TOPS (TOP Ships) EBIT: $19.12 Mil (TTM As of Dec. 2025)


TOPS TOP Ships Inc TOPS
49 GF Score
Price $0.91
GF Value $4.24
Valuation Possible Value Trap
! 6 Warning Signs
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What is TOP Ships EBIT?

TOP Ships TOPS +1.80% 49 EBIT is $19.12 Mil as of Dec. 2025. GuruFocus rates TOPS with a GF Score™ of 49/100 and a GF Value™ of $4.24 (Possible Value Trap). The stock has 6 warning signs investors should review.

TOP Ships's earnings before interest and taxes (EBIT) for the six months ended in Dec. 2025 was $1.56 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Dec. 2025 was $19.12 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. TOP Ships's annualized ROC % for the quarter that ended in Dec. 2025 was 4.13%. TOP Ships's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 0.92%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. TOP Ships's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 9.50%.


TOP Ships  (AMEX:TOPS) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

TOP Ships's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jun. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=16.076 * ( 1 - 0% )/( (434.419 + 344.116)/ 2 )
=16.076/389.2675
=4.13 %

where

Note: The Operating Income data used here is two times the semi-annual (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

TOP Ships's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jun. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=3.128/( ( (395.45 + max(-17.501, 0)) + (287.178 + max(-24.657, 0)) )/ 2 )
=3.128/( ( 395.45 + 287.178 )/ 2 )
=3.128/341.314
=0.92 %

where Working Capital is:

Working Capital(Q: Jun. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2.6 + 0.993 + 8.891) - (22.135 + 7.85 + 0)
=-17.501

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1.543 + 0.564 + 0.966) - (5.002 + 22.728 + 0)
=-24.657

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

TOP Ships's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Dec. 2025 )
=19.119/201.265
=9.50 %

* 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.


TOP Ships EBIT Related Terms


TOP Ships EBIT Historical Data

* Premium members only.

The historical data trend for TOP Ships's EBIT 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.

TOP Ships EBIT Chart

TOP Ships Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
EBIT
Get a 7-Day Free Trial Premium Member Only Premium Member Only 14.75 30.66 27.75 26.90 19.12

TOP Ships Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 11.44 14.67 12.24 17.56 1.56

TOPS vs RBNE, CWPE, MARPS: EBIT Comparison

For the Oil & Gas Midstream subindustry, TOP Ships's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT 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 EV-to-EBIT vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, TOP Ships's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where TOP Ships's EV-to-EBIT falls into.


TOPS
49GF Score
TOP Ships Inc TOPS
EBIT is just one metric. See GF Score™, valuation, warning signs, and more.
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TOP Ships EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was $19.12 Mil.

* 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.

Frequently Asked Questions Learn more about EBIT →
What does a EBIT of $19.12 Mil mean?
TOP Ships (TOPS) has a EBIT of $19.12 Mil as of Dec. 2025. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on TOP Ships.
Is TOP Ships' EBIT too high?
TOP Ships' current EBIT is $19.12 Mil. 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' EBIT compare to RBNE and CWPE?
TOP Ships' EBIT of $19.12 Mil can be compared against companies in the Oil & Gas industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for an Oil & Gas company?
A good EBIT depends on the Oil & Gas industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on TOP Ships. TOP Ships's current EBIT is $19.12 Mil. 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 $4.24, compared to a current price of $0.91 — trading 78.6% below its estimated fair value. The current EBIT is $19.12 Mil. 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 EBIT calculated?
EBIT is calculated from a company's financial statements. For TOP Ships (TOPS), the current EBIT is $19.12 Mil 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 $0.91 is trading 78.6% below its estimated GF Value™ of $4.24. GuruFocus considers TOP Ships to be Possible Value Trap.

Key valuation signals for TOPS:

  • EBIT: $19.12 Mil
  • GF Value™: $4.24 vs. price of $0.91 (78.6% below fair value)
  • GF Score™: 49/100 with 6 warning signs

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 Business Description

Industry EnergyOil & Gas
Other Exchanges UER0:Germany
Address 20 Iouliou Kaisara Street, Paiania, Athens, GRC, 19002
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

Get the complete analysis for TOPS

EBIT is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$0.91
Price
$4.24
GF Value