ICAHN ENTERPRISES L.P.

Diversified Icahn-controlled holding MLP with negative margins, deeply negative free cash flow and heavy structural/leverage risk.

Strengths

• ~$1.45B cash and ~8.9 quarters of runway provide near-term staying power
• Diversified operating segments and CVR Energy debt refinancing extend liquidity

Risks

• Negative net margin (-3%, 7th pct), negative ROA and FCF of -$654M (2nd pct) — weak underlying cash generation
• Concentrated control by Carl Icahn with pledged units/loan overhang creating potential forced-sale and governance risk

Notable findings

• RestatementIcahn amended and restated his loan agreements in July of 2023 (as amended 8 Table of Contents and restated, the “Loan Agreement”) 8-K ↗
• Net lossNet loss (net margin -3.1%)
• Cash burnNegative free cash flow (-654.0M)
• Chronic dilutionShare count +9%/yr over 4y (dilution, book value/share -23%)
• Strong balance sheetStrong balance sheet — $1.4B cash & investments, ~9 quarters of runway
• Pending mergerViskase Merger Agreement ​ On June 20, 2025, Viskase, our majority owned subsidiary, entered into an Agreement and Plan of Merger (as amended, the “Merger Agreement”) with Enzon, of which we own 3
• Revenue declineRevenue -18.2% YoY