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Icon Energy Valuation Multiples

Discover revenue and EBITDA valuation multiples for Icon Energy and similar public comparables like Intercont (Cayman), Erria, C3is, RamlΓΆsa Shipping and more.

Icon Energy Overview

About Icon Energy

Icon Energy Corp is a growth-oriented shipping company providing seaborne transportation services for dry bulk cargoes via its fleet of oceangoing vessels. The company generates its revenues by chartering its vessels to regional and international dry bulk operators, commodity traders and end users. The cargos carried by the company are Grains, Minerals, Iron Ore, Coal and Bauxite.


Founded

2023

HQ

Greece

Employees

0

Financials (LTM)

Revenue: $12M
EBITDA: $4M

EV

$35M

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Icon Energy Financials

Icon Energy reported last 12-month revenue of $12M and EBITDA of $4M.

In the same LTM period, Icon Energy generated $4M in EBITDA and had net loss of ($7M).

Revenue (LTM)


Icon Energy P&L

In the most recent fiscal year, Icon Energy reported revenue of $11M and EBITDA of $4M.

Icon Energy is unprofitable as of last fiscal year, with gross margin of 22%, EBITDA margin of 32%, and net margin of (37%).

See analyst estimates for Icon Energy
LTMLast FY202320242025202620272028
Revenue$12M$11M$4M$5M$11M
Gross Profitβ€”$3M$2M$1M$3M
Gross Marginβ€”22%39%28%23%
EBITDA$4M$4M$2M$2M$3M
EBITDA Margin34%32%49%35%27%
EBIT Margin4%2%25%3%2%
Net Profit($7M)($4M)$1M($210K)($4M)
Net Margin(59%)(37%)26%(4%)(37%)
Net Debtβ€”$10Mβ€”β€”β€”

Financial data powered by Morningstar, Inc.

Icon Energy Stock Performance

Icon Energy has current market cap of $4M, and enterprise value of $35M.

Market Cap Evolution


Icon Energy's stock price is $1.32.

Icon Energy share price increased by 24.5% in the last 30 days, and decreased by 84.3% in the last year.

Icon Energy has an EPS (earnings per share) of $-1.31.

See more trading valuation data for Icon Energy
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$35M$4M-6.4%24.5%-2.2%-84.3%$-1.31

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Icon Energy Valuation Multiples

Icon Energy trades at 2.9x EV/Revenue multiple, and 8.6x EV/EBITDA.

See NTM and 2027E valuation multiples for Icon Energy

EV / Revenue (LTM)


Icon Energy Financial Valuation Multiples

As of May 20, 2026, Icon Energy has market cap of $4M and EV of $35M.

Icon Energy has a P/E ratio of (0.6x).

LTMLast FY202320242025202620272028
EV/Revenue2.9x3.1x7.8x6.6x3.1x
EV/EBITDA8.6x9.8x16.0x18.6x11.4x
EV/EBIT75.0x175.6x31.8x206.6x195.1x
EV/Gross Profitβ€”13.8x20.0x23.9x13.8x
P/E(0.6x)(1.0x)3.7x(20.2x)(1.0x)
EV/FCF(45.5x)43.9x14.1x(2.0x)(6.6x)

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Icon Energy Valuation Multiples

Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

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Icon Energy Margins & Growth Rates

Icon Energy grew revenue by 19% and EBITDA by 36% in the last fiscal year.

In the most recent fiscal year, Icon Energy reported gross margin of 22%, EBITDA margin of 32%, and net margin of (37%).

See estimated margins and future growth rates for Icon Energy

Icon Energy Margins

Last FY202420252026202720282029
Gross Margin22%28%23%β€”
EBITDA Margin32%35%27%36%
EBIT Margin2%3%2%7%
Net Margin(37%)(4%)(37%)(53%)
FCF Margin7%(323%)(47%)(24%)

Icon Energy Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth19%19%112%20%
Gross Profit Growthβ€”(16%)73%β€”
EBITDA Growth36%(14%)63%59%
EBIT Growth350%(85%)6%400%
Net Profit Growth72%(118%)1899%72%
FCF Growth(513%)(791%)(69%)(38%)

Data powered by FactSet, Inc. and Morningstar, Inc.

Icon Energy Operational KPIs

Icon Energy's Rule of 40 is 56% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Icon Energy's Rule of X is 86% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Icon Energy
LTMLast FY202320242025202620272028
Rule of 4055%56%β€”β€”β€”
Bessemer Rule of X87%86%β€”β€”β€”
G&A Expenses to Revenue10%10%0%6%10%
Opex to Revenueβ€”21%14%24%21%

Data powered by FactSet, Inc. and Morningstar, Inc.

Valuation Multiples Across 230+ Verticals

Icon Energy Competitors

Icon Energy competitors include Intercont (Cayman), Erria, C3is, RamlΓΆsa Shipping, Bulgarian River Shipping, AMSC, Jadroplov, Losinjska Plovidba, ADS and Castor Maritime.

Most Icon Energy public comparables operate across Marine Transportation.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
Intercont (Cayman)0.5xβ€”1.1xβ€”
Erria0.2xβ€”3.1xβ€”
C3is(0.4x)β€”(0.8x)β€”
RamlΓΆsa Shipping0.9xβ€”2.6xβ€”
Bulgarian River Shipping1.0xβ€”(8.4x)β€”
AMSCβ€”β€”9.6xβ€”
Jadroplov2.7xβ€”36.8xβ€”
Losinjska Plovidba0.8xβ€”4.9xβ€”

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Icon Energy Funding History

Before going public, Icon Energy raised $400K in total equity funding, across 1 round.


Icon Energy Funding Rounds

DateStageRaised FromRaisedValuationRev. MultipleDeal Summary
May-26Secondary - publicHampton Financial$400Kβ€”Hampton Financial Corporation acquired a 10% stake in Icon Energy Corp. through open market transactions on May 11, 2026. Hampton purchased 325,000 common shares of Icon Energy for approximately CAD 550,000, representing 10.1% ownership based on 3,214,069 shares outstanding as of May 6, 2026. The investment was made for portfolio diversification purposes, marking Hampton's entry into the global ocean-going transport business. Hampton's investment thesis was based on Icon Energy's share price being substantially undervalued relative to its net asset value of approximately USD 7.00 per share according to publicly available financial statements. Icon Energy Corp. is an international dry bulk shipping company providing worldwide seaborne transport services and trades on NASDAQ under the ticker ICON. As of May 2026, Icon Energy had a market capitalization of approximately USD 4.31 million with a stock price around USD 1.34-1.47 per share. The company reported cash and short-term investments of USD 4.08 million against annual cash burn of approximately USD 5.29 million, with a negative profit margin of -63.7%.

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About Icon Energy

When was Icon Energy founded?Icon Energy was founded in 2023.
Where is Icon Energy headquartered?Icon Energy is headquartered in Greece.
How many employees does Icon Energy have?As of today, Icon Energy has over 0 employees.
Who is the CEO of Icon Energy?Icon Energy's CEO is Ismini Panagiotidi.
Is Icon Energy publicly listed?Yes, Icon Energy is a public company listed on Nasdaq.
What is the stock symbol of Icon Energy?Icon Energy trades under ICON ticker.
When did Icon Energy go public?Icon Energy went public in 2024.
Who are competitors of Icon Energy?Icon Energy main competitors include Intercont (Cayman), Erria, C3is, RamlΓΆsa Shipping, Bulgarian River Shipping, AMSC, Jadroplov, Losinjska Plovidba, ADS, Castor Maritime.
What is the current market cap of Icon Energy?Icon Energy's current market cap is $4M.
What is the current revenue of Icon Energy?Icon Energy's last 12 months revenue is $12M.
What is the current revenue growth of Icon Energy?Icon Energy revenue growth (NTM/LTM) is 21%.
What is the current EV/Revenue multiple of Icon Energy?Current revenue multiple of Icon Energy is 2.9x.
Is Icon Energy profitable?Yes, Icon Energy is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Icon Energy?Icon Energy's last 12 months EBITDA is $4M.
What is Icon Energy's EBITDA margin?Icon Energy's last 12 months EBITDA margin is 34%.
What is the current EV/EBITDA multiple of Icon Energy?Current EBITDA multiple of Icon Energy is 8.6x.
What is the current FCF of Icon Energy?Icon Energy's last 12 months FCF is ($773K).
What is Icon Energy's FCF margin?Icon Energy's last 12 months FCF margin is (6%).
What is the current EV/FCF multiple of Icon Energy?Current FCF multiple of Icon Energy is (45.5x).
How many companies Icon Energy has acquired to date?Icon Energy hasn't acquired any companies yet (or none have been disclosed publicly).
In how many companies Icon Energy has invested to date?Icon Energy hasn't invested in any companies yet (or none have been disclosed publicly).

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