Forensic Analysis · Energy / Oil & Gas · as of Aug 11, 2026
Icahn Enterprises L.P. (IEP)
A forensic read on Icahn Enterprises L.P. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Clean
Earnings quality
5
Forensic signals
-10.2
P / E (ttm)
-15.4%
ROE
$5.3B
Market cap
26.81%
Dividend yield
-3.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Icahn Enterprises L.P. earns an F (Poor — capital at risk) forensic quality grade. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
1.8%
FY2025
Return on invested capital.Return on invested capital is 1.8% in the latest fiscal year and slipping from 4% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+7.3%/yr
FY2012–FY2015
Share-count dilution.Diluted share count changed +24% over the last 3 years to FY2015 (+7.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~7.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2012 has been diluted ~19%.
FCF ($654M)
FY2025
Shareholder returns.Returned $288M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($654M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
$3M
FY2020–FY2020
Goodwill impairments.Took $3M of goodwill writedowns across 1 year (FY2020 ($3M)). Writedowns mean past acquisitions underperformed what was paid for them.
-75%
FY2020→FY2021
Dividend — cut.
Key fundamentals
Latest Revenue$9.66B
Revenue Growth YoY-3.6%
Net Margin-3.1%
Free Cash Flow-$654.0M
Return on Equity-15.4%
Debt / Equity3.41x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Icahn Enterprises L.P.'s actual 10-K/10-Q/8-K filings?
The payout was CUT ~75% in FY2021 (from FY2020) and hasn't been restored since. It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.