Latest Ratios: P/E Ratio -0.2x · EV/EBITDA 9.1x · ROE -25.3%. (1994–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2M | $825598 | $110M | — | — | — | — | — | — | — | — |
| Enterprise Value | $33M | $32M | $125M | — | — | — | — | — | — | — | — |
| P/E Ratio → | -0.16 | — | — | — | — | — | — | — | — | — | — |
| P/S Ratio | 0.20 | 0.07 | 20.67 | — | — | — | — | — | — | — | — |
| P/B Ratio | 0.05 | 0.04 | 9.34 | — | — | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 2.86 | 1.03 | 127.03 | — | — | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.82 | 23.50 | — | — | — | — | — | — | — | — |
| EV / EBITDA | 9.10 | 8.70 | 68.84 | — | — | — | — | — | — | — | — |
| EV / EBIT | 184.26 | — | 515.44 | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 22.5% | 22.5% | 27.6% | 73.2% | 81.9% | 85.7% | — | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 1.6% | 1.6% | 3.2% | 24.7% | 58.3% | 55.5% | — | 42.4% | 29.1% | 36.0% | 53.3% |
| Net Profit Margin | -37.3% | -37.3% | -4.0% | 25.8% | 58.6% | 55.6% | — | -74.8% | -53.6% | -216.6% | -68.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -25.3% | -25.3% | -2.0% | 9.8% | 31.4% | 26.1% | — | — | — | -184.4% | -38.3% |
| ROA | -9.6% | -9.6% | -1.0% | 8.4% | 29.1% | 1.7% | -23.2% | -19.6% | -13.4% | -34.0% | -11.1% |
| ROIC | 0.3% | 0.3% | 0.8% | 9.6% | 30.0% | — | -30.5% | 10.9% | 6.8% | 5.1% | 7.9% |
| ROCE | 0.5% | 0.5% | 1.0% | 9.4% | 31.2% | 2.1% | -9.1% | 14.2% | 8.6% | 6.5% | 9.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.63 | 1.63 | 1.36 | — | — | — | — | — | — | — | 2.27 |
| Debt / EBITDA | 9.54 | 9.54 | 8.79 | — | — | — | — | 9.94 | 11.85 | 9.56 | 6.27 |
| Net Debt / Equity | — | 1.44 | 1.28 | -0.29 | -0.25 | -0.19 | — | — | — | — | 2.00 |
| Net Debt / EBITDA | 8.47 | 8.47 | 8.27 | -1.26 | -0.68 | -0.63 | — | 9.08 | 10.68 | 8.78 | 5.52 |
| Debt / FCF | — | — | — | -1.09 | -0.94 | -0.68 | 0.36 | 24.92 | 11.53 | 740.84 | 9.82 |
| Interest Coverage | -0.10 | -0.10 | 0.54 | 386.00 | 1415.00 | 1659.50 | -0.39 | -0.64 | -0.40 | -8.62 | -2.34 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.10 | 1.10 | 0.39 | 0.81 | 14.63 | 1.60 | 1.49 | 1.01 | 1.34 | 2.07 | 1.75 |
| Quick Ratio | 1.03 | 1.03 | 0.35 | 0.80 | 14.15 | 1.57 | 1.49 | 1.01 | 1.34 | 2.07 | 1.75 |
| Cash Ratio | 0.85 | 0.85 | 0.28 | 0.73 | 12.87 | 1.31 | 0.97 | 0.42 | 0.58 | 0.59 | 0.59 |
| Asset Turnover | — | 0.19 | 0.18 | 0.35 | 0.50 | 0.41 | — | 0.29 | 0.30 | 0.26 | 0.18 |
| Inventory Turnover | 27.77 | 27.77 | 28.89 | 21.04 | 9.78 | 15.47 | — | — | — | — | — |
| Days Sales Outstanding | — | 9.01 | — | 16.88 | 14.37 | 24.06 | — | 139.69 | 122.78 | 124.86 | 94.98 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 13.2% | 18.5% | 0.2% | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | 286.3% | 62.2% | 35.1% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 2.7% | — | — | — | — | — | — | — | — |
| Total Shareholder Yield | 13.2% | 18.5% | 3.0% | — | — | — | — | — | — | — | — |
| Shares Outstanding | — | $1M | $1M | $1M | $1M | $1M | $7M | $11M | $7M | $6M | $5M |
Extreme freight rate sensitivity
As reported in recent financial statements, ICON trades at a P/B ratio of 0.05, which, when compared to the broader shipping sector, suggests that the market is pricing the company as a distressed asset play rather than a viable, long-term cash-generating enterprise with sustainable growth prospects.
The negative P/E ratio and lack of forward earnings visibility indicate that investors are currently disregarding traditional valuation metrics in favor of asset-based liquidation value. This deep discount to book value implies significant skepticism regarding the company's ability to convert its fleet into meaningful shareholder returns.
Based on ICON's reported figures, the ROIC has struggled to maintain positive territory, peaking at only 1.8% in 2025Q3, which highlights a persistent inability to generate returns that exceed the cost of capital required to maintain and expand its dry bulk vessel fleet.
The erratic nature of ROIC, which dipped to -2.2% in 2025Q1, suggests that the company's capital allocation strategy is currently failing to create value. Investors should monitor whether future fleet deployments can achieve the scale necessary to drive returns above the company's weighted average cost of capital.
According to recent quarterly data, ICON's cash conversion cycle has shown extreme instability, swinging from a high of 1,098 days in 2022Q4 to negative 18 days in 2026Q1, indicating significant challenges in managing the timing of voyage expenses and customer receivables within a fragmented market.
The wide variance in the cash conversion cycle suggests that the company lacks a standardized operational rhythm, likely due to the lumpy nature of spot market chartering. This inconsistency complicates liquidity planning and suggests that the company remains highly susceptible to timing mismatches between cash outflows and inflows.
As indicated by the company's financial filings, the interest coverage ratio has fluctuated wildly, reaching a negative 0.97 in 2024Q4, which underscores the company's precarious ability to service its debt obligations during periods of depressed freight rates and high operational overhead.
While the current debt-to-equity ratio of 1.63 appears manageable in isolation, the lack of consistent operating income makes the debt burden a significant risk factor. The company's reliance on external financing to fund growth may lead to further equity dilution if cash flow generation does not improve.
The Price-to-Book ratio is frequently misapplied to ICON, as it obscures the reality that the book value of older dry bulk vessels may be significantly overstated relative to their actual market-clearing price in a distressed shipping environment, rendering the metric a poor proxy for intrinsic value.
Investors should instead focus on the Net Asset Value (NAV) adjusted for current second-hand vessel market prices, as the accounting book value often fails to capture the rapid depreciation and obsolescence risks inherent in the company's specific fleet profile. Relying on P/B alone risks ignoring the potential for future asset impairment charges.
Includes 30+ ratios · 30 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ICON stock.
Icon Energy Corp.'s current P/E ratio is -0.2x. This places it at the 50th percentile of its historical range.
Icon Energy Corp.'s current EV/EBITDA is 9.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 38.8x.
Icon Energy Corp.'s return on equity (ROE) is -25.3%. The historical average is -3.2%.
Based on historical data, Icon Energy Corp. is trading at a P/E of -0.2x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Icon Energy Corp.'s current dividend yield is 13.23%.
Icon Energy Corp. has 22.5% gross margin and 1.6% operating margin.
Icon Energy Corp.'s Debt/EBITDA ratio is 9.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.