Icahn Enterprises L.p. is a US-listed company in the industrial conglomerates industry. Its financial year ends in December.
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Under review: share count (127m) is 0.18x the cover-page count (711m).
Under review: share count (127m) is 0.18x the cover-page count (711m). We'll show the comparison once resolved.
Icahn Enterprises L.p. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $10.6bn, up 10.6% on a year earlier, faster than the 6.2% growth a quarter earlier. Free-cash-flow margin fell to -2.3% from -0.5% a year earlier.
Our model value for Icahn Enterprises is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Icahn Enterprises L.p.'s trailing-twelve-month revenue grew 10.6% year on year, with a free-cash-flow margin of -2.3%. Where it stands out: revenue growth of 10.6% ranks 1 of 5 industrial conglomerates companies we cover.
Our discounted-cash-flow model values the business at ~$13 per share in the base case (~$8.2–$20 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 419.1% while net income grew 20.7%: a 440pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
Our value per share comes from a discounted-cash-flow model of Icahn Enterprises L.p.'s free cash flow after stock-based pay ( $808M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
We value Icahn Enterprises L.p. as an operating company, with every model that fits that kind of business. Cost of equity 8.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.83 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. | ~$13 ~$8.2–$20 | Primary model, counts double |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Icahn Enterprises L.p. with Industrial Conglomerates in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2015 |
|---|---|
| Share price | $11.22 |
| Market value | $1.4bn |
| + Net debt (− = net cash) | $10.5bn |
| Enterprise value | $11.9bn |
| Multiples | |
| Price / sales | 0.1x |
| Price / earnings | — |
| Price / free cash flow | — |
| EV / EBITDA | — |
Weak moat
How hard Icahn Enterprises's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -2.4% of total assets over 10 years.
Gross margin has been a median 12.2%, moving by 2.6 percentage points (standard deviation) across 9 years.
Net margin has been a median -5.0%; its worst year was -17.0%.
Free cash flow was positive in 4 of 10 years, at a median -1.4% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (27 before it).
Next results: November 4, 2026, before the open.
No analyst estimates are published for Icahn Enterprises L.p.: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Mar 2026 | $0.10 | −$0.71 | −810.0% |
| Dec 2025 | $0.17 | $0.00 | −100.0% |
| Sept 2025 | $0.14 | $0.49 | +250.0% |
| Jun 2025 | $0.14 | −$0.30 | −314.3% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −17.4%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $9.6bn | $10.6bn | +10.6% |
| P/S multiple | 0.1x | 0.1x | −25.3% |
| Share count | 122m | 122m | 0.0% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
Last 3 years −47.8%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $11.8bn | $10.6bn | −10.4% |
| P/S multiple | 0.1x | 0.1x | −41.8% |
| Share count | 122m | 122m | 0.0% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| IEP | +13% | +19% | −59% | −38% | +8% | −17% |
| Industry peers (median) | +15% | −15% | +14% | +8% | −2% | +13% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| IEP | 50% | 58% | 50% | 42% | 42% | 36% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| IEP | −20% | −10% | −66% | −50% | −21% | −30% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 79% from April 17, 2023 to November 2, 2026. Getting back needed a 369% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 5, 2026 | −1.3% | −0.4% | −3.0% | −3.7% |
| May 6, 2026 | −4.2% | +1.1% | −3.8% | −5.3% |
| February 25, 2026 | +4.8% | +0.3% | +5.8% | +5.5% |
| November 5, 2025 | +12.8% | −0.7% | +11.0% | +3.3% |
| August 4, 2025 | +1.3% | +1.0% | +3.5% | −1.1% |
| May 7, 2025 | −2.1% | +1.1% | +9.7% | +2.0% |
| February 26, 2025 | −1.9% | −1.5% | −4.2% | −4.6% |
| November 8, 2024 | −0.2% | +0.5% | −3.2% | −18.4% |
| August 7, 2024 | −5.0% | +1.6% | +0.7% | −33.0% |
| May 8, 2024 | +5.0% | +0.6% | +6.0% | +2.9% |
| February 28, 2024 | +3.6% | +0.2% | +1.8% | −7.3% |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $11.4B |
| FY23 Q4 | $10.9B |
| FY24 Q1 | $10.7B |
| FY24 Q2 | $10.4B |
| FY24 Q3 | $10.2B |
| FY24 Q4 | $10B |
| FY25 Q1 | $9.4B |
| FY25 Q2 | $9.6B |
| FY25 Q3 | $9.5B |
| FY25 Q4 | $9.7B |
| FY26 Q1 | $10B |
| FY26 Q2 | $10.6B |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -14.1% |
| FY23 Q4 | -23.0% |
| FY24 Q1 | -16.0% |
| FY24 Q2 | -12.3% |
| FY24 Q3 | -11.2% |
| FY24 Q4 | -8.4% |
| FY25 Q1 | -12.3% |
| FY25 Q2 | -7.6% |
| FY25 Q3 | -6.3% |
| FY25 Q4 | -3.6% |
| FY26 Q1 | 6.2% |
| FY26 Q2 | 10.6% |
Source: SEC EDGAR filings. Retrieved October 26, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 9.2% |
| FY23 Q4 | 31.4% |
| FY24 Q1 | 27.1% |
| FY24 Q2 | 20.0% |
| FY24 Q3 | 4.0% |
| FY24 Q4 | 5.5% |
| FY25 Q1 | 6.4% |
| FY25 Q2 | -0.5% |
| FY25 Q3 | -0.0% |
| FY25 Q4 | -6.8% |
| FY26 Q1 | -1.0% |
| FY26 Q2 | -2.3% |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||||||||||
| Revenue | 8.5 | 9.1 | 12.0 | 15.8 | 20.7 | 19.2 | 15.3 | 7.4 | 12.6 | 11.8 | 9.0 | 6.1 | 11.3 | 14.2 | 10.9 | 10.0 | 9.7 | 10.6 |
| Net income | 0.3 | 0.2 | 0.8 | 0.4 | 1.0 | −0.4 | −1.2 | −1.1 | 2.5 | 1.5 | −1.1 | −1.7 | −0.5 | −0.2 | −0.7 | −0.4 | −0.3 | −0.5 |
| Growth (year on year) | ||||||||||||||||||
| Revenue | — | +6.2% | +32.5% | +31.4% | +30.9% | −7.4% | −20.3% | −51.7% | +71.0% | −6.7% | −23.6% | −31.9% | +85.2% | +25.2% | −23.0% | −8.4% | −3.6% | +10.6% |
| Net income | — | −21.3% | +276.9% | −47.2% | +158.8% | −136.4% | — | — | — | −39.6% | −174.1% | — | — | — | — | — | — | — |
| Margins | ||||||||||||||||||
| Net margin | 3.0% | 2.2% | 6.2% | 2.5% | 5.0% | −1.9% | −7.8% | −15.3% | 19.4% | 12.6% | −12.2% | −27.0% | −4.6% | −1.3% | −6.3% | −4.4% | −3.1% | −5.0% |
| Free-cash-flow margin | 1.6% | −4.2% | 13.2% | 4.2% | −2.1% | −9.4% | −4.0% | 13.2% | −13.2% | 5.5% | −19.0% | −10.0% | 0.1% | 5.1% | 31.4% | 5.5% | −6.8% | −2.3% |
| Cash flow | ||||||||||||||||||
| Cash from operations | 0.4 | 0.0 | 2.1 | 1.6 | 0.7 | −0.4 | 0.7 | 1.2 | −1.3 | 0.9 | −1.5 | −0.4 | 0.3 | 1.1 | 3.7 | 0.8 | −0.3 | 0.1 |
| Capital spending | 0.2 | 0.4 | 0.5 | 0.9 | 1.2 | 1.4 | 1.4 | 0.2 | 0.3 | 0.3 | 0.3 | 0.2 | 0.3 | 0.3 | 0.3 | 0.3 | 0.3 | 0.4 |
| Free cash flow | 0.1 | −0.4 | 1.6 | 0.7 | −0.4 | −1.8 | −0.6 | 1.0 | −1.7 | 0.7 | −1.7 | −0.6 | 0.0 | 0.7 | 3.4 | 0.6 | −0.7 | −0.2 |
| Balance sheet | ||||||||||||||||||
| Cash | 2.3 | 3.0 | 2.3 | 3.1 | 3.3 | 2.9 | 2.1 | 1.8 | 1.2 | 2.7 | 3.8 | 1.7 | 2.3 | 2.3 | 3.0 | 2.6 | 1.5 | 1.2 |
| Total debt | 0.0 | 6.5 | 6.5 | 9.9 | 9.3 | 11.6 | 12.6 | 11.1 | 7.4 | 7.3 | 8.2 | 8.1 | 7.7 | 7.1 | 7.2 | 6.8 | 6.6 | 6.4 |
| Net debt (negative = net cash) | −2.3 | 3.5 | 4.1 | 6.8 | 6.0 | 8.7 | 10.5 | 9.3 | 6.2 | 4.7 | 4.4 | 6.4 | 5.4 | 4.8 | 4.3 | 4.2 | 5.2 | 5.2 |
| Diluted shares | 80m | 87m | 93m | 102m | 111m | 119m | 126m | — | — | — | — | — | — | — | — | — | — | — |
| Returned to shareholders | ||||||||||||||||||
| Dividends | — | — | — | — | — | — | — | 0.1 | 0.1 | 0.1 | 0.1 | 0.5 | — | — | — | — | — | — |
| Total returned | — | — | — | — | — | — | — | 0.1 | 0.1 | 0.1 | 0.1 | 0.5 | — | — | — | — | — | — |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 2,791 | 2,558 | 1,867 | 2,369 | 2,725 | 2,697 | 2,206 | 2,975 |
| Net income | 22 | −98 | −422 | −165 | 287 | 1 | −459 | −355 |
| Growth (year on year) | ||||||||
| Revenue | −7.3% | −5.1% | −24.4% | +7.6% | −2.4% | +5.4% | +18.2% | +25.6% |
| Margins | ||||||||
| Net margin | 0.8% | −3.8% | −22.6% | −7.0% | 10.5% | 0.0% | −20.8% | −11.9% |
| Free-cash-flow margin | −4.0% | 6.1% | −14.5% | 7.6% | −2.5% | −18.4% | 12.8% | 1.2% |
| Cash flow | ||||||||
| Cash from operations | −54 | 244 | −182 | 275 | 15 | −421 | 397 | 116 |
| Capital spending | 58 | 88 | 88 | 96 | 82 | 75 | 114 | 80 |
| Free cash flow | −112 | 156 | −270 | 179 | −67 | −496 | 283 | 36 |
| Last 12 months unless stated | IEP | MMM | CODI | MATW | LGPS | Median |
|---|---|---|---|---|---|---|
| Revenue, last 12 months | $10.6bn | $25.2bn | $1.8bn | $1.1bn | $148m | $1.8bn |
| Revenue growth, last 12 months | 10.6% | 1.7% | −4.8% | −31.8% | 8.9% | 1.7% |
| Revenue growth, 3-year average | −3.6% | 10.7% | 1.0% | −15.8% | — | −1.3% |
| Revenue growth, latest quarter | 25.6% | 1.0% | −11.4% | −29.6% | — | −5.2% |
| Gross margin | 16.8% | 39.5% | 44.6% | 36.6% | 19.8% | 36.6% |
| Operating margin | — | 18.8% | 3.5% | 6.3% | 7.1% | 6.7% |
| Operating margin, 3-year average | — | 19.1% | −1.2% | 4.0% | — | 4.0% |
| Net margin | −5.0% | 14.0% | −5.3% | −2.6% | 3.4% | −2.6% |
| Cash from operations / revenue | 1.0% | 14.4% | 6.2% | −5.3% | −9.9% | 1.0% |
| Free-cash-flow margin | −2.3% | 10.6% | 4.4% | −7.4% | −17.3% | −2.3% |
| Free-cash-flow margin, 3-year average | 5.7% | 6.7% | −4.4% | −3.2% | — | 1.3% |
| Stock pay / revenue | — | 0.8% | — | 1.6% | 0.1% | 0.8% |
| Change in share count | 9.7% | −2.6% | −0.2% | 0.8% | 9.0% | 0.8% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 10.6% | 1.7% | 1 of 5 |
| Change in growth rate Growth | +4.5pp | -2.9pp | 1 of 5 |
| Net margin Profitability | -5.0% | -2.6% | 4 of 5 |
| Free-cash-flow margin Cash generation | -2.3% | -2.3% | 3 of 5 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Line of business | Revenue | Share | YoY |
|---|---|---|---|
| Energy | $7.2B | 74.4% | ▼ 6.5% |
| Automotive | $1.4B | 14.7% | ▼ 7.6% |
| Food Packaging | $362M | 3.7% | ▼ 7.9% |
| Real Estate | $336M | 3.5% | ▲ 246.4% |
| Home Fashion | $171M | 1.8% | ▼ 0.6% |
| Pharma | $105M | 1.1% | ▼ 5.4% |
| Holding Company | $61M | 0.6% | ▼ 44.0% |
| Investment | $12M | 0.1% | — |
From Icahn Enterprises L.p.'s 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Icahn Carl C | $4.5B | 618.4M | 98.0% | ▲ 12.6% |
| Morgan Stanley | $37.9M | 5.3M | 0.8% | ▼ 7.3% |
| First Trust Advisors LP | $6.4M | 885K | 0.1% | ▲ 10.1% |
| Susquehanna International Group, LLP | $5.6M | 775K | 0.1% | ▲ 4.6% |
| Soviero Asset Management, LP | $5M | 700K | 0.1% | ▲ 55.6% |
| Geode Capital Management, LLC | $4M | 553K | 0.1% | ▼ 4.8% |
| HRT Financial LP | $3.7M | 519K | 0.1% | ▲ 225.4% |
| Group One Trading LLC | $2.9M | 408K | 0.1% | ▲ 385.1% |
| Citadel Advisors LLC | $2.5M | 352K | 0.1% | New |
| Simplex Trading, LLC | $1.8M | 253K | 0.0% | ▲ 64.4% |
| Invesco Ltd. | $1.2M | 160K | 0.0% | ▼ 1.2% |
| Jump Financial, LLC | $1.2M | 160K | 0.0% | ▼ 59.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Icahn Enterprises L.p.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around February 1, 2027 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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