HF Sinclair Corporation (DINO) vs Icahn Enterprises L.P. (IEP)

HF Sinclair Corporation and Icahn Enterprises L.P. are both Oil & Gas Refining & Marketing companies. HF Sinclair Corporation is the larger, with a market value of $16.8B against $3.7B — 4.6× the size. Icahn Enterprises L.P. has negative trailing earnings, so its P/E is not meaningful; HF Sinclair Corporation trades at 5.0×. HF Sinclair Corporation grew revenue faster over the last twelve months: 29.5% against 16.1%. HF Sinclair Corporation has the higher net margin (10.1% vs −9.20%) and the higher return on invested capital (26.1% vs 0.00%). Both pay a dividend; Icahn Enterprises L.P. yields more (38.8% vs 2.06%). Across the 20 metrics below, HF Sinclair Corporation leads on 18 and Icahn Enterprises L.P. on 2.

Valuation

Metric DINO IEP Oil & Gas Refining & Marketing median
P/E 5.00 n/m 8.38
P/S 0.50 0.33 0.33
P/B 1.47 2.36 1.70
Price to free cash flow 5.42 n/m 5.86
EV/EBITDA 3.03 7.67 4.96
EV/Sales 0.49 0.49 0.46
Earnings yield 20.00% (29.84%) 9.67%
Free cash flow yield 18.46% (1.35%) 15.55%

Profitability

Metric DINO IEP Oil & Gas Refining & Marketing median
Gross margin 24.57% 0.00% 10.93%
Operating margin 13.48% 0.00% 7.14%
Net margin 10.05% (9.20%) 2.70%
Free cash flow margin 9.19% 2.79% 6.17%
Return on equity 32.92% (40.79%) 21.95%
Return on assets 18.45% (7.68%) 5.76%
Return on invested capital 26.14% 0.00% 13.74%

Growth

Metric DINO IEP Oil & Gas Refining & Marketing median
Revenue growth (TTM) 29.47% 16.07% 26.02%
EPS growth (last fiscal year) 238.46% 44.68% 37.92%
Revenue growth, 5-year CAGR 19.16% 9.54% 13.17%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric DINO IEP Oil & Gas Refining & Marketing median
Debt to equity 0.24 4.07 0.41
Current ratio 2.27 0.00 1.31
Net debt to EBITDA 0.98 1.12 2.07

Dividend

Metric DINO IEP Oil & Gas Refining & Marketing median
Dividend yield 2.06% 38.76% 2.20%
Payout ratio 0.10 — 0.25

Size

Metric DINO IEP Oil & Gas Refining & Marketing median
Market cap 16.75b 3.65b 3.91b

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