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 $8.4B against $4.9B — 1.7× the size. Icahn Enterprises L.P. has negative trailing earnings, so its P/E is not meaningful; PBF Energy Inc. trades at 6.4×. PBF Energy Inc. grew revenue faster over the last twelve months: 13.5% against 10.6%. PBF Energy Inc. has the higher net margin (3.94% vs −4.86%) and the higher return on invested capital (16.7% vs 1.84%). Both pay a dividend; Icahn Enterprises L.P. yields more (31.1% vs 1.61%). Across the 20 metrics below, PBF Energy Inc. leads on 16 and Icahn Enterprises L.P. on 4.

Valuation

Metric IEP PBF Oil & Gas Refining & Marketing median
P/E n/m 6.41 15.04
P/S 0.44 0.25 0.41
P/B 2.17 1.33 1.87
Price to free cash flow n/m 9.55 8.78
EV/EBITDA 8.91 3.69 7.94
EV/Sales 0.60 0.28 0.59
Earnings yield (10.63%) 15.59% 6.15%
Free cash flow yield (5.39%) 10.47% 10.47%

Profitability

Metric IEP PBF Oil & Gas Refining & Marketing median
Gross margin 14.49% 11.56% 12.22%
Operating margin 1.07% 5.78% 5.35%
Net margin (4.86%) 3.94% 2.08%
Free cash flow margin (2.37%) 2.66% 4.25%
Return on equity (18.50%) 23.01% 11.39%
Return on assets (3.71%) 9.77% 5.22%
Return on invested capital 1.84% 16.73% 11.54%

Growth

Metric IEP PBF Oil & Gas Refining & Marketing median
Revenue growth (TTM) 10.62% 13.54% 13.37%
EPS growth (last fiscal year) 44.68% 69.78% —
Revenue growth, 5-year CAGR 9.54% 14.18% 12.77%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric IEP PBF Oil & Gas Refining & Marketing median
Debt to equity 2.98 0.27 0.44
Current ratio 2.87 1.33 1.32
Net debt to EBITDA 1.12 2.71 2.07

Dividend

Metric IEP PBF Oil & Gas Refining & Marketing median
Dividend yield 31.12% 1.61% 3.64%
Payout ratio — 0.03 0.14

Size

Metric IEP PBF Oil & Gas Refining & Marketing median
Market cap 4.93b 8.44b 4.12b

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