home Fashion segment manufactures, sources, markets, distributes, and sells home fashion consumer products.Its Pharma segment offers pharmaceutical products and services.


The company was incorporated in 1987 and is headquartered in Sunny Isles Beach, Florida.

Show Full description

1.b. Last Insights on IEP

Icahn Enterprises L.P.'s recent performance was impacted by a decrease in revenues, which fell to $2.7 billion in Q3 2025 from $2.8 billion in Q3 2024. Despite a significant increase in net income to $287 million, or $0.49 per depositary unit, from $22 million, or $0.05 per depositary unit, in the same period, the company's Indicative Net Asset Value increase of $567 million may not entirely offset concerns. Carl Icahn's shift towards a more defensive portfolio, as seen in his Q3 13F filing, may also be viewed as a response to challenging market conditions.

1.c. Company Highlights

2. Icahn Enterprises L.P. Posts Mixed Q4 2025 Results Amidst Refining and Investment Fluctuations

Icahn Enterprises L.P. reported a decrease in net asset value (NAV) by $654 million in Q4 2025 compared to the previous quarter, primarily due to the decline in CVI's share price. The company's funds, however, saw an increase of approximately 11% for the quarter, including refining hedges. The energy segment's adjusted EBITDA was $51 million, down from $99 million in Q4 2024, while the automotive segment's revenue decreased by $1 million. The actual EPS for the quarter was not disclosed, missing the estimates of $0.17. Revenue growth for the next year is estimated to be -1.4%, indicating a challenging outlook.

Publication Date: Feb -26

📋 Highlights
  • Q4 NAV Decline: Net asset value dropped $654M QoQ, primarily due to CVI share price decline.
  • Fund Performance: Funds rose 11% with refining hedges and 9% without, driven by EchoStar, refining hedges, and Sentry.
  • Energy Segment EBITDA: Adjusted EBITDA fell to $51M in Q4 2025 vs. $99M in Q4 2024.
  • Real Estate Growth: Adjusted EBITDA increased $6M YoY, supported by income from transferred assets.
  • Liquidity Position: Holding company held $3.5B cash/investments; subsidiaries had $913M cash revolver availability.

Segment Performance

The energy segment faced challenges, with adjusted EBITDA declining to $51 million from $99 million in Q4 2024. CVI completed the reversion of the RDU at the Wynnewood refinery back to hydrocarbon processing. On the other hand, the real estate segment saw an increase in adjusted EBITDA by $6 million, driven by income from transferred assets. As Andrew Teno mentioned, "EchoStar, refining hedges, and Sentry were big contributors" to the funds' performance, while Caesars was a detractor.

Investment and Liquidity

Icahn Enterprises maintained a strong liquidity position, with the holding company having cash and investment in the funds of $3.5 billion and subsidiaries having cash and revolver availability of $913 million. The cash balance at the funds increased to over $1.2 billion, indicating a significant "war chest" to capitalize on attractive opportunities. The company's investment in EchoStar yielded positive results, with the sale of additional spectrum to SpaceX.

Valuation and Outlook

With a P/E Ratio of 167.88 and an EV/EBITDA of 4.68, the company's valuation appears to be sensitive to changes in earnings. The Dividend Yield stands at 25.09%, which may be attractive to income-focused investors. Given the estimated revenue growth of -1.4% for the next year, the company's outlook appears challenging. However, Icahn Enterprises' diverse portfolio and significant liquidity position it to navigate these challenges and capitalize on new opportunities.

3. NewsRoom

Card image cap

Icahn Loads Up 30.5 Million IEP Shares Worth $245.6 Million

Feb -27

Source: fool.com

Card image cap

Icahn Enterprises L.P. (IEP) Q4 2025 Earnings Call Prepared Remarks Transcript

Feb -25

Source: seekingalpha.com

Card image cap

Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its Fourth Quarter and Full Year 2025 Financial Results

Feb -25

Source: prnewswire.com

Card image cap

Financial Contrast: Icahn Enterprises (NASDAQ:IEP) versus Sumitomo (OTCMKTS:SSUMY)

Feb -18

Source: defenseworld.net

Card image cap

Carl Icahn's Strategic Moves: A Closer Look at Icahn Enterprises LP

Feb -17

Source: gurufocus.com

Card image cap

Icahn Enterprises L.P. Announces Q4 2025 Earnings Conference Call

Feb -12

Source: prnewswire.com

Card image cap

Icahn Enterprises (NASDAQ:IEP) Share Price Passes Below 200 Day Moving Average – Should You Sell?

Feb -10

Source: defenseworld.net

Card image cap

Critical Comparison: Markel Group (NYSE:MKL) vs. Icahn Enterprises (NASDAQ:IEP)

Jan -18

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.70%)

6. Segments

Energy

Expected Growth: 8.0%

The energy segment is expected to grow at a slower rate than the global average due to the increasing competition from renewable energy sources and the volatility of crude oil prices. However, the segment's diversified operations and strong market position are expected to drive growth.

Automotive

Expected Growth: 10.0%

The automotive segment is expected to grow at a faster rate than the global average due to the increasing demand for vehicle customization and the trend towards electric and hybrid vehicles. The segment's strong distribution network and diversified product offerings are also expected to drive growth.

Food Packaging

Expected Growth: 9.0%

The food packaging segment is expected to grow at a rate close to the global average due to the increasing demand for packaged food and beverages and the trend towards sustainable packaging. The segment's strong manufacturing capabilities and diversified product offerings are also expected to drive growth.

Home Fashion

Expected Growth: 9.7%

The home fashion segment is expected to grow at a rate in line with the global average due to the increasing demand for home decor products and the trend towards home improvement. The segment's strong design capabilities and diversified product offerings are also expected to drive growth.

Pharma

Expected Growth: 11.0%

The pharma segment is expected to grow at a faster rate than the global average due to the increasing demand for specialty pharmaceuticals and the trend towards innovation. The segment's strong research and development capabilities and diversified product offerings are also expected to drive growth.

Holding Company

Expected Growth: 9.7%

The holding company segment is expected to grow at a rate in line with the global average due to the growth of its subsidiaries. The segment's diversified portfolio and strong financial position are also expected to drive growth.

Investment

Expected Growth: 9.5%

The investment segment is expected to grow at a rate close to the global average due to the increasing demand for alternative investments and the trend towards diversification. The segment's strong investment capabilities and diversified portfolio are also expected to drive growth.

Real Estate

Expected Growth: 8.5%

The real estate segment is expected to grow at a slower rate than the global average due to the increasing competition from other asset classes and the volatility of real estate markets. However, the segment's strong property portfolio and diversified revenue streams are expected to drive growth.

7. Detailed Products

Investment Segment

Icahn Enterprises L.P. invests in various industries, including energy, automotive, gaming, railcar, and food packaging.

Energy Segment

The company operates in the energy sector through its subsidiaries, including CVR Energy and CVR Refining.

Automotive Segment

Icahn Enterprises L.P. owns a majority stake in Icahn Automotive Group LLC, which operates in the automotive aftermarket industry.

Gaming Segment

The company has an interest in the gaming industry through its subsidiary, Tropicana Entertainment Inc.

Railcar Segment

Icahn Enterprises L.P. owns a majority stake in American Railcar Industries, Inc., a manufacturer of railcars.

Food Packaging Segment

The company has an interest in the food packaging industry through its subsidiary, Viskase Companies Inc.

8. Icahn Enterprises L.P.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Icahn Enterprises L.P. operates in a diversified range of industries, including energy, automotive, food packaging, and more. While there are substitutes available in each of these industries, the company's diversified portfolio and strong brand presence mitigate the threat of substitutes.

Bargaining Power Of Customers

Icahn Enterprises L.P. has a diversified customer base across various industries, which reduces the bargaining power of individual customers. Additionally, the company's strong brand presence and diversified product offerings give it an upper hand in negotiations with customers.

Bargaining Power Of Suppliers

Icahn Enterprises L.P. has a diversified supplier base, which reduces dependence on individual suppliers. However, the company's reliance on certain critical suppliers in industries like energy and automotive may give them some bargaining power.

Threat Of New Entrants

Icahn Enterprises L.P. operates in industries with high barriers to entry, such as energy and automotive, which makes it difficult for new entrants to establish themselves. Additionally, the company's strong brand presence and diversified product offerings make it challenging for new entrants to gain traction.

Intensity Of Rivalry

Icahn Enterprises L.P. operates in highly competitive industries, including energy, automotive, and food packaging. The company faces intense competition from established players, which may lead to pricing pressures and reduced market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 72.78%
Debt Cost 4.50%
Equity Weight 27.22%
Equity Cost 7.79%
WACC 5.40%
Leverage 267.32%

11. Quality Control: Icahn Enterprises L.P. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
MDU Resources

A-Score: 5.7/10

Value: 5.6

Growth: 2.1

Quality: 4.8

Yield: 6.0

Momentum: 7.0

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
Seaboard

A-Score: 5.6/10

Value: 6.8

Growth: 5.1

Quality: 4.4

Yield: 0.0

Momentum: 10.0

Volatility: 7.3

1-Year Total Return ->

View Full Report
Stock-Card
Icahn Enterprises

A-Score: 5.3/10

Value: 7.9

Growth: 4.4

Quality: 2.9

Yield: 10.0

Momentum: 1.5

Volatility: 5.3

1-Year Total Return ->

View Full Report
Stock-Card
Valmont

A-Score: 5.3/10

Value: 3.1

Growth: 7.3

Quality: 6.0

Yield: 1.0

Momentum: 7.5

Volatility: 6.7

1-Year Total Return ->

View Full Report
Stock-Card
Griffon

A-Score: 4.7/10

Value: 3.1

Growth: 5.9

Quality: 4.3

Yield: 5.0

Momentum: 4.0

Volatility: 5.7

1-Year Total Return ->

View Full Report
Stock-Card
CSW Industrials

A-Score: 4.1/10

Value: 1.7

Growth: 8.1

Quality: 7.7

Yield: 0.0

Momentum: 2.0

Volatility: 5.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

8.19$

Current Price

8.19$

Potential

-0.00%

Expected Cash-Flows