Symbols / TOPS $2.91 -1.69% Top Ships Inc.

Energy • Oil & Gas Midstream • Greece • ASE
TOPS Chart
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About

Top Ships Inc. owns and operates tanker vessels in Greece and internationally. The company transports crude oil, petroleum products, and bulk liquid chemicals. As of December 31, 2024, 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 Athens, Greece.

Fundamentals
Scroll to Statements
Market Cap 15.80M Enterprise Value 209.93M Income 3.09M Sales 80.42M Book/sh 27.48 Cash/sh 4.40
Dividend Yield — Payout 0.00% Employees — IPO — P/E 4.34 Forward P/E 1.33
PEG — P/S 0.20 P/B 0.11 P/C — EV/EBITDA 5.45 EV/Sales 2.61
Quick Ratio 0.55 Current Ratio 0.61 Debt/Eq 242.87 LT Debt/Eq — EPS (ttm) 0.67 EPS next Y 2.19
EPS Growth — Revenue Growth -16.90% Earnings 2011-03-18 ROA 4.34% ROE 2.64% ROIC —
Gross Margin 61.61% Oper. Margin 21.96% Profit Margin 3.84% Shs Outstand 5.43M Shs Float 1.25M Short Float 2.51%
Short Ratio 0.16 Short Interest — 52W High 11.47 52W Low 2.86 Beta 2.51 Avg Volume 179.61K
Volume 51.58K Target Price — Recom None Prev Close $2.96 Price $2.91 Change -1.69%
Valuation Models

Price estimates from analyst targets and simple models.

1. Analyst consensus
—
Mean price target
2. Current target
$2.91
Latest analyst target
3. DCF / Fair value
$120.89
Simplified: (Free Cash Flow ÷ Shares) × 18 (P/FCF multiple). Not a …
Ratings
Current target
$2.91
Low
—
High
—
Mean
—
News
RSS: Latest TOPS news
Insider Transactions

No recent insider transactions.

Financials
Statement View
Amounts in millions (2 decimals, no suffix) • EPS per share (2 decimals) • Trend = period evolution • YoY Growth = previous period %
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Revenue
80.42
-6.63%
86.13
+3.83%
82.95
+2.84%
80.66
Cost Of Revenue
43.47
-10.28%
48.45
+6.90%
45.33
+2.07%
44.41
Reconciled Cost Of Revenue
43.47
-10.28%
48.45
+6.90%
45.33
+2.07%
44.41
Gross Profit
36.95
-1.93%
37.68
+0.14%
37.62
+3.79%
36.25
Operating Expense
10.67
+9.16%
9.77
+9.83%
8.90
+139.81%
3.71
Selling General And Administration
7.62
+1.48%
7.51
+12.08%
6.70
+314.16%
1.62
General And Administrative Expense
7.62
+1.48%
7.51
+12.08%
6.70
+314.16%
1.62
Other Gand A
7.62
+1.48%
7.51
+12.08%
6.70
+314.16%
1.62
Other Operating Expenses
3.05
+34.60%
2.27
+3.00%
2.20
+5.11%
2.09
Total Expenses
54.13
-7.02%
58.22
+7.38%
54.22
+12.69%
48.12
Operating Income
26.28
-5.82%
27.90
-2.86%
28.73
-11.72%
32.54
Total Operating Income As Reported
26.28
-5.82%
27.90
-2.86%
28.73
-11.93%
32.62
EBITDA
41.06
-17.97%
50.05
-2.49%
51.33
-2.28%
52.52
Normalized EBITDA
41.06
-17.97%
50.05
-2.49%
51.33
-2.13%
52.45
Reconciled Depreciation
21.94
-5.22%
23.15
-1.84%
23.58
+7.85%
21.86
EBIT
19.12
-28.93%
26.90
-3.03%
27.75
-9.50%
30.66
Total Unusual Items
—
0.00
0.00
-100.00%
0.08
Total Unusual Items Excluding Goodwill
—
0.00
0.00
-100.00%
0.08
Special Income Charges
—
0.00
0.00
-100.00%
0.08
Impairment Of Capital Assets
—
—
0.00
0.00
Write Off
—
—
—
—
Net Income
3.09
-38.70%
5.03
-17.01%
6.07
-67.99%
18.95
Pretax Income
3.09
-38.70%
5.03
-17.01%
6.07
-67.99%
18.95
Net Non Operating Interest Income Expense
-23.02
+0.03%
-23.03
-1.70%
-22.64
-58.15%
-14.32
Interest Expense Non Operating
16.03
-26.69%
21.87
+0.88%
21.68
+85.12%
11.71
Net Interest Income
-23.02
+0.03%
-23.03
-1.70%
-22.64
-58.15%
-14.32
Interest Expense
16.03
-26.69%
21.87
+0.88%
21.68
+85.12%
11.71
Interest Income Non Operating
0.39
-17.56%
0.47
+34.97%
0.35
+620.83%
0.05
Interest Income
0.39
-17.56%
0.47
+34.97%
0.35
+620.83%
0.05
Other Income Expense
-0.17
-208.81%
0.16
+983.33%
-0.02
-102.49%
0.72
Gain On Sale Of Security
—
—
—
—
Tax Rate For Calcs
0.00
+0.00%
0.00
+0.00%
0.00
+0.00%
0.00
Tax Effect Of Unusual Items
0.00
0.00
0.00
-100.00%
0.02
Net Income Including Noncontrolling Interests
3.09
-38.70%
5.03
-17.01%
6.07
-67.99%
18.95
Net Income From Continuing Operation Net Minority Interest
3.09
-38.70%
5.03
-17.01%
6.07
-67.99%
18.95
Net Income From Continuing And Discontinued Operation
3.09
-38.70%
5.03
-17.01%
6.07
-67.99%
18.95
Net Income Continuous Operations
3.09
-38.70%
5.03
-17.01%
6.07
-67.99%
18.95
Normalized Income
3.09
-38.70%
5.03
-17.01%
6.07
-67.88%
18.89
Net Income Common Stockholders
3.09
-38.70%
5.03
+122.50%
-22.37
-143.50%
-9.19
Otherunder Preferred Stock Dividend
—
0.00
0.00
-100.00%
1.34
Diluted EPS
0.67
-38.53%
1.09
+108.76%
-12.44
+65.79%
-36.36
Basic EPS
0.67
-38.53%
1.09
+108.76%
-12.44
+65.79%
-36.36
Basic Average Shares
4.63
+0.00%
4.63
+157.19%
1.80
+109.67%
0.86
Diluted Average Shares
4.63
+0.00%
4.63
+157.19%
1.80
+109.67%
0.86
Diluted NI Availto Com Stockholders
3.09
-38.70%
5.03
+122.50%
-22.37
-143.50%
-9.19
Earnings From Equity Interest
-0.17
-208.81%
0.16
+983.33%
-0.02
-102.79%
0.65
Gain On Sale Of PPE
—
0.00
0.00
-100.00%
0.08
Insurance And Claims
—
—
—
1.58
Preferred Stock Dividends
—
—
28.44
+6.14%
26.79
Rent And Landing Fees
—
—
—
—
Rent Expense Supplemental
10.30
-5.23%
10.87
+0.27%
10.84
+0.00%
10.84
Total Other Finance Cost
7.37
+353.17%
1.63
+24.20%
1.31
-50.64%
2.65
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Total Assets
333.61
-21.09%
422.77
-7.93%
459.19
-2.16%
469.34
Current Assets
24.05
+2.59%
23.44
-39.49%
38.73
+69.20%
22.89
Cash Cash Equivalents And Short Term Investments
20.37
+167.03%
7.63
-78.78%
35.96
+75.02%
20.54
Cash And Cash Equivalents
20.37
+167.03%
7.63
-78.78%
35.96
+75.02%
20.54
Receivables
2.14
+92.54%
1.11
+251.10%
0.32
+3862.50%
0.01
Accounts Receivable
1.54
+38.63%
1.11
+251.10%
0.32
+3862.50%
0.01
Inventory
0.56
-42.62%
0.98
+7.43%
0.92
-10.82%
1.03
Prepaid Assets
0.00
-100.00%
2.00
0.00
-100.00%
1.31
Restricted Cash
0.00
-100.00%
1.00
0.00
—
Assets Held For Sale Current
—
—
—
0.00
Other Current Assets
0.97
-90.98%
10.71
+593.46%
1.54
+17.58%
1.31
Total Non Current Assets
309.56
-22.48%
399.33
-5.02%
420.46
-5.82%
446.44
Net PPE
287.18
-20.64%
361.88
-8.31%
394.69
-5.64%
418.27
Gross PPE
330.31
-19.39%
409.77
-4.54%
429.25
-2.11%
438.48
Accumulated Depreciation
-43.13
+9.95%
-47.89
-38.59%
-34.55
-71.02%
-20.20
Machinery Furniture Equipment
311.59
-23.87%
409.26
+0.00%
409.26
+0.00%
409.26
Construction In Progress
18.21
0.00
—
0.00
Other Properties
0.51
+0.00%
0.51
-97.47%
19.98
-31.60%
29.21
Investments And Advances
7.88
-2.15%
8.05
-58.98%
19.64
-11.45%
22.17
Long Term Equity Investment
7.88
-2.15%
8.05
-58.98%
19.64
-11.45%
22.17
Non Current Accounts Receivable
1.16
-51.88%
2.40
—
—
Non Current Deferred Assets
—
0.00
-100.00%
0.13
0.00
Non Current Prepaid Assets
11.50
-52.08%
24.00
+1100.00%
2.00
+0.00%
2.00
Other Non Current Assets
1.85
-38.33%
3.00
-25.00%
4.00
+0.00%
4.00
Total Liabilities Net Minority Interest
244.42
-12.19%
278.35
+0.92%
275.81
+1.28%
272.31
Current Liabilities
39.55
+19.16%
33.19
-19.77%
41.37
+28.34%
32.23
Payables And Accrued Expenses
5.00
-16.40%
5.98
-28.42%
8.36
+96.64%
4.25
Payables
3.48
+16.42%
2.99
-50.20%
6.00
+174.16%
2.19
Accounts Payable
3.34
+83.53%
1.82
+34.29%
1.36
-30.57%
1.95
Current Accrued Expenses
1.52
-49.18%
2.99
+27.09%
2.35
+14.26%
2.06
Current Debt And Capital Lease Obligation
11.82
-42.49%
20.56
-22.12%
26.40
+25.98%
20.95
Current Debt
—
—
5.00
-59.49%
12.34
Other Current Borrowings
—
—
5.00
-59.49%
12.34
Current Capital Lease Obligation
0.00
-100.00%
6.36
-29.21%
8.98
+4.30%
8.61
Current Deferred Liabilities
22.73
+241.67%
6.65
+0.56%
6.62
-5.90%
7.03
Current Deferred Revenue
22.73
+241.67%
6.65
+0.56%
6.62
-5.90%
7.03
Total Non Current Liabilities Net Minority Interest
204.87
-16.44%
245.16
+4.57%
234.44
-2.35%
240.08
Long Term Debt And Capital Lease Obligation
204.79
-16.43%
245.06
+4.53%
234.44
-2.31%
239.98
Long Term Debt
204.79
-16.43%
245.06
+7.44%
228.08
+1.53%
224.64
Long Term Capital Lease Obligation
—
0.00
-100.00%
6.36
-58.55%
15.34
Non Current Deferred Liabilities
0.08
-23.53%
0.10
0.00
—
Non Current Deferred Revenue
0.08
-23.53%
0.10
0.00
—
Other Non Current Liabilities
—
—
—
0.10
Preferred Securities Outside Stock Equity
—
—
—
—
Stockholders Equity
89.19
-38.24%
144.42
-21.25%
183.38
-6.92%
197.02
Common Stock Equity
89.19
-38.24%
144.42
+3.55%
139.46
+26.02%
110.67
Capital Stock
0.05
+0.00%
0.05
-99.89%
43.96
-49.09%
86.36
Common Stock
0.05
+0.00%
0.05
+0.00%
0.05
+411.11%
0.01
Preferred Stock
0.00
+0.00%
0.00
-100.00%
43.92
-49.14%
86.35
Share Issued
4.63
+0.00%
4.63
+0.00%
4.63
+439.24%
0.86
Ordinary Shares Number
4.63
+0.00%
4.63
+0.00%
4.63
+439.24%
0.86
Additional Paid In Capital
425.43
-5.69%
451.08
-0.02%
451.16
+5.30%
428.47
Retained Earnings
-336.99
-9.87%
-306.71
+1.61%
-311.74
+1.91%
-317.81
Gains Losses Not Affecting Retained Earnings
0.70
0.00
—
—
Total Equity Gross Minority Interest
89.19
-38.24%
144.42
-21.25%
183.38
-6.92%
197.02
Total Capitalization
293.98
-24.52%
389.48
-5.34%
411.46
-2.42%
421.66
Working Capital
-15.51
-58.99%
-9.76
-269.65%
-2.64
+71.75%
-9.34
Invested Capital
293.98
-24.52%
389.48
+4.54%
372.54
+11.10%
335.31
Total Debt
216.61
-18.45%
265.62
+1.83%
260.83
-0.04%
260.93
Net Debt
184.42
-22.33%
237.43
+20.45%
197.12
-3.42%
204.10
Capital Lease Obligations
0.00
-100.00%
6.36
-58.55%
15.34
-35.96%
23.95
Net Tangible Assets
89.19
-38.24%
144.42
-21.25%
183.38
-6.92%
197.02
Tangible Book Value
89.19
-38.24%
144.42
+3.55%
139.46
+26.02%
110.67
Duefrom Related Parties Current
0.60
0.00
—
—
Dueto Related Parties Current
0.14
-88.11%
1.17
-74.85%
4.65
+1861.18%
0.24
Investmentsin Joint Venturesat Cost
7.88
-2.15%
8.05
-58.98%
19.64
-11.45%
22.17
Preferred Stock Equity
0.00
+0.00%
0.00
-100.00%
43.92
-49.14%
86.35
Line Item Trend 2025-12-31 2024-12-31 2023-12-31 2022-12-31
Operating Cash Flow
26.43
+52.59%
17.32
-40.13%
28.93
-13.42%
33.42
Cash Flow From Continuing Operating Activities
26.43
+52.59%
17.32
-40.13%
28.93
-13.42%
33.42
Net Income From Continuing Operations
3.09
-38.70%
5.03
-17.01%
6.07
-67.99%
18.95
Depreciation Amortization Depletion
21.94
-5.22%
23.15
-1.84%
23.58
+7.85%
21.86
Depreciation
21.94
-5.22%
23.15
-1.84%
23.58
+7.85%
21.86
Depreciation And Amortization
21.94
-5.22%
23.15
-1.84%
23.58
+7.85%
21.86
Other Non Cash Items
7.27
+153.95%
2.86
-39.44%
4.73
+87.39%
2.52
Stock Based Compensation
—
0.00
0.00
+100.00%
-0.02
Asset Impairment Charge
—
—
0.00
0.00
Operating Gains Losses
0.17
+1061.11%
-0.02
-200.00%
0.02
+102.44%
-0.74
Gain Loss On Investment Securities
—
0.14
—
0.65
Gain Loss On Sale Of PPE
—
0.00
0.00
+100.00%
-0.09
Change In Working Capital
-6.03
+55.97%
-13.70
-151.04%
-5.46
+44.34%
-9.81
Change In Receivables
-0.57
+82.29%
-3.20
-934.30%
-0.31
-554.41%
0.07
Changes In Account Receivables
0.03
+101.06%
-3.20
-934.30%
-0.31
-554.41%
0.07
Change In Inventory
0.25
+469.12%
-0.07
-161.26%
0.11
+131.27%
-0.35
Change In Prepaid Assets
1.82
+266.20%
0.50
+315.15%
-0.23
+68.49%
-0.73
Change In Payables And Accrued Expense
0.87
+141.64%
-2.09
-151.11%
4.10
+284.72%
-2.22
Change In Accrued Expense
0.15
-81.36%
0.82
+334.39%
0.19
-82.30%
1.07
Change In Payable
0.72
+124.67%
-2.92
-174.59%
3.91
+218.93%
-3.29
Change In Account Payable
2.17
+284.22%
0.56
+212.13%
-0.50
-513.41%
-0.08
Change In Other Working Capital
-2.05
-1576.98%
0.14
+133.49%
-0.41
-112.31%
3.37
Change In Other Current Liabilities
-6.36
+29.21%
-8.98
-3.09%
-8.71
+12.36%
-9.94
Investing Cash Flow
-1.31
+89.44%
-12.40
-592.10%
2.52
+101.77%
-142.66
Cash Flow From Continuing Investing Activities
-1.31
+89.44%
-12.40
-592.10%
2.52
+101.77%
-142.66
Net PPE Purchase And Sale
10.19
0.00
0.00
+100.00%
-144.96
Purchase Of PPE
-9.31
0.00
0.00
+100.00%
-216.71
Sale Of PPE
19.50
0.00
0.00
-100.00%
71.75
Capital Expenditure
-9.31
—
—
-216.71
Net Business Purchase And Sale
0.00
-100.00%
11.60
+360.28%
2.52
+9.38%
2.30
Purchase Of Business
—
—
—
0.00
Net Other Investing Changes
-11.50
+52.08%
-24.00
—
—
Financing Cash Flow
-14.51
+56.35%
-33.25
-107.27%
-16.04
-112.59%
127.41
Cash Flow From Continuing Financing Activities
-14.51
+56.35%
-33.25
-107.27%
-16.04
-112.59%
127.41
Net Issuance Payments Of Debt
13.83
-27.26%
19.01
+238.46%
5.62
-93.57%
87.31
Issuance Of Debt
207.00
+14.36%
181.00
+120.73%
82.00
-50.36%
165.20
Repayment Of Debt
-193.17
-19.25%
-161.99
-112.08%
-76.38
+1.94%
-77.89
Long Term Debt Issuance
207.00
+35.29%
153.00
+86.59%
82.00
-50.36%
165.20
Long Term Debt Payments
-193.17
-44.17%
-133.99
-75.42%
-76.38
+1.94%
-77.89
Net Long Term Debt Issuance
13.83
-27.26%
19.01
+238.46%
5.62
-93.57%
87.31
Short Term Debt Issuance
0.00
-100.00%
28.00
0.00
0.00
Short Term Debt Payments
0.00
+100.00%
-28.00
0.00
0.00
Net Short Term Debt Issuance
0.00
0.00
0.00
0.00
Net Common Stock Issuance
0.00
0.00
-100.00%
13.56
-40.26%
22.70
Common Stock Payments
—
0.00
0.00
+100.00%
-0.01
Cash Dividends Paid
0.00
0.00
+100.00%
-6.01
+55.01%
-13.36
Repurchase Of Capital Stock
0.00
+100.00%
-43.92
-67.03%
-26.29
-62.24%
-16.21
Proceeds From Stock Option Exercised
0.00
0.00
-100.00%
0.01
-99.74%
4.56
Net Other Financing Charges
-28.34
-239.78%
-8.34
-184.84%
-2.93
+44.09%
-5.24
Changes In Cash
10.61
+137.45%
-28.33
-283.80%
15.41
-15.20%
18.17
Effect Of Exchange Rate Changes
-0.02
0.00
0.00
—
Beginning Cash Position
11.63
-70.90%
39.96
+62.79%
24.54
+285.31%
6.37
End Cash Position
22.22
+91.09%
11.63
-70.90%
39.96
+62.79%
24.54
Free Cash Flow
17.12
-1.16%
17.32
-40.13%
28.93
+115.78%
-183.29
Interest Paid Supplemental Data
17.72
-8.30%
19.33
+5.74%
18.28
+63.76%
11.16
Common Stock Issuance
0.00
0.00
-100.00%
13.56
-40.30%
22.72
Dividend Received CFO
0.00
—
—
—
Earnings Losses From Equity Investments
0.17
+208.81%
-0.16
-983.33%
0.02
+102.79%
-0.65
Issuance Of Capital Stock
0.00
0.00
-100.00%
13.56
-80.72%
70.35
Net Preferred Stock Issuance
0.00
+100.00%
-43.92
-67.03%
-26.29
-183.63%
31.44
Preferred Stock Dividend Paid
0.00
0.00
+100.00%
-6.01
+55.01%
-13.36
Preferred Stock Issuance
—
0.00
0.00
-100.00%
47.63
Preferred Stock Payments
0.00
+100.00%
-43.92
-67.03%
-26.29
-62.39%
-16.19
Sale Of Business
0.00
-100.00%
11.60
+360.28%
2.52
+9.38%
2.30
SEC Filings

Recent 10-K, 10-Q, 8-K, and Form 4 (insider) filings.

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