Industrials · Marine Shipping
Price
$0.83
Market Cap
$3.8M
Employees
1
Beta
1.99
Avg Volume
869,348
CEO
Evangelos J. Pistiolis
Business 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 liquid commodities, including crude oil, various refined petroleum products, and bulk liquid chemicals. The organization underwent a name change in December 2007, transitioning from its former identity as Top Tankers Inc. By the close of business on December 31, 2020, Top Ships Inc. commanded a diverse fleet with an aggregated carrying capacity of 1,435,000 deadweight tonnes (dwt). This fleet comprised one 50,000 dwt product/chemical tanker, five 157,000 dwt Suezmax tankers, two sizable 300,000 dwt Very Large Crude Carriers (VLCCs), and two 50,000 dwt product tankers.
Business History
Price Overview
Last updated: Jun 27, 2026 10:03am (just now)$0.83
+0.02 (+2.28%)
Day Range
$0.79 – $0.84
52-Week Range
$0.79 – $7.40
50-Day MA
$1.52
200-Day MA
$4.18
Volume
89,298.00
Analyst Price Targets
Low
$2.50
Consensus
$2.50
High
$2.50
(1 analysts)
Share Structure
Outstanding
4,626,071.00
Float
1,011,768.00
Free Float
21.9%
Low free float
— 21.9% of shares trade freely, ~78.1% held by insiders/institutions
Below average liquidity. Large orders can move the price significantly. Insiders or strategic holders control the majority — watch for lockup expirations or secondary offerings.
Small absolute float (1.0M shares) — even with a decent free float %, volume can be thin. Check average daily volume before sizing a position.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
APIStock Price / EPS (Diluted)
1.24
Stock Price: $0.83
EPS (Diluted): 0.67
EPS (Diluted): 0.67
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
0.23
Stock Price: $0.83
Total Equity: $89.19M
Shares: 4,626,197
Total Equity: $89.19M
Shares: 4,626,197
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
3.90
Market Cap: $3.83M
Total Debt: $204.79M
Cash: $20.37M
EBITDA: $41.06M
Total Debt: $204.79M
Cash: $20.37M
EBITDA: $41.06M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$205.3M
Market Cap: $3.83M
Total Debt: $204.79M
Cash: $20.37M
Total Debt: $204.79M
Cash: $20.37M
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
45.9%
Gross Profit: $36.95M
Revenue: $80.42M
Revenue: $80.42M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
32.7%
Operating Income: $26.28M
Revenue: $80.42M
Revenue: $80.42M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
3.8%
Net Income: $3.09M
Revenue: $80.42M
Revenue: $80.42M
ROE (Profit from shareholder equity)
APINet Income / Total Equity
2.9%
Net Income: $3.09M
Total Equity: $89.19M
Total Equity: $89.19M
ROIC (Profit from all invested capital)
APINOPAT / Invested Capital
8.9%
Operating Income: $26.28M
Tax Rate: 0.0%
Equity: $89.19M
Total Debt: $204.79M
Cash: $20.37M
Tax Rate: 0.0%
Equity: $89.19M
Total Debt: $204.79M
Cash: $20.37M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.61
Current Assets: $24.05M
Current Liabilities: $39.55M
Current Liabilities: $39.55M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
2.30
Short-Term Debt: $0.00
Long-Term Debt: $204.79M
Total Debt: $204.79M
Total Equity: $89.19M
Long-Term Debt: $204.79M
Total Debt: $204.79M
Total Equity: $89.19M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$17.38
Revenue: $80.42M
Shares: 4,626,197
Shares: 4,626,197
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$19.28
Total Equity: $89.19M
Shares: 4,626,197
Shares: 4,626,197
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$3.70
Operating CF: $26.43M
CapEx: -$9.31M
Shares: 4,626,197
CapEx: -$9.31M
Shares: 4,626,197
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $0.83
Stock Price: $0.83
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $3.09M
Net Income: $3.09M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares TOPS against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 23, 2026 7:21pm (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $56.4M | $80.7M | $82.9M | $86.1M | $80.4M |
| Cost of Revenue | $35.9M | $44.4M | $34.5M | $48.5M | $43.5M |
| Gross Profit | $20.5M | $36.3M | $48.5M | $37.7M | $36.9M |
| Operating Expenses | $4.5M | $3.7M | $19.7M | $9.8M | $10.7M |
| Operating Income | $16.0M | $32.6M | $28.7M | $27.9M | $26.3M |
| Net Income | $8.6M | $18.9M | $6.1M | $5.0M | $3.1M |
| EBITDA | $23.6M | $44.0M | $42.1M | $50.0M | $41.1M |
| EPS | $32.51 | $-36.34 | $-12.44 | $1.09 | $0.67 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 23, 2026 7:21pm (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $2.4M | $20.5M | $36.0M | $7.6M | $20.4M |
| Total Current Assets | $75.3M | $22.9M | $38.7M | $23.4M | $24.0M |
| Total Assets | $330.8M | $469.3M | $459.2M | $422.8M | $333.6M |
| Current Liabilities | $107.1M | $32.2M | $41.4M | $33.2M | $39.6M |
| Long-Term Debt | $90.2M | $224.6M | $228.1M | $245.1M | $204.8M |
| Total Liabilities | $221.4M | $272.3M | $275.8M | $278.4M | $244.4M |
| Total Equity | $109.4M | $197.0M | $183.4M | $144.4M | $89.2M |
| Retained Earnings | -$336.8M | -$317.8M | -$311.7M | -$306.7M | -$337.0M |
Cash Flow (Annual)
Last updated: Jun 21, 2026 11:30pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $16.1M | $33.4M | $28.9M | $17.3M | $26.4M |
| Capital Expenditure | -$115.5M | -$216.7M | $0 | $0 | -$9.3M |
| Free Cash Flow | -$99.5M | -$183.3M | $28.9M | $17.3M | $17.1M |
| Acquisitions (net) | $3.0M | $2.3M | $2.5M | $11.6M | $0 |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $-15,000 | $0 | -$43.9M | $0 |
| Net Change in Cash | -$17.0M | $18.2M | $15.4M | -$28.3M | $10.6M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 10:03am (just now)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue |
$80.8M $80.8M – $80.8M
|
$83.9M $83.9M – $83.9M
|
$87.1M $87.1M – $87.1M
|
$92.8M $92.8M – $92.8M
|
| EBITDA |
$36.2M $36.2M – $36.2M
|
$50.7M $50.7M – $50.7M
|
$52.6M $52.6M – $52.6M
|
$56.1M $56.1M – $56.1M
|
| Net Income |
$63.0M $44.1M – $81.9M
|
-$31.2M -$31.2M – -$31.2M
|
$3.2M $3.2M – $3.2M
|
$9.1M $9.1M – $9.1M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 23, 2026 7:21pm (3d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +43.1% | +2.8% | +3.8% | -6.6% |
| Gross Profit Growth | +76.8% | +33.7% | -22.3% | -1.9% |
| Operating Income Growth | +104.4% | -11.9% | -2.9% | -5.8% |
| Net Income Growth | +119.9% | -68.0% | -17.0% | -38.7% |
| EBITDA Growth | +85.9% | -4.2% | +18.9% | -18.0% |
Insider Trading (Recent)
Last updated: Jun 27, 2026 7:46am (2h ago)
Type codes
PPurchase
SSale
AAward / grant
MOption exercise
FIn-kind (tax)
CConversion
GGift
DReturn to issuer
All SEC Form 4 codes
Open market
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
Compensation (Rule 16b-3)
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
Derivatives
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
Other exempt
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
Other
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-03-18 | Karelas Konstantinos | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Tsirikos Alexandros | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Zoupou Maria | 0.00 | $0.00 | $0 | |
| 2026-03-18 | Javarone Paolo | 0.00 | $0.00 | $0 | |
| 2026-04-01 | Pistiolis Evangelos | 0.00 | $0.00 | $0 | |
| 2026-04-01 | Pistiolis Evangelos | 0.00 | $0.00 | $0 | |
| 2026-04-01 | Pistiolis Evangelos | 0.00 | $0.00 | $0 | |
| 2026-04-01 | Pistiolis Evangelos | 0.00 | $0.00 | $0 | |
| 2016-08-30 | Ronin Capital, LLC | S-Sale | 8,400.00 | $3.96 | $33,222 |
| 2016-08-31 | Ronin Capital, LLC | S-Sale | 27,500.00 | $3.87 | $106,288 |
| 2016-08-25 | Ronin Capital, LLC | X-InTheMoney | 125,000.00 | $2.80 | $350,000 |
| 2016-08-25 | Ronin Capital, LLC | X-InTheMoney | 111,250.00 | $2.80 | $311,500 |
| 2016-08-26 | Ronin Capital, LLC | S-Sale | 20,000.00 | $4.61 | $92,100 |
| 2016-08-25 | Ronin Capital, LLC | S-Sale | 36,381.00 | $4.79 | $174,083 |
| 2016-08-12 | Ronin Capital, LLC | X-InTheMoney | 125,000.00 | $2.80 | $350,000 |
| 2016-08-12 | Ronin Capital, LLC | X-InTheMoney | 111,250.00 | $2.80 | $311,500 |
| 2016-08-23 | Ronin Capital, LLC | S-Sale | 9,869.00 | $3.82 | $37,650 |
| 2016-06-13 | Ronin Capital, LLC | S-Sale | 597.00 | $2.06 | $1,227 |
| 2016-06-14 | Ronin Capital, LLC | S-Sale | 3,300.00 | $1.96 | $6,452 |
| 2016-06-16 | Ronin Capital, LLC | S-Sale | 300.00 | $2.00 | $600 |
Dividend History (Last 20)
Last updated: Jun 21, 2026 11:30pm (5d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2006-04-12 | $2.50 | 2006-04-06 | 2006-04-17 | 2006-04-25 |
| 2006-03-28 | $5.00 | 2006-03-13 | 2006-03-22 | |
| 2006-01-12 | $0.21 | 2006-01-04 | 2006-01-17 | 2006-01-23 |
| 2005-10-12 | $0.21 | 2005-10-04 | 2005-10-14 | 2005-10-25 |
| 2005-07-13 | $0.25 | 2005-07-05 | 2005-07-15 | 2005-07-27 |
| 2005-07-05 | $0.21 | 2005-06-22 | 2005-07-07 | 2005-07-20 |
| 2005-03-29 | $0.21 | 2005-03-16 | 2005-03-31 | 2005-04-14 |
| 2004-12-20 | $0.21 | 2004-12-09 | 2004-12-22 | 2005-01-12 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for TOPS — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30