Top Ships Inc. (TOPS) Financial Ratios
23 years of historical data (2002–2024) · Industrials · Marine Shipping
EV/EBITDA
↓
4.86
↓-26% vs avg
5yr avg: 6.56
30Y Low2.5·High49.4
P/FCF
↑
0.25
↓-81% vs avg
5yr avg: 1.29
30Y Low1.0·High1.6
P/B Ratio
↓
0.03
↓-86% vs avg
5yr avg: 0.21
30Y Low0.0·High1.0
ROE
↑
3.1%
↓+95% vs avg
5yr avg: 1.6%
30Y Low-143%·High20%
Debt/EBITDA
↓
4.92
↓-19% vs avg
5yr avg: 6.09
30Y Low0.1·High48.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
TOPS Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Top Ships Inc. trades at 0.8x earnings, 88% below its 5-year average of 6.9x, sitting at the 0th percentile of its historical range. Compared to the Industrials sector median P/E of 25.6x, the stock trades at a discount of 97%. On a free-cash-flow basis, the stock trades at 0.2x P/FCF, 81% below the 5-year average of 1.3x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4M | $28M | $28M | $4M | $44M | $28M | $2M | $1M | $22M | — | — |
| Enterprise Value | $248M | $272M | $248M | $262M | $226M | $157M | $307M | $142M | $102M | — | — |
| P/E Ratio → | 0.85 | 5.53 | — | — | 8.18 | — | — | — | — | — | — |
| P/S Ratio | 0.05 | 0.32 | 0.34 | 0.05 | 0.78 | 0.47 | 0.04 | 0.04 | 0.56 | — | — |
| P/B Ratio | 0.03 | 0.19 | 0.15 | 0.02 | 0.47 | 0.21 | 0.02 | 0.10 | 0.30 | 120374.41 | 60840.72 |
| P/FCF | 0.25 | 1.61 | 0.97 | — | — | — | — | — | — | — | — |
| P/OCF | 0.25 | 1.61 | 0.97 | 0.12 | 2.75 | 4.71 | 0.12 | 2.06 | 31.94 | — | — |
P/E links to full P/E history page with 30-year chart
TOPS EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Top Ships Inc.'s enterprise value stands at 4.9x EBITDA, 26% below its 5-year average of 6.6x. The Industrials sector median is 13.9x, placing the stock at a 65% discount on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.15 | 2.99 | 3.25 | 4.01 | 2.60 | 4.64 | 3.46 | 2.59 | — | — |
| EV / EBITDA | 4.86 | 5.32 | 5.76 | 5.70 | 9.56 | 6.46 | 10.47 | 49.43 | 13.65 | — | — |
| EV / EBIT | 8.89 | 10.10 | 8.94 | 8.54 | 14.17 | — | 101.54 | — | 89.61 | — | — |
| EV / FCF | — | 15.68 | 8.57 | — | — | — | — | — | — | — | — |
TOPS Profitability
Margins and return-on-capital ratios measuring operating efficiency
Top Ships Inc. earns an operating margin of 32.4%, significantly above the Industrials sector average of 4.3%. Operating margins have compressed from 40.4% to 32.4% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 3.1% is modest, trailing the sector median of 8.2%. ROIC of 5.3% represents adequate returns on invested capital versus a sector median of 6.1%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.7% | 43.7% | 58.4% | 44.9% | 36.4% | 41.3% | 43.4% | 28.3% | 28.5% | 22.7% | 6.2% |
| Operating Margin | 32.4% | 32.4% | 34.6% | 40.4% | 28.3% | 18.4% | 25.5% | -9.5% | 4.1% | 17.1% | -33.2% |
| Net Profit Margin | 5.8% | 5.8% | 7.3% | 23.5% | 15.3% | -37.9% | -22.4% | -27.1% | -34.0% | 3.7% | -65.1% |
Return on Capital
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.1% | 3.1% | 3.2% | 13.1% | 7.6% | -19.0% | -14.1% | -10.5% | -17.3% | 2.6% | -22.2% |
| ROA | 1.1% | 1.1% | 1.3% | 4.7% | 2.8% | -6.2% | -4.2% | -4.6% | -7.4% | 1.0% | -11.3% |
| ROIC | 5.3% | 5.3% | 5.1% | 6.9% | 4.5% | 2.5% | 3.9% | -1.4% | 0.8% | 3.9% | -5.5% |
| ROCE | 6.9% | 6.9% | 6.7% | 9.9% | 6.5% | 3.5% | 5.7% | -1.9% | 1.0% | 5.4% | -7.0% |
TOPS Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Top Ships Inc. carries a Debt/EBITDA ratio of 4.9x, which is highly leveraged (52% above the sector average of 3.2x). Net debt stands at $244M ($251M total debt minus $8M cash). Interest coverage of just 1.3x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.74 | 1.74 | 1.40 | 1.32 | 1.98 | 1.10 | 2.92 | 1.35 | 0.97 | 1.79 | 0.71 |
| Debt / EBITDA | 4.92 | 4.92 | 5.94 | 5.68 | 7.80 | 6.08 | 10.54 | 48.94 | 13.90 | 10.02 | — |
| Net Debt / Equity | — | 1.69 | 1.20 | 1.31 | 1.95 | 0.96 | 2.88 | 1.35 | 0.74 | 1.79 | 0.67 |
| Net Debt / EBITDA | 4.78 | 4.78 | 5.10 | 5.62 | 7.70 | 5.29 | 10.39 | 48.92 | 10.68 | 10.01 | — |
| Debt / FCF | — | 14.07 | 7.60 | — | — | — | — | — | — | — | — |
| Interest Coverage | 1.28 | 1.28 | 1.25 | 2.27 | 1.95 | 0.53 | 0.95 | -0.40 | 0.10 | 1.57 | — |
TOPS Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.71x is below 1.0, meaning current liabilities exceed current assets.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.71 | 0.71 | 0.94 | 0.71 | 0.70 | 1.77 | 0.67 | 0.14 | 1.14 | 0.23 | 0.29 |
| Quick Ratio | 0.68 | 0.68 | 0.91 | 0.68 | 0.70 | 1.75 | 0.66 | 0.13 | 1.11 | 0.20 | 0.27 |
| Cash Ratio | 0.23 | 0.23 | 0.87 | 0.64 | 0.02 | 0.76 | 0.06 | 0.00 | 0.94 | 0.01 | 0.15 |
| Asset Turnover | — | 0.20 | 0.18 | 0.17 | 0.17 | 0.21 | 0.15 | 0.16 | 0.18 | 0.20 | 0.17 |
| Inventory Turnover | 49.29 | 49.29 | 37.69 | 43.28 | 53.45 | 68.78 | 44.15 | 50.11 | 43.61 | 37.72 | 30.51 |
| Days Sales Outstanding | — | 4.72 | 1.39 | 0.04 | 0.49 | — | 3.55 | 10.96 | 7.17 | 2.17 | 2.99 |
TOPS Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Top Ships Inc. returns 100.0% to shareholders annually primarily through share buybacks. The earnings yield of 100.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 21.4% | 100.0% | 4.0% | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 100.0% | 18.1% | — | — | 12.2% | — | — | — | — | — | — |
| FCF Yield | 100.0% | 62.1% | 103.0% | — | — | — | — | — | — | — | — |
| Buyback Yield | 100.0% | 100.0% | 0.0% | 0.4% | 0.0% | 86.3% | 100.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 100.0% | 100.0% | 21.4% | 100.0% | 4.0% | 86.3% | 100.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $5M | $2M | $252815 | $218951 | $97989 | $488 | $15 | $74 | $0 | $0 |
Peer Comparison
Compare TOPS with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 TOPSYou | $4M | 0.8 | 4.9 | 0.2 | 43.7% | 32.4% | 3.1% | 5.3% | 4.9 |
 SBLK | $3B | 35.4 | 11.4 | 14.0 | 22.5% | 13.5% | 3.4% | 3.2% | 3.5 |
 SHIP | $309M | 14.5 | 6.9 | 18.1 | 39.6% | 26.0% | 7.7% | 6.1% | 3.8 |
 CTRM | $83M | 2.5 | 6.2 | — | 29.7% | 2.3% | 2.6% | 0.2% | 6.4 |
 PSHG | $66M | 1.3 | 5.0 | — | 50.3% | 38.7% | 16.7% | 6.5% | 4.7 |
 TNK | $3B | 7.4 | 6.0 | 22.9 | 27.5% | 22.6% | 18.5% | 12.5% | 0.2 |
 INSW | $4B | 13.6 | 9.9 | 109.7 | 42.3% | 36.3% | 16.0% | 9.4% | 1.2 |
 ASC | $697M | 19.4 | 6.8 | — | 34.2% | 26.1% | 6.5% | 9.0% | 1.1 |
 STNG | $4B | 11.5 | 8.2 | 8.5 | 46.2% | 33.0% | 11.4% | 7.2% | 1.3 |
 DHT | $3B | 14.4 | 12.3 | — | 38.2% | 34.2% | 19.4% | 8.9% | 1.6 |
 TPVG | $203M | 4.1 | 8.6 | — | 83.5% | 77.9% | 14.1% | 7.2% | 6.2 |
| Industrials Median | — | 25.6 | 13.9 | 20.0 | 32.0% | 4.3% | 8.2% | 6.1% | 3.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 23 years · Updated daily
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TOPS — Frequently Asked Questions
Quick answers to the most common questions about buying TOPS stock.
What is Top Ships Inc.'s P/E ratio?
Top Ships Inc.'s current P/E ratio is 0.8x. The historical average is 2.5x.
What is Top Ships Inc.'s EV/EBITDA?
Top Ships Inc.'s current EV/EBITDA is 4.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.6x.
What is Top Ships Inc.'s ROE?
Top Ships Inc.'s return on equity (ROE) is 3.1%. The historical average is -11.8%.
Is TOPS stock overvalued?
Based on historical data, Top Ships Inc. is trading at a P/E of 0.8x. Compare with industry peers and growth rates for a complete picture.
What are Top Ships Inc.'s profit margins?
Top Ships Inc. has 43.7% gross margin and 32.4% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Top Ships Inc. have?
Top Ships Inc.'s Debt/EBITDA ratio is 4.9x, indicating high leverage. A ratio above 4x may signal elevated financial risk.