Top Ships Inc. (TOPS)
XASE:TOPS
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Top Ships
(NYSE MKT:TOPS)
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Rating:45Neutral
Price Target:
$1.00
▼(-81.84% Downside)
Action:Reiterated
Date:05/16/26
The score is weighed down primarily by very weak technicals (price well below all major moving averages with negative MACD) and an unsupportive valuation signal (negative P/E with no dividend yield provided). Financial performance is mid-range, supported by recent positive operating cash flow and free cash flow, but constrained by high leverage, shrinking equity, and earnings volatility.
Positive Factors
Improved cash generation
TOP Ships has recently generated materially positive operating cash flow and consecutive positive free cash flow, providing durable internal funding for working capital, capex and debt service. Sustained cash generation increases flexibility to fund vessel deliveries and absorb cyclical freight volatility despite historical cash flow swings.
Negative Factors
High leverage
Leverage remains elevated relative to equity, reducing the company’s financial cushion and increasing refinancing and interest rate sensitivity. High debt loads constrain strategic flexibility, raise the likelihood of covenant pressure in downturns, and limit the firm’s ability to pursue opportunistic investments without new funding.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved cash generation
TOP Ships has recently generated materially positive operating cash flow and consecutive positive free cash flow, providing durable internal funding for working capital, capex and debt service. Sustained cash generation increases flexibility to fund vessel deliveries and absorb cyclical freight volatility despite historical cash flow swings.
Read all positive factors
Top Ships (TOPS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.46M
Dividend YieldN/A
Average Volume (3M)7.55K
Price to Earnings (P/E)―
Beta (1Y)0.89
Revenue Growth-6.63%
EPS Growth-38.69%
CountryUS
Employees1
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-0.18
Price to Book (P/B)0.23
Price to Sales (P/S)0.26
P/FCF Ratio1.22
Enterprise Value/Market Cap25.34
Enterprise Value/Revenue2.35
Enterprise Value/Gross Profit4.00
Enterprise Value/Ebitda3.92
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. owns and operates tanker vessels worldwide. The company's medium range tanker vessels transport crude oil, petroleum products, and bulk liquid chemicals. As of December 31, 2020, it had a fleet with a total capacity of 1,435,000 dea...
How the Company Makes Money
Top Ships makes money primarily by chartering its vessels to third parties to transport petroleum cargoes. Its core revenue stream is charter hire earned under vessel charter agreements, which can include (a) time charters, where the customer pays...
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
2.56
Negative
3.71
Negative
4.72
Negative
Market Momentum
-0.51
Positive
21.09
Positive
6.83
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 5.48 is above the 20-day moving average (MA) of 1.71, above the 50-day MA of 2.56, and above the 200-day MA of 4.72, indicating a bearish trend. The MACD of -0.51 indicates Positive momentum. The RSI at 21.09 is Positive, neither overbought nor oversold. The STOCH value of 6.83 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
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $47.06M | 4.53 | 3.87% | ― | -20.22% | -47.01% | |
66 Neutral | $19.13M | 1.04 | -5.54% | ― | 23.51% | -67.68% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
64 Neutral | $20.51M | 0.53 | 15.90% | ― | -3.74% | 14.28% | |
59 Neutral | $65.55M | 53.71 | -0.33% | ― | -0.04% | 96.94% | |
51 Neutral | $44.24M | 10.75 | -1.00% | ― | 26.77% | -515.79% | |
45 Neutral | $7.46M | -1.17 | 7.94% | ― | -6.63% | -38.69% |
* Energy Sector Average
TOPS
Top Ships
1.00
-3.77
-79.09%
PSHG
Performance Shipping
1.65
0.18
12.24%
GLBS
Globus Maritime
2.05
1.03
100.98%
PXS
Pyxis Tankers
4.60
1.70
58.62%
EDRY
EuroDry
23.44
14.81
171.61%
CTRM
Castor Maritime
1.98
-0.22
-10.00%
Top Ships Corporate Events
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...
Top Ships Sets Up $50 Million Equity Facility With B. Riley to Fund Tanker Fleet Expansion
Apr 24, 2026
On April 24, 2026, Top Ships Inc. signed a Common Share Purchase Agreement with B. Riley Principal Capital II, giving the company the option to sell up to $50 million of its common shares over a 36‑month period, subject to pricing, volume an...
Top Ships Files 2025 Form 20‑F Annual Report With U.S. SEC
Apr 2, 2026
TOP Ships Inc., an Athens-based owner and operator of modern eco tanker vessels, reported that it has filed its annual report on Form 20‑F for the year ended December 31, 2025 with the U.S. Securities and Exchange Commission on April 2, 2026...
TOP Ships Puts Net Asset Value at $289 Million, Flags Deep Market Discount
Mar 10, 2026
On March 10, 2026, TOP Ships reported that management estimates the company’s net asset value at $289 million as of December 31, 2025, incorporating third-party charter-free vessel valuations, debt and cash, including its 50% joint venture v...
TOP Ships to Acquire Nine ECO MR Tankers in $41 Million Related‑Party Deal
Feb 23, 2026
On February 23, 2026, TOP Ships Inc. said it agreed to acquire nine Marshall Islands special‑purpose companies that hold contracts for nine 47,499 dwt ECO Medium Range product/chemical tankers from Guangzhou Shipyard International, with deli...
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.