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 $14.5B against $3.7B — 3.9× the size. Icahn Enterprises L.P. has negative trailing earnings, so its P/E is not meaningful; Sunoco LP trades at 15.6×. 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 (38.5% vs 4.13%). Across the 21 metrics below, Sunoco LP leads on 14 and Icahn Enterprises L.P. on 7.

Valuation

Metric IEP SUN Oil & Gas Refining & Marketing median
P/E n/m 15.64 15.46
P/S 0.33 0.25 0.37
P/B 1.62 1.42 1.86
Price to free cash flow n/m 5.77 9.23
EV/EBITDA 7.25 7.75 7.75
EV/Sales 0.49 0.56 0.56
Earnings yield (14.26%) 6.39% 6.22%
Free cash flow yield (7.23%) 17.34% 10.36%

Profitability

Metric IEP SUN Oil & Gas Refining & Marketing median
Gross margin 14.49% 11.93% 12.50%
Operating margin 1.07% 4.76% 5.74%
Net margin (4.86%) 1.57% 2.29%
Free cash flow margin (2.37%) 4.25% 4.23%
Return on equity (18.50%) 11.39% 14.90%
Return on assets (3.71%) 2.81% 5.52%
Return on invested capital 1.84% 5.64% 12.25%

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%) 37.92%
Revenue growth, 5-year CAGR 9.54% 18.67% 13.17%
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 0.52
Current ratio 2.87 1.29 1.30
Net debt to EBITDA 1.12 7.57 2.07

Dividend

Metric IEP SUN Oil & Gas Refining & Marketing median
Dividend yield 38.54% 4.13% 2.27%
Payout ratio — 0.65 0.39

Size

Metric IEP SUN Oil & Gas Refining & Marketing median
Market cap 3.69b 14.51b 4.04b

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