Icon Energy (ICON) Stock Analysis & Winston Score

Icon Energy Corp. is a small marine shipping company that moves cargo and goods across waterways using its fleet of vessels. The company serves industrial and commercial customers who need to transport bulk materials or other freight by sea or river. It operates in the broader shipping and logistics industry, which is closely tied to global trade volumes.

Icon Energy generates revenue by charging customers fees to carry cargo on its ships, a model common in the asset-heavy shipping sector. The company appears to operate on a modest scale given its near-zero market capitalization, and its low return on invested capital of 1.7% suggests the business is not yet generating strong returns on its fleet assets. The main risk facing Icon Energy is the cyclical nature of shipping rates, which can fall sharply during periods of weak global demand, squeezing margins and making it difficult to cover the high fixed costs of owning and operating vessels.

Winston Score History

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1 trades / 12mo

1 Congressional buy and 0 sells on ICON in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+139.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+86.4% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.0%ownership

Relatively low insider ownership

Cash Runway

~2 years

$9M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$9M cash & investments at current burn rate

Revenue accelerating

Icon Energy grew revenue 139% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 1.2M (2021) → 1.2M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

32.9%

Modest — 32.9% gross margin

Operating Margin

1.1%

Thin — 1.1% operating margin

ROCE

0.1%

Weak — 0.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+144.4%

Fast-growing sales (144.4% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-22.7%

Burning cash (-22.7%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.49

Conservative — low debt load (0.49)

Interest Cover

0.36x

Dangerous — barely covers interest (0.4x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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