NYSE : ASC
Ardmore Shipping Corporation — Financial statements
Industrials · Marine Shipping · Bermuda
Last price 20.97 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 856.65M
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Financial statements
Ardmore Shipping Corporation (ASC) reported revenue of 368.29M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 368.29M | 310.20M | 405.78M | 395.98M | 445.74M | 192.48M |
| Cost of Revenue | 201.59M | 204.09M | 219.21M | 214.79M | 232.90M | 161.51M |
| Gross Profit | 166.70M | 106.11M | 186.57M | 181.19M | 212.84M | 30.97M |
| Selling, General & Admin | 24.98M | 25.07M | 28.04M | 25.24M | 24.11M | 19.20M |
| Operating Expenses | 61.80M | 58.92M | 58.28M | 53.06M | 53.38M | 50.90M |
| Operating Income | 104.90M | 47.18M | 128.29M | 128.13M | 159.45M | -19.93M |
| Interest Expense | -7.96M | -6.11M | -6.78M | -11.41M | -15.54M | -16.20M |
| Interest & Investment Income | 1.02M | 955.00K | 1.82M | 1.82M | 471.00K | 55.00K |
| Earnings From Equity Investments | -196.00K | -308.00K | -4.51M | -1.03M | -195.00K | -317.00K |
| Other Non Operating Income (Expenses) | 6.00K | 6.00K | 655.00K | -262.00K | 2.96M | 276.00K |
| EBT Excluding Unusual Items | 97.77M | 41.72M | 119.47M | 117.24M | 147.15M | -36.11M |
| Gain (Loss) on Sale of Assets | 12.20M | 12.32M | -6.92M | |||
| Other Unusual Items | -469.00K | -469.00K | 1.43M | -1.58M | -569.00K | |
| Pretax Income | 109.50M | 41.26M | 133.22M | 117.24M | 138.66M | -36.68M |
| Income Tax Expense | 242.00K | 241.00K | 215.00K | 435.00K | 207.00K | 150.00K |
| Net Income | 109.26M | 41.01M | 133.01M | 116.81M | 138.45M | -36.83M |
| Preferred Dividends & Other Adjustments | 3.68M | 4.94M | 4.40M | 3.40M | 3.40M | 1.25M |
| Net Income to Common | 105.58M | 36.07M | 128.61M | 113.41M | 135.05M | -38.09M |
| Shares Outstanding (Basic) | 40.74M | 40.62M | 41.66M | 41.13M | 37.24M | 33.88M |
| Shares Outstanding (Diluted) | 40.95M | 40.81M | 42.04M | 41.82M | 38.36M | 33.88M |
| EPS (Basic) | 2.59 | 0.89 | 3.09 | 2.76 | 3.63 | -1.12 |
| EPS (Diluted) | 2.57 | 0.88 | 3.06 | 2.71 | 3.52 | -1.12 |
| Free Cash Flow | 17.47M | -39.07M | 99.42M | 134.22M | 120.40M | -5.52M |
| Free Cash Flow Per Share | 0.43 | -0.96 | 2.37 | 3.21 | 3.14 | -0.16 |
| Dividend Per Share | 1.37 | 0.31 | 0.95 | 0.91 | 0.45 | |
| Gross Margin | 45.26% | 34.21% | 45.98% | 45.76% | 47.75% | 16.09% |
| Operating Margin | 28.48% | 15.21% | 31.61% | 32.36% | 35.77% | -10.35% |
| Profit Margin | 28.67% | 11.63% | 31.69% | 28.64% | 30.30% | -19.79% |
| Free Cash Flow Margin | 4.75% | -12.60% | 24.50% | 33.90% | 27.01% | -2.87% |
| EBITDA | 141.72M | 81.03M | 158.53M | 155.95M | 188.73M | 11.78M |
| EBITDA Margin | 38.48% | 26.12% | 39.07% | 39.38% | 42.34% | 6.12% |
| D&A For EBITDA | 36.81M | 33.85M | 30.24M | 27.82M | 29.28M | 31.70M |
| EBIT | 104.90M | 47.18M | 128.29M | 128.13M | 159.45M | -19.93M |
| EBIT Margin | 28.48% | 15.21% | 31.61% | 32.36% | 35.77% | -10.35% |
| Effective Tax Rate | 0.22% | 0.58% | 0.16% | 0.37% | 0.15% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 48.14M | 46.84M | 46.99M | 46.80M | 50.57M | 55.45M |
| Trading Asset Securities | 4.93M | 307.00K | ||||
| Cash & Short-Term Investments | 48.14M | 46.84M | 46.99M | 46.80M | 55.50M | 55.76M |
| Accounts Receivable | 55.03M | 47.54M | 60.87M | 56.23M | 79.84M | 20.30M |
| Receivables | 55.03M | 47.54M | 60.87M | 56.23M | 79.84M | 20.30M |
| Inventory | 13.97M | 8.91M | 11.31M | 12.56M | 15.72M | 11.10M |
| Prepaid Expenses | 4.76M | 3.69M | 4.30M | 4.35M | 4.52M | 3.51M |
| Other Current Assets | 2.30M | 4.87M | 3.08M | 6.83M | 2.16M | 3.55M |
| Total Current Assets | 124.19M | 111.85M | 126.55M | 126.78M | 157.74M | 94.22M |
| Property, Plant & Equipment | 600.98M | 640.69M | 556.41M | 539.73M | 553.16M | 615.54M |
| Long-Term Investments | 4.92M | 4.20M | 982.00K | |||
| Long-Term Accounts Receivable | 2.88M | |||||
| Long-Term Deferred Charges | 27.00M | 31.99M | 17.00M | 14.86M | 7.43M | 8.88M |
| Other Long-Term Assets | 481.00K | 4.84M | 9.59M | 5.53M | 2.03M | |
| Total Assets | 757.56M | 788.72M | 704.80M | 690.95M | 723.86M | 724.53M |
| Accounts Payable | 5.52M | 5.07M | 6.07M | 2.02M | 8.81M | 8.58M |
| Accrued Expenses | 12.96M | 18.59M | 18.31M | 19.20M | 21.75M | 11.39M |
| Current Portion of Long-Term Debt | 6.44M | 12.93M | 15.10M | |||
| Current Portion of Leases | 502.00K | 598.00K | 4.96M | 5.84M | 8.21M | 21.36M |
| Current Unearned Revenue | 3.81M | 1.60M | 482.00K | 347.00K | 1.22M | 2.07M |
| Total Current Liabilities | 22.80M | 25.85M | 29.83M | 33.84M | 52.93M | 58.50M |
| Long-Term Debt | 33.38M | 127.00M | 38.80M | 39.59M | 115.87M | 130.00M |
| Long-Term Leases | 1.10M | 1.27M | 476.00K | 42.12M | 47.61M | 206.09M |
| Other Long-Term Liabilities | 268.00K | 268.00K | 273.00K | 954.00K | 1.01M | 943.00K |
| Total Liabilities | 57.54M | 154.39M | 69.38M | 116.51M | 217.42M | 395.54M |
| Common Stock | 444.00K | 443.00K | 440.00K | 433.00K | 426.00K | 364.00K |
| Additional Paid-In Capital | 479.78M | 478.62M | 475.81M | 471.22M | 468.01M | 426.10M |
| Retained Earnings | 253.32M | 188.80M | 164.91M | 81.39M | 15.13M | -119.92M |
| Treasury Stock | -33.52M | -33.52M | -33.52M | -15.64M | -15.64M | -15.64M |
| Comprehensive Income & Other | 1.47M | 1.04M | ||||
| Total Common Equity | 700.02M | 634.34M | 607.64M | 537.40M | 469.40M | 291.95M |
| Shareholders' Equity | 700.02M | 634.34M | 635.42M | 574.44M | 506.44M | 329.00M |
| Total Liabilities & Equity | 757.56M | 788.72M | 704.80M | 690.95M | 723.86M | 724.53M |
| Total Debt | 34.98M | 128.87M | 44.24M | 93.99M | 184.62M | 372.55M |
| Net Cash (Debt) | 13.16M | -82.03M | 2.75M | -47.18M | -129.13M | -316.80M |
| Net Cash Per Share | 0.32 | -2.01 | 0.07 | -1.13 | -3.37 | -9.35 |
| Filing Date Shares Outstanding | 40.85M | 40.79M | 40.50M | 41.53M | 41.00M | 34.36M |
| Total Common Shares Outstanding | 40.85M | 40.73M | 40.46M | 41.30M | 40.63M | 34.36M |
| Working Capital | 101.39M | 86.00M | 96.72M | 92.94M | 104.81M | 35.72M |
| Book Value Per Share | 17.14 | 15.57 | 15.02 | 13.01 | 11.55 | 8.50 |
| Tangible Book Value | 700.02M | 634.34M | 607.64M | 537.40M | 469.40M | 291.95M |
| Tangible Book Value Per Share | 17.14 | 15.57 | 15.02 | 13.01 | 11.55 | 8.50 |
| Machinery | 936.22M | 809.99M | 761.54M | 741.38M | 804.93M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 109.26M | 41.01M | 133.01M | 116.81M | 138.45M | -36.83M |
| Depreciation & Amortization | 36.81M | 33.85M | 30.24M | 27.82M | 29.28M | 31.70M |
| Other Amortization | 7.86M | 6.57M | 4.77M | 4.78M | 5.62M | 6.79M |
| Loss (Gain) From Sale of Assets | -12.20M | -12.32M | 6.92M | |||
| Loss (Gain) on Equity Investments | 196.00K | 308.00K | 4.51M | 1.03M | 195.00K | 317.00K |
| Stock-Based Compensation | 2.68M | 2.81M | 4.65M | 3.22M | 3.06M | 2.61M |
| Other Operating Activities | -12.57M | -15.18M | -8.52M | -11.97M | -3.30M | -5.66M |
| Change in Accounts Receivable | -2.24M | 13.33M | -4.64M | 23.61M | -59.56M | -2.50M |
| Change in Inventory | -3.97M | 2.40M | 1.25M | 3.16M | -4.62M | -821.00K |
| Change in Accounts Payable | 680.00K | -1.00M | 4.05M | -4.41M | -1.61M | 1.15M |
| Change in Unearned Revenue | 1.28M | 1.12M | 135.00K | -873.00K | -850.00K | 2.07M |
| Change in Other Net Operating Assets | -1.47M | -3.56M | 3.30M | -3.57M | 10.63M | -1.72M |
| Operating Cash Flow | 126.33M | 81.65M | 160.44M | 159.61M | 124.21M | -2.88M |
| Capital Expenditures | -108.85M | -120.72M | -61.02M | -25.38M | -3.81M | -2.63M |
| Sale of Property, Plant & Equipment | 35.15M | 26.83M | 39.91M | 9.89M | ||
| Investment in Securities | 1.65M | -1.24M | -588.00K | -5.54M | ||
| Other Investing Activities | -309.00K | -284.00K | -432.00K | -208.00K | -106.00K | -94.00K |
| Investing Cash Flow | -74.02M | -121.00M | -32.97M | -26.84M | 35.41M | 1.63M |
| Long-Term Debt Issued | 179.49M | 104.66M | 131.88M | 49.00M | ||
| Long-Term Debt Repaid | -94.94M | -155.13M | -85.98M | -328.50M | -86.87M | |
| Net Debt Issued (Repaid) | 4.73M | 84.55M | -50.47M | -85.98M | -196.62M | -37.87M |
| Issuance of Common Stock | 38.91M | |||||
| Repurchase of Common Stock | -17.93M | |||||
| Preferred Dividends Paid | -1.89M | -3.16M | -3.81M | -3.40M | -3.29M | -792.00K |
| Common Dividends Paid | -26.50M | -12.19M | -45.08M | -47.15M | ||
| Dividends Paid | -28.38M | -15.34M | -48.88M | -50.55M | -3.29M | -792.00K |
| Other Financing Activities | -3.50M | -980.00K | ||||
| Financing Cash Flow | -53.65M | 39.21M | -127.29M | -136.54M | -164.50M | -1.66M |
| Net Cash Flow | -1.34M | -143.00K | 183.00K | -3.76M | -4.88M | -2.92M |
| Free Cash Flow | 17.47M | -39.07M | 99.42M | 134.22M | 120.40M | -5.52M |
| Free Cash Flow Margin | 4.75% | -12.60% | 24.50% | 33.90% | 27.01% | -2.87% |
| Free Cash Flow Per Share | 0.43 | -0.96 | 2.37 | 3.21 | 3.14 | -0.16 |
| Levered Free Cash Flow | -12.89M | -36.89M | 58.30M | 95.43M | 70.06M | 22.52M |
| Unlevered Free Cash Flow | -8.82M | -34.07M | 61.40M | 101.32M | 78.31M | 31.03M |
| Cash Interest Paid | 7.12M | 5.08M | 6.05M | 11.68M | 17.30M | 14.30M |
| Cash Income Tax Paid | 281.00K | 391.00K | 112.00K | 537.00K | 51.00K | 198.00K |
| Change in Working Capital | -5.71M | 12.28M | 4.10M | 17.92M | -56.02M | -1.81M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 856.65M | 430.99M | 510.44M | 581.90M | 584.30M | 116.15M |
| Enterprise Value | 843.49M | 529.95M | 529.92M | 670.89M | 806.99M | 469.33M |
| Last Close Price | 20.97 | 9.82 | 10.96 | 11.93 | 11.28 | 2.65 |
| PE Ratio | 8.16 | 11.95 | 3.97 | 5.13 | 4.33 | |
| Forward PE | 5.93 | 10.59 | 8.06 | 6.14 | 5.19 | 38.24 |
| PS Ratio | 2.33 | 1.39 | 1.26 | 1.47 | 1.31 | 0.60 |
| PB Ratio | 1.22 | 0.68 | 0.80 | 1.01 | 1.15 | 0.35 |
| P/TBV Ratio | 1.22 | 0.68 | 0.84 | 1.08 | 1.25 | 0.40 |
| P/FCF Ratio | 49.02 | 5.13 | 4.33 | 4.85 | ||
| P/OCF Ratio | 6.78 | 5.28 | 3.18 | 3.65 | 4.70 | |
| PEG Ratio | 1.87 | 1.87 | 1.87 | 1.87 | 1.87 | |
| EV/Sales Ratio | 2.29 | 1.71 | 1.31 | 1.69 | 1.81 | 2.44 |
| EV/EBITDA Ratio | 5.95 | 6.54 | 3.34 | 4.30 | 4.28 | 39.85 |
| EV/EBIT Ratio | 8.04 | 11.23 | 4.13 | 5.24 | 5.06 | |
| EV/FCF Ratio | 48.27 | 5.33 | 5.00 | 6.70 | ||
| Debt / Equity Ratio | 0.05 | 0.20 | 0.07 | 0.16 | 0.36 | 1.13 |
| Debt / EBITDA Ratio | 0.23 | 1.29 | 0.24 | 0.53 | 0.90 | 24.68 |
| Debt / FCF Ratio | 2.00 | 0.45 | 0.70 | 1.53 | ||
| Net Debt / Equity Ratio | -0.02 | 0.13 | -0.00 | 0.08 | 0.26 | 0.96 |
| Net Debt / EBITDA Ratio | -0.09 | 1.01 | -0.02 | 0.30 | 0.68 | 26.90 |
| Net Debt / FCF Ratio | -0.75 | -2.10 | -0.03 | 0.35 | 1.07 | -57.41 |
| Asset Turnover | 0.50 | 0.41 | 0.58 | 0.56 | 0.61 | 0.26 |
| Inventory Turnover | 16.82 | 20.19 | 18.37 | 15.19 | 17.37 | 15.12 |
| Quick Ratio | 4.53 | 3.65 | 3.62 | 3.04 | 2.56 | 1.30 |
| Current Ratio | 5.45 | 4.33 | 4.24 | 3.75 | 2.98 | 1.61 |
| Return on Equity (ROE) | 16.23% | 6.46% | 21.99% | 21.61% | 33.15% | -11.34% |
| Return on Assets (ROA) | 8.97% | 3.95% | 11.49% | 11.32% | 13.76% | -1.69% |
| Return on Invested Capital (ROIC) | 14.96% | 6.95% | 20.42% | 20.31% | 24.85% | -3.02% |
| Return on Capital Employed (ROCE) | 14.30% | 6.20% | 19.00% | 19.50% | 23.80% | -3.00% |
| Earnings Yield | 12.25% | 9.52% | 26.06% | 20.07% | 23.70% | -31.71% |
| FCF Yield | 2.04% | -9.06% | 19.48% | 23.07% | 20.61% | -4.75% |
| Dividend Yield | 1.48% | 2.93% | 7.53% | 6.46% | 3.13% | |
| Payout Ratio | 53.33% | 37.41% | 36.75% | 43.28% | 2.37% | |
| Buyback Yield / Dilution | 1.06% | 2.93% | -0.53% | -9.02% | -13.21% | -1.93% |
| Total Shareholder Return | 2.54% | 5.85% | 7.00% | -2.56% | -10.08% | -1.93% |