Delek Logistics Partners, L.P. (DKL) vs Icahn Enterprises L.P. (IEP)

Delek Logistics Partners, L.P. and Icahn Enterprises L.P. are both Oil & Gas Refining & Marketing companies. Icahn Enterprises L.P. is the larger, with a market value of $4.9B against $3.2B — 1.6× the size. Icahn Enterprises L.P. has negative trailing earnings, so its P/E is not meaningful; Delek Logistics Partners, L.P. trades at 18.8×. Delek Logistics Partners, L.P. grew revenue faster over the last twelve months: 30.3% against 10.6%. Delek Logistics Partners, L.P. has the higher net margin (12.9% vs −4.86%) and the higher return on invested capital (4.97% vs 1.84%). Both pay a dividend; Icahn Enterprises L.P. yields more (31.1% vs 9.38%). Across the 20 metrics below, Delek Logistics Partners, L.P. leads on 12 and Icahn Enterprises L.P. on 8.

Valuation

Metric DKL IEP Oil & Gas Refining & Marketing median
P/E 18.78 n/m 15.04
P/S 2.39 0.44 0.41
P/B n/m 2.17 1.87
Price to free cash flow 24.28 n/m 8.78
EV/EBITDA 16.10 8.91 7.94
EV/Sales 4.40 0.60 0.59
Earnings yield 5.33% (10.63%) 6.15%
Free cash flow yield 4.12% (5.39%) 10.47%

Profitability

Metric DKL IEP Oil & Gas Refining & Marketing median
Gross margin 17.58% 14.49% 12.22%
Operating margin 15.32% 1.07% 5.35%
Net margin 12.85% (4.86%) 2.08%
Free cash flow margin 9.84% (2.37%) 4.25%
Return on equity (826.14%) (18.50%) 11.39%
Return on assets 5.48% (3.71%) 5.22%
Return on invested capital 4.97% 1.84% 11.54%

Growth

Metric DKL IEP Oil & Gas Refining & Marketing median
Revenue growth (TTM) 30.33% 10.62% 13.37%
EPS growth (last fiscal year) 10.37% 44.68% —
Revenue growth, 5-year CAGR 12.46% 9.54% 12.77%
Net income growth, 5-year CAGR 4.66% 0.00% 0.00%

Health

Metric DKL IEP Oil & Gas Refining & Marketing median
Debt to equity (34.54) 2.98 0.44
Current ratio 0.96 2.87 1.32
Net debt to EBITDA 7.63 1.12 2.07

Dividend

Metric DKL IEP Oil & Gas Refining & Marketing median
Dividend yield 9.38% 31.12% 3.64%
Payout ratio — — 0.14

Size

Metric DKL IEP Oil & Gas Refining & Marketing median
Market cap 3.15b 4.93b 4.12b

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