InsiderClue
Stocks · Industrials · Deep Sea Foreign Transportation of Freight

TOP SHIPS INC.

TOPS Clue Score51
Marshall Islands Fiscal year ends December CIK 0001296484
$0.50 -1.41% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $0.50 −68.56% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue28.4Operating income4.8Net income−0.4EPS, diluted−0.09Fiscal year 2017Revenue39.4 +38.4%Operating income1.6Net income−13.4Fiscal year 2018Revenue41.0 +4.3%Operating income−3.9Net income−11.1Fiscal year 2019Revenue66.1 +61.0%Operating income3.9Net income−14.8Fiscal year 2020Revenue60.2 −8.9%Operating income−1.8Net income−22.8EPS, diluted−24.48Fiscal year 2021Revenue56.4 −6.4%Operating income14.8Net income8.6EPS, diluted32.51Fiscal year 2022Revenue80.7 +43.1%Operating income32.6Net income18.9 +119.9%EPS, diluted−36.34Fiscal year 2023Operating income28.7Net income6.1 −68.0%EPS, diluted−12.44Fiscal year 2024Operating income27.9Net income5.0 −17.0%EPS, diluted1.09Fiscal year 2025Revenue80.4Operating income26.3Net income3.1 −38.7%EPS, diluted0.67
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 28.4 39.4 41.0 66.1 60.2 56.4 80.7 n/a n/a 80.4
Growth +38.4% +4.3% +61.0% −8.9% −6.4% +43.1%
Operating income 4.8 1.6 −3.9 3.9 −1.8 14.8 32.6 28.7 27.9 26.3
Net income −0.4 −13.4 −11.1 −14.8 −22.8 8.6 18.9 6.1 5.0 3.1
Growth +119.9% −68.0% −17.0% −38.7%
EPS, diluted −0.09 n/a n/a n/a −24.48 32.51 −36.34 −12.44 1.09 0.67

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin17.1%Net margin−1.2%Free cash flow margin−234.5%Fiscal year 2017Operating margin4.1%Net margin−34.1%Free cash flow margin−86.3%Fiscal year 2018Operating margin−9.5%Net margin−27.1%Free cash flow margin1.7%Fiscal year 2019Operating margin6.0%Net margin−22.4%Free cash flow margin−43.8%Fiscal year 2020Operating margin−3.0%Net margin−37.9%Free cash flow margin10.0%Fiscal year 2021Operating margin26.3%Net margin15.3%Free cash flow margin28.5%Fiscal year 2022Operating margin40.4%Net margin23.5%Fiscal year 2023Fiscal year 2024Fiscal year 2025Operating margin32.7%Net margin3.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 17.1% 4.1% −9.5% 6.0% −3.0% 26.3% 40.4% n/a n/a 32.7%
Net margin −1.2% −34.1% −27.1% −22.4% −37.9% 15.3% 23.5% n/a n/a 3.8%
Free cash flow margin −234.5% −86.3% 1.7% −43.8% 10.0% 28.5% n/a n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow6.7Capital expenditure−73.4Free cash flow−66.7Fiscal year 2017Operating cash flow0.7Capital expenditure−34.7Free cash flow−34.0Fiscal year 2018Operating cash flow0.7Capital expenditure0.0Free cash flow0.7Fiscal year 2019Operating cash flow19.2Capital expenditure−48.1Free cash flow−28.9 −4,142.7%Fiscal year 2020Operating cash flow6.0Capital expenditure0.0Free cash flow6.0Fiscal year 2021Operating cash flow16.1Capital expenditure0.0Free cash flow16.1 +165.9%Fiscal year 2022Operating cash flow33.4Fiscal year 2023Operating cash flow28.9Fiscal year 2024Operating cash flow17.3Fiscal year 2025Operating cash flow26.4
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 6.7 0.7 0.7 19.2 6.0 16.1 33.4 28.9 17.3 26.4
Capital expenditure −73.4 −34.7 0.0 −48.1 0.0 0.0 n/a n/a n/a n/a
Free cash flow −66.7 −34.0 0.7 −28.9 6.0 16.1 n/a n/a n/a n/a
Growth −4,142.7% +165.9%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.1Total debt80.5Net cash (debt)−80.3Shareholders’ equity45.5Debt to equity1.77Fiscal year 2017Cash24.1Total debt93.8Net cash (debt)−69.7Shareholders’ equity106.1Debt to equity0.88Fiscal year 2018Cash0.1Total debt111.6Net cash (debt)−111.5Shareholders’ equity104.3Debt to equity1.07Fiscal year 2019Cash4.4Total debt279.0Net cash (debt)−274.6Shareholders’ equity87.7Debt to equity3.18Fiscal year 2020Cash19.3Total debt104.6Net cash (debt)−85.3Shareholders’ equity120.7Debt to equity0.87Fiscal year 2021Cash2.4Total debt97.4Net cash (debt)−95.0Shareholders’ equity93.2Debt to equity1.04Fiscal year 2022Cash20.5Total debt233.7Net cash (debt)−213.2Shareholders’ equity110.7Debt to equity2.11Fiscal year 2023Cash36.0Total debt240.5Net cash (debt)−204.5Shareholders’ equity139.5Debt to equity1.72Fiscal year 2024Cash7.6Total debt259.3Net cash (debt)−251.6Shareholders’ equity144.4Debt to equity1.80Fiscal year 2025Cash20.4Total debt216.6Net cash (debt)−196.2Shareholders’ equity89.2Debt to equity2.43
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.1 24.1 0.1 4.4 19.3 2.4 20.5 36.0 7.6 20.4
Total debt 80.5 93.8 111.6 279.0 104.6 97.4 233.7 240.5 259.3 216.6
Net cash (debt) −80.3 −69.7 −111.5 −274.6 −85.3 −95.0 −213.2 −204.5 −251.6 −196.2
Shareholders’ equity 45.5 106.1 104.3 87.7 120.7 93.2 110.7 139.5 144.4 89.2
Debt to equity 1.77 0.88 1.07 3.18 0.87 1.04 2.11 1.72 1.80 2.43

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
17.1% 4.1% −9.5% 6.0% −3.0% 26.3% 40.4% n/a n/a 32.7%
3.7% −33.9% n/a n/a n/a n/a n/a n/a n/a n/a
−1.2% −34.1% −27.1% −22.4% −37.9% 15.3% 23.5% n/a n/a 3.8%
−234.5% −86.3% 1.7% −43.8% 10.0% 28.5% n/a n/a n/a n/a
Spending
10.2% 14.7% 17.0% 2.6% 3.2% 3.4% 2.0% n/a n/a 9.5%
258.1% 88.1% 0.0% 72.8% 0.0% 0.0% n/a n/a n/a n/a
0.0% n/a n/a n/a n/a n/a n/a n/a n/a n/a
Returns
−0.8% −12.6% −10.7% −16.8% −18.9% 9.2% 17.1% 4.3% 3.5% 3.5%
−0.2% −6.1% −4.3% −3.3% −7.8% 2.6% 4.0% 1.3% 1.2% 0.9%
Balance and payout
1.77 0.88 1.07 3.18 0.87 1.04 2.11 1.72 1.80 2.43
67.0% 51.3% 59.7% 76.2% 54.2% 66.9% 58.0% 60.1% 65.8% 73.3%