Tearsheet
Investment Highlights Market Valuation Price Chart Return vs. Risk About ICON Interactive Breakdown Better Bets vs. ICON Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Icon Energy (ICON)

Market Price (10/31/2025): $1.61 | Market Cap: $3.5 Mil
Sector: Industrials | Industry: Marine Transportation

Icon Energy (ICON)

Market Price (10/31/2025): $1.61
Market Cap: $3.5 Mil
Sector: Industrials
Industry: Marine Transportation

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%		  Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -1.4 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -23%
1   Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 909%
2   Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -5.9%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -101%
3   Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -142%
4   High stock price volatility
Vol 12M is 151%
0 Strong revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 26%
1 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -1.4 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -23%
2 Debt is significant
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 909%
3 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -5.9%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -101%
4 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -142%
5 High stock price volatility
Vol 12M is 151%

Market Valuation & Key Metrics

null

ICON Stock

   
   
   
   
   
   
   
Factor Drivers of Stock Movement
The -15.3% change in ICON stock from 5/1/2025 to 10/30/2025 was primarily driven by a -5928.2% change in the company's Shares Outstanding (Mil).

501202510302025Change
Stock Price ($)1.931.63-15.33%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)5.316.1415.60%
P/S Multiple0.010.584315.50%
Shares Outstanding (Mil)0.042.19-5928.22%
Cumulative Contribution-297581.14%

LTM = Last Twelve Months as of date shown
The -98.0% change in ICON stock from 10/30/2024 to 10/30/2025 was primarily driven by a -5928.2% change in the company's Shares Outstanding (Mil).

1030202410302025Change
Stock Price ($)81.171.63-97.99%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)4.896.1425.60%
P/S Multiple0.600.58-3.62%
Shares Outstanding (Mil)0.042.19-5928.22%
Cumulative Contribution-7155.74%

LTM = Last Twelve Months as of date shown
null

null

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
ICON Return------98%-98%
Peers Return0%53%7%10%117%-4%275%
S&P 500 Return16%27%-19%24%23%16%110%

Monthly Win Rates [3]
ICON Win Rate----20%44% 
Peers Win Rate28%37%42%43%42%59% 
S&P 500 Win Rate58%75%42%67%75%67% 

Max Drawdowns [4]
ICON Max Drawdown------98% 
Peers Max Drawdown-34%-1%-10%-17%-18%-31% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: GSL, GNK, PANL, CMDB, HTCO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/30/2025 (YTD)

How Low Can It Go

ICON has limited trading history. Below is the Industrials sector ETF (XLI) in its place.

Unique KeyEventXLIS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-22.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven29.2%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven273 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-42.8%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven74.8%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven232 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-24.6%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven32.6%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven312 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-63.3%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven172.8%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1463 days1480 days

Compare to


In The Past

SPDR Select Sector Fund's stock fell -22.6% during the 2022 Inflation Shock from a high on 1/4/2022. A -22.6% loss requires a 29.2% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Icon Energy (ICON)

Better Bets than Icon Energy (ICON)

 ICONBetter Performance than ICON
MetricValueIndustry (Marine Transportation)
Rev Chg LTM25.6%ZIM (43.6%), CMRE (45.4%), CCEC (48.3%), HSHP (44.8%), OP (35.6%)
Op Mgn LTM-22.5%KEX (14.3%), HAFN (18.7%), MATX (16.6%), SBLK (15.0%), BWLP (8.2%)
CFO/Rev LTM-5.9%KEX (17.8%), HAFN (34.2%), MATX (17.8%), SBLK (28.0%), BWLP (15.5%)
FCF/Rev LTM-100.9%KEX (8.0%), HAFN (30.4%), MATX (7.4%), SBLK (25.0%), BWLP (-5.8%)
Total Yield-137.3%KEX (5.2%), HAFN (15.8%), MATX (16.2%), SBLK (13.6%), BWLP (23.0%)
 ICONBetter Performance than ICON
MetricValueAll Other Sectors
Rev Chg LTM25.6%NVDA (71.6%), AVGO (28.0%), LLY (36.8%), PLTR (38.8%), AMD (27.2%)
Op Mgn LTM-22.5%NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AMZN (11.4%)
CFO/Rev LTM-5.9%NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AMZN (18.1%)
FCF/Rev LTM-100.9%NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AMZN (2.0%)
Total Yield-137.3%NVDA (1.8%), AAPL (2.8%), MSFT (3.3%), GOOGL (3.9%), AMZN (3.0%)
 Best Bets In Industrials Sector
 ICONGATX VRSK ADT CPRT NDSN TDG PCTY FTV VRRM CSL
What You Pay           
P/E-0.717.832.911.726.528.839.336.828.173.311.4
P/EBIT-1.58.522.55.624.219.519.127.813.721.712.6
What You Get           
Rev Chg Q48.8%11.3%5.9%6.8%5.2%12.1%9.3%12.2%2.3%16.1%-0.1%
Rev Chg LTM25.6%11.7%7.3%6.6%9.7%4.5%12.8%7.0%27.9%8.5%4.4%
Rev Chg 3Y Avg�9.8%13.4%2.6%9.9%3.6%18.2%22.7%9.4%9.1%5.2%
FCF/Rev 3Y Avg�38.6%33.2%24.1%23.7%21.5%20.8%20.5%20.1%19.0%18.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Trade Ideas

Select past ideas related to ICON. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
FCN_9302025_Dip_Buyer_ValueBuy09302025FCNFTI ConsultingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		4.4%4.4%-6.2%
ODFL_9122025_Monopoly_xInd_xCD_Getting_Cheaper09122025ODFLOld Dominion Freight LineMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-6.0%-6.0%-7.3%
EFX_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025EFXEquifaxMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-12.9%-12.9%-12.9%
UHAL_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-7.2%-7.2%-7.2%
BWXT_8312025_Quality_Momentum_RoomToRun_10%08312025BWXTBWX TechnologiesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		31.9%31.9%-1.2%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
FCN_9302025_Dip_Buyer_ValueBuy09302025FCNFTI ConsultingDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin		4.4%4.4%-6.2%
ODFL_9122025_Monopoly_xInd_xCD_Getting_Cheaper09122025ODFLOld Dominion Freight LineMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-6.0%-6.0%-7.3%
EFX_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025EFXEquifaxMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-12.9%-12.9%-12.9%
UHAL_8312025_Monopoly_xInd_xCD_Getting_Cheaper08312025UHALU-HaulMonopolyMY | Getting CheaperMonopoly-Like with P/S Decline
Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple		-7.2%-7.2%-7.2%
BWXT_8312025_Quality_Momentum_RoomToRun_10%08312025BWXTBWX TechnologiesQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		31.9%31.9%-1.2%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

1 Month Top Gainers

#TickerCompany1M RtnYTD Rtn
1PRAXPraxis Precision Medicines279.1%161.2%
2INBXInhibrx Biosciences131.0%409.8%
3PUMPProPetro99.6%16.2%
4DYNDyne Therapeutics88.4%-0.0%
5VICRVicor85.4%89.2%
6CELCCelcuity74.6%503.2%
7GLUEMonte Rosa Therapeutics73.5%87.5%
8NVTSNavitas Semiconductor72.1%251.8%
9LUMNLumen Technologies70.3%94.7%
10BALYBallys63.4%4.1%

1 Month Top Losers

#TickerCompany1M RtnYTD Rtn
1PMIPicard Medical-62.9%5106.3%
2LRNStride-53.8%-35.8%
3FMCFMC-51.0%-66.6%
4FIFiserv-48.3%-68.3%
5NFENew Fortress Energy-43.6%-91.9%
6VGVenture Global-41.7% 
7OGNOrganon-40.2%-55.0%
8VRNSVaronis Systems-39.5%-21.2%
9ITGRInteger-38.5%-52.2%
10LENZLENZ Therapeutics-37.9%5.5%

Recent Active Movers

1 Week Top Gainers

#TickerCompany1W RtnYTD Rtn
1INBXInhibrx Biosciences176.8%409.8%
2PUMPProPetro71.2%16.2%
3RNAAvidity Biosciences43.5%139.6%
4DYNDyne Therapeutics42.8%-0.0%
5GCIGannett39.3%3.8%
6FORMFormFactor38.3%34.7%
7MBXMBX Biosciences35.1%18.2%
8BBNXBeta Bionics33.8% 
9GHGuardant Health33.3%202.5%
10LUMNLumen Technologies32.7%94.7%

1 Week Top Losers

#TickerCompany1W RtnYTD Rtn
1PMIPicard Medical-75.2%5106.3%
2LRNStride-56.1%-35.8%
3NTLAIntellia Therapeutics-52.6%5.2%
4FMCFMC-48.7%-66.6%
5FIFiserv-47.4%-68.3%
6VRNSVaronis Systems-43.8%-21.2%
7THRYThryv-33.4%-44.8%
8NFENew Fortress Energy-30.5%-91.9%
9AKBAAkebia Therapeutics-29.5%10.5%
10UAMYUnited States Antimony-28.9%371.2%

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Icon Energy

Financials

ICONGSLGNKPANLCMDBHTCOMedian
NameIcon Ene.Global S.Genco Sh.Pangaea .Costamar.High-Tre. 
Mkt Price1.6330.6616.724.8812.7910.3011.54
Mkt Cap0.01.10.70.3--0.5
Rev LTM6730351580--465
Op Inc LTM-13812236--29
FCF LTM-614112-4--4
FCF 3Y Avg-2435126--51
CFO LTM-04467458--66
CFO 3Y Avg-40810665--106

Growth & Margins

ICONGSLGNKPANLCMDBHTCOMedian
NameIcon Ene.Global S.Genco Sh.Pangaea .Costamar.High-Tre. 
Rev Chg LTM25.6%4.0%-17.2%15.1%--9.6%
Rev Chg 3Y Avg-11.2%-16.5%-9.1%---9.1%
Rev Chg Q48.8%8.7%-24.4%19.2%--13.9%
QoQ Delta Rev Chg LTM12.1%2.1%-6.9%4.5%--3.3%
Op Mgn LTM-22.5%52.2%6.3%6.3%--6.3%
Op Mgn 3Y Avg-53.0%13.8%9.3%--13.8%
QoQ Delta Op Mgn LTM-13.5%-0.2%-5.5%-1.0%---3.2%
CFO/Rev LTM-5.9%61.1%21.1%10.0%--15.5%
CFO/Rev 3Y Avg-59.1%25.6%12.0%--25.6%
FCF/Rev LTM-100.9%19.4%3.5%-0.7%--1.4%
FCF/Rev 3Y Avg-35.5%11.7%5.1%--11.7%

Valuation

ICONGSLGNKPANLCMDBHTCOMedian
NameIcon Ene.Global S.Genco Sh.Pangaea .Costamar.High-Tre. 
Mkt Cap0.01.10.70.3--0.5
P/S0.61.52.10.5--1.0
P/EBIT-1.52.527.79.1--5.8
P/E-0.72.847.035.4--19.1
P/CFO-9.82.49.85.4--3.9
Total Yield-137.3%42.1%9.2%9.0%--9.1%
Dividend Yield0.0%6.1%7.1%6.2%--6.1%
FCF Yield 3Y Avg-27.8%8.1%7.9%--8.1%
D/E10.20.70.10.4--0.6
Net D/E9.10.30.10.2--0.3

Returns

ICONGSLGNKPANLCMDBHTCOMedian
NameIcon Ene.Global S.Genco Sh.Pangaea .Costamar.High-Tre. 
1M Rtn-22.4%-0.1%-6.1%-3.9%-11.0%37.5%-5.0%
3M Rtn-32.6%9.4%5.9%1.2%42.1%27.9%7.7%
6M Rtn-15.3%47.9%27.7%21.2%--67.0%21.2%
12M Rtn-98.0%42.7%14.0%-18.7%--60.0%-18.7%
3Y Rtn-125.7%57.4%21.0%--57.4%
1M Excs Rtn-26.5%-1.7%-7.9%-4.8%-11.9%35.7%-6.4%
3M Excs Rtn-41.5%1.1%-2.7%-2.0%29.7%3,010.9%-0.5%
6M Excs Rtn-37.1%26.2%6.0%-0.5%--88.8%-0.5%
12M Excs Rtn-115.2%22.6%-3.1%-34.0%--76.6%-34.0%
3Y Excs Rtn-34.8%-27.8%-62.8%---27.8%

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32022Q4
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/202312/31/2022
Filing Date8/1/20257/3/20254/25/202511/12/20249/10/20247/3/20257/15/20241/26/20241/26/2024
Key Financials Quarterly         
Total Revenue222111111
Ebitda0-1-0-011001
Operating Income-0-1-0-010001
Net Income-1-3-1-010000
EPS-0.62-189.20-33.74-24.1713.3011.8611.121.7714.73
Key Financials TTM         
Total Revenue TTM655555---
Ebitda TTM-1-11222---
Operating Income TTM-1-01122---
Net Income TTM-5-4-0111---
Growth Rates Quarterly         
Total Revenue Growth48.8%12.1%40.6%-8.1%4.4%----
EBITDA Growth-50.1%-190.3%-194.3%-664.6%14.2%----
Operating Income Growth-137.4%-238.2%-154.6%-235.0%20.1%----
Net Income Growth-228.7%-792.3%-291.6%-764.1%23.0%----
Margins Quarterly         
EBITDA Margin20.2%-40.8%-22.1%-42.5%60.2%50.7%32.9%6.9%55.0%
Operating Income Margin-11.9%-44.9%-15.3%-22.4%47.5%36.4%39.5%15.2%41.2%
Net Income Margin-35.5%-195.2%-44.7%-49.2%41.0%31.6%32.8%6.8%34.8%
Cash & Debt         
Total Cash48120-324
Total Debt3615161600000
Net Debt / (Cash)3281514-0--3-2-4
Cash Flows Quarterly         
FCF from Operations0-10-001101
Cash Flows TTM         
FCF from Operations TTM-0-01223---
Returns to Shareholders Quarterly         
Dividends000000000
Share Repurchases-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly         
ROIC-1.7%-8.6%-4.0%-2.9%26.7%-32.9%6.5%26.7%
Return on Invested Capital (ROIC) TTM         
ROIC TTM-2.5%-1.6%2.6%5.3%18.3%----

Price Behavior

ICON Betas & Captures as of 9/30/2025

 1M2M3M6M1Y3Y
Beta-0.48-0.380.140.470.750.36
Up Beta-6.60-2.05-0.710.790.62-0.88
Down Beta10.212.455.321.081.950.43
Up Capture-2%-84%-85%-18%-50%-5%
Bmk +ve Days13233574144420
Stock +ve Days10162755101123
Down Capture-196%25%-66%-99%143%95%
Bmk -ve Days8192952107330
Stock -ve Days10243463140169

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity10,185
Short Interest: % Change Since 9302025-13.7%
Average Daily Volume59,905
Days-to-Cover Short Interest1
Basic Shares Quantity2,185,230
Short % of Basic Shares0.5%

SEC Filings

Expand for More

Report DateFiling DateFiling
630202580120256-K 6/30/2025
331202570320256-K 3/31/2025
12312024425202520-F 12/31/2024
9302024111220246-K 9/30/2024
630202491020246-K 6/30/2024
123120237152024424B4 12/31/2023
123120221262024DRS/A 12/31/2022

Insider Activity

Expand for More

 

External Quote Links


Prefer one of these to Trefis? Tell us why.