Icahn Enterprises is a conglomerate run by activist investor Carl Icahn, holding stakes in energy refining, auto parts, real estate, and more—like a personal investment portfolio turned public company.
Revenue comes from refining and marketing fuels, plus auto parts distribution and other operating businesses. Gross margin is thin at 8.28% TTM, and the company has been losing money, with net losses in recent years.
The moat is weak—no proprietary technology or brand lock-in. In refining, competitors like Valero and Marathon Petroleum have scale advantages; in auto parts, AutoZone and O'Reilly dominate retail. IEP's diversified holdings lack a durable edge, and activist-d
Sell (sector percentile 3) — value C-, growth C+, profitability F, momentum C-. Updated daily, sector-relative, identical for every user.
Key events, in time order
Hedging strategy backfires, causing significant NAV decline
Q2 net loss more than doubled YoY, adjusted EBITDA swung to loss
Mavis Tire announces acquisition of Pep Boys from Icahn Enterprises for $700M cash, a major divestiture.
First quarter NAV increased by $201 million compared to year-end, primarily driven by $605 million increase in CVI long position offset by $320 million in refining hedge losses
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IEP's value is argued to be significantly higher than its GAAP NAV, with Carl Icahn owning 90% of the company.
Main discussion
RT @ValInv1: Why $IEP @Carl_C_Icahn owns 90% is worth far more then GAAP NAV. GAAP conservative principle LCM writes down assets or carries…
This is the largest public stock holding for many of the most famous investors in the world as of the end of Q2 Berkshire Hathaway - Apple $AAPL Bill Ackman - Uber $UBER Brad Gerstner - Nvidia $NVDA David Tepper - Amazon $AMZN Nvidia - Intel $INTC Gavin Baker - SpaceX $SPCX Seth
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