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MARKETS / NYSE / Industrials / Water transportation / TOPS
NYSE · DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT · SMALL CAP

TOP Ships Inc. TOPS

17 fiscal years on record · USD · FY2025 reported · SEC filings only
$80.4M
$3.1M
▼ 38.7% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

TOP Ships Inc. is an international owner and operator of modern, fuel efficient eco tanker vessels focusing on the transportation of crude oil, petroleum products (clean and dirty) and bulk liquid chemicals. Its tanker operating fleet has a total capacity of 857,000 dwt. As of the date of the Annual Report, the tanker operating fleet consists of one 50,000 dwt product/chemical tanker (Marina Del Rey), one 157,000 dwt Suezmax tanker (M/T Oceano CA), two 300,000 dwt VLCCs (M/T Julius Caesar and M/T Legio X Equestris), plus 50% interests in two 50,000 dwt product tankers (M/T Eco Yosemite Park and M/T Joshua Park). As of the date of the Annual Report, the company does not employ any shore-based employees. In April 2025 the company took delivery of a megayacht with a length of 47 meters and a gross tonnage of 499 tons, with 5 guest cabins able to accommodate 12 guests and 10 crew.

Written from the business description in TOP SHIPS INC.'s annual report to the U.S. Securities and Exchange Commission, filed 1 April 2026. Every sentence was checked against that document before publication.

Growth

USD 80.4M
Revenue, FY2025 · full 17-year series below
Revenue $M Net income $M
FY2025 · Revenue 80.4 · Net income 3.1
40M80M-100M-200M
2009201220152018202120242025
Compound annual growth
−45.4%
3 yrs
5 yrs
10 yrs
15 yrs

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

4 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 32.7% · Net 3.8%
50%-100%-200%
200920172025
ROE
FY2017 · ROE -17.7%
-50%-100%
200920172025
Three returns, three denominators.
Return on equityNot available: we don't have a clean profit figure for this period.
Gross margin·
Operating margin32.7%
Net margin3.8%
EBITDA·

Return on equity has no reading this year — return on capital employed, just below, still does: 8%.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2021 · FCF 16.1
15.0M30.0M-25.0M-50.0M
200920172025
Net buybacks $M Dividends $M
FY2015 · Dividends 0.0 · Net buybacks ·
-1M-2M
20092012201320142015
Dividends paid·
Net buybacks·
Share of profit·
Consecutive raises·

Total assetsUSD 333.6M
EquityUSD 89.2M
CashUSD 20.4M
Gross debtUSD 216.6M
Net debtUSD 196.2M
Current ratio0.61×

Net debt stands at 220% of equity.

The 17-year record

17 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
TOPS, 17-year financial record
Metric 20252024202320222021202020192018201720162015201420132012201120102009
Revenue $B0.1◌◌0.10.10.10.10.00.00.00.00.00.00.00.10.10.0
Operating income $B0.00.00.00.00.0−0.00.0−0.00.00.0−0.0−0.00.0−0.1−0.20.0−0.1
EBITDA $B◌0.00.00.00.00.00.00.00.00.0−0.00.00.0−0.0−0.10.1−0.0
Income tax $B◌◌◌◌◌0.00.00.00.00.00.00.0◌◌◌◌◌
Net income $B0.00.00.00.00.0−0.0−0.0−0.0−0.00.0−0.00.00.0−0.1−0.20.0−0.1
Free cash flow $B◌◌◌◌0.00.0−0.00.0−0.0−0.1−0.1−0.0−0.00.00.00.00.0
EPS, diluted $0.671.09−12.44−36.3432.51−24.48−264.63−306.20−251.00−15955.00−773364.001.845.76−26.36−30.000.82◌
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout %——————————−000−0———
ROE %◌◌◌◌◌◌◌◌−17.7−0.9−22.210.110.1−142.6−113.91.0−20.3
Shares out B0.000.000.000.010.040.040.010.020.010.000.000.020.020.020.020.00◌

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

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Provenance

Company facts, as filed

How we verify · 0 failures in 62 reconciliationsAUDITED

Reconciled in 17 of the 17 fiscal years we could check. Nine checks were skipped: the balance sheet is not tagged before 2013. Three checks were skipped: EPS is not tagged before 2010.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivityDeep Sea Foreign Transportation of Freight
Listed onNYSE
Incorporated inoutside the United States — SEC code 1T
Fiscal year endsDecember 31
Data on record since2009

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