Top Ships Inc. (TOPS) quarterly balance sheet — complete assets, liabilities & equity history
| Metric | Q4'25 | Q2'25 | Q4'23 | Q2'23 | Q4'22 | Q2'22 | Q4'21 | Q2'21 | Q4'20 | Q2'20 | Q4'19 | Q2'19 | Q4'18 | Q2'18 | Q4'17 | Q2'17 | Q4'16 | Q2'16 | Q4'15 | Q2'15 |
|---|
| Total Current Assets | 24.05M | 18.45M | 38.73M | 12.93M | 22.89M | 16.56M | 75.33M | 35.66M | 45.09M | 8.06M | 50.74M | 7.26M | 5.29M | 5.38M | 29.05M | 5.56M | 4.54M | 3.85M | 5.27M | 35.82M |
| Cash & Short-Term Investments | 20.37M | 6.97M | 35.96M | 9.63M | 20.54M | 14.27M | 2.37M | 8.39M | 19.33M | 5.61M | 4.49M | 2.65M | 57K | 584K | 24.08M | 1.59M | 127K | 554K | 2.67M | 202K |
| Cash Only | 20.37M | 6.97M | 35.96M | 9.63M | 20.54M | 14.27M | 2.37M | 8.39M | 19.33M | 5.61M | 4.49M | 2.65M | 57K | 584K | 24.08M | 1.59M | 127K | 554K | 2.67M | 202K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.14M | 2.6M | 317K | 622K | 8K | 293K | 76K | 57K | -904K | 515K | 642K | 1.06M | 1.23M | 638K | 773K | 20K | 169K | 72K | 107K | 0 |
| Days Sales Outstanding | 5.91 | 3.04 | 1.02 | 0.7 | 0.66 | 0.87 | 0.39 | 1.64 | - | 3.24 | 4.29 | 7.03 | 3.99 | 3.27 | 1.78 | 0.45 | 1.31 | 1.4 | 1.17 | - |
| Inventory | 564K | 993K | 915K | 1.06M | 1.03M | 936K | 671K | 671K | 514K | 843K | 848K | 923K | 587K | 570K | 645K | 658K | 583K | 478K | 402K | 0 |
| Days Inventory Outstanding | 4.67 | 4.85 | 5.33 | 5.4 | 12 | 9.19 | 8.77 | 7.76 | 11.09 | 12.07 | 10.25 | 7.94 | 4.68 | 5.16 | 5.7 | 5.55 | 10.73 | 10.19 | 5.81 | - |
| Other Current Assets | 966K | 7.89M | 1.54M | 0 | 0 | 0 | 71.64M | 25.89M | 25.24M | 0 | 44.13M | 2.62M | 1.76M | 1.93M | 1.62M | 1.63M | 1.26M | 1.13M | 0 | 0 |
| Total Non-Current Assets | 309.56M | 407.54M | 420.46M | 433.29M | 444.79M | 458.85M | 255.45M | 317.42M | 247.95M | 422.59M | 394.15M | 415.78M | 253.2M | 213.91M | 191.39M | 181.71M | 138.78M | 117.82M | 70.06M | 14.54M |
| Property, Plant & Equipment | 287.18M | 395.45M | 394.69M | 406.48M | 417.77M | 429.82M | 224.98M | 277.57M | 213.72M | 388.94M | 366.84M | 383.93M | 220.05M | 180.68M | 162.73M | 159.11M | 127.33M | 105.82M | 58.48M | 0 |
| Fixed Asset Turnover | 0.11x | 0.11x | 0.10x | 0.10x | 0.05x | 0.06x | 0.06x | 0.05x | 0.05x | 0.04x | 0.05x | 0.05x | 0.11x | 0.11x | 0.13x | 0.13x | 0.07x | 0.07x | 0.14x | - |
| Goodwill | 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 |
| Long-Term Investments | 7.88M | 12.09M | 23.64M | 20.8M | 22.17M | 23.03M | 24.48M | 33.85M | 28.23M | 27.66M | 19.31M | 22.49M | 22.06M | 21.62M | 17.74M | 11.2M | 300K | 0 | 0 | 0 |
| Other Non-Current Assets | 14.51M | 0 | 2.13M | 6M | 4.85M | 6M | 6M | 6M | 6M | 6M | 8M | 9.36M | 11.09M | 11.62M | 10.92M | 11.4M | 11.14M | 12M | 11.59M | 14.54M |
| Total Assets | 333.61M | 426M | 459.19M | 446.22M | 469.34M | 475.41M | 330.79M | 353.08M | 293.03M | 430.65M | 444.89M | 423.05M | 258.49M | 219.29M | 220.45M | 187.27M | 143.32M | 121.67M | 75.33M | 50.36M |
| Asset Turnover | 0.10x | 0.10x | 0.09x | 0.09x | 0.04x | 0.05x | 0.05x | 0.04x | 0.04x | 0.04x | 0.04x | 0.04x | 0.09x | 0.09x | 0.10x | 0.11x | 0.06x | 0.06x | 0.13x | 0.07x |
| Asset Growth % | - | - | -2.16% | -6.14% | 41.88% | 34.64% | 12.88% | -18.01% | -34.13% | 1.8% | 72.11% | 92.92% | 17.26% | 17.1% | 53.82% | 53.92% | 90.25% | 141.6% | -0.32% | -36.11% |
| Total Current Liabilities | 39.55M | 49.01M | 41.37M | 57.4M | 32.23M | 34.95M | 107.09M | 53.06M | 25.41M | 28.64M | 75.42M | 47.34M | 36.82M | 35.6M | 25.58M | 19.56M | 20.03M | 22.71M | 18.27M | 2.23M |
| Accounts Payable | 3.34M | 4.92M | 1.36M | 1.76M | 1.95M | 2.34M | 2.31M | 2.54M | 2.54M | 3.22M | 4.46M | 5.91M | 4.1M | 3.42M | 2.8M | 2.09M | 1.9M | 2.54M | 4.94M | 0 |
| Days Payables Outstanding | 24.8 | 15.95 | 8.42 | 9.62 | 26.25 | 26.57 | 31.67 | 33.27 | 47.1 | 54.83 | 60.02 | 52.62 | 30.45 | 26.43 | 21.39 | 17.84 | 44.89 | 86.63 | 71.36 | - |
| Short-Term Debt | 0 | 19.03M | 12.42M | 38.48M | 12.34M | 14.95M | 60.41M | 29.38M | 5.32M | 16.84M | 46.88M | 27.17M | 23.63M | 25.42M | 19.69M | 13.42M | 12.08M | 12.86M | 5.17M | 0 |
| Deferred Revenue (Current) | 22.73M | 7.85M | 6.62M | 6.29M | 7.03M | 4.92M | 3.66M | 3.98M | 2.07M | 535K | 3.34M | 4.17M | 0 | 521K | 986K | 852K | 1.98M | 1.52M | 0 | 0 |
| Other Current Liabilities | 11.82M | 17.21M | 5M | 0 | 0 | 0 | 0 | 0 | 66K | 101K | 113K | 281K | 1.92M | 0 | 0 | 0 | 0 | 0 | 697K | 2.23M |
| Current Ratio | 0.61x | 0.38x | 0.94x | 0.23x | 0.71x | 0.47x | 0.70x | 0.67x | 1.77x | 0.28x | 0.67x | 0.15x | 0.14x | 0.15x | 1.14x | 0.28x | 0.23x | 0.17x | 0.29x | 16.04x |
| Quick Ratio | 0.59x | 0.36x | 0.91x | 0.21x | 0.68x | 0.45x | 0.70x | 0.66x | 1.75x | 0.25x | 0.66x | 0.13x | 0.13x | 0.14x | 1.11x | 0.25x | 0.20x | 0.15x | 0.27x | 16.04x |
| Cash Conversion Cycle | -14.22 | -8.06 | -2.06 | -3.52 | -13.59 | -16.51 | -22.5 | -23.86 | - | -39.52 | -45.48 | -37.65 | -21.77 | -18 | -13.91 | -11.83 | -32.86 | -75.03 | -64.39 | - |
| Total Non-Current Liabilities | 204.87M | 249.84M | 234.44M | 203.21M | 240.08M | 249.33M | 114.34M | 174.85M | 133.4M | 261.81M | 263.72M | 281.99M | 117.39M | 85.02M | 87.59M | 94.17M | 77.76M | 60.37M | 22.9M | 13.13M |
| Long-Term Debt | 204.79M | 249.82M | 228.08M | 192.31M | 224.64M | 229.51M | 90.16M | 145.71M | 99.3M | 261.81M | 262.12M | 239.07M | 117.39M | 80.53M | 84.26M | 91.77M | 72.46M | 58.53M | 19.06M | 0 |
| Capital Lease Obligations | 0 | 0 | 6.36M | 10.85M | 15.34M | 19.64M | 23.95M | 28.86M | 33.8M | 0 | 0 | 9.28M | 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 |
| Other Non-Current Liabilities | 0 | 23K | 0 | 50K | 100K | 175K | 225K | 275K | 300K | 0 | 1.59M | 1.26M | 0 | 4.49M | 3.33M | 2.4M | 5.3M | 1.84M | 3.22M | 13.13M |
| Total Liabilities | 244.42M | 298.86M | 275.81M | 260.61M | 272.31M | 284.27M | 221.42M | 227.91M | 158.81M | 290.45M | 339.13M | 329.33M | 154.21M | 120.62M | 113.17M | 113.72M | 97.8M | 83.08M | 41.18M | 13.13M |
| Total Debt | 204.79M | 268.85M | 255.84M | 250.43M | 260.93M | 273.31M | 184.33M | 213.55M | 147.71M | 278.65M | 309.01M | 280.51M | 140.66M | 105.95M | 103.95M | 105.19M | 84.54M | 71.23M | 24.23M | 0 |
| Net Debt | 184.42M | 261.88M | 219.88M | 240.8M | 240.39M | 259.05M | 181.96M | 205.16M | 128.38M | 273.04M | 304.51M | 277.86M | 140.6M | 105.36M | 79.87M | 103.6M | 84.41M | 70.67M | 22.88M | -202K |
| Debt / Equity | 2.30x | 2.11x | 1.40x | 1.35x | 1.32x | 1.43x | 1.69x | 1.71x | 1.10x | 1.99x | 2.92x | 2.99x | 1.35x | 1.07x | 0.97x | 1.43x | 1.86x | 1.85x | 0.71x | - |
| Debt / EBITDA | 8.86x | 10.71x | 13.03x | 10.68x | 21.16x | 25.82x | 24.76x | 48.78x | 16.10x | 54.55x | 34.25x | 52.70x | 41.70x | - | 19.81x | 47.13x | 22.98x | 132.02x | - | - |
| Net Debt / EBITDA | 7.98x | 10.43x | 11.20x | 10.27x | 19.49x | 24.48x | 24.44x | 46.87x | 13.99x | 53.45x | 33.75x | 52.20x | 41.68x | - | 15.22x | 46.42x | 22.95x | 131.00x | - | - |
| Interest Coverage | 0.60x | 1.83x | 0.92x | 1.55x | 1.18x | 1.09x | 1.27x | 0.95x | - | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 89.19M | 127.14M | 183.38M | 185.61M | 197.02M | 191.13M | 109.36M | 125.17M | 134.22M | 140.2M | 105.76M | 93.72M | 104.28M | 98.67M | 107.27M | 73.54M | 45.52M | 38.59M | 34.15M | 37.23M |
| Equity Growth % | - | - | -6.92% | -2.89% | 80.15% | 52.69% | -18.52% | -10.72% | 26.91% | 49.6% | 1.42% | -5.02% | -2.79% | 34.17% | 135.66% | 90.58% | 33.29% | 3.65% | -19.69% | -5.07% |
| Book Value per Share | 19.28 | 27.48 | 101.95 | 67.33 | 600.78 | 1075.71 | 658.95 | 754.22 | 810.74 | 4607.53 | 12.16 | - | 999999.00 | 999999.00 | 12.02 | - | 8.00 | - | 16.44 | - |
| Total Shareholders' Equity | 89.19M | 127.14M | 183.38M | 185.61M | 197.02M | 191.13M | 109.36M | 125.17M | 134.22M | 140.2M | 105.76M | 93.72M | 104.28M | 98.67M | 106.09M | 72.78M | 45.52M | 38.59M | 34.15M | 37.23M |
| Common Stock | 46K | 46K | 46K | 203K | 103K | 23K | 20K | 398K | 398K | 335K | 87K | 15K | 230K | 192K | 89K | 86K | 0 | 36K | 21K | 37.23M |
| Retained Earnings | -336.99M | -299.14M | -311.74M | -312.03M | -317.81M | -328.15M | -336.75M | -343.69M | -345.37M | -325.42M | -322.55M | -308.41M | -307.78M | -303.27M | -296.64M | -289.09M | -283.24M | -284M | -284.29M | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 697K | 776K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.36M | -1.39M | 0 | 0 | 0 | 0 | -1.74M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.19M | 1.13M | 0 | 0 | 0 | 0 |