Latest Ratios: P/E Ratio -14.1x · EV/EBITDA 13.5x · ROE -7.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.9B | $4.3B | $4.0B | $6.6B | $16.0B | $12.9B | $11.2B | $12.3B | $10.3B | $8.5B | $8.3B |
| Enterprise Value | $8.1B | $7.5B | $8.4B | $12.9B | $26.2B | $22.1B | $19.1B | $17.4B | $14.9B | $18.0B | $17.5B |
| P/E Ratio → | -14.06 | — | — | — | — | — | — | — | 5.04 | 3.58 | — |
| P/S Ratio | 0.52 | 0.46 | 0.40 | 0.55 | 1.11 | 1.05 | 1.68 | 1.10 | 0.94 | 0.81 | 0.51 |
| P/B Ratio | 1.23 | 1.27 | 0.87 | 1.08 | 1.67 | 1.38 | 1.21 | 1.12 | 0.53 | 0.48 | 0.59 |
| P/FCF | — | — | 7.32 | 1.91 | 22.32 | 805.84 | — | — | 15.98 | — | 9.96 |
| P/OCF | — | — | 4.86 | 1.76 | 15.17 | 40.17 | — | — | 11.23 | — | 4.99 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.80 | 0.83 | 1.08 | 1.82 | 1.80 | 2.86 | 1.55 | 1.37 | 1.72 | 1.08 |
| EV / EBITDA | 13.52 | 12.56 | 12.69 | 7.99 | 17.97 | 13.72 | — | 11.27 | 54.74 | 20.00 | 57.13 |
| EV / EBIT | — | 47.41 | — | — | 45.43 | 250.80 | — | — | 20.01 | 7.26 | — |
| EV / FCF | — | — | 15.24 | 3.76 | 36.56 | 1379.40 | — | — | 23.24 | — | 21.16 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 8.9% | 8.9% | 9.2% | 16.3% | 15.3% | 19.0% | -2.9% | 22.0% | 11.1% | 16.2% | 10.1% |
| Operating Margin | -0.0% | -0.0% | 1.5% | 9.2% | 6.6% | 8.9% | -20.8% | 9.7% | -1.6% | 4.1% | -4.3% |
| Net Profit Margin | -3.1% | -3.1% | -4.3% | -5.6% | -1.2% | -4.9% | -24.3% | -9.6% | 18.7% | 22.7% | -6.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -7.3% | -7.3% | -8.2% | -8.6% | -1.9% | -6.5% | -16.0% | -7.1% | 11.0% | 15.1% | -7.4% |
| ROA | -1.9% | -1.9% | -2.3% | -2.7% | -0.6% | -2.3% | -6.5% | -4.5% | 7.4% | 7.3% | -3.2% |
| ROIC | -0.0% | -0.0% | 1.1% | 5.1% | 3.7% | 4.6% | -6.3% | 4.1% | -0.5% | 1.3% | -2.1% |
| ROCE | -0.0% | -0.0% | 1.0% | 6.3% | 4.9% | 5.5% | -6.6% | 5.0% | -0.7% | 1.7% | -2.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.93 | 1.93 | 1.89 | 1.85 | 1.47 | 1.45 | 1.20 | 0.92 | 0.38 | 0.63 | 0.80 |
| Debt / EBITDA | 11.03 | 11.03 | 13.14 | 6.94 | 9.65 | 8.40 | — | 6.50 | 26.84 | 12.40 | 36.22 |
| Net Debt / Equity | — | 0.93 | 0.95 | 1.04 | 1.07 | 0.98 | 0.85 | 0.46 | 0.24 | 0.54 | 0.67 |
| Net Debt / EBITDA | 5.33 | 5.33 | 6.60 | 3.92 | 7.00 | 5.70 | — | 3.30 | 17.11 | 10.54 | 30.25 |
| Debt / FCF | — | — | 7.92 | 1.84 | 14.24 | 573.56 | — | — | 7.26 | — | 11.20 |
| Interest Coverage | 0.32 | 0.32 | -0.08 | -0.66 | 1.02 | 0.13 | -2.76 | -1.87 | 1.43 | 3.79 | -1.49 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.62 | 4.62 | 3.41 | 2.19 | 1.66 | 1.50 | 3.63 | 7.50 | 8.53 | 3.79 | 1.80 |
| Quick Ratio | 4.17 | 4.17 | 3.04 | 2.00 | 1.48 | 1.31 | 3.31 | 6.75 | 7.63 | 3.12 | 1.51 |
| Cash Ratio | 3.01 | 3.01 | 2.17 | 1.10 | 0.58 | 0.55 | 2.50 | 6.19 | 5.54 | 2.48 | 1.14 |
| Asset Turnover | — | 0.66 | 0.62 | 0.57 | 0.52 | 0.44 | 0.27 | 0.46 | 0.47 | 0.33 | 0.49 |
| Inventory Turnover | 10.15 | 10.15 | 10.30 | 9.53 | 7.98 | 6.74 | 4.34 | 4.83 | 5.44 | 2.69 | 4.88 |
| Days Sales Outstanding | — | 84.47 | 75.48 | 148.52 | 193.68 | 180.41 | 215.68 | 43.38 | 38.14 | 34.11 | 69.59 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.9% | 6.6% | 9.7% | 4.7% | 1.4% | 1.0% | 4.7% | 0.9% | 0.9% | 0.9% | 1.2% |
| Payout Ratio | — | — | — | — | — | — | — | — | 4.8% | 3.4% | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | 19.8% | 27.9% | — |
| FCF Yield | — | — | 13.7% | 52.3% | 4.5% | 0.1% | — | — | 6.3% | — | 10.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% |
| Total Shareholder Yield | 6.9% | 6.6% | 9.7% | 4.7% | 1.4% | 1.0% | 4.7% | 0.9% | 0.9% | 0.9% | 2.1% |
| Shares Outstanding | — | $575M | $466M | $382M | $316M | $260M | $221M | $200M | $180M | $161M | $138M |
Leverage and Asset Volatility
According to recent market data, IEP trades at a P/S ratio of 0.51, yet the negative TTM P/E of -13.85 suggests that investors are pricing the entity based on historical distribution yields rather than the underlying earnings power of its diverse industrial and investment segments.
The valuation appears to be heavily influenced by the 'Icahn premium' and historical payout expectations, which may be increasingly decoupled from the partnership's actual operational performance. Investors should monitor whether the current EV/EBITDA of 13.39 remains sustainable given the persistent volatility in the investment segment and the structural headwinds facing the energy and automotive units.
Based on reported figures, IEP's ROIC has struggled to maintain positive territory, fluctuating from a peak of 4.9% in 2025Q3 to a negative 3.0% in 2025Q1, indicating that the partnership is failing to consistently compound capital across its seven distinct business segments.
The inability to generate a stable return on invested capital suggests that the activist strategy may be encountering diminishing returns or that the capital-intensive nature of the industrial subsidiaries is dragging down overall performance. This trend warrants further investigation into whether the partnership's capital allocation process is effectively prioritizing high-return opportunities over legacy asset maintenance.
As reported in financial statements, the cash conversion cycle has shown extreme volatility, peaking at 206 days in 2024Q1 before moderating, which highlights significant inefficiencies in managing inventory and receivables across the partnership's disparate industrial and retail automotive operations.
The wide swings in DSO and DIO suggest that the partnership lacks a unified working capital strategy, leaving it vulnerable to liquidity shocks during periods of economic contraction. This operational friction appears to be a structural issue rather than a temporary anomaly, potentially limiting the cash available for new activist interventions.
Based on recent SEC filings, the debt-to-equity ratio has climbed to 2.72 as of 2026Q1, a concerning trend that indicates the partnership is increasing its reliance on leverage even as its total asset base has materially shrunk over the last ten quarters.
This rising leverage profile suggests that the partnership may be using debt to bridge the gap between declining operational cash flows and its distribution obligations. Investors should monitor the interest coverage ratio closely, as the current volatility in earnings may jeopardize the partnership's ability to service its debt without further asset liquidations.
The most commonly misapplied metric for IEP is the dividend yield, which obscures the partnership's underlying cash flow instability and the potential for capital erosion inherent in its current activist-industrial hybrid business model.
Relying on yield as a proxy for value is dangerous here because it ignores the fact that distributions may be funded by debt or asset sales rather than organic earnings. Analysts should instead focus on the sustainability of free cash flow relative to debt service requirements to better assess the true risk profile of the partnership.
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying IEP stock.
Icahn Enterprises L.P.'s current P/E ratio is -14.1x. The historical average is 18.9x.
Icahn Enterprises L.P.'s current EV/EBITDA is 13.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.1x.
Icahn Enterprises L.P.'s return on equity (ROE) is -7.3%. The historical average is 3.6%.
Based on historical data, Icahn Enterprises L.P. is trading at a P/E of -14.1x. Compare with industry peers and growth rates for a complete picture.
Icahn Enterprises L.P.'s current dividend yield is 6.85%.
Icahn Enterprises L.P. has 8.9% gross margin and -0.0% operating margin.
Icahn Enterprises L.P.'s Debt/EBITDA ratio is 11.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.