In 2019, net income attributable to the company was negative $1.1 billion. It was also negative in the first six months of this year. EBITDA (earnings before interest, taxes, depreciation and amortization), which is considered a watered-down version of cash flow, was also negative in the first six months. With these numbers, of course Icahn Enterprises' payout ratio is a negative number. That means the company has to raise money from debt or dip into cash to pay the distribution. Next year, earnings are expected to improve but still be negative. This is not unusual for Icahn Enterprises. Since 2016, net income has been positive only twice. Yet, the company has a solid recent distribution-paying track record. Icahn Enterprises began paying a distribution in 2005. It cut the distribution in 2011 and then eliminated it until 2013. But since then, there have been no reductions and four increases. In recent years, management has shown a commitment to the distribution, but the financials don't support it. Management could easily cut the distribution in half and still pay a generous 8% yield that would be better than most dividend payers' payouts. With Icahn's 16% yield and financials that can't afford the distribution, you have to consider the possibility that the distribution will be cut. Dividend Safety Rating: D If you have a stock whose dividend safety you'd like me to analyze, leave the ticker symbol in the comments section. Good investing, Marc | 
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