TOP SHIPS INC (TOPS) Fundamental Analysis & Valuation

NYSEARCA:TOPS • MHY8897Y2307

4.5 USD
+0.06 (+1.35%)
Last: Mar 5, 2026, 03:22 PM
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This TOPS fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to TOPS. TOPS was compared to 207 industry peers in the Oil, Gas & Consumable Fuels industry. TOPS has a medium profitability rating, but doesn't score so well on its financial health evaluation. TOPS is cheap, but on the other hand it scores bad on growth.


Dividend Valuation Growth Profitability Health

6

1. TOPS Profitability Analysis

1.1 Basic Checks

  • In the past year TOPS was profitable.
  • TOPS had a positive operating cash flow in the past year.
  • In multiple years TOPS reported negative net income over the last 5 years.
  • In the past 5 years TOPS always reported a positive cash flow from operatings.
TOPS Yearly Net Income VS EBIT VS OCF VS FCFTOPS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -50M -100M -150M

1.2 Ratios

  • TOPS has a Return On Assets (2.50%) which is in line with its industry peers.
  • TOPS's Return On Equity of 8.38% is in line compared to the rest of the industry. TOPS outperforms 51.69% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 6.68%, TOPS is in the better half of the industry, outperforming 60.87% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for TOPS is significantly below the industry average of 22.19%.
  • The 3 year average ROIC (5.65%) for TOPS is below the current ROIC(6.68%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 2.5%
ROE 8.38%
ROIC 6.68%
ROA(3y)-1.88%
ROA(5y)-2.77%
ROE(3y)-4.46%
ROE(5y)-5.98%
ROIC(3y)5.65%
ROIC(5y)4.93%
TOPS Yearly ROA, ROE, ROICTOPS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -10 -20

1.3 Margins

  • Looking at the Profit Margin, with a value of 12.13%, TOPS is in the better half of the industry, outperforming 61.84% of the companies in the same industry.
  • TOPS's Profit Margin has declined in the last couple of years.
  • TOPS has a better Operating Margin (36.26%) than 84.06% of its industry peers.
  • TOPS's Operating Margin has improved in the last couple of years.
  • The Gross Margin of TOPS (97.86%) is better than 99.52% of its industry peers.
  • TOPS's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 36.26%
PM (TTM) 12.13%
GM 97.86%
OM growth 3Y4.53%
OM growth 5Y5.61%
PM growth 3Y-15.17%
PM growth 5YN/A
GM growth 3Y-0.01%
GM growth 5Y0.46%
TOPS Yearly Profit, Operating, Gross MarginsTOPS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50

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1

2. TOPS Health Analysis

2.1 Basic Checks

  • With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), TOPS is destroying value.
  • Compared to 1 year ago, TOPS has about the same amount of shares outstanding.
  • Compared to 5 years ago, TOPS has more shares outstanding
  • Compared to 1 year ago, TOPS has a worse debt to assets ratio.
TOPS Yearly Shares OutstandingTOPS Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 1M 2M 3M 4M
TOPS Yearly Total Debt VS Total AssetsTOPS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

2.2 Solvency

  • TOPS has an Altman-Z score of -0.57. This is a bad value and indicates that TOPS is not financially healthy and even has some risk of bankruptcy.
  • TOPS has a Altman-Z score of -0.57. This is in the lower half of the industry: TOPS underperforms 69.08% of its industry peers.
  • The Debt to FCF ratio of TOPS is 10.09, which is on the high side as it means it would take TOPS, 10.09 years of fcf income to pay off all of its debts.
  • TOPS's Debt to FCF ratio of 10.09 is in line compared to the rest of the industry. TOPS outperforms 54.59% of its industry peers.
  • TOPS has a Debt/Equity ratio of 1.96. This is a high value indicating a heavy dependency on external financing.
  • Looking at the Debt to Equity ratio, with a value of 1.96, TOPS is doing worse than 78.26% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.96
Debt/FCF 10.09
Altman-Z -0.57
ROIC/WACC0.98
WACC6.79%
TOPS Yearly LT Debt VS Equity VS FCFTOPS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M 200M

2.3 Liquidity

  • TOPS has a Current Ratio of 0.38. This is a bad value and indicates that TOPS is not financially healthy enough and could expect problems in meeting its short term obligations.
  • Looking at the Current ratio, with a value of 0.38, TOPS is doing worse than 88.41% of the companies in the same industry.
  • TOPS has a Quick Ratio of 0.38. This is a bad value and indicates that TOPS is not financially healthy enough and could expect problems in meeting its short term obligations.
  • TOPS has a Quick ratio of 0.36. This is amonst the worse of the industry: TOPS underperforms 88.41% of its industry peers.
Industry RankSector Rank
Current Ratio 0.38
Quick Ratio 0.36
TOPS Yearly Current Assets VS Current LiabilitesTOPS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

2

3. TOPS Growth Analysis

3.1 Past

  • TOPS shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 120.49%, which is quite impressive.
  • TOPS shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -65.71% yearly.
  • The Revenue has been growing slightly by 4.77% in the past year.
  • The Revenue has been growing slightly by 5.44% on average over the past years.
EPS 1Y (TTM)120.49%
EPS 3Y-65.71%
EPS 5YN/A
EPS Q2Q%290.07%
Revenue 1Y (TTM)4.77%
Revenue growth 3Y15.16%
Revenue growth 5Y5.44%
Sales Q2Q%4.15%

3.2 Future

  • No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
  • No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
EPS Next Y184.42%
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year6.54%
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

  • No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
  • No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
TOPS Yearly Revenue VS EstimatesTOPS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M
TOPS Yearly EPS VS EstimatesTOPS Yearly EPS VS EstimatesYearly EPS VS Estimates 2019 2020 2021 2022 2023 2024 2025 0 -5K -10K -15K -20K

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9

4. TOPS Valuation Analysis

4.1 Price/Earnings Ratio

  • TOPS is valuated cheaply with a Price/Earnings ratio of 1.96.
  • Based on the Price/Earnings ratio, TOPS is valued cheaply inside the industry as 99.52% of the companies are valued more expensively.
  • The average S&P500 Price/Earnings ratio is at 27.03. TOPS is valued rather cheaply when compared to this.
  • Based on the Price/Forward Earnings ratio of 2.01, the valuation of TOPS can be described as very cheap.
  • TOPS's Price/Forward Earnings ratio is rather cheap when compared to the industry. TOPS is cheaper than 99.52% of the companies in the same industry.
  • TOPS is valuated cheaply when we compare the Price/Forward Earnings ratio to 25.11, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 1.96
Fwd PE 2.01
TOPS Price Earnings VS Forward Price EarningsTOPS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

  • 74.40% of the companies in the same industry are more expensive than TOPS, based on the Enterprise Value to EBITDA ratio.
  • Based on the Price/Free Cash Flow ratio, TOPS is valued cheaper than 100.00% of the companies in the same industry.
Industry RankSector Rank
P/FCF 0.79
EV/EBITDA 6.21
TOPS Per share dataTOPS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20 25

4.3 Compensation for Growth

  • TOPS's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • The decent profitability rating of TOPS may justify a higher PE ratio.
PEG (NY)0.01
PEG (5Y)N/A
EPS Next 2YN/A
EPS Next 3YN/A

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

0

5. TOPS Dividend Analysis

5.1 Amount

  • No dividends for TOPS!.
Industry RankSector Rank
Dividend Yield 0%

More info and screens

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TOPS Fundamentals: All Metrics, Ratios and Statistics

TOP SHIPS INC

NYSEARCA:TOPS (3/5/2026, 3:22:31 PM)

4.5

+0.06 (+1.35%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)N/A
Earnings (Next)04-13
Inst Owners1.34%
Inst Owner Change13.7%
Ins Owners9.53%
Ins Owner Change0%
Market Cap20.84M
Revenue(TTM)87.87M
Net Income(TTM)10.66M
Analysts82.86
Price TargetN/A
Short Float %1.41%
Short Ratio0.4
Dividend
Industry RankSector Rank
Dividend Yield 0%
Yearly Dividend0
Dividend Growth(5Y)N/A
DP0%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)0%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE 1.96
Fwd PE 2.01
P/S 0.24
P/FCF 0.79
P/OCF 0.7
P/B 0.16
P/tB 0.16
EV/EBITDA 6.21
EPS(TTM)2.3
EY51.11%
EPS(NY)2.23
Fwd EY49.64%
FCF(TTM)5.69
FCFY126.48%
OCF(TTM)6.44
OCFY143.19%
SpS18.98
BVpS27.46
TBVpS27.46
PEG (NY)0.01
PEG (5Y)N/A
Graham Number37.7
Profitability
Industry RankSector Rank
ROA 2.5%
ROE 8.38%
ROCE 8.45%
ROIC 6.68%
ROICexc 6.78%
ROICexgc 6.78%
OM 36.26%
PM (TTM) 12.13%
GM 97.86%
FCFM 29.99%
ROA(3y)-1.88%
ROA(5y)-2.77%
ROE(3y)-4.46%
ROE(5y)-5.98%
ROIC(3y)5.65%
ROIC(5y)4.93%
ROICexc(3y)5.96%
ROICexc(5y)5.17%
ROICexgc(3y)5.96%
ROICexgc(5y)5.17%
ROCE(3y)7.16%
ROCE(5y)6.52%
ROICexgc growth 3Y7.82%
ROICexgc growth 5Y12.11%
ROICexc growth 3Y7.82%
ROICexc growth 5Y12.11%
OM growth 3Y4.53%
OM growth 5Y5.61%
PM growth 3Y-15.17%
PM growth 5YN/A
GM growth 3Y-0.01%
GM growth 5Y0.46%
F-Score6
Asset Turnover0.21
Health
Industry RankSector Rank
Debt/Equity 1.96
Debt/FCF 10.09
Debt/EBITDA 5.53
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 1.61
Cash Conversion 66%
Profit Quality 247.26%
Current Ratio 0.38
Quick Ratio 0.36
Altman-Z -0.57
F-Score6
WACC6.79%
ROIC/WACC0.98
Cap/Depr(3y)543.54%
Cap/Depr(5y)809.92%
Cap/Sales(3y)89.51%
Cap/Sales(5y)134.82%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)120.49%
EPS 3Y-65.71%
EPS 5YN/A
EPS Q2Q%290.07%
EPS Next Y184.42%
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)4.77%
Revenue growth 3Y15.16%
Revenue growth 5Y5.44%
Sales Q2Q%4.15%
Revenue Next Year6.54%
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y19.18%
EBIT growth 3Y20.37%
EBIT growth 5Y11.35%
EBIT Next Year57.37%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-18.51%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-8.17%
OCF growth 3Y2.55%
OCF growth 5Y-2.03%

TOP SHIPS INC / TOPS FAQ

What is the ChartMill fundamental rating of TOP SHIPS INC (TOPS) stock?

ChartMill assigns a fundamental rating of 4 / 10 to TOPS.


Can you provide the valuation status for TOP SHIPS INC?

ChartMill assigns a valuation rating of 9 / 10 to TOP SHIPS INC (TOPS). This can be considered as Undervalued.


Can you provide the profitability details for TOP SHIPS INC?

TOP SHIPS INC (TOPS) has a profitability rating of 6 / 10.


Can you provide the PE and PB ratios for TOPS stock?

The Price/Earnings (PE) ratio for TOP SHIPS INC (TOPS) is 1.96 and the Price/Book (PB) ratio is 0.16.


What is the expected EPS growth for TOP SHIPS INC (TOPS) stock?

The Earnings per Share (EPS) of TOP SHIPS INC (TOPS) is expected to grow by 184.42% in the next year.