Icahn Enterprises L.P. (IEP) intrinsic value & 10-year financials
Icahn Enterprises L.P. (IEP) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 5.7% a year to $9.7B, with an average return on invested capital of 4.0%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $6.65
- Revenue (FY2025)
- $9.7B
- Revenue growth (10-yr CAGR)
- -5.7%
- ROIC (10-yr avg)
- 4.0%
- Free cash flow (FY2025)
- -$654.0M
IEP 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $9.7B | -$299.0M | — | -$654.0M | — | — |
| FY2024 | $10.0B | -$445.0M | — | $552.0M | — | — |
| FY2023 | $10.8B | -$684.0M | — | $3.4B | — | — |
| FY2022 | $14.1B | -$183.0M | — | $717.0M | — | — |
| FY2021 | $11.3B | -$518.0M | — | $16.0M | — | — |
| FY2020 | $6.1B | -$1.7B | — | -$615.0M | — | — |
| FY2019 | $9.0B | -$1.1B | — | -$1.7B | — | -9.8% |
| FY2018 | $11.8B | $1.5B | — | $643.0M | — | 13.7% |
| FY2017 | $21.7B | $2.4B | — | -$2.4B | — | 21.9% |
| FY2016 | $16.3B | -$1.1B | — | $829.0M | — | -9.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ICAHN ENTERPRISES L.P. is facing top-line stagnation, with revenue contracting over the decade.
ICAHN ENTERPRISES L.P. has historically struggled to out-earn its cost of capital, averaging just 4.0% ROIC.
ICAHN ENTERPRISES L.P. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ICAHN ENTERPRISES L.P. is modeled at -5.7% normalized earnings growth with a 5.1% bond-yield adjustment.