Top Ships Inc. (TOPS) Revenue History
Annual and quarterly revenue from 2013 to 2024
Compound Annual Growth Rate (CAGR)
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TOPS Revenue Growth
Revenue Breakdown (FY 2021)
TOPS's revenue distribution by segment and geography for fiscal year 2021
By Product/Segment
TOPS Revenue Analysis (2013–2024)
As of May 8, 2026, Top Ships Inc. (TOPS) generated trailing twelve-month (TTM) revenue of $123.3 million, reflecting explosive growth of +100.0% year-over-year. The most recent quarter (Q4 2023) recorded $41.8 million in revenue, up 1.6% sequentially.
Looking at the longer-term picture, TOPS's 5-year compound annual growth rate (CAGR) stands at +5.4%, indicating steady revenue expansion. The company achieved its highest annual revenue of $86.1 million in 2024, representing a new all-time high.
Revenue diversification analysis shows TOPS's business is primarily driven by Time Charter Contracts (100%), Time Charter - Related Parties (0%), and Voyage Charter (0%). With over half of revenue concentrated in Time Charter Contracts, the company maintains significant focus in this area while developing other growth vectors.
When compared to Industrials sector peers including SBLK (-17.6% YoY), SHIP (-7.5% YoY), and CTRM (-19.6% YoY), TOPS has outperformed the peer group in terms of revenue growth. Compare TOPS vs SBLK →
TOPS Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| TOPSCurrent | $123M | +100.0% | +5.4% | 32.4% | |
 SBLK | $1.0B | -17.6% | +8.5% | 13.5% | |
 SHIP | $158M | -7.5% | +20.1% | 26.0% | |
 CTRM | $66M | -19.6% | +61.8% | 2.3% | |
 PSHG | $87M | -11.1% | +26.6% | 47.8% | |
 TNK | $952M | -26.3% | +1.4% | 22.6% |
TOPS Historical Revenue Data (2013–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2024 | $86.1M | +3.8% | $37.7M | 43.7% | $27.9M | 32.4% |
| 2023 | $82.9M | +2.8% | $48.5M | 58.4% | $28.7M | 34.6% |
| 2022 | $80.7M | +43.1% | $36.3M | 44.9% | $32.6M | 40.4% |
| 2021 | $56.4M | -6.4% | $20.5M | 36.4% | $16.0M | 28.3% |
| 2020 | $60.2M | -8.9% | $24.9M | 41.3% | $11.1M | 18.4% |
| 2019 | $66.1M | +61.0% | $28.7M | 43.4% | $16.9M | 25.5% |
| 2018 | $41.0M | +4.3% | $11.6M | 28.3% | $-3,889,000 | -9.5% |
| 2017 | $39.4M | +38.4% | $11.2M | 28.5% | $1.6M | 4.1% |
| 2016 | $28.4M | +117.5% | $6.4M | 22.7% | $4.8M | 17.1% |
| 2015 | $13.1M | +263.0% | $811K | 6.2% | $-4,335,000 | -33.2% |
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Start ComparisonTOPS — Frequently Asked Questions
Quick answers to the most common questions about buying TOPS stock.
Is TOPS's revenue growth accelerating or slowing?
TOPS revenue is accelerating at +100.0% year-over-year, exceeding the 5-year CAGR of +5.4%. TTM revenue reached $123M. Growth momentum has increased versus prior periods.
What is TOPS's long-term revenue growth rate?
Top Ships Inc.'s 5-year revenue CAGR of +5.4% reflects the sustained expansion pattern. Current YoY growth of +100.0% is above this long-term average.
How is TOPS's revenue distributed by segment?
TOPS reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2013-2024 are available for download. Segment mix reveals concentration and diversification trends.