# Icahn Enterprises LP (IEP.US)

Canonical: https://gigainvestors.com/s/IEP

Analysis as of: 2026-10-16T07:29:17.005Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $6.64 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 8

- Operating margin variation: 6.56×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.04×

- FY2017: 0.04×

- FY2018: -0.02×

- FY2019: 0.10×

- FY2020: -0.21×

- FY2021: 0.09×

- FY2022: 0.07×

- FY2023: 0.09×

- FY2024: 0.01×

- FY2025: -0.00×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 4.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.2%

- ROIC, second-lowest year: -35.5%

- Typical minus recent gross margin: 4.3 pp

- Typical gross margin (annual median): 13.2%

- Recent gross margin (lower of latest and 3-year median): 8.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.6%

- ROIC including acquisitions, ten-year median: -2.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -35.5%

- FY2017: 11.0%

- FY2018: -6.6%

- FY2019: 76.7%

- FY2020: -38.0%

- FY2021: 6.6%

- FY2022: 4.6%

- FY2023: 9.7%

- FY2024: 1.9%

- FY2025: -0.1%

### economics: fail

- owner earnings cash conversion below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$1.1B

- Net income, five-year total: -$2.2B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 7.1 pp

- Working capital / revenue, final three-year average: 29.6%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: -$392M

- FY2022: -$8.0M

- FY2023: -$455M

- FY2024: -$205M

- FY2025: -$31M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -6.6% vs 1.9%

- Per-share earnings: -8.07 to -0.94 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 16.1%

- Ordinary dilution, 5-year annual growth: 20.5%

- Market cap gain: -$4.0B

- Cumulative retained earnings: -$4.3B

- Diluted shares, 10-year annual growth: 16.1%

- Diluted shares, 5-year annual growth: 20.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: $7.14

- Per-share value, starting three-year median: -$8.07

- Per-share value, ending three-year median: -$0.94

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.9%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: $241M

- Cumulative net income, 10 years: -$1.6B

- ROIC, first three-year median: -6.6%

- ROIC, last three-year median: 1.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$8.07

- FY2017: $14.80

- FY2018: $11.33

- FY2019: -$5.38

- FY2020: -$7.33

- FY2021: -$2.32

- FY2022: -$0.57

- FY2023: -$1.75

- FY2024: -$0.94

- FY2025: -$0.52

### accounting: pass

- Sloan accruals: 0.1%

- Receivables to sales index (DSRI): 1.12×

- Restructuring years, last five: 2

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.23×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.3%

- FY2017: 12.0%

- FY2018: 4.8%

- FY2019: 1.6%

- FY2020: -4.8%

- FY2021: -3.3%

- FY2022: -4.4%

- FY2023: -21.1%

- FY2024: -7.8%

- FY2025: 0.1%

## Holders

- [Carl Icahn](https://gigainvestors.com/ic): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 88% since Oct 2021 · "Cost pressures and operational inefficiencies were cited as key obstacles across several core segments." (finance.yahoo.com, Aug 2025) · sales -7.5%

Story as of 2026-10-16T09:58:56.367Z; price observation 2026-10-15.

- 2025-11-06: Icahn Enterprises (IEP) Is Up 9.1% After Strong Q3 Profit Rebound and Surpassing Expectations ([finance.yahoo.com](https://finance.yahoo.com/news/icahn-enterprises-iep-9-1-151455605.html))

- 2026-05-06: Icahn Enterprises (NASDAQ:IEP) Reports Sales Below Analyst Estimates In Q1 CY2026 Earnings, Stock Drops ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/icahn-enterprises-nasdaq-iep-reports-120900847.html))

### Sales · FY2024–2025

sales -7.5%; source https://www.sec.gov/Archives/edgar/data/813762/000110465926019821/tmb-20251231x10k.htm; observed 2026-02-26.

- FY2016: $16B 

- FY2017: $10B 

- FY2018: $11B 

- FY2019: $11B 

- FY2020: $6.7B 

- FY2021: $12B 

- FY2022: $14B 

- FY2023: $12B 

- FY2024: $10B 

- FY2025: $9.4B 

### Gross margin · FY2025

gross margin 8.9%; source https://www.sec.gov/Archives/edgar/data/813762/000110465926019821/tmb-20251231x10k.htm; observed 2026-02-26.

- FY2016: 10.1% 

- FY2017: 16.2% 

- FY2018: 11.1% 

- FY2019: 22.0% 

- FY2021: 19.0% 

- FY2022: 15.3% 

- FY2023: 16.3% 

- FY2024: 9.2% 

- FY2025: 8.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in oil & gas refining & marketing; annual sales are USD 9.4 billion.

- Source: https://www.sec.gov/Archives/edgar/data/813762/000110465926019821/tmb-20251231x10k.htm (filed 2026-02-26); FY2025: revenue 9411000000; grossProfit 834000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IEP.US: Icahn Enterprises L.P., through its subsidiaries engages in the investment, energy, automotive, food packaging, real estate, home fashion and pharma in the United States and internationally. The Investment segment invests its proprietary capital through various private investment funds; and it provides investment advisory, administrative, and back-office services to the investment funds. The Energy segment engages in refining and marketing petroleum in the form of gasoline, diesel, jet fuel, and distillates; renewable fuels business refines renewable feedstocks, such as soybean oil, corn oil, and other related renewable feedstocks into renewable diesel and markets renewable products; and nitrogen fertilizer business produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia. The Automotive segment engages in repair and maintenance of automotive; sale of installed parts or materials related to automotive services; and sale of automotive aftermarket parts and retailed merchandise. The Food Packaging segment produces and sells cellulosic, fibrous, and plastic casings used to prepare and pack processed meat products. The Real Estate segment consists of investment properties, including land, retail, office, and industrial properties; and development and sale of single-family homes; and the operations of a resort and two country clubs. The Home Fashion segment manufactures, sources, markets, distributes, and sells home fashion consumer products. The Pharma segment offers pharmaceutical products and services; and develops approved therapies and product candidates. Icahn Enterprises L.P. was incorporated in 1987 and is headquartered in Sunny Isles Beach, Florida.

### Why customers stay

Margins ranged from 8.9% to 16.3% during 2023–25; it earns 3.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 16.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 9.2%.

- Source: https://www.sec.gov/Archives/edgar/data/813762/000110465926019821/tmb-20251231x10k.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 8.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,-0.35453905249679896],[2017,0.11014566828520317],[2018,-0.06577437858508604],[2019,0.7668266666666667],[2020,-0.3795393141669553],[2021,0.0659390048154093],[2022,0.0455786832004724],[2023,0.09687346300022356],[2024,0.018686585745409275],[2025,-0.000700354609929078]]; median 0.03213263447294083. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 991000000; owner earnings 1909000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 272000000; owner earnings 2212000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,103000000],[2017,81000000],[2018,97000000],[2019,112000000],[2020,526000000],[2021,134000000],[2022,226000000],[2023,307000000],[2024,391000000],[2025,288000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); IEP.US SharesStats.PercentInsiders = 0.001 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 6.64 USD; reporting-to-trading FX 1; FY2025 annual sales per share 16.745551601423486; price multiple 0.39652321751142283. FY2025 cash earnings/share -0.05516014234875445. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $47.88 per share

- 2016-11: $57.81 per share

- 2016-12: $59.92 per share

- 2017-01: $59.33 per share

- 2017-02: $56.24 per share

- 2017-03: $51.24 per share

- 2017-04: $52.85 per share

- 2017-05: $47.70 per share

- 2017-06: $51.66 per share

- 2017-07: $53.35 per share

- 2017-08: $51.18 per share

- 2017-09: $54.86 per share

- 2017-10: $55.19 per share

- 2017-11: $53.23 per share

- 2017-12: $53.00 per share

- 2018-01: $58.65 per share

- 2018-02: $54.58 per share

- 2018-03: $57.04 per share

- 2018-04: $65.15 per share

- 2018-05: $68.79 per share

- 2018-06: $71.06 per share

- 2018-07: $77.08 per share

- 2018-08: $76.81 per share

- 2018-09: $70.72 per share

- 2018-10: $68.44 per share

- 2018-11: $66.87 per share

- 2018-12: $57.08 per share

- 2019-01: $69.73 per share

- 2019-02: $74.29 per share

- 2019-03: $72.50 per share

- 2019-04: $75.50 per share

- 2019-05: $69.20 per share

- 2019-06: $72.41 per share

- 2019-07: $77.63 per share

- 2019-08: $67.47 per share

- 2019-09: $64.20 per share

- 2019-10: $67.56 per share

- 2019-11: $63.00 per share

- 2019-12: $61.50 per share

- 2020-01: $63.22 per share

- 2020-02: $62.73 per share

- 2020-03: $48.42 per share

- 2020-04: $51.80 per share

- 2020-05: $49.93 per share

- 2020-06: $48.49 per share

- 2020-07: $49.81 per share

- 2020-08: $49.78 per share

- 2020-09: $49.32 per share

- 2020-10: $49.44 per share

- 2020-11: $50.07 per share

- 2020-12: $50.67 per share

- 2021-01: $55.86 per share

- 2021-02: $63.88 per share

- 2021-03: $53.72 per share

- 2021-04: $57.96 per share

- 2021-05: $56.37 per share

- 2021-06: $54.99 per share

- 2021-07: $58.11 per share

- 2021-08: $54.97 per share

- 2021-09: $49.95 per share

- 2021-10: $57.60 per share

- 2021-11: $50.55 per share

- 2021-12: $49.59 per share

- 2022-01: $54.35 per share

- 2022-02: $54.74 per share

- 2022-03: $51.93 per share

- 2022-04: $52.64 per share

- 2022-05: $51.35 per share

- 2022-06: $48.12 per share

- 2022-07: $53.49 per share

- 2022-08: $51.65 per share

- 2022-09: $49.67 per share

- 2022-10: $54.54 per share

- 2022-11: $51.18 per share

- 2022-12: $50.65 per share

- 2023-01: $53.76 per share

- 2023-02: $53.81 per share

- 2023-03: $51.71 per share

- 2023-04: $50.79 per share

- 2023-05: $22.57 per share

- 2023-06: $29.03 per share

- 2023-07: $34.67 per share

- 2023-08: $20.09 per share

- 2023-09: $19.78 per share

- 2023-10: $16.50 per share

- 2023-11: $16.87 per share

- 2023-12: $17.19 per share

- 2024-01: $18.25 per share

- 2024-02: $20.01 per share

- 2024-03: $17.01 per share

- 2024-04: $17.64 per share

- 2024-05: $16.51 per share

- 2024-06: $16.48 per share

- 2024-07: $17.65 per share

- 2024-08: $13.27 per share

- 2024-09: $13.52 per share

- 2024-10: $12.56 per share

- 2024-11: $11.08 per share

- 2024-12: $8.67 per share

- 2025-01: $9.74 per share

- 2025-02: $10.09 per share

- 2025-03: $9.06 per share

- 2025-04: $8.65 per share

- 2025-05: $8.30 per share

- 2025-06: $8.05 per share

- 2025-07: $9.13 per share

- 2025-08: $8.47 per share

- 2025-09: $8.42 per share

- 2025-10: $8.06 per share

- 2025-11: $8.12 per share

- 2025-12: $7.55 per share

- 2026-01: $7.78 per share

- 2026-02: $8.06 per share

- 2026-03: $7.55 per share

- 2026-04: $8.27 per share

- 2026-05: $7.44 per share

- 2026-06: $7.21 per share

- 2026-07: $7.79 per share

- 2026-08: $6.80 per share

- 2026-09: $6.75 per share

- 2026-10: $6.64 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/813762/000110465926019821/tmb-20251231x10k.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.