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Insufficient data to determine institutional momentum.
Data as of Q3 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 3 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
Solve the discounted cash flow backwards, then stress-test the assumptions.
Average free cash flow across the last 3 positive fiscal years (FY2023, FY2024, FY2025). Smooths the cycle. Stock compensation is NOT charged — it is added back inside operating cash flow.
To be worth $0.30 today, the market must believe free cash flow compounds -2.7%/yr for a decade (off $21.1M on the 3-yr avg basis).
The market's -2.7% is more conservative than its 5-yr track record.
Default is 10.0% — this company's computed cost of capital (published default — this company's cost of capital could not be computed), the same rate the Analysis tab discounts at.
2-stage DCF · 0.01B shares (market data) · net debt $196.2M
mean -279.2% · volatility σ 648% · implied rate exceeded in 2/4 yrs
Central path = implied -2.7%/yr growth; shaded band = ±1σ (648%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
What the company returns to shareholders — and whether it's covered by cash.
No dividend to cover. Last year: $0 dividends + $0 buybacks = $0 returned on $17.1M FCF.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
How management deployed cash over 10 years — and what it earned on reinvestment.
A reinvestment story — most cash went back into growth rather than to shareholders.
Reinvestment has been productive — operating income grew well per dollar put in. Current ROIC on all capital: 1%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
EOD close · as of 2026-10-30
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
ROE 3% against ROIC 1% — 2% of the return on equity comes from leverage and buybacks rather than from the operating business.
What the company owes vs. what it holds
This shows debt/cash structure and net leverage. The year-by-year maturity schedule is on the Debt & Leverage tab.
Latest year: profit growth vs revenue growth
Operating leverage needs meaningful revenue change.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| SG&A | 17.0 | 2.6 | 3.2 | 3.4 | 2.0 | — | — | 9.5 |
| Operating Income | -9.5 | 6.0 | -3.0 | 26.3 | 40.4 | — | — | 32.7 |
| Income Tax | 0.0 | 0.0 | 0.0 | — | — | — | — | — |
| Net Income | -27.1 | -22.4 | -37.9 | 15.3 | 23.5 | — | — | 3.8 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on TOPS: price, valuation and headline fundamentals from SEC filings. The four questions at the top of the page are where the judgements live.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $20.4M covers the $12.0M due within a year 1.7× over. Scheduled principal only (excludes interest & revolver draws). As of 2025-12-31 (20-F).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Thin coverage — earnings barely cover interest. Effective rate ~10.8% on $216.6M of debt.
Cash of $20.4M fully covers short-term debt of $11.8M.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-10-30
How a revenue dollar becomes profit — FY2025
Dividends and buybacks are cash paid out, shown here against the same year's profit for scale — not funded from it.
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $80.4M 100.0% | — | — | $80.7M 100.0% | $56.4M 100.0% | $60.2M 100.0% | $66.1M 100.0% | $41.0M 100.0% | $39.4M 100.0% | $28.4M 100.0% |
| Selling, General & Admin | $7.6M 9.5% | $7.5M | $6.7M | $1.6M 2.0% | $1.9M 3.4% | $1.9M 3.2% | $1.7M 2.6% | $7.0M 17.0% | $5.8M 14.7% | $2.9M 10.2% |
| Operating Income | $26.3M 32.7% | $27.9M | $28.7M | $32.6M 40.4% | $14.8M 26.3% | -$1.8M -3.0% | $3.9M 6.0% | -$3.9M -9.5% | $1.6M 4.1% | $4.8M 17.1% |
| Interest Expense | $23.4M 29.1% | $23.5M | $23.0M | $11.9M 14.7% | $8.2M 14.6% | $22.6M 37.5% | $19.0M 28.8% | $11.4M 27.9% | $16.1M 41.0% | $3.8M 13.2% |
| Interest & Investment Income | $385K 0.5% | $467K | $346K | $48K 0.1% | $0 0.0% | $34K 0.1% | $133K 0.2% | $130K 0.3% | $13K 0.0% | — |
| Other Income (Expense), net | -$23.2M -28.8% | -$22.9M | -$22.7M | -$13.7M -16.9% | -$6.2M -11.0% | -$21.0M -34.9% | -$18.7M -28.3% | $180K 0.4% | $1.1M 2.8% | -$5K -0.0% |
| Pretax Income | — | — | — | — | — | — | — | — | -$13.3M -33.9% | $1.1M 3.7% |
| Income Tax Expense | — | — | — | — | — | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% | $0 0.0% |
| Net Income | $3.1M 3.8% | $5.0M | $6.1M | $18.9M 23.5% | $8.6M 15.3% | -$22.8M -37.9% | -$14.8M -22.4% | -$11.1M -27.1% | -$13.4M -34.1% | -$351K -1.2% |
| Per Share | ||||||||||
| EPS (Basic) | $0.67 | $1.09 | -$12.44 | -$36.34 | $32.51 | -$24.48 | — | — | — | -$0.09 |
| EPS (Diluted) | $0.67 | $1.09 | -$12.44 | -$36.34 | $32.51 | -$24.48 | — | — | — | -$0.09 |
| Weighted Avg Shares (Basic) | 4.6M | 4.6M | 1.8M | 253K | 166K | 1.2M | 117K | 36K | 53K | 22 |
| Weighted Avg Shares (Diluted) | 4.6M | 4.6M | 1.8M | 253K | 166K | 23.5M | 117K | — | — | 4.0M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Ranked against 20 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-09-30.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBLK | $3.3B | 38.9× | 9.2× | 3.2× | -17.6% | — | 8.1% | 3.4% | 3.4% | -1.6× | 37 |
| DAC | $2.9B | 5.9× | 4.5× | 2.7× | 2.8% | — | 47.4% | 13.0% | 10.0% | 0.2× | 25 |
| LPG | $2.3B | 12.0× | 9.1× | 4.8× | 36.3% | — | 40.2% | 17.0% | 11.4% | 0.8× | 58 |
| SFL | $1.8B | — | 11.3× | 2.5× | -18.9% | — | -3.6% | -2.8% | -0.7% | 6.5× | 45 |
| CMRE | $1.7B | — | 4.6× | 1.9× | -1.2% | — | 41.5% | 17.5% | 10.1% | 1.7× | — |
| TEN | $1.6B | 12.1× | 7.8× | 2.0× | -0.7% | — | 20.1% | 8.8% | 4.5% | 3.7× | — |
| GSL | $1.5B | — | 3.5× | 2.0× | 7.8% | — | 54.3% | 23.1% | 16.7% | 0.8× | — |
| NVGS | $1.3B | 14.6× | — | 2.2× | 3.6% | — | 17.1% | 8.2% | 7.2% | — | 26 |
| TK | $1.3B | 13.2× | 0.9× | 1.4× | -22.2% | 66.6% | 10.3% | 4.5% | 4.5% | -2.4× | 26 |
| GNK | $1.1B | — | 15.2× | 3.3× | -19.1% | — | -1.3% | -0.5% | -0.4% | 1.6× | 36 |
| ASC | $857M | 23.8× | — | 2.8× | -23.6% | — | 13.2% | 6.5% | 5.4% | — | 34 |
| HSHP | $766M | 42.7× | 14.6× | 5.8× | 6.7% | 78.8% | 13.4% | 10.9% | 2.1% | 6.7× | 19 |
| PANL | $521M | 26.5× | 6.2× | 0.8× | 17.8% | — | 3.1% | 4.5% | 3.7% | -0.1× | 24 |
| ESEA | $475M | 3.4× | 2.9× | 2.1× | 7.0% | — | 60.1% | 29.6% | 20.1% | 0.2× | 11 |
| SHIP | $345M | 15.8× | — | 2.2× | -5.6% | — | 13.4% | 7.5% | 3.7% | — | — |
| DSX | $311M | 22.7× | 8.8× | 1.5× | -6.4% | — | 8.3% | 3.5% | 1.7% | 5.3× | — |
| GASS | $311M | 5.0× | 2.6× | 1.8× | 3.5% | — | 35.0% | 8.8% | 8.8% | -1.2× | 3 |
| SMHI | $268M | — | 8.8× | 1.2× | -16.0% | 20.2% | -12.2% | -10.5% | -4.6% | 4.4× | 16 |
| IMPP | $230M | 4.0× | 3.4× | 1.4× | 9.2% | — | 31.0% | 9.4% | 9.4% | -0.1× | — |
| TORO | $149M | 53.9× | — | 7.1× | -5.9% | — | 28.1% | 3.6% | 3.6% | — | — |
| TOPS | $2M | 0.5× | — | 0.0× | — | — | 3.8% | 3.5% | 1.0% | — | 2 |
Peers = companies sharing TOPS's sector (Deep Sea Foreign Transportation of Freight) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.
Cost of capital cannot be computed, so the spread is unknown.
| Fiscal year | Gross margin | Operating margin | Net margin |
|---|---|---|---|
| FY2016 | not reported | 17.1% | -1.2% |
| FY2017 | not reported | 4.1% | -34.1% |
| FY2018 | not reported | -9.5% | -27.1% |
| FY2019 | not reported | 6.0% | -22.4% |
| FY2020 | not reported | -3.0% | -37.9% |
| FY2021 | not reported | 26.3% | 15.3% |
| FY2022 | not reported | 40.4% | 23.5% |
| FY2025 | not reported | 32.7% | 3.8% |
Leverage and buybacks account for 2 points of the 3% return on equity in FY2025. The business earns 1% on the capital it employs; the rest is balance sheet.
ROE is on average equity; ROIC is NOPAT over average invested capital (debt plus equity less excess cash). The gap is not a single adjustment.
No material counter-signal in the checked set: ROIC vs WACC spread, 5-year spread history, gross margin trend, operating margin trend, net margin against 3 years ago, revenue growth, ROIC ex-goodwill gap.
Missing from our data, so excluded from this answer: beta, tax_rate.
Converts 1.19x of reported profit into free cash flow over 5 years, with accruals negative.
The cash conversion cycle could not be computed — receivables, inventory or cost of revenue is not reported — so the earliest accrual warning is not part of this verdict.
Missing from our data, so excluded from this answer: share_based_compensation.
Debt is present but there is no positive EBITDA or no reported interest expense, so coverage cannot be measured.
Ladder as of 2025-12-31 (20-F); cash from the 2025-12-31 balance sheet; FCF from FY2025.
Balance sheet at 2025-12-31. Undrawn revolving credit is not shown: the tag is collected but not yet mapped through to the API.
No material counter-signal in the checked set: net debt / EBITDA, interest coverage, stressed coverage, maturity schedule vs cash and one year of FCF, liquidity ratios.
Missing from our data, so excluded from this answer: ebitda.
At $0.30, free cash flow must compound -2.74%/yr for 10 years. It has no positive compounding record to compare against.
| Fiscal year | FCF growth | Price requires |
|---|---|---|
| FY2021 | 165.9% | −2.7% |
| FY2022 | −1241.2% | −2.7% |
| FY2024 | −40.1% | −2.7% |
| FY2025 | −1.2% | −2.7% |
The cost of capital could not be computed for this company, so the requirement is solved at the published 10% default — a different rate would move it materially.
| Step | Amount | Running total |
|---|---|---|
| Net income | $3M | $3M |
| Share-based comp | not reported | not reported |
| Other non-cash & working capital | $23M | $26M |
| Operating cash flow | $26M | $26M |
| Capex | −$9M | $17M |
| Free cash flow | $17M | $17M |
| Fiscal year | Revenue growth | Receivables growth | Gap |
|---|---|---|---|
| FY2020 | -8.9% | -100.0% | -91.1 points |
| FY2021 | -6.4% | not reported | not reported |
| FY2022 | 43.1% | -89.5% | -132.6 points |
| FY2023 | not reported | 3862.5% | not reported |
| FY2024 | not reported | 251.1% | not reported |
| FY2025 | not reported | 38.6% | not reported |
| Fiscal year | DSO | DIO | DPO | Cash conversion cycle |
|---|---|---|---|---|
| FY2019 | 3.5 days | not reported | not reported | not reported |
| FY2020 | 0 days | not reported | not reported | not reported |
| FY2021 | 0.5 days | not reported | not reported | not reported |
| FY2022 | 0 days | not reported | not reported | not reported |
| FY2023 | not reported | not reported | not reported | not reported |
| FY2024 | not reported | not reported | not reported | not reported |
| FY2025 | 7 days | not reported | not reported | not reported |
| Fiscal year | Accruals / assets |
|---|---|
| FY2019 | -7.6 percent |
| FY2020 | -9.8 percent |
| FY2021 | -2.3 percent |
| FY2022 | -3.1 percent |
| FY2023 | -5.0 percent |
| FY2024 | -2.9 percent |
| FY2025 | -7.0 percent |
Below the line, the asset base is being consumed faster than it is replaced.
Depreciation here includes amortisation of acquired intangibles — goodwill written down over time, customer lists, acquired technology. Capex does not replace those and is not meant to, so an acquisitive or asset-light company sits below 1.0 permanently and correctly. The signal is cleanest for capital-intensive businesses, where the two measure the same physical base. For that reason this informs the earnings-quality verdict but never caps it.