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Side-by-side financial comparison of CMB.TECH NV (CMBT) and TOP SHIPS INC. (TOPS). Click either name above to swap in a different company.
CMB.TECH NV is the larger business by last-quarter revenue ($592.8M vs $36.6M, roughly 16.2× TOP SHIPS INC.). CMB.TECH NV runs the higher net margin — 32.3% vs -12.2%, a 44.5% gap on every dollar of revenue.
CMB.TECH, before October 2024 known as Euronav, is a crude oil tanker transport company, which consists of VLCCs, Suezmaxes and FSOs.
Top Ships Inc. is a supply chain maritime transportation operations management company responsible for seaborne trade of raw materials. The company was founded by Evangelos J. Pistiolis on January 10, 2000 and is headquartered in Maroussi, Greece.
CMBT vs TOPS — Head-to-Head
Income Statement — Q4 2024 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $592.8M | $36.6M |
| Net Profit | $191.2M | $-4.5M |
| Gross Margin | — | — |
| Operating Margin | 46.4% | 22.0% |
| Net Margin | 32.3% | -12.2% |
| Revenue YoY | -34.6% | — |
| Net Profit YoY | -63.3% | — |
| EPS (diluted) | $1.01 | $-0.96 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | — | $36.6M | ||
| Q4 24 | $592.8M | — | ||
| Q4 23 | $905.9M | — |
| Q4 25 | — | $-4.5M | ||
| Q4 24 | $191.2M | — | ||
| Q4 23 | $521.2M | — |
| Q4 25 | — | 22.0% | ||
| Q4 24 | 46.4% | — | ||
| Q4 23 | 63.4% | — |
| Q4 25 | — | -12.2% | ||
| Q4 24 | 32.3% | — | ||
| Q4 23 | 57.5% | — |
| Q4 25 | — | $-0.96 | ||
| Q4 24 | $1.01 | — | ||
| Q4 23 | $2.58 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $38.9M | $20.4M |
| Total DebtLower is stronger | $2.6B | $216.6M |
| Stockholders' EquityBook value | $1.2B | $89.2M |
| Total Assets | $3.9B | $333.6M |
| Debt / EquityLower = less leverage | 2.20× | 2.43× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $20.4M | ||
| Q4 24 | $38.9M | — | ||
| Q4 23 | $429.4M | — |
| Q4 25 | — | $216.6M | ||
| Q4 24 | $2.6B | — | ||
| Q4 23 | $930.7M | — |
| Q4 25 | — | $89.2M | ||
| Q4 24 | $1.2B | — | ||
| Q4 23 | $2.4B | — |
| Q4 25 | — | $333.6M | ||
| Q4 24 | $3.9B | — | ||
| Q4 23 | $3.4B | — |
| Q4 25 | — | 2.43× | ||
| Q4 24 | 2.20× | — | ||
| Q4 23 | 0.39× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $204.4M | $26.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | 1.07× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $26.4M | ||
| Q4 24 | $204.4M | — | ||
| Q4 23 | $435.8M | — |
| Q4 25 | — | — | ||
| Q4 24 | — | — | ||
| Q4 23 | $65.6M | — |
| Q4 25 | — | — | ||
| Q4 24 | — | — | ||
| Q4 23 | 7.2% | — |
| Q4 25 | — | — | ||
| Q4 24 | — | — | ||
| Q4 23 | 40.9% | — |
| Q4 25 | — | — | ||
| Q4 24 | 1.07× | — | ||
| Q4 23 | 0.84× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
