Icon Energy Corp. (ICON) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Feb 24, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ICON SEC filings page.
Icon Energy Corp. (ICON) reported $1.7M in revenue for fiscal year 2025, up 3786.0% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 4 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
External financing is supporting asset growth while interest expense absorbs operating progress and keeps cash generation negative
Revenue scaled nearly 39x from FY2024 to FY2025, but operating income stayed essentially flat, showing that added volume has not yet translated into operating leverage. Interest expense rose more than eightfold in FY2025, leaving a net loss of-$4.2M despite positive operating income.
Free cash flow improved to
With assets at
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Icon Energy Corp.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Icon Energy Corp. has an operating margin of 10.8%, meaning the company retains $11 of operating profit per $100 of revenue. This strong profitability earns a score of 81/100, reflecting efficient cost management and pricing power. This is down from 395.4% the prior year.
Icon Energy Corp.'s revenue surged 3786.0% year-over-year to $1.7M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Icon Energy Corp. has a moderate D/E ratio of 1.73. This balance of debt and equity financing earns a leverage score of 34/100.
Icon Energy Corp.'s current ratio of 1.10 is below the typical benchmark, resulting in a score of 24/100. However, the company holds substantial cash reserves (85% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Icon Energy Corp.'s reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 1/100.
Icon Energy Corp. posts a -19.6% return on equity (ROE), meaning it loses $20 for every $100 of shareholders' equity. This results in a returns score of 37/100. This is down from -1.8% the prior year.
Icon Energy Corp. scores 0.01, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.4M) relative to total liabilities ($37.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Icon Energy Corp. passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
Icon Energy Corp. reported a net loss of $4.2M while generating $799K in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Icon Energy Corp. earns $0.05 in operating income for every $1 of interest expense ($180K vs $3.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Icon Energy Corp. held $3.9M in cash as of Q4 2025; long-term debt is not reported for that period.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
ICON Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
ICON Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q2'256-K | Q4'2420-F | Q4'2310-K |
|---|---|---|---|---|
| Total Assets | $58.4M+103.0% | $58.7M | $28.8M+123.5% | $12.9M |
| Current Assets | $5.0M+290.2% | $4.7M | $1.3M-57.3% | $3.0M |
| Cash & Equivalents | $3.9M+310.1% | $3.8M | $946K-65.0% | $2.7M |
| Short-Term Investments | $0 | $0 | $0 | $0 |
| Inventory | $314K+136.1% | $294K | $133K+133.3% | $57K |
| Accounts Receivable | $278K | $160K | $0 | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 |
| Total Liabilities | $37.1M+117.4% | $38.2M | $17.0M+359.2% | $3.7M |
| Current Liabilities | $4.6M+37.7% | $4.4M | $3.3M-10.3% | $3.7M |
| Non-Current Liabilities | $32.5M+136.8% | $33.8M | $13.7M | $0 |
| Total Equity | $21.4M+82.0% | $20.5M | $11.7M+28.1% | $9.2M |
| Retained Earnings | -$4.1M-3278.9% | -$3.6M | $128K-77.8% | $577K |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
ICON Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
ICON Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Icon Energy Corp. ICON | FY2025 | $1.7M | -$4.2M | N/A | $3.4M | 46/100 |
| C3is CISS | FY2025 | $34.8M | $10.5M | 30.1% | $2.1M | 77/100 |
| United Maritime Corporation USEA | FY2025 | $37.8M | -$6.2M | -16.4% | $27.9M | 27/100 |
| Castor Maritime Inc CTRM | FY2025 | $81.8M | $19.3M | 23.5% | $24.1M | 42/100 |
| Globus Maritime Limited GLBS | FY2025 | $44.2M | -$1.7M | -4.0% | $76.6M | 42/100 |
Where Icon Energy Corp. Ranks
Frequently Asked Questions
What is Icon Energy Corp.'s annual revenue?
Icon Energy Corp. (ICON) reported $1.7M in total revenue for fiscal year 2025. This represents a 3786.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Icon Energy Corp.'s revenue growing?
Icon Energy Corp. (ICON) revenue grew by 3786.0% year-over-year, from $43K to $1.7M in fiscal year 2025.
Is Icon Energy Corp. profitable?
No, Icon Energy Corp. (ICON) reported a net income of -$4.2M in fiscal year 2025.
What is Icon Energy Corp.'s EBITDA?
Icon Energy Corp. (ICON) had EBITDA of $3.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Icon Energy Corp.'s operating margin?
Icon Energy Corp. (ICON) had an operating margin of 10.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Icon Energy Corp.'s return on equity (ROE)?
Icon Energy Corp. (ICON) has a return on equity of -19.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Icon Energy Corp.'s free cash flow?
Icon Energy Corp. (ICON) recorded an outflow of $5.3M in free cash flow during fiscal year 2025. This represents a 69.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Icon Energy Corp.'s operating cash flow?
Icon Energy Corp. (ICON) generated $799K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Icon Energy Corp.'s total assets?
Icon Energy Corp. (ICON) had $58.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Icon Energy Corp.'s capital expenditures?
Icon Energy Corp. (ICON) invested $6.1M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Icon Energy Corp.'s current ratio?
Icon Energy Corp. (ICON) had a current ratio of 1.10 as of fiscal year 2025, which is considered adequate.
What is Icon Energy Corp.'s debt-to-equity ratio?
Icon Energy Corp. (ICON) had a debt-to-equity ratio of 1.73 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Icon Energy Corp.'s return on assets (ROA)?
Icon Energy Corp. (ICON) had a return on assets of -7.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Icon Energy Corp.'s P/E ratio?
Icon Energy Corp. (ICON) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $3.4M as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Icon Energy Corp.'s price-to-sales ratio?
Icon Energy Corp. (ICON) trades at 2.0x sales, its market capitalization divided by revenue of $1.7M revenue, FY2025. The market capitalization is $3.4M as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Icon Energy Corp.'s Altman Z-Score?
Icon Energy Corp. (ICON) has an Altman Z-Score of 0.01, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Icon Energy Corp.'s Piotroski F-Score?
Icon Energy Corp. (ICON) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Icon Energy Corp.'s earnings high quality?
Icon Energy Corp. (ICON) reported a net loss of $4.2M while generating $799K in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Icon Energy Corp. cover its interest payments?
Icon Energy Corp. (ICON) has an interest coverage ratio of 0.05x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Icon Energy Corp.?
Icon Energy Corp. (ICON) scores 46 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.