TOP SHIPS INC. TOPS
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Market cap
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No price or market cap here: this company files no 10-K, so the only share count SEC publishes for it counts its ordinary shares in its home market, while its US listing is a depositary receipt standing for some number of them. That number is in no filing, so a price multiplied by that count is not this company's value and is not shown. The financial statements below are as filed.
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS0.67
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $80.4M | — | — | $80.7M | $56.4M | $60.2M | $66.1M | $41.0M | $39.4M | $28.4M |
| SG&A | $7.6M | $7.5M | $6.7M | $1.6M | $1.9M | $1.9M | $1.7M | $7.0M | $5.8M | $2.9M |
| Operating income | $26.3M | $27.9M | $28.7M | $32.6M | $14.8M | -$1.8M | $3.9M | -$3.9M | $1.6M | $4.8M |
| Interest expense | $23.4M | $23.5M | $23.0M | — | $8.2M | $22.6M | $19.0M | $11.4M | $16.1M | $3.8M |
| Pre-tax income | — | — | — | — | — | -$22.8M | -$14.8M | -$11.1M | -$13.3M | $1.1M |
| Income tax | — | — | — | — | — | $0 | $0 | $0 | $0 | $0 |
| Net income | $3.1M | $5.0M | $6.1M | $18.9M | $8.6M | -$22.8M | -$14.8M | -$11.1M | -$13.4M | $1.1M |
| EPS, basic | 0.67 | 1.09 | -12.44 | -36.34 | 32.51 | -24.48 | — | — | — | -0.09 |
| EPS, diluted | 0.67 | 1.09 | -12.44 | -36.34 | 32.51 | -24.48 | -264.63 | -306.20 | -251.00 | -15,955.00 |
| Shares, diluted (wtd. avg.) | $4.6M | $4.6M | $1.8M | $252.8K | $166.0K | $1.2M | $117.1K | $36.4K | $53.2K | $22 |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $20.4M | $7.6M | $36.0M | $24.5M | $6.4M | $23.3M | $13.3M | $57.0K | $24.1M | $127.0K |
| Receivables | $1.5M | $1.1M | $317.0K | $8.0K | $76.0K | $0 | $642.0K | $815.0K | $621.0K | $19.0K |
| Inventory | $564.0K | $983.0K | $915.0K | $1.0M | $671.0K | $514.0K | $848.0K | $587.0K | $645.0K | $583.0K |
| Total current assets | $24.0M | $23.4M | $38.7M | $22.9M | $75.3M | $45.1M | $50.7M | $5.3M | $29.1M | $4.5M |
| Property, plant and equipment | $287.2M | $361.9M | $394.7M | $418.3M | $225.0M | $213.7M | $366.8M | $220.0M | $162.7M | $127.3M |
| Total assets | $333.6M | $422.8M | $459.2M | $469.3M | $330.8M | $293.0M | $444.9M | $258.5M | $220.4M | $143.3M |
| Accounts payable | $3.3M | $1.8M | $1.4M | $2.0M | $2.3M | $2.5M | $4.5M | $4.1M | $2.8M | $1.9M |
| Short-term debt | $11.8M | $14.2M | $12.4M | $12.3M | $7.2M | $5.3M | $16.9M | $10.2M | $9.5M | $8.0M |
| Total current liabilities | $39.6M | $33.2M | $41.4M | $32.2M | $107.1M | $25.4M | $75.4M | $36.8M | $25.6M | $20.0M |
| Long-term debt | $204.8M | $245.1M | $228.1M | $221.4M | $90.2M | $99.3M | $262.1M | $101.4M | $84.3M | $72.5M |
| Total liabilities | $244.4M | $278.4M | $275.8M | $272.3M | $221.4M | $158.8M | $339.1M | $154.2M | $113.2M | $96.1M |
| Retained earnings | -$337.0M | -$306.7M | -$311.7M | -$317.8M | -$336.8M | -$345.4M | -$322.6M | -$307.8M | -$296.6M | -$283.2M |
| Total equity | $89.2M | $144.4M | $139.5M | $110.7M | $93.2M | $120.7M | $87.7M | $104.3M | $107.3M | $45.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $26.4M | $17.3M | $28.9M | $33.4M | $16.1M | $6.0M | $19.2M | $716.0K | $695.0K | $6.7M |
| Depreciation and amortisation | — | $13.3M | $14.3M | $13.3M | $7.7M | $13.2M | $12.4M | $6.4M | $5.7M | $3.5M |
| Stock-based compensation | — | $0 | $0 | -$16.0K | -$34.0K | -$34.0K | -$34.0K | -$34.0K | -$25.0K | $239.0K |
| Capital expenditure | — | — | — | — | $0 | $0 | $48.1M | $0 | $34.7M | $73.4M |
| Investing cash flow | -$1.3M | -$12.4M | $2.5M | -$142.7M | -$76.7M | $181.3M | -$203.3M | -$68.4M | -$59.1M | -$73.4M |
| Financing cash flow | -$14.5M | -$33.2M | -$16.0M | $127.4M | $43.6M | -$177.3M | $189.7M | $44.8M | $83.4M | $67.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-012456.
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