Icahn Enterprises L.P. (IEP) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+93.3%

$9.97

vs $5.16 price

Levered DCF

$19.10

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.08

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-14.52×	-9.22×	-9.82×	-88.86×	-21.38×	-6.91×	-11.43×	5.04×
P/B	1.59×	1.25×	1.65×	3.44×	3×	2.64×	1.96×	0.8×
P/S	0.46×	0.4×	0.55×	1.11×	1.05×	1.68×	1.1×	0.94×
EV / EBITDA	9.89×	18.02×	86×	24.14×	36.48×	-13.75×	-25.42×	12.54×
Gross margin	8.9%	9.2%	16.3%	15.3%	19.0%	-2.9%	22.0%	11.1%
Operating margin	-0.0%	1.5%	9.2%	6.6%	8.9%	-20.8%	9.7%	-1.6%
Net margin	-3.1%	-4.3%	-5.6%	-1.2%	-4.9%	-24.3%	-9.6%	18.7%
Current ratio	4.62×	3.41×	2.19×	1.66×	1.5×	3.63×	7.5×	8.53×
Debt / equity	2.43×	2.69×	2.82×	3.03×	3.14×	2.63×	1.6×	0.57×
Interest coverage	-0.01×	0.29×	1.98×	1.67×	1.64×	-2.02×	1.8×	-0.33×
Dividend yield	6.6%	9.7%	4.7%	1.4%	1.0%	4.7%	0.9%	0.9%
Payout ratio	-98.3%	-89.7%	-45.8%	-126.3%	-22.2%	-32.5%	-10.4%	4.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-10.7%	-13.5%	-16.9%	-3.9%	-14.1%	-38.3%	-17.2%	15.8%
Return on invested capital	-0.0%	0.9%	5.6%	-10.1%	3.7%	-5.9%	4.6%	-0.8%
Return on assets	-2.1%	-2.7%	-3.2%	-0.6%	-2.2%	-6.5%	-4.4%	8.7%
Free cash flow yield	-15.1%	13.7%	52.3%	4.5%	0.1%	-5.5%	-13.9%	6.3%
Earnings yield	-6.7%	-10.8%	-10.2%	-1.1%	-4.7%	-14.5%	-8.7%	19.8%
Enterprise value	$7.5B	$8.4B	$12.9B	$26.2B	$22.1B	$19.1B	$17.4B	$14.9B
Net debt / EBITDA	4.2×	9.36×	42.22×	9.4×	15.17×	-5.67×	-7.43×	3.92×
Cash conversion cycle (days)	91	79	156	213	205	260	80	74