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Forensic Analysis · Refining & Downstream · as of Nov 9, 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
3
Forensic signals
-13.6%
ROE
-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 (auditor quality, say on pay, board independence, going concern). 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. 3 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 rising across FY2023–FY2025 from -3.9%. After-tax operating profit was ($291M) in FY2023 and $126M in FY2025. The capital base behind it went from $7.5B in FY2023 to $6.9B in FY2025 (-8%), while the revenue it carried went from $10.9B to $9.7B.
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.
-26%
FY2024→FY2025
Dividend — cut. The payout was CUT ~26% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.

Key fundamentals

Latest Revenue$9.66B
Revenue Growth YoY-3.6%
Revenue CAGR (2yr)-6.0%
Net Margin-3.1%
Free Cash Flow-$654.0M
Return on Equity-13.6%
Debt / Equity3.41x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.