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ValueScreener company report

Top Ships Inc. (TOPS)

AMEX / Industrials / Marine Shipping

Share price

0.44 USD Market dataClose of Oct 14, 2026

Market capitalisation

2.1M USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2025, filed Apr 1, 2026
Ratios computed
Oct 14, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

3.5% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

0.67x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

n/a Computed

FY2025 accounts, priced at the latest close

Why n/a

We do not hold this figure for this company, so there is nothing to show.

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 28.4M USDFY2016 Net income: -351.0K USDFY2017 Revenue: 39.4M USDFY2017 Net income: -13.4M USDFY2018 Revenue: 41.0M USDFY2018 Net income: -11.1M USDFY2019 Revenue: 66.1M USDFY2019 Net income: -14.8M USDFY2020 Revenue: 60.2M USDFY2020 Net income: -22.8M USDFY2021 Revenue: 56.4M USDFY2021 Net income: 8.6M USDFY2022 Revenue: 80.7M USDFY2022 Net income: 18.9M USDFY2023 Net income: 6.1M USDFY2024 Net income: 5.0M USDFY2025 Revenue: 80.4M USDFY2025 Net income: 3.1M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 0.67x at the close of 2026-10-14 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits below the lowest.

Today, against the Marine Shipping industry (33 companies), 0.67x sits at the 13th percentile; the middle half of that group runs from 3.73x to 21.64x.

Is it good

Return on equity was 3.5% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Marine Shipping industry (46 companies), 3.5% sits at the 35th percentile; the middle half of that group runs from -0.9% to 12.9%.

Is it safe

Interest coverage was 1.12x in FY2025, in the band labelled "Distress territory" (below 1.50x), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit barely covers.

Year by year against peers
Whether Top Ships Inc.'s return on equity stayed above the median of the Marine Shipping industry, year by year. (FY2022 to FY2025, 4 fiscal years of Top Ships Inc. with a comparable figure)
The direction
Which way Top Ships Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Top Ships Inc.)
What could explain it
What in Top Ships Inc.'s filed statements could explain the movements. (4 readings drawn from the statement lines Top Ships Inc. filed)
What to check next
What to check next on Top Ships Inc., and where in its filings. (5 questions for Top Ships Inc.)
In one paragraph
One paragraph on Top Ships Inc.'s returns, cash, balance sheet and price. (10 of sixteen figures read for Top Ships Inc.)

These are TOPS’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research TOPSPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 20-F, filed Apr 1, 2026, accession 0001140361-26-012456.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Top Ships Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.

n/a ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Return on equity3.5% ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Return on capital employed, pre-tax8.9% ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Return on assets0.9% ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Operating margin32.7% ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Net margin3.8% ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
TOPS 3.8%
RUBI 11.2%UFG -0.7%NCT 12.3%ICON -251.2%VNTG -7.4%
-251.2%12.3%
Net margin: TOPS against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Top Ships Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity2.43 ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Current ratio0.61 ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Quick ratio0.59 ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Interest coverage1.12x ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Altman Z-score-0.96 ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Net debt196.2M ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Total assets 333.6MTotal liabilities 244.4MShareholders' equity 89.2MOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Top Ships Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (20-F, filed Apr 1, 2026, 0001140361-26-012456).

Top Ships Inc: balance sheet position
Total assets333.6M FiledFY2025 20-F, filed Apr 1, 2026
Total liabilities244.4M FiledFY2025 20-F, filed Apr 1, 2026
Shareholders' equity89.2M FiledFY2025 20-F, filed Apr 1, 2026
Cash20.4M FiledFY2025 20-F, filed Apr 1, 2026
Total debt216.6M FiledFY2025 20-F, filed Apr 1, 2026
Net debt196.2M
Current ratio0.61
Debt to equity2.43

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Top Ships Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings0.67x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
P/E on trailing twelve months
Why n/a

A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

n/a ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book0.02x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Price to sales0.03x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Enterprise value to EBIT7.55x ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Price to earnings over growth
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Diluted earnings per share
Why n/a

The FY2025 filing carries no diluted earnings per share we could read.

n/a FiledFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Graham number
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456

We publish no fair value or price target of our own. Value TOPS on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Top Ships Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Top Ships Inc: valuation
Share price0.44 USD
Market capitalisation2.1M USD
Enterprise value to EBITDAn/a
Graham numbern/a
Diluted earnings per sharen/a

Price to earnings on trailing twelve months: A trailing figure needs 4 filed quarters with the dates they were filed on, and we hold 0 for this company. Nothing is drawn rather than a line built from fewer.

Companies like Top Ships Inc

  1. Rubico Inc. (RUBI)Market cap 849.7K USD
  2. Uni-Fuels Holdings Limited (UFG)Market cap 11.3M USD
  3. Intercont (Cayman) Limited Ordinary shares (NCT)Market cap 57.8K USD
  4. Icon Energy Corp. (ICON)Market cap 311.9K USD
  5. Vantage Corp (VNTG)Market cap 17.2M USD

Same industry (Marine Shipping) and size band (Nano, under 50M), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Top Ships Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Free cash flow17.1M USD ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Free cash flow margin
Why n/a

No free cash flow, and no operating cash flow and capital expenditure pair, is filed for this year.

n/a ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Dividend yield
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Payout ratio
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
FY2016 Free cash flow: -66.7M USDFY2016 Net income: -351.0K USDFY2017 Free cash flow: -34.0M USDFY2017 Net income: -13.4M USDFY2018 Free cash flow: 716.0K USDFY2018 Net income: -11.1M USDFY2019 Free cash flow: -28.9M USDFY2019 Net income: -14.8M USDFY2020 Free cash flow: 6.0M USDFY2020 Net income: -22.8M USDFY2021 Free cash flow: 16.1M USDFY2021 Net income: 8.6M USDFY2022 Free cash flow: -183.3M USDFY2022 Net income: 18.9M USDFY2023 Free cash flow: 28.9M USDFY2023 Net income: 6.1M USDFY2024 Free cash flow: 17.3M USDFY2024 Net income: 5.0M USDFY2025 Free cash flow: 17.1M USDFY2025 Net income: 3.1M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filing

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Top Ships Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
0.67xFY2025Oct 14, 2026
0.02xFY2025Oct 14, 2026
7.55xFY2025Oct 14, 2026
n/aFY2025Oct 14, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
n/aFY2025Apr 1, 2026
n/a No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.
n/aFY2025Oct 14, 2026
n/a The only dividend lines on the filed cash flow statement are zeros the filer did not tag as the common dividend paid, so they say nothing about what reached the common holders.
2.43FY2025Apr 1, 2026
0.61FY2025Apr 1, 2026
0.03xFY2025Oct 14, 2026
n/aFY2025Oct 14, 2026
n/a The filed income statement reports no earnings per share.
-0.96FY2025Oct 14, 2026
n/aFY2025Apr 1, 2026
n/a This figure compares a year against the one before it, and we hold one filed year for this company.
3/9FY2025Apr 1, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Top Ships Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Top Ships Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202580.4M26.3M3.1Mn/a17.1M32.7%3.5%20-F, Apr 1, 20260001140361-26-012456
FY2024n/a27.9M5.0Mn/a17.3Mn/a3.5%20-F, Apr 14, 20250001140361-25-013743
FY2023n/a28.7M6.1Mn/a28.9Mn/a4.3%20-F, Mar 29, 20240001140361-24-016527
FY202280.7M32.6M18.9Mn/a-183.3M40.4%17.1%20-F, Apr 3, 20230001140361-23-015498
FY202156.4M14.8M8.6Mn/a16.1M26.3%9.2%20-F, Apr 15, 20220001171843-22-002612
FY202060.2M-1.8M-22.8Mn/a6.0M-3.0%-18.9%20-F, Apr 23, 20210001437749-21-009726
FY201966.1M3.9M-14.8Mn/a-28.9M6.0%-16.9%20-F, Apr 10, 20200000919574-20-002886
FY201841.0M-3.9M-11.1Mn/a716.0K-9.5%-10.7%20-F, Mar 28, 20190000919574-19-002626
FY201739.4M1.6M-13.4Mn/a-34.0M4.1%-12.6%20-F, Mar 29, 20180000919574-18-002755
FY201628.4M4.8M-351.0Kn/a-66.7M17.1%-0.8%20-F, Mar 14, 20170000919574-17-002779
  • Revenue, compound annual growth FY2016 to FY2025: 12.2%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Fewer than two filed years carry earnings per share.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Top Ships Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Piotroski F-score3/9 ComputedFY2025 20-F, filed Apr 1, 2026, 0001140361-26-012456
Named tests met2 of 30 Computed
Beta0.83 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 2 met, 21 not met, 7 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Clean books, high ROIC
Not measured
Earnings yield and ROIC (Joel Greenblatt); Dividends and buybacks; ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cash-covered dividend; Cash-flow yield and ROIC; Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(16)
  • Positive Earnings Streak: The latest filed year has no per-share earnings we can read; the test needs 10.
  • Return on Invested Capital: No tax rate can be read for this year: the income tax or the pre-tax income line is not filed, or pre-tax income is zero, so after-tax operating profit is not computed.
  • Beneish M-Score: We do not hold this figure for this company, so there is nothing to show.
  • PEG Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Yield: We do not hold this figure for this company, so there is nothing to show.
  • Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Free Cash Flow Yield: We do not hold this figure for this company, so there is nothing to show.
  • Share Count Change Yoy: We do not hold this figure for this company, so there is nothing to show.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.
  • Price To Graham: We do not hold this figure for this company, so there is nothing to show.
  • Capex To Ocf: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Coverage Ratio: We do not hold this figure for this company, so there is nothing to show.
  • Dividend Streak: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 16 figures could not be read on this company, among them Positive Earnings Streak, Return on Invested Capital, Beneish M-Score. Each blank in the table above names the rest, with its reason. 7 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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