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 $18.8B against $4.9B — 3.8× the size. Icahn Enterprises L.P. has negative trailing earnings, so its P/E is not meaningful; HF Sinclair Corporation trades at 10.2×. HF Sinclair Corporation grew revenue faster over the last twelve months: 16.3% against 10.6%. HF Sinclair Corporation has the higher net margin (6.08% vs −4.86%) and the higher return on invested capital (14.9% vs 1.84%). Both pay a dividend; Icahn Enterprises L.P. yields more (31.1% vs 3.04%). Across the 20 metrics below, HF Sinclair Corporation leads on 16 and Icahn Enterprises L.P. on 4.

Valuation

Metric DINO IEP Oil & Gas Refining & Marketing median
P/E 10.19 n/m 15.04
P/S 0.61 0.44 0.41
P/B 1.85 2.17 1.87
Price to free cash flow 8.54 n/m 8.78
EV/EBITDA 5.72 8.91 7.94
EV/Sales 0.64 0.60 0.59
Earnings yield 9.81% (10.63%) 6.15%
Free cash flow yield 11.71% (5.39%) 10.47%

Profitability

Metric DINO IEP Oil & Gas Refining & Marketing median
Gross margin 20.08% 14.49% 12.22%
Operating margin 8.28% 1.07% 5.35%
Net margin 6.08% (4.86%) 2.08%
Free cash flow margin 7.19% (2.37%) 4.25%
Return on equity 19.29% (18.50%) 11.39%
Return on assets 10.60% (3.71%) 5.22%
Return on invested capital 14.88% 1.84% 11.54%

Growth

Metric DINO IEP Oil & Gas Refining & Marketing median
Revenue growth (TTM) 16.26% 10.62% 13.37%
EPS growth (last fiscal year) 238.46% 44.68% —
Revenue growth, 5-year CAGR 19.16% 9.54% 12.77%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric DINO IEP Oil & Gas Refining & Marketing median
Debt to equity 0.27 2.98 0.44
Current ratio 1.97 2.87 1.32
Net debt to EBITDA 0.98 1.12 2.07

Dividend

Metric DINO IEP Oil & Gas Refining & Marketing median
Dividend yield 3.04% 31.12% 3.64%
Payout ratio 0.14 — 0.14

Size

Metric DINO IEP Oil & Gas Refining & Marketing median
Market cap 18.81b 4.93b 4.12b

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