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 $3.7B against $3.0B — 1.2× the size. Icahn Enterprises L.P. has negative trailing earnings, so its P/E is not meaningful; Delek Logistics Partners, L.P. trades at 17.7×. Delek Logistics Partners, L.P. grew revenue faster over the last twelve months: 30.3% against 16.1%. Delek Logistics Partners, L.P. has the higher net margin (12.9% vs −9.20%) and the higher return on invested capital (4.97% vs 0.00%). Both pay a dividend; Icahn Enterprises L.P. yields more (38.8% vs 11.1%). Across the 20 metrics below, Delek Logistics Partners, L.P. leads on 13 and Icahn Enterprises L.P. on 7.

Valuation

Metric DKL IEP Oil & Gas Refining & Marketing median
P/E 17.68 n/m 8.38
P/S 2.25 0.33 0.33
P/B n/m 2.36 1.70
Price to free cash flow 22.86 n/m 5.86
EV/EBITDA 15.59 7.67 4.96
EV/Sales 4.26 0.49 0.46
Earnings yield 5.66% (29.84%) 9.67%
Free cash flow yield 4.37% (1.35%) 15.55%

Profitability

Metric DKL IEP Oil & Gas Refining & Marketing median
Gross margin 17.58% 0.00% 10.93%
Operating margin 15.32% 0.00% 7.14%
Net margin 12.85% (9.20%) 2.70%
Free cash flow margin 9.84% 2.79% 6.17%
Return on equity (826.14%) (40.79%) 21.95%
Return on assets 5.48% (7.68%) 5.76%
Return on invested capital 4.97% 0.00% 13.74%

Growth

Metric DKL IEP Oil & Gas Refining & Marketing median
Revenue growth (TTM) 30.33% 16.07% 26.02%
EPS growth (last fiscal year) 10.37% 44.68% 37.92%
Revenue growth, 5-year CAGR 12.46% 9.54% 13.17%
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) 4.07 0.41
Current ratio 0.96 0.00 1.31
Net debt to EBITDA 7.63 1.12 2.07

Dividend

Metric DKL IEP Oil & Gas Refining & Marketing median
Dividend yield 11.13% 38.76% 2.20%
Payout ratio 1.97 — 0.25

Size

Metric DKL IEP Oil & Gas Refining & Marketing median
Market cap 2.96b 3.65b 3.91b

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