Top Ships Inc.(TOPS)Earnings, Financials & Key Ratios
TOPS•NASDAQ
$0.78
1.2× P/E·Price updated Jul 2, 2026
AboutTop Ships Inc. owns and operates tanker vessels worldwide. The company's medium range tanker vessels transport crude oil, petroleum products, and bulk liquid chemicals. As of December 31, 2020, it had a fleet with a total capacity of 1,435,000 deadweight tonnes (dwt) consisting of one 50,000 dwt product/chemical tanker, five 157,000 dwt Suezmax tankers, two 300,000 dwt very large crude carriers, and two 50,000 dwt product tankers. The company was formerly known as Top Tankers Inc. and changed its name to Top Ships Inc. in December 2007. Top Ships Inc. was incorporated in 2000 and is based in Maroussi, Greece.Show more
- Revenue$80M-6.6%
- EBITDA$48M-5.5%
- Net Income$3M-38.7%
- EPS (Diluted)0.67-38.5%
- Gross Margin45.95%+5.0%
- EBITDA Margin59.96%+1.2%
- Operating Margin32.68%+0.9%
- Net Margin3.84%-34.3%
- ROE2.64%-14.0%
TOPS Price & Volume
Top Ships Inc. (TOPS) stock price & volume — 10-year historical chart
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Operational Volatility Masks Persistent Structural Dilution Risks
Investment Thesis • Updated 2025Q4
VerdictNegative
Growth:Mixed
Profitability:Strained
Financial:Vulnerable
Cash Flow:Deteriorating
Primary Risk:Persistent shareholder dilution risk
Key Thesis Takeaways
- Top Ships Inc.
- faces a challenging outlook characterized by inconsistent revenue cycles and a reliance on equity-linked financing that historically suppresses shareholder value.
- While the company maintains a gross margin of 58.5% as of 2025Q4, the persistent net loss of $4.5M and a debt-to-equity ratio of 2.30 highlight significant structural vulnerabilities.
- Investors should remain cautious as the company's history of capital structure adjustments and negative retained earnings of $337.0M suggest that operational gains are frequently offset by financial instability.
Verdict Logic
the company's history of equity-linked financing and a current ratio of 0.61 suggest significant risks to long-term shareholder value that outweigh the current 0.05 P/S valuation.
TOPS Growth Metrics
Top Ships Inc. (TOPS) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years19.92%
5 Years5.95%
3 Years-0.1%
TTM138.45%
Profit CAGR
10 Years-
5 Years-
3 Years-45.39%
TTM582.83%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM19.65%
Return on Capital
10 Years5.14%
5 Years7.54%
3 Years7.11%
Last Year7.69%
Peers Comparison
Key metrics vs top competitors for Top Ships Inc. (TOPS)
| Company | Price | Market Cap | P/E Ratio | Rev Growth (1Y) | Net Margin | ROE | Div Yield |
|---|---|---|---|---|---|---|---|
| $0.78 | $3.62M | 1.17 | -6.63% | 3.84% | 2.64% | — | |
| $24.81 | $2.82B | 33.99 | -17.62% | 13.01% | 5.87% | — | |
| $13.34 | $281.66M | 13.21 | -5.59% | 9.74% | 5.63% | — | |
| $2.13 | $120.19M | 5.90 | 23.51% | 103.17% | 12.71% | — | |
| $1.69 | $66.47M | 1.32 | -3.74% | 59.37% | 15.9% | — | |
| $64.33 | $2.23B | 6.37 | -22.58% | 42.6% | 21.4% | — |
Compare TOPS vs Peers
Top Ships Inc. (TOPS) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
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TOPS Frequently Asked Questions
Top Ships Inc. (TOPS) stock FAQ — growth, dividends, profitability & financials explained
Growth & Financials
What is Top Ships Inc.'s revenue?
Top Ships Inc. (TOPS) reported $163.4M in revenue for fiscal year 2025. This represents a 1330% increase from $11.4M in 2002.
How fast is Top Ships Inc. growing?
Top Ships Inc. (TOPS) saw revenue decline by 6.6% over the past year.
Is TOPS profitable?
Yes, Top Ships Inc. (TOPS) is profitable, generating $9.2M in net income for fiscal year 2025 (3.8% net margin).
Dividend & Returns
What is TOPS's return on equity?
Top Ships Inc. (TOPS) has a return on equity (ROE) of 2.6%. This is below average, suggesting room for improvement.
What is Top Ships Inc.'s free cash flow?
Top Ships Inc. (TOPS) generated $44.4M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.