TOP Ships Inc.
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, 2024, it had a fleet with a total capacity of 1,435,000 deadweight tonnes (dwt) consisting of one 50,000 dwt product/chemical tanker, five 157,000 dwt Suezmax tankers, two 300,000 dwt very large crude carriers, and two 5… Read more
TOP Ships Inc. (TOPS) - Net Assets
Latest net assets as of March 2025: $144.42 Million USD
Based on the latest financial reports, TOP Ships Inc. (TOPS) has net assets worth $144.42 Million USD as of March 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($422.77 Million) and total liabilities ($278.35 Million). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $144.42 Million |
| % of Total Assets | 34.16% |
| Annual Growth Rate | 13.58% |
| 5-Year Change | 7.6% |
| 10-Year Change | 322.86% |
| Growth Volatility | 391.34 |
TOP Ships Inc. - Net Assets Trend (2002–2024)
This chart illustrates how TOP Ships Inc.'s net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for TOP Ships Inc. (2002–2024)
The table below shows the annual net assets of TOP Ships Inc. from 2002 to 2024.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | $144.42 Million | -21.25% |
| 2023-12-31 | $183.38 Million | -6.92% |
| 2022-12-31 | $197.02 Million | +111.35% |
| 2021-12-31 | $93.22 Million | -30.54% |
| 2020-12-31 | $134.22 Million | +26.91% |
| 2019-12-31 | $105.76 Million | +1.42% |
| 2018-12-31 | $104.28 Million | -2.79% |
| 2017-12-31 | $107.27 Million | +126.98% |
| 2016-12-31 | $47.26 Million | +38.38% |
| 2015-12-31 | $34.15 Million | -19.69% |
| 2014-12-31 | $42.53 Million | +187.46% |
| 2013-12-31 | $14.79 Million | +13.12% |
| 2012-12-31 | $13.08 Million | -82.94% |
| 2011-12-31 | $76.68 Million | -69.98% |
| 2010-12-31 | $255.48 Million | +3.35% |
| 2009-12-31 | $247.20 Million | -15.36% |
| 2008-12-31 | $292.05 Million | +38.15% |
| 2007-12-31 | $211.41 Million | +6.85% |
| 2006-12-31 | $197.85 Million | -46.48% |
| 2005-12-31 | $369.66 Million | +14.87% |
| 2004-12-31 | $321.81 Million | +1871.99% |
| 2003-12-31 | $16.32 Million | +86.04% |
| 2002-12-31 | $8.77 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to TOP Ships Inc.'s total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 16723.6% over the analyzed period, potentially due to dividend distributions or operating losses.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | $46.00K | 0.03% |
| Other Components | $451.08 Million | 312.34% |
| Total Equity | $144.42 Million | 100.00% |
TOP Ships Inc. Competitors by Market Cap
The table below lists competitors of TOP Ships Inc. ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
P9J
F:P9J
|
$7.53 Million |
|
Greenvale Energy Ltd
AU:GRV
|
$7.53 Million |
|
Newlox Gold Ventures Corp
PINK:NWLXF
|
$7.53 Million |
|
K2A Knaust & Andersson Fastigheter AB (publ)
ST:K2A-PREF
|
$7.53 Million |
|
ARGO BLOCKCHAIN LS -001
F:0XP
|
$7.53 Million |
|
Evogene
NASDAQ:EVGN
|
$7.53 Million |
|
Personel Alih Daya
JK:PADA
|
$7.52 Million |
|
TalkPool AG
ST:TALK
|
$7.52 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in TOP Ships Inc.'s equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 183,380,000 to 144,420,000, a change of -38,960,000 (-21.2%).
- Net income of 5,034,000 contributed positively to equity growth.
- Share repurchases of 43,916,000 reduced equity.
- Other comprehensive income increased equity by 46,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $5.03 Million | +3.49% |
| Share Repurchases | $43.92 Million | -30.41% |
| Other Comprehensive Income | $46.00K | +0.03% |
| Other Changes | $-124.00K | -0.09% |
| Total Change | $- | -21.25% |
Book Value vs Market Value Analysis
This analysis compares TOP Ships Inc.'s book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.19x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has increased from 0.00x to 0.19x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2002-12-31 | $2924000.00 | $6.00 | x |
| 2003-12-31 | $5439666.67 | $6.00 | x |
| 2004-12-31 | $7313840.91 | $6.00 | x |
| 2005-12-31 | $8401318.18 | $6.00 | x |
| 2006-12-31 | $3879509.80 | $6.00 | x |
| 2007-12-31 | $0.00 | $6.00 | x |
| 2008-12-31 | $0.00 | $6.00 | x |
| 2009-12-31 | $0.00 | $6.00 | x |
| 2010-12-31 | $0.00 | $6.00 | x |
| 2011-12-31 | $0.00 | $6.00 | x |
| 2012-12-31 | $0.00 | $6.00 | x |
| 2013-12-31 | $0.00 | $6.00 | x |
| 2014-12-31 | $0.00 | $6.00 | x |
| 2015-12-31 | $0.00 | $6.00 | x |
| 2016-12-31 | $0.00 | $6.00 | x |
| 2017-12-31 | $1433635.14 | $6.00 | x |
| 2018-12-31 | $6883234.32 | $6.00 | x |
| 2019-12-31 | $216746.25 | $6.00 | x |
| 2020-12-31 | $1369.73 | $6.00 | x |
| 2021-12-31 | $425.77 | $6.00 | x |
| 2022-12-31 | $779.32 | $6.00 | x |
| 2023-12-31 | $101.95 | $6.00 | x |
| 2024-12-31 | $31.22 | $6.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently TOP Ships Inc. utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 3.49%
- The company may be facing challenges in efficiently utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 5.84%
- • Asset Turnover: 0.20x
- • Equity Multiplier: 2.93x
- Recent ROE (3.49%) is above the historical average (-33.44%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2002 | 2.29% | 1.76% | 0.34x | 3.84x | $-676.20K |
| 2003 | 10.01% | 7.08% | 0.41x | 3.43x | $2.10K |
| 2004 | 10.19% | 34.95% | 0.17x | 1.68x | $613.10K |
| 2005 | 18.58% | 28.12% | 0.25x | 2.65x | $31.72 Million |
| 2006 | -5.56% | -3.55% | 0.59x | 2.64x | $-30.79 Million |
| 2007 | -23.21% | -19.45% | 0.32x | 3.67x | $-70.22 Million |
| 2008 | 8.78% | 9.96% | 0.37x | 2.39x | $-3.57 Million |
| 2009 | -20.31% | -46.49% | 0.16x | 2.73x | $-74.92 Million |
| 2010 | 0.98% | 2.77% | 0.15x | 2.43x | $-23.04 Million |
| 2011 | -246.61% | -453.57% | 0.14x | 3.86x | $-196.78 Million |
| 2012 | -489.21% | -203.59% | 0.15x | 16.16x | $-65.29 Million |
| 2013 | 9.52% | 7.01% | 0.72x | 1.88x | $-71.50K |
| 2014 | 6.81% | 80.40% | 0.05x | 1.78x | $-1.36 Million |
| 2015 | -24.91% | -65.06% | 0.17x | 2.21x | $-11.92 Million |
| 2016 | 2.23% | 3.70% | 0.20x | 3.03x | $-3.67 Million |
| 2017 | -12.61% | -33.98% | 0.18x | 2.08x | $-23.99 Million |
| 2018 | -10.68% | -27.12% | 0.16x | 2.48x | $-21.56 Million |
| 2019 | -13.97% | -22.35% | 0.15x | 4.21x | $-25.35 Million |
| 2020 | -17.00% | -37.89% | 0.21x | 2.18x | $-36.24 Million |
| 2021 | 9.24% | 15.29% | 0.17x | 3.55x | $-706.20K |
| 2022 | 9.62% | 23.49% | 0.17x | 2.38x | $-754.30K |
| 2023 | 3.31% | 7.31% | 0.18x | 2.50x | $-12.27 Million |
| 2024 | 3.49% | 5.84% | 0.20x | 2.93x | $-9.41 Million |
Industry Comparison
This section compares TOP Ships Inc.'s net assets metrics with peer companies in the Oil & Gas Midstream industry.
Industry Context
- Industry: Oil & Gas Midstream
- Average net assets among peers: $1,230,397,219
- Average return on equity (ROE) among peers: 2202.95%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| TOP Ships Inc. (TOPS) | $144.42 Million | 2.29% | 1.93x | $7.53 Million |
| Antero Midstream Partners LP (AM) | $142.86 Million | 0.00% | 0.21x | $7.58 Billion |
| AltaGas Ltd (ATGFF) | $2.83 Billion | 7.11% | 1.57x | $8.06 Billion |
| ATGPF (ATGPF) | $7.86 Billion | 8.56% | 1.98x | $4.11 Billion |
| Avance Gas Holding Ltd (AVACF) | $603.79 Million | 27.09% | 0.91x | $7.70K |
| CBL International Limited Ordinary Shares (BANL) | $12.11 Million | 30.42% | 1.11x | $3.17 Million |
| BP Prudhoe Bay Royalty Trust (BPT) | $863.00K | 22418.66% | 0.16x | $2.99 Million |
| Brooge Holdings Ltd (BROG) | $78.49 Million | 16.31% | 4.83x | $32.39 Million |
| Brooge Energy Limited (BROGW) | $56.77 Million | -85.14% | 7.56x | $5.67K |
| Willow Biosciences Inc (CANSF) | $1.10 Million | -405.25% | 0.17x | $2.85 Million |
| Cool Company Ltd (CLCO) | $715.51 Million | 11.75% | 1.88x | $145.96 Million |