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No institutional (13F) filings cover this company, so the Overview and 13F tabs are thin. Everything drawn from its SEC filings is here.
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How management deployed cash over 4 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Operating income fell despite reinvestment — a warning on capital productivity. Current ROIC on all capital: -20%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 4 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
Ranked against 20 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBLK | $3.4B | 39.6× | 9.4× | 3.2× | -17.6% | — | 8.1% | 3.4% | 3.4% | -1.6× | 37 |
| DAC | $2.9B | 5.9× | 4.5× | 2.8× | 2.8% | — | 47.4% | 13.0% | 10.0% | 0.2× | 25 |
| LPG | $2.3B | 12.0× | 9.1× | 4.9× | 36.3% | — | 40.2% | 17.0% | 11.4% | 0.8× | 58 |
| SFL | $1.8B | — | 11.4× | 2.5× | -18.9% | — | -3.6% | -2.8% | -0.7% | 6.5× | 45 |
| CMRE | $1.7B | — | 4.7× | 2.0× | -1.2% | — | 41.5% | 17.5% | 10.1% | 1.7× | — |
| TEN | $1.6B | 12.3× | 7.8× | 2.1× | -0.7% | — | 20.1% | 8.8% | 4.5% | 3.7× | — |
| GSL | $1.5B | — | 3.5× | 2.0× | 7.8% | — | 54.3% | 23.1% | 16.7% | 0.8× | — |
| NVGS | $1.3B | 14.8× | — | 2.3× | 3.6% | — | 17.1% | 8.2% | 7.2% | — | 26 |
| TK | $1.3B | 13.2× | 0.9× | 1.4× | -22.2% | 66.6% | 10.3% | 4.5% | 4.5% | -2.4× | 26 |
| GNK | $1.2B | — | 15.5× | 3.4× | -19.1% | — | -1.3% | -0.5% | -0.4% | 1.6× | 36 |
| ASC | $870M | 24.2× | — | 2.8× | -23.6% | — | 13.2% | 6.5% | 5.4% | — | 34 |
| HSHP | $792M | 44.2× | 14.9× | 6.0× | 6.7% | 78.8% | 13.4% | 10.9% | 2.1% | 6.7× | 19 |
| PANL | $526M | 26.8× | 6.2× | 0.8× | 17.8% | — | 3.1% | 4.5% | 3.7% | -0.1× | 24 |
| ESEA | $476M | 3.4× | 2.9× | 2.1× | 7.0% | — | 60.1% | 29.6% | 20.1% | 0.2× | 11 |
| SHIP | $349M | 15.9× | — | 2.2× | -5.6% | — | 13.4% | 7.5% | 3.7% | — | — |
| DSX | $316M | 23.1× | 8.9× | 1.5× | -6.4% | — | 8.3% | 3.5% | 1.7% | 5.3× | — |
| GASS | $312M | 5.0× | 2.6× | 1.8× | 3.5% | — | 35.0% | 8.8% | 8.8% | -1.2× | 3 |
| SMHI | $267M | — | 8.8× | 1.2× | -16.0% | 20.2% | -12.2% | -10.5% | -4.6% | 4.4× | 16 |
| IMPP | $230M | 3.9× | 3.4× | 1.4× | 9.2% | — | 31.0% | 9.4% | 9.4% | -0.1× | — |
| TORO | $153M | 55.3× | — | 7.3× | -5.9% | — | 28.1% | 3.6% | 3.6% | — | — |
| ICON | $4M | — | — | 2.1× | — | — | -251% | -19.6% | -19.6% | -1.3× | — |
Peers = companies sharing ICON's sector (Deep Sea Foreign Transportation of Freight) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
What the company returns to shareholders — and whether it's covered by cash.
Free-cash-flow coverage unavailable. Last year: $153K dividends + $0 buybacks = $153K returned on -$5.3M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|
| Revenue | $1.7M 100.0% | $43K 100.0% | — | — |
| Selling, General & Admin | $1.1M 64.8% | $345K 802.3% | $18K | $12K |
| Operating Income | $180K 10.8% | $170K 395.3% | $1.1M | $4.2M |
| Interest Expense | $3.8M 228.1% | $452K 1051.2% | $3K | $3K |
| Interest & Investment Income | $127K 7.6% | $72K 167.4% | $56K | $13K |
| Other Income (Expense), net | -$21K -1.3% | $0 0.0% | -$3K | $14K |
| Net Income | -$4.2M -251.2% | -$210K -488.4% | $1.2M | $4.2M |
| Per Share | ||||
| EPS (Basic) | -$18.04 | -$304.13 | $1155.00 | $848.40 |
| EPS (Diluted) | -$18.04 | -$304.13 | $1155.00 | $848.40 |
| Weighted Avg Shares (Basic) | 398K | 4K | 1K | 5K |
| Weighted Avg Shares (Diluted) | 398K | 4K | 1K | 5K |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 1 positive fiscal year (FY2023). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
A reverse DCF cannot be solved for ICON: its net cash ($3.9M) exceeds its market value, so enterprise value is negative. Discounting a positive cash-flow stream always gives a positive number, so no growth rate reaches that target. This is common for banks, brokers and payment companies, where customer balances sit in the cash line and are not the company's to spend.
Default is 14.1% — this company's computed cost of capital, the same rate the Analysis tab discounts at.
2-stage DCF · 0.00B shares (market data) · net debt -$3.9M
Today's price is outside this grid at every discount rate shown — the assumptions it requires lie beyond the plotted range, which is itself the finding.
mean -412.6% · volatility σ 535% · implied rate exceeded in 1/2 yrs
Central path = implied -60.0%/yr growth; shaded band = ±1σ (535%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Insufficient EBITDA/debt history.
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest.
Cash vs short-term debt unavailable.
Short-term / long-term split not separately reported.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Educational — not a recommendation.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
EOD close · as of 2026-10-30
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE -20% against ROIC -20% — 0% of the return on equity comes from leverage and buybacks rather than from the operating business.
Equity is the year-end figure. On average equity over the two year-ends, ROE is -25.3% — the two diverge when buybacks or issuance move equity during the year.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Low operating leverage — profit tracks sales closely (stable, less cyclical).
Each line as % of revenue — the trend in color
| % of revenue | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
| SG&A | — | — | 802.3 | 64.8 |
| Operating Income | — | — | 395.3 | 10.8 |
| Net Income | — | — | -488.4 | -251.2 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on ICON: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2024 | not reported | 395.3% | -488.4% |
| FY2025 | not reported | 10.8% | -251.2% |
Return on equity (-20%) and return on invested capital (-20%) are within a couple of points in FY2025, so the headline return is the operating return — there is no meaningful leverage effect to strip out.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: tax_rate.
Fewer than three profitable years with a cash flow statement, so cash conversion cannot be judged.
No material counter-signal in the checked set: FCF / net income over 3 and 5 years, Sloan accruals, SBC as a share of revenue, SBC as a share of operating cash flow, SBC-adjusted free cash flow, free cash flow per diluted share, buybacks against SBC issued, capex vs depreciation, free cash flow against revenue, share count since the first year on file, cash conversion cycle (DSO, DIO, DPO), receivables growth against revenue growth.
Missing from our data, so excluded from this answer: 3 years of cash flow.
No debt, so there is no leverage path to distress.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
Cash burn, not leverage, is the risk for a debt-free company — see question 2 for cash conversion.
No growth rate within the range this model can express reaches the current price, so the requirement cannot be stated as a number.
No material counter-signal in the checked set: reverse-DCF implied growth, historical FCF CAGR, per-year FCF growth distribution, reporting-basis breaks, discount rate used, free-cash-flow basis (stock comp charged?).
Missing from our data, so excluded from this answer: implied_growth.