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Icahn Enterprises L.p. key statistics and ratios

In fiscal 2025, Icahn Enterprises L.p. had a net margin of -3.1%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Net margin3.0%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 margin1.6%−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%
Return on equity3.6%3.9%21.6%9.4%19.1%−6.5%−25.3%−36.7%67.6%25.4%————————
Return on assets—0.9%3.2%1.6%3.6%−1.1%−3.3%−3.2%7.5%5.4%−4.6%−6.7%−2.0%−0.7%−2.8%−2.4%−2.0%−3.9%
Asset turnover—0.430.520.620.720.570.420.210.390.430.370.250.430.510.450.540.630.78
Debt to equity0.0%204.5%172.4%211.5%152.6%212.9%315.9%516.2%144.4%111.7%————————
Effective tax rate—1.2%1.9%−11.9%−5.1%———−28.5%−6.3%————————
SG&A as % of revenue11.8%11.0%10.3%8.1%6.9%8.5%12.5%13.6%10.1%11.8%15.3%19.5%10.9%8.8%7.8%7.8%8.7%7.9%
Capital spending as % of revenue2.7%4.7%4.1%5.9%5.6%7.4%8.9%3.3%2.5%2.3%2.8%3.3%2.7%2.4%2.8%2.8%3.5%3.3%
Free cash flow ÷ net income53.4%−191.5%211.7%169.4%−43.3%———−67.8%43.9%————————
Dividends ÷ net income————————3.3%6.5%————————
Dividends and buybacks ÷ free cash flow———————10.6%—14.9%————————

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

0 of 0 checks passed · June 30, 2026
  • Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Icahn Enterprises L.p.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

22 /100

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.

  • Returns on capital 0 / 20

    Net income has been a median -2.4% of total assets over 10 years.

  • Pricing power 7 / 20

    Gross margin has been a median 12.2%, moving by 2.6 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Net margin has been a median -5.0%; its worst year was -17.0%.

  • Cash conversion 4 / 20

    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).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: IEP vs MMMCODI vs IEPIEP vs MATWIEP vs LGPS

More: Industrial Conglomerates stocks compared, Industrials sector, rankings of US companies

Figures from Icahn Enterprises L.p.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Icahn Enterprises L.p.