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 $22.2B against $4.7B — 4.7× the size. Icahn Enterprises L.P. has negative trailing earnings, so its P/E is not meaningful; HF Sinclair Corporation trades at 12.0×. 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 (30.2% vs 1.62%). Across the 20 metrics below, HF Sinclair Corporation leads on 15 and Icahn Enterprises L.P. on 5.

Valuation

Metric DINO IEP Oil & Gas Refining & Marketing median
P/E 11.96 n/m 16.35
P/S 0.72 0.42 0.44
P/B 2.17 2.07 2.05
Price to free cash flow 10.02 n/m 9.98
EV/EBITDA 6.67 8.60 8.04
EV/Sales 0.75 0.58 0.59
Earnings yield 8.36% (11.16%) 5.71%
Free cash flow yield 9.98% (5.66%) 9.13%

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% 31.15%
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 1.62% 30.17% 1.71%
Payout ratio 0.19 — 0.35

Size

Metric DINO IEP Oil & Gas Refining & Marketing median
Market cap 22.17b 4.72b 4.71b

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