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TOP SHIPS INC (TOPS) Stock Fundamental Analysis

NYSEARCA:TOPS - NYSE Arca - MHY8897Y2307 - Common Stock - Currency: USD

5.9317  +0.08 (+1.4%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to TOPS. TOPS was compared to 213 industry peers in the Oil, Gas & Consumable Fuels industry. There are concerns on the financial health of TOPS while its profitability can be described as average. TOPS has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

TOPS had negative earnings in the past year.
TOPS had a positive operating cash flow in the past year.
TOPS had negative earnings in 4 of the past 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 -50M -100M -150M

1.2 Ratios

TOPS's Return On Assets of -5.28% is on the low side compared to the rest of the industry. TOPS is outperformed by 78.87% of its industry peers.
With a Return On Equity value of -16.07%, TOPS is not doing good in the industry: 79.81% of the companies in the same industry are doing better.
Looking at the Return On Invested Capital, with a value of 5.32%, TOPS is in line with its industry, outperforming 43.19% 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 25.69%.
The 3 year average ROIC (5.29%) for TOPS is below the current ROIC(5.32%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA -5.28%
ROE -16.07%
ROIC 5.32%
ROA(3y)-1.73%
ROA(5y)-4.4%
ROE(3y)-3.98%
ROE(5y)-12.54%
ROIC(3y)5.29%
ROIC(5y)4.44%
TOPS Yearly ROA, ROE, ROICTOPS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 -10 -20

1.3 Margins

TOPS has a Operating Margin of 31.88%. This is in the better half of the industry: TOPS outperforms 69.48% of its industry peers.
In the last couple of years the Operating Margin of TOPS has grown nicely.
With an excellent Gross Margin value of 97.65%, TOPS belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
TOPS's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 31.88%
PM (TTM) N/A
GM 97.65%
OM growth 3Y25.29%
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.47%
GM growth 5Y0.1%
TOPS Yearly Profit, Operating, Gross MarginsTOPS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50 -50

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0

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), TOPS is destroying value.
TOPS has more shares outstanding than it did 1 year ago.
The number of shares outstanding for TOPS has been increased compared to 5 years ago.
Compared to 1 year ago, TOPS has a worse debt to assets ratio.
TOPS Yearly Shares OutstandingTOPS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 1M 2M 3M 4M
TOPS Yearly Total Debt VS Total AssetsTOPS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M

2.2 Solvency

Based on the Altman-Z score of -0.59, we must say that TOPS is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of -0.59, TOPS is doing worse than 74.65% of the companies in the same industry.
The Debt to FCF ratio of TOPS is 11.77, which is on the high side as it means it would take TOPS, 11.77 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 11.77, TOPS is in line with its industry, outperforming 48.36% of the companies in the same industry.
TOPS has a Debt/Equity ratio of 1.78. This is a high value indicating a heavy dependency on external financing.
The Debt to Equity ratio of TOPS (1.78) is worse than 79.34% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.78
Debt/FCF 11.77
Altman-Z -0.59
ROIC/WACC0.76
WACC6.99%
TOPS Yearly LT Debt VS Equity VS FCFTOPS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100M -100M 200M

2.3 Liquidity

A Current Ratio of 0.63 indicates that TOPS may have some problems paying its short term obligations.
TOPS has a worse Current ratio (0.63) than 79.34% of its industry peers.
A Quick Ratio of 0.61 indicates that TOPS may have some problems paying its short term obligations.
TOPS has a worse Quick ratio (0.61) than 74.65% of its industry peers.
Industry RankSector Rank
Current Ratio 0.63
Quick Ratio 0.61
TOPS Yearly Current Assets VS Current LiabilitesTOPS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M 100M

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4

3. Growth

3.1 Past

TOPS shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -181.34%.
Looking at the last year, TOPS shows a small growth in Revenue. The Revenue has grown by 1.17% in the last year.
Measured over the past years, TOPS shows a quite strong growth in Revenue. The Revenue has been growing by 15.13% on average per year.
EPS 1Y (TTM)-181.34%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-48.89%
Revenue 1Y (TTM)1.17%
Revenue growth 3Y11.28%
Revenue growth 5Y15.13%
Sales Q2Q%2.35%

3.2 Future

TOPS is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 31.32% yearly.
Based on estimates for the next years, TOPS will show a small growth in Revenue. The Revenue will grow by 5.61% on average per year.
EPS Next Y-39.37%
EPS Next 2Y31.32%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year4.69%
Revenue Next 2Y5.61%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
TOPS Yearly Revenue VS EstimatesTOPS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 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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5

4. Valuation

4.1 Price/Earnings Ratio

TOPS reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
The Price/Forward Earnings ratio is 2.66, which indicates a rather cheap valuation of TOPS.
TOPS's Price/Forward Earnings ratio is rather cheap when compared to the industry. TOPS is cheaper than 98.12% of the companies in the same industry.
TOPS's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 20.42.
Industry RankSector Rank
PE N/A
Fwd PE 2.66
TOPS Price Earnings VS Forward Price EarningsTOPS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 5 10 15 20

4.2 Price Multiples

TOPS's Enterprise Value to EBITDA ratio is in line with the industry average.
Based on the Price/Free Cash Flow ratio, TOPS is valued cheaply inside the industry as 100.00% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 1.21
EV/EBITDA 6.73
TOPS Per share dataTOPS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 -10 20 30

4.3 Compensation for Growth

A more expensive valuation may be justified as TOPS's earnings are expected to grow with 31.32% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y31.32%
EPS Next 3YN/A

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0

5. Dividend

5.1 Amount

TOPS does not give a dividend.
Industry RankSector Rank
Dividend Yield N/A

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TOP SHIPS INC

NYSEARCA:TOPS (5/9/2025, 3:34:20 PM)

5.9317

+0.08 (+1.4%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)03-27 2025-03-27/amc
Earnings (Next)N/A N/A
Inst Owners6.38%
Inst Owner Change-26.95%
Ins Owners9.65%
Ins Owner Change0%
Market Cap27.46M
Analysts82.86
Price Target29.58 (398.68%)
Short Float %2.72%
Short Ratio3.7
Dividend
Industry RankSector Rank
Dividend Yield N/A
Yearly Dividend2.18
Dividend Growth(5Y)N/A
DP-11.09%
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 N/A
Fwd PE 2.66
P/S 0.33
P/FCF 1.21
P/OCF 1.21
P/B 0.19
P/tB 0.19
EV/EBITDA 6.73
EPS(TTM)-11.24
EYN/A
EPS(NY)2.23
Fwd EY37.66%
FCF(TTM)4.89
FCFY82.38%
OCF(TTM)4.89
OCFY82.38%
SpS18.11
BVpS30.53
TBVpS30.53
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -5.28%
ROE -16.07%
ROCE 6.74%
ROIC 5.32%
ROICexc 5.56%
ROICexgc 5.56%
OM 31.88%
PM (TTM) N/A
GM 97.65%
FCFM 26.98%
ROA(3y)-1.73%
ROA(5y)-4.4%
ROE(3y)-3.98%
ROE(5y)-12.54%
ROIC(3y)5.29%
ROIC(5y)4.44%
ROICexc(3y)5.57%
ROICexc(5y)4.67%
ROICexgc(3y)5.57%
ROICexgc(5y)4.67%
ROCE(3y)7.15%
ROCE(5y)5.97%
ROICexcg growth 3Y20.79%
ROICexcg growth 5YN/A
ROICexc growth 3Y20.79%
ROICexc growth 5YN/A
OM growth 3Y25.29%
OM growth 5YN/A
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y0.47%
GM growth 5Y0.1%
F-Score5
Asset Turnover0.19
Health
Industry RankSector Rank
Debt/Equity 1.78
Debt/FCF 11.77
Debt/EBITDA 6.14
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 1.44
Cash Conversion 55.07%
Profit Quality N/A
Current Ratio 0.63
Quick Ratio 0.61
Altman-Z -0.59
F-Score5
WACC6.99%
ROIC/WACC0.76
Cap/Depr(3y)1044.89%
Cap/Depr(5y)1059.32%
Cap/Sales(3y)157.78%
Cap/Sales(5y)181.76%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-181.34%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-48.89%
EPS Next Y-39.37%
EPS Next 2Y31.32%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)1.17%
Revenue growth 3Y11.28%
Revenue growth 5Y15.13%
Sales Q2Q%2.35%
Revenue Next Year4.69%
Revenue Next 2Y5.61%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-20.9%
EBIT growth 3Y39.42%
EBIT growth 5YN/A
EBIT Next Year38.67%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y110.62%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y9.52%
OCF growth 3Y68.57%
OCF growth 5Y109.32%