Icahn Enterprises L.P. (IEP) vs Sunoco LP (SUN)

Icahn Enterprises L.P. and Sunoco LP are both Oil & Gas Refining & Marketing companies. Sunoco LP is the larger, with a market value of $15.5B against $4.9B — 3.2× the size. Icahn Enterprises L.P. has negative trailing earnings, so its P/E is not meaningful; Sunoco LP trades at 16.5×. Sunoco LP grew revenue faster over the last twelve months: 83.3% against 10.6%. Sunoco LP has the higher net margin (1.57% vs −4.86%) and the higher return on invested capital (5.64% vs 1.84%). Both pay a dividend; Icahn Enterprises L.P. yields more (31.1% vs 5.56%). Across the 21 metrics below, Sunoco LP leads on 16 and Icahn Enterprises L.P. on 5.

Valuation

Metric IEP SUN Oil & Gas Refining & Marketing median
P/E n/m 16.50 15.04
P/S 0.44 0.26 0.41
P/B 2.17 1.50 1.87
Price to free cash flow n/m 6.08 8.78
EV/EBITDA 8.91 7.94 7.94
EV/Sales 0.60 0.58 0.59
Earnings yield (10.63%) 6.06% 6.15%
Free cash flow yield (5.39%) 16.43% 10.47%

Profitability

Metric IEP SUN Oil & Gas Refining & Marketing median
Gross margin 14.49% 11.93% 12.22%
Operating margin 1.07% 4.76% 5.35%
Net margin (4.86%) 1.57% 2.08%
Free cash flow margin (2.37%) 4.25% 4.25%
Return on equity (18.50%) 11.39% 11.39%
Return on assets (3.71%) 2.81% 5.22%
Return on invested capital 1.84% 5.64% 11.54%

Growth

Metric IEP SUN Oil & Gas Refining & Marketing median
Revenue growth (TTM) 10.62% 83.34% 13.37%
EPS growth (last fiscal year) 44.68% (62.00%) —
Revenue growth, 5-year CAGR 9.54% 18.67% 12.77%
Net income growth, 5-year CAGR 0.00% 18.32% 0.00%

Health

Metric IEP SUN Oil & Gas Refining & Marketing median
Debt to equity 2.98 1.59 0.44
Current ratio 2.87 1.29 1.32
Net debt to EBITDA 1.12 7.57 2.07

Dividend

Metric IEP SUN Oil & Gas Refining & Marketing median
Dividend yield 31.12% 5.56% 3.64%
Payout ratio — — 0.14

Size

Metric IEP SUN Oil & Gas Refining & Marketing median
Market cap 4.93b 15.53b 4.12b

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