Icahn Enterprises L.P. (IEP) vs Par Pacific Holdings, Inc. (PARR)

Icahn Enterprises L.P. and Par Pacific Holdings, Inc. are both Oil & Gas Refining & Marketing companies. Icahn Enterprises L.P. is the larger, with a market value of $4.9B against $3.9B — 1.3× the size. Icahn Enterprises L.P. has negative trailing earnings, so its P/E is not meaningful; Par Pacific Holdings, Inc. trades at 4.4×. Par Pacific Holdings, Inc. grew revenue faster over the last twelve months: 13.2% against 10.6%. Par Pacific Holdings, Inc. has the higher net margin (9.94% vs −4.86%) and the higher return on invested capital (28.4% vs 1.84%). Across the 19 metrics below, Par Pacific Holdings, Inc. leads on 18 and Icahn Enterprises L.P. on 1.

Valuation

Metric IEP PARR Oil & Gas Refining & Marketing median
P/E n/m 4.42 15.04
P/S 0.44 0.44 0.41
P/B 2.17 1.90 1.87
Price to free cash flow n/m 9.03 8.78
EV/EBITDA 8.91 3.32 7.94
EV/Sales 0.60 0.50 0.59
Earnings yield (10.63%) 22.62% 6.15%
Free cash flow yield (5.39%) 11.08% 10.47%

Profitability

Metric IEP PARR Oil & Gas Refining & Marketing median
Gross margin 14.49% 23.06% 12.22%
Operating margin 1.07% 13.43% 5.35%
Net margin (4.86%) 9.94% 2.08%
Free cash flow margin (2.37%) 4.83% 4.25%
Return on equity (18.50%) 54.74% 11.39%
Return on assets (3.71%) 20.33% 5.22%
Return on invested capital 1.84% 28.42% 11.54%

Growth

Metric IEP PARR Oil & Gas Refining & Marketing median
Revenue growth (TTM) 10.62% 13.19% 13.37%
EPS growth (last fiscal year) 44.68% 1,313.56% —
Revenue growth, 5-year CAGR 9.54% 19.02% 12.77%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric IEP PARR Oil & Gas Refining & Marketing median
Debt to equity 2.98 0.38 0.44
Current ratio 2.87 1.84 1.32
Net debt to EBITDA 1.12 0.95 2.07

Dividend

Metric IEP PARR Oil & Gas Refining & Marketing median
Dividend yield 31.12% — 3.64%
Payout ratio — 0.00 0.14

Size

Metric IEP PARR Oil & Gas Refining & Marketing median
Market cap 4.93b 3.85b 4.12b

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