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TOPS on NYSE

Top Group

Logo: top-group.co.il3

Top Group is an Israeli Deep Sea Foreign Transportation of Freight company, founded in 1990.1 Its shares trade on NYSE under the symbol TOPS.1

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Last updated Oct 21, 2026.

Overview

$80.4MRevenue, fiscal 20254
$3.1MNet income, fiscal 20254
1990Founded1

Compare with Performance Shipping Inc., Heidmar Maritime Holdings Corp. or Himalaya Shipping Ltd., or pick any stock.

  • TickerTOPS on NYSE1
  • IndustryDeep Sea Foreign Transportation of Freight1
  • HeadquartersIsrael1
  • Founded inIsrael1
  • Websitetop-group.co.il
  • Legal formlimited company1
  • Incorporated inMarshall Islands5
  • Business address1, Vassilissis Sofias Str. & Meg., Alexandrou Str., Maroussi, 151 245
  • Filer categoryNon-accelerated filer5

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Perpetual Preferred Shares (“Series F Preferred Shares”) for an aggregate amount of approximately $12.0 million, $12.2 million and $2.1 million, payable in cash respectively.6 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

32.7%Operating margin4
3.8%Net margin4
3.5%Return on equity4
2.30×Debt to equity4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs96¢$77.3M
  • Profit4¢$3.1M

Out of $80.4M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$26.4M

Out of $26.4M of cash from operations.4

Financial statements

Revenue7894$80.4M in 2025+96% since 2018
0$25.0M$50.0M$75.0M$100.0M2018: $41.0M$41.0M20182019: $66.1M$66.1M2019+61%2020: $60.2M$60.2M2020−9%2021: $56.4M$56.4M2021−6%2022: $80.7M$80.7M2022+43%2025: $80.4M$80.4M2025−0%
Operating income78910114$26.3M in 2025
-$10.0M0$10.0M$20.0M$30.0M$40.0M2018: -$3.9M-$3.9M20182019: $3.9M$3.9M20192020: -$1.8M-$1.8M20202021: $14.8M$14.8M20212022: $32.6M$32.6M2022+120%2023: $28.7M$28.7M2023−12%2024: $27.9M$27.9M2024−3%2025: $26.3M$26.3M2025−6%
Net income78910114$3.1M in 2025
-$40.0M-$20.0M0$20.0M2018: -$11.1M-$11.1M20182019: -$14.8M-$14.8M2019+33%2020: -$22.8M-$22.8M2020+54%2021: $8.6M$8.6M20212022: $18.9M$18.9M2022+120%2023: $6.1M$6.1M2023−68%2024: $5.0M$5.0M2024−17%2025: $3.1M$3.1M2025−39%
Fiscal year20182019202020212022202320242025
Revenue$41.0M7$66.1M8$60.2M8$56.4M8$80.7M9$80.4M4
Operating income-$3.9M7$3.9M8-$1.8M9$14.8M10$32.6M11$28.7M4$27.9M4$26.3M4
Interest$11.4M7$19.0M8$22.6M8$8.2M8
Income tax$012$013$07
Net income-$11.1M7-$14.8M8-$22.8M9$8.6M10$18.9M11$6.1M4$5.0M4$3.1M4
Earnings per share-$24.489$32.5110-$36.3411-$12.444$1.094$0.674
Earnings per share (diluted)-$24.489$32.5110-$36.3411-$12.444$1.094$0.674
Shares (weighted, basic)166.0K shares10252.8K shares111.8M shares44.6M shares44.6M shares4
Shares (weighted, diluted)166.0K shares10252.8K shares111.8M shares44.6M shares44.6M shares4

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Corporate structure

Top Group sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Top Group

  • Top Group Israel

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Top Group reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, net$287.2M4 Dec 31, 2025$361.9M4 Dec 31, 2024−20.6%
Operating-lease assets (leased space)$011 Dec 31, 2024$19.5M11 Dec 31, 2023−100.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$20.4M4 Dec 31, 2025$7.6M4 Dec 31, 2024+167.0%
Stakes in other companies (equity method)$7.9M4 Dec 31, 2025$8.1M4 Dec 31, 2024−2.1%

Inventory

ItemLatestA year beforeChange
Inventory, total$564.0K4 Dec 31, 2025$983.0K4 Dec 31, 2024−42.6%

Leadership

Who has led Top Group, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Evangelos Pistiolis2026–now

President

  1. Evangelos Pistiolis2026–now

Chief financial officer

  1. Alexandros Tsirikos2026–now
1995200020052010201520202025
Board members and other officers (5)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerKONSTANTINOS PATIS named Jun 21, 2022 to Oct 25, 202219
  • Executive OfficerVANGELIS IKONOMOU named Jun 21, 2022 to Oct 25, 202219
  • DirectorSTAVROS EMMANUEL named Jun 21, 2022 to Oct 25, 202219

Former names

  • TOP TANKERS INC.Jul 7, 2004 to Dec 17, 20075

Timeline

  1. Apr 1, 2026New chief executive Evangelos Pistiolis becomes CEO14
  2. 1990Founded Founded in Israel1

Filings

222 filings to the SEC since October 2021: 6 annual reports, 5 insider forms, 45 large holders, 2 private raises, 164 other. The latest 20:

  1. Oct 15, 2026424B3 EDGAR
  2. Oct 15, 20266-K EDGAR
  3. Oct 7, 2026424B3 EDGAR
  4. Oct 7, 20266-K EDGAR
  5. Oct 1, 2026424B3 EDGAR
  6. Oct 1, 20266-K EDGAR
  7. Sep 24, 2026SCHEDULE 13D/A EDGAR
  8. Sep 22, 2026424B3 EDGAR
  9. Sep 22, 20266-K EDGAR
  10. Sep 21, 2026SCHEDULE 13D/A EDGAR
  11. Sep 17, 2026424B3 EDGAR
  12. Sep 17, 20266-K EDGAR
  13. Sep 15, 2026424B3 EDGAR
  14. Sep 15, 20266-K EDGAR
  15. Aug 17, 2026424B3 EDGAR
  16. Aug 17, 20266-K EDGAR
  17. Jul 28, 20266-K EDGAR
  18. Jul 27, 2026424B3 EDGAR
  19. Jul 27, 20266-K EDGAR
  20. Jul 23, 2026424B3 EDGAR

The 222 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Oct 10, 2022Filed a private offering of equity19 Form D: $7.2 million offered in all Form D
  2. Jun 3, 2022Filed a private offering of equity23 Form D: $715,150 offered in all Form D

SEC filer profile

How Top Group is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARTOP SHIPS INC.2
  • CIK0001296484
  • Filer statusNon-accelerated filer not an emerging growth company; not a shell company6
  • Incorporated inMarshall Islands6
  • Fiscal year endsDecember 312
  • Industry code (SIC)4412 Deep Sea Foreign Transportation of Freight2
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance2
  • Business address1, Vassilissis Sofias Str. & Meg., Alexandrou Str., Maroussi, 151 24, Greece2
  • Phone011-30-210-81-28-1072
  • Shares outstanding4,626,197 Common Stock shares; 100,000 Series D Preferred Stock shares as of Dec 31, 20256
  • AuditorDeloitte Certified Public Accountants S.A., Athens, Greece PCAOB ID 1163; no auditor attestation of internal control over financial reporting6
  • On EDGAR sinceJul 7, 20042
  • Filings929 in all: 6-K (484), SC 13D/A (126), CORRESP (34), 424B5 (32), UPLOAD (24), 424B3 (23), SC 13G/A (23), 20-F (22)2
    All 41 form types

    SC 13G (19), EFFECT (18), F-1/A (18), F-1 (11), F-3 (11), POS AM (9), F-3/A (7), RW (7), 20-F/A (6), 3 (6), 424B2 (6), SC 13D (6), SCHEDULE 13D/A (5), 4 (3), 6-K/A (3), FWP (3), 424B4 (2), 8-A12B (2), 8-A12G (2), 8-A12G/A (2), D (2), SUPPL (2), 25 (1), 3/A (1), 424B1 (1), 8-A12B/A (1), ARS (1), AW (1), CERT (1), DRS (1), F-1MEF (1), IRANNOTICE (1), NT 20-F (1)

  • Latest filingsAnnual report (20-F) Apr 1, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.01 per shareTOPSNYSE American LLC
Preferred Stock Purchase RightsNYSE American LLC

From the cover page of the 20-F filed Apr 1, 2026 (Section 12(b) of the Exchange Act).6

Sources

The numbers on this page point here. Each one links to the record it came from.

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    Company websiteTop Group logo
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