Icon Energy Corp. (ICON)
NASDAQ:ICON
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Icon Energy Corp.
(NASDAQ:ICON)
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Rating:40Underperform
Price Target:
$1.00
▼(-9.91% Downside)
Action:DowngradedDate:03/21/26
The score is primarily pressured by weak financial performance: a large net loss, materially negative free cash flow, and rapidly rising leverage. Technicals also remain bearish with the stock far below major moving averages and negative MACD, partially offset by oversold readings. Valuation provides limited support due to a negative P/E and dividend yield that appears unreliable in the context of losses and cash-flow strain.
Positive Factors
Contracted Revenue Visibility
A multi-quarter index-linked time charter that adds ~ $7.2M of minimum contracted revenue materially increases revenue visibility for the fleet. The contract’s optionality to lock fixed rates and fuel-savings compensation reduces volatility and supports steadier cashflows across 2-3 quarters and beyond.
Negative Factors
Rising Leverage
Material increase in debt and a debt-to-equity ~1.63 elevates financial risk and interest/service burden. Higher leverage limits balance-sheet flexibility, constrains capacity for further fleet investment or capex without dilutive funding, and increases vulnerability to freight-cycle downturns that could pressure covenant and liquidity.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted Revenue Visibility
A multi-quarter index-linked time charter that adds ~ $7.2M of minimum contracted revenue materially increases revenue visibility for the fleet. The contract’s optionality to lock fixed rates and fuel-savings compensation reduces volatility and supports steadier cashflows across 2-3 quarters and beyond.
Read all positive factors
Icon Energy Corp. (ICON) vs. SPDR S&P 500 ETF (SPY)
Market Cap
N/A
Dividend Yield499.57%
Average Volume (3M)42.74K
Price to Earnings (P/E)―
Beta (1Y)1.59
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees101
SectorEnergy
Sector Strength52
IndustryMarine Shipping
Share Statistics
EPS (TTM)N/A
Shares Outstanding3,214,069
10 Day Avg. Volume59,107
30 Day Avg. Volume42,736
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.19
Price to Sales (P/S)0.37
P/FCF Ratio-0.78
Enterprise Value/Market Cap10.00T>
Enterprise Value/Revenue2.78
Enterprise Value/Gross Profit12.34
Enterprise Value/Ebitda10.16
Forecast
1Y Price Target
$3.00Price Target Upside170.27% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Icon Energy Corp. Business Overview & Revenue Model
Company Description
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...
Icon Energy Corp. Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
34
Negative
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 11.26M | 5.31M | 4.48M | 7.24M | 5.96M |
| Gross Profit | 2.54M | 1.47M | 3.28M | 5.93M | 5.11M |
| EBITDA | 3.08M | 1.88M | 2.19M | 5.29M | 3.86M |
| Net Income | -4.20M | -210.00K | 1.16M | 4.24M | 3.32M |
Balance Sheet | |||||
| Total Assets | 58.44M | 28.80M | 12.88M | 14.60M | 14.57M |
| Cash, Cash Equivalents and Short-Term Investments | 3.88M | 946.00K | 2.70M | 3.55M | 2.42M |
| Total Debt | 34.76M | 15.93M | 0.00 | 0.00 | 0.00 |
| Total Liabilities | 37.07M | 17.05M | 3.71M | 276.00K | 1.85M |
| Stockholders Equity | 21.38M | 11.75M | 9.17M | 14.32M | 12.72M |
Cash Flow | |||||
| Free Cash Flow | -5.29M | -17.16M | 2.48M | 3.76M | 3.59M |
| Operating Cash Flow | 799.00K | 864.00K | 2.50M | 3.99M | 4.08M |
| Investing Cash Flow | -6.09M | -18.02M | -22.00K | -225.00K | -491.00K |
| Financing Cash Flow | 8.42M | 15.90M | -3.33M | -2.64M | -1.17M |
Icon Energy Corp. Technical Analysis
Neutral
1.11
Price Trends
1.23
Negative
2.20
Negative
6.35
Negative
Market Momentum
-0.05
Negative
50.23
Neutral
48.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICON, the sentiment is Neutral. The current price of 1.11 is above the 20-day moving average (MA) of 0.98, below the 50-day MA of 1.23, and below the 200-day MA of 6.35, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 50.23 is Neutral, neither overbought nor oversold. The STOCH value of 48.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ICON.
Icon Energy Corp. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $23.62M | 0.53 | 16.53% | ― | -11.07% | -13.39% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
62 Neutral | $2.27M | 0.04 | 12.78% | ― | -27.96% | -98.99% | |
57 Neutral | $17.97M | 0.26 | -5.54% | ― | -1.35% | -118.25% | |
51 Neutral | $20.22M | ― | -11.02% | 6.20% | -8.96% | -88.67% | |
40 Underperform | ― | -0.98 | 12.60% | 499.57% | ― | ― |
* Energy Sector Average
ICON
Icon Energy Corp.
1.07
-9.23
-89.61%
PSHG
Performance Shipping
1.91
0.54
39.42%
CTRM
Castor Maritime
1.80
-0.32
-15.09%
USEA
United Maritime Corp.
2.11
1.05
98.87%
CISS
C3is Inc.
0.80
-66.20
-98.80%
Icon Energy Corp. Corporate Events
Icon Energy Secures New Index-Linked Charter for Ultramax Charlie, Boosting Contracted Revenue
Apr 1, 2026
On April 1, 2026, Icon Energy Corp. announced a new 16- to 20‑month time charter for its Ultramax vessel M/V Charlie with a reputable dry bulk operator, set to commence after the ship’s current charter ends in late April 2026 and run t...
Icon Energy Lifts Q1 2026 Revenue Outlook and Bolsters Liquidity Amid Geopolitical Tensions
Mar 19, 2026
On March 19, 2026, Icon Energy Corp. reported that its three-vessel dry bulk fleet is fully employed on index-linked time charters tied to the Baltic Panamax and Supramax indices, aiming to balance high utilization with exposure to freight rate up...
Icon Energy Shareholders Approve Director, Auditor and Governance Amendments at 2026 AGM
Feb 18, 2026
Icon Energy Corp. held its 2026 Annual Meeting of Shareholders on February 16, 2026, at which investors approved key governance and oversight measures. Shareholders elected Evangelos Macris as a Class II director to serve until the 2029 annual mee...
Icon Energy Launches $3.4 Million At-the-Market Share Offering Agreement with Maxim Group
Feb 4, 2026
On February 4, 2026, Icon Energy Corp. entered into an at-the-market equity offering agreement with Maxim Group LLC that allows the company to sell up to $3.4 million of its common shares from time to time through Maxim as sales agent. The shares ...
Icon Energy Sets February 16, 2026 Shareholder Meeting to Vote on Governance Changes and Auditor
Jan 29, 2026
Icon Energy Corp., a Marshall Islands corporation headquartered in Athens, Greece, has called its 2026 annual meeting of shareholders for February 16, 2026, at its Athens offices. Holders of common shares and Series B perpetual preferred shares of...
Icon Energy Raises $3.5 Million via SEPA Share Sales, Lifts Outstanding Stock to 2.5 Million Shares
Jan 22, 2026
On January 21, 2026, Icon Energy Corp. reported that it has raised approximately $3.5 million by selling an aggregate of 1,136,470 common shares at an average price of $3.11 per share under its Standby Equity Purchase Agreement with an investor, o...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.