TOP ShipsTOPS +2.16%49 3-Year ROIIC % is 4.80 as of Dec. 2025, which is 34% below its 10-year median of 7.22. GuruFocus rates TOPS with a GF Score™ of 49/100 and a GF Value™ of $4.22 (Possible Value Trap). The stock has 6 warning signs investors should review. Among 925 Oil & Gas companies, TOP Ships ranks better than 60.97% on this metric.
3-Year Return on Invested Incremental Capital (3-Year ROIIC %) measures the change in earnings as a percentage of change in investment over 3-year.
TOP Ships's 3-Year ROIIC % for the quarter that ended in Dec. 2025 was 4.80%. High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
The industry rank for TOP Ships's 3-Year ROIIC % or its related term are showing as below:
TOPS's 3-Year ROIIC % is ranked better than 60.97% of 925
companies
in the Oil & Gas industry
Industry Median: 0.01
vs TOPS: 4.80
TOP Ships (AMEX:TOPS) 3-Year ROIIC % Explanation
Return on Incremental Invested Capital (ROIIC) is an extension of Return on Investment Capital (ROIC). ROIC % tells investors how efficiently that profitability is earned per dollar of company capital. ROIIC narrows the focus even further and shows how profitable each additional unit of capital investment could be. ROIIC % is a more powerful metric than ROIC because it measures how much money the company can generate going forward on future capital investments.
High ROIIC is generally an indication that your business is capital efficient or has a higher operating leverage.
Be Aware
It's important to keep in mind that when tracking ROIIC, the metric is better suited to forecasting the trend of future returns rather than measuring current return on investment.
TOP Ships 3-Year ROIIC % Related Terms
TOP Ships 3-Year ROIIC % Historical Data
* Premium members only.
The historical data trend for TOP Ships's 3-Year ROIIC % 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: 3-Year ROIIC % Comparison
For the Oil & Gas Midstream subindustry, TOP Ships's 3-Year ROIIC %, along with its competitors' market caps and 3-Year ROIIC % 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 3-Year ROIIC % vs Oil & Gas Industry
For the Oil & Gas industry and Energy sector, TOP Ships's 3-Year ROIIC % distribution charts can be found below:
* The bar in red indicates where TOP Ships's 3-Year ROIIC % falls into.
TOP Ships's 3-Year ROIIC % for the quarter that ended in Dec. 2025 is calculated as:
3-Year ROIIC %
=
3-Year Incremental Net Operating Profit After Taxes (NOPAT)**
/
3-Year Incremental Invested Capital**
=
( 26.28 (Dec. 2025) - 32.541 (Dec. 2022) )
/
( 344.116 (Dec. 2025) - 474.429 (Dec. 2022) )
=
-6.261
/
-130.313
=
4.80%***
* 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.
** Annual data of NOPAT and Invested Capital was used to calculate 3-Year ROIIC %.
*** Please be aware that the ROIIC (Return on Invested Capital) calculations are based on company-level data using the primary share class. The calculated data provided is for demonstration purposes and may slightly differ from the results displayed in the title due to potential variations caused by currency exchange rate differences throughout the year.
TOP Ships (TOPS) has a 3-Year ROIIC % of 4.80 as of Dec. 2025. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on TOP Ships and its competitors. This is 34% below median its historical median of 7.22. According to the industry distribution chart, TOP Ships ranks #361 out of 925 companies in the Oil & Gas industry, placing it in the top 39%.
Is TOP Ships' 3-Year ROIIC % too high?
TOP Ships' current 3-Year ROIIC % of 4.80 is 34% below median its 10-year median of 7.22. The Oil & Gas industry median 3-Year ROIIC % is 0.01. TOP Ships' value of 4.80 is 47900% above this industry median. Based on the distribution chart, TOP Ships ranks #361 out of 925 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' 3-Year ROIIC % compare to RBNE and CWPE?
According to the Oil & Gas industry distribution chart, TOP Ships ranks #361 out of 925 companies for 3-Year ROIIC %. This puts TOP Ships in the upper half of its industry. The industry median 3-Year ROIIC % is 0.01. TOP Ships' value of 4.80 is 47900% above this benchmark. While the company's 10-year median is 7.22 vs. the industry median of 0.01, 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 3-Year ROIIC % for an Oil & Gas company?
The median 3-Year ROIIC % among Oil & Gas companies is 0.01, based on 925 companies in the industry. Companies in the top quartile (top 25%) have a 3-Year ROIIC % significantly above this median, while those in the bottom quartile fall well below. However, 3-Year ROIIC % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. TOP Ships's current 3-Year ROIIC % of 4.80 is 47900% 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 3-Year ROIIC % mean?
A high 3-Year ROIIC % can signal that a stock is expensive relative to its fundamentals. 3-Year ROIIC % measures the change in earnings as a percentage of change in investment over 3-year. View historical data on TOP Ships and its competitors. For the Oil & Gas industry, the median 3-Year ROIIC % is 0.01 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. TOP Ships's current 3-Year ROIIC % is 4.80, which is 34% below median its own 10-year median of 7.22. 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 $4.22, compared to a current price of $0.80 — trading 81% below its estimated fair value. The current 3-Year ROIIC % is 4.80, which is 34% below median its 10-year median of 7.22 and 47900% above the Oil & Gas industry median of 0.01. 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 3-Year ROIIC % calculated?
3-Year ROIIC % is calculated from a company's financial statements. For TOP Ships (TOPS), the current 3-Year ROIIC % is 4.80 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 $0.80 is trading 81% below its estimated GF Value™ of $4.22.
GuruFocus considers TOP Ships to be Possible Value Trap.
Key valuation signals for TOPS:
3-Year ROIIC %: 4.80 (34% below median its 10-year median of 7.22)
GF Value™: $4.22 vs. price of $0.80 (81% below fair value)
Industry Position: 47900% above the Oil & Gas median (#361 of 925)
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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