Last 20 quarters of trend data · Industrials · Marine Shipping
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
EV/EBITDA has compressed 56.3% YoY to 3.2x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 | Q2 '20 | Q4 '19 | Q2 '19 | Q4 '18 | Q2 '18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 0.85 | — | 2.85 | 0.64 | — | 3.61 | 41.56 | — | — | — | — | — | — |
| — | — | -93.1% | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 0.05 | 0.17 | 0.11 | 0.06 | 0.21 | 0.54 | 1.26 | 0.87 | 0.39 | — | — | 0.02 | 0.02 |
| — | -68.8% | -90.9% | -93.1% | -46.8% | — | — | +4937.6% | +1705.3% | — | — | — | — | |
| P/B Ratio | 0.03 | 0.15 | 0.10 | 0.03 | 0.08 | 0.36 | 0.51 | 0.36 | 0.18 | 394.66 | — | 0.10 | 0.11 |
| — | -57.3% | -80.0% | -92.9% | -53.5% | -99.9% | — | +264.0% | +59.9% | -98.4% | — | -100.0% | — | |
| P/FCF | 0.25 | 0.44 | 0.36 | 0.13 | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 4.86 | 3.16 | 2.77 | 5.33 | 6.50 | 7.23 | 15.36 | 4.81 | 14.61 | — | — | 10.53 | — |
| — | -56.3% | -82.0% | +10.9% | -55.5% | — | — | -54.3% | — | — | — | — | — | |
| EV / EBIT | 8.89 | 5.43 | 3.97 | 7.52 | 9.14 | 10.21 | 24.82 | 7.16 | 49.05 | — | — | — | — |
| — | -46.8% | -84.0% | +5.0% | -81.4% | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Top Ships Inc.'s operating margin was 29.8% in Q4 2023, down 9.8 pp QoQ and down 4.2 pp YoY. This marks the 3rd consecutive quarter of margin compression, signaling a persistent pressure on profitability that investors should monitor. The trailing four-quarter average of 37.5% exceeds the current quarter, suggesting the latest result may reflect seasonal weakness or a one-off headwind. Gross margin expanded 8.3% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 | Q2 '20 | Q4 '19 | Q2 '19 | Q4 '18 | Q2 '18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.7% | 59.6% | 57.2% | 64.3% | 58.9% | 55.1% | 45.0% | 59.6% | 60.8% | 56.6% | 41.7% | 47.2% | 45.4% |
| — | +8.3% | +27.3% | +8.0% | -3.1% | -2.7% | +7.7% | +26.1% | +33.8% | +15.8% | -9.7% | +2.1% | +40.9% | |
| Operating Margin | 32.4% | 29.8% | 39.6% | 41.8% | 38.8% | 34.0% | 21.4% | 44.6% | 9.3% | 30.0% | 17.9% | -1.8% | -17.8% |
| — | -12.3% | +84.8% | -6.2% | +314.9% | +13.0% | +19.4% | +2554.6% | +152.5% | +181.6% | +709.9% | -106.1% | -1288.0% | |
| Net Margin | 5.8% | 0.7% | 14.0% | 9.4% | -33.8% | 14.9% | 3.0% | -75.3% | -24.4% | -43.4% | -51.1% | -21.1% | -33.7% |
| — | -95.3% | +363.1% | +112.5% | -38.2% | +134.3% | +105.9% | -256.9% | +27.4% | -17.2% | -65.9% | -453.5% | -1449.3% |
| Metric | TTM | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 | Q2 '20 | Q4 '19 | Q2 '19 | Q4 '18 | Q2 '18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 3.1% | 0.2% | 3.0% | 1.0% | -4.6% | 2.1% | 0.3% | -7.6% | -3.2% | -7.9% | -7.7% | -4.4% | -6.4% |
| — | -92.5% | +920.6% | +113.3% | -42.4% | +126.8% | +103.8% | -70.7% | +49.7% | +5.4% | +21.7% | -483.2% | -1713.4% | |
| ROA | 1.1% | 0.1% | 1.3% | 0.4% | -1.6% | 0.7% | 0.1% | -2.9% | -0.9% | -1.8% | -2.2% | -1.9% | -3.0% |
| — | -90.5% | +962.6% | +114.5% | -78.8% | +137.3% | +105.3% | -52.3% | +69.8% | +51.0% | +36.9% | -680.4% | -2146.7% | |
| ROIC | 5.3% | 2.3% | 2.8% | 1.5% | 1.6% | 1.3% | 0.7% | 1.4% | 0.3% | 1.0% | 0.6% | -0.1% | -1.3% |
| — | +72.4% | +312.5% | +8.1% | +461.5% | +24.8% | +5.4% | +1154.6% | +120.6% | +16.9% | +338.3% | -108.3% | -1883.0% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Top Ships Inc.'s Debt/EBITDA ratio is 13.0x, up from 10.7x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 33.1% YoY to 0.94x, strengthening the short-term liquidity position. Debt/Equity has risen for 3 consecutive quarters, indicating increasing financial leverage that investors should watch closely.
| Metric | TTM | Q4 '23 | Q2 '23 | Q4 '22 | Q2 '22 | Q4 '21 | Q2 '21 | Q4 '20 | Q2 '20 | Q4 '19 | Q2 '19 | Q4 '18 | Q2 '18 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.74 | 1.40 | 1.35 | 1.32 | 1.43 | 1.98 | 1.71 | 1.10 | 1.99 | 2.92 | 2.99 | 1.35 | 1.07 |
| — | -29.4% | -20.9% | +20.3% | -28.1% | -32.3% | -43.0% | -18.4% | +85.1% | +201.5% | +109.3% | -27.4% | -41.8% | |
| Debt / EBITDA | 4.92 | 13.03 | 10.68 | 21.16 | 25.82 | 24.76 | 48.78 | 16.10 | 54.55 | 34.25 | 52.70 | 41.70 | — |
| — | -47.4% | -78.1% | +31.4% | -52.7% | -27.7% | -7.4% | -61.4% | — | +72.9% | +11.8% | +81.4% | — | |
| Current Ratio | 0.71 | 0.94 | 0.23 | 0.71 | 0.47 | 0.70 | 0.67 | 1.77 | 0.28 | 0.67 | 0.15 | 0.14 | 0.15 |
| — | +33.1% | -66.5% | -60.0% | +68.4% | +4.6% | +338.1% | +1135.2% | +86.3% | -40.8% | -46.0% | -36.6% | -10.9% | |
| Quick Ratio | 0.68 | 0.91 | 0.21 | 0.68 | 0.45 | 0.70 | 0.66 | 1.75 | 0.25 | 0.66 | 0.13 | 0.13 | 0.14 |
| — | +31.1% | -68.6% | -61.3% | +77.4% | +5.4% | +392.4% | +1273.6% | +86.6% | -40.4% | -46.5% | -35.4% | -9.0% | |
| Interest Coverage | 1.28 | 1.00 | 1.55 | — | — | — | — | — | — | — | — | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
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Quick answers to the most common questions about buying TOPS stock.
Top Ships Inc.'s current P/E is 0.8x. The average P/E over the last 2 quarters is 1.7x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Top Ships Inc.'s current operating margin is 32.4%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Top Ships Inc.'s business trajectory between earnings reports.