The company's financial position appears vulnerable, evidenced by a current ratio of 0.61 and a debt-to-equity ratio of 2.30 as of 2025Q4.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Total Current Assets | 24.05M | 23.44M | 38.73M | 22.89M | 75.33M | 45.09M | 50.74M | 5.29M | 29.05M | 4.54M | 5.27M | 1.23M | 10.26M | 26.73M | 14.87M | 3.42M | 3.79M | 57.09M | 102.16M | 72.8M | 67.57M | 141.05M | 4.86M | 845K |
| Cash & Short-Term Investments | 20.37M | 7.63M | 35.96M | 20.54M | 2.37M | 19.33M | 4.49M | 57K | 24.08M | 127K | 2.67M | 293K | 9.71M | 0 | 0 | 14.61M | 2.79M | 46.24M | 26.01M | 29.99M | 17.46M | 114.77M | 2.34M | 94K |
| Cash Only | 20.37M | 7.63M | 35.96M | 20.54M | 2.37M | 19.33M | 4.49M | 57K | 24.08M | 127K | 2.67M | 0 | 9.71M | 0 | 0 | 0 | 0 | 46.24M | 26.01M | 29.99M | 17.46M | 114.77M | 2.34M | 94K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.14M | 1.11M | 317K | 8K | 76K | 0 | 642K | 1.23M | 773K | 169K | 107K | 169K | 481K | 1.46M | 4.11M | 482K | 2.4M | 4.21M | 15.18M | 27.19M | 39.53M | 20.19M | 818K | 129K |
| Days Sales Outstanding | 9.73 | 4.72 | 1.39 | 0.04 | 0.49 | - | 3.55 | 10.96 | 7.17 | 2.17 | 2.99 | 17.13 | 8.75 | 16.93 | 36.02 | 1.94 | 8.12 | 5.97 | 21.97 | 32.01 | 59.08 | 78.54 | 12.93 | 4.12 |
| Inventory | 564K | 983K | 915K | 1.03M | 671K | 514K | 848K | 587K | 645K | 583K | 402K | 324K | 0 | 0 | 0 | 660K | 489K | 965K | 7.96M | 6.46M | 6.31M | 3.22M | 509K | 289K |
| Days Inventory Outstanding | 4.74 | 7.41 | 9.68 | 8.43 | 6.83 | 5.31 | 8.27 | 7.28 | 8.37 | 9.68 | 11.96 | 60.31 | - | - | - | 34.17 | 4.2 | 2.08 | 11.78 | 32.89 | 25.19 | 34.83 | 22.06 | 13.41 |
| Other Current Assets | 966K | 11.71M | 1.54M | 0 | 71.64M | 24.34M | 44.13M | 1.76M | 1.62M | 1.26M | 0 | -293K | 0 | 25.2M | 10.42M | -14.61M | -2.6M | 173K | 47.43M | 3.95M | 258K | 98K | 1.06M | 278K |
| Total Non-Current Assets | 309.56M | 399.33M | 420.46M | 444.79M | 255.45M | 247.95M | 394.15M | 253.2M | 191.39M | 143.19M | 70.06M | 74.35M | 17.61M | 184.68M | 281.51M | 618.67M | 675.93M | 641.29M | 674.76M | 449.94M | 913.32M | 398.83M | 51.05M | 32.8M |
| Property, Plant & Equipment | 287.18M | 361.88M | 394.69M | 417.77M | 224.98M | 213.72M | 366.84M | 220.05M | 162.73M | 126.17M | 58.48M | 73.98M | 15.87M | 179.14M | 268.18M | 600.48M | 642.95M | 414.51M | 625.63M | 338.3M | 887.88M | 382.09M | 48.07M | 32.13M |
| Fixed Asset Turnover | 0.28x | 0.24x | 0.21x | 0.19x | 0.25x | 0.28x | 0.18x | 0.19x | 0.24x | 0.23x | 0.22x | 0.05x | 1.27x | 0.18x | 0.16x | 0.15x | 0.17x | 0.62x | 0.40x | 0.92x | 0.28x | 0.25x | 0.48x | 0.36x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 7.88M | 8.05M | 23.64M | 22.17M | 24.48M | 28.23M | 19.31M | 22.06M | 17.74M | 300K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 425K | 0 | 0 | 0 |
| Other Non-Current Assets | 14.51M | 29.4M | 2.13M | 4.85M | 6M | 6M | 8M | 11.09M | 10.92M | 16.72M | 11.59M | 372K | 1.74M | 5.54M | 13.33M | 18.19M | 32.98M | 226.77M | 49.13M | 111.64M | 25.02M | 16.75M | 2.98M | 676K |
| Total Assets | 333.61M | 422.77M | 459.19M | 469.34M | 330.79M | 293.03M | 444.89M | 258.49M | 220.45M | 143.32M | 75.33M | 75.58M | 27.87M | 211.41M | 296.37M | 622.09M | 675.93M | 698.38M | 776.92M | 522.74M | 980.9M | 539.89M | 55.91M | 33.65M |
| Asset Turnover | 0.24x | 0.20x | 0.18x | 0.17x | 0.17x | 0.21x | 0.15x | 0.16x | 0.18x | 0.20x | 0.17x | 0.05x | 0.72x | 0.15x | 0.14x | 0.15x | 0.16x | 0.37x | 0.32x | 0.59x | 0.25x | 0.17x | 0.41x | 0.34x |
| Asset Growth % | -21.09% | -7.93% | -2.16% | 41.88% | 12.88% | -34.13% | 72.11% | 17.26% | 53.82% | 90.25% | -0.32% | 171.19% | -86.82% | -28.67% | -52.36% | -7.97% | -3.21% | -10.11% | 48.63% | -46.71% | 81.69% | 865.62% | 66.16% | - |
| Total Current Liabilities | 39.55M | 33.19M | 41.37M | 32.23M | 107.09M | 25.41M | 75.42M | 36.82M | 25.58M | 20.03M | 18.27M | 9.33M | 8.61M | 193.63M | 219.69M | 366.61M | 412.89M | 386.93M | 153.29M | 40.61M | 76.14M | 42.81M | 9.07M | 4.43M |
| Accounts Payable | 3.34M | 1.82M | 1.36M | 1.95M | 2.31M | 2.54M | 4.46M | 4.1M | 2.8M | 1.9M | 4.94M | 2.19M | 2.08M | 3.73M | 8.16M | 4.54M | 3.94M | 8.97M | 21.34M | 14.99M | 12.4M | 10.36M | 4.18M | 1.14M |
| Days Payables Outstanding | 28.06 | 13.72 | 14.35 | 16.05 | 23.49 | 26.26 | 43.49 | 50.85 | 36.32 | 31.57 | 147.02 | 408.18 | 97.55 | 103.1 | 314.19 | 235.12 | 33.82 | 19.31 | 31.6 | 76.33 | 49.53 | 112 | 181.29 | 53.1 |
| Short-Term Debt | 0 | 0 | 12.42M | 12.34M | 60.41M | 5.32M | 46.88M | 23.63M | 19.69M | 12.08M | 5.17M | 1.41M | 1.14M | 172.62M | 173.98M | 337.38M | 399.09M | 358.92M | 85.44M | 16.59M | 45.33M | 19.54M | 4.03M | 2.6M |
| Deferred Revenue (Current) | 22.73M | 6.65M | 6.62M | 7.03M | 3.66M | 2.07M | 3.34M | 7.18M | 986K | 1.98M | 0 | 0 | -1.14M | 2.66M | 2.07M | 5.08M | 5.58M | 6.61M | 6.45M | 1.68M | 5.11M | 0 | 1.16M | 0 |
| Other Current Liabilities | 11.82M | 14.2M | 5M | 0 | 0 | 66K | 113K | -5.26M | 0 | 0 | 697K | 0 | 1.14M | 5.81M | 28.24M | 12.94M | -1.26M | 5M | 0 | 0 | 0 | 3.3M | -1.1M | 683K |
| Current Ratio | 0.61x | 0.71x | 0.94x | 0.71x | 0.70x | 1.77x | 0.67x | 0.14x | 1.14x | 0.23x | 0.29x | 0.13x | 1.19x | 0.14x | 0.07x | 0.01x | 0.01x | 0.15x | 0.67x | 1.79x | 0.89x | 3.29x | 0.54x | 0.19x |
| Quick Ratio | 0.59x | 0.68x | 0.91x | 0.68x | 0.70x | 1.75x | 0.66x | 0.13x | 1.11x | 0.20x | 0.27x | 0.10x | 1.19x | 0.14x | 0.07x | 0.01x | 0.01x | 0.15x | 0.61x | 1.63x | 0.80x | 3.22x | 0.48x | 0.13x |
| Cash Conversion Cycle | -13.6 | -1.6 | -3.27 | -7.58 | -16.17 | - | -31.67 | -32.61 | -20.79 | -19.72 | -132.07 | -330.75 | - | - | - | -199.02 | -21.51 | -11.27 | 2.16 | -11.43 | 34.73 | 1.37 | -146.29 | -35.56 |
| Total Non-Current Liabilities | 204.87M | 245.16M | 234.44M | 240.08M | 114.34M | 133.4M | 263.72M | 117.39M | 87.59M | 76.02M | 22.9M | 23.71M | 4.47M | 4.71M | 0 | 0 | 15.84M | 19.39M | 412.22M | 284.27M | 532.64M | 175.27M | 30.53M | 20.45M |
| Long-Term Debt | 204.79M | 245.06M | 228.08M | 224.64M | 90.16M | 99.3M | 262.12M | 117.03M | 84.26M | 72.46M | 19.06M | 18.01M | 562K | 0 | 0 | 0 | 0 | 0 | 342.08M | 204.85M | 518.77M | 175.27M | 30.53M | 20.45M |
| Capital Lease Obligations | 0 | 0 | 6.36M | 15.34M | 23.95M | 33.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 100K | 225K | 300K | 1.59M | 359K | 3.33M | 3.56M | 3.22M | 5.71M | 3.91M | 4.71M | 0 | 0 | 0 | 3.91M | 70.14M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 244.42M | 278.35M | 275.81M | 272.31M | 221.42M | 158.81M | 339.13M | 154.21M | 113.17M | 96.06M | 41.18M | 33.05M | 13.07M | 198.34M | 219.69M | 366.61M | 428.73M | 406.32M | 565.51M | 324.88M | 611.24M | 218.08M | 39.59M | 24.88M |
| Total Debt | 204.79M | 251.41M | 255.84M | 260.93M | 184.33M | 147.71M | 309.01M | 140.66M | 103.95M | 84.54M | 24.23M | 19.42M | 1.7M | 172.62M | 173.98M | 337.38M | 399.09M | 358.92M | 427.52M | 221.44M | 564.1M | 194.81M | 34.61M | 23.05M |
| Net Debt | 184.42M | 243.78M | 219.88M | 240.39M | 181.96M | 128.38M | 304.51M | 140.6M | 79.87M | 84.41M | 22.88M | 19.42M | -8.01M | 172.62M | 173.98M | 337.38M | 399.09M | 312.68M | 401.5M | 188.06M | 546.64M | 80.04M | 32.27M | 22.96M |
| Debt / Equity | 2.30x | 1.74x | 1.40x | 1.32x | 1.69x | 1.10x | 2.92x | 1.35x | 0.97x | 1.79x | 0.71x | 0.46x | 0.11x | 13.20x | 2.27x | 1.32x | 1.61x | 1.23x | 2.02x | 1.12x | 1.53x | 0.61x | 2.12x | 2.63x |
| Debt / EBITDA | 4.25x | 4.92x | 5.94x | 5.68x | 7.80x | 6.08x | 10.54x | 48.94x | 13.90x | 10.02x | - | 67.19x | 0.12x | - | 8.75x | 5.81x | 502.63x | 3.58x | - | 2.88x | 4.17x | 3.85x | 5.48x | - |
| Net Debt / EBITDA | 3.82x | 4.78x | 5.10x | 5.24x | 7.70x | 5.29x | 10.39x | 48.92x | 10.68x | 10.01x | - | 67.19x | -0.56x | - | 8.75x | 5.81x | 502.63x | 3.12x | - | 2.44x | 4.04x | 1.58x | 5.11x | - |
| Interest Coverage | 1.19x | 1.23x | 1.21x | 2.13x | 1.95x | -0.10x | 0.17x | -0.18x | 0.07x | 1.26x | - | 7.86x | 1.22x | -6.07x | -10.63x | 1.16x | 0.17x | 2.40x | -1.49x | - | 4.31x | 7.20x | 2.14x | 0.43x |
| Total Equity | 89.19M | 144.42M | 183.38M | 197.02M | 109.36M | 134.22M | 105.76M | 104.28M | 107.27M | 47.26M | 34.15M | 42.53M | 14.79M | 13.08M | 76.68M | 255.48M | 247.2M | 292.05M | 211.41M | 197.85M | 369.66M | 321.81M | 16.32M | 8.77M |
| Equity Growth % | -38.24% | -21.25% | -6.92% | 80.15% | -18.52% | 26.91% | 1.42% | -2.79% | 126.98% | 38.38% | -19.69% | 187.46% | 13.12% | -82.94% | -69.98% | 3.35% | -15.36% | 38.15% | 6.85% | -46.48% | 14.87% | 1871.99% | 86.04% | - |
| Book Value per Share | 19.28 | 31.22 | 101.95 | 779.32 | 499.49 | 1369.73 | 216744.18 | 999999.00 | 999999.00 | 8.31 | 16.44 | 2.24 | 0.86 | - | - | - | - | - | - | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 999999.00 |
| Total Shareholders' Equity | 89.19M | 144.42M | 183.38M | 197.02M | 109.36M | 134.22M | 105.76M | 104.28M | 106.09M | 47.26M | 34.15M | 42.53M | 14.79M | 13.08M | 76.68M | 255.48M | 247.2M | 292.05M | 211.41M | 197.85M | 369.66M | 321.81M | 16.32M | 8.77M |
| Common Stock | 46K | 46K | 46K | 103K | 20K | 398K | 87K | 230K | 89K | 57K | 21K | 190K | 25K | 172K | 171K | 322K | 311K | 283K | 205K | 108K | 280K | 278K | 60K | 60K |
| Retained Earnings | -336.99M | -306.71M | -311.74M | -317.81M | -336.75M | -345.37M | -322.55M | -307.78M | -296.64M | -283.24M | -284.29M | -275.79M | -278.68M | -280.09M | -216.11M | -27M | -29.51M | 20.69M | -4.95M | 80.78M | 71.56M | 27.54M | 2.91M | 1.84M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 697K | 0 | 0 | 0 | 0 | 0 | -1.36M | 0 | 0 | -1.74M | 0 | 0 | 0 | 37K | 37K | 37K | 88K | 24K | 4K | -6K | 98K | -248K | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent shareholder dilution risk
As reported in recent financial filings, Top Ships' total assets contracted from $459.2M in 2023Q4 to $333.6M by 2025Q4, signaling a significant reduction in the company's asset base that suggests a shift in fleet strategy or potential divestment activity impacting the overall business quality trajectory.
The contraction in total assets, coupled with a persistent negative retained earnings balance of $337.0M, indicates that the company has struggled to generate organic value for shareholders over the long term. This trend suggests that the balance sheet remains highly sensitive to capital recycling and fleet management decisions rather than steady, compounding growth.
Based on the provided financial statements, Top Ships reported a debt-to-equity ratio of 2.30 in 2025Q4, which, while appearing moderate in isolation, must be interpreted alongside the company's history of equity-linked financing that frequently obscures the true cost and burden of its debt obligations.
The reliance on $204.8M in total debt to support a $333.6M asset base suggests that the company remains heavily dependent on external financing to maintain its modern tanker fleet. Investors should monitor whether this leverage is sustainable given the narrow net margins and the potential for interest rate sensitivity to further erode residual cash flows.
According to quarterly balance sheet data, the company's current ratio plummeted to 0.61 in 2025Q4, indicating that current liabilities significantly outweigh liquid assets and suggesting a potential vulnerability to short-term operational shocks or unexpected capital requirements within the volatile marine shipping industry.
A current ratio consistently below 1.0 implies that the company lacks a sufficient liquidity buffer to cover its near-term obligations without relying on continuous refinancing or further capital market activity. This structural liquidity constraint warrants extreme caution, as it limits the company's flexibility during periods of industry-wide freight rate downturns.
As evidenced by the persistent negative retained earnings of $337.0M, the company's equity base appears to be primarily supported by historical capital infusions rather than accumulated operational profits, which suggests that headline equity figures may be misleading regarding the underlying health of the business model.
The disconnect between the company's physical asset value and its negative retained earnings highlights a reliance on dilutive financing to sustain operations. This pattern suggests that the balance sheet is effectively being propped up by shareholders, which may continue to suppress per-share value despite the modern quality of the tanker fleet.
Quick answers to the most common questions about buying TOPS stock.
As of 2025, Top Ships Inc. (TOPS) had total assets of $333.6M including $24.0M in current assets.
Top Ships Inc. (TOPS) carries total debt of $204.8M, offset by $20.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Top Ships Inc. (TOPS) has total shareholders' equity (book value) of $89.2M ($19.28 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Top Ships Inc. (TOPS) reported a current ratio of 0.61x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.