TOP SHIPS INC (TOPS) Fundamental Analysis & Valuation

NYSEARCA:TOPS • MHY8897Y2307

4.28 USD
-0.29 (-6.35%)
Last: Mar 4, 2026, 09:47 AM
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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. While TOPS is still in line with the averages on profitability rating, there are concerns on its financial health. 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.
  • Each year in the past 5 years TOPS had a positive operating cash flow.
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 comparable to the rest of the industry.
  • The Return On Equity of TOPS (8.38%) is comparable to the rest of the industry.
  • TOPS's Return On Invested Capital of 6.68% is fine compared to the rest of the industry. TOPS outperforms 60.87% of its industry peers.
  • 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.
  • Looking at the Operating Margin, with a value of 36.26%, TOPS belongs to the top of the industry, outperforming 84.06% of the companies in the same industry.
  • In the last couple of years the Operating Margin of TOPS has grown nicely.
  • With an excellent Gross Margin value of 97.86%, TOPS belongs to the best of the industry, outperforming 99.52% of the companies in the same industry.
  • In the last couple of years the Gross Margin of TOPS has remained more or less at the same level.
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

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so 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
  • TOPS has a worse debt/assets ratio than last year.
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's Altman-Z score of -0.57 is on the low side compared to the rest of the industry. TOPS is outperformed by 70.05% of its industry peers.
  • TOPS has a debt to FCF ratio of 10.09. This is a negative value and a sign of low solvency as TOPS would need 10.09 years to pay back of all of its debts.
  • With a Debt to FCF ratio value of 10.09, TOPS perfoms like the industry average, outperforming 54.59% of the companies in the same industry.
  • A Debt/Equity ratio of 1.96 is on the high side and indicates that TOPS has dependencies on debt financing.
  • TOPS has a worse Debt to Equity ratio (1.96) than 78.26% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.96
Debt/FCF 10.09
Altman-Z -0.57
ROIC/WACC0.98
WACC6.8%
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.
  • The Current ratio of TOPS (0.38) is worse than 88.41% of its industry peers.
  • A Quick Ratio of 0.36 indicates that TOPS may have some problems paying its short term obligations.
  • Looking at the Quick ratio, with a value of 0.36, TOPS is doing worse than 88.41% of the companies in the same industry.
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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2

3. TOPS Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 120.49% over the past year.
  • Measured over the past years, TOPS shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -65.71% on average per year.
  • TOPS shows a small growth in Revenue. In the last year, the Revenue has grown by 4.77%.
  • 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

  • The Price/Earnings ratio is 1.86, which indicates a rather cheap valuation of TOPS.
  • Based on the Price/Earnings ratio, TOPS is valued cheaper than 99.52% of the companies in the same industry.
  • TOPS is valuated cheaply when we compare the Price/Earnings ratio to 26.83, which is the current average of the S&P500 Index.
  • With a Price/Forward Earnings ratio of 1.92, the valuation of TOPS can be described as very cheap.
  • Compared to the rest of the industry, the Price/Forward Earnings ratio of TOPS indicates a rather cheap valuation: TOPS is cheaper than 99.03% of the companies listed in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 24.95, TOPS is valued rather cheaply.
Industry RankSector Rank
PE 1.86
Fwd PE 1.92
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

  • 75.36% of the companies in the same industry are more expensive than TOPS, based on the Enterprise Value to EBITDA ratio.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of TOPS indicates a rather cheap valuation: TOPS is cheaper than 100.00% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 0.75
EV/EBITDA 6.22
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

  • The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
  • TOPS has a very decent profitability rating, which 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

  • TOPS does not give a dividend.
Industry RankSector Rank
Dividend Yield 0%

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TOPS Fundamentals: All Metrics, Ratios and Statistics

TOP SHIPS INC

NYSEARCA:TOPS (3/4/2026, 9:47:35 AM)

4.28

-0.29 (-6.35%)

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 Cap19.82M
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 1.86
Fwd PE 1.92
P/S 0.23
P/FCF 0.75
P/OCF 0.66
P/B 0.16
P/tB 0.16
EV/EBITDA 6.22
EPS(TTM)2.3
EY53.74%
EPS(NY)2.23
Fwd EY52.19%
FCF(TTM)5.69
FCFY132.99%
OCF(TTM)6.44
OCFY150.55%
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
WACC6.8%
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 1.86 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.