TOP ShipsTOPS +1.57%49 Piotroski F-Score is 7 as of Jun. 24, 2026, which is 17% above its 10-year median of 6.00. 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. Among 974 Oil & Gas companies, TOP Ships ranks better than 92.51% on this metric.
Good Sign:
Piotroski F-Score is 7, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
TOP Ships has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
The historical rank and industry rank for TOP Ships's Piotroski F-Score or its related term are showing as below:
TOPS'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 6 Max: 7
Current: 7
During the past 13 years, the highest Piotroski F-Score of TOP Ships was 7. The lowest was 4. And the median was 6.
TOP Ships (AMEX:TOPS) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
TOP Ships Piotroski F-Score Related Terms
TOP Ships Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for TOP Ships's Piotroski F-Score 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: Piotroski F-Score Comparison
For the Oil & Gas Midstream subindustry, TOP Ships's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score 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 Piotroski F-Score vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, TOP Ships's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where TOP Ships's Piotroski F-Score 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.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
TOP Ships's current Net Income (TTM) was 3.09.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
TOP Ships's return on assets of this year was 0.00729944. TOP Ships's return on assets of last year was 0.01096281.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
TOP Ships's gearing of this year was 0.5414943. TOP Ships's gearing of last year was 0.55570711.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
TOP Ships's current ratio of this year was 0.60790312. TOP Ships's current ratio of last year was 0.70612159.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
TOP Ships's number of shares in issue this year was 4.626. TOP Ships's number of shares in issue last year was 4.626.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
TOP Ships's gross margin of this year was 0.45945408. TOP Ships's gross margin of last year was 0.43744703.
==> This year's gross margin is higher. ==> Score 1.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
TOP Ships's asset turnover of this year was 0.19020891. TOP Ships's asset turnover of last year was 0.18756329.
==> This year's asset turnover is higher. ==> Score 1.
Evaluation
Piotroski F-Score
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
TOP Ships has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.
TOP Ships (TOPS) has a Piotroski F-Score of 7 as of Jun. 24, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on TOP Ships and its competitors. This is 17% above median its historical median of 6.00. Over the past decade, TOP Ships' Piotroski F-Score has ranged from 4.00 to 7.00. According to the industry distribution chart, TOP Ships ranks #73 out of 974 companies in the Oil & Gas industry, placing it in the top 7.5%.
Is TOP Ships' Piotroski F-Score too high?
TOP Ships' current Piotroski F-Score of 7 is 17% above median its 10-year median of 6.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 7.00. The Oil & Gas industry median Piotroski F-Score is 5.00. TOP Ships' value of 7 is 40% above this industry median. Based on the distribution chart, TOP Ships ranks #73 out of 974 companies in the Oil & Gas industry, which is in the top quartile — a strong position 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' Piotroski F-Score compare to RBNE and CWPE?
According to the Oil & Gas industry distribution chart, TOP Ships ranks #73 out of 974 companies for Piotroski F-Score. This places TOP Ships in the top 8% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. TOP Ships' value of 7 is 40% above this benchmark. Historically, TOP Ships' own Piotroski F-Score has ranged from 4.00 to 7.00 over the past decade. While the company's 10-year median is 6.00 vs. the industry median of 5.00, 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 Piotroski F-Score for an Oil & Gas company?
The median Piotroski F-Score among Oil & Gas companies is 5.00, based on 974 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. TOP Ships's current Piotroski F-Score of 7 is 40% 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 Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on TOP Ships and its competitors. For the Oil & Gas industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. TOP Ships's current Piotroski F-Score is 7, which is 17% above median its own 10-year median of 6.00. 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 78.7% below its estimated fair value. The current Piotroski F-Score is 7, which is 17% above median its 10-year median of 6.00 and 40% above the Oil & Gas industry median of 5.00. 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 Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For TOP Ships (TOPS), the current Piotroski F-Score is 7 as of Jun. 24, 2026. 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 78.7% below its estimated GF Value™ of $4.24.
GuruFocus considers TOP Ships to be Possible Value Trap.
Key valuation signals for TOPS:
Piotroski F-Score: 7 (17% above median its 10-year median of 6.00)
GF Value™: $4.24 vs. price of $0.91 (78.7% below fair value)
Industry Position: 40% above the Oil & Gas median (#73 of 974)
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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