Icon Energy Corp. (ICON) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1108.1%

$12.32

vs $1.02 price

Levered DCF

-$9.22

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.33

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-0.57×	-2,623.53×	787.23×	214.49×	274.07×	-47.53×	-70.08×	-49.56×
P/B	0.19×	46.72×	99.3×	63.58×	71.6×	-21.6×	-35.21×	-44.65×
P/S	0.37×	103.36×	203.42×	125.74×	152.74×	0×	52.45×	26.55×
EV / EBITDA	11.36×	299.23×	413.57×	171.61×	235.25×	-194.45×	-241.82×	-172.37×
Gross margin	22.5%	27.6%	73.2%	81.9%	85.7%	0.0%	100.0%	100.0%
Operating margin	1.6%	3.2%	24.7%	58.3%	55.5%	0.0%	42.4%	29.1%
Net margin	-37.3%	-4.0%	25.8%	58.6%	55.6%	0.0%	-74.8%	-53.6%
Current ratio	1.1×	0.39×	0.81×	14.63×	1.6×	1.49×	1.01×	1.34×
Debt / equity	1.63×	1.36×	0×	0×	0×	-0.25×	-2.91×	-6.05×
Interest coverage	0.05×	0.38×	368.33×	1,406×	1,655×	-0.45×	1.1×	0.92×
Dividend yield	3.7%	0.0%	0.4%	0.3%	0.1%	0.0%	0.0%	0.0%
Payout ratio	-3.6%	-113.8%	286.3%	62.2%	35.1%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-19.6%	-1.8%	12.6%	29.6%	26.1%	45.4%	50.3%	90.1%
Return on invested capital	0.3%	0.6%	12.1%	29.5%	26.0%	-9.2%	14.5%	9.6%
Return on assets	-7.2%	-0.7%	9.0%	29.1%	22.8%	-27.3%	-22.0%	-15.9%
Free cash flow yield	-128.3%	-3.1%	0.3%	0.4%	0.4%	0.4%	0.3%	1.1%
Earnings yield	-101.8%	-0.0%	0.1%	0.5%	0.4%	-2.1%	-1.4%	-2.0%
Enterprise value	$35M	$563.7M	$907.8M	$906.9M	$908.1M	$4.9B	$8.4B	$5.6B
Net debt / EBITDA	10.03×	7.95×	-1.23×	-0.67×	-0.63×	-0.28×	-16.98×	-18.76×
Cash conversion cycle (days)	-35	-25	8	2	-534	0	140	123