TOPS (TOP Ships) Beneish M-Score: -2.08 (As of Jun. 24, 2026)

What is TOP Ships Beneish M-Score?

TOP Ships TOPS +1.80% 49 Beneish M-Score is -2.08 as of Jun. 24, 2026. 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 822 Oil & Gas companies, TOP Ships ranks worse than 80.9% on this metric.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.08 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for TOP Ships's Beneish M-Score or its related term are showing as below:

TOPS' s Beneish M-Score Range Over the Past 10 Years
Min: -3.45 Med: -2.58 Max: 31.33
Current: -2.08

During the past 13 years, the highest Beneish M-Score of TOP Ships was 31.33. The lowest was -3.45. And the median was -2.58.

TOP Ships Beneish M-Score Related Terms

TOP Ships Beneish M-Score Historical Data

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The historical data trend for TOP Ships's Beneish M-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.

TOP Ships Beneish M-Score Chart

TOP Ships Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Beneish M-Score

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-2.80

-3.19

31.33

-0.19

-2.08

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
Beneish M-Score	Get a 7-Day Free Trial															31.33	0.00	-0.19	0.00	-2.08

TOPS vs RBNE, CWPE, MARPS: Beneish M-Score Comparison

For the Oil & Gas Midstream subindustry, TOP Ships's Beneish M-Score, along with its competitors' market caps and Beneish M-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 Beneish M-Score vs Oil & Gas Industry

For the Oil & Gas industry and Energy sector, TOP Ships's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where TOP Ships's Beneish M-Score falls into.

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TOP Ships Inc TOPS

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TOP Ships Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of TOP Ships for today is based on a combination of the following eight different indices:

-4.84

0.92 * DSRI

0.528 * GMI

0.404 * AQI

0.892 * SGI

0.115 * DEPI

-4.84

0.92 * 2.0621

0.528 * 0.9521

0.404 * 0.7574

0.892 * 0.9337

0.115 * 0.8471

0.172 * SGAI

4.679 * TATA

0.327 * LVGI

0.172 * 1.0869

4.679 * -0.069459

0.327 * 1.1128

-2.08

This Year (Dec25) TTM:

Last Year (Dec24) TTM:

Total Receivables was $2.14 Mil.
Revenue was $80.42 Mil.
Gross Profit was $36.95 Mil.
Total Current Assets was $24.05 Mil.
Total Assets was $333.61 Mil.
Property, Plant and Equipment(Net PPE) was $287.18 Mil.
Depreciation, Depletion and Amortization(DDA) was $21.94 Mil.
Selling, General, & Admin. Expense(SGA) was $7.62 Mil.
Total Current Liabilities was $39.55 Mil.
Long-Term Debt & Capital Lease Obligation was $204.79 Mil.
Net Income was $3.09 Mil.
Gross Profit was $-0.17 Mil.
Cash Flow from Operations was $26.43 Mil.

Total Receivables was $1.11 Mil.
Revenue was $86.13 Mil.
Gross Profit was $37.68 Mil.
Total Current Assets was $23.44 Mil.
Total Assets was $422.77 Mil.
Property, Plant and Equipment(Net PPE) was $361.88 Mil.
Depreciation, Depletion and Amortization(DDA) was $23.15 Mil.
Selling, General, & Admin. Expense(SGA) was $7.51 Mil.
Total Current Liabilities was $33.19 Mil.
Long-Term Debt & Capital Lease Obligation was $245.06 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI	=	(Receivables_t / Revenue_t)	/	(Receivables_t-1 / Revenue_t-1)
	=	(2.143 / 80.415)	/	(1.113 / 86.127)
	=	0.026649	/	0.012923
	=	2.0621

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI	=	GrossMargin_t-1	/	GrossMargin_t
	=	(GrossProfit_t-1 / Revenue_t-1)	/	(GrossProfit_t / Revenue_t)
	=	(37.676 / 86.127)	/	(36.947 / 80.415)
	=	0.437447	/	0.459454
	=	0.9521

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI	=	(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t)	/	(1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
	=	(1 - (24.045 + 287.178) / 333.609)	/	(1 - (23.439 + 361.879) / 422.772)
	=	0.067103	/	0.088591
	=	0.7574

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI	=	Sales_t	/	Sales_t-1
	=	Revenue_t	/	Revenue_t-1
	=	80.415	/	86.127
	=	0.9337

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI	=	(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))	/	(Depreciation_t / (Depreciaton_t + PPE_t))
	=	(23.146 / (23.146 + 361.879))	/	(21.937 / (21.937 + 287.178))
	=	0.060116	/	0.070967
	=	0.8471

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI	=	(SGA_t / Sales_t)	/	(SGA_t-1 /Sales_t-1)
	=	(7.617 / 80.415)	/	(7.506 / 86.127)
	=	0.094721	/	0.08715
	=	1.0869

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI	=	((LTD_t + CurrentLiabilities_t) / TotalAssets_t)	/	((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
	=	((204.788 + 39.554) / 333.609)	/	((245.056 + 33.194) / 422.772)
	=	0.73242	/	0.658156
	=	1.1128

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA	=	(IncomefromContinuingOperations_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(NetIncome_t - NonOperatingIncome_t	-	CashFlowsfromOperations_t)	/	TotalAssets_t
	=	(3.086 - -0.173	-	26.431)	/	333.609
	=	-0.069459

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

TOP Ships has a M-score of -2.08 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →

What does a Beneish M-Score of -2.08 mean?

TOP Ships (TOPS) has a Beneish M-Score of -2.08 as of Jun. 24, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TOP Ships and its competitors. According to the industry distribution chart, TOP Ships ranks #665 out of 822 companies in the Oil & Gas industry, placing it in the top 80.9%.

Is TOP Ships' Beneish M-Score too high?

TOP Ships' current Beneish M-Score is -2.08. Based on the distribution chart, TOP Ships ranks #665 out of 822 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' Beneish M-Score compare to RBNE and CWPE?

According to the Oil & Gas industry distribution chart, TOP Ships ranks #665 out of 822 companies for Beneish M-Score. This places TOP Ships in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Beneish M-Score for an Oil & Gas company?

A good Beneish M-Score depends on the Oil & Gas industry context. However, Beneish M-Score 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 Beneish M-Score mean?

A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on TOP Ships and its competitors. TOP Ships's current Beneish M-Score is -2.08. 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 Beneish M-Score is -2.08. 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 Beneish M-Score calculated?

Beneish M-Score is calculated from a company's financial statements. For TOP Ships (TOPS), the current Beneish M-Score is -2.08 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 78.6% below its estimated GF Value™ of $4.24. GuruFocus considers TOP Ships to be Possible Value Trap.

Key valuation signals for TOPS:

Beneish M-Score: -2.08
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 Energy Oil & Gas

Comparable Companies RBNE CWPE MARPS BANL TMDE TSX:ENB WMB EPD TSX:TRP KMI ET MPLX TRGP OKE LNG VG CQP TSX:PPL SHSE:601872 WES

Other Exchanges UER0:Germany

Address 20 Iouliou Kaisara Street, Paiania, Athens, GRC, 19002

Website https://www.topships.org

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.

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

$0.91

Price

$4.24

GF Value

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