Deep Value: cash covers more than 100% of the stock price

This company holds roughly $4.8B in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Icahn Enterprises L.P.

IEP

Oil & Gas Refining & Marketing · Energy

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Weak

Growth

Good

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

Dividends

Good

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Winston Score History

The full picture

Icahn Enterprises L.P. is a diversified holding company controlled by activist investor Carl Icahn. It owns businesses across several industries, including energy (oil refining through CVR Energy), automotive parts, real estate, and food packaging. The company's energy segment is its largest, but it also holds stakes in various other companies that Icahn has acquired through his well-known activist investing strategy.

The company makes money through the operations of its subsidiaries and through investment gains when it buys stakes in companies and pushes for changes to increase their value. It operates primarily in the United States and had a market cap of around $5 billion. Its competitive position depends heavily on Carl Icahn's personal reputation and decision-making, which is also its biggest risk — the business is unusually tied to one person. The company has faced scrutiny over its financial structure and high debt levels, and its negative operating margin signals that its underlying businesses are currently spending more than they earn.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+27.4% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

-73.3% YoY

YoY Growth Rate

Earnings declining

Insider Activity

94.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$2.7B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Icahn Enterprises L.P. grew revenue 27% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

6.4%

Thin — 6.4% gross margin

Profit after running costs

Operating Margin

-12.5%

Losing money on operations — -12.5%

Return on the money invested

ROCE

-3.9%

Weak — -3.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+10.1%

Steady sales growth (+10.1% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

0.4%

Thin free cash flow (0.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

2.98

Heavy debt load (2.98)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

26.83%

no trend

Healthy income — 26.83% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+0.0%

no trend

Dividend flat

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