Icahn Enterprises L.P.
IEP Energy Oil & Gas Refining & Marketing
Icahn Enterprises L.P.’s revenue for fiscal 2025 (year ended December 2025) was $9.7 billion, down 3.61% from fiscal 2024. In the quarter to June 2026, revenue grew 25.6%, EPS fell 73.3%, free cash flow grew 12.9% and total debt fell 4.83%, each against the same quarter a year earlier.
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Icahn Enterprises L.P. (IEP) Piotroski F-score
Icahn Enterprises L.P.'s Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, unchanged from fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | 0.00 |
| FY2024 | 4 | 2.00 |
| FY2023 | 2 | (4.00) |
| FY2022 | 6 | (1.00) |
| FY2021 | 7 | 4.00 |
| FY2020 | 3 | 3.00 |
| FY2019 | 0 | (4.00) |
| FY2018 | 4 | (2.00) |
| FY2017 | 6 | 2.00 |
| FY2016 | 4 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (1.92%) | (2.35%) | Fail | 0 |
| Positive operating cash flow | (313.00m) | 832.00m | Fail | 0 |
| Rising return on assets | (1.92%) | (2.35%) | Pass | 1 |
| Cash flow above net income | (20.00m) | 1.27b | Fail | 0 |
| Falling long-term leverage | 0.43 | 0.37 | Fail | 0 |
| Rising current ratio | 4.17 | 4.11 | Pass | 1 |
| No new shares issued | 562,000,000 | 466,000,000 | Fail | 0 |
| Rising gross margin | 17.39% | 13.98% | Pass | 1 |
| Rising asset turnover | 0.63 | 0.54 | Pass | 1 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| CVI CVR Energy Inc. compare | 8 |
| PARR Par Pacific Holdings, Inc. compare | 7 |
| SUN Sunoco LP compare | 6 |
| UGP Ultrapar Participacoes S.A. compare | 5 |
| DK Delek US Holdings, Inc. compare | 5 |
| DKL Delek Logistics Partners, L.P. compare | 4 |
| IEP Icahn Enterprises L.P. | 4 |
| CSANY Cosan S.A. Sponsored ADR compare | 4 |
| SHI SINOPEC Shangai Petrochemical Company, Ltd. compare | 2 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover