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 $10.3B against $4.7B — 2.2× the size. Icahn Enterprises L.P. has negative trailing earnings, so its P/E is not meaningful; PBF Energy Inc. trades at 7.4×. 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 (30.2% vs 1.30%). 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 7.36 16.35
P/S 0.42 0.29 0.44
P/B 2.07 1.53 2.05
Price to free cash flow n/m 10.96 9.98
EV/EBITDA 8.60 4.32 8.04
EV/Sales 0.58 0.33 0.59
Earnings yield (11.16%) 13.59% 5.71%
Free cash flow yield (5.66%) 9.13% 9.13%

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% 31.15%
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 30.17% 1.30% 1.71%
Payout ratio — 0.10 0.35

Size

Metric IEP PBF Oil & Gas Refining & Marketing median
Market cap 4.72b 10.31b 4.71b

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