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TOP SHIPS INC (TOPS) Stock Fundamental Analysis

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

6.25  +0.18 (+2.97%)

After market: 6 -0.25 (-4%)

Fundamental Rating

3

Taking everything into account, TOPS scores 3 out of 10 in our fundamental rating. TOPS was compared to 208 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 valued quite cheap, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

TOPS had positive earnings in the past year.
TOPS had a positive operating cash flow in the past year.
The reported net income has been mixed in the past 5 years: TOPS reported negative net income in multiple 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 2024 0 -50M -100M -150M

1.2 Ratios

TOPS has a worse Return On Assets (1.19%) than 62.02% of its industry peers.
TOPS has a Return On Equity (3.49%) which is in line with its industry peers.
TOPS has a Return On Invested Capital of 5.66%. This is comparable to the rest of the industry: TOPS outperforms 48.56% 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 23.92%.
The 3 year average ROIC (5.65%) for TOPS is below the current ROIC(5.66%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 1.19%
ROE 3.49%
ROIC 5.66%
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -10 -20

1.3 Margins

TOPS's Profit Margin of 5.84% is in line compared to the rest of the industry. TOPS outperforms 45.19% of its industry peers.
TOPS's Profit Margin has declined in the last couple of years.
TOPS's Operating Margin of 32.40% is fine compared to the rest of the industry. TOPS outperforms 73.08% of its industry peers.
TOPS's Operating Margin has improved in the last couple of years.
The Gross Margin of TOPS (97.67%) is better than 100.00% of its industry peers.
TOPS's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 32.4%
PM (TTM) 5.84%
GM 97.67%
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50

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1

2. Health

2.1 Basic Checks

TOPS has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
Compared to 1 year ago, TOPS has about the same amount of shares outstanding.
The number of shares outstanding for TOPS has been increased compared to 5 years ago.
TOPS has a worse debt/assets ratio than last year.
TOPS Yearly Shares OutstandingTOPS Yearly Shares OutstandingYearly Shares Outstanding 2015 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

2.2 Solvency

Based on the Altman-Z score of -0.56, we must say that TOPS is in the distress zone and has some risk of bankruptcy.
TOPS's Altman-Z score of -0.56 is on the low side compared to the rest of the industry. TOPS is outperformed by 73.08% of its industry peers.
TOPS has a debt to FCF ratio of 14.97. This is a negative value and a sign of low solvency as TOPS would need 14.97 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 14.97, TOPS is in line with its industry, outperforming 47.60% of the companies in the same industry.
A Debt/Equity ratio of 1.70 is on the high side and indicates that TOPS has dependencies on debt financing.
TOPS has a worse Debt to Equity ratio (1.70) than 76.92% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.7
Debt/FCF 14.97
Altman-Z -0.56
ROIC/WACC0.8
WACC7.03%
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 2024 0 100M -100M 200M

2.3 Liquidity

TOPS has a Current Ratio of 0.71. This is a bad value and indicates that TOPS is not financially healthy enough and could expect problems in meeting its short term obligations.
With a Current ratio value of 0.71, TOPS is not doing good in the industry: 75.00% of the companies in the same industry are doing better.
A Quick Ratio of 0.68 indicates that TOPS may have some problems paying its short term obligations.
TOPS has a Quick ratio of 0.68. This is in the lower half of the industry: TOPS underperforms 70.67% of its industry peers.
Industry RankSector Rank
Current Ratio 0.71
Quick Ratio 0.68
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 2024 20M 40M 60M 80M 100M

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2

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 110.04% over the past year.
The earnings per share for TOPS have been decreasing by -65.71% on average. This is quite bad
TOPS shows a small growth in Revenue. In the last year, the Revenue has grown by 3.89%.
TOPS shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 5.44% yearly.
EPS 1Y (TTM)110.04%
EPS 3Y-65.71%
EPS 5YN/A
EPS Q2Q%105.74%
Revenue 1Y (TTM)3.89%
Revenue growth 3Y15.16%
Revenue growth 5Y5.44%
Sales Q2Q%5.4%

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 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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8

4. Valuation

4.1 Price/Earnings Ratio

TOPS is valuated cheaply with a Price/Earnings ratio of 5.73.
Compared to the rest of the industry, the Price/Earnings ratio of TOPS indicates a rather cheap valuation: TOPS is cheaper than 87.98% of the companies listed in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 27.03, TOPS is valued rather cheaply.
The Price/Forward Earnings ratio is 2.80, which indicates a rather cheap valuation of TOPS.
Compared to the rest of the industry, the Price/Forward Earnings ratio of TOPS indicates a rather cheap valuation: TOPS is cheaper than 98.08% of the companies listed in the same industry.
TOPS is valuated cheaply when we compare the Price/Forward Earnings ratio to 36.28, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 5.73
Fwd PE 2.8
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

Based on the Enterprise Value to EBITDA ratio, TOPS is valued a bit cheaper than the industry average as 68.27% of the companies are valued more expensively.
Based on the Price/Free Cash Flow ratio, TOPS is valued cheaper than 98.08% of the companies in the same industry.
Industry RankSector Rank
P/FCF 1.67
EV/EBITDA 5.48
TOPS Per share dataTOPS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

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.
PEG (NY)0.03
PEG (5Y)N/A
EPS Next 2YN/A
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 (8/5/2025, 8:04:00 PM)

After market: 6 -0.25 (-4%)

6.25

+0.18 (+2.97%)

Chartmill FA Rating
GICS SectorEnergy
GICS IndustryGroupEnergy
GICS IndustryOil, Gas & Consumable Fuels
Earnings (Last)03-27 2025-03-27/amc
Earnings (Next)08-07 2025-08-07
Inst Owners6.6%
Inst Owner Change0%
Ins Owners9.53%
Ins Owner Change0%
Market Cap28.94M
Analysts82.86
Price Target29.58 (373.28%)
Short Float %13.5%
Short Ratio1.17
Dividend
Industry RankSector Rank
Dividend Yield N/A
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 5.73
Fwd PE 2.8
P/S 0.34
P/FCF 1.67
P/OCF 1.67
P/B 0.2
P/tB 0.2
EV/EBITDA 5.48
EPS(TTM)1.09
EY17.44%
EPS(NY)2.23
Fwd EY35.74%
FCF(TTM)3.74
FCFY59.86%
OCF(TTM)3.74
OCFY59.86%
SpS18.6
BVpS31.19
TBVpS31.19
PEG (NY)0.03
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.19%
ROE 3.49%
ROCE 7.16%
ROIC 5.66%
ROICexc 5.77%
ROICexgc 5.77%
OM 32.4%
PM (TTM) 5.84%
GM 97.67%
FCFM 20.11%
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%
ROICexcg growth 3Y7.82%
ROICexcg 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 Turnover0.2
Health
Industry RankSector Rank
Debt/Equity 1.7
Debt/FCF 14.97
Debt/EBITDA 4.8
Cap/Depr 0%
Cap/Sales 0%
Interest Coverage 1.44
Cash Conversion 33.93%
Profit Quality 344.1%
Current Ratio 0.71
Quick Ratio 0.68
Altman-Z -0.56
F-Score6
WACC7.03%
ROIC/WACC0.8
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)110.04%
EPS 3Y-65.71%
EPS 5YN/A
EPS Q2Q%105.74%
EPS Next Y184.42%
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)3.89%
Revenue growth 3Y15.16%
Revenue growth 5Y5.44%
Sales Q2Q%5.4%
Revenue Next Year6.54%
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-2.96%
EBIT growth 3Y20.37%
EBIT growth 5Y11.35%
EBIT Next Year57.37%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-40.13%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-40.13%
OCF growth 3Y2.55%
OCF growth 5Y-2.03%