Top Ships Inc

topships.org

What Do They Do?

Transports crude oil, petroleum products and bulk liquid chemicals by tanker for charterers.

How Do They Make Money?

Charterers pay to hire tanker vessels for a specified period at a daily rate, generally monthly in advance. Megayacht charters follow similar arrangements and are usually shorter, lasting a few weeks to several months.

revenue

Segment	Share	Revenue	How money arrives
Tanker Segment Recurring	95%		Recurring
Megayacht Segment Recurring	5.4%		Recurring

Who Are Their Customers?

Charterers hire tanker vessels under time-charter agreements; megayacht charters are generally shorter, lasting a few weeks to several months.

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

33% of revenue

▼ −6% vs FY2024 ($27.9M, 32%)

Net income, FY2025

4% of revenue

▼ −39% vs FY2024 ($5M, 6%)

How Are They Changing?

Growing. Revenue grew 43% in 4 years, from $56.4M in FY2021 to $80.4M in FY2025, about 9% a year.

Financial Snapshot

Last updated: 10/28/2026

Size

Revenue: N/A
Net Income: N/A

Growth FY2025

Revenue Growth
EPS Growth

Profitability

Gross Margin: N/A
Operating Margin: N/A
Net Income Margin: N/A

Cash flow

Free Cash Flow: N/A

Balance sheet Q4 FY2025

Cash
Debt to Equity

Valuation Today

Market Cap: $2.13M
P/E: N/A

Company Facts

Industry: Deep Sea Foreign Transportation of Freight
Founded
Headquarters

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