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Top Ships
(NYSE MKT:TOPS)
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Rating:54Neutral
Price Target:
$0.75
▼(-86.31% Downside)
Action:Reiterated
Date:07/30/26
The score is mainly driven by mid-range financial performance: improving recent operating cash flow and positive free cash flow are offset by high leverage and volatile/net weaker 2025 profitability. Technicals are a major drag with the stock trading well below key moving averages, while valuation is a meaningful positive due to the extremely low P/E.
Positive Factors
Improving cash generation
Recent cash flow recovery shows the core tanker operations can generate positive free cash flow, supporting debt servicing and reinvestment. Sustained FCF over multiple years would improve liquidity and reduce capital-raising need, strengthening long-term operational resilience.
Negative Factors
High leverage
A heavy debt load relative to a shrinking equity base constrains financial flexibility and raises refinancing and covenant risk. High leverage amplifies downside in tanker cycles and limits capacity to invest or weather prolonged weak freight markets without dilutive capital or asset sales.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation
Recent cash flow recovery shows the core tanker operations can generate positive free cash flow, supporting debt servicing and reinvestment. Sustained FCF over multiple years would improve liquidity and reduce capital-raising need, strengthening long-term operational resilience.
Read all positive factors
Top Ships (TOPS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.70M
Dividend YieldN/A
Average Volume (3M)7.55K
Price to Earnings (P/E)1.0
Beta (1Y)0.81
Revenue Growth-6.63%
EPS Growth-38.69%
CountryUS
Employees86
SectorEnergy
Sector Strength52
IndustryMarine Shipping
Share Statistics
EPS (TTM)N/A
Shares Outstanding7,467,223
10 Day Avg. Volume8,016
30 Day Avg. Volume7,548
Financial Highlights & Ratios
PEG Ratio-0.17
Price to Book (P/B)0.23
Price to Sales (P/S)0.26
P/FCF Ratio1.22
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Top Ships Business Overview & Revenue Model
Company Description
Top Ships Inc., a maritime company established in 2000 and headquartered in Maroussi, Greece, specializes in the worldwide ownership and operation of tanker vessels. Its medium-range ships primarily facilitate the global transport of essential liq...
How the Company Makes Money
Top Ships makes money primarily by earning charter revenue from the commercial use of its tanker vessels. Its main revenue stream comes from (1) time charters, where a customer hires a vessel for a fixed period and pays a contracted daily hire rat...
Top Ships Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
46
Neutral
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 80.42M | 86.13M | 82.95M | 80.66M | 56.37M |
| Gross Profit | 36.95M | 37.68M | 48.46M | 36.25M | 20.50M |
| EBITDA | 41.06M | 50.05M | 42.09M | 43.95M | 23.64M |
| Net Income | 3.09M | 5.03M | 6.07M | 18.95M | 8.62M |
Balance Sheet | |||||
| Total Assets | 333.61M | 422.77M | 459.19M | 469.34M | 330.79M |
| Cash, Cash Equivalents and Short-Term Investments | 20.37M | 7.63M | 35.96M | 20.54M | 2.37M |
| Total Debt | 204.79M | 251.41M | 255.84M | 260.93M | 184.33M |
| Total Liabilities | 244.42M | 278.35M | 275.81M | 272.31M | 221.42M |
| Stockholders Equity | 89.19M | 144.42M | 183.38M | 197.02M | 109.36M |
Cash Flow | |||||
| Free Cash Flow | 17.12M | 17.32M | 28.93M | -183.29M | -99.45M |
| Operating Cash Flow | 26.43M | 17.32M | 28.93M | 33.42M | 16.06M |
| Investing Cash Flow | -1.31M | -12.40M | 2.52M | -142.66M | -76.65M |
| Financing Cash Flow | -14.51M | -33.25M | -16.04M | 127.41M | 43.63M |
Top Ships Technical Analysis
Negative
5.48
Price Trends
0.84
Negative
1.72
Negative
3.54
Negative
Market Momentum
-0.06
Negative
45.57
Neutral
35.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TOPS, the sentiment is Negative. The current price of 5.48 is above the 20-day moving average (MA) of 0.75, above the 50-day MA of 0.84, and above the 200-day MA of 3.54, indicating a neutral trend. The MACD of -0.06 indicates Negative momentum. The RSI at 45.57 is Neutral, neither overbought nor oversold. The STOCH value of 35.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TOPS.
Top Ships Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $48.70M | 13.60 | 3.87% | ― | -20.22% | -47.01% | |
67 Neutral | $18.84M | 0.24 | 14.21% | ― | 24.97% | ― | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $21.63M | 0.63 | 9.57% | ― | 34.61% | -41.81% | |
55 Neutral | $61.94M | 80.62 | 0.47% | ― | 33.71% | ― | |
54 Neutral | $4.70M | 0.95 | 2.85% | ― | -6.63% | -38.69% | |
46 Neutral | $12.12M | -0.06 | -56.53% | ― | ― | ― |
* Energy Sector Average
TOPS
Top Ships
0.75
-5.33
-87.66%
PSHG
Performance Shipping
1.78
-0.05
-2.73%
GLBS
Globus Maritime
3.10
2.04
192.45%
PXS
Pyxis Tankers
4.79
1.79
59.67%
CTRM
Castor Maritime
2.10
-0.03
-1.41%
SVRN
OceanPal Inc
6.11
-47.99
-88.71%
Top Ships Corporate Events
TOP Ships Sells Newbuilding MR Tanker SPV to Related Party for $6.5 Million
Jul 28, 2026
On July 28, 2026, TOP Ships Inc. announced it has agreed to sell 100% of the shares of a Marshall Islands special purpose vehicle holding a shipbuilding contract for a 47,499 dwt chemical/product oil carrier. The newbuilding, contracted with Guang...
TOP Ships Lifts Net Asset Value 24%, Plans Exit from Megayacht Sector
Jul 27, 2026
On July 27, 2026, TOP Ships reported management’s estimate of its net asset value at $359.2 million as of June 30, 2026, based on third-party broker vessel valuations, debt and cash. The figure marks a 24% increase from the NAV last reported...
TOP Ships to Sell Megayacht Para Bellvm and Refocus on Core Tanker Business
Jul 22, 2026
On July 22, 2026, TOP Ships Inc. announced that it has decided to sell the 47-meter megayacht M/Y Para Bellvm, built in 2023 at the Sanlorenzo shipyard and configured for 12 guests and 10 crew. The move marks a strategic exit from the megayacht se...
TOP Ships Scraps Dubai Real Estate Deal, Redirects $23.5 Million to Tanker Fleet
Jul 17, 2026
On July 16, 2026, TOP Ships Inc. announced that it will not proceed with the planned acquisition of a portfolio of residential real estate assets in Dubai, originally contemplated under a letter of intent signed on November 28, 2025. The company s...
TOP Ships Reports Safe VLCC Exit from Strait of Hormuz and 13% Rise in VLCC Values
Jun 26, 2026
On June 24, 2026, TOP Ships said its 2022-built VLCC M/T Legio X safely exited the Strait of Hormuz after remaining in the waterway throughout the recent disruption to navigation. The tanker stayed on hire under its time charter during the inciden...
Top Ships Extends Deadlines on Tanker Acquisition Payment and Dubai Real Estate Option
May 29, 2026
On May 29, 2026, Top Ships Inc. amended a related-party deal with affiliate Central Mare Inc., extending to July 31, 2026 the deadline to pay the remaining $16.1 million for nine tanker-owning special purpose vehicles tied to new MR chemical/produ...
TOP Ships Pulls $10 Million U.S. Equity Offering Filed in April
May 15, 2026
On May 15, 2026, TOP Ships Inc. announced that it has elected not to proceed with a previously planned $10 million public equity offering in the United States. The company has withdrawn the related Form F-1 registration statement, which was initia...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.