15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Overview →
| FY | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| 2025 | $80M | $3M | 0.0% | 32.7% | — | $217M | $20M |
| 2024 | — | $5M | — | — | — | $259M | $8M |
| 2023 | — | $6M | — | — | — | $240M | $36M |
| 2022 | $81M | $19M | 0.0% | 40.4% | — | $234M | $21M |
| 2021 | $56M | $9M | 0.0% | 26.3% | $16M | $151M | $2M |
| 2020 | $60M | -$23M | 0.0% | -3.0% | $6M | $105M | $19M |
| 2019 | $66M | -$15M | 0.0% | 6.0% | -$29M | $309M | $4M |
| 2018 | $41M | -$11M | 0.0% | -9.5% | $716000 | $141M | $57000 |
| 2017 | $39M | -$13M | 0.0% | 4.1% | -$34M | $104M | $24M |
| 2016 | $28M | $1M | 0.0% | 17.1% | — | $85M | $127000 |
| 2015 | $13M | -$9M | 0.0% | -56.7% | -$1M | $24M | $3M |
| 2014 | $4M | — | 0.0% | -16.3% | -$3M | $19M | — |
| 2013 | $20M | — | 0.0% | 46.0% | — | — | $10M |
| 2012 | $31M | — | 0.0% | -167.9% | $15M | — | — |
| 2011 | $80M | — | 0.0% | -214.6% | $15M | — | — |
| Quarter | Revenue | Net income | Gross M | Op M | FCF | Total debt | Cash |
|---|---|---|---|---|---|---|---|
| Jun '14 | $170000 | — | 0.0% | 150.6% | — | $20M | $14M |
| Mar '14 | $449000 | — | 0.0% | 14.7% | — | — | $2M |
| Jun '13 | $7M | — | 0.0% | 54.8% | — | — | — |
| Mar '13 | $7M | — | 0.0% | 62.5% | — | — | — |
How the market has priced TOPS against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.
Over the past 5 years, TOP SHIPS INC.'s revenue has grown 6.0% per year. These are computed facts, not advice.
As of FY2025, TOP SHIPS INC. reported $217M of total debt against $20M of cash; operating income covered interest expense 1.1×.
In FY2025, gross margin was —, operating margin 32.7%, and net margin 3.8%.
As of Jun '26, TOP SHIPS INC. traded at a price-to-earnings ratio of about 1.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S have moved with the share price. These are computed facts, not advice.
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.