Icahn Enterprises L.P. (IEP) vs PBF Energy Inc. (PBF)

Icahn Enterprises L.P. and PBF Energy Inc. are both Oil & Gas Refining & Marketing companies. PBF Energy Inc. is the larger, with a market value of $8.3B against $3.7B — 2.3× the size. Icahn Enterprises L.P. has negative trailing earnings, so its P/E is not meaningful; PBF Energy Inc. trades at 3.0×. PBF Energy Inc. grew revenue faster over the last twelve months: 31.5% against 16.1%. PBF Energy Inc. has the higher net margin (6.98% vs −9.20%) and the higher return on invested capital (30.9% vs 0.00%). Both pay a dividend; Icahn Enterprises L.P. yields more (38.8% vs 1.60%). Across the 20 metrics below, PBF Energy Inc. leads on 18 and Icahn Enterprises L.P. on 2.

Valuation

Metric IEP PBF Oil & Gas Refining & Marketing median
P/E n/m 3.03 8.38
P/S 0.33 0.21 0.33
P/B 2.36 1.02 1.70
Price to free cash flow n/m 3.15 5.86
EV/EBITDA 7.67 1.76 4.96
EV/Sales 0.49 0.20 0.46
Earnings yield (29.84%) 33.03% 9.67%
Free cash flow yield (1.35%) 31.73% 15.55%

Profitability

Metric IEP PBF Oil & Gas Refining & Marketing median
Gross margin 0.00% 15.91% 10.93%
Operating margin 0.00% 9.78% 7.14%
Net margin (9.20%) 6.98% 2.70%
Free cash flow margin 2.79% 6.76% 6.17%
Return on equity (40.79%) 40.28% 21.95%
Return on assets (7.68%) 17.92% 5.76%
Return on invested capital 0.00% 30.87% 13.74%

Growth

Metric IEP PBF Oil & Gas Refining & Marketing median
Revenue growth (TTM) 16.07% 31.51% 26.02%
EPS growth (last fiscal year) 44.68% 69.78% 37.92%
Revenue growth, 5-year CAGR 9.54% 14.18% 13.17%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric IEP PBF Oil & Gas Refining & Marketing median
Debt to equity 4.07 0.26 0.41
Current ratio 0.00 1.59 1.31
Net debt to EBITDA 1.12 2.71 2.07

Dividend

Metric IEP PBF Oil & Gas Refining & Marketing median
Dividend yield 38.76% 1.60% 2.20%
Payout ratio — 0.05 0.25

Size

Metric IEP PBF Oil & Gas Refining & Marketing median
Market cap 3.65b 8.29b 3.91b

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