TOP Ships Inc. is a US-listed company in the marine transportation industry. Its financial year ends in December.
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~$0.8
Valuation models combined (2)
Base case. Range ~$0.8–$0.9. Weighted average of 2 models (price-to-earnings vs peers, residual income), the price-to-earnings vs peers counting double.
No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.
TOP Ships Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $80m, up 43.1% on a year earlier, against a decline of 6.4% a quarter earlier. Free-cash-flow margin rose to 21.3% from -43.8% a year earlier. Operating margin widened to 32.7% from 6.0%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 0 of our 7 financial-health checks. Our valuation models combined value is $0.83 a share, against a share price of $0.30.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Where it stands out: days sales outstanding of 7 days ranks 6 of 33 marine transportation companies we cover. Where it lags: long-term debt as % of assets of 61.4% ranks 33 of 35 marine transportation companies we cover.
Current signal Free cash flow diverging from earnings: TTM free cash flow fell 1.2% while net income fell 38.7%: a 38pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for TOPS from the sources we follow. See filings →
We value TOP Ships Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.04 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$0.9 ~$3.2–$10 | Primary model, counts double |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$0.8 | Included |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: return on equity is not positive |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: revenue and margins don't support a positive value |
| Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. | ~$2.4 ~$13–$43 | Left out: out of range vs price (7.56x) |
| Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$0.8 ~$0.8–$0.9 | 2 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare TOP Ships Inc. with Marine Transportation in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
| At fiscal year end | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Share price | $69120000000.00 | $48599998464.00 | $300000.00 | $98400.00 | $4800.00 | $290.40 | $201.60 | $15.24 | $4.51 |
| Market value | $23.26tn | $16.31tn | $16.0bn | $3.58tn | $562m | $6.8bn | $33m | $4m | $21m |
| + Net debt (− = net cash) | $22m | $86m | $80m | $152m | $305m | $88m | $148m | $220m | $198m |
| Enterprise value | $23.26tn | $16.31tn | $16.0bn | $3.58tn | $867m | $6.9bn | $182m | $224m | $219m |
| Multiples | |||||||||
| Price / sales | n/m | n/m | n/m | n/m | 8.5x | 113.4x | 0.6x | 0.0x | 0.3x |
| Price / earnings | — | — | — | — | — | — | 6.2x | — | 6.8x |
| Price / free cash flow | — | — | — | n/m | — | n/m | 2.1x | — | 1.2x |
| EV / EBITDA | — | n/m | n/m | n/m | 53.1x | n/m | 8.1x | 4.9x | — |
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
No analyst estimates are published for TOP Ships Inc.: too few analysts cover it.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| TOPS | −31% | −92% | +3% | −61% | −25% | −93% |
| Industry peers (median) | +27% | +15% | +22% | −10% | +22% | +33% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| TOPS | 33% | 25% | 50% | 25% | 42% | 27% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| TOPS | −77% | −96% | −70% | −65% | −53% | −95% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 100% from November 2, 2015 to October 26, 2026. Getting back needed a 67886638941270% gain, and the shares have not yet recovered.
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue (TTM) |
|---|---|
| FY12 Q4 | $31.4M |
| FY13 Q4 | $20.1M |
| FY14 Q4 | $3.6M |
| FY15 Q4 | $13.1M |
| FY16 Q4 | $28.4M |
| FY17 Q4 | $39.4M |
| FY18 Q4 | $41M |
| FY19 Q4 | $66.1M |
| FY20 Q4 | $60.2M |
| FY21 Q4 | $56.4M |
| FY22 Q4 | $80.7M |
| FY25 Q4 | $80.4M |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY11 Q4 | -12.3% |
| FY12 Q4 | -60.6% |
| FY13 Q4 | -36.1% |
| FY14 Q4 | -82.1% |
| FY15 Q4 | 263.0% |
| FY16 Q4 | 117.5% |
| FY17 Q4 | 38.4% |
| FY18 Q4 | 4.3% |
| FY19 Q4 | 61.0% |
| FY20 Q4 | -8.9% |
| FY21 Q4 | -6.4% |
| FY22 Q4 | 43.1% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | Operating margin (TTM) |
|---|---|
| FY12 Q4 | -167.9% |
| FY13 Q4 | 46.0% |
| FY14 Q4 | -16.3% |
| FY15 Q4 | -56.7% |
| FY16 Q4 | 17.1% |
| FY17 Q4 | 4.1% |
| FY18 Q4 | -9.5% |
| FY19 Q4 | 6.0% |
| FY20 Q4 | -3.0% |
| FY21 Q4 | 26.3% |
| FY22 Q4 | 40.4% |
| FY25 Q4 | 32.7% |
Source: SEC EDGAR filings. Retrieved Invalid Date.
| Period | FCF margin (TTM) |
|---|---|
| FY12 Q4 | 48.1% |
| FY13 Q4 | -56.4% |
| FY14 Q4 | -81.0% |
| FY15 Q4 | -10.7% |
| FY16 Q4 | -234.5% |
| FY17 Q4 | -86.3% |
| FY18 Q4 | 1.7% |
| FY19 Q4 | -43.8% |
| FY20 Q4 | 10.0% |
| FY21 Q4 | 28.5% |
| FY22 Q4 | -227.3% |
| FY25 Q4 | 21.3% |
Each dollar TOP Ships took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.
| Revenue | $80.4M | |
|---|---|---|
| Selling, general and admin | $7.6M | 9.5% of revenue |
| Other operating costs | $46.5M | 57.8% of revenue |
| Operating income | $26.3M | 32.7% of revenue |
| Interest and other | $23.2M | 28.8% of revenue |
| Net income | $3.1M | 3.8% of revenue |
| Fiscal year | 2009 Dec 2009 | 2010 Dec 2010 | 2011 Dec 2011 | 2012 Dec 2012 | 2013 Dec 2013 | 2014 Dec 2014 | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||||||
| Revenue | 47 | 91 | 80 | 31 | 20 | 4 | 13 | 28 | 39 | 41 | 66 | 60 | 56 | 81 | 80 |
| EBITDA | −32 | 56 | −144 | −40 | 16 | 0 | −7 | 8 | 7 | 3 | 16 | 11 | 22 | 46 | — |
| Operating income | −65 | 22 | −171 | −53 | 9 | −1 | −7 | 5 | 2 | −4 | 4 | −2 | 15 | 33 | 26 |
| Net income | −50 | 3 | −189 | −64 | 1 | 3 | −9 | −0 | −13 | −11 | −31 | −29 | 5 | −9 | 3 |
| Diluted EPS | — | $49200.00 | −$1800000.00 | −$1581600.00 | $34560.00 | $11040.00 | −$25260.00 | −$1080.00 | −$251.00 | −$306.20 | −$264.63 | −$24.48 | $32.51 | −$36.34 | $0.67 |
| Growth (year on year) | |||||||||||||||
| Revenue | — | +91.9% | −12.3% | −60.6% | −36.1% | −82.1% | +263.0% | +117.5% | +38.4% | +4.3% | +61.0% | −8.9% | −6.4% | +43.1% | −0.3% |
| EBITDA | — | — | −356.4% | — | — | −98.2% | <−999% | — | −11.5% | −66.0% | +552.9% | −30.3% | +97.5% | +104.3% | — |
| Operating income | — | — | −868.3% | — | — | −106.4% | — | — | −66.7% | −340.7% | — | −145.6% | — | +120.4% | −19.4% |
| Net income | — | — | <−999% | — | — | +105.7% | −393.8% | — | — | — | — | — | — | −270.3% | — |
| Diluted EPS | — | — | <−999% | — | — | −68.1% | −328.8% | — | — | — | — | — | — | −211.8% | — |
| Margins | |||||||||||||||
| EBITDA margin | −68.1% | 61.8% | −180.5% | −128.1% | 79.7% | 8.0% | −50.6% | 29.2% | 18.7% | 6.1% | 24.7% | 18.9% | 39.9% | 56.9% | — |
| Operating margin | −136.7% | 24.5% | −214.6% | −167.9% | 46.0% | −16.3% | −56.7% | 17.1% | 4.1% | −9.5% | 6.0% | −3.0% | 26.3% | 40.4% | 32.7% |
| Net margin | −106.0% | 2.8% | −237.2% | −203.6% | 7.0% | 80.4% | −65.1% | −1.2% | −34.1% | −27.1% | −46.9% | −47.8% | 9.6% | −11.4% | 3.8% |
| Free-cash-flow margin | 12.1% | 38.7% | 19.3% | 48.1% | −56.4% | −81.0% | −10.7% | −234.5% | −86.3% | 1.7% | −43.8% | 10.0% | 28.5% | −227.3% | 21.3% |
| Cash flow | |||||||||||||||
| Cash from operations | 7 | 36 | 16 | 15 | 3 | −3 | −1 | 7 | 1 | 1 | 19 | 6 | 16 | 33 | 26 |
| Capital spending | 1 | 0 | 0 | 0 | 14 | 0 | 0 | 73 | 35 | 0 | 48 | 0 | 0 | 217 | 9 |
| Free cash flow | 6 | 35 | 15 | 15 | −11 | −3 | −1 | −67 | −34 | 1 | −29 | 6 | 16 | −183 | 17 |
| Stock-based pay | 3 | 2 | 1 | 0 | 0 | 0 | 0 | 0 | −0 | −0 | −0 | −0 | −0 | −0 | — |
| Free cash flow after stock pay | 2 | 33 | 14 | 15 | −12 | −3 | −2 | −67 | −34 | 1 | −29 | 6 | 16 | −183 | — |
| Balance sheet | |||||||||||||||
| Cash | — | — | — | — | 10 | — | 3 | 0 | 24 | 0 | 4 | 19 | 2 | 21 | 20 |
| Total debt | — | — | — | — | 0 | 19 | 24 | 86 | 104 | 152 | 309 | 107 | 151 | 241 | 219 |
| Net debt (negative = net cash) | — | — | — | — | −10 | — | 22 | 86 | 80 | 152 | 305 | 88 | 148 | 220 | 198 |
| Diluted shares | — | 51m | — | 40m | 41m | — | — | — | — | 36m | — | 24m | — | — | 5m |
| Returned to shareholders | |||||||||||||||
| Dividends | — | — | — | 0 | 0 | 0 | 0 | — | — | — | — | — | — | — | — |
| Buybacks | 1 | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Total returned | 1 | — | — | 0 | 0 | 0 | 0 | — | — | — | — | — | — | — | — |
| Last 12 months unless stated | TOPS | CTRM | PSHG | HMR | HSHP | GLBS | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $80m | $82m | $84m | $56m | $132m | $44m | $329m |
| Revenue growth, last 12 months | 43.1% | 23.5% | −3.7% | 92.9% | 6.7% | 26.8% | 0.8% |
| Revenue growth, 3-year average | 0.3% | — | 4.2% | — | — | — | 16.8% |
| Operating margin | 32.7% | −22.5% | 61.7% | −8.7% | 51.7% | 10.2% | 18.6% |
| Operating margin, 3-year average | −6.0% | — | −115.2% | — | — | 7.6% | 13.1% |
| Net margin | 3.8% | 23.6% | 59.4% | −40.4% | 13.4% | −4.0% | 13.3% |
| Cash from operations / revenue | 32.9% | 12.3% | 59.5% | 23.6% | 39.2% | 25.7% | 33.1% |
| Free-cash-flow margin | 21.3% | 12.0% | −242.9% | 23.6% | 17.1% | 25.7% | 14.2% |
| Free-cash-flow margin, 3-year average | −11.1% | — | −96.4% | — | — | −29.6% | 9.4% |
| Stock pay / revenue | −0.0% | 0.3% | 0.0% | 8.9% | 0.2% | 0.0% | 0.7% |
| Change in share count | 0.0% | 38.5% | −0.7% | 2.0% | 4.8% | 0.5% | 0.5% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Operating margin Profitability | 32.7% | 19.8% | 11 of 40 |
| Net margin Profitability | 3.8% | 13.4% | 33 of 42 |
| Free-cash-flow margin Cash generation | 21.3% | 13.6% | 13 of 41 |
| Long-term debt as % of assets Balance sheet | 61.4% | 24.2% | 33 of 35 |
| Change in share count Balance sheet | 0.0% | 0.5% | 14 of 39 |
| Days sales outstanding Balance sheet | 7 days | 19 days | 6 of 33 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| HRT Financial LP | $85,000 | 112K | 42.2% | ▲ 215.5% |
| UBS Group AG | $41,357 | 54K | 20.5% | ▲ 243.6% |
| Virtu Financial LLC | $27,000 | 35K | 13.4% | New |
| Jane Street Group, LLC | $13,356 | 17K | 6.6% | New |
| Susquehanna International Group, LLP | $12,855 | 17K | 6.4% | New |
| Cetera Investment Advisers | $9,932 | 13K | 4.9% | ▼ 1.7% |
| Two Sigma Securities, LLC | $9,258 | 12K | 4.6% | ▲ 11.7% |
| Highline Wealth Partners LLC | $1,540 | 2K | 0.8% | New |
| Tower Research Capital LLC (TRC) | $1,334 | 2K | 0.7% | New |
| Osaic Holdings, Inc. | $3 | 0K | 0.0% | 0.0% |
| Federation Des Caisses Desjardins Du Quebec | $3 | 0K | 0.0% | 0.0% |
| Jpmorgan Chase & Co | $2 | 0K | 0.0% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not TOP Ships Inc.'s complete shareholder register. Values are as reported by the filers .
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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