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.
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TOP Ships Inc. (TOPS) Beneish M-score
TOP Ships Inc.'s Beneish M-score for fiscal 2025 is −2.09; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.09 | (1.77) |
| FY2024 | −0.33 | (31.81) |
| FY2023 | 31.48 | 34.63 |
| FY2022 | −3.15 | (0.24) |
| FY2019 | −2.91 | (0.57) |
| FY2018 | −2.34 | (6.92) |
| FY2017 | 4.58 | 7.09 |
| FY2016 | −2.51 | (12.28) |
| FY2015 | 9.77 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 2.06 | — | 1.90 | |
| Gross margin index | 0.97 | — | 0.51 | |
| Asset quality index | 0.76 | — | 0.31 | |
| Sales growth index | 0.93 | — | 0.83 | |
| Depreciation index | 0.79 | — | 0.09 | |
| SG&A index | 1.17 | — | −0.20 | |
| Total accruals to total assets | (0.07) | — | −0.33 | |
| Leverage index | 1.11 | — | −0.36 | |
| Beneish M-score | Elevated | −2.09 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| RBNE Robin Energy Ltd. compare | −3.6× |
| PXS Pyxis Tankers Inc. compare | −3.6× |
| MMLP Martin Midstream Partners L.P. compare | −3.0× |
| BANL CBL International Limited compare | −2.8× |
| NFE New Fortress Energy LLC compare | −2.4× |
| TOPS TOP Ships Inc. | −2.1× |
| TMDE TMD Energy Limited compare | −0.1× |
| BPT BP Prudhoe Bay Royalty Trust compare | — |
| MARPS Marine Petroleum Trust compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI