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Icahn Enterprises L.P. ( Icahn Enterprises ) is a master limited partnership formed in Delaware on February 17, 1987 and headquartered in Sunny Isles Beach, Florida. We are a diversified holding company owning subsidiaries currently engaged in the following continuing operating businesses: Investment, Energy, Automotive, Food Packaging, Real Estate, Home Fashion and Pharma.
The business is unprofitable at the operating level (-3.57% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 3.6% YoY. The question is whether this is cyclical or a structural shift.
Free cash flow declined 218% versus the prior year, cash generation momentum has weakened. Negative free cash flow of -$654M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$10.00B
▼ -3.6% YoY
Net Income (TTM)
-$178M
▲ +32.8% YoY
Op. Margin
-3.03%
▲ +2.1pp YoY
ROIC
—
Cash Flow & Balance Sheet
FCF (TTM)
-$101M
▼ -218.5% YoY
Op. Cash Flow (TTM)
$266M
▼ -137.6% YoY
Net Debt
-$747M
Net Cash Position
Cash & Equiv.
$1.30B
5Y CAGR: +9.5%
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