TOP Ships Inc. (TOPS) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of TOP Ships Inc. $0.94, price $0.71, upside +32.0%, quality 46 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $0.6300 – $417.60 · fair‑value band $0.8032 – $1.10 · the $0.7100 price screens below the $0.9371 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.
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Top Ships Inc. owns and operates tanker vessels in Greece and internationally. The company transports crude oil, petroleum products, and bulk liquid chemicals.
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Top Ships Inc. owns and operates tanker vessels in Greece and internationally. The company transports crude oil, petroleum products, and bulk liquid chemicals. As of December 31, 2025, it had a fleet with a total capacity of 857,000 deadweight tonnes (dwt) consisting of one 50,000 dwt product/chemical tanker, one 157,000 dwt Suezmax tankers, two 300,000 dwt very large crude carriers, and two 50,000 dwt product tankers. The company was formerly known as Top Tankers Inc. and changed its name to Top Ships Inc. in December 2007. Top Ships Inc. was incorporated in 2000 and is based in Athens, Greece.
Stock analysis
TOP Ships Inc. (TOPS) currently trades at $0.7100, while our model-based Fair Value estimate is $0.9371, implying the stock looks roughly 24.2% undervalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of $8.23 per share, and 22 of the 22 models we run sit above the $0.7100 price.
Bear case: the Earnings-Based group reads lowest at $3.89, and 0 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: $0.8032 (bear) to $1.10 (bull), the price of $0.7100 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
TOP Ships Inc. reported revenue of $80.4M in FY2025 versus $56.4M in FY2021, a compound +9.3%/yr. Reported net income was $3.1M in FY2025, compounding −22.6%/yr from FY2021.
Key figures
Market cap $5.4M · P/E ratio 1.2 · P/S ratio 0.05 · EPS (TTM) $−0.3500 · Net margin 3.8% · Return on equity 1.8% · Return on assets (EBIT) 6.5% · Operating margin 45.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 88% below its 52-week high and 13% above its 52-week low.
For context, the median of 10 Energy peers we cover trades at −11% fair-value upside, at 32%, TOPS screens cheaper than that median.
Fair Value models
Bear $0.8032Fair Value $0.9371Bull $1.10
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.57/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−6.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.0%
Start year 2020 (pandemic). Over 10 years: +19.9% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
−87.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−87.0%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.18% → 33%
⚠ Revenue per share shrinking 46.8%/yr over ~20Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
News mood ⓘNews mood, the average tone of recent news (86 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Midstream · 85 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside+32% · Top 25%
Profitability
Return on equity (TTM)2% · Bottom 25%
Return on assets3% · Below median
Net margin (TTM)3% · Below median
Operating margin (TTM)46% · Top 25%
Growth and dividend
Revenue growth−42% · Bottom 25%
Balance sheet
Debt / equity2.30× · Highest 25%
Valuation Multiplesvs Oil & Gas Midstream median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "TOP Ships Inc. Fair Value". https://www.fairvalue-calculator.com/stock/TOPS
Frequently asked questions
Is TOP Ships Inc. (TOPS) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $0.9371 versus a price of $0.7100, about +32% upside (undervalued).
What is the fair value of TOPS?
Our model-based fair value for TOP Ships Inc. is $0.9371 (as of Sep 23, 2026), built from audited fundamentals. The current price: $0.7100.
What is the quality score of TOPS?
TOP Ships Inc. has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for TOP Ships Inc. (TOPS)?
Our model-based price target is the fair value of $0.9371 (as of Sep 23, 2026) from 23 valuation models. Cautious scenario $0.8032, optimistic scenario $1.10. It is a calculation from audited fundamentals, not an analyst target.
What is the TOP Ships Inc. stock forecast for 2026?
Our models put fair value at $0.9371, about +32% upside versus a price of $0.7100 (undervalued). Cautious scenario $0.8032, optimistic scenario $1.10. The calculation is refreshed regularly with new filings.
What is the revenue of TOP Ships Inc. (TOPS)?
TOP Ships Inc. reported trailing-twelve-month revenue of about $62.1M (latest available figure, as of Sep 23, 2026).
What is the intrinsic value of TOP Ships Inc. (TOPS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TOP Ships Inc. it is $0.9371 per share (as of Sep 23, 2026), against a price of $0.7100. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is TOP Ships Inc. stock overvalued or undervalued in 2026?
As of Sep 23, 2026, TOPS trades below its calculated fair value: price $0.7100, fair value $0.9371, a gap of about +32% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of TOPS?
No. The price is what the market pays today ($0.7100); the fair value is what the company's own numbers justify ($0.9371). For TOP Ships Inc. the two are $0.2271 per share apart. That gap is exactly why we show both numbers side by side.
How much is TOP Ships Inc. worth?
The market values TOP Ships Inc. at about $5.4M (market capitalisation, as of Sep 23, 2026). Per share that is $0.7100; our models calculate a fair value of $0.9371 per share.
What do the bullish and bearish scenarios say about TOPS?
Our models span a range for TOP Ships Inc.: cautious scenario $0.8032, base $0.9371, optimistic $1.10 per share (as of Sep 23, 2026, price $0.7100). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TOPS?
TOP Ships Inc. trades at a price-to-earnings ratio of 1.2 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $0.9371 is built from several models across several years. Other multiples: P/B 0.1, P/S 0.1, EV/EBITDA 6.3.
How solid is the balance sheet of TOP Ships Inc. (TOPS)?
Balance-sheet figures for TOP Ships Inc. (as of Sep 23, 2026): return on equity 1.8%, debt of 2.30 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is TOPS from its 52-week high?
TOP Ships Inc. trades at $0.7100, about 88% below its 52-week high of $6.16 and 13% above the low of $0.6300 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $0.9371 is for.
Which stocks are comparable to TOP Ships Inc.?
From the same area (Energy) we also value Enbridge Inc, The Williams Companies, Inc, Enterprise Products Partners L.P., Kinder Morgan, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is TOP Ships Inc. stock attractive at the current price?
The data as of Sep 23, 2026: price $0.7100, calculated fair value $0.9371 (+32%), Quality Score 46/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of TOPS calculated?
We run TOP Ships Inc. through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $0.9371, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0 % above its aggregate fair value. TOP Ships Inc. currently trades 32 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of TOP Ships Inc. (TOPS)?
The closing price on Sep 23, 2026 was $0.7100. Our model-based fair value is $0.9371, about +32% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TOP Ships Inc. right now?
The price is below even our cautious bear case ($0.8032). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of TOP Ships Inc.
How large is the market capitalisation of TOP Ships Inc. (TOPS)?
The market capitalisation of TOP Ships Inc. is $5.4M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of TOP Ships Inc. (TOPS)?
The price-to-sales ratio of TOP Ships Inc. is 0.05 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of TOP Ships Inc. (TOPS)?
Earnings per share at TOP Ships Inc. are $−0.3500 (price ÷ EPS = P/E 1.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of TOP Ships Inc. (TOPS)?
The net margin of TOP Ships Inc. is 3.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of TOP Ships Inc. (TOPS)?
The return on equity (ROE) of TOP Ships Inc. is 1.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of TOP Ships Inc. (TOPS)?
On an EBIT basis the return on assets of TOP Ships Inc. is 6.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of TOP Ships Inc. (TOPS)?
The operating margin of TOP Ships Inc. is 45.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TOP Ships Inc. (TOPS)?
Revenue at TOP Ships Inc. is growing −41.9% versus a year earlier (3y avg −0.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at TOP Ships Inc. (TOPS)?
Earnings per share at TOP Ships Inc. are growing −62.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does TOP Ships Inc. (TOPS) generate?
The free cash flow of TOP Ships Inc. is $17.1M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does TOP Ships Inc. (TOPS) carry?
The net debt of TOP Ships Inc. is $184M (fiscal year 2025, ≈ 10.8 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Sep 23, 2026