Icahn Enterprises L.P. Common Stock (IEP)

FairStock Score: 50/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I am a value investor who wants a business earning good returns on capital and selling below intrinsic worth. Icahn Enterprises is a diversified holding company, not a simple refiner. In fiscal Q2 2026, the quarter ended 2026-06-30, it reported revenue of $3.0 billion and a net loss of $355 million. For fiscal 2025, revenue was $9.7 billion with a net loss of $299 million; fiscal 2024 revenue was $10.0 billion and net loss $445 million; fiscal 2023 revenue was $10.9 billion and net loss $684 million. The Lynch category is none, because it lost money in each of the last four years. That pattern matters more than any single quarter. FairStock's calculations at the 2026-10-13 close show P/B of 2.63, ROE of -17.81%, ROCE of -0.46%, debt-to-equity of 3.19, Altman Z-score of 1.01, and free cash flow of negative $244 million, a -5.1% FCF yield. A 28.69% dividend yield cannot be trusted unless earnings and cash flow cover it; here they do not. Revenue growth of 40.65% is encouraging, but profit growth of -115.15% shows it is not converting into owner earnings. The energy refining segment is cyclical and commodity-like, while the investment segment depends on proprietary portfolio results. I see no durable moat. The balance sheet is levered and the Altman score suggests financial stress. At $6.71, with negative earnings and returns on capital, the price looks speculative rather than a Graham-style bargain. I would watch for several quarters of positive free cash flow and debt reduction before calling it cheap.

In plain English: It owns a mix of businesses, including energy refining plus investment, automotive, packaging, real estate, and other operations. The business looks weak: it has lost money in each of the last four years, has negative cash flow, and carries a lot of debt. At $6.71, the price does not look cheap compared with its current losses and accounting value, even though the stock is near its 52-week low.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer