CVR Energy Inc. (CVI) vs Icahn Enterprises L.P. (IEP)

CVR Energy Inc. and Icahn Enterprises L.P. are both Oil & Gas Refining & Marketing companies. CVR Energy Inc. and Icahn Enterprises L.P. are of similar size ($5.2B and $4.9B). Icahn Enterprises L.P. has negative trailing earnings, so its P/E is not meaningful; CVR Energy Inc. trades at 75.6×. CVR Energy Inc. grew revenue faster over the last twelve months: 17.9% against 10.6%. CVR Energy Inc. has the higher net margin (0.81% vs −4.86%) and the higher return on invested capital (12.3% vs 1.84%). Both pay a dividend; Icahn Enterprises L.P. yields more (31.1% vs 10.5%). Across the 20 metrics below, CVR Energy Inc. leads on 13 and Icahn Enterprises L.P. on 7.

Valuation

Metric CVI IEP Oil & Gas Refining & Marketing median
P/E 75.65 n/m 15.04
P/S 0.61 0.44 0.41
P/B 6.95 2.17 1.87
Price to free cash flow 14.32 n/m 8.78
EV/EBITDA 8.00 8.91 7.94
EV/Sales 0.73 0.60 0.59
Earnings yield 1.32% (10.63%) 6.15%
Free cash flow yield 6.98% (5.39%) 10.47%

Profitability

Metric CVI IEP Oil & Gas Refining & Marketing median
Gross margin 6.10% 14.49% 12.22%
Operating margin 4.12% 1.07% 5.35%
Net margin 0.81% (4.86%) 2.08%
Free cash flow margin 4.26% (2.37%) 4.25%
Return on equity 9.79% (18.50%) 11.39%
Return on assets 1.71% (3.71%) 5.22%
Return on invested capital 12.27% 1.84% 11.54%

Growth

Metric CVI IEP Oil & Gas Refining & Marketing median
Revenue growth (TTM) 17.89% 10.62% 13.37%
EPS growth (last fiscal year) 350.00% 44.68% —
Revenue growth, 5-year CAGR 12.75% 9.54% 12.77%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CVI IEP Oil & Gas Refining & Marketing median
Debt to equity 2.38 2.98 0.44
Current ratio 1.42 2.87 1.32
Net debt to EBITDA 2.08 1.12 2.07

Dividend

Metric CVI IEP Oil & Gas Refining & Marketing median
Dividend yield 10.47% 31.12% 3.64%
Payout ratio 0.34 — 0.14

Size

Metric CVI IEP Oil & Gas Refining & Marketing median
Market cap 5.16b 4.93b 4.12b

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