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Ardmore Shipping Corp

ASC NYSE Deep Sea Foreign Transportation Of Freight Financials FY2016โ€“FY2025

Last close ยท Oct 23, 2026

$20.03

3.6%
Compare
Revenue Total sales reported in the income statement.
$310M
23.6% vs prior year
Operating margin Operating income as a share of revenue.
โ€”
Net income Profit after all expenses, interest and tax.
$41.0M
69.2%
Free cash flow Cash from operations minus capital spending.
โ€”
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
โ€”
Market cap Last close times the latest diluted share count, so it is approximate.
$818M
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
15.2x
On $1.32 EPS (TTM)

What Ardmore Shipping Corp does

No business description yet.

Legal name
Ardmore Shipping Corp
Fiscal year ends
December 31, 2025
Latest annual report
20-F ยท Mar 6, 2026
Accession ยท CIK
0001104659-26-024690
0001577437

Revenue and margins

Ardmore Shipping Corp had $310M of revenue in fiscal 2025, down 23.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 24.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was โ€” in fiscal 2025, โ€” of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Ardmore Shipping Corp returned $12.2M to shareholders in fiscal 2025. The diluted share count fell 2.9%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Balance sheet

Cash, debt and the ratios that show how comfortably Ardmore Shipping Corp can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $55.4M$50.6M$46.8M$47.0M$46.8M
Debt incl. finance leases $145M$129M$46.0M$38.8M$127M
Debt / equity 0.5x0.3x0.1x0.1x0.2x
Current ratio 1.6x3.0x3.7x4.2x4.3x
Quick ratio 1.4x2.7x3.4x3.9x4.0x
Total assets $725M$724M$691M$705M$789M
Total liabilities $396M$217M$117M$69.4M$154M
Shareholders' equity $292M$469M$537M$608M$634M
Net debt (โˆ’ = net cash) $89.7M$78.2Mโˆ’$0.8Mโˆ’$8.2M$80.2M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. โ€œPlanโ€ marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

โ€”

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8โ€“9 is strong, 0โ€“2 weak.

TestFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Net income is positive โœ“ โœ• โœ• โœ• โœ• โœ• โœ“ โœ“ โœ“ โœ“
Cash from operations is positive โœ“ โœ“ โœ“ โœ“ โœ“ โœ• โœ“ โœ“ โœ“ โœ“
Return on assets rose โ€” โœ• โœ• โœ“ โœ“ โœ• โœ“ โœ• โœ“ โœ•
Cash from operations exceeds net income โœ“ โœ“ โœ“ โœ“ โœ“ โœ“ โœ• โœ“ โœ“ โœ“
Debt fell relative to assets โ€” โœ“ โœ“ โœ“ โœ• โœ“ โœ“ โœ“ โœ“ โœ•
Current ratio rose โ€” โœ• โœ“ โœ“ โœ“ โœ• โœ“ โœ“ โœ“ โœ“
Share count didn't rise โ€” โœ• โœ“ โœ• โœ• โœ• โœ• โœ• โœ• โœ“
Gross margin rose โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Revenue rose relative to assets โ€” โœ“ โœ“ โœ“ โœ• โœ• โœ“ โœ• โœ“ โœ•
F-score โ€” / 34 / 86 / 86 / 84 / 82 / 86 / 85 / 87 / 85 / 8
Accruals ratio โˆ’4.4%โˆ’3.6%โˆ’6.2%โˆ’5.4%โˆ’6.8%โˆ’4.6%2.0%โˆ’6.1%โˆ’3.9%โˆ’5.4%
Altman Z'' 1.341.090.71โ€”โ€”โ€”โ€”โ€”โ€”โ€”

10 years of figures

Amounts in USD. Hover a ratioโ€™s name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $164M $196M $210M $230M $220M $192M $446M $396M $406M $310M
Operating income $24.0M $8.5M โˆ’$9.6M โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Interest expense $17.8M $21.4M $27.4M $26.8M $18.2M $16.2M $15.5M $11.4M $6.8M $6.1M
Pretax income $3.8M โˆ’$12.4M โˆ’$42.8M โˆ’$22.8M โˆ’$5.8M โˆ’$36.4M $139M $118M $138M $41.6M
Income tax $0.1M $0.1M $0.2M $0.1M $0.2M $0.2M $0.2M $0.4M $0.2M $0.2M
Net income $3.7M โˆ’$12.5M โˆ’$42.9M โˆ’$22.9M โˆ’$6.0M โˆ’$36.8M $138M $117M $133M $41.0M
Net income to common โ€” โ€” โ€” โˆ’$22.9M โˆ’$6.0M โˆ’$38.1M $135M $113M $129M $36.1M
Diluted EPS $0.12 โˆ’$0.37 โˆ’$1.31 โˆ’$0.69 โˆ’$0.18 โˆ’$1.12 $3.52 $2.71 $3.06 $0.88
Diluted shares 0.03B 0.03B 0.03B 0.03B 0.03B 0.03B 0.04B 0.04B 0.04B 0.04B
Cash flow
Cash from operations $42.6M $18.4M $9.4M $20.5M $46.1M โˆ’$2.9M $124M $160M $160M $81.6M
Depreciation and amortization $30.1M $34.3M $35.1M $32.3M $32.2M $31.7M $29.3M $27.8M $30.2M $33.8M
Stock-based compensation $1.3M $0.5M $1.6M $2.3M $3.0M $2.6M $3.1M $3.2M $4.7M $2.8M
Share buybacks $3.0M $11.3M $0.0M $0.0M $0.3M โ€” โ€” โ€” $17.9M โ€”
Dividends paid $9.3M $0.0M $0.0M $0.0M $1.7M โ€” โ€” $47.2M $45.1M $12.2M
Dividends and buybacks $12.3M $11.3M $0.0M $0.0M $1.9M โ€” โ€” $47.2M $63.0M $12.2M
Balance sheet
Cash and short-term investments $56.0M $39.5M $56.9M $51.7M $58.4M $55.4M $50.6M $46.8M $47.0M $46.8M
Total debt $453M $404M $228M $207M $211M $145M $129M $46.0M $38.8M $127M
Finance lease liabilities โ€” โ€” $239M โ€” โ€” โ€” โ€” โ€” โ€” $0.0M
Current assets $93.8M $83.9M $109M $98.0M $103M $94.2M $158M $127M $127M $112M
Current liabilities $59.0M $58.3M $75.5M $60.4M $62.9M $58.5M $52.9M $33.8M $29.8M $25.8M
Inventory $7.3M $9.6M $12.8M $10.2M $10.3M $11.1M $15.7M $12.6M $11.3M $8.9M
Property and equipment, net $785M $752M $721M $661M $631M $603M $531M $524M $546M $638M
Total assets $884M $846M $845M $772M $752M $725M $724M $691M $705M $789M
Total liabilities $479M $465M $498M $446M $432M $396M $217M $117M $69.4M $154M
Preferred stock โ€” โ€” โ€” โ€” $0.0M โ€” โ€” โ€” โ€” โ€”
Shareholders' equity $404M $381M $347M $326M $320M $292M $469M $537M $608M $634M
Margins
Operating margin 14.6% 4.3% โˆ’4.6% โ€” โ€” โ€” โ€” โ€” โ€” โ€”
EBITDA margin 32.9% 21.8% 12.1% โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Net margin 2.3% โˆ’6.4% โˆ’20.4% โˆ’9.9% โˆ’2.7% โˆ’19.1% 31.1% 29.5% 32.8% 13.2%
Returns
Return on capital 2.9% 0.9% โˆ’1.5% โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Return on capital employed 2.9% 1.1% โˆ’1.3% โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Return on equity 0.9% โˆ’3.2% โˆ’11.8% โˆ’6.8% โˆ’1.9% โˆ’12.0% 36.4% 23.2% 23.2% 6.6%
Return on assets 0.4% โˆ’1.4% โˆ’5.1% โˆ’2.8% โˆ’0.8% โˆ’5.0% 19.1% 16.5% 19.1% 5.5%
Return on tangible equity 0.9% โˆ’3.3% โˆ’12.4% โˆ’7.0% โˆ’1.9% โˆ’13.0% 28.8% 21.1% 21.2% 5.7%
Growth
Revenue growth โ€” 19.2% 7.3% 9.5% โˆ’4.3% โˆ’12.5% 131.6% โˆ’11.2% 2.5% โˆ’23.6%
Net income growth โ€” โˆ’433.3% โ€” โ€” โ€” โ€” โ€” โˆ’15.6% 13.9% โˆ’69.2%
EPS growth โ€” โˆ’408.3% โ€” โ€” โ€” โ€” โ€” โˆ’23.0% 12.9% โˆ’71.2%
Share count change โ€” 10.9% โˆ’1.8% 0.8% 0.4% 1.9% 13.2% 9.0% 0.5% โˆ’2.9%
Financial health
Net debt / EBITDA 7.3x 8.5x 16.1x โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Debt / equity 1.1x 1.1x 0.7x 0.6x 0.7x 0.5x 0.3x 0.1x 0.1x 0.2x
Interest coverage 1.4x 0.4x โˆ’0.4x โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Current ratio 1.6x 1.4x 1.4x 1.6x 1.6x 1.6x 3.0x 3.7x 4.2x 4.3x
Quick ratio 1.5x 1.3x 1.3x 1.5x 1.5x 1.4x 2.7x 3.4x 3.9x 4.0x
Capital allocation
Stock comp / revenue 0.8% 0.2% 0.8% 1.0% 1.4% 1.4% 0.7% 0.8% 1.1% 0.9%
Quality scores
Piotroski F-score โ€” 4.0 6.0 6.0 4.0 2.0 6.0 5.0 7.0 5.0
Altman Z'' 1.3 1.1 0.7 โ€” โ€” โ€” โ€” โ€” โ€” โ€”
Accruals ratio โˆ’4.4% โˆ’3.6% โˆ’6.2% โˆ’5.4% โˆ’6.8% โˆ’4.6% 2.0% โˆ’6.1% โˆ’3.9% โˆ’5.4%

Source: SEC EDGAR XBRL filings (CIK 0001577437). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only โ€” not investment advice. Check the original filings before relying on any figure.

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