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Friday 6 November 2026
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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.
2.91
2.64
+977.78%
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Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 28 | 39 | 41 | 66 | 60 | 56 | 81 | 83 | 86 | 80 | 153 | +12.2% | — | — | — | — | |
| Gross margin, % | 62.55 | 63.31 | 61.40 | 60.32 | 61.19 | 69.21 | 74.86 | 75.72 | 59.23 | 61.20 | 57.93 | (1.3) pt | ||||||
| EBT | 1 | (13) | (11) | (15) | (23) | 9 | 19 | 6 | 5 | 3 | 30 | +12.7% | ||||||
| EBT margin, % | 3.70 | (33.90) | (27.11) | (22.35) | (37.89) | 15.29 | 23.49 | 7.31 | 5.84 | 3.84 | 19.95 | +0.1 pt | ||||||
| Net income | 1 | (13) | (11) | (15) | (23) | 9 | 19 | 6 | 5 | 3 | 0 | +12.7% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 0.00 | 37.02 | 270,926.01 | 132,176.00 | 615.14 | 339.76 | 318.80 | 46.11 | 18.62 | 17.38 | 103.09 | n/m | |||||
| Earnings | (999,999,999.00) | (12.57) | (73,487.71) | (63,505.40) | (292.92) | 33.61 | (36.37) | (12.44) | 1.09 | 0.67 | (32.41) | n/m | ||||||
| Cash flow | 0.00 | 0.65 | 4,725.76 | 38,388.00 | 61.70 | 96.81 | 132.09 | 16.08 | 3.74 | 5.71 | 0.00 | n/m | ||||||
| Capex | 0.00 | (38.96) | (419,477.26) | (406,532.00) | 1,932.51 | (479.97) | (572.96) | 0.00 | 0.00 | 2.20 | 0.00 | n/m | ||||||
| Free cash flow | 0.00 | (38.30) | (414,751.50) | (368,144.00) | 1,994.21 | (383.16) | (440.87) | 16.08 | 3.74 | 7.92 | 0.00 | n/m | ||||||
| Book value | 0.00 | 100.88 | 688,278.00 | 175,348.00 | 1,232.90 | 561.92 | 437.44 | 77.52 | 31.22 | 19.28 | 0.00 | n/m | ||||||
| Shares, m | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 2 | 5 | 5 | 1 | n/m | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 25.27 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2.5 | |||||
| P/S | 18,185,737,181.32 | 99,304.83 | 102.80 | 15.58 | 18.00 | 0.29 | 0.09 | 0.14 | 0.05 | 0.04 | 0.03 | 1,818,583,662.3 | ||||||
| P/B | 1,540,243,723.74 | 8,410.64 | 43.41 | 19.04 | 18.84 | 0.36 | 0.11 | 0.17 | 0.06 | 0.05 | 0.06 | 154,025,221.6 | ||||||
| EV/Sales | 18,185,737,184.72 | 99,308.23 | 105.96 | 18.42 | 19.02 | 1.85 | 1.84 | 1.56 | 1.68 | 1.72 | 1.66 | 1,818,583,664.5 | ||||||
| EV/FCF | (1,341,546,353.31) | (7,325.88) | (92.56) | (10.63) | (20.96) | (1.13) | (0.84) | (0.81) | (1.76) | (1.47) | (1.57) | (134,155,380.9) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 7 | 1 | 1 | 19 | 6 | 16 | 33 | 29 | 17 | 26 | 50 | +16.5% | |||||
| Capex | (73) | (41) | (64) | (203) | 189 | (80) | (145) | — | — | 10 | (212) | n/m | ||||||
| Free cash flow | (67) | (41) | (63) | (184) | 195 | (64) | (112) | 29 | 17 | 37 | (162) | n/m | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | (15) | 3 | (32) | (25) | 20 | (32) | (9) | (3) | (10) | (16) | (16) | 0.0% | |||||
| Net debt | 83 | 79 | 139 | 320 | 85 | 148 | 213 | 205 | 249 | 196 | 250 | +10.0% | ||||||
| Shareholders’ equity | 47 | 107 | 104 | 88 | 121 | 93 | 111 | 139 | 144 | 89 | 77 | +7.3% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (0.32) | (7.37) | (4.65) | (8.81) | (7.80) | 1.73 | (2.30) | (4.82) | 1.14 | 0.82 | 0.00 | +1.1 pt | |||||
| ROIC | 2.32 | 0.54 | (1.00) | 2.49 | (0.54) | 4.13 | 6.30 | 5.22 | 4.44 | 5.75 | 0.00 | +3.4 pt | ||||||
| ROE | (0.88) | (17.55) | (10.53) | (32.29) | (27.62) | 5.04 | (9.01) | (17.89) | 3.55 | 2.64 | 0.00 | +3.5 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 132 | 155 | 174 | 269 | 136 | 146 | 170 | 146 | 170 | 86 | — | (4.6%) | |||||
| Revenue/emp, $m | 0.22 | 0.25 | 0.24 | 0.25 | 0.44 | 0.39 | 0.47 | 0.57 | 0.51 | 0.94 | — | +17.7% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2023 · fundamentals updated 26 Oct 2026
TOP Ships Inc. vs peers in Oil & Gas Midstream (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| DLNG Dynagas LNG Partners LP | $110.6M | 1.8× | — | +2.12% (above 0%: growing) | +53.57% (above 0%: growing) | −13.57% (below 0%: shrinking) | 66.78% | 41.34% | Compare |
| MMLP Martin Midstream Partners L.P. | $77.1M | — (loss-making) | 27.1× | +37.35% (above 0%: growing) | n/m | −108.78% (below 0%: shrinking) | 45.22% | 4.40% | Compare |
| NFE New Fortress Energy LLC | $62.8M | — (loss-making) | 1.2× | +2.76% (above 0%: growing) | n/m | +65.32% (above 0%: growing) | 30.77% | (47.59%) | Compare |
| PXS Pyxis Tankers Inc. | $57.2M | 6.9× | 6.8× | +32.60% (above 0%: growing) | n/m | +84.21% (above 0%: growing) | 63.33% | 36.25% | Compare |
| MARPS Marine Petroleum Trust | $8.5M | 12.4× | 12.4× | +9.93% (above 0%: growing) | +25.00% (above 0%: growing) | +18.78% (above 0%: growing) | 100.00% | 77.69% | Compare |
| TMDE TMD Energy Limited | $6.7M | — | — | — | — | — | — | — | Compare |
| BANL CBL International Limited | $6.1M | — | — | — | — | −44.03% (below 0%: shrinking) | 1.96% | 0.00% | Compare |
| TOPS TOP Ships Inc. | $2.1M | — (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. | $190.0K | 0.0× | — | +63.77% (above 0%: growing) | n/m | −1.65% (below 0%: shrinking) | 46.09% | 223.81% | Compare |
| Median of peers | $32.9M | 4.4× | 9.6× | +21.27% | — | −1.65% | 46.09% | 36.25% |