Top Ships (TOPS) Balance Sheet: Assets & Liabilities

Top Ships (TOPS) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), Top Ships reported total assets of $333.61M and total liabilities of $244.42M. Shareholders' equity was $89.19M, down 38.2% from $144.42M a year earlier. Total debt stood at $204.79M against $20.37M in cash and short-term investments, a net debt position of $184.42M. That puts debt-to-equity at 2.30, compared with 1.80 a year earlier.

Top Ships Balance Sheet Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for Top Ships Inc. (TOPS) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Current Assets
Cash and Cash Equivalents	20.37	7.63	35.96	20.54	2.37	19.33	4.49	0.06	24.08
Cash & Short-Term Investments	20.37	7.63	35.96	20.54	2.37	19.33	4.49	0.06	24.08
Accounts Receivable	1.54	1.11	0.32	0.01	0.08	0.00	0.64	1.23	0.77
Inventory	0.56	0.98	0.92	1.03	0.67	0.51	0.85	0.59	0.65
Other Current Assets	0.97	4.05	1.55	1.31	0.58	25.24	44.76	3.41	3.56
Total Current Assets	24.05	23.44	38.73	22.89	75.33	45.09	50.74	5.29	29.06
Non-Current Assets
Property, Plant & Equipment (Net)	287.18	371.55	394.69	418.27	224.98	213.72	366.84	220.05	162.73
Long-Term Investments	7.88	8.05	23.64	22.17	24.48	28.23	19.31	22.06	17.74
Other Non-Current Assets	1.85	29.40	2.13	4.00	4.00	6.00	8.00	11.09	10.92
Total Non-Current Assets	309.56	399.33	420.46	446.45	255.45	247.95	394.15	253.20	191.39
Total Assets	333.61	422.77	459.19	469.34	330.79	293.03	444.89	258.49	220.45
Current Liabilities
Accounts Payable	3.34	2.99	1.36	1.95	2.31	2.54	4.46	4.10	2.80
Short-Term Debt	0.00	14.20	21.40	12.34	60.41	14.61	46.89	23.63	19.69
Current Portion of Long-Term Debt	11.82	14.20	12.42	12.34	60.41	5.32	-	-	-
Accrued Liabilities	1.52	2.99	2.36	2.06	1.15	0.99	-	-	-
Deferred Revenue	22.73	6.65	6.62	7.03	3.66	2.07	3.34	7.18	0.99
Other Current Liabilities	19.50	1.17	12.00	2.30	82.93	6.18	20.74	1.92	2.11
Total Current Liabilities	39.55	33.19	41.37	32.24	107.09	25.41	75.42	36.82	25.58
Non-Current Liabilities
Long-Term Debt	204.79	245.06	234.44	224.64	90.16	133.10	262.12	117.03	84.26
Other Non-Current Liabilities	0.08	0.10	0.00	0.10	0.23	0.30	1.59	0.36	3.34
Total Non-Current Liabilities	204.87	245.16	234.44	240.08	114.34	133.40	263.72	117.39	87.59
Total Liabilities	244.42	278.35	275.81	272.31	221.42	158.81	339.13	154.21	113.17
Stockholders' Equity
Common Stock	0.05	0.05	0.05	0.01	0.02	0.40	0.09	0.23	0.09
Retained Earnings	-336.99	-306.71	-311.74	-317.81	-336.75	-345.37	-322.55	-307.78	-296.65
Accumulated Other Comprehensive Income	0.70	0.00	0.00	0.00	0.00	0.00	-1.36	0.00	0.00
Additional Paid-in Capital	425.43	451.08	451.16	428.47	429.96	465.67	411.58	824.10	402.64
Minority Interest	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1.19
Shares Outstanding	4.63	4.63	4.63	0.86	0.17	-	-	-	-
Total Stockholders' Equity	89.19	144.42	183.38	197.02	109.36	134.22	105.76	104.28	106.09
Total Liabilities & Equity	333.61	422.77	459.19	469.34	330.79	293.03	444.89	258.49	220.45

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Top Ships Balance Sheet

How much debt does Top Ships have?

Top Ships had total debt of $204.79M as of Dec 31, 2025, against $20.37M in cash and short-term investments. Its debt-to-equity ratio was 2.30. Total debt was $259.26M a year earlier.

What are Top Ships's total assets?

Top Ships reported total assets of $333.61M as of Dec 31, 2025, down 21.1% from $422.77M a year earlier. Total liabilities were $244.42M.

What is Top Ships's shareholders' equity?

Top Ships's shareholders' equity was $89.19M as of Dec 31, 2025, or about $19.28 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition