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. and Par Pacific Holdings, Inc. are of similar size ($3.7B and $3.4B). Icahn Enterprises L.P. has negative trailing earnings, so its P/E is not meaningful; Par Pacific Holdings, Inc. trades at 3.5×. Par Pacific Holdings, Inc. grew revenue faster over the last twelve months: 29.1% against 16.1%. Par Pacific Holdings, Inc. has the higher net margin (9.81% vs −9.20%) and the higher return on invested capital (37.8% vs 0.00%). 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 3.46 7.77
P/S 0.31 0.34 0.31
P/B 2.18 1.41 1.82
Price to free cash flow n/m 3.19 5.68
EV/EBITDA 7.25 2.16 4.82
EV/Sales 0.47 0.32 0.44
Earnings yield (32.42%) 28.89% 11.67%
Free cash flow yield (1.47%) 31.38% 15.57%

Profitability

Metric IEP PARR Oil & Gas Refining & Marketing median
Gross margin 0.00% 22.19% 15.04%
Operating margin 0.00% 13.16% 9.16%
Net margin (9.20%) 9.81% 3.96%
Free cash flow margin 2.79% 10.67% 7.06%
Return on equity (40.79%) 50.86% 24.84%
Return on assets (7.68%) 20.46% 6.65%
Return on invested capital 0.00% 37.77% 20.02%

Growth

Metric IEP PARR Oil & Gas Refining & Marketing median
Revenue growth (TTM) 16.07% 29.06% 27.30%
EPS growth (last fiscal year) 44.68% 1,313.56% 37.92%
Revenue growth, 5-year CAGR 9.54% 19.02% 13.17%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric IEP PARR Oil & Gas Refining & Marketing median
Debt to equity 4.07 0.22 0.48
Current ratio 0.00 1.65 1.33
Net debt to EBITDA 1.12 0.95 2.07

Dividend

Metric IEP PARR Oil & Gas Refining & Marketing median
Dividend yield 42.11% — 2.25%
Payout ratio — — 0.19

Size

Metric IEP PARR Oil & Gas Refining & Marketing median
Market cap 3.65b 3.44b 3.74b

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