Top Ships Inc. (TOPS) Balance Sheet
TOPS balance sheet, 2025
December 31, 2025 · U.S. dollars$333.6M assets = $244.4M liabilities + $89.2M equity
Both columns are drawn to the same scale: what TOPS owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TOPS financial health
Descriptive bands, not a rating. Fiscal 2025.
TOPS balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $143.3M2016 | $333.6M2025 | +9.8%/yr | |
| Total liabilities | $96.1M2016 | $244.4M2025 | +10.9%/yr | |
| Shareholders’ equity | $47.3M2016 | $89.2M2025 | +7.3%/yr | |
| Cash & short-term investments | $127,0002016 | $20.4M2025 | +75.8%/yr | |
| Total debt | $84.5M2016 | $204.8M2025 | +10.3%/yr | |
| Net cash (debt) | −$84.4M2016 | −$184.4M2025 | −$100.0M | |
| Working capital | −$15.5M2016 | −$15.5M2025 | −$17,000 | |
| Book value per share | $101.952023 | $19.282025 | −56.5%/yr | |
| Current ratio | 0.232016 | 0.612025 | +0.38 | |
| Debt / equity | 1.792016 | 2.302025 | +0.51 | |
| Shares outstanding | 1.8M2023 | 4.6M2025 | +60.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TOPS assets
TOPS liabilities and equity
TOPS debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TOPS balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $20.4M | $7.6M | $36.0M | $20.5M | $2.4M | $19.3M | $4.5M | $57,000 | $24.1M | $127,000 |
| Cash & equivalents | $20.4M | $7.6M | $36.0M | $20.5M | $2.4M | $19.3M | $4.5M | $57,000 | $24.1M | $127,000 |
| Short-term investments | — | — | — | — | — | — | $82,000 | — | $1.3M | $1.3M |
| Receivables | $2.1M | $1.1M | $317,000 | $8,000 | $76,000 | $24.3M | $642,000 | $1.2M | $773,000 | $169,000 |
| Inventory | $564,000 | $983,000 | $915,000 | $1.0M | $671,000 | $514,000 | $848,000 | $587,000 | $645,000 | $583,000 |
| Other current assets | $966,000 | $13.7M | $1.5M | $1.3M | $72.2M | $904,000 | $44.8M | $3.4M | $3.6M | $3.7M |
| Total current assets | $24.0M | $23.4M | $38.7M | $22.9M | $75.3M | $45.1M | $50.7M | $5.3M | $29.1M | $4.5M |
| Property, plant & equipment (net) | $287.2M | $361.9M | $394.7M | $417.8M | $225.0M | $213.7M | $366.8M | $220.0M | $162.7M | $126.2M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $7.9M | $8.1M | $19.6M | $22.2M | $24.5M | $28.2M | $19.3M | $22.1M | $17.7M | $300,000 |
| Other non-current assets | $14.5M | $29.4M | $6.1M | $6.5M | $6.0M | $6.0M | $8.0M | $11.1M | $10.9M | $12.3M |
| Total assets | $333.6M | $422.8M | $459.2M | $469.3M | $330.8M | $293.0M | $444.9M | $258.5M | $220.4M | $143.3M |
| Liabilities | ||||||||||
| Accounts payable | $3.3M | $1.8M | $1.4M | $2.0M | $2.3M | $2.5M | $4.5M | $4.1M | $2.8M | $1.9M |
| Short-term debt | — | $6.4M | $21.4M | $21.0M | $70.2M | $14.6M | $46.9M | $23.6M | $19.7M | $12.1M |
| Deferred revenue | $22.7M | $6.7M | $6.6M | $7.0M | $3.7M | $2.1M | $3.3M | $7.2M | $986,000 | $2.0M |
| Total current liabilities | $39.6M | $33.2M | $41.4M | $32.2M | $107.1M | $25.4M | $75.4M | $36.8M | $25.6M | $20.0M |
| Long-term debt | $204.8M | $245.1M | $228.1M | $233.7M | $90.2M | $99.3M | $262.1M | $117.0M | $84.3M | $72.5M |
| Lease obligations | $0 | $6.4M | $15.3M | $23.9M | $33.8M | $43.1M | — | — | — | — |
| Other long-term liabilities | $78,000 | $102,000 | $6.4M | $6.4M | $24.2M | $34.1M | $1.6M | $359,000 | $3.3M | $3.6M |
| Total liabilities | $244.4M | $278.4M | $275.8M | $272.3M | $221.4M | $158.8M | $339.1M | $154.2M | $113.2M | $96.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $46,000 | $46,000 | $46,000 | $103,000 | $20,000 | $398,000 | $87,000 | $230,000 | $89,000 | $57,000 |
| Retained earnings (deficit) | −$337.0M | −$306.7M | −$311.7M | −$317.8M | −$336.8M | −$345.4M | −$322.6M | −$307.8M | −$296.6M | −$283.2M |
| Accumulated other comprehensive income | $697,000 | — | −$46,000 | $0 | $0 | −$10.1M | −$1.4M | −$16.1M | $1.2M | −$1.7M |
| Total shareholders' equity | $89.2M | $144.4M | $183.4M | $197.0M | $109.4M | $134.2M | $105.8M | $104.3M | $106.1M | $47.3M |
| Key figures | ||||||||||
| Total debt | $204.8M | $251.4M | $255.8M | $260.9M | $184.3M | $147.7M | $309.0M | $140.7M | $103.9M | $84.5M |
| Net cash (debt) | −$184.4M | −$243.8M | −$219.9M | −$240.4M | −$182.0M | −$128.4M | −$304.5M | −$140.6M | −$79.9M | −$84.4M |
| Working capital | −$15.5M | −$9.8M | −$2.6M | −$9.3M | −$31.8M | $19.7M | −$24.7M | −$31.5M | $3.5M | −$15.5M |
| Tangible book value | $89.2M | $144.4M | $183.4M | $197.0M | $109.4M | $134.2M | $105.8M | $104.3M | $106.1M | $47.3M |
| Book value per share | $19.28 | $31.22 | $101.95 | — | — | — | — | — | — | — |
| Shares outstanding | 4.6M | 4.6M | 1.8M | — | — | — | — | — | — | — |
| Current ratio | 0.61 | 0.71 | 0.94 | 0.71 | 0.70 | 1.77 | 0.67 | 0.14 | 1.14 | 0.23 |
| Quick ratio | 0.57 | 0.26 | 0.88 | 0.64 | 0.02 | 1.72 | 0.07 | 0.04 | 0.97 | 0.01 |
| Debt / equity | 2.30 | 1.74 | 1.40 | 1.32 | 1.69 | 1.10 | 2.92 | 1.35 | 0.98 | 1.79 |
| Equity / assets | 26.7% | 34.2% | 39.9% | 42.0% | 33.1% | 45.8% | 23.8% | 40.3% | 48.1% | 33.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Mar '25 | Dec '24 | Jun '24 | Dec '23 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $11.4M | $20.4M | $20.4M | $7.0M | $7.6M | $7.6M | $16.8M | $36.0M | $36.0M | $9.6M | $20.5M | $20.5M |
| Cash & equivalents | $11.4M | $20.4M | $20.4M | $7.0M | $7.6M | $7.6M | $16.8M | $36.0M | $36.0M | $9.6M | $20.5M | $20.5M |
| Receivables | $1.7M | $2.1M | $1.5M | $2.6M | $1.1M | $1.1M | $1.8M | $317,000 | $317,000 | $622,000 | $8,000 | $8,000 |
| Inventory | $611,000 | $564,000 | $564,000 | $993,000 | $983,000 | $983,000 | $945,000 | $915,000 | $915,000 | $1.1M | $1.0M | $1.0M |
| Other current assets | $709,000 | $966,000 | $1.6M | $7.9M | $13.7M | $13.7M | $1.6M | $1.5M | $1.5M | $1.6M | $1.3M | $1.3M |
| Total current assets | $14.5M | $24.0M | $24.0M | $18.5M | $23.4M | $23.4M | $21.1M | $38.7M | $38.7M | $12.9M | $22.9M | $22.9M |
| Property, plant & equipment (net) | $326.0M | $287.2M | $287.2M | $382.7M | $361.9M | $361.9M | $383.2M | $394.7M | $394.7M | $406.5M | $417.8M | $417.8M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $7.9M | $0 | $0 | $8.1M | $18.7M | $19.6M | $0 | $20.8M | $0 | $22.2M |
| Other non-current assets | $33.0M | $22.4M | $14.5M | $24.8M | $37.5M | $29.4M | $7.2M | $6.1M | $25.8M | $6.0M | $28.7M | $6.5M |
| Total assets | $373.5M | $333.6M | $333.6M | $426.0M | $422.8M | $422.8M | $430.2M | $459.2M | $459.2M | $446.2M | $469.3M | $469.3M |
| Liabilities | ||||||||||||
| Accounts payable | $2.7M | $3.3M | $3.3M | $4.9M | $1.8M | $1.8M | $1.3M | $1.4M | $1.4M | $1.8M | $2.0M | $2.0M |
| Short-term debt | $11.7M | — | — | $19.0M | $6.4M | $6.4M | $21.7M | $21.4M | $12.4M | $47.3M | $21.0M | $21.0M |
| Deferred revenue | $3.3M | $22.7M | — | $7.8M | $6.7M | $6.7M | $6.7M | $6.6M | — | $6.3M | $7.0M | $7.0M |
| Total current liabilities | $30.4M | $39.6M | $39.6M | $49.0M | $33.2M | $33.2M | $33.2M | $41.4M | $41.4M | $57.4M | $32.2M | $32.2M |
| Long-term debt | $0 | $0 | $204.8M | $0 | $0 | $245.1M | $252.2M | $228.1M | $0 | $192.3M | $0 | $233.7M |
| Lease obligations | — | — | $0 | — | — | $6.4M | $10.8M | $15.3M | — | $19.6M | — | $23.9M |
| Other long-term liabilities | $250.3M | $204.9M | $78,000 | $249.8M | $245.2M | $102,000 | $3.4M | $6.4M | $234.4M | $10.9M | $240.1M | $6.4M |
| Total liabilities | $280.7M | $244.4M | $244.4M | $298.9M | $278.4M | $278.4M | $288.9M | $275.8M | $275.8M | $260.6M | $272.3M | $272.3M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $76,000 | $46,000 | — | $46,000 | $46,000 | $46,000 | $46,000 | $46,000 | $46,000 | $203,000 | $103,000 | $103,000 |
| Retained earnings (deficit) | −$330.5M | −$337.0M | −$337.0M | −$299.1M | −$306.7M | −$306.7M | −$309.8M | −$311.7M | −$311.7M | −$312.0M | −$317.8M | −$317.8M |
| Accumulated other comprehensive income | −$634,000 | $697,000 | — | $776,000 | — | — | — | −$46,000 | — | $0 | $0 | $0 |
| Total shareholders' equity | $92.8M | $89.2M | $89.2M | $127.1M | $144.4M | $144.4M | $141.3M | $183.4M | $183.4M | $185.6M | $197.0M | $197.0M |
| Key figures | ||||||||||||
| Total debt | $261.0M | $204.8M | $204.8M | $268.9M | $251.4M | $251.4M | $277.1M | $255.8M | $246.9M | $250.4M | $260.9M | $260.9M |
| Net cash (debt) | −$249.5M | −$184.4M | −$184.4M | −$261.9M | −$243.8M | −$243.8M | −$260.3M | −$219.9M | −$210.9M | −$240.8M | −$240.4M | −$240.4M |
| Working capital | −$16.0M | −$15.5M | −$15.5M | −$30.6M | −$9.8M | −$9.8M | −$12.2M | −$2.6M | −$2.6M | −$44.5M | −$9.3M | −$9.3M |
| Tangible book value | $92.8M | $89.2M | $89.2M | $127.1M | $144.4M | $144.4M | $141.3M | $183.4M | $183.4M | $185.6M | $197.0M | $197.0M |
| Book value per share | $8.66 | $19.28 | $19.28 | $27.48 | — | $31.22 | $30.55 | $101.95 | $86.71 | $67.33 | — | — |
| Shares outstanding | 10.7M | 4.6M | 4.6M | 4.6M | — | 4.6M | 4.6M | 1.8M | 2.1M | 2.8M | — | — |
| Current ratio | 0.48 | 0.61 | 0.61 | 0.38 | 0.71 | 0.71 | 0.63 | 0.94 | 0.94 | 0.23 | 0.71 | 0.71 |
| Quick ratio | 0.43 | 0.57 | 0.55 | 0.20 | 0.26 | 0.26 | 0.56 | 0.88 | 0.88 | 0.18 | 0.64 | 0.64 |
| Debt / equity | 2.81 | 2.30 | 2.30 | 2.11 | 1.74 | 1.74 | 1.96 | 1.40 | 1.35 | 1.35 | 1.32 | 1.32 |
| Equity / assets | 24.8% | 26.7% | 26.7% | 29.8% | 34.2% | 34.2% | 32.9% | 39.9% | 39.9% | 41.6% | 42.0% | 42.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed April 1, 2026); data from EODHD.
TOPS financial position
At the end of fiscal 2025 (December 31, 2025), Top Ships had total assets of $333.6 million (down 21.1% from a year earlier), total liabilities of $244.4 million and shareholders' equity of $89.2 million. It held $20.4 million in cash and short-term investments against $204.8 million of debt, net debt of $184.4 million. Its current ratio was 0.61. In the latest quarter (ended June 30, 2026) total assets were $373.5 million and equity $92.8 million.
Related: TOPS income statement, TOPS cash flow statement, TOPS key metrics. See the TOPS stock overview for the latest quote and news.
TOPS balance sheet FAQ
What are Top Ships's total assets?
Top Ships reported total assets of $333.6 million at the end of fiscal 2025 (December 31, 2025), compared with $422.8 million a year earlier.
How much debt does Top Ships have?
Top Ships had $204.8 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 2.30.
How much cash does Top Ships have?
Top Ships held $20.4 million in cash and short-term investments at the end of fiscal 2025; with $204.8 million of debt that is net debt of $184.4 million.
What is Top Ships's book value?
Top Ships's shareholders' equity (book value) was $89.2 million at the end of fiscal 2025, or $19.28 per share.
What is Top Ships's current ratio?
Top Ships had current assets of $24.0 million and current liabilities of $39.6 million, a current ratio of 0.61 (current liabilities exceed current assets).