Stock fact sheet · data as of
Top Ships Inc. (TOPS): fair value, margin of safety and Wheel Score
Industrials · Marine Shipping · Greece · Value
Is TOPS undervalued?
TOPS has a margin of safety of 94%: the stock closed at 0.4447 on 16 Oct 2026 against a GLS average fair value of 7.40. 6 of the 6 valuation models that produced a number sit above the price. Our screens treat a discount this large as a strong starting point for a cash-secured put, not as a verdict - the fair value is a model output, and a wide gap can mean the models are missing something the market knows.
The 6 models disagree widely: GLS Growth gives 1.03 while DCF gives 21.05. A spread that wide means the average is sensitive to which methods you trust; the model table below shows where each one lands, and the Quote page lets you switch any of them off.
The nightly engine files TOPS under Value: positive earnings at a P/E of 18 or less.
Nine valuation models for TOPS
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 21.05 | +4635% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 11.34 | +2450% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 5.67 | +1175% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 1.41 | +216% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 1.03 | +131% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | - | - | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10%; no value tonight |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | - | - | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend; no value tonight |
| EPV | 3.91 | +778% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -47.64 | -10812% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 2.50 | +462% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Financial health is average - TOPS passes 6 of the nine Piotroski tests, which passes the Sunday Scan's "6 or more" rule. The Financials tab on the Quote page shows which tests fail. The GLS Moat score is low at 2.3 out of 10, which says the ten-year record of revenue, earnings, margins and returns on capital has been inconsistent - growth and shocks rather than steady compounding.
Returns on capital are thin or negative - ROIC 1.0%, ROE 3.5%, ROA 0.9% - with debt at 2.30 times equity and negative free cash flow. Debt of 2.30 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
Top Ships Inc. pays no dividend, so the DDM model does not apply and a covered-call holder earns only the premium and any price gain. Revenue comes mainly from Tanker 100% (fiscal year FY2025).
Institutional ownership scores 5/10, insider activity 5/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 6 / 9 | ROIC | 1.0% |
|---|---|---|---|
| GLS Moat | 2.3 / 10 | ROE | 3.5% |
| Debt / equity | 2.30 | ROA | 0.9% |
| Free-cash-flow yield | -2443.0% | Payout ratio | 26% |
| Institutions | 5 / 10 | Insiders · Congress | 5 · 5 / 10 |
Wheel Score 39: No options
TOPS has no listed options in the nightly snapshot, so there is nothing to sell and the stock cannot be wheeled however good the business; the Wheel Score is capped at 39 and shown as "No options" (39 here). The valuation and quality numbers still apply to owning the shares outright.
Volume runs at 229k shares a day on a market cap of $2M, with a beta of 2.25 - a high beta, so the stock tends to move more than the market and a strike can be gapped through; the Stability part of the Wheel Score gives that 5 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 25 / 25 | 94% margin of safety | |
| Health | 13 / 20 | Piotroski 6/9 | |
| Moat | 3 / 15 | moat 2.3/10 | |
| Premium | 0 / 20 | no option data | |
| Stability | 5 / 20 | 229k shares/day, $2M cap, beta 2.25 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for TOPS in the nightly calendar.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Marine Shipping
The 12 companies below are the closest to Top Ships Inc. by market cap within the Marine Shipping industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| RUBI Rubico Inc. | 0.3162 | 28.88 | +99% | 39No options | $1M |
| HTCO High-Trend International Group | 1.16 | 11.93 | +90% | 39No options | $10M |
| ICON Icon Energy Corp. | 0.9229 | 12.38 | +93% | 39No options | $367K |
| UFG Uni-Fuels Holdings Limited | 0.3580 | 7.71 | +95% | 39No options | $12M |
| CTRM Castor Maritime Inc. | 1.66 | 78.07 | +98% | 51Fair | $16M |
| VNTG Vantage Corp | 0.5414 | 2.30 | +76% | 37No options | $17M |
| PSHG Performance Shipping Inc. | 1.63 | 26.67 | +94% | 39No options | $20M |
| USEA United Maritime Corporation | 2.67 | 6.09 | +56% | 39No options | $25M |
| CISS C3is Inc. | 0.5635 | 9,284.73 | +100% | 39No options | $155K |
| EHLD Euroholdings Ltd. | 11.82 | 20.29 | +42% | 39No options | $33M |
| GLBS Globus Maritime Limited | 3.20 | 5.11 | +37% | 58Fair | $69M |
| NCT Intercont (Cayman) Limited Ordinary shares | 1.42 | 1,392.64 | +100% | 32No options | $60K |
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Start free See the Sunday ScanQuestions about TOPS
Is TOPS undervalued right now?
By the GLS models, yes: at 0.4447 the stock is 94% below the average fair value of 7.40 (data as of 16 Oct 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of TOPS and what does it mean?
TOPS has no listed options in our nightly snapshot, so it cannot be wheeled; its Wheel Score is capped at 39 and shown as "No options".
What is the GLS fair value for TOPS?
7.40 per share as of 16 Oct 2026 - the simple average of the 6 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Top Ships Inc. report earnings next?
No upcoming earnings date is recorded for TOPS in our calendar as of 16 Oct 2026; the Calendars page is refreshed every morning.
Does TOPS have listed options, and how liquid are they?
No. The nightly options snapshot found no listed contracts on TOPS, so the wheel strategy cannot be run on it and the Wheel Score is capped at 39.