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Side-by-side financial comparison of Forge Global Holdings, Inc. (FRGE) and TOP SHIPS INC. (TOPS). Click either name above to swap in a different company.
TOP SHIPS INC. is the larger business by last-quarter revenue ($36.6M vs $21.3M, roughly 1.7× Forge Global Holdings, Inc.). TOP SHIPS INC. runs the higher net margin — -12.2% vs -85.7%, a 73.5% gap on every dollar of revenue.
Bharat Forge Limited is an Indian multinational company involved in forging, automotives, energy, construction and mining, railways, marine, aerospace and defence industries.
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.
FRGE vs TOPS — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $21.3M | $36.6M |
| Net Profit | $-18.2M | $-4.5M |
| Gross Margin | 98.6% | — |
| Operating Margin | -96.7% | 22.0% |
| Net Margin | -85.7% | -12.2% |
| Revenue YoY | 10.6% | — |
| Net Profit YoY | 0.6% | — |
| EPS (diluted) | $-1.37 | $-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 | ||
| Q3 25 | $21.3M | — | ||
| Q2 25 | $27.7M | — | ||
| Q1 25 | $25.3M | — | ||
| Q4 24 | $18.6M | — | ||
| Q3 24 | $19.2M | — | ||
| Q2 24 | $22.3M | — | ||
| Q1 24 | $19.2M | — |
| Q4 25 | — | $-4.5M | ||
| Q3 25 | $-18.2M | — | ||
| Q2 25 | $-12.6M | — | ||
| Q1 25 | $-16.2M | — | ||
| Q4 24 | $-15.6M | — | ||
| Q3 24 | $-18.3M | — | ||
| Q2 24 | $-13.7M | — | ||
| Q1 24 | $-18.6M | — |
| Q4 25 | — | — | ||
| Q3 25 | 98.6% | — | ||
| Q2 25 | 99.4% | — | ||
| Q1 25 | 99.2% | — | ||
| Q4 24 | 98.3% | — | ||
| Q3 24 | 99.6% | — | ||
| Q2 24 | 98.9% | — | ||
| Q1 24 | 99.8% | — |
| Q4 25 | — | 22.0% | ||
| Q3 25 | -96.7% | — | ||
| Q2 25 | -46.3% | — | ||
| Q1 25 | -65.1% | — | ||
| Q4 24 | -100.6% | — | ||
| Q3 24 | -108.8% | — | ||
| Q2 24 | -79.2% | — | ||
| Q1 24 | -130.0% | — |
| Q4 25 | — | -12.2% | ||
| Q3 25 | -85.7% | — | ||
| Q2 25 | -45.4% | — | ||
| Q1 25 | -63.9% | — | ||
| Q4 24 | -84.2% | — | ||
| Q3 24 | -95.5% | — | ||
| Q2 24 | -61.6% | — | ||
| Q1 24 | -96.8% | — |
| Q4 25 | — | $-0.96 | ||
| Q3 25 | $-1.37 | — | ||
| Q2 25 | $-1.01 | — | ||
| Q1 25 | $-1.29 | — | ||
| Q4 24 | $3.81 | — | ||
| Q3 24 | $-1.49 | — | ||
| Q2 24 | $-1.13 | — | ||
| Q1 24 | $-1.55 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $60.7M | $20.4M |
| Total DebtLower is stronger | — | $216.6M |
| Stockholders' EquityBook value | $202.6M | $89.2M |
| Total Assets | $252.0M | $333.6M |
| Debt / EquityLower = less leverage | — | 2.43× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $20.4M | ||
| Q3 25 | $60.7M | — | ||
| Q2 25 | $80.7M | — | ||
| Q1 25 | $92.0M | — | ||
| Q4 24 | $105.1M | — | ||
| Q3 24 | $114.5M | — | ||
| Q2 24 | $120.5M | — | ||
| Q1 24 | $129.6M | — |
| Q4 25 | — | $216.6M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | $89.2M | ||
| Q3 25 | $202.6M | — | ||
| Q2 25 | $200.5M | — | ||
| Q1 25 | $213.5M | — | ||
| Q4 24 | $223.6M | — | ||
| Q3 24 | $234.5M | — | ||
| Q2 24 | $245.4M | — | ||
| Q1 24 | $252.2M | — |
| Q4 25 | — | $333.6M | ||
| Q3 25 | $252.0M | — | ||
| Q2 25 | $242.8M | — | ||
| Q1 25 | $249.5M | — | ||
| Q4 24 | $263.5M | — | ||
| Q3 24 | $276.6M | — | ||
| Q2 24 | $285.7M | — | ||
| Q1 24 | $298.7M | — |
| Q4 25 | — | 2.43× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
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 | $-11.4M | $26.4M |
| Free Cash FlowOCF − Capex | $-11.4M | — |
| FCF MarginFCF / Revenue | -53.6% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-73.5M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $26.4M | ||
| Q3 25 | $-11.4M | — | ||
| Q2 25 | $-7.8M | — | ||
| Q1 25 | $-12.8M | — | ||
| Q4 24 | $-40.5M | — | ||
| Q3 24 | $-5.8M | — | ||
| Q2 24 | $-14.4M | — | ||
| Q1 24 | $-12.4M | — |
| Q4 25 | — | — | ||
| Q3 25 | $-11.4M | — | ||
| Q2 25 | $-7.9M | — | ||
| Q1 25 | $-12.9M | — | ||
| Q4 24 | $-41.3M | — | ||
| Q3 24 | $-6.0M | — | ||
| Q2 24 | $-14.7M | — | ||
| Q1 24 | $-12.8M | — |
| Q4 25 | — | — | ||
| Q3 25 | -53.6% | — | ||
| Q2 25 | -28.4% | — | ||
| Q1 25 | -50.9% | — | ||
| Q4 24 | -222.3% | — | ||
| Q3 24 | -31.0% | — | ||
| Q2 24 | -66.0% | — | ||
| Q1 24 | -66.4% | — |
| Q4 25 | — | — | ||
| Q3 25 | 0.2% | — | ||
| Q2 25 | 0.4% | — | ||
| Q1 25 | 0.2% | — | ||
| Q4 24 | 4.3% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | 1.2% | — | ||
| Q1 24 | 2.1% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FRGE
| Marketplace | $12.2M | 57% |
| Custodial Administration Fees | $9.1M | 43% |
TOPS
Segment breakdown not available.
