Company Valuation: Top Ships Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 48.2 33.26 13.07 72.26 27.9 20.87
Change - -30.99% -60.69% 452.69% -61.4% -25.2%
Enterprise Value (EV) 1 176.6 162 250.2 292.1 285.9 217.1
Change - -8.25% 54.42% 16.77% -2.14% -24.06%
P/E -0.99x 6.16x -0.42x -1.26x 5.54x 6.76x
PBR 0.4x 0.36x 0.12x 0.52x 0.19x 0.23x
PEG - -0x 0x 0x -0x -0.2x
Capitalization / Revenue 0.8x 0.59x 0.16x 0.87x 0.32x 0.26x
EV / Revenue 2.93x 2.87x 3.1x 3.52x 3.32x 2.7x
EV / EBITDA 6.18x 6.85x 5.46x 6.78x 6.93x 5.63x
EV / EBIT 11.5x 10.2x 7.69x 10.2x 10.2x 8.26x
EV / FCF -1.33x -2.64x -1.32x 6.88x -19.6x 5.95x
FCF Yield -75.1% -37.9% -75.6% 14.5% -5.11% 16.8%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -293.7 32.51 -36.34 -12.44 1.088 0.6671
Distribution rate - - - - - -
Net sales 1 60.22 56.37 80.66 82.95 86.13 80.42
EBITDA 1 28.57 23.64 45.83 43.08 41.24 38.55
EBIT 1 15.36 15.96 32.54 28.73 27.9 26.28
Net income 1 -22.82 8.616 18.95 6.066 5.034 3.086
Net Debt 1 128.4 128.8 237.1 219.9 258 196.2
Reference price 2 290.4001 200.4001 15.2400 15.6200 6.0300 4.5105
Nbr of stocks (in thousands) 166 166 858 4,626 4,626 4,626
Announcement Date 4/23/21 4/15/22 4/3/23 3/29/24 4/14/25 4/1/26
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 4.48M
6.47x1.23x3.52x7.2% 17.1B
11.13x1.78x6.01x7.44% 7.52B
44.47x17.91x24.39x1.92% 5.31B
12.79x - - - 4.83B
9.71x2.78x7.98x8.98% 3.56B
7.08x3.4x5.45x12.45% 3.41B
12.29x0.81x2.39x4.11% 3.4B
4.96x2.5x3.35x - 2.73B
Average 13.61x 4.34x 7.58x 7.02% 5.32B
Weighted average by Cap. 12.67x 3.73x 6.95x 6.89%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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