IEP
IndustrialsIcahn Enterprises L.P. · Conglomerates · $5B
What is Icahn Enterprises L.P.?
Icahn Enterprises L.P. is a diversified holding company controlled by activist investor Carl Icahn, operating across a wide range of industries in the United States and internationally. Its structure spans everything from energy refining to home fashion retail.
Icahn Enterprises generates revenue through a collection of operating subsidiaries and a proprietary investment fund. Its Energy segment refines transportation fuels and produces nitrogen fertilizers. The Automotive segment distributes parts and provides repair services. Other segments cover food packaging casings for processed meats, real estate rentals and home construction, home fashion consumer goods, and pharmaceutical products and services. The Investment segment deploys the partnership's own capital through private funds.
Incorporated in 1987 and headquartered in Sunny Isles Beach, Florida.
- Transportation fuel refining and nitrogen fertilizer production
- Automotive parts distribution and repair services
- Cellulosic and fibrous food packaging casings
- Real estate rentals, homebuilding, and hospitality operations
- Proprietary capital investment through private funds
Is IEP a Good Stock to Buy?
UQS Score rates IEP as Below Average overall.
The Valuation pillar stands out as Attractive relative to peers, suggesting the market may be pricing in significant pessimism. The Growth pillar registers as Neutral, meaning the business is not in outright decline across all segments.
Quality, Moat, and Risk all score as Weak — the three pillars that typically underpin durable long-term returns. The conglomerate structure makes consistent earnings power difficult to assess, and the Risk profile reflects meaningful balance-sheet and operational concerns.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does IEP pay dividends?
Yes — Icahn Enterprises L.P. pays a dividend.
Icahn Enterprises pays a regular distribution to unitholders, which has historically been a central part of its appeal as a master limited partnership. However, given the Weak Quality and Risk pillar ratings, investors should weigh whether the distribution is supported by durable cash generation. The full dividend sustainability analysis is available to Pro members.
When does IEP report earnings?
Icahn Enterprises reports earnings on a quarterly cadence, typical for US-listed partnerships.
Given the conglomerate's breadth of segments, quarterly results can vary significantly depending on commodity prices in Energy, automotive demand cycles, and investment fund performance. No single segment consistently dominates the top line.
For the most recent quarter's results, visit Icahn Enterprises' investor relations page directly.
IEP Price History
-64.5% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Icahn Enterprises L.P.?
Based on Icahn Enterprises L.P.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
IEP Long-term Outlook
The fundamental outlook for IEP is mixed. A Neutral Growth pillar suggests the business is not in freefall, but the Weak Quality and Risk pillars indicate structural headwinds that could limit upside. The Attractive Valuation label reflects a discounted market price, though a discount alone does not guarantee improvement in underlying business performance.
Growth drivers
- Potential recovery in energy margins and fertilizer demand
- Activist-driven value creation within portfolio companies
- Real estate and hospitality segment stabilization
Key risks
- Concentrated governance risk tied to a single controlling figure
- Weak balance-sheet profile flagged by the Risk pillar
- Conglomerate discount limiting re-rating potential despite Attractive Valuation
IEP vs Peers
IEP operates in a diversified industrials space alongside other multi-segment companies, though each competitor has a distinct business mix.
Seaboard focuses primarily on pork processing and ocean shipping, offering a more concentrated revenue profile than IEP's sprawling conglomerate structure.
MDU combines regulated utility operations with construction services, giving it more predictable cash flows compared to IEP's investment-driven model.
Griffon operates in home and building products with a tighter segment focus, contrasting with IEP's exposure across energy, automotive, real estate, and more.
Frequently Asked Questions
What does Icahn Enterprises do?
Icahn Enterprises is a diversified holding company that operates across energy refining, automotive parts distribution, food packaging, real estate, home fashion, pharmaceuticals, and a proprietary investment fund. Revenue comes from a broad mix of operating subsidiaries rather than a single core business.
Does IEP pay dividends?
Yes, Icahn Enterprises pays a regular distribution to unitholders as a master limited partnership. The sustainability of that distribution is a key question given the Weak Quality and Risk pillar ratings — Pro members can access the full analysis.
When does IEP report earnings?
Icahn Enterprises reports on a quarterly cadence, standard for US-listed entities. Because results span many segments — from energy to real estate — quarterly swings can be significant. Check the company's investor relations page for the latest schedule.
Is IEP a good stock to buy?
UQS Score rates IEP as Below Average, driven by Weak Quality, Moat, and Risk pillars. The Valuation pillar is Attractive, which may interest contrarian investors, but a low price alone does not offset structural concerns. The complete analysis is available to Pro members.
Is IEP overvalued?
The UQS Valuation pillar rates IEP as Attractive, suggesting the market has priced in considerable risk. Whether that discount is an opportunity or a warning depends heavily on the Quality and Risk pillars — both of which are currently rated Weak.
How does IEP compare to its competitors?
Compared to peers like Seaboard, MDU Resources, and Griffon Corporation, IEP has a far broader and more complex operating structure. That breadth can dilute returns and makes consistent quality harder to achieve, which is reflected in the Below Average overall UQS Score.
What is IEP's market cap bracket?
Icahn Enterprises is classified as a mid-cap company. Despite the scale of its operations across multiple industries, its market valuation places it in the mid-cap range rather than large- or mega-cap territory.
Who founded Icahn Enterprises?
Icahn Enterprises is associated with Carl Icahn, one of the most prominent activist investors in US history. The partnership was incorporated in 1987 and has been shaped by Icahn's investment philosophy of acquiring and restructuring undervalued businesses.
Is IEP a long-term quality investment?
As a long-term quality indicator, IEP's Below Average UQS Score — with Weak readings across Quality, Moat, and Risk — suggests the business lacks the durable competitive advantages typically associated with compounding long-term returns. The Neutral Growth pillar provides some offset but is not sufficient on its own.
What is the main competitive advantage of Icahn Enterprises?
IEP's primary differentiator is its access to Carl Icahn's activist investment strategy and the ability to acquire distressed or undervalued businesses. However, the UQS Moat pillar rates this advantage as Weak, indicating it has not translated into a durable structural edge at the portfolio level.
What sector does IEP belong to?
Icahn Enterprises is classified under the Industrials sector, though its operations span energy, automotive, food packaging, real estate, home fashion, and pharmaceuticals. This makes it one of the more diversified entities within the sector.
Is IEP a growth stock or value stock?
Based on UQS pillar labels, IEP leans toward value territory — the Valuation pillar is Attractive while Growth is only Neutral. It does not exhibit the high-growth characteristics of a growth stock, and the Weak Quality profile complicates a straightforward value thesis.
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Pro Analysis
IEP — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 18, 2026 | 29.6 | 3.3 | 15.0 | 50.3 | 23.5 | 76.2 | -3.0 |
| May 10, 2026 | 32.6 | 0.0 | 15.0 | 50.3 | 36.9 | 88.3 | 0.0 |
| May 8, 2026 | 32.6 | 0.0 | 15.0 | 50.3 | 36.9 | 88.5 | -0.6 |
| May 7, 2026 | 33.2 | 7.9 | 15.0 | 50.3 | 28.0 | 87.9 | +0.3 |
| May 3, 2026 | 32.9 | 7.9 | 15.0 | 50.3 | 28.0 | 86.3 | -0.2 |
| Apr 26, 2026 | 33.1 | 7.9 | 15.0 | 50.3 | 28.0 | 87.1 | -0.2 |
| Apr 23, 2026 | 33.3 | 7.9 | 15.0 | 50.3 | 28.0 | 88.7 | 0.0 |
| Apr 19, 2026 | 33.3 | 7.9 | 15.0 | 50.3 | 28.0 | 88.9 | -0.1 |
| Apr 18, 2026 | 33.4 | 7.9 | 15.0 | 50.3 | 28.0 | 89.1 | -0.2 |
| Apr 12, 2026 | 33.6 | 7.9 | 15.0 | 50.3 | 28.0 | 90.5 | +0.1 |
IEP — Pillar Breakdown
Quality
— 3.3/100 (25%)Icahn Enterprises L.P. currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 50.3/100 (20%)Icahn Enterprises L.P. shows steady but unspectacular growth, typical for mature companies.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Analyst consensus for future earnings growth.
Risk
— 23.5/100 (15%)Icahn Enterprises L.P. presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 79.3/100 (15%)Icahn Enterprises L.P. appears attractively valued relative to its earnings, cash flows, and sector peers.
Inverse of forward P/E — higher yield means cheaper stock.
P/E relative to earnings growth — lower is more attractive.
Enterprise value multiple relative to sector median.
Moat
— 15/100 (25%)Icahn Enterprises L.P. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for IEP.
Score Composition
Financial Data
More Stock Analysis
How is the IEP UQS Score Calculated?
The UQS (Unified Quality Score) for Icahn Enterprises L.P. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Icahn Enterprises L.P.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Icahn Enterprises L.P. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.