Top Ships Inc. (TOPS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+6758.2%

$21.27

vs $0.31 price

Levered DCF

-$62.80

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.95

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	6.73×	5.53×	-1.26×	-0.42×	6.2×	-0.99×	-0.08×	-0.13×
P/B	0.23×	0.19×	0.15×	0.02×	0.31×	0.21×	0.02×	0.01×
P/S	0.26×	0.32×	0.34×	0.05×	0.59×	0.47×	0.04×	0.04×
EV / EBITDA	5×	5.43×	5.89×	5.56×	9.11×	14.11×	19.84×	28.22×
Gross margin	45.9%	43.7%	58.4%	44.9%	36.4%	41.3%	43.4%	28.3%
Operating margin	32.7%	32.4%	34.6%	40.4%	28.3%	18.4%	25.5%	-9.5%
Net margin	3.8%	5.8%	7.3%	23.5%	15.3%	-37.9%	-22.4%	-27.1%
Current ratio	0.61×	0.71×	0.94×	0.71×	0.7×	1.77×	0.67×	0.14×
Debt / equity	2.3×	1.74×	1.4×	1.32×	1.69×	1.1×	2.92×	1.35×
Interest coverage	1.64×	1.28×	1.25×	2.27×	1.95×	0.53×	0.95×	-0.4×
Dividend yield	0.0%	0.0%	21.4%	346.7%	5.3%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	99.1%	70.5%	20.6%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.5%	3.5%	3.3%	9.6%	7.9%	-17.0%	-14.0%	-10.7%
Return on invested capital	8.9%	7.0%	6.5%	7.1%	5.4%	3.9%	4.1%	-1.6%
Return on assets	0.9%	1.2%	1.3%	4.0%	2.6%	-7.8%	-3.3%	-4.3%
Free cash flow yield	82.1%	62.1%	103.0%	-4757.3%	-297.2%	-410.0%	-8142.0%	-4257.4%
Earnings yield	14.8%	18.0%	21.6%	491.8%	25.8%	-80.2%	-630.7%	-754.3%
Enterprise value	$205.3M	$271.7M	$248M	$244.2M	$215.4M	$156.8M	$306.9M	$142.1M
Net debt / EBITDA	4.49×	4.87×	5.22×	5.47×	7.7×	11.55×	19.69×	27.93×
Cash conversion cycle (days)	-14	-2	-3	-8	-16	-21	-32	-33