Saturday 17 October 2026 Export TOPS’s income statement to Excel — free account

TOP Ships Inc.

TOPS Energy Oil & Gas Midstream

TOP Ships Inc.’s revenue for fiscal 2025 (year ended December 2025) was $80.4 million, down 6.63% from fiscal 2024.

0.45 0.00 0.00%

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Market cap: $3.4M
P/E: 0.0×
Fwd P/E: 4.8×
Dividend yield: —
F-score: 7/9
Altman Z: −0.92
Beneish M: −2.09
Dividend safety: n/a

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 3.40

Revenue 152.86

Net Income 0.00

Free Cash Flow (161.65)

Net Debt 249.53

Current Ratio 0.48

Debt/Equity 3.40

P/E ratio 0.00

Fwd P/E 4.83

P/S ratio 0.00

P/B ratio 0.01

Past 5Y EPS Growth —

This Y EPS Growth 106.19%

Next Y EPS Growth 184.42%

Next Y revenue growth 7.75%

Next 5Y EPS Growth —

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 2.54%

10-year low 10-year high

P/B against its own 10 years 4.17%

10-year low 10-year high

EV/Sales against its own 10 years 9.36%

10-year low 10-year high

Dividends

Payout Ratio —

Annual Dividend Rate —

Annual Dividend Yield —

	total	individual payouts
2023	Powerpack
2022	Powerpack
2021	Powerpack
2020	Powerpack
2019	Powerpack
2018	Powerpack

special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	36	11	20	11
Receivables	0	1	2	2
Inventory	1	1	1	1
Other	—	10	—	—
	39	23	24	14

	2023	2024	2025	Q'26
Payables	6	3	3	14
ST’ Debt	12	14	12	12
Other	12	7	23	3
	41	33	40	30

Compound Annual Growth %

	10y	5y	3y
Sales	19.92%	5.95%	(0.10%)
Cash Flow	0.00%	34.34%	(7.52%)
Earnings	0.00%	0.00%	0.00%
Book Value	10.07%	(5.87%)	(6.94%)

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	—	—	—	—	80
’24	—	—	—	—	86
’23	—	41	—	—	83
’22	—	39	—	42	81
’21	—	25	—	31	56
’20	—	33	—	28	60

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	—	19	—	—	26
’24	—	7	—	—	17
’23	—	13	—	—	29
’22	—	10	—	19	33
’21	—	9	—	6	16
’20	—	(1)	—	2	6

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	—	(52)	—	—	—
’25	—	16	—	—	37
’24	—	6	—	—	17
’23	—	13	—	—	29
’22	—	(134)	—	19	(112)
’21	—	(80)	—	6	(64)
’20	—	37	—	2	195

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	—	—	—	—	0.67
’24	—	—	—	—	1.09
’23	—	0.83	—	—	32.51
’22	—	(1.48k)	—	4.58	(36.37)
’21	—	4.62	—	27.89	33.61
’20	—	(27.27)	—	(2.66)	(292.92)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	28,080,001,024.00	288,000.00	82,800.00	3,660.00	228.00	194.40	12.48	5.51	5.30	4.45	Analyst estimates 2026–2028 Powerpack
	High	181,440,004,096.00	106,920,001,536.00	420,000.00	150,000.00	6,900.00	933.60	393.60	25.80	15.91	11.47
People
People	Employees	132	155	174	269	136	146	170	146	170	86
	Revenue/emp, $m	0.22	0.25	0.24	0.25	0.44	0.39	0.47	0.57	0.51	0.94
Income, $m
Income, $m	Revenue	28	39	41	66	60	56	81	83	86	80
	Gross margin, %	62.55	63.31	61.40	60.32	61.19	69.21	74.86	75.72	59.23	61.20
	EBT	1	(13)	(11)	(15)	(23)	9	19	6	5	3
	EBT margin, %	3.70	(33.90)	(27.11)	(22.35)	(37.89)	15.29	23.49	7.31	5.84	3.84
	Net income	1	(13)	(11)	(15)	(23)	9	19	6	5	3
	Depreciation	5	17	12	15	20	16	24	28	26	26
Per share, $
Per share, $	Revenue	0.00	37.02	205,240.00	132,176.00	615.14	339.76	318.80	46.11	18.62	17.38
	Earnings	(999,999,999.00)	(12.57)	(73,229.29)	(63,505.40)	(292.92)	33.61	(36.37)	32.51	1.09	0.67
	Cash flow	0.00	0.65	3,580.00	38,388.00	61.70	96.81	132.09	16.08	3.74	5.71
	Capex	0.00	(38.96)	(317,775.00)	(406,532.00)	1,932.51	(479.97)	(572.96)	0.00	0.00	2.20
	Free cash flow	0.00	(38.30)	(314,195.00)	(368,144.00)	1,994.21	(383.16)	(440.87)	16.08	3.74	7.92
	Book value	0.00	100.88	521,405.00	175,348.00	1,232.90	561.92	437.44	77.52	31.22	19.28
	Shares, m	0	1	0	0	0	0	0	2	5	5
Valuation, ×
Valuation, ×	P/E	25.27	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	P/S	18,185,737,181.32	99,304.83	102.80	15.58	18.00	0.29	0.09	0.15	0.06	0.04
	P/B	1,540,243,723.74	8,410.64	43.41	19.04	18.84	0.36	0.11	0.18	0.06	0.05
	EV/Sales	18,185,737,184.72	99,308.23	105.96	18.42	19.02	1.85	1.84	1.57	1.69	1.72
	EV/FCF	(1,341,546,353.31)	(7,325.88)	(92.56)	(10.63)	(20.96)	(1.13)	(0.84)	(0.82)	(1.77)	(1.47)
Cash, $m
Cash, $m	Operating cash flow	7	1	1	19	6	16	33	29	17	26
	Capex	(73)	(41)	(64)	(203)	189	(80)	(145)	—	—	10
	Free cash flow	(67)	(41)	(63)	(184)	195	(64)	(112)	29	17	37
Balance, $m
Balance, $m	Working capital	(15)	3	(32)	(25)	20	(32)	(9)	(3)	(10)	(16)
	Total debt	85	104	141	326	105	151	234	240	259	217
	Net debt	83	79	139	320	85	148	213	205	249	196
	Shareholders’ equity	47	107	104	88	121	93	111	139	144	89
Returns, %
Returns, %	ROA	(0.32)	(7.37)	(4.65)	(8.81)	(7.80)	1.73	(2.30)	(4.82)	1.14	0.82
	ROIC	2.32	0.54	(1.00)	2.49	(0.54)	4.13	6.30	5.22	4.44	5.75
	ROE	(0.88)	(17.55)	(10.53)	(32.29)	(27.62)	5.04	(9.01)	(17.89)	3.55	2.64

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2023

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
MMLP Martin Midstream Partners L.P.	$79.0M	— (loss-making)	27.1×	+18.22% (above 0%: growing)	n/m	−70.08% (below 0%: shrinking)	49.63%	9.02%	Compare
PXS Pyxis Tankers Inc.	$77.4M	9.3×	4.8×	+32.60% (above 0%: growing)	n/m	+84.21% (above 0%: growing)	63.33%	36.25%	Compare
NFE New Fortress Energy LLC	$23.9M	— (loss-making)	1.2×	+2.76% (above 0%: growing)	n/m	+65.32% (above 0%: growing)	30.77%	(47.59%)	Compare
TMDE TMD Energy Limited	$14.2M	—	—	—	—	—	—	—	Compare
BPT BP Prudhoe Bay Royalty Trust	$10.7M	— (loss-making)	— (loss-making)	−48.13% (below 0%: shrinking)	n/m	—	100.00%	0.00%	Compare
MARPS Marine Petroleum Trust	$8.9M	12.8×	12.4×	+9.93% (above 0%: growing)	+25.00% (above 0%: growing)	+18.78% (above 0%: growing)	100.00%	77.69%	Compare
BANL CBL International Limited	$7.9M	—	—	—	—	−44.03% (below 0%: shrinking)	1.96%	0.00%	Compare
TOPS TOP Ships Inc.	$3.4M	— (loss-making)	4.8×	+62.56% (above 0%: growing)	−66.67% (below 0%: shrinking)	−366.51% (below 0%: shrinking)	57.22%	0.00%
RBNE Robin Energy Ltd.	$2.6M	0.1×	—	+63.77% (above 0%: growing)	n/m	−1.65% (below 0%: shrinking)	46.09%	223.81%	Compare
Median of peers	$12.5M	9.3×	8.6×	+14.08%	—	+8.57%	49.63%	9.02%

All 58 Oil & Gas Midstream stocks →

TOP Ships Inc. (TOPS) key facts

Concern: TOP Ships Inc.’s revenue for fiscal 2025 (year ended December 2025) was $80.4 million, down 6.63% from fiscal 2024.
TOP Ships Inc. (TOPS) is an Oil & Gas Midstream company in the Energy sector, listed on NYSE American.
As of October 16, 2026, TOPS traded at $0.45, a market capitalization of $3.4 million.
Return on equity was 2.64% and debt-to-equity 3.40.
Its Piotroski F-score is 7 out of 9 and its Altman Z-score is −0.92 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.