Icahn Enterprises LP (IEP) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Icahn Enterprises LP stock $5.17, price $4.75, upside +8.8%, quality 29 out of 100. Rating: fairly valued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range $4.75 – $24.20 · fair‑value band $2.98 – $7.36 · the $4.75 price screens below the $5.17 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 8, 2026.
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Icahn Enterprises L.P., through its subsidiaries engages in the investment, energy, automotive, food packaging, real estate, home fashion and pharma in the United States and internationally.
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The Investment segment invests its proprietary capital through various private investment funds; and it provides investment advisory, administrative, and back-office services to the investment funds.
The Energy segment engages in refining and marketing petroleum in the form of gasoline, diesel, jet fuel, and distillates; renewable fuels business refines renewable feedstocks, such as soybean oil, corn oil, and other related renewable feedstocks into renewable diesel and markets renewable products; and nitrogen fertilizer business produces and markets nitrogen fertilizers in the form of urea ammonium nitrate and ammonia.
The Automotive segment engages in repair and maintenance of automotive; sale of installed parts or materials related to automotive services; and sale of automotive aftermarket parts and retailed merchandise.
The Food Packaging segment produces and sells cellulosic, fibrous, and plastic casings used to prepare and pack processed meat products.
The Real Estate segment consists of investment properties, including land, retail, office, and industrial properties; and development and sale of single-family homes; and the operations of a resort and two country clubs.
The Home Fashion segment manufactures, sources, markets, distributes, and sells home fashion consumer products. The Pharma segment offers pharmaceutical products and services; and develops approved therapies and product candidates.
Icahn Enterprises L.P. was incorporated in 1987 and is headquartered in Sunny Isles Beach, Florida.
Stock analysis
Icahn Enterprises LP (IEP) currently trades at $4.75, while our model-based Fair Value estimate is $5.17, so the stock looks roughly fairly valued today (gap 8.1%).
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 89/100, which puts the data coverage at low.
Scenario range: $2.98 (bear) to $7.36 (bull), the price of $4.75 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 29/100 (below-average quality), in the Energy sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Icahn Enterprises LP reported revenue of $9.4B in FY2025 versus $12.3B in FY2021, a compound −6.5%/yr. Reported net income was −$293M in FY2025.
Key figures
Market cap $3.7B Mid · P/S ratio 0.37 · EPS (TTM) $−1.49 · Net margin −9.2% · Return on equity −45.5% · Return on assets (EBIT) 2.7% (5-year average) · Operating margin 5.4% · Revenue (TTM) $11.0B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 14 out of 100 (medium confidence).
What moves the price
The share trades about 35% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Energy peers we cover trades at −46% fair-value upside, at 9%, IEP screens cheaper than that median.
Fair Value models
Bear$2.98Fair Value $5.17Bull$7.36
Price $4.75 · Upside +8.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
EV/EBITDA$3.50$6.08$8.6665
NCAV (Graham)$1.38$1.85$2.7654
All 2 models by family
Multiples
EV/EBITDA$3.50$6.08$8.6665
Asset-Based
NCAV (Graham)$1.38$1.85$2.7654
The fair value above starts from this blend and is adjusted for dilution from new shares.
In the last 6 months, no officer or director bought or sold shares on the open market.
Plus 2 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.22/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−7.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−13.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.1%
Start year 2020 (pandemic). Over 10 years: −4.6% a year
Revenue growth 39 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.3%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−20.8% (2020) → 0.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
News mood ⓘNews mood, the average tone of recent news (99 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Commoditized refining operations deliver minimal durable advantage while persistent losses and high debt constrain flexibility.
Main risk: High total debt relative to equity risks constraining operational flexibility and capital allocation in the refining business.
Carl Icahn's stake in Icahn Enterprises has risen above 87 percent, driven mainly by quarterly unit distributions instead of open-market purchases. The firm sold its Pep Boys operations in August yet still reports widening quarterly losses from its remaining businesses. Our models see it as overvalued. Will the cash from that sale fund operational fixes or merely sustain distributions at current levels?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Refining & Marketing · 115 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score29 · Bottom 25%
Fair Value upside+8.8% · Above median
Profitability
Return on assets−2.1% · Bottom 25%
Net margin (12 months)−9.2% · Bottom 25%
Operating margin (12 months)5.4% · Below median
Growth and dividend
Revenue growth (quarter YoY)26.5% · Above median
Dividend yield (12 months)37.4% · Top 25%
Balance sheet
Debt / equity2.42× · Highest 25%
Valuation Multiplesvs Oil & Gas Refining & Marketing median · lower = cheaper
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Is Icahn Enterprises LP (IEP) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of $5.17 versus a price of $4.75, about +9% upside (fairly valued).
What is the fair value of IEP?
Our model-based fair value for Icahn Enterprises LP is $5.17 (as of Nov 8, 2026), built from audited fundamentals. The current price: $4.75.
What is the quality score of IEP?
Icahn Enterprises LP has a Quality Score of 29/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Icahn Enterprises LP (IEP)?
Our model-based price target is the fair value of $5.17 (as of Nov 8, 2026) from 2 valuation models. Cautious scenario $2.98, optimistic scenario $7.36. It is a calculation from audited fundamentals, not an analyst target.
What is the Icahn Enterprises LP stock forecast for 2026?
Our models put fair value at $5.17, about +9% upside versus a price of $4.75 (fairly valued). Cautious scenario $2.98, optimistic scenario $7.36. The calculation is refreshed regularly with new filings.
What is the revenue of Icahn Enterprises LP (IEP)?
Icahn Enterprises LP reported trailing-twelve-month revenue of about $11.0B (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Icahn Enterprises LP (IEP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Icahn Enterprises LP it is $5.17 per share (as of Nov 8, 2026), against a price of $4.75. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is Icahn Enterprises LP stock overvalued or undervalued in 2026?
As of Nov 8, 2026, IEP trades below its calculated fair value: price $4.75, fair value $5.17, a gap of about +9% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IEP?
No. The price is what the market pays today ($4.75); the fair value is what the company's own numbers justify ($5.17). For Icahn Enterprises LP the two are $0.4180 per share apart. That gap is exactly why we show both numbers side by side.
How much is Icahn Enterprises LP worth?
The market values Icahn Enterprises LP at about $3.7B (market capitalisation, as of Nov 8, 2026). Per share that is $4.75; our models calculate a fair value of $5.17 per share.
What do the bullish and bearish scenarios say about IEP?
Our models span a range for Icahn Enterprises LP: cautious scenario $2.98, base $5.17, optimistic $7.36 per share (as of Nov 8, 2026, price $4.75). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of IEP?
The PEG ratio of Icahn Enterprises LP is 1.15 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Icahn Enterprises LP (IEP)?
Balance-sheet figures for Icahn Enterprises LP (as of Nov 8, 2026): return on equity −45.5%, debt of 2.42 per unit of equity. They feed the Quality Score of 29/100, which measures business quality independently of the share price.
How far is IEP from its 52-week high?
Icahn Enterprises LP trades at $4.75, about 35% below its 52-week high of $7.32 and at the low of $4.75 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $5.17 is for.
Which stocks are comparable to Icahn Enterprises LP?
From the same area (Energy) we also value Reliance Industries Limited, Valero Energy Corporation, Phillips 66, Marathon Petroleum Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Icahn Enterprises LP stock attractive at the current price?
The data as of Nov 8, 2026: price $4.75, calculated fair value $5.17 (+9%), Quality Score 29/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of IEP calculated?
We run Icahn Enterprises LP through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of $5.17 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Icahn Enterprises LP currently trades 8% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Icahn Enterprises LP (IEP)?
The closing price on Nov 6, 2026 was $4.75. Our model-based fair value is $5.17, about +9% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Icahn Enterprises LP right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($2.98 to $7.36) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Icahn Enterprises LP
How large is the market capitalisation of Icahn Enterprises LP (IEP)?
The market capitalisation of Icahn Enterprises LP is $3.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Icahn Enterprises LP (IEP)?
The price-to-sales ratio of Icahn Enterprises LP is 0.37 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Icahn Enterprises LP (IEP)?
Earnings per share at Icahn Enterprises LP are $−1.49. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Icahn Enterprises LP (IEP)?
The net margin of Icahn Enterprises LP is −9.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Icahn Enterprises LP (IEP)?
The return on equity (ROE) of Icahn Enterprises LP is −45.5% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Icahn Enterprises LP (IEP)?
On an EBIT basis the return on assets of Icahn Enterprises LP is 2.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Icahn Enterprises LP (IEP)?
The operating margin of Icahn Enterprises LP is 5.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Icahn Enterprises LP (IEP)?
Revenue at Icahn Enterprises LP is growing +26.5% versus a year earlier (3y avg −13.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Icahn Enterprises LP (IEP)?
Earnings per share at Icahn Enterprises LP are growing +960% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Icahn Enterprises LP (IEP) generate?
The free cash flow of Icahn Enterprises LP is −$654M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Icahn Enterprises LP (IEP) carry?
The net debt of Icahn Enterprises LP is $3.2B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 8, 2026
