Icon Energy Corp financial statements

Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Icon Energy Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2022	FY2024	FY2024	FY2025
Revenue			0.04	1.67
General and administrative	0.01	0.02	0.35	1.08
Operating income	4.22	1.11	0.17	0.18
Interest expense	0	0	0.45	3.81
Interest income	0.01	0.06	0.07	0.13
Other non-operating income	0.01	-0	0	-0.02
Net income	4.24	1.16	-0.21	-4.2
EBITDA	4.9	1.79	1.3	3.11
EPS, basic	4,242.00	1,155.00	-304.13	-18.04
EPS, diluted	4,242.00	1,155.00	-304.13	-18.04
Shares, basic (weighted)	0	0	0	0.4
Shares, diluted (weighted)	0	0	0	0.4
Dividend per share	2,637.00	661.35	6.60

Balance sheet

	FY2022	FY2024	FY2024	FY2025
Cash and equivalents	3.55	2.7	0.95	3.88
Receivables			0	0.28
Inventory		0.06	0.13	0.31
Other current assets		0.01	0.04	0.03
Total current assets		3.02	1.29	5.03
Property, plant and equipment		9.18	26.1	51.3
Total assets		12.9	28.8	58.4
Accounts payable		0.09	0.39	1.36
Accrued liabilities		0.37	0.42	0.63
Total current liabilities		3.71	3.33	4.59
Total liabilities		3.71	17	37.1
Paid-in capital		8.59	11.6	25.4
Retained earnings		0.58	0.13	-4.07
Shareholders' equity	14.3	9.17	11.7	21.4
Total equity	14.3	9.17	11.7	21.4
Total liabilities and equity		12.9	28.8	58.4
Shares outstanding		0.01	0.01	0.69

Cash flow statement

	FY2022	FY2024	FY2024	FY2025
Net income	4.24	1.16	-0.21	-4.2
Depreciation and amortization	0.68	0.68	1.13	2.93
Change in receivables	-0.07	0.12	0	-0.28
Change in inventory	-0.08	0.08	-0.08	-0.18
Change in payables	-0.61	-0.09	0.1	0.87
Cash from operations	3.99	2.51	0.86	0.8
Capital expenditures	-0.23	-0.02	-18	-6.09
Cash from investing	-0.23	-0.02	-18	-6.09
Stock issued	0	0	4.57	12.5
Dividends paid	-2.64	-3.31	-0.24	-0.15
Cash from financing	-2.64	-3.33	15.9	8.42
Net change in cash	1.13	-0.85	-1.26	3.13
Free cash flow	3.76	2.48	-17.2	-5.29
Interest paid	0	0	0.41	2.2

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	10.8%	Operating income / revenue.
EBITDA margin	186.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-251.2%	Net income / revenue.
FCF margin	-316.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	47.8%	Cash from operations / revenue.
Return on equity (ROE)	-25.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-9.6%	Net income / average total assets.
Return on invested capital (ROIC)	1.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	364.2%	Capital expenditures / revenue.
D&A / revenue	175.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3,786.0%	Revenue vs the same period a year earlier. Only from a positive base.
Operating income growth, 1y	5.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-65.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	139.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-14.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-7.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-41.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	82.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	14.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	103.0%	Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y	10,092.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	635.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.10x	Current assets / current liabilities.
Quick ratio	0.91x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.85x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	63.4%	Total liabilities / total assets.
Interest coverage	0.05x	Operating income / interest expense.
Working capital	$446.0K	Current assets - current liabilities.
Tangible book value	$21.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.04x	Revenue / average total assets.
Fixed asset turnover	0.04x	Revenue / average property, plant and equipment.
Receivables turnover	12.0x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.
Capex / operating cash flow	761.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$18.04	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$18.04	Net income per basic share, as reported (split-adjusted).
Revenue per share	$4.20	Revenue / diluted weighted shares.
FCF per share	-$13.29	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.01	Cash from operations / diluted weighted shares.
Book value per share	$30.89	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$30.89	Tangible book value / shares outstanding.
Cash per share	$5.61	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.8M	Share price x shares outstanding.
Enterprise value	-$120.7K	Market cap + total debt - cash - short-term investments.
P/S	2.25x	Market cap / revenue.
P/B	0.18x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.18x	Market cap / tangible book value, when positive.
P/OCF	4.71x	Market cap / cash from operations, when positive.
FCF yield	-140.6%	Free cash flow / market cap.
Earnings yield	-111.6%	Net income / market cap (the inverse of P/E).
Dividend yield	4.1%	Dividends paid over the period / market cap.
Shareholder yield	4.1%	(Dividends paid + share buybacks) / market cap.

What was Icon Energy Corp's revenue in fiscal 2025?

Icon Energy Corp reported revenue of $1.7M for fiscal 2025, 3,786% higher than the year before.

Was Icon Energy Corp profitable in fiscal 2025?

No. It reported a net loss of $4.2M.

How much free cash flow did Icon Energy Corp generate in fiscal 2025?

Cash from operations of $799.0K minus capital expenditures of $6.1M left free cash flow of -$5.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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