CrossAmerica Partners LP (CAPL) vs Icahn Enterprises L.P. (IEP)

CrossAmerica Partners LP and Icahn Enterprises L.P. are both Oil & Gas Refining & Marketing companies. Icahn Enterprises L.P. is the larger, with a market value of $3.7B against $752.4M — 4.9× the size. Icahn Enterprises L.P. has negative trailing earnings, so its P/E is not meaningful; CrossAmerica Partners LP trades at 15.9×. Icahn Enterprises L.P. grew revenue faster over the last twelve months: 16.1% against 9.12%. CrossAmerica Partners LP has the higher net margin (1.17% vs −9.20%) and the higher return on invested capital (11.5% vs 0.00%). Both pay a dividend; Icahn Enterprises L.P. yields more (38.8% vs 10.6%). Across the 20 metrics below, CrossAmerica Partners LP leads on 14 and Icahn Enterprises L.P. on 6.

Valuation

Metric CAPL IEP Oil & Gas Refining & Marketing median
P/E 15.86 n/m 8.38
P/S 0.19 0.33 0.33
P/B n/m 2.36 1.70
Price to free cash flow 6.01 n/m 5.86
EV/EBITDA 8.11 7.67 4.96
EV/Sales 0.36 0.49 0.46
Earnings yield 6.31% (29.84%) 9.67%
Free cash flow yield 16.64% (1.35%) 15.55%

Profitability

Metric CAPL IEP Oil & Gas Refining & Marketing median
Gross margin 10.26% 0.00% 10.93%
Operating margin 2.67% 0.00% 7.14%
Net margin 1.17% (9.20%) 2.70%
Free cash flow margin 3.08% 2.79% 6.17%
Return on equity (45.97%) (40.79%) 21.95%
Return on assets 4.83% (7.68%) 5.76%
Return on invested capital 11.54% 0.00% 13.74%

Growth

Metric CAPL IEP Oil & Gas Refining & Marketing median
Revenue growth (TTM) 9.12% 16.07% 26.02%
EPS growth (last fiscal year) 96.15% 44.68% 37.92%
Revenue growth, 5-year CAGR 13.64% 9.54% 13.17%
Net income growth, 5-year CAGR (18.28%) 0.00% 0.00%

Health

Metric CAPL IEP Oil & Gas Refining & Marketing median
Debt to equity (6.16) 4.07 0.41
Current ratio 0.78 0.00 1.31
Net debt to EBITDA 3.63 1.12 2.07

Dividend

Metric CAPL IEP Oil & Gas Refining & Marketing median
Dividend yield 10.60% 38.76% 2.20%
Payout ratio 1.69 — 0.25

Size

Metric CAPL IEP Oil & Gas Refining & Marketing median
Market cap 752.39m 3.65b 3.91b

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