Delek US Holdings, Inc. (DK) vs Icahn Enterprises L.P. (IEP)

Delek US Holdings, Inc. and Icahn Enterprises L.P. are both Oil & Gas Refining & Marketing companies. Delek US Holdings, Inc. is the larger, with a market value of $4.5B against $3.7B — 1.2× the size. Icahn Enterprises L.P. has negative trailing earnings, so its P/E is not meaningful; Delek US Holdings, Inc. trades at 19.1×. Delek US Holdings, Inc. grew revenue faster over the last twelve months: 11.4% against 10.6%. Delek US Holdings, Inc. has the higher net margin (1.86% vs −4.86%) and the higher return on invested capital (12.2% vs 1.84%). Both pay a dividend; Icahn Enterprises L.P. yields more (38.8% vs 1.45%). Across the 20 metrics below, Delek US Holdings, Inc. leads on 11 and Icahn Enterprises L.P. on 9.

Valuation

Metric DK IEP Oil & Gas Refining & Marketing median
P/E 19.11 n/m 11.95
P/S 0.36 0.32 0.36
P/B 10.20 1.61 1.67
Price to free cash flow 6.41 n/m 8.06
EV/EBITDA 6.84 7.22 6.84
EV/Sales 0.57 0.49 0.55
Earnings yield 5.23% (14.37%) 6.59%
Free cash flow yield 15.59% (7.29%) 11.61%

Profitability

Metric DK IEP Oil & Gas Refining & Marketing median
Gross margin 7.12% 14.49% 14.49%
Operating margin 4.84% 1.07% 7.14%
Net margin 1.86% (4.86%) 2.29%
Free cash flow margin 5.58% (2.37%) 4.55%
Return on equity 62.57% (18.50%) 14.90%
Return on assets 3.07% (3.71%) 5.52%
Return on invested capital 12.22% 1.84% 13.76%

Growth

Metric DK IEP Oil & Gas Refining & Marketing median
Revenue growth (TTM) 11.40% 10.62% 19.06%
EPS growth (last fiscal year) 95.67% 44.68% 37.92%
Revenue growth, 5-year CAGR 7.99% 9.54% 13.17%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric DK IEP Oil & Gas Refining & Marketing median
Debt to equity 7.55 2.98 0.48
Current ratio 0.76 2.87 1.32
Net debt to EBITDA 3.73 1.12 2.07

Dividend

Metric DK IEP Oil & Gas Refining & Marketing median
Dividend yield 1.45% 38.83% 2.31%
Payout ratio 0.29 — 0.35

Size

Metric DK IEP Oil & Gas Refining & Marketing median
Market cap 4.50b 3.69b 4.16b

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