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

Top Ships Inc (TOPS) reported diluted earnings per share of $-12.44 for fiscal year 2025. This represents a -1241.3% 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.

Top Ships Inc Financials

TOPS

Source SEC Filings (10-K/10-Q) Updated Apr 1, 2026 Currency USD FYE April

This page shows Top Ships Inc (TOPS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 16 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

Financial Profile 49/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

100

Top Ships Inc has an operating margin of 37.8%, meaning the company retains $38 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power.

Leverage

Top Ships Inc carries a low D/E ratio of 1.70, meaning only $1.70 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 67/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Top Ships Inc's current ratio of 0.71 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 9/100, which could limit financial flexibility.

Returns

Top Ships Inc generates a 4.2% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 20/100. This is up from 3.5% the prior year.

Altman Z-Score Distress

-0.60

Top Ships Inc scores -0.60, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($16.5M) relative to total liabilities ($278.4M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

5/9

Top Ships Inc passes 5 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass.

Earnings Quality Cash-Backed

4.77x

For every $1 of reported earnings, Top Ships Inc generates $4.77 in operating cash flow ($28.9M OCF vs $6.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk

1.2x

Top Ships Inc earns $1.2 in operating income for every $1 of interest expense ($28.7M vs $23.0M). 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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Earnings & Revenue

Revenue

$76.1M

5Y CAGR+4.8%

10Y CAGR+19.3%

Top Ships Inc generated $76.1M in revenue in fiscal year 2025.

EBITDA

N/A

Net Income

$6.1M

YoY+20.5%

Top Ships Inc reported $6.1M in net income in fiscal year 2025. This represents an increase of 20.5% from the prior year.

EPS (Diluted)

$-12.44

YoY-1241.3%

Top Ships Inc earned $-12.44 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1241.3% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$7.6M

YoY+0.0%

5Y CAGR-17.0%

10Y CAGR+11.1%

Top Ships Inc held $7.6M in cash against $245.1M in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

YoY+0.0%

Top Ships Inc had 5M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

37.8%

5Y CAGR+40.8pp

10Y CAGR+94.5pp

Top Ships Inc's operating margin was 37.8% in fiscal year 2025, reflecting core business profitability.

Net Margin

8.0%

5Y CAGR+45.9pp

10Y CAGR+73.0pp

Top Ships Inc's net profit margin was 8.0% in fiscal year 2025, showing the share of revenue converted to profit.

Return on Equity

4.2%

YoY+0.7pp

5Y CAGR+23.1pp

10Y CAGR+29.1pp

Top Ships Inc's ROE was 4.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 0.7 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

TOPS Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$76.1M	N/A	N/A	$80.7M+43.1%	$56.4M-6.4%	$60.2M
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	$5.4M-28.6%	$7.5M+12.1%	$6.7M+314.2%	$1.6M-16.8%	$1.9M+0.6%	$1.9M
Operating Income	$28.7M+2.9%	$27.9M-2.9%	$28.7M-11.9%	$32.6M+120.4%	$14.8M+924.6%	-$1.8M
Interest Expense	$23.0M+12.4%	$20.4M+12.7%	$18.1M+52.5%	$11.9M+45.0%	$8.2M-63.7%	$22.6M
Income Tax	N/A	N/A	N/A	N/A	N/A	$0
Net Income	$6.1M+20.5%	$5.0M-17.0%	$6.1M-68.0%	$18.9M+119.9%	$8.6M+137.8%	-$22.8M
EPS (Diluted)	$-12.44-1241.3%	$1.09+108.8%	$-12.44+65.8%	$-36.34	$32.51	$-24.48

Metric	Q1'26	Q3'25	Q1'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22
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	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$422.8M0.0%	$422.8M-7.9%	$459.2M-2.2%	$469.3M+41.9%	$330.8M+12.9%	$293.0M
Current Assets	$23.4M0.0%	$23.4M-39.5%	$38.7M+69.2%	$22.9M-69.6%	$75.3M+67.1%	$45.1M
Cash & Equivalents	$7.6M0.0%	$7.6M-78.8%	$36.0M+75.0%	$20.5M+766.8%	$2.4M-87.7%	$19.3M
Inventory	$983K0.0%	$983K+7.4%	$915K-10.8%	$1.0M+52.9%	$671K+30.5%	$514K
Accounts Receivable	$112K-89.9%	$1.1M+251.1%	$317K+3862.5%	$8K-89.5%	$76K	$0
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$278.4M0.0%	$278.4M+0.9%	$275.8M+1.3%	$272.3M+23.0%	$221.4M+39.4%	$158.8M
Current Liabilities	$33.2M0.0%	$33.2M-19.8%	$41.4M+28.3%	$32.2M-69.9%	$107.1M+321.4%	$25.4M
Long-Term Debt	$245.1M0.0%	$245.1M+7.4%	$228.1M+3.0%	$221.4M+145.5%	$90.2M-9.2%	$99.3M
Total Equity	$144.4M0.0%	$144.4M+3.6%	$139.5M+26.0%	$110.7M+18.7%	$93.2M-22.8%	$120.7M
Retained Earnings	-$306.7M0.0%	-$306.7M+1.6%	-$311.7M+1.9%	-$317.8M+5.6%	-$336.8M+2.5%	-$345.4M

Metric	Q1'26	Q3'25	Q1'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22
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	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$28.9M+67.0%	$17.3M-40.1%	$28.9M-13.4%	$33.4M+108.1%	$16.1M+165.9%	$6.0M
Capital Expenditures	N/A	N/A	N/A	N/A	$0	$0
Free Cash Flow	N/A	N/A	N/A	N/A	$16.1M+165.9%	$6.0M
Investing Cash Flow	$2.5M+120.3%	-$12.4M-592.1%	$2.5M+101.8%	-$142.7M-86.1%	-$76.7M-142.3%	$181.3M
Financing Cash Flow	-$16.0M+51.8%	-$33.2M-107.3%	-$16.0M-112.6%	$127.4M+192.0%	$43.6M+124.6%	-$177.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	$0
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q3'25	Q1'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	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	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	37.8%	N/A	N/A	40.4%+14.2pp	26.3%+29.2pp	-3.0%
Net Margin	8.0%	N/A	N/A	23.5%+8.2pp	15.3%+53.2pp	-37.9%
Return on Equity	4.2%+0.7pp	3.5%-0.9pp	4.3%-12.8pp	17.1%+7.9pp	9.2%+28.1pp	-18.9%
Return on Assets	1.4%+0.2pp	1.2%-0.1pp	1.3%-2.7pp	4.0%+1.4pp	2.6%+10.4pp	-7.8%
Current Ratio	0.710.0	0.71-0.2	0.94+0.2	0.710.0	0.70-1.1	1.77
Debt-to-Equity	1.700.0	1.70+0.1	1.64-0.4	2.00+1.0	0.97+0.1	0.82
FCF Margin	N/A	N/A	N/A	N/A	28.5%+18.5pp	10.0%

Metric	Q1'26	Q3'25	Q1'25	Q3'24	Q1'24	Q3'23	Q1'23	Q3'22
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

What is Top Ships Inc's annual revenue?

Top Ships Inc (TOPS) reported $76.1M 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 $6.1M in fiscal year 2025, with a net profit margin of 8.0%.

How much debt does Top Ships Inc have?

As of fiscal year 2025, Top Ships Inc (TOPS) had $7.6M in cash and equivalents against $245.1M in long-term debt.

What is Top Ships Inc's operating margin?

Top Ships Inc (TOPS) had an operating margin of 37.8% 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 8.0% 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 4.2% 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 $28.9M 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 $422.8M in total assets as of fiscal year 2025, 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 2025.

What is Top Ships Inc's current ratio?

Top Ships Inc (TOPS) had a current ratio of 0.71 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 1.70 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 1.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Top Ships Inc's Altman Z-Score?

Top Ships Inc (TOPS) has an Altman Z-Score of -0.60, 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 5 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 4.77x, 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 1.2x, 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 49 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.