The large NAV discount could attract value-oriented investors, but dilution from convertible preferred shares and warrants limits upside. Monitor for actual asset sales or share repurchases to narrow the discount.
Price Chart
Executive Summary
TOP Ships announced a management-estimated NAV of $359.2M as of June 30, 2026, a 24% increase from the prior estimate, translating to $47.19 per basic share and $12.49 per fully diluted share. The stock trades at a 94% discount to diluted NAV, and the company reiterated plans to sell its megayacht to redeploy capital into its core tanker business.
Key Facts
- NAV estimate of $359.2 million as of June 30, 2026, up 24% from March 10, 2026.
- NAV per basic share: $47.19; fully diluted NAV per share: $12.49.
- Stock trades at a 94% discount to fully-diluted NAV per management.
- Company intends to sell megayacht M/Y Para Bellvm to release capital for tanker business.
- Fleet average age ~5.2 years; eight MR tanker newbuildings scheduled for delivery Q2 2028–Q4 2029.
Financial Impact
NAV increased by $69.5 million (24%) to $359.2 million; stock at $4M market cap implies extreme discount.
Risk Factors
- NAV is a management estimate, not audited, and may not be realizable.
- Significant dilution from convertible preferred shares and outstanding warrants.
- Low liquidity and small market cap increase volatility.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 10 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (TOPS) — Batch item 1 | 0001171843-26-004884 |
| Document: f6k_072726.htm | 0001171843-26-004884 |
| Document: 0001171843-26-004884-index-headers.html | 0001171843-26-004884 |
| Document: 0001171843-26-004884-index.html | 0001171843-26-004884 |
| Document: 0001171843-26-004884.txt | 0001171843-26-004884 |
| 6-K Filing (TOPS) — Batch item 6 | 0001171843-26-004884 |
| Document: f6k_072726.htm | 0001171843-26-004884 |
| Document: 0001171843-26-004884-index-headers.html | 0001171843-26-004884 |
| Document: 0001171843-26-004884-index.html | 0001171843-26-004884 |
| Document: 0001171843-26-004884.txt | 0001171843-26-004884 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 15, 2026 11d ago | 6-K | $0.4499 | awaiting T+20 | — | $0.2800 (−37.76%) |
Oct 7, 2026 19d ago | 6-K | $0.5000 | awaiting T+20 | — | $0.2800 (−44.00%) |
Oct 1, 2026 25d ago | 6-K | $0.5424 | awaiting T+20 | — | $0.2800 (−48.38%) |
Sep 30, 2026 26d ago | Press Release | $0.5791 | awaiting T+20 | — | $0.2800 (−51.65%) |
Sep 24, 2026 4w ago | SC 13D/A | $0.6800 $0.3000 | ▼ −55.88% | ▼ −54.41% | $0.2800 (−58.82%) |
Sep 17, 2026 5w ago | 6-K | $0.7260 $0.4460 | ▲ +38.57% | ▲ +39.77% | $0.2800 (+61.43%) |
Sep 16, 2026 5w ago | Press Release | $0.7377 $0.4447 | ▼ −39.72% | ▼ −41.78% | $0.2800 (−62.04%) |
Jul 29, 2026 12w ago | Press Release | $0.6494 $0.8010 | ▲ +23.34% | ▲ +18.32% | $0.2800 (−56.88%) |
Jul 28, 2026 12w ago | 6-K | $0.7416 $0.7901 | ▲ +6.54% | ▲ +3.16% | $0.2800 (−62.24%) |
Jul 28, 2026 12w ago | Press Release | $0.7416 $0.7901 | ▲ +6.54% | ▲ +3.16% | $0.2800 (−62.24%) |
US Market Status
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