TOP ShipsTOPS +5.87%49 Debt-to-EBITDA is 69.25 as of Dec. 2025, which is 697% above its 10-year median of 8.69. GuruFocus rates TOPS with a GF Score™ of 49/100 and a GF Value™ of $4.19 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 704 Oil & Gas companies, TOP Ships ranks worse than 93.04% on this metric.
Debt-to-EBITDA measures a company's ability to pay off its debt.
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt. According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
The historical rank and industry rank for TOP Ships's Debt-to-EBITDA or its related term are showing as below:
TOPS'
s Debt-to-EBITDA Range Over the Past 10 Years
Min: 4.97 Med: 8.69 Max: 27.94
Current: 11.33
During the past 13 years, the highest Debt-to-EBITDA Ratio of TOP Ships was 27.94. The lowest was 4.97. And the median was 8.69.
TOPS's Debt-to-EBITDA is ranked worse than 93.04% of 704
companies
in the Oil & Gas industry
Industry Median: 2.015
vs TOPS: 11.33
A high Debt-to-EBITDA ratio generally means that a company may spend more time to paying off its debt.
According to Joel Tillinghast's BIG MONEY THINKS SMALL: Biases, Blind Spots, and Smarter Investing, a ratio of Debt-to-EBITDA exceeding four is usually considered scary unless tangible assets cover the debt.
TOP Ships Debt-to-EBITDA Related Terms
TOP Ships Debt-to-EBITDA Historical Data
* Premium members only.
The historical data trend for TOP Ships's Debt-to-EBITDA can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
TOPS vs RBNE, CWPE, MARPS: Debt-to-EBITDA Comparison
For the Oil & Gas Midstream subindustry, TOP Ships's Debt-to-EBITDA, along with its competitors' market caps and Debt-to-EBITDA data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
TOP Ships Debt-to-EBITDA vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, TOP Ships's Debt-to-EBITDA distribution charts can be found below:
* The bar in red indicates where TOP Ships's Debt-to-EBITDA falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In the calculation of annual Debt-to-EBITDA, the EBITDA of the last fiscal year is used. In calculating the annualized quarterly data,
the EBITDA data used here is two times the quarterly (Dec. 2025) EBITDA data.
TOP Ships (TOPS) has a Debt-to-EBITDA of 69.25 as of Dec. 2025. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on TOP Ships. This is 697% above median its historical median of 8.69. Over the past decade, TOP Ships' Debt-to-EBITDA has ranged from 4.97 to 27.94. According to the industry distribution chart, TOP Ships ranks #655 out of 704 companies in the Oil & Gas industry, placing it in the top 93%.
Is TOP Ships' Debt-to-EBITDA too high?
TOP Ships' current Debt-to-EBITDA of 69.25 is 697% above median its 10-year median of 8.69. Over the past 10 years, this metric has ranged from a low of 4.97 to a high of 27.94. The Oil & Gas industry median Debt-to-EBITDA is 2.02. TOP Ships' value of 69.25 is 3336.7% above this industry median. Based on the distribution chart, TOP Ships ranks #655 out of 704 companies in the Oil & Gas industry, which is in the bottom quartile relative to peers. Overall, TOP Ships has a GF Score™ of 49/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does TOP Ships' Debt-to-EBITDA compare to RBNE and CWPE?
According to the Oil & Gas industry distribution chart, TOP Ships ranks #655 out of 704 companies for Debt-to-EBITDA. This places TOP Ships in the lower half of its industry. The industry median Debt-to-EBITDA is 2.02. TOP Ships' value of 69.25 is 3336.7% above this benchmark. Historically, TOP Ships' own Debt-to-EBITDA has ranged from 4.97 to 27.94 over the past decade. While the company's 10-year median is 8.69 vs. the industry median of 2.02, TOP Ships has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Debt-to-EBITDA for an Oil & Gas company?
The median Debt-to-EBITDA among Oil & Gas companies is 2.02, based on 704 companies in the industry. Companies in the top quartile (top 25%) have a Debt-to-EBITDA significantly above this median, while those in the bottom quartile fall well below. However, Debt-to-EBITDA should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. TOP Ships's current Debt-to-EBITDA of 69.25 is 3336.7% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Debt-to-EBITDA mean?
A high Debt-to-EBITDA can signal that a stock is expensive relative to its fundamentals. Debt-to-EBITDA ratio represents the ratio of total debt to total earnings before interest, taxes, depreciation and amortization. View historical data on TOP Ships. For the Oil & Gas industry, the median Debt-to-EBITDA is 2.02 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. TOP Ships's current Debt-to-EBITDA is 69.25, which is 697% above median its own 10-year median of 8.69. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is TOP Ships stock overvalued right now?
Based on GuruFocus' analysis, TOP Ships (TOPS) is currently considered Possible Value Trap. The stock's GF Value™ is $4.19, compared to a current price of $0.76 — trading 81.9% below its estimated fair value. The current Debt-to-EBITDA is 69.25, which is 697% above median its 10-year median of 8.69 and 3336.7% above the Oil & Gas industry median of 2.02. TOP Ships' overall GF Score™ is 49/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Debt-to-EBITDA calculated?
Debt-to-EBITDA is calculated from a company's financial statements. For TOP Ships (TOPS), the current Debt-to-EBITDA is 69.25 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is TOP Ships (TOPS) Overvalued in 2026?
Based on GuruFocus' analysis, TOP Ships stock appears to be undervalued.
The current stock price of $0.76 is trading 81.9% below its estimated GF Value™ of $4.19.
GuruFocus considers TOP Ships to be Possible Value Trap.
Key valuation signals for TOPS:
Debt-to-EBITDA: 69.25 (697% above median its 10-year median of 8.69)
GF Value™: $4.19 vs. price of $0.76 (81.9% below fair value)
Industry Position: 3336.7% above the Oil & Gas median (#655 of 704)
No single metric tells the full story. See the TOPS stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
TOP Ships Inc owns tanker vessels throughout the world. The Company is an international owner and operator of modern, fuel-efficient eco-tanker vessels, focusing on the transportation of crude oil, petroleum products (both clean and dirty), and bulk liquid chemicals. It generates revenue from the Time Charter agreements. The company operates in two reportable segments: (i) the tanker segment and (ii) the megayacht segment.
49GF Score
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