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TOPS

Top Ships Inc.

TOPS

Top Ships Inc. • NASDAQ
$5.99 ▲ 2.39% (+0.14)
Market Cap $27.71 M
52w High $11.47
52w Low $5.00
Dividend Yield 0%
P/E 2.6
Volume 2.88K
Outstanding Shares 4.63M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2023 $41.804M ▲ $12.468M ▲ $292K ▼ 0.698% ▼ $-13.21 ▼ $18.588M ▼
Q2-2023 $41.145M ▲ $7.269M ▲ $5.774M ▲ 14.033% ▲ $0.77 ▼ $23.448M ▲
Q4-2022 $20.905M ▲ $4.645M ▲ $1.965M ▲ 9.4% ▲ $5.99 ▲ $12.334M ▲
Q2-2022 $19.423M ▲ $3.678M ▲ $-6.559M ▼ -33.767% ▼ $-36.91 ▼ $10.584M ▲
Q4-2021 $15.528M $3.013M $2.314M 14.905% $13.95 $7.445M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2024 $7.629M ▼ $422.772M ▼ $278.352M ▼ $144.42M ▲
Q2-2024 $16.799M ▼ $430.219M ▼ $288.878M ▲ $141.341M ▼
Q4-2023 $35.956M ▲ $459.189M ▲ $275.809M ▲ $183.38M ▼
Q2-2023 $9.629M ▼ $446.22M ▼ $260.608M ▼ $185.612M ▼
Q4-2022 $20.544M $469.337M $272.314M $197.023M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2023 $292K ▼ $15.91M ▲ $1.18M ▼ $9.237M ▲ $15.412M ▲ $15.91M ▲
Q2-2023 $5.774M ▲ $13.023M ▲ $1.34M ▲ $-25.278M ▼ $-10.915M ▲ $13.023M ▲
Q4-2022 $5.171M ▲ $9.736M ▲ $197K ▲ $-6.795M ▼ $-18.267M ▼ $9.659M ▲
Q2-2022 $4.303M ▲ $6.973M ▲ $-71.525M ▼ $70.5M ▲ $-421.5K ▲ $-101.306M ▼
Q4-2021 $3.467M $3.357M $7.09M $-13.458M $-12.393M $-5.271M

Revenue by Products

Product Q2-2019Q4-2019
Time Charter Related Parties
Time Charter Related Parties
 $0 ▲$0 ▲
Time Charter Contracts
Time Charter Contracts
 $30.00M ▲$40.00M ▲
Voyage Charter
Voyage Charter
 $0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has inched up over the last few years but remains relatively small, so the business is still quite sensitive to swings in shipping rates and utilization. Profitability has been positive in most recent years with reasonable operating margins, but the earnings per share history is extremely volatile, largely because of repeated reverse stock splits and past share structure changes, not just the underlying business performance. Overall, the company looks like a modestly profitable but cyclical shipping operator, with reported results that can move sharply from year to year.

Balance Sheet

Balance Sheet The balance sheet shows a capital‑intensive shipping company with a meaningful amount of debt supporting a relatively young fleet. Debt levels have been fairly steady and make up a large portion of the capital structure, which is common in shipping but does increase financial risk if market conditions weaken. Equity has rebuilt from earlier years, suggesting some strengthening, but cash balances are thin, so the company is likely quite dependent on continued charter income and access to refinancing. The long list of reverse splits points to a history of equity dilution and share price pressure, which is an important background risk factor.

Cash Flow

Cash Flow Operating cash flow has been consistently positive, indicating the existing fleet and charters are generating real cash, not just accounting profits. A few years ago the company spent heavily on new vessels and upgrades, which pushed free cash flow negative at that time but also helped modernize the fleet. More recently, with lower investment spending, free cash flow has turned positive, but this could reverse if the company embarks on another round of fleet expansion. The pattern is typical for shipping: cash generation is solid in upcycles but can tighten quickly if rates fall or new investments ramp up.

Competitive Edge

Competitive Edge Top Ships competes in a very crowded and cyclical global tanker market, where no small player has strong pricing power. Its main differentiator is a very young, fuel‑efficient, and environmentally compliant fleet built by a top‑tier shipyard, which can make its vessels more attractive to high‑quality charterers. Long‑term relationships with large oil companies and traders provide some revenue visibility, but the firm’s small scale, heavy dependence on a limited number of ships, and exposure to volatile spot and time‑charter markets limit any durable moat. Competitive advantage here is real but narrow and heavily tied to keeping the fleet modern and well‑employed.

Innovation and R&D

Innovation and R&D While the company does not do traditional lab‑style R&D, it has clearly invested in technical upgrades: eco‑design hulls, more efficient engines, scrubbers, and various energy‑saving features. These choices support lower fuel consumption and regulatory compliance, which are increasingly important differentiators in tanker shipping. Looking ahead, its innovation focus will likely center on further improving fuel efficiency, meeting tighter environmental rules, and potentially adopting alternative fuels or digital optimization tools. The planned spin‑off of the Suezmax tankers into Rubico is more of a strategic and financial innovation, aiming to sharpen the focus of each business rather than changing the underlying technology.

Summary

Top Ships today looks like a small, niche tanker owner with a modern, technically advanced fleet and reasonably healthy operating economics, but operating in a structurally volatile industry and carrying meaningful financial risk. The income statement suggests steady but modest profitability, the balance sheet shows typical shipping leverage and limited cash buffers, and cash flows have improved as heavy investment has slowed. Its competitive edge rests on young, efficient ships and good chartering relationships rather than scale or brand strength. The company’s history of repeated reverse splits and equity adjustments is a notable warning sign about past shareholder dilution and market stress. Future performance will largely depend on how well management manages debt, keeps ships employed at attractive rates, and navigates environmental and market cycles, including the execution and impact of the Rubico spin‑off.

NEWS

November 28, 2025 · 4:30 PM UTC

TOP Ships Announces Letter of Intent for Acquisition of Real Estate Assets in Dubai

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November 20, 2025 · 4:30 PM UTC

Top Ships Inc. announces extension of Time Charter for its MR Tanker

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November 17, 2025 · 9:25 AM UTC

Top Ships Inc. Announces Successful Completion of its Tanker Fleet Refinancing

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