Top Ships (TOPS) AI Stock Analysis

• Market Cap: $22.58M
• Dividend Yield: N/A
• Average Volume (3M): 7.55K
• Price to Earnings (P/E): 2.0
• Beta (1Y): 0.72
• Revenue Growth: 4.77%
• EPS Growth: N/A
• Country: US
• Employees: 1
• Sector: Energy
• Sector Strength: 52
• Industry: Marine Shipping
• EPS (TTM): N/A
• Shares Outstanding: 4,626,197
• 10 Day Avg. Volume: 8,016
• 30 Day Avg. Volume: 7,548
• PEG Ratio: -0.05
• Price to Book (P/B): 0.19
• Price to Sales (P/S): 0.32
• P/FCF Ratio: 1.61
• Enterprise Value/Market Cap: 11.37
• Enterprise Value/Revenue: 3.09
• Enterprise Value/Gross Profit: 5.30
• Enterprise Value/Ebitda: 6.10
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: Hold
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: $6.50 ▲(38.59% Upside)

Top Ships' overall stock score is driven primarily by its undervalued P/E ratio, indicating potential value for investors. The technical analysis supports a stable outlook with positive short-term trends. However, financial performance is moderate, with high leverage and declining net profit margins posing risks. The absence of earnings call data and corporate events means these factors do not influence the score.

Positive Factors

Fleet Modernization

Modernizing the fleet supports long-term operational efficiency and cost reduction, aligning with industry trends towards sustainability and compliance with environmental regulations.

Strategic Refinancing

The refinancing agreements enhance financial stability and operational flexibility, supporting growth strategy and reducing financial risk through structured debt management.

Governance Enhancement

Strengthening governance with experienced leadership can improve strategic oversight and decision-making, potentially enhancing investor confidence and long-term strategic execution.

Negative Factors

High Leverage

High leverage poses risks in volatile markets, potentially straining cash flow and limiting financial flexibility, which could impact long-term stability and growth.

Declining Cash Flow

Decreasing cash flow may limit the company's ability to invest in growth opportunities and manage debt, posing challenges to sustaining operations and financial health.

Net Profit Margin Decline

A declining net profit margin indicates reduced profitability, which could affect the company's ability to generate returns for shareholders and invest in future growth.

Top Ships Business Overview & Revenue Model

Company Description

Top Ships Inc. is a global shipping company specializing in the transportation of petroleum products and other bulk liquids. The company operates a fleet of modern, eco-friendly tankers designed to meet the highest environmental standards, focusing primarily on the seaborne transportation of refined oil products, including gasoline, diesel, and other petrochemicals. Top Ships aims to provide reliable and efficient shipping services while adhering to rigorous safety and environmental regulations in the maritime industry.

How the Company Makes Money

Top Ships generates revenue primarily through the chartering of its vessels on time charter or spot charter agreements. Under time charters, the company leases its vessels for a specified period, receiving steady income based on fixed rates, while spot charters involve contracts for single voyages where rates can fluctuate based on market demand. Additionally, the company may benefit from long-term contracts with established oil and gas companies, ensuring stable revenue streams. Key factors contributing to its earnings include the global demand for oil transportation, the operational efficiency of its fleet, and its focus on eco-friendly technology that may appeal to environmentally-conscious clients.

Top Ships Financial Statement Overview

Summary

Top Ships demonstrates moderate financial health with stable revenue growth and solid operational profitability. However, high leverage and declining net profit margins pose risks. Cash flow generation remains strong but is showing signs of weakening, highlighting the need for careful financial management in the face of significant debt levels.

Income Statement

Top Ships has shown moderate revenue growth with a 3.83% increase from 2023 to 2024. The gross profit margin for 2024 is 43.74%, indicating efficiency in controlling costs relative to revenue. However, the net profit margin decreased to 5.85%, highlighting a contraction in profitability. The EBIT and EBITDA margins stand at 32.40% and 58.10% respectively, reflecting solid operational profitability but with declining trends compared to previous years.

Balance Sheet

The debt-to-equity ratio is high at 1.74, indicating significant leverage which could pose risks in volatile market conditions. The return on equity for 2024 is relatively low at 3.49%, suggesting limited returns for shareholders. The equity ratio is 34.16%, showing moderate reliance on equity financing, but the financial stability could be compromised by high debt levels.

Cash Flow

Operating cash flow has decreased significantly from 2023 to 2024, with a decline in free cash flow as well. The operating cash flow to net income ratio is 3.44, indicating strong cash generation relative to net income but declining cash flows present concerns. The free cash flow to net income ratio remains consistent, underscoring controlled capital expenditures.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	82.95M	86.13M	82.95M	80.66M	56.37M	60.22M
Gross Profit	48.46M	37.68M	48.46M	36.25M	20.50M	24.87M
EBITDA	42.04M	50.05M	42.09M	43.95M	23.64M	11.12M
Net Income	6.07M	5.03M	6.07M	18.95M	8.62M	-22.82M
Balance Sheet
Total Assets	459.19M	422.77M	459.19M	469.34M	330.79M	293.03M
Cash, Cash Equivalents and Short-Term Investments	35.96M	7.63M	35.96M	20.54M	2.37M	19.33M
Total Debt	255.84M	251.41M	255.84M	260.93M	184.33M	147.71M
Total Liabilities	275.81M	278.35M	275.81M	272.31M	237.57M	158.81M
Stockholders Equity	183.38M	144.42M	183.38M	197.02M	93.22M	134.22M
Cash Flow
Free Cash Flow	28.93M	17.32M	28.93M	-183.29M	-99.45M	-114.78M
Operating Cash Flow	28.93M	17.32M	28.93M	33.42M	16.06M	6.04M
Investing Cash Flow	2.52M	-12.40M	2.52M	-142.66M	-76.65M	181.29M
Financing Cash Flow	-16.04M	-33.25M	-16.04M	127.41M	43.63M	-177.28M

Top Ships Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.69
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 4.69 is below the 20-day moving average (MA) of 5.73, below the 50-day MA of 5.88, and below the 200-day MA of 5.72, indicating a bearish trend. The MACD of -0.26 indicates Positive momentum. The RSI at 15.26 is Positive, neither overbought nor oversold. The STOCH value of 6.66 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TOPS.

Top Ships Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PSHG	74 Outperform	$27.60M	1.29	17.90%	―	-11.07%	-13.39%
Sector *	65 Neutral	$15.17B	7.61	4.09%	5.20%	3.87%	-62.32%
TOPS	65 Neutral	$22.58M	2.04	7.94%	―	4.77%	―
EDRY	56 Neutral	$36.90M	-3.32	-11.12%	―	-20.95%	-77.49%
PXS	52 Neutral	$31.04M	-12.54	0.28%	―	-23.25%	-107.24%
GLBS	51 Neutral	$34.99M	-7.57	-2.63%	―	18.49%	-264.74%
CTRM	49 Neutral	$21.64M	-0.76	-5.54%	―	-1.35%	-118.25%

Top Ships Corporate Events

TOP Ships Explores $200 Million Real Estate Acquisition in Dubai

On November 28, 2025, TOP Ships Inc. announced a letter of intent for the potential acquisition of residential real estate assets in Dubai. The assets, valued at over $200 million, are affiliated with the company’s CEO, Evangelos J. Pistiolis. The deal includes an option to purchase at a 10% discount to market value, with an advance payment of $23.5 million due by December 31, 2025. This strategic move, approved by a special committee of independent directors, highlights the company’s interest in diversifying its portfolio amid Dubai’s attractive real estate market.

Top Ships Inc. Extends Time Charter Agreement with Weco Tankers

On November 20, 2025, Top Ships Inc. announced the extension of its time charter agreement with Weco Tankers A/S for its MR Product Tanker, M/T Eco Marina Del Ray. The extension is set for three years at a daily rate of $18,250, resulting in a total gross revenue backlog of $20 million. This move reinforces Top Ships’ strategic positioning in the eco-friendly tanker market and is expected to enhance its operational revenue, benefiting stakeholders by securing long-term income.

Top Ships Inc. Announces 2025 Annual Shareholders Meeting

Top Ships Inc. has announced its 2025 Annual Meeting of Shareholders, scheduled for December 12, 2025, in Athens, Greece. During the meeting, shareholders will vote on several key proposals, including the election of a Class III Director, the ratification of Deloitte as the independent auditor, and potential amendments to the company’s Articles of Incorporation to allow for reverse stock splits. These decisions could significantly impact the company’s governance and financial structuring, influencing its market positioning and shareholder value.

Top Ships Inc. Completes Tanker Fleet Refinancing

On November 17, 2025, Top Ships Inc. announced the successful completion of its tanker fleet refinancing through sale and leaseback agreements with a major Chinese financier. This refinancing, involving four tankers, released approximately $27.2 million in cash and maintained the fleet’s leverage at a conservative level. The agreements include bareboat charter terms and purchase obligations, with interest rates tied to the 3-month term SOFR plus a margin. The refinancing is expected to strengthen the company’s financial position and provide flexibility for future operations.

Top Ships Inc. Releases Financial Report for First Half of 2025

Top Ships Inc. has released its unaudited interim condensed consolidated financial statements for the six months ending June 30, 2025. The report, filed with the SEC, includes management’s discussion and analysis of the company’s financial condition and results of operations. The announcement highlights various factors that could impact the company’s future performance, including trends in the oil and chemical tanker industry, potential changes in regulations, and geopolitical events. These insights provide stakeholders with an understanding of the risks and uncertainties that may affect the company’s operations and financial outcomes.

Top Ships Secures $207 Million in Refinancing Deals

In August 2025, Top Ships Inc. entered into four sale and leaseback financing agreements with a major Chinese financier to refinance two VLCC tankers, a Suezmax tanker, and an MR product tanker. These agreements, expected to conclude by November 2025, will generate $207 million in proceeds, with $179.8 million allocated to repay existing financing and the remainder earmarked for general working capital and potential asset acquisitions. The move aligns with the company’s growth strategy, although no specific acquisitions have been identified yet.