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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.

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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' Q3 Earnings: A Closer Look

Icahn Enterprises L.P. reported a strong third quarter with an actual EPS of $0.49, significantly beating estimates of $0.14. The company's financial performance was driven by its Energy segment, which saw consolidated EBITDA of $625 million for Q3 '25, compared to a loss of $35 million in Q3 '24. The Net Asset Value (NAV) increased by $567 million, with CVI, net of refining hedges, contributing $547 million to this growth. The funds, excluding refining hedges, were up approximately 5%, led by EchoStar.

Publication Date: Nov -25

📋 Highlights
  • NAV Increase: Icahn Enterprises' NAV rose $567M, driven by a $547M boost from CVI (net of refining hedges) due to Ukraine conflict, higher crack spreads, and removal of a $488M liability.
  • Fund Performance: Funds excluding refining hedges grew ~5%, led by EchoStar, with top holdings AEP, Southwest Gas, and IFF showing growth from AI infrastructure and post-separation strength.
  • Energy Segment EBITDA: Consolidated EBITDA surged to $625M in Q3 '25 vs. a $35M loss in Q3 '24, reflecting operational recovery.
  • Liquidity Position: Strong liquidity maintained with $3.4B in cash/investments and $1.2B in revolver availability, supporting strategic flexibility.
  • Activism Focus: Continued emphasis on activism and asset value creation, leveraging positions in energy, automotive, and diversified holdings for long-term gains.

Segment Performance

The Energy segment's performance was a key highlight, driven by the conflict in Ukraine, increased crack spreads, and the resolution of small refinery exemptions, which removed a $488 million liability. The Automotive segment also saw a positive trend, with service revenues increasing by $11 million. Top positions in AEP, Southwest Gas, and IFF showed promise, with AEP benefiting from AI infrastructure buildout and sizable operations in data center hotspots. Southwest Gas completed its separation from Centuri, with a best-in-class balance sheet and growth drivers.

Valuation and Liquidity

Icahn Enterprises maintains a strong liquidity position, with $3.4 billion in cash and investments and $1.2 billion in revolver availability at the holding company and operating subsidiaries. The company's valuation metrics provide insight into what's priced in, with a P/E Ratio of -11.44, P/B Ratio of 1.29, and EV/EBITDA of 13.33. The Dividend Yield stands at 26.11%, indicating a potentially attractive return for income investors. Analysts estimate next year's revenue growth at -1.4%, which may impact the company's valuation.

Outlook and Activism

Icahn Enterprises continues to focus on activism and building asset value, as evident from its investment strategies and segment performance. As the company navigates the complexities of its business, its ability to generate cash and maintain liquidity will be crucial in driving future growth. With a strong track record of activism, Icahn Enterprises is well-positioned to unlock value in its portfolio companies.

3. NewsRoom

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Want $4,000 per Year in Passive Income? Invest Just $2,500 in These High-Paying Dividend Stocks

Nov -30

Source: 247wallst.com

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Hedge Fund Billionaire Carl Icahn's Q3: The Activist Goes Defensive, Dumps A Disaster, And Loads Up On EchoStar

Nov -17

Source: benzinga.com

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Icahn Enterprises L.P. (IEP) Q3 2025 Earnings Call Prepared Remarks Transcript

Nov -05

Source: seekingalpha.com

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Icahn Enterprises L.P. (Nasdaq: IEP) Today Announced Its Third Quarter 2025 Financial Results

Nov -05

Source: prnewswire.com

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Icahn Enterprises L.P. Announces Q3 2025 Earnings Conference Call

Oct -22

Source: prnewswire.com

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Icahn Enterprises L.P. Intends to Offer New Senior Notes

Aug -05

Source: prnewswire.com

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Icahn Enterprises L.P. (IEP) Q2 2025 Earnings Call Transcript

Aug -04

Source: seekingalpha.com

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Icahn (IEP) Q2 Revenue Up 18%

Aug -04

Source: fool.com

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
Seaboard

A-Score: 5.9/10

Value: 7.6

Growth: 5.1

Quality: 5.4

Yield: 0.0

Momentum: 9.0

Volatility: 8.0

1-Year Total Return ->

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Stock-Card
MDU Resources

A-Score: 5.6/10

Value: 3.0

Growth: 2.1

Quality: 5.7

Yield: 6.0

Momentum: 7.5

Volatility: 9.3

1-Year Total Return ->

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Stock-Card
Griffon

A-Score: 5.5/10

Value: 3.4

Growth: 7.3

Quality: 4.8

Yield: 5.0

Momentum: 6.5

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Valmont

A-Score: 5.3/10

Value: 3.0

Growth: 7.3

Quality: 5.9

Yield: 1.0

Momentum: 8.0

Volatility: 6.7

1-Year Total Return ->

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Stock-Card
CSW Industrials

A-Score: 4.9/10

Value: 2.4

Growth: 8.2

Quality: 7.9

Yield: 0.0

Momentum: 2.0

Volatility: 8.7

1-Year Total Return ->

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Stock-Card
Icahn Enterprises

A-Score: 4.8/10

Value: 6.8

Growth: 4.4

Quality: 1.1

Yield: 10.0

Momentum: 0.5

Volatility: 5.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

7.65$

Current Price

7.65$

Potential

-0.00%

Expected Cash-Flows