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. is the larger, with a market value of $6.2B against $4.7B — 1.3× the size. Icahn Enterprises L.P. has negative trailing earnings, so its P/E is not meaningful; CVR Energy Inc. trades at 90.3×. 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 (30.2% vs 0.93%). Across the 20 metrics below, CVR Energy Inc. leads on 12 and Icahn Enterprises L.P. on 8.

Valuation

Metric CVI IEP Oil & Gas Refining & Marketing median
P/E 90.32 n/m 16.35
P/S 0.73 0.42 0.44
P/B 8.30 2.07 2.05
Price to free cash flow 17.10 n/m 9.98
EV/EBITDA 9.29 8.60 8.04
EV/Sales 0.85 0.58 0.59
Earnings yield 1.11% (11.16%) 5.71%
Free cash flow yield 5.85% (5.66%) 9.13%

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% 31.15%
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 0.93% 30.17% 1.71%
Payout ratio 0.84 — 0.35

Size

Metric CVI IEP Oil & Gas Refining & Marketing median
Market cap 6.20b 4.72b 4.71b

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