Icon Energy Corp

ICON
About the company

Icon Energy Corp., a shipping company, provides seaborne transportation services for dry bulk cargoes through its fleet of oceangoing vessels worldwide. Its fleet consists of one Panamax dry bulk vessel with a carrying capacity of approximately 77,326 deadweight tons (dwt); one Kamsarmax dry bulk vessel with a carrying capacity of approximately 81,448 dwt; and one Ultramax dry bulk vessel with a carrying capacity of approximately 63.668 dwt. The company serves dry bulk operators, commodity traders, and end users. The company was incorporated in 2023 and is based in Athens, Greece.

Country: Marshall IslandsPrice: $0.90Market Cap: $3.3M

Investment snapshot

6%positive consensus
Scored 1d ago

Positive

1

BUY / PASS

Neutral / negative

4 / 11

NEUTRAL / FAIL

Median fair value

$31.12

+3338.7% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

ICON undervalued: all 2 models price fair value above $0.90 (median $31.12)

Key risk

No clean pass — all 13 investors flag at least one valuation criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #1792 (Top 57.9%)PASSFAILFAILFAILFAILFAILFAILNEUTRALFAILNEUTRALFAILNEUTRALNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/A+90.6%N/AN/AN/AN/A+98.3%N/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · Market data at 2026-11-01

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-02-24

Score computed: 2026-11-14

Where It Passes

  • Valuation models100% pass✓ 2▾

    ICON undervalued: all 2 models price fair value above $0.90 (median $31.12)

    Greenblatt fair value$9.63
    ✓Greenblatt+90.6% margin vs $0.90
    Akre fair value$52.61
    ✓Akre+98.3% margin vs $0.90

Where It Falls Short

  • Valuation0% pass✓ 9✗ 19▾

    No clean pass — all 13 investors flag at least one valuation criterion

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio0.0x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value0.9%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=0.9%, ROC=0.4%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)0.5x
    ✓Dreman< 8x
    Price / Book Value per Share0.0x
    ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Valuation Reasonableness
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF YieldFCF Yield=-161.3%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.0x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Price vs. Trailing Low111% of trailing low ($0.82)
    ✓Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-128.06%; #5503/6340 (top 86.8%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+6.5229; #240/6449 (top 3.7%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share0.02x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-98.1%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+0.5099; #2606/5247 (top 49.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization-161.32%; #4172/4519 (top 92.3%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date-15.42%; #3749/6202 (top 60.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Growth0% pass✓ 2✗ 11▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 136.1% vs Rev: 3786.0%
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency2/4 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth3786.0%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Profitability6% pass✓ 2✗ 33▾

    15 of 16 flag ICON's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)2/5 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)2/5 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)5.2%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-19.6%
    ✗Lynch> 15%
    EBIT / Enterprise Value0.9%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=0.9%, ROC=0.4%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-7.18%
    ✗PiotroskiROA > 0
    ROA Change YoY-0.73% -> -7.18% (delta: -6.45%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=1.37%, ROA=-7.18%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-19.6%
    ✗Dreman> 12%
    Margin of SafetyP/B=0.0x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-2.9% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic Value
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency2/4 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue10.8%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-19.6%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-128.06%; #5503/6340 (top 86.8%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-19.63%; #3672/5226 (top 70.3%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0664; #2933/5884 (top 49.8%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Verdicts8% pass✓ 1✗ 12▾

    Split decision: 11 FAIL · 4 NEUTRAL · 1 PASS

    Overall verdict
    ✗GrahamFAIL (1/9)✗BuffettFAIL (0/9)✗LynchFAIL (1/7)✗GreenblattRank #1792✓PiotroskiPASS (F-Score 5)✗DremanFAIL (3/11)✗MungerFAIL (1/4)✗PabraiFAIL (1/3)✗AkreFAIL (0/6)✗MarksFAIL (1/5)✗AckmanFAIL (2/9)•TempletonNEUTRAL (5/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
  • Efficiency13% pass✓ 2✗ 9▾

    7 of 8 flag ICON's efficiency — Graham, Buffett, Greenblatt +4 more

    Current Ratio1.10
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)5.0%
    ✗Buffett> 10%
    ROIC - WACC-5.0%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)0.4%
    ✗Greenblatt> 25%
    Current Ratio Change YoY0.39 -> 1.10
    ✓PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.00x -> 0.03x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities1.10
    ✗Dreman> 1.5
    Return on Invested Capital0.3%
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=9.5%; FY2024: ROIC=1.0%; FY2025: ROIC=0.3%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/3 years above 12% (latest 0.3%)
    ✗SleepROIC > 12% in a majority of years
  • Debt & Leverage25% pass✓ 4✗ 11▾

    9 of 12 flag ICON's debt & leverage — Graham, Buffett, Lynch +6 more

    Total Debt / Shareholders' Equity0.98
    ✗Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.98, IC: 0.1x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.98
    ✗Lynch< 0.33
    Cash - Long-term Debt
    ✗LynchPositive preferred
    LT Debt / Total Assets Change0.00% -> 0.00%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities1.10
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Debt Levels0.98
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=0.1x, D/EBITDA=N/A (D&A unavailable)
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.98
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.9843; #3209/4210 (top 76.2%)
    ✗AsnessTop 30% of eligible cross-section
  • Cash Flow30% pass✓ 4✗ 8▾

    7 of 10 flag ICON's cash flow — Buffett, Lynch, Pabrai +4 more

    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    FCF Positive and Growing$-5.3M
    ✗LynchPositive and growing
    Operating Cash Flow$0.8M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=1.37%, ROA=-7.18%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)0.5x
    ✓Dreman< 8x
    P/E or FCF YieldFCF Yield=-161.3%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive2/4 years FCF positive
    ✗MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap-1468.7%
    ✗Ackman>= 4%
    Price / FCF per ShareN/A (negative FCF)
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency4/4 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures$-5.3M
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization-161.32%; #4172/4519 (top 92.3%)
    ✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Transportation
SIC Sector: Water Transportation
Size: Micro Cap($3.3M)
Revenue: $1.7M+3786.0% YoY
Net Income: $4.2M-1898.6% YoY

Financial Snapshot

Operating Margin10.8%
Return on Equity-19.6%
Debt / Equity0.98
Current Ratio1.10
EPS (Diluted)$-18.04−72.8% 1y

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UNPUNION PACIFIC CORP
$179.7B
CSXCSX CORP
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RCLROYAL CARIBBEAN CRUISES LTD
$86.5B
CNICANADIAN NATIONAL RAILWAY CO
$76.3B

Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks
—
Dividends
$153.0K

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY23
−72.8% = −72.8% + 0.0%
Earnings Fewer shares More shares

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

MetricFY 2025
Sources
  • 20-F · 2026-02-24
FY 2024
Sources
  • 20-F · 2025-04-25
FY 2023
Sources
  • 20-F · 2025-04-25
FY 2022
Sources
  • 20-F · 2025-04-25
FY 2021
Sources
  • 20-F · 2025-04-25
Market Cap$3.3Mcurrent$296.0Kest.$3.0Mest.----
Revenue$1.7M↑3786%$43.0K------
Operating Income$180.0K↑6%$170.0K↓85%$1.1M↓74%$4.2M--
Net Income-$4.2M↓1899%-$210.0K↓118%$1.2M↓73%$4.2M--
EPS (Diluted)$-18.04↑70%$-60.83↓126%$231.00↓73%$848.40--
Gross Margin—————
Operating Margin10.8%↓97%395.3%———
ROE-19.6%↓998%-1.8%↓114%12.6%↓57%29.6%—
Total Debt$21.0M↑851%$2.2M$0----
Shareholders' Equity$21.4M↑82%$11.7M↑28%$9.2M↓36%$14.3M↑13%$12.7M
Current Ratio1.10↑183%0.39↓52%0.81——
Debt / Equity0.98↑422%0.190.00——
Operating Cash Flow$799.0K↓8%$864.0K↓66%$2.5M↓37%$4.0M--
Free Cash Flow-$5.3M↑69%-$17.2M↓791%$2.5M↓34%$3.8M--

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Transportation

ICON vs Peers — Financial Grading

Revenue$1.7MBottom 25%
Net Income$4.2MBottom 25%
ROE-19.6%Bottom 25%
D/E0.98Top 25%
Op. Margin10.8%Bottom 25%
Curr. Ratio1.10Median
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
UNION PACIFIC CORPUNP$179.7B$302.44$24.5B$7.1B38.7%1.7240.2%0.912/94/94/70/3F-Score 73/11
CSX CORPCSX$95.9B$52.05$14.1B$2.9B22.0%1.4332.1%0.812/94/93/70/3F-Score 53/11
ROYAL CARIBBEAN CRUISES LTDRCL$86.5B$323.27$17.9B$4.3B42.5%2.1327.4%0.181/91/91/70/3F-Score 73/11
CANADIAN NATIONAL RAILWAY COCNI$76.3B$127.18————————————
NORFOLK SOUTHERN CORPNSC$73.6B$327.88$12.2B$2.9B18.5%1.1035.8%0.853/96/93/70/3F-Score 65/11
MPLX LPMPLX$58.0B$57.25$13.0B$5.0B34.6%1.7945.7%1.232/94/94/71/3F-Score 68/11
Carnival Corp Ltd.CCL$39.3B$29.23$26.6B$2.8B22.5%2.1716.8%0.321/91/92/70/3F-Score 74/11
OLD DOMINION FREIGHT LINE, INC.ODFL$36.0B$174.54$5.5B$1.0B23.7%0.0124.8%1.443/97/95/71/3F-Score 65/11