Top Ships Inc. (TOPS) 10-Year Financial Performance & Capital Metrics

TOPS • • Industrial / General

IndustrialsMarine ShippingTanker ShippingTanker Operators

AboutTop 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 deadweight tonnes (dwt) consisting of one 50,000 dwt product/chemical tanker, five 157,000 dwt Suezmax tankers, two 300,000 dwt very large crude carriers, and two 50,000 dwt product tankers. The company was formerly known as Top Tankers Inc. and changed its name to Top Ships Inc. in December 2007. Top Ships Inc. was incorporated in 2000 and is based in Maroussi, Greece.Show more

Revenue $86M +3.8%
EBITDA $51M +18.5%
Net Income $5M -17.0%
EPS (Diluted) 1.09 +108.8%
Gross Margin 43.74% -25.1%
EBITDA Margin 59.27% +14.1%
Operating Margin 32.4% -6.4%
Net Margin 5.84% -20.1%
ROE 3.07% -3.7%
ROIC 5.29% +3.2%
Debt/Equity 1.74 +24.8%
Interest Coverage 1.28 +2.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓FCF machine: 20.1% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Trading at only 0.2x book value

✗Weaknesses

✗Shares diluted 100.0% in last year
✗Trading more than 30% below 52-week high
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y37.36%

5Y5.44%

3Y15.18%

TTM111.47%

Profit (Net Income) CAGR

10Y5.68%

5Y-

3Y-16.4%

TTM112.59%

EPS CAGR

10Y-74.66%

5Y-

3Y-64.64%

TTM75.57%

ROCE

10Y Avg3.67%

5Y Avg6.7%

3Y Avg7.83%

Latest6.91%

Peer Comparison

Tanker Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNOPKNOT Offshore Partners LP	357.47M	10.50	50	7.54%	10%	5.46%	38.1%	1.48
KEXKirby Corporation	6.85B	126.31	25.73	5.64%	9.22%	9.09%	6.04%	0.32
NATNordic American Tankers Limited	866.06M	4.09	18.59	-10.71%	0.68%	0.41%	14.5%	0.53
ECOOkeanis Eco Tankers Corp.	1.39B	39.25	11.61	-4.81%	21.92%	17.84%	11.05%	1.57
TOROToro Corp.	119.61M	5.57	5.11	-71.46%	24.65%	1.55%	12.08%
TOPSTop Ships Inc.	24.57M	5.31	4.87	3.83%	1.19%	0.8%	70.51%	1.74
HAFNHafnia Limited	2.9B	5.83	3.89	7.37%	18.36%	18.82%	33.78%	0.50
ASCArdmore Shipping Corporation	482.27M	11.85	3.87	2.48%	11.5%	5.42%	20.62%	0.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	13.07M	28.43M	39.36M	41.05M	66.09M	60.22M	56.37M	80.66M	82.95M	86.13M
Revenue Growth %	2.63%	1.17%	0.38%	0.04%	0.61%	-0.09%	-0.06%	0.43%	0.03%	0.04%
Cost of Goods Sold+	12.26M	21.99M	28.13M	29.41M	37.44M	35.35M	35.87M	44.41M	34.48M	48.45M
COGS % of Revenue	0.94%	0.77%	0.71%	0.72%	0.57%	0.59%	0.64%	0.55%	0.42%	0.56%
Gross Profit+	811K	6.44M	11.24M	11.63M	28.65M	24.87M	20.5M	36.25M	48.46M	37.68M
Gross Margin %	0.06%	0.23%	0.29%	0.28%	0.43%	0.41%	0.36%	0.45%	0.58%	0.44%
Gross Profit Growth %	-0.51%	6.94%	0.74%	0.04%	1.46%	-0.13%	-0.18%	0.77%	0.34%	-0.22%
Operating Expenses+	7.96M	1.59M	9.62M	15.52M	12.41M	14.31M	4.54M	3.71M	19.74M	9.77M
OpEx % of Revenue	0.61%	0.06%	0.24%	0.38%	0.19%	0.24%	0.08%	0.05%	0.24%	0.11%
Selling, General & Admin	4.87M	2.91M	5.8M	15.52M	12.41M	9.51M	1.94M	1.62M	19.74M	7.51M
SG&A % of Revenue	0.37%	0.1%	0.15%	0.38%	0.19%	0.16%	0.03%	0.02%	0.24%	0.09%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	3.09M	-1.31M	3.82M	0	0	4.8M	2.6M	2.09M	0	2.27M
Operating Income+	-4.33M	4.85M	1.62M	-3.89M	16.88M	11.07M	15.96M	32.62M	28.73M	27.9M
Operating Margin %	-0.33%	0.17%	0.04%	-0.09%	0.26%	0.18%	0.28%	0.4%	0.35%	0.32%
Operating Income Growth %	-6.37%	2.12%	-0.67%	-3.41%	5.34%	-0.34%	0.44%	1.04%	-0.12%	-0.03%
EBITDA+	-3.54M	8.44M	7.48M	2.87M	29.32M	24.28M	23.64M	45.91M	43.08M	51.05M
EBITDA Margin %	-0.27%	0.3%	0.19%	0.07%	0.44%	0.4%	0.42%	0.57%	0.52%	0.59%
EBITDA Growth %	-13.25%	3.38%	-0.11%	-0.62%	9.2%	-0.17%	-0.03%	0.94%	-0.06%	0.19%
D&A (Non-Cash Add-back)	795K	3.59M	5.86M	6.76M	12.44M	13.21M	7.68M	13.29M	14.35M	23.15M
EBIT	-7.81M	3.88M	1.14M	-1.73M	3.02M	-2.1M	15.96M	30.66M	27.75M	26.9M
Net Interest Income+	468K	-3.09M	-15.78M	-9.53M	-17.94M	-20.92M	-7M	-14.32M	-22.64M	-23.03M
Interest Income	468K	0	13K	130K	133K	34K	6.98M	48K	346K	467K
Interest Expense	0	3.09M	15.79M	9.66M	17.8M	20.72M	8.2M	14.37M	22.99M	21.87M
Other Income/Expense	-1.09M	-3.8M	-14.99M	-7.24M	-31.65M	-33.89M	-7.34M	-13.67M	-22.66M	-22.87M
Pretax Income+	-8.51M	1.05M	-13.35M	-11.42M	-14.77M	-22.82M	8.62M	18.95M	6.07M	5.03M
Pretax Margin %	-0.65%	0.04%	-0.34%	-0.28%	-0.22%	-0.38%	0.15%	0.23%	0.07%	0.06%
Income Tax+	9.22M	0	11.08M	1.87M	0	0	0	0	0	0
Effective Tax Rate %	1%	1%	1%	0.97%	1%	1%	1%	1%	1%	1%
Net Income+	-8.51M	1.05M	-13.38M	-11.13M	-14.77M	-22.82M	8.62M	18.95M	6.07M	5.03M
Net Margin %	-0.65%	0.04%	-0.34%	-0.27%	-0.22%	-0.38%	0.15%	0.23%	0.07%	0.06%
Net Income Growth %	-3.94%	1.12%	-13.72%	0.17%	-0.33%	-0.54%	1.38%	1.2%	-0.68%	-0.17%
Net Income (Continuing)	-8.51M	1.05M	-13.37M	-11.13M	-14.77M	-22.82M	8.62M	18.95M	6.07M	5.03M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	1.19M	0	0	0	0	0	0	0
EPS (Diluted)+	-999999.00	-351000.00	-999999.00	-754095.18	-63502.00	-293.70	24.65	-36.34	-12.44	1.09
EPS Growth %	-3.67%	0.98%	-42.11%	0.95%	0.92%	1%	1.08%	-2.47%	0.66%	1.09%
EPS (Basic)	-999999.00	-351000.00	-999999.00	-754095.18	-63502.00	-293.70	32.51	-36.34	-12.44	1.09
Diluted Shares Outstanding	0	0	74	15	488	97.99K	218.95K	252.81K	1.8M	4.63M
Basic Shares Outstanding	0	0	74	15	488	97.99K	165.97K	252.81K	1.8M	4.63M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	5.27M	4.54M	29.05M	5.29M	50.74M	45.09M	75.33M	22.89M	38.73M	23.44M
Cash & Short-Term Investments	2.67M	127K	24.08M	57K	4.49M	19.33M	2.37M	20.54M	35.96M	7.63M
Cash Only	2.67M	127K	24.08M	57K	4.49M	19.33M	2.37M	20.54M	35.96M	7.63M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	107K	169K	773K	1.23M	642K	0	76K	8K	317K	1.11M
Days Sales Outstanding	2.99	2.17	7.17	10.96	3.55	-	0.49	0.04	1.39	4.72
Inventory	402K	583K	645K	587K	848K	514K	671K	1.03M	915K	983K
Days Inventory Outstanding	11.96	9.68	8.37	7.28	8.27	5.31	6.83	8.43	9.68	7.41
Other Current Assets	0	1.26M	1.62M	1.76M	44.13M	24.34M	71.64M	0	1.54M	11.71M
Total Non-Current Assets+	70.06M	143.19M	191.39M	253.2M	394.15M	247.95M	255.45M	444.79M	420.46M	399.33M
Property, Plant & Equipment	58.48M	126.17M	162.73M	220.05M	366.84M	213.72M	224.98M	417.77M	394.69M	361.88M
Fixed Asset Turnover	0.22x	0.23x	0.24x	0.19x	0.18x	0.28x	0.25x	0.19x	0.21x	0.24x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	300K	17.74M	22.06M	19.31M	28.23M	24.48M	22.17M	23.64M	8.05M
Other Non-Current Assets	11.59M	16.72M	10.92M	11.09M	8M	6M	6M	4.85M	2.13M	29.4M
Total Assets+	75.33M	143.32M	220.45M	258.49M	444.89M	293.03M	330.79M	469.34M	459.19M	422.77M
Asset Turnover	0.17x	0.20x	0.18x	0.16x	0.15x	0.21x	0.17x	0.17x	0.18x	0.20x
Asset Growth %	-0%	0.9%	0.54%	0.17%	0.72%	-0.34%	0.13%	0.42%	-0.02%	-0.08%
Total Current Liabilities+	18.27M	20.03M	25.58M	36.82M	75.42M	25.41M	107.09M	32.23M	41.37M	33.19M
Accounts Payable	4.94M	1.9M	2.8M	4.1M	4.46M	2.54M	2.31M	1.95M	1.36M	1.82M
Days Payables Outstanding	147.02	31.57	36.32	50.85	43.49	26.26	23.49	16.05	14.35	13.72
Short-Term Debt	5.17M	12.08M	19.69M	23.63M	46.88M	5.32M	60.41M	12.34M	12.42M	0
Deferred Revenue (Current)	0	1000K	986K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	697K	0	0	-5.26M	113K	66K	0	0	5M	14.2M
Current Ratio	0.29x	0.23x	1.14x	0.14x	0.67x	1.77x	0.70x	0.71x	0.94x	0.71x
Quick Ratio	0.27x	0.20x	1.11x	0.13x	0.66x	1.75x	0.70x	0.68x	0.91x	0.68x
Cash Conversion Cycle	-132.07	-19.72	-20.79	-32.61	-31.67	-	-16.17	-7.58	-3.27	-1.6
Total Non-Current Liabilities+	22.9M	76.02M	87.59M	117.39M	263.72M	133.4M	114.34M	240.08M	234.44M	245.16M
Long-Term Debt	19.06M	72.46M	84.26M	117.03M	262.12M	99.3M	90.16M	224.64M	228.08M	245.06M
Capital Lease Obligations	0	0	0	0	0	33.8M	23.95M	15.34M	6.36M	0
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	3.22M	3.56M	3.33M	359K	1.59M	300K	225K	100K	0	0
Total Liabilities	41.18M	96.06M	113.17M	154.21M	339.13M	158.81M	237.57M	272.31M	275.81M	278.35M
Total Debt+	24.23M	84.54M	103.95M	140.66M	309.01M	147.71M	184.33M	260.93M	255.84M	251.41M
Net Debt	22.88M	84.41M	79.87M	140.6M	304.51M	128.38M	181.96M	258.07M	219.88M	243.78M
Debt / Equity	0.71x	1.79x	0.97x	1.35x	2.92x	1.10x	1.98x	1.32x	1.40x	1.74x
Debt / EBITDA	-	10.02x	13.90x	48.94x	10.54x	6.08x	7.80x	5.68x	5.94x	4.92x
Net Debt / EBITDA	-	10.01x	10.68x	48.92x	10.39x	5.29x	7.70x	5.62x	5.10x	4.78x
Interest Coverage	-	1.57x	0.10x	-0.40x	0.95x	0.53x	1.95x	2.27x	1.25x	1.28x
Total Equity+	34.15M	47.26M	107.27M	104.28M	105.76M	134.22M	93.22M	197.02M	183.38M	144.42M
Equity Growth %	-0.2%	0.38%	1.27%	-0.03%	0.01%	0.27%	-0.31%	1.11%	-0.07%	-0.21%
Book Value per Share	16.44	8.31	999999.00	999999.00	216744.18	1369.73	425.77	779.32	101.95	31.22
Total Shareholders' Equity	34.15M	47.26M	106.09M	104.28M	105.76M	134.22M	93.22M	197.02M	183.38M	144.42M
Common Stock	21K	57K	89K	230K	87K	398K	398K	103K	46K	46K
Retained Earnings	-284.29M	-283.24M	-296.64M	-307.78M	-322.55M	-345.37M	-336.75M	-317.81M	-311.74M	-306.71M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	-1.74M	0	0	-1.36M	0	0	0	0	0
Minority Interest	0	0	1.19M	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-1.39M	6.7M	695K	716K	19.19M	6.04M	16.06M	33.42M	28.93M	17.32M
Operating CF Margin %	-0.11%	0.24%	0.02%	0.02%	0.29%	0.1%	0.28%	0.41%	0.35%	0.2%
Operating CF Growth %	0.51%	5.83%	-0.9%	0.03%	25.81%	-0.69%	1.66%	1.08%	-0.13%	-0.4%
Net Income	-8.51M	1.05M	-13.37M	-11.13M	-14.77M	-22.82M	8.62M	18.95M	6.07M	5.03M
Depreciation & Amortization	795K	3.59M	5.86M	6.76M	12.44M	13.21M	15.63M	21.86M	23.58M	23.15M
Stock-Based Compensation	131K	239K	-25K	-34K	-34K	-34K	-34K	-16K	0	0
Deferred Taxes	3.7M	704K	-148K	-2.11M	13.22M	12.47M	1.87M	0	0	0
Other Non-Cash Items	1.97M	-1.4M	9.61M	5.29M	3.61M	6.19M	840K	2.43M	4.74M	2.84M
Working Capital Changes	527K	2.52M	-1.23M	1.94M	4.73M	-2.97M	-10.86M	-9.81M	-5.46M	-13.7M
Change in Receivables	-57K	88K	-602K	-194K	173K	642K	-76K	68K	-309K	-3.2M
Change in Inventory	-78K	-181K	-62K	58K	-385K	334K	-157K	-355K	111K	-68K
Change in Payables	114K	954K	-207K	695K	1.46M	-2.08M	-123K	-82K	-503K	564K
Cash from Investing+	736K	-77.07M	-59.07M	-68.43M	-203.27M	181.29M	-76.65M	-142.66M	2.52M	-12.4M
Capital Expenditures	-53.41M	-73.38M	-41.43M	-63.55M	-203.23M	-120.82M	-115.51M	-216.71M	0	0
CapEx % of Revenue	4.08%	2.58%	1.05%	1.55%	3.08%	2.01%	2.05%	2.69%	-	-
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	1.58M	0	17.64M	0	-36K	317.92M	35.89M	71.75M	-2.52M	-24M
Cash from Financing+	4.91M	67.83M	83.39M	44.76M	189.68M	-177.28M	43.63M	127.41M	-16.04M	-33.25M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-1.78M	-13.36M	-6.01M	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.23M	5.29M	-13.84M	-22.18M	-3.89M	-72.95M	-1.08M	-681K	-2.92M	-8.34M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-54.8M	-66.68M	-40.73M	-62.84M	-184.04M	-114.78M	-99.45M	-183.29M	28.93M	17.32M
FCF Margin %	-4.19%	-2.35%	-1.03%	-1.53%	-2.78%	-1.91%	-1.76%	-2.27%	0.35%	0.2%
FCF Growth %	-0.12%	-0.22%	0.39%	-0.54%	-1.93%	0.38%	0.13%	-0.84%	1.16%	-0.4%
FCF per Share	-26.37	-11.72	-550445.95	-999999.00	-377173.45	-1171.39	-454.22	-725.02	16.08	3.74
FCF Conversion (FCF/Net Income)	0.16x	6.37x	-0.05x	-0.06x	-1.30x	-0.26x	1.86x	1.76x	4.77x	3.44x
Interest Paid	0	0	0	0	0	0	0	0	0	19.33M
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-22.19%	2.58%	-17.31%	-10.53%	-14.07%	-19.02%	7.58%	13.06%	3.19%	3.07%
Return on Invested Capital (ROIC)	-5.53%	3.88%	0.76%	-1.35%	3.86%	2.47%	4.45%	6.87%	5.13%	5.29%
Gross Margin	6.2%	22.65%	28.55%	28.34%	43.36%	41.29%	36.37%	44.95%	58.43%	43.74%
Net Margin	-65.06%	3.7%	-33.98%	-27.12%	-22.35%	-37.89%	15.29%	23.49%	7.31%	5.84%
Debt / Equity	0.71x	1.79x	0.97x	1.35x	2.92x	1.10x	1.98x	1.32x	1.40x	1.74x
Interest Coverage	-	1.57x	0.10x	-0.40x	0.95x	0.53x	1.95x	2.27x	1.25x	1.28x
FCF Conversion	0.16x	6.37x	-0.05x	-0.06x	-1.30x	-0.26x	1.86x	1.76x	4.77x	3.44x
Revenue Growth	262.99%	117.46%	38.44%	4.28%	61%	-8.88%	-6.4%	43.09%	2.84%	3.83%

Revenue by Segment

	2019	2020	2021
Time Charter Contracts	61.7M	60.22M	56.37M
Time Charter Contracts Growth	-	-2.39%	-6.40%
Time Charter - Related Parties	1.31M	-	-
Time Charter - Related Parties Growth	-	-	-
Voyage Charter	3.08M	-	-
Voyage Charter Growth	-	-	-

Frequently Asked Questions

Valuation & Price

Top Ships Inc. (TOPS) has a price-to-earnings (P/E) ratio of 4.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Top Ships Inc. (TOPS) reported $123.3M in revenue for fiscal year 2024. This represents a 196% increase from $41.7M in 2011.

Top Ships Inc. (TOPS) grew revenue by 3.8% over the past year. Growth has been modest.

Yes, Top Ships Inc. (TOPS) is profitable, generating $1.5M in net income for fiscal year 2024 (5.8% net margin).

Dividend & Returns

Top Ships Inc. (TOPS) has a return on equity (ROE) of 3.1%. This is below average, suggesting room for improvement.

Top Ships Inc. (TOPS) had negative free cash flow of $62.7M in fiscal year 2024, likely due to heavy capital investments.

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