TOPS · CIK 0001296484 · FY2025 live · 2025-12-31
TOP SHIPS INC.
View as
Model
Z″
FY2025
−2.69
Zone
Distress
Prior
—
Market DD
—
1y PD
—
−2.69
Classic Z −0.99
Z″ −2.69 · distress below 1.10, grey to 2.60, safe above.
Z″ factor contributions
X1 Working capital / assets
Short-term liquidity. Carries more weight in Z″ than in classic Z.
−0.056.56 × = −0.30X2 Retained earnings / assets
Cushion from years of profits. Share buybacks can push this negative at otherwise healthy firms.
−1.013.26 × = −3.29X3 EBIT / assets
Operating return on assets. Highest weight in Z″.
0.086.72 × = 0.53X4 Book equity / liabilities
Book equity versus the liability stack. Sales / assets is omitted so asset-light names keep turnover from dragging the score.
0.361.05 × = 0.38
Five-year path
Need two annual 10-Ks to draw a path. The desk will pull this issuer’s filings.
Meridian Rank
20.45
from 21.18
0–100 · Z″ family
Book standing
18
Year change
—
Market PD
—
O-score
27
Events on this name
Same published rows as Today.
Large rank drop
material · 67
- Meridian Rank: 21.18 → 20.45
Overview
rule-v1
TOP SHIPS INC. is on Z″ at −2.69 (distress) for FY2025, from an SEC 10-K. Retained earnings / assets is the line that sets the print. This is the first live year on the desk. No market tape loaded. Z″ drops sales/assets so asset-light names are not punished for turnover. X4 is book equity on every name.
Book screen Distress; market PD —. Market PD has not been priced on this name.
Market DD · naive Merton
No market tape yet.
Pull a year of closes (Yahoo, Nasdaq if Yahoo is limited) and size equity from Nasdaq cap or EDGAR shares. Distance-to-default and 1-year PD stay blank until then.
Sector peers
Closest Z″ scores · 15th percentile in Industrials.
- AERTDistressAeries Technology, Inc.−2.66
- SUNEDistressSUNation Energy, Inc.−2.65
- SUPXDistressSuperX AI Technology Ltd−2.61
- RPAYDistressRepay Holdings Corp−2.56
- SLNDDistressSouthland Holdings, Inc.−2.50
- JTAIDistressJet.AI Inc.−2.89
- PPHCDistressPublic Policy Holding Company, Inc.−2.95
- JETMFDistressGlobal Crossing Airlines Group Inc.−2.97
Filing line items
Current assets
$24M
Total assets
$334M
Current liabilities
$40M
Total liabilities
$244M
Working capital
−$16M
Retained earnings
−$337M
EBIT
$26M
Total sales
$0
Book equity
$89M
Accession 0001140361-26-012456. Live rank is the latest 10-K on EDGAR (FY2025, period 2025-12-31). Z″ is the live score. View as is a display overlay. X4 is book equity. Pulled 13 Sept 2026.