NYSEAMERICAN : TOPS
Top Ships Inc. — Financial statements
Energy · Oil & Gas Midstream · Greece
Last price 0.2973 USD (Oct 30, 2026, 10:08 AM EDT) · Market cap 2.26M
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Financial statements
Top Ships Inc. (TOPS) reported revenue of 62.08M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 62.08M | 80.42M | 86.13M | 82.95M | 80.66M | 56.37M |
| Cost of Revenue | 21.64M | 30.87M | 34.82M | 30.69M | 30.88M | 27.89M |
| Gross Profit | 40.44M | 49.54M | 51.30M | 52.26M | 49.78M | 28.48M |
| Selling, General & Admin | 10.01M | 10.67M | 9.77M | 8.90M | 3.71M | 4.54M |
| Other Operating Expenses | 325.00K | 325.00K | 292.00K | 283.00K | 239.00K | 310.00K |
| Operating Expenses | 20.79M | 23.26M | 23.40M | 23.53M | 17.24M | 12.52M |
| Operating Income | 19.66M | 26.28M | 27.90M | 28.73M | 32.54M | 15.96M |
| Interest Expense | -16.34M | -20.59M | -21.89M | -19.33M | -14.23M | -6.98M |
| Interest & Investment Income | 399.00K | 385.00K | 467.00K | 346.00K | 48.00K | |
| Earnings From Equity Investments | 1.11M | -173.00K | 159.00K | -18.00K | 646.00K | 747.00K |
| Other Non Operating Income (Expenses) | -2.82M | -2.82M | -1.60M | -3.66M | -132.00K | 46.00K |
| EBT Excluding Unusual Items | 2.01M | 3.09M | 5.03M | 6.07M | 18.87M | 9.78M |
| Gain (Loss) on Sale of Assets | 78.00K | |||||
| Asset Writedown | -1.16M | |||||
| Pretax Income | 2.01M | 3.09M | 5.03M | 6.07M | 18.95M | 8.62M |
| Earnings From Continuing Operations | 2.01M | 3.09M | 5.03M | 6.07M | 18.95M | 8.62M |
| Net Income | 2.01M | 3.09M | 5.03M | 6.07M | 18.95M | 8.62M |
| Preferred Dividends & Other Adjustments | 2.63M | 28.44M | 28.14M | 3.22M | ||
| Net Income to Common | -622.00K | 3.09M | 5.03M | -22.37M | -9.19M | 5.40M |
| Shares Outstanding (Basic) | 5.17M | 4.63M | 4.63M | 1.80M | 252.81K | 165.97K |
| Shares Outstanding (Diluted) | 5.17M | 4.63M | 4.63M | 1.80M | 252.81K | 165.97K |
| EPS (Basic) | -0.12 | 0.67 | 1.09 | -12.44 | -36.34 | 32.51 |
| EPS (Diluted) | -0.12 | 0.67 | 1.09 | -12.44 | -36.34 | 32.51 |
| Free Cash Flow | -73.76M | 5.62M | -6.68M | 28.93M | -183.29M | -99.45M |
| Free Cash Flow Per Share | -14.27 | 1.22 | -1.44 | 16.09 | -725.02 | -599.23 |
| Gross Margin | 65.15% | 61.61% | 59.57% | 63.00% | 61.72% | 50.53% |
| Operating Margin | 31.66% | 32.68% | 32.40% | 34.63% | 40.34% | 28.32% |
| Profit Margin | -1.00% | 3.84% | 5.85% | -26.97% | -11.39% | 9.57% |
| Free Cash Flow Margin | -118.81% | 6.99% | -7.75% | 34.88% | -227.25% | -176.44% |
| EBITDA | 30.11M | 38.55M | 41.24M | 43.08M | 45.83M | 23.64M |
| EBITDA Margin | 48.50% | 47.94% | 47.88% | 51.93% | 56.83% | 41.95% |
| D&A For EBITDA | 10.45M | 12.27M | 13.34M | 14.35M | 13.29M | 7.68M |
| EBIT | 19.66M | 26.28M | 27.90M | 28.73M | 32.54M | 15.96M |
| EBIT Margin | 31.66% | 32.68% | 32.40% | 34.63% | 40.34% | 28.32% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 11.45M | 20.37M | 7.63M | 35.96M | 20.54M | 2.37M |
| Cash & Short-Term Investments | 11.45M | 20.37M | 7.63M | 35.96M | 20.54M | 2.37M |
| Accounts Receivable | 1.69M | 1.54M | 1.11M | 317.00K | 8.00K | 76.00K |
| Receivables | 1.69M | 1.54M | 1.11M | 317.00K | 8.00K | 76.00K |
| Inventory | 611.00K | 564.00K | 983.00K | 915.00K | 1.03M | 671.00K |
| Prepaid Expenses | 709.00K | 966.00K | 1.05M | 1.54M | 1.31M | 581.00K |
| Restricted Cash | 1.00M | |||||
| Other Current Assets | 600.00K | 11.67M | 71.64M | |||
| Total Current Assets | 14.45M | 24.05M | 23.44M | 38.73M | 22.89M | 75.33M |
| Property, Plant & Equipment | 263.11M | 268.97M | 361.88M | 394.69M | 418.27M | 194.40M |
| Long-Term Investments | 7.11M | 7.88M | 8.05M | 19.64M | 22.17M | 24.48M |
| Long-Term Accounts Receivable | 537.00K | 1.16M | 2.40M | |||
| Long-Term Deferred Charges | 130.00K | |||||
| Other Long-Term Assets | 88.29M | 31.56M | 27.00M | 6.00M | 6.00M | 36.58M |
| Total Assets | 373.50M | 333.61M | 422.77M | 459.19M | 469.34M | 330.79M |
| Accounts Payable | 2.73M | 3.34M | 1.82M | 1.36M | 1.95M | 2.31M |
| Accrued Expenses | 1.36M | 1.52M | 2.99M | 2.35M | 2.06M | 1.18M |
| Current Portion of Long-Term Debt | 11.75M | 11.82M | 14.20M | 12.42M | 12.34M | 7.21M |
| Current Portion of Leases | 6.36M | 8.98M | 8.61M | 9.81M | ||
| Current Unearned Revenue | 3.27M | 3.23M | 6.65M | 6.62M | 7.03M | 3.66M |
| Other Current Liabilities | 11.29M | 19.64M | 1.17M | 9.65M | 237.00K | 82.92M |
| Total Current Liabilities | 30.40M | 39.55M | 33.19M | 41.37M | 32.23M | 107.09M |
| Long-Term Debt | 249.23M | 204.79M | 245.06M | 228.08M | 221.37M | 90.16M |
| Long-Term Leases | 6.36M | 15.34M | 23.95M | |||
| Long-Term Unearned Revenue | 349.00K | 78.00K | 102.00K | |||
| Other Long-Term Liabilities | 743.00K | 3.37M | 225.00K | |||
| Total Liabilities | 280.72M | 244.42M | 278.35M | 275.81M | 272.31M | 221.42M |
| Common Stock | 76.00K | 46.00K | 46.00K | 46.00K | 9.00K | 20.00K |
| Additional Paid-In Capital | 407.74M | 425.43M | 451.08M | 451.16M | 428.47M | 429.95M |
| Retained Earnings | -330.50M | -336.99M | -306.71M | -311.74M | -317.81M | -336.75M |
| Comprehensive Income & Other | -634.00K | 697.00K | ||||
| Total Common Equity | 76.68M | 89.19M | 144.42M | 139.46M | 110.67M | 93.22M |
| Shareholders' Equity | 92.78M | 89.19M | 144.42M | 183.38M | 197.02M | 109.36M |
| Total Liabilities & Equity | 373.50M | 333.61M | 422.77M | 459.19M | 469.34M | 330.79M |
| Total Debt | 260.97M | 216.61M | 265.62M | 255.84M | 257.66M | 131.13M |
| Net Cash (Debt) | -249.53M | -196.24M | -257.99M | -219.88M | -237.12M | -128.76M |
| Net Cash Per Share | -48.29 | -42.42 | -55.77 | -122.24 | -937.91 | -775.83 |
| Filing Date Shares Outstanding | 7.61M | 4.63M | 4.63M | 4.63M | 1.70M | 165.97K |
| Total Common Shares Outstanding | 7.61M | 4.63M | 4.63M | 4.63M | 857.91K | 165.97K |
| Working Capital | -15.95M | -15.51M | -9.76M | -2.64M | -9.34M | -31.75M |
| Book Value Per Share | 10.07 | 19.28 | 31.22 | 30.15 | 129.00 | 561.69 |
| Tangible Book Value | 76.68M | 89.19M | 144.42M | 139.46M | 110.67M | 93.22M |
| Tangible Book Value Per Share | 10.07 | 19.28 | 31.22 | 30.15 | 129.00 | 561.69 |
| Machinery | 310.77M | 312.10M | 409.77M | 409.77M | 409.77M | 164.03M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.01M | 3.09M | 5.03M | 6.07M | 18.95M | 8.62M |
| Depreciation & Amortization | 20.12M | 21.94M | 23.15M | 23.58M | 21.86M | 15.63M |
| Other Amortization | 4.55M | 4.55M | 2.86M | 4.73M | 2.52M | 840.00K |
| Loss (Gain) From Sale of Assets | -93.00K | |||||
| Asset Writedown & Restructuring Costs | 1.16M | |||||
| Loss (Gain) on Equity Investments | 173.00K | 173.00K | -159.00K | 18.00K | -646.00K | -747.00K |
| Stock-Based Compensation | -16.00K | -34.00K | ||||
| Other Operating Activities | -2.56M | 2.71M | 141.00K | 646.00K | 1.46M | |
| Change in Accounts Receivable | 34.00K | 34.00K | -3.20M | -309.00K | 68.00K | -76.00K |
| Change in Inventory | 251.00K | 251.00K | -68.00K | 111.00K | -355.00K | -157.00K |
| Change in Accounts Payable | 2.17M | 2.17M | 564.00K | -503.00K | -82.00K | -123.00K |
| Change in Unearned Revenue | -2.05M | -2.05M | 139.00K | -415.00K | 3.37M | 1.58M |
| Change in Other Net Operating Assets | -6.43M | -6.43M | -11.14M | -4.34M | -12.81M | -12.09M |
| Operating Cash Flow | 18.26M | 26.43M | 17.32M | 28.93M | 33.42M | 16.06M |
| Capital Expenditures | -92.02M | -20.81M | -24.00M | -216.71M | -115.51M | |
| Sale of Property, Plant & Equipment | 19.50M | 19.50M | 71.75M | 35.89M | ||
| Investment in Securities | 767.00K | 11.60M | 2.52M | 2.30M | 2.98M | |
| Investing Cash Flow | -71.75M | -1.31M | -12.40M | 2.52M | -142.66M | -76.65M |
| Short-Term Debt Issued | 28.00M | 9.00M | ||||
| Long-Term Debt Issued | 207.00M | 153.00M | 82.00M | 156.20M | 74.80M | |
| Total Debt Issued | 258.87M | 207.00M | 181.00M | 82.00M | 165.20M | 74.80M |
| Short-Term Debt Repaid | -32.96M | -9.00M | ||||
| Long-Term Debt Repaid | -195.89M | -133.99M | -76.38M | -68.89M | -28.31M | |
| Total Debt Repaid | -194.00M | -195.89M | -166.95M | -76.38M | -77.89M | -28.31M |
| Net Debt Issued (Repaid) | 64.87M | 11.11M | 14.05M | 5.62M | 87.31M | 46.49M |
| Issuance of Common Stock | 6.78M | 13.57M | 27.27M | |||
| Repurchase of Common Stock | -15.00K | |||||
| Preferred Dividends Paid | -529.00K | -6.01M | -13.36M | -1.78M | ||
| Dividends Paid | -529.00K | -6.01M | -13.36M | -1.78M | ||
| Other Financing Activities | -14.56M | -25.62M | -3.38M | -2.93M | -5.24M | -1.08M |
| Financing Cash Flow | 56.56M | -14.51M | -33.25M | -16.04M | 127.41M | 43.63M |
| Foreign Exchange Rate Adjustments | 259.00K | -16.00K | ||||
| Net Cash Flow | 3.33M | 10.59M | -28.33M | 15.41M | 18.17M | -16.96M |
| Free Cash Flow | -73.76M | 5.62M | -6.68M | 28.93M | -183.29M | -99.45M |
| Free Cash Flow Margin | -118.81% | 6.99% | -7.75% | 34.88% | -227.25% | -176.44% |
| Free Cash Flow Per Share | -14.27 | 1.22 | -1.44 | 16.09 | -725.02 | -599.23 |
| Levered Free Cash Flow | -67.12M | 36.47M | -14.61M | 42.44M | -189.07M | -61.41M |
| Unlevered Free Cash Flow | -61.47M | 44.78M | -3.79M | 49.80M | -182.70M | -57.88M |
| Cash Interest Paid | 13.77M | 17.72M | 19.33M | 18.28M | 11.16M | 7.41M |
| Change in Working Capital | -6.03M | -6.03M | -13.70M | -5.46M | -9.81M | -10.86M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.27M | 20.87M | 27.90M | 72.26M | 13.07M | 33.26M |
| Enterprise Value | 251.80M | 283.75M | 288.15M | 369.52M | 374.66M | 232.62M |
| Last Close Price | 0.30 | 4.51 | 4.14 | 10.73 | 10.47 | 137.70 |
| PE Ratio | 6.76 | 5.54 | 6.16 | |||
| Forward PE | 5.31 | 5.31 | 6.01 | 1.37 | 1.58 | |
| PS Ratio | 0.04 | 0.26 | 0.32 | 0.87 | 0.16 | 0.59 |
| PB Ratio | 0.03 | 0.23 | 0.19 | 0.39 | 0.07 | 0.30 |
| P/TBV Ratio | 0.03 | 0.23 | 0.19 | 0.52 | 0.12 | 0.36 |
| P/FCF Ratio | 3.71 | 2.50 | ||||
| P/OCF Ratio | 0.12 | 0.79 | 1.61 | 2.50 | 0.39 | 2.07 |
| EV/Sales Ratio | 4.06 | 3.53 | 3.35 | 4.46 | 4.64 | 4.13 |
| EV/EBITDA Ratio | 8.36 | 7.36 | 6.99 | 8.58 | 8.17 | 9.84 |
| EV/EBIT Ratio | 12.81 | 10.80 | 10.33 | 12.86 | 11.51 | 14.57 |
| EV/FCF Ratio | 50.48 | 12.77 | ||||
| Debt / Equity Ratio | 2.81 | 2.43 | 1.84 | 1.40 | 1.31 | 1.20 |
| Debt / EBITDA Ratio | 8.67 | 4.49 | 5.10 | 4.75 | 4.55 | 3.80 |
| Debt / FCF Ratio | 38.54 | 8.84 | ||||
| Net Debt / Equity Ratio | 2.69 | 2.20 | 1.79 | 1.20 | 1.20 | 1.18 |
| Net Debt / EBITDA Ratio | 8.29 | 5.09 | 6.26 | 5.10 | 5.17 | 5.45 |
| Net Debt / FCF Ratio | -3.38 | 34.91 | -38.63 | 7.60 | -1.29 | -1.29 |
| Asset Turnover | 0.15 | 0.21 | 0.20 | 0.18 | 0.20 | 0.18 |
| Inventory Turnover | 26.98 | 39.91 | 36.69 | 31.63 | 36.39 | 47.07 |
| Quick Ratio | 0.43 | 0.55 | 0.26 | 0.88 | 0.64 | 0.02 |
| Current Ratio | 0.47 | 0.61 | 0.71 | 0.94 | 0.71 | 0.70 |
| Return on Equity (ROE) | 1.82% | 2.64% | 3.07% | 3.19% | 12.37% | 7.07% |
| Return on Assets (ROA) | 3.07% | 4.34% | 3.96% | 3.87% | 5.08% | 3.20% |
| Return on Capital Employed (ROCE) | 5.70% | 8.90% | 7.20% | 6.90% | 7.40% | 7.10% |
| Earnings Yield | -40.41% | 14.79% | 18.05% | 8.39% | 144.92% | 25.91% |
| FCF Yield | -3,251.99% | 26.94% | -23.94% | 40.04% | -1,401.92% | -299.02% |
| Payout Ratio | 99.08% | 70.50% | 20.65% | |||
| Buyback Yield / Dilution | -11.70% | -157.19% | -611.49% | -52.33% | -69.37% |