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Top Ships
(TOPS)
Top Ships (TOPS) vs. SPDR S&P 500 ETF (SPY)
Top Ships Business Overview & Revenue Model
Top Ships Financial Statement Overview
| 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
Top Ships Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $25.49M | 1.16 | 17.90% | ― | -11.07% | -13.39% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
65 Neutral | $24.24M | 2.27 | 7.94% | ― | 4.77% | ― | |
56 Neutral | $38.44M | -3.47 | -11.12% | ― | -20.95% | -77.49% | |
52 Neutral | $33.87M | -13.92 | 0.28% | ― | -23.25% | -107.24% | |
51 Neutral | $34.37M | -7.43 | -2.63% | ― | 18.49% | -264.74% | |
49 Neutral | $19.52M | -0.64 | -5.54% | ― | -1.35% | -118.25% |
Top Ships Corporate Events
On January 6, 2026, TOP Ships Inc. announced it has amended the time charter agreement for its Suezmax tanker M/T Eco Oceano with Central Tankers Chartering Inc., an entity affiliated with CEO and major shareholder Evangelos J. Pistiolis. Effective January 1, 2026, the charter duration has been reset to a five-year term at an increased daily rate of $30,000, up from the previous $24,500 per day, and the charterer has been granted a purchase option in February 2027 at a price of $70 million. The amendment, which shortens the original charter running to March 2037, was approved by an independent board committee that obtained a fairness opinion from an external financial adviser, indicating an effort to address related-party transaction concerns and potentially enhance near- to medium-term revenue visibility for the vessel while preserving strategic flexibility around its eventual sale.
The most recent analyst rating on (TOPS) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on Top Ships stock, see the TOPS Stock Forecast page.
On December 31, 2025, TOP Ships Inc. announced it has entered into a sale agreement with Rubico Inc. for the shares of a vessel-owning company that holds a shipbuilding contract for a newbuilding mega yacht, the M/Y Sanlorenzo 1150Exp, for a purchase price of $38 million. The transaction, covering a yacht scheduled for delivery in the second quarter of 2027, is expected to close no later than March 31, 2026 and was negotiated and approved by a special independent committee of TOP Ships’ board after receiving a fairness opinion from an independent financial advisor, underscoring governance safeguards around what appears to be a non-core asset sale that may help the tanker-focused owner streamline its portfolio and redeploy capital toward its core shipping operations.
The most recent analyst rating on (TOPS) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on Top Ships stock, see the TOPS Stock Forecast page.
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.
The most recent analyst rating on (TOPS) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on Top Ships stock, see the TOPS Stock Forecast page.
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.
The most recent analyst rating on (TOPS) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on Top Ships stock, see the TOPS Stock Forecast page.
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.
The most recent analyst rating on (TOPS) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on Top Ships stock, see the TOPS Stock Forecast page.
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.
The most recent analyst rating on (TOPS) stock is a Hold with a $6.50 price target. To see the full list of analyst forecasts on Top Ships stock, see the TOPS Stock Forecast page.