TOP ShipsTOPS +1.80%49 Gross Margin % is 17.54% as of Dec. 2025, which is 53% below its 10-year median of 37.22. 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 867 Oil & Gas companies, TOP Ships ranks better than 74.51% on this metric.
Gross Margin % is calculated as gross profit divided by its revenue. TOP Ships's Gross Profit for the
six
months ended in Dec. 2025 was $6.42 Mil. TOP Ships's Revenue for the
six
months ended in Dec. 2025 was $36.60 Mil. Therefore, TOP Ships's Gross Margin % for the quarter that ended in Dec. 2025 was 17.54%.
The historical rank and industry rank for TOP Ships's Gross Margin % or its related term are showing as below:
TOPS'
s Gross Margin % Range Over the Past 10 Years
Min: 22.65 Med: 37.22 Max: 45.95
Current: 45.95
During the past 13 years, the highestGross Margin % of TOP Ships was 45.95%. The lowest was 22.65%. And the median was 37.22%.
TOPS's Gross Margin % is ranked better than 74.51% of 867
companies
in the Oil & Gas industry
Industry Median: 25.7
vs TOPS: 45.95
TOP Ships had a gross margin of 17.54% for the quarter that ended in Dec. 2025 => No sustainable competitive advantage
The 5-Year average Growth Rate of Gross Margin for TOP Ships was 4.40% per year.
TOP Ships (AMEX:TOPS) Gross Margin % Explanation
Warren Buffett believes that firms with excellent long term economics tend to have consistently higher margins.
Durable competitive advantage creates a high Gross Margin % because of the freedom to price in excess of cost. Companies can be categorized by their Gross Margin %
1. Greater than 40% = Durable competitive advantage
2. Less than 40% = Competition eroding margins
3. Less than 20% = no sustainable competitive advantage
Consistency of Gross Margin is key
TOP Ships had a gross margin of 17.54% for the quarter that ended in Dec. 2025 => No sustainable competitive advantage
Be Aware
If a company loses its competitive advantages, usually its gross margin declines well before its sales declines. Watching Gross Margin % and Operating Margin % closely helps avoid value trap situations.
TOP Ships Gross Margin % Related Terms
TOP Ships Gross Margin % Historical Data
* Premium members only.
The historical data trend for TOP Ships's Gross Margin % 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: Gross Margin % Comparison
For the Oil & Gas Midstream subindustry, TOP Ships's Gross Margin %, along with its competitors' market caps and Gross Margin % 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 Gross Margin % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, TOP Ships's Gross Margin % distribution charts can be found below:
* The bar in red indicates where TOP Ships's Gross Margin % 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.
A positive Gross Profit is only the first step for a company to make a net profit. The gross profit needs to be big enough to also cover related labor, equipment, rental, marketing/advertising, research and development and a lot of other costs in selling the products.
TOP Ships (TOPS) has a Gross Margin % of 17.54% as of Dec. 2025. Gross margin is the ratio of total gross profit to net sales. View historical data on TOP Ships and its competitors. This is 53% below median its historical median of 37.22. Over the past decade, TOP Ships' Gross Margin % has ranged from 22.65 to 45.95. According to the industry distribution chart, TOP Ships ranks #221 out of 867 companies in the Oil & Gas industry, placing it in the top 25.5%.
Is TOP Ships' Gross Margin % too high?
TOP Ships' current Gross Margin % of 17.54% is 53% below median its 10-year median of 37.22. Over the past 10 years, this metric has ranged from a low of 22.65 to a high of 45.95. The Oil & Gas industry median Gross Margin % is 25.70. TOP Ships' value of 17.54% is 31.8% below this industry median. Based on the distribution chart, TOP Ships ranks #221 out of 867 companies in the Oil & Gas industry, which is above the industry midpoint. 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' Gross Margin % compare to RBNE and CWPE?
According to the Oil & Gas industry distribution chart, TOP Ships ranks #221 out of 867 companies for Gross Margin %. This puts TOP Ships in the upper half of its industry. The industry median Gross Margin % is 25.70. TOP Ships' value of 17.54% is 31.8% below this benchmark. Historically, TOP Ships' own Gross Margin % has ranged from 22.65 to 45.95 over the past decade. While the company's 10-year median is 37.22 vs. the industry median of 25.70, TOP Ships has consistently been below 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 Gross Margin % for an Oil & Gas company?
The median Gross Margin % among Oil & Gas companies is 25.70, based on 867 companies in the industry. Companies in the top quartile (top 25%) have a Gross Margin % significantly above this median, while those in the bottom quartile fall well below. However, Gross Margin % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. TOP Ships's current Gross Margin % of 17.54% is 31.8% below 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 Gross Margin % mean?
A high Gross Margin % can signal that a stock is expensive relative to its fundamentals. Gross margin is the ratio of total gross profit to net sales. View historical data on TOP Ships and its competitors. For the Oil & Gas industry, the median Gross Margin % is 25.70 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. TOP Ships's current Gross Margin % is 17.54%, which is 53% below median its own 10-year median of 37.22. 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 Gross Margin % is 17.54%, which is 53% below median its 10-year median of 37.22 and 31.8% below the Oil & Gas industry median of 25.70. 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 Gross Margin % calculated?
Gross Margin % is calculated from a company's financial statements. For TOP Ships (TOPS), the current Gross Margin % is 17.54% 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:
Gross Margin %: 17.54% (53% below median its 10-year median of 37.22)
GF Value™: $4.24 vs. price of $0.91 (78.6% below fair value)
Industry Position: 31.8% below the Oil & Gas median (#221 of 867)
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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