NYSE · Consumer discretionary

Top Ships Inc. (TOPS)

Top Ships Inc. reported revenue of $80.4M in fiscal 2025. Net income was $3.1M, a net margin of 3.8%. At December 31, 2025 it held $20.4M in cash against $216.6M of debt. Its latest periodic report to the SEC is the annual report (foreign issuer) (20-F) filed on April 1, 2026.

Price

$0.68

+0.35% on the day · September 25, 2026

52-week range $0.62 to $7.40

Market cap

$3.8M

Revenue (FY2025)

$80.4M

Net margin

3.8%

What Top Ships Inc. does

Top Ships Inc. is registered with the SEC under industry code SIC 4412 (Deep Sea Foreign Transportation of Freight). Its shares trade on NYSE under the ticker TOPS.

Revenue and profit by year

Revenue

Net income

Fiscal years as reported in annual reports. Amounts in USD.

Key figures

Fiscal year	Revenue	Operating income	Net income	Diluted EPS	Free cash flow
2025	$80.4M	$26.3M	$3.1M	$0.67	n/a
2024	n/a	$27.9M	$5M	$1.09	n/a
2023	n/a	$28.7M	-$22.4M	-$12.44	n/a
2022	$80.7M	$32.6M	-$9.2M	-$36.34	n/a
2021	$56.4M	$14.8M	$5.4M	$32.51	$16.1M
2020	$60.2M	-$1.8M	-$28.8M	-$293.67	$6M

Full financial statements: income, balance sheet and cash flow

Where TOPS ranks in Consumer discretionary

Revenue$80.4M

#737 of 955 in Consumer discretionary · Bottom 23%

Net margin3.8%

#402 of 901 in Consumer discretionary · Top 45%

Latest fiscal year of every company in the sector with the figure reported. Revenue is ranked among companies reporting in US dollars; growth and margins among companies with at least 10 million of revenue. Consumer discretionary

Latest SEC filings

What Top Ships Inc. has filed recently, newest first. Each links to the original document on SEC EDGAR.

September 24, 2026
Activist stake changed SCHEDULE 13D/A
September 22, 2026
Securities offering prospectus 424B3
September 22, 2026
Foreign issuer update 6-K
September 21, 2026
Activist stake changed SCHEDULE 13D/A
September 17, 2026
Securities offering prospectus 424B3
September 17, 2026
Foreign issuer update 6-K
September 15, 2026
Securities offering prospectus 424B3
September 15, 2026
Foreign issuer update 6-K
August 17, 2026
Securities offering prospectus 424B3
August 17, 2026
Foreign issuer update 6-K

Recent insider filings (Forms 3, 4 and 144): 10, the latest on April 1, 2026. Insider transactions on SEC

Who owns TOPS

Three views from three kinds of SEC filings, each with its own date. They overlap and are not added up.

5% holders

Anyone who owns more than 5% of a class of shares must say so on Schedule 13D (if they may seek to influence the company) or 13G (a passive holder). The latest filing of each holder is shown: 13G filings of the last 2 years, 13D of the last 3.

Holder	Of class	Shares	Filed
Family Trading Inc.13D, may seek influence with 2 related filers	23.71%	2,930,718	September 24, 2026

Largest institutional holders

No Form 13F positions imported for this company yet.

Insiders

Reported holdings of insiders who filed a Form 4 in the last 12 months: the shares each one held after their latest reported transaction. This is not the total held by all insiders.

We have not read this company's Form 4 filings yet.

Schedule 13D/13G filings on SEC.gov

All filings on SEC EDGAR

Questions about TOPS

What does Top Ships Inc. do?

Top Ships Inc. is registered with the SEC under industry code SIC 4412 (Deep Sea Foreign Transportation of Freight). Its shares trade on NYSE under the ticker TOPS.

Is Top Ships Inc. profitable?

Yes. In fiscal 2025 it reported net income of $3.1M on revenue of $80.4M, a net margin of 3.8%.

How much revenue does Top Ships Inc. make?

In fiscal 2025 Top Ships Inc. reported revenue of $80.4M.

When did Top Ships Inc. last report?

Its most recent periodic report is the annual report (foreign issuer) (20-F) filed on April 1, 2026. It covers the period to December 31, 2025. Its newest filing of any kind is the activist stake changed from September 24, 2026.

Similar companies

ZIM

ZIM Integrated Shipping Services Ltd.

FRO

Frontline plc

NMM

Navios Maritime Partners L.P.

TRMD

TORM plc

SBLK

Star Bulk Carriers Corp.

DAC

Danaos Corp

Compare TOPS with

Compare TOPS with any company

Follow TOPS

Get an email when Top Ships Inc. files with the SEC: results, executive changes, material agreements and annual reports.

Follow TOPS: get an email when it files

Where the numbers come from

Financial figures are the values Top Ships Inc. tagged in its own SEC filings (XBRL), taken from the latest filing for each period, so restatements replace older figures. Revenue, profit and cash flow are for full fiscal years unless marked as the last twelve months, which is the sum of the four most recent quarters. Where a company reports only the full year, the fourth quarter is the year minus the first three.

Prices are delayed end-of-day market data in the listing currency, and market cap moves with the price. P/E is shown only when earnings per share are positive. Nothing here is investment advice.