Despite maintaining a 58.5% gross margin in 2025Q4, the company's net margin remains strained at -12.2% due to rising SG&A expenses that reached $13.4M.
| 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 |
|---|
| Sales/Revenue | 80.42M | 86.13M | 82.95M | 80.66M | 56.37M | 60.22M | 66.09M | 41.05M | 39.36M | 28.43M | 13.07M | 3.6M | 20.07M | 31.43M | 41.69M | 90.88M | 107.98M | 257.38M | 252.26M | 310.04M | 244.22M | 93.83M | 23.09M | 11.43M |
| Revenue Growth % | -6.63% | 3.83% | 2.84% | 43.09% | -6.4% | -8.88% | 61% | 4.28% | 38.44% | 117.46% | 262.99% | -82.06% | -36.13% | -24.62% | -54.12% | -15.84% | -58.05% | 2.03% | -18.64% | 26.95% | 160.28% | 306.45% | 102.04% | - |
| Cost of Goods Sold | 43.47M | 48.45M | 34.48M | 44.41M | 35.87M | 35.35M | 37.44M | 29.41M | 28.13M | 21.99M | 12.26M | 1.96M | 7.79M | 13.21M | 9.47M | 7.05M | 42.54M | 169.49M | 246.54M | 71.68M | 91.41M | 33.76M | 8.42M | 7.86M |
| COGS % of Revenue | 54.05% | 56.26% | 41.57% | 55.05% | 63.63% | 58.71% | 56.64% | 71.66% | 71.45% | 77.35% | 93.8% | 54.44% | 38.81% | 42.04% | 22.73% | 7.76% | 39.4% | 65.85% | 97.73% | 23.12% | 37.43% | 35.98% | 36.47% | 68.83% |
| Gross Profit | 36.95M | 37.68M | 48.46M | 36.25M | 20.5M | 24.87M | 28.65M | 11.63M | 11.24M | 6.44M | 811K | 1.64M | 12.28M | 18.22M | 32.22M | 83.82M | 65.44M | 87.89M | 5.72M | 238.36M | 152.81M | 60.07M | 14.66M | 3.56M |
| Gross Margin % | 45.95% | 43.74% | 58.43% | 44.95% | 36.37% | 41.29% | 43.36% | 28.34% | 28.55% | 22.65% | 6.2% | 45.56% | 61.19% | 57.96% | 77.27% | 92.24% | 60.6% | 34.15% | 2.27% | 76.88% | 62.57% | 64.02% | 63.53% | 31.17% |
| Gross Profit Growth % | -1.93% | -22.26% | 33.69% | 76.83% | -17.56% | -13.21% | 146.29% | 3.53% | 74.46% | 694.2% | -50.58% | -86.64% | -32.56% | -43.46% | -61.56% | 28.09% | -25.54% | 1436.81% | -97.6% | 55.99% | 154.37% | 309.63% | 311.71% | - |
| Operating Expenses | 10.67M | 9.77M | 19.74M | 3.71M | 4.54M | 14.31M | 12.41M | 15.52M | 9.62M | 1.59M | 7.96M | 2.23M | 4.66M | 9.51M | 39.49M | 61.56M | 63.01M | 26.17M | 281.38M | 197M | 65.85M | 23.28M | 11.96M | 3.21M |
| OpEx % of Revenue | 13.26% | 11.35% | 23.79% | 4.6% | 8.05% | 23.76% | 18.77% | 37.82% | 24.44% | 5.6% | 60.87% | 61.88% | 23.19% | 30.25% | 94.71% | 67.74% | 58.36% | 10.17% | 111.54% | 63.54% | 26.96% | 24.81% | 51.79% | 28.06% |
| Selling, General & Admin | 7.62M | 7.51M | 19.74M | 1.62M | 1.94M | 9.51M | 12.41M | 15.52M | 5.8M | 2.91M | 4.87M | 3.09M | 4.66M | 9.51M | 29.64M | 34.28M | 23.84M | 31.47M | 23M | 168.91M | 23.82M | 6.66M | 129K | 816K |
| SG&A % of Revenue | 9.47% | 8.71% | 23.79% | 2% | 3.45% | 15.79% | 18.77% | 37.82% | 14.75% | 10.22% | 37.26% | 85.79% | 23.19% | 30.25% | 71.1% | 37.73% | 22.07% | 12.23% | 9.12% | 54.48% | 9.75% | 7.09% | 0.56% | 7.14% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.05M | 2.27M | 0 | 2.09M | 2.6M | 4.8M | 0 | 0 | 3.82M | -1.31M | 3.09M | -861K | 0 | 0 | 9.84M | 27.27M | 39.18M | -5.31M | 258.38M | 28.1M | 42.03M | 16.62M | 11.83M | 2.39M |
| Operating Income | 26.28M | 27.9M | 28.73M | 32.62M | 15.96M | 11.07M | 16.88M | -3.89M | 1.62M | 4.85M | -4.33M | -588K | 7.63M | -52.77M | -7.27M | 22.26M | -34.21M | 61.72M | -29.12M | 41.36M | 86.95M | 37.43M | 2.71M | 356K |
| Operating Margin % | 32.68% | 32.4% | 34.63% | 40.44% | 28.32% | 18.39% | 25.53% | -9.47% | 4.11% | 17.05% | -33.15% | -16.32% | 38% | -167.92% | -17.43% | 24.5% | -31.68% | 23.98% | -11.54% | 13.34% | 35.61% | 39.9% | 11.74% | 3.12% |
| Operating Income Growth % | -5.82% | -2.86% | -11.93% | 104.37% | 44.13% | -34.38% | 533.92% | -340.66% | -66.67% | 211.83% | -637.24% | -107.71% | 114.45% | -626.11% | -132.64% | 165.08% | -155.43% | 311.98% | -170.4% | -52.43% | 132.28% | 1281.33% | 661.24% | - |
| EBITDA | 48.22M | 51.05M | 43.08M | 45.91M | 23.64M | 24.28M | 29.32M | 2.87M | 7.48M | 8.44M | -3.54M | 289K | 14.39M | -40.26M | 19.89M | 58.07M | 794K | 100.33M | -1.07M | 76.95M | 135.41M | 50.54M | 6.31M | -2.19M |
| EBITDA Margin % | 59.96% | 59.27% | 51.93% | 56.92% | 41.95% | 40.32% | 44.36% | 7% | 19% | 29.67% | -27.07% | 8.02% | 71.69% | -128.12% | 47.7% | 63.91% | 0.74% | 38.98% | -0.43% | 24.82% | 55.45% | 53.87% | 27.35% | -19.21% |
| EBITDA Growth % | -5.55% | 18.51% | -6.18% | 94.17% | -2.63% | -17.17% | 920.08% | -61.58% | -11.33% | 338.31% | -1324.91% | -97.99% | 135.74% | -302.45% | -65.75% | 7214.11% | -99.21% | 9432.84% | -101.4% | -43.17% | 167.93% | 700.48% | 387.65% | - |
| D&A (Non-Cash Add-back) | 21.94M | 23.15M | 14.35M | 13.29M | 7.68M | 13.21M | 12.44M | 6.76M | 5.86M | 3.59M | 795K | 877K | 6.76M | 12.51M | 27.16M | 35.81M | 35.01M | 38.6M | 28.04M | 35.59M | 48.46M | 13.11M | 3.6M | -2.55M |
| EBIT | 19.12M | 26.9M | 27.75M | 30.66M | 15.96M | -2.1M | 3.02M | -1.73M | 1.14M | 3.88M | -7.81M | 3.32M | 7.89M | -54.94M | -172.84M | 17.16M | 2.43M | 61.72M | -29.12M | 15.21M | 86.95M | 37.43M | 2.6M | 356K |
| Net Interest Income | -15.65M | -23.03M | -22.64M | -14.32M | -7M | -20.92M | -17.94M | -9.53M | -15.78M | -3.09M | 468K | -376K | -7.31M | -9.17M | -16.19M | -14.64M | -13.73M | -23.93M | -16.27M | 3.02M | -18.4M | -4.72M | -1.21M | -826K |
| Interest Income | 385K | 467K | 346K | 48K | 6.98M | 34K | 133K | 130K | 13K | 0 | 468K | 74K | 131K | 175K | 45K | 136K | 235K | 1.83M | 3.25M | 3.02M | 1.77M | 481K | 1K | 6K |
| Interest Expense | 16.03M | 21.87M | 22.99M | 14.37M | 8.2M | 20.72M | 17.8M | 9.66M | 15.79M | 3.09M | 0 | 422K | 6.48M | 9.05M | 16.27M | 14.78M | 13.97M | 25.76M | 19.52M | 0 | 20.18M | 5.2M | 1.22M | 832K |
| Other Income/Expense | -23.19M | -22.87M | -22.66M | -13.67M | -7.34M | -33.89M | -31.65M | -7.24M | -14.99M | -3.8M | -1.09M | 3.48M | 0 | -11.21M | -456K | -5.11M | 34.21M | -12.15M | 16K | 0 | 134K | -4.48M | -1.08M | -356K |
| Pretax Income | 3.09M | 5.03M | 6.07M | 18.95M | 8.62M | -22.82M | -14.77M | -11.42M | -13.35M | 1.05M | -8.51M | 2.9M | 1.41M | -63.98M | -7.72M | 17.15M | -73.1M | 49.57M | -29.1M | 41.29M | 87.09M | 32.95M | 1.63M | 0 |
| Pretax Margin % | 3.84% | 5.84% | 7.31% | 23.49% | 15.29% | -37.89% | -22.35% | -27.82% | -33.9% | 3.7% | -65.06% | 80.4% | 7.01% | -203.59% | -18.53% | 18.88% | -67.7% | 19.26% | -11.54% | 13.32% | 35.66% | 35.12% | 7.07% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.87M | 11.08M | 0 | 9.22M | 0 | 6.14M | 7.46M | 181.84M | 19.75M | 52.62M | 36.08M | -226.58M | 26.22M | 18.27M | 5.52M | 1.68M | 4.92M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -16.37% | -83.03% | 0% | -108.38% | 0% | 435.87% | -11.65% | -2354.27% | 115.15% | -71.99% | 72.79% | 778.58% | 63.5% | 20.98% | 16.74% | 102.57% | - |
| Net Income | 3.09M | 5.03M | 6.07M | 18.95M | 8.62M | -22.82M | -14.77M | -11.13M | -13.38M | 1.05M | -8.51M | 2.9M | 1.41M | -63.98M | -189.11M | 2.51M | -50.2M | 25.64M | -49.08M | -11.01M | 68.68M | 32.79M | 1.63M | 201K |
| Net Margin % | 3.84% | 5.84% | 7.31% | 23.49% | 15.29% | -37.89% | -22.35% | -27.12% | -33.98% | 3.7% | -65.06% | 80.4% | 7.01% | -203.59% | -453.57% | 2.77% | -46.49% | 9.96% | -19.45% | -3.55% | 28.12% | 34.95% | 7.08% | 1.76% |
| Net Income Growth % | -38.7% | -17.01% | -67.99% | 119.92% | 137.76% | -54.46% | -32.68% | 16.77% | -1371.58% | 112.37% | -393.75% | 105.68% | 102.2% | 66.17% | -7625.35% | 105.01% | -295.78% | 152.24% | -345.94% | -116.02% | 109.44% | 1906.98% | 712.94% | - |
| Net Income (Continuing) | 3.09M | 5.03M | 6.07M | 18.95M | 8.62M | -22.82M | -14.77M | -11.13M | -13.37M | 1.05M | -8.51M | 2.9M | 1.41M | -63.98M | -189.11M | 0 | -50.2M | 25.64M | 0 | -11.01M | 68.68M | 32.79M | 1.63M | 201K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 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 |
| EPS (Diluted) | 0.67 | 1.09 | -12.44 | -36.34 | 24.65 | -293.70 | -63502.00 | -754095.18 | -999999.00 | -351000.00 | -999999.00 | 999999.00 | 999999.00 | -999999.00 | -999999.00 | 999999.00 | -999999.00 | 999999.00 | -999999.00 | -812.00 | 999999.00 | 745318.00 | 544666.00 | 67000.00 |
| EPS Growth % | -38.53% | 108.76% | 65.77% | -247.42% | 108.39% | 99.54% | 91.58% | 95.02% | -4211.11% | 97.73% | -367.05% | -89.72% | 100% | 66.17% | -99999900% | 100% | -99999900% | 100% | -99999900% | -100.05% | 109.44% | 36.84% | 712.93% | - |
| EPS (Basic) | 0.67 | 1.09 | -12.44 | -36.34 | 32.51 | -293.70 | -63502.00 | -754095.18 | -999999.00 | -351000.00 | -999999.00 | 999999.00 | 999999.00 | -999999.00 | -999999.00 | 999999.00 | -999999.00 | 999999.00 | -999999.00 | -812.00 | 999999.00 | 745318.00 | 544666.00 | 67000.00 |
| Diluted Shares Outstanding | 4.63M | 4.63M | 1.8M | 252.81K | 218.95K | 97.99K | 488 | 15 | 74 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51 | 44 | 44 | 3 | 3 |
| Basic Shares Outstanding | 4.63M | 4.63M | 1.8M | 252.81K | 165.97K | 97.99K | 488 | 15 | 74 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 51 | 44 | 44 | 3 | 3 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 44.41% | 7.07% | 34.94% | 419.9% |
Persistent shareholder dilution risk
As reported in recent financial filings, Top Ships experienced significant revenue fluctuations, peaking at $43.8M in 2025Q2 before contracting to $36.6M by 2025Q4, suggesting that the company's reliance on specific chartering cycles creates an inconsistent growth profile that complicates long-term performance forecasting for investors.
The revenue trajectory appears highly sensitive to the timing of charter renewals and vessel deployment, rather than organic fleet expansion. This inconsistency suggests that the company may struggle to maintain a predictable top-line growth rate, as the current fleet size limits the ability to capture sustained market share gains.
Based on the provided income statement data, Top Ships maintains a robust gross margin of 58.5% as of 2025Q4, yet this operational efficiency is consistently undermined by non-operating expenses, resulting in a net margin of -12.2% that warrants significant caution regarding the company's true profitability.
While the high gross margin indicates effective cost pass-through mechanisms in time-charter contracts, the persistent gap between gross and net profitability suggests that corporate overhead or financing costs are disproportionately high. Investors should monitor whether these non-operating drains are structural or merely reflective of temporary accounting adjustments.
According to historical income statements, SG&A expenses surged from $0.9M in 2022Q4 to $13.4M in 2025Q4, indicating that the company's operating leverage is currently being eroded by rising administrative costs that outpace the growth in gross profit, thereby limiting the scalability of the business model.
The sharp increase in SG&A suggests that the company may be facing rising management or administrative burdens that are not scaling efficiently with the fleet. This trend appears to be a primary factor in the compression of operating margins, which fell from 41.8% to 22.0% over the same period.
As evidenced by the 2025Q4 net loss of $4.5M despite generating $8.0M in operating income, the quality of earnings appears compromised by significant non-operating items, suggesting that reported EPS figures may not accurately reflect the underlying industrial performance of the company's tanker fleet.
The frequent swings between net profit and loss, often decoupled from operating income, suggest that financial engineering or non-recurring items play a major role in the bottom line. This volatility makes it difficult to rely on EPS as a metric for assessing the company's long-term value creation.
Based on the historical pattern of equity-linked financing and reverse stock splits, the primary risk to shareholders remains the potential for persistent dilution, which may continue to suppress per-share value regardless of the operational improvements observed in the company's modern Suezmax and VLCC fleet.
Short-sellers likely focus on the disconnect between the company's high-quality physical assets and its history of capital markets activity that prioritizes fleet growth over shareholder equity. This structural tension suggests that even if freight rates remain favorable, the common equity may remain under pressure from ongoing capital raises.
Quick answers to the most common questions about buying TOPS stock.
For fiscal year 2025, Top Ships Inc. (TOPS) reported total revenue of $80.4M. This represents a 603.8% increase compared to $11.4M in 2002.
Top Ships Inc. (TOPS) is profitable, generating $3.1M in net income for the fiscal year ending 2025 with a net profit margin of 3.8%.
Top Ships Inc. (TOPS) reported an operating income of $26.3M, resulting in an operating profit margin of 32.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Top Ships Inc. (TOPS) generated $36.9M in gross profit for the year, representing a gross profit margin of 45.9%. This demonstrates the company's core pricing power and production efficiency.