Company Analysis

Icahn Enterprises, L.P. (IEP)

Nasdaq: IEP · Petroleum Refining · Sunny Isles Beach, FL · filing with the SEC since 1994
Grade3.3
◀ Past 1.8● Present 2.9▶ Future 6.4
2 est.

The grade of Icahn Enterprises, L.P.

Nine metrics read from its own filings, by tense
Headline grade
3.3/10
◀ Past1.840% of the headline
● Present2.935% of the headline
▶ Future6.425% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

1.8/1040% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed
2.2/10

Has it survived what it has been through?

2 warning events since 2017; the latest 2020-01-02.

weight 45% of this tense · 22nd percentile among 18 sector filers · read for itself

From the record

Icahn Enterprises, L.P.'s filings since 2017 show 2 warning events: a debt default or acceleration notice (8-K item 2.04, 2 times, the latest 2020-01-02) (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed
1.7/10

What has it actually done, year after year?

+3% a year over 10 filed years; profitable in 2 of 10.

weight 33% of this tense · 17th percentile among 17 sector filers · read for its customers

From the record

Icahn Enterprises, L.P.'s 10 filed years say what it did: revenue went from $7.4 billion in fiscal 2016 to $9.7 billion in fiscal 2025, up 3% a year; it rose in 3 of 9 years; the deepest fall was 51% from fiscal 2017 to fiscal 2020; net income was positive in 2 of 10 of those years (its annual reports).

What it rests on

  • revenue growth over the filed span3.0%bottom 26% of its family
  • the share of years revenue rosebottom 18% of its family
  • the share of filed years with a profitbottom 9% of its family
  • the deepest fall from a revenue peak51.5%bottom 15% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate
1.2/10

How has it treated the people who own it?

SI estimate 1.2/10, confidence 35 of 100 (one part).

weight 22% of this tense · 12th percentile among 17 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate
Read from one part only, the cash returned against operating cash flow, which ranks in the bottom 12% of 17 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read
Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned
one part: cash returned against operating cash flow, the one part on file, ranked among 17 in its family.
Confidence
35 of 100
What would change it
A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Icahn Enterprises, L.P.'s shareholder treatment is put at 1.2 of 10 with a confidence of 35 of 100, because read from one part only, the cash returned against operating cash flow, which ranks in the bottom 12% of 17 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

2.9/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

SI estimate
4.9/10

Is it financially healthy right now?

SI estimate 4.9/10, confidence 20 of 100 (family median).

weight 45% of this tense · 50th percentile among 15 sector filers · read for itself

SI estimate Inferred, not read as filed

Why it is an estimate
The newest annual statements on file are more than two years old, so the desk assumes the typical reading of its industry family, the median of 15 members with one.
What the record cannot read
The newest annual statements on file are more than two years old.
How it was reasoned
family median, 15 readings behind it.
Confidence
20 of 100
What would change it
Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: Icahn Enterprises, L.P.'s financial health is put at 4.9 of 10 with a confidence of 20 of 100, because the newest annual statements on file are more than two years old, so the desk assumes the typical reading of its industry family, the median of 15 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

Industry position

as filed
1.5/10

How strong is its position in its industry?

bottom 15% of 17 in its family; net margin -3.1%.

weight 33% of this tense · 15th percentile among 17 sector filers · read for its customers

From the record

Icahn Enterprises, L.P.'s standing among 17 graded names in its industry family: revenue of $9.7 billion in fiscal 2025 ranks in the bottom 17% by size; a net margin of -3.1% ranks in the bottom 9%; revenue growth of -12% a year over the last 3 filed years ranks in the bottom 21% (its annual reports).

What it rests on

  • revenue against the family$9.66Bbottom 17% of its family
  • net margin-3.1%bottom 9% of its family
  • three-year revenue growth-12.0%bottom 21% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

as filed
0.8/10

What are the people in charge doing?

bottom 8% of 10 in its family for leadership; chief executive since 2026.

weight 22% of this tense · 8th percentile among 10 sector filers · read for its shareholders

From the record

Icahn Enterprises, L.P.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Papapostolou, Ted (President and CEO, as filed), filing under that title since 2026-08-18, 3 months (bottom 5% of its family); the 5 officers and directors filing in the last fifteen months have been on the record a median of 2.8 years (bottom 5%); 3 officer or director changes were reported on Form 8-K since 2023-11-13, against the 5 people in charge now (bottom 13%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

What it rests on

  • officer and director changes on Form 8-K, against the people in charge3 in three years among 5 peoplebottom 13% of its family
  • the median years the people in charge have filed2.8 yearsbottom 5% of its family
  • the chief executive's years on the record2 monthsbottom 5% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

▶ Future

What are they set up to do next?

6.4/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed
5.0/10

How much room does it have to grow?

top 50% of 16 in its family for room to expand.

weight 22% of this tense · 50th percentile among 16 sector filers · read for itself

From the record

Icahn Enterprises, L.P.'s room to grow, from the newest filed statements (fiscal 2025): cash of $1.4 billion against no long-term debt tagged leaves 10.2% of its assets as net cash, top 3% of its family; cash from operations less capital spending is -6.8% of revenue (bottom 3%) (its annual report).

What it rests on

  • cash less debt against assets10.2%top 3% of its family
  • cash from operations less capital spending against revenue-6.8%bottom 3% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed
4.9/10

What could actually drive growth from here?

bottom 49% of 17 in its family for growth drivers.

weight 33% of this tense · 49th percentile among 17 sector filers · read for its customers

From the record

Icahn Enterprises, L.P.'s growth drivers, from the filed years to fiscal 2025: revenue grew -12% a year over the last three filed years against 3% over all 10, slowing (top 44% of its family); the newest year grew -3.6% (top 38%); capital spending grew 0.3% a year (bottom 29%) (its annual reports). Icahn Enterprises, L.P. reported 8 lines of business in fiscal 2025: Energy at $7.2 billion (74%), Automotive at $1.4 billion (15%), Food Packaging at $362 million (4%), and 5 more; 1 of 7 grew against the year before (its annual report).

What it rests on

  • three-year growth against the whole span-15.1 points a yeartop 44% of its family
  • the newest year's revenue growth-3.6%top 38% of its family
  • three-year growth of capital spending0.3%bottom 29% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed
8.2/10

Did its newest year beat what its own record pointed to?

top 18% of 16 in its family for expectations against reality.

weight 45% of this tense · 82nd percentile among 16 sector filers · read for its shareholders

From the record

Icahn Enterprises, L.P.'s newest year against its own record: revenue of $9.7 billion in fiscal 2025 came in 14.7% above the $8.4 billion its prior three years' pace pointed to (top 28% of its family); net income of $299 million against a prior three-year average of $437 million (top 16%); a net margin of -3.1% against -4% before (top 9%) (its annual reports).

What it rests on

  • revenue against the prior three years' pace14.7%top 28% of its family
  • net income against the prior three years' average+32%top 16% of its family
  • net margin against its prior average+0.9 pointstop 9% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton IEP · research, not advice