Top Ships Inc (TOPS) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 20-F for FY2025, filed Apr 1, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the TOPS SEC filings page.
Top Ships Inc (TOPS) reported $80.4M in revenue for fiscal year 2025. This page shows its 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).
Top Ships’ earnings are increasingly governed by financing costs: similar revenue now produces thinner profit on a more leveraged balance sheet.
Revenue remained about$80M across FY2022 and FY2025, yet operating margin compressed materially. Interest expense reached$23.4M in FY2025, helping explain why net margin was only3.8% despite positive operating income.
FY2025 operating cash flow of
The balance sheet combines 2.3x debt-to-equity with a 0.6x current ratio, indicating that both long-term obligations and near-term liquidity constrain flexibility. From FY2024 to FY2025, assets shrank by about
Financial Health Signals
Scored against energy companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Top Ships Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Top Ships Inc has an operating margin of 32.7%, meaning the company retains $33 of operating profit per $100 of revenue. This strong profitability earns a score of 87/100, reflecting efficient cost management and pricing power.
Not available for Top Ships Inc, and counted as zero in the overall score.
Top Ships Inc has elevated debt relative to equity (D/E of 2.30), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 28/100, reflecting increased financial risk.
Top Ships Inc's current ratio of 0.61 is below the typical benchmark, resulting in a score of 11/100. However, the company holds substantial cash reserves (52% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.
Not available for Top Ships Inc, and counted as zero in the overall score.
Top Ships Inc earns a strong 3.5% return on equity (ROE), meaning it generates $3 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 65/100. This is unchanged from the prior year.
Top Ships Inc scores -0.96, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($4.0M) relative to total liabilities ($244.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Top Ships Inc passes 4 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, Top Ships Inc generates $8.56 in operating cash flow ($26.4M OCF vs $3.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Top Ships Inc earns $1.12 in operating income for every $1 of interest expense ($26.3M vs $23.4M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
None of these metrics is reported for Q4 2025.
Cash & Balance Sheet
Top Ships Inc held $20.4M in cash against $204.8M in long-term debt as of Q4 2025.
Not reported for Q4 2025.
Not reported for Q4 2025.
Margins & Returns
None of these metrics is reported for Q4 2025.
Capital Allocation
None of these metrics is reported for Q4 2025.
TOPS Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, EBITDA, Interest Expense, Income Tax, Net Income, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).
TOPS Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q4'2520-F | Q2'256-K | Q4'2420-F | Q2'2410-Q | Q4'2310-K | Q2'2310-Q | Q4'2210-K | Q2'2210-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $333.6M-21.1% | $426.0M-1.0% | $422.8M-7.9% | $430.2M-3.6% | $459.2M-2.2% | $446.2M-6.1% | $469.3M+41.9% | $475.4M+34.6% |
| Current Assets | $24.0M+2.6% | $18.5M-12.4% | $23.4M-39.5% | $21.1M+62.9% | $38.7M+69.2% | $12.9M-21.9% | $22.9M-69.6% | $16.6M-53.6% |
| Cash & Equivalents | $20.4M+167.0% | $6.0M-64.5% | $7.6M-78.8% | $16.8M+74.5% | $36.0M+75.0% | $9.6M-32.5% | $20.5M+766.8% | $14.3M+70.0% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $564K-42.6% | $993K+5.1% | $983K+7.4% | $945K-10.6% | $915K-10.8% | $1.1M+12.9% | $1.0M+52.9% | $936K+39.5% |
| Accounts Receivable | $1.5M+38.6% | $2.6M+48.4% | $1.1M+251.1% | $1.8M | $317K+3862.5% | $0-100.0% | $8K-89.5% | $293K+414.0% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $244.4M-12.2% | $298.9M+3.5% | $278.4M+0.9% | $288.9M+10.8% | $275.8M+1.3% | $260.6M-32.6% | $272.3M+23.0% | $386.8M+69.7% |
| Current Liabilities | $39.6M+19.2% | $49.0M+47.4% | $33.2M-19.8% | $33.2M-42.1% | $41.4M+28.3% | $57.4M+64.3% | $32.2M-69.9% | $34.9M-34.1% |
| Non-Current Liabilities | $204.9M-16.4% | $249.8M-2.3% | $245.2M+4.6% | $255.6M+25.8% | $234.4M-2.4% | $203.2M-18.5% | $240.1M+110.0% | $249.3M+42.6% |
| Long-Term Debt | $204.8M-16.4% | $249.8M-0.9% | $245.1M+7.4% | $252.2M+31.2% | $228.1M+3.0% | $192.3M-16.2% | $221.4M+145.5% | $229.5M+57.5% |
| Total Equity | $89.2M-38.2% | $127.1M-10.0% | $144.4M+3.6% | $141.3M+12.6% | $139.5M+26.0% | $125.6M+41.7% | $110.7M+18.7% | $88.6M-20.7% |
| Retained Earnings | -$337.0M-9.9% | -$299.1M+3.4% | -$306.7M+1.6% | -$309.8M+0.7% | -$311.7M+1.9% | -$312.0M+4.9% | -$317.8M+5.6% | -$328.1M+4.5% |
Not reported in any period shown, so not listed: Goodwill.
TOPS Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Operating Cash Flow, Depreciation & Amortization, Stock-Based Compensation, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
TOPS Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, Asset Turnover, FCF Margin.
Note: The current ratio is below 1.0 (0.61), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Top Ships Inc TOPS | FY2025 | $80.4M | $3.1M | 3.8% | $4.0M | 32/100 |
| Pyxis Tankers PXS | FY2025 | $39.0M | $2.0M | 5.1% | $66.3M | 43/100 |
| CBL International Limited BANL | FY2025 | $538.5M | -$3.0M | -0.6% | $11.9M | 34/100 |
| Imperial Petrole IMPP | FY2025 | $161.0M | $50.0M | 31.0% | $244.5M | 57/100 |
| Dynagas Lng Partners Lp DLNG | FY2025 | N/A | $61.6M | N/A | $139.0M | — |
Where Top Ships Inc Ranks
Frequently Asked Questions
What is Top Ships Inc's annual revenue?
Top Ships Inc (TOPS) reported $80.4M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Top Ships Inc profitable?
Yes, Top Ships Inc (TOPS) reported a net income of $3.1M in fiscal year 2025, with a net profit margin of 3.8%.
How much debt does Top Ships Inc have?
As of fiscal year 2025, Top Ships Inc (TOPS) had $20.4M in cash and equivalents against $204.8M in long-term debt.
What is Top Ships Inc's operating margin?
Top Ships Inc (TOPS) had an operating margin of 32.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Top Ships Inc's net profit margin?
Top Ships Inc (TOPS) had a net profit margin of 3.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
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 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Top Ships Inc's operating cash flow?
Top Ships Inc (TOPS) generated $26.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Top Ships Inc's total assets?
Top Ships Inc (TOPS) had $333.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Top Ships Inc's current ratio?
Top Ships Inc (TOPS) had a current ratio of 0.61 as of fiscal year 2025, 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 2.30 as of fiscal year 2025, 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 0.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Top Ships Inc's P/E ratio?
Top Ships Inc (TOPS) trades at 1.3x earnings, its market capitalization divided by net income of $3.1M net income, FY2025. The market capitalization is $4.0M as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Top Ships Inc's price-to-sales ratio?
Top Ships Inc (TOPS) trades at 0.0x sales, its market capitalization divided by revenue of $80.4M revenue, FY2025. The market capitalization is $4.0M as of Sep 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Top Ships Inc's Altman Z-Score?
Top Ships Inc (TOPS) has an Altman Z-Score of -0.96, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Top Ships Inc's Piotroski F-Score?
Top Ships Inc (TOPS) has a Piotroski F-Score of 4 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 8.56x, 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 1.12x, 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.
How financially healthy is Top Ships Inc?
Top Ships Inc (TOPS) scores 32 out of 100 on our Financial Health Score, indicating weak standing within its energy companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.