Icahn Enterprises
Look-through NAV vs. the share price — the "basket" (sum of its stakes + private assets − net debt) against what the market pays for the holdco. The gap is the discount/premium; watch it widen and narrow. S&P 500 · IEP.
| CVR Energy CVI | $2.0B | 68% | |
| Other / private / cash (static, 2026-03) | $4.8B | net debt $3.8B | |
PREMIUM, not discount — IEP is the rare holdco that trades ABOVE look-through NAV, so the computed 'discount' prints POSITIVE (~+70% premium). Sustained by the ~$2.00/yr distribution yielding ~20%+ on the unit price + ~87% Icahn insider control; was the 2023 Hindenburg short thesis (IEP later halved the distribution $1.00→$0.50). Built from IEP's own Q1-2026 disclosed indicative NAV (~$3,367M). The ONLY listed line is CVI (pctOwned 0.708); otherNAV = all NON-CVI segments (Investment Funds/hedge-fund ~2,221 + Real Estate ~1,394 + Icahn Automotive ~704 + Viskase/WestPoint/Vivus/CVR Partners) — mostly PRIVATE/fund marks, so coverage is LOW and the NAV is management-stated + volatile. netDebt = HoldCo-level only ($4,425M − $624M cash). sharesOutM 637.21M ties to the 31-Mar-2026 indicative NAV; ~672M units appear in later feeds (IEP pays an optional STOCK distribution so the count drifts up) — reconcile to the NAV date if the per-unit math looks off.
Stake prices + FX live; net debt / private NAV / share counts are estimates — verify against the holdco's NAV statement. Not investment advice.