Top Ships Inc Financials

TOPS

Source SEC Filings (10-K/10-Q) Updated Jun 30, 2025 Currency USD FYE December

This page shows Top Ships Inc (TOPS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Neutral

4/9

Top Ships Inc passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

3.44x

For every $1 of reported earnings, Top Ships Inc generates $3.44 in operating cash flow ($17.3M OCF vs $5.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.4x

Top Ships Inc earns $1.4 in operating income for every $1 of interest expense ($27.9M vs $20.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

N/A

EBITDA

$41.2M

YoY-4.3%

5Y CAGR+20.4%

10Y CAGR+64.2%

Top Ships Inc's EBITDA was $41.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 4.3% from the prior year.

Free Cash Flow

N/A

Net Income

$5.0M

YoY-17.0%

10Y CAGR+5.7%

Top Ships Inc reported $5.0M in net income in fiscal year 2024. This represents a decrease of 17.0% from the prior year.

EPS (Diluted)

$1.09

YoY+108.8%

Top Ships Inc earned $1.09 per diluted share (EPS) in fiscal year 2024. This represents an increase of 108.8% from the prior year.

Cash & Debt

$7.6M

YoY-78.8%

5Y CAGR+11.6%

Top Ships Inc held $7.6M in cash against $245.1M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

YoY+0.0%

Top Ships Inc had 5M shares outstanding in fiscal year 2024. This represents an increase of 0.0% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

3.5%

YoY-0.9pp

10Y CAGR-3.3pp

Top Ships Inc's ROE was 3.5% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 0.9 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

TOPS Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	$80.7M+43.1%	$56.4M-6.4%	$60.2M-8.9%	$66.1M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$7.5M+12.1%	$6.7M+314.2%	$1.6M-16.8%	$1.9M+0.6%	$1.9M+11.7%	$1.7M
Operating Income	$27.9M-2.9%	$28.7M-11.9%	$32.6M+120.4%	$14.8M+924.6%	-$1.8M-145.6%	$3.9M
Interest Expense	$20.4M+12.7%	$18.1M+52.5%	$11.9M+45.0%	$8.2M-63.7%	$22.6M+18.8%	$19.0M
Income Tax	N/A	N/A	N/A	N/A	$0	$0
Net Income	$5.0M-17.0%	$6.1M-68.0%	$18.9M+119.9%	$8.6M+137.8%	-$22.8M-54.5%	-$14.8M
EPS (Diluted)	$1.09+108.8%	$-12.44+65.8%	$-36.34	$32.51	$-24.48	N/A

Metric	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TOPS Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$422.8M-7.9%	$459.2M-2.2%	$469.3M+41.9%	$330.8M+12.9%	$293.0M-34.1%	$444.9M
Current Assets	$23.4M-39.5%	$38.7M+69.2%	$22.9M-69.6%	$75.3M+67.1%	$45.1M-11.1%	$50.7M
Cash & Equivalents	$7.6M-78.8%	$36.0M+75.0%	$20.5M+766.8%	$2.4M-87.7%	$19.3M+338.1%	$4.4M
Inventory	$983K+7.4%	$915K-10.8%	$1.0M+52.9%	$671K+30.5%	$514K-39.4%	$848K
Accounts Receivable	$1.1M+251.1%	$317K+3862.5%	$8K-89.5%	$76K	$0-100.0%	$642K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$278.4M+0.9%	$275.8M+1.3%	$272.3M+23.0%	$221.4M+39.4%	$158.8M-53.2%	$339.1M
Current Liabilities	$33.2M-19.8%	$41.4M+28.3%	$32.2M-69.9%	$107.1M+321.4%	$25.4M-66.3%	$75.4M
Long-Term Debt	$245.1M+7.4%	$228.1M+3.0%	$221.4M+145.5%	$90.2M-9.2%	$99.3M-62.1%	$262.1M
Total Equity	$144.4M+3.6%	$139.5M+26.0%	$110.7M+18.7%	$93.2M-22.8%	$120.7M+37.7%	$87.7M
Retained Earnings	-$306.7M+1.6%	-$311.7M+1.9%	-$317.8M+5.6%	-$336.8M+2.5%	-$345.4M-7.1%	-$322.6M

Metric	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Total Assets	$426.0M+0.8%	$422.8M-1.7%	$430.2M-6.3%	$459.2M+2.9%	$446.2M-4.9%	$469.3M-1.3%	$475.4M+43.7%	$330.8M
Current Assets	$18.5M-21.3%	$23.4M+11.3%	$21.1M-45.6%	$38.7M+199.5%	$12.9M-43.5%	$22.9M+38.3%	$16.6M-78.0%	$75.3M
Cash & Equivalents	$6.0M-21.7%	$7.6M-54.6%	$16.8M-53.3%	$36.0M+273.4%	$9.6M-53.1%	$20.5M+44.0%	$14.3M+502.0%	$2.4M
Inventory	$993K+1.0%	$983K+4.0%	$945K+3.3%	$915K-13.4%	$1.1M+3.0%	$1.0M+9.6%	$936K+39.5%	$671K
Accounts Receivable	$2.6M+133.6%	$1.1M-36.5%	$1.8M+452.7%	$317K	$0-100.0%	$8K-97.3%	$293K+285.5%	$76K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$298.9M+7.4%	$278.4M-3.6%	$288.9M+4.7%	$275.8M+5.8%	$260.6M-4.3%	$272.3M-29.6%	$386.8M+74.7%	$221.4M
Current Liabilities	$49.0M+47.7%	$33.2M-0.2%	$33.2M-19.6%	$41.4M-27.9%	$57.4M+78.1%	$32.2M-7.8%	$34.9M-67.4%	$107.1M
Long-Term Debt	$249.8M+1.9%	$245.1M-2.8%	$252.2M+10.6%	$228.1M+18.6%	$192.3M-13.1%	$221.4M-3.5%	$229.5M+154.5%	$90.2M
Total Equity	$127.1M-12.0%	$144.4M+2.2%	$141.3M+1.3%	$139.5M+11.1%	$125.6M+13.4%	$110.7M+24.9%	$88.6M-5.0%	$93.2M
Retained Earnings	-$299.1M+2.5%	-$306.7M+1.0%	-$309.8M+0.6%	-$311.7M+0.1%	-$312.0M+1.8%	-$317.8M+3.2%	-$328.1M+2.6%	-$336.8M

TOPS Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$17.3M-40.1%	$28.9M-13.4%	$33.4M+108.1%	$16.1M+165.9%	$6.0M-68.5%	$19.2M
Capital Expenditures	N/A	N/A	N/A	$0	$0-100.0%	$48.1M
Free Cash Flow	N/A	N/A	N/A	$16.1M+165.9%	$6.0M+120.9%	-$28.9M
Investing Cash Flow	-$12.4M-592.1%	$2.5M+101.8%	-$142.7M-86.1%	-$76.7M-142.3%	$181.3M+189.2%	-$203.3M
Financing Cash Flow	-$33.2M-107.3%	-$16.0M-112.6%	$127.4M+192.0%	$43.6M+124.6%	-$177.3M-193.5%	$189.7M
Dividends Paid	N/A	N/A	N/A	N/A	$0	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Operating Cash Flow	-$1.4M	N/A	$4.0M	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	$27.7M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	-$29.1M	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$27.4M	N/A	$24.8M	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	-$28.9M	N/A	N/A	N/A	N/A	N/A
Dividends Paid	$0	N/A	$0	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

TOPS Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	40.4%+14.2pp	26.3%+29.2pp	-3.0%-8.9pp	6.0%
Net Margin	N/A	N/A	23.5%+8.2pp	15.3%+53.2pp	-37.9%-15.5pp	-22.4%
Return on Equity	3.5%-0.9pp	4.3%-12.8pp	17.1%+7.9pp	9.2%	N/A	N/A
Return on Assets	1.2%-0.1pp	1.3%-2.7pp	4.0%+1.4pp	2.6%+10.4pp	-7.8%-4.5pp	-3.3%
Current Ratio	0.71-0.2	0.94+0.2	0.710.0	0.70-1.1	1.77+1.1	0.67
Debt-to-Equity	1.70+0.1	1.64-0.4	2.00+1.0	0.97+0.1	0.82-2.2	2.99
FCF Margin	N/A	N/A	N/A	28.5%+18.5pp	10.0%+53.8pp	-43.8%

Metric	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22	Q4'21
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	0.38-0.3	0.71+0.1	0.63-0.3	0.94+0.7	0.23-0.5	0.71+0.2	0.47-0.2	0.70
Debt-to-Equity	1.97+0.3	1.70-0.1	1.78+0.1	1.64+0.1	1.53-0.5	2.00-0.6	2.59+1.6	0.97
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: The current ratio is below 1.0 (0.71), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Is Top Ships Inc profitable?

Yes, Top Ships Inc (TOPS) reported a net income of $5.0M in fiscal year 2024.

What is Top Ships Inc's earnings per share (EPS)?

Top Ships Inc (TOPS) reported diluted earnings per share of $1.09 for fiscal year 2024. This represents a 108.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Top Ships Inc's EBITDA?

Top Ships Inc (TOPS) had EBITDA of $41.2M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Top Ships Inc have?

As of fiscal year 2024, Top Ships Inc (TOPS) had $7.6M in cash and equivalents against $245.1M in long-term debt.

What is Top Ships Inc's return on equity (ROE)?

Top Ships Inc (TOPS) has a return on equity of 3.5% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Top Ships Inc's operating cash flow?

Top Ships Inc (TOPS) generated $17.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Top Ships Inc's total assets?

Top Ships Inc (TOPS) had $422.8M in total assets as of fiscal year 2024, including both current and long-term assets.

How many shares does Top Ships Inc have outstanding?

Top Ships Inc (TOPS) had 5M shares outstanding as of fiscal year 2024.

What is Top Ships Inc's current ratio?

Top Ships Inc (TOPS) had a current ratio of 0.71 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Top Ships Inc's debt-to-equity ratio?

Top Ships Inc (TOPS) had a debt-to-equity ratio of 1.70 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Top Ships Inc's return on assets (ROA)?

Top Ships Inc (TOPS) had a return on assets of 1.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Top Ships Inc's Piotroski F-Score?

Top Ships Inc (TOPS) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Top Ships Inc's earnings high quality?

Top Ships Inc (TOPS) has an earnings quality ratio of 3.44x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Top Ships Inc cover its interest payments?

Top Ships Inc (TOPS) has an interest coverage ratio of 1.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.