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Ardmore Shipping Corporation

ASC

Ardmore Shipping Corporation • NYSE
$12.23 ▲ 0.08% (+0.01)
Market Cap $497.73 M
52w High $13.85
52w Low $8.32
Dividend Yield 0.30%
P/E 15.48
Volume 287.54K
Outstanding Shares 40.70M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $81.245M ▲ $6.354M ▲ $12.786M ▲ 15.738% ▲ $0.3 ▲ $25.043M ▲
Q2-2025 $72.046M ▼ $6.083M ▼ $9.599M ▲ 13.323% ▲ $0.22 ▲ $19.939M ▲
Q1-2025 $73.996M ▼ $6.187M ▼ $6.253M ▼ 8.45% ▼ $0.14 ▲ $14.823M ▼
Q4-2024 $82.039M ▼ $11.112M ▲ $6.935M ▼ 8.453% ▼ $0.12 ▼ $19.277M ▼
Q3-2024 $96.118M $10.568M $24.144M 25.119% $0.55 $33.374M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $47.057M ▼ $799.812M ▲ $143.864M ▲ $655.948M ▲
Q2-2025 $49.479M ▲ $703.819M ▲ $57.786M ▲ $646.033M ▲
Q1-2025 $47.447M ▲ $690.419M ▼ $51.96M ▼ $638.459M ▲
Q4-2024 $46.988M ▼ $704.799M ▼ $69.375M ▲ $635.424M ▼
Q3-2024 $47.574M $722.813M $58.772M $664.041M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $12.786M ▲ $19.048M ▲ $-109.287M ▼ $87.724M ▲ $-2.422M ▼ $-90.043M ▼
Q2-2025 $9.599M ▲ $12.68M ▼ $-11.647M ▼ $1.095M ▲ $2.032M ▲ $1.059M ▼
Q1-2025 $6.253M ▼ $26.257M ▲ $-3.582M ▼ $-22.216M ▼ $459K ▲ $23.872M ▲
Q4-2024 $6.935M ▼ $22.977M ▼ $-3.092M ▼ $-20.471M ▲ $-586K ▼ $20.013M ▼
Q3-2024 $24.143M $39.88M $-1.297M $-38.405M $178K $38.618M

Five-Year Company Overview

Income Statement

Income Statement Ardmore’s income statement shows a clear turnaround and then a period of solid profitability. A few years ago the company was losing money, but it has since shifted to healthy earnings with operating profit and net income holding at strong levels. Revenue has eased slightly from its recent peak but remains much higher than in the weak years earlier in the decade, and margins look robust, suggesting effective cost control and good vessel utilization. The main risk is that these results are tied to a cyclical shipping market, so today’s strong earnings may not be permanent if freight rates soften.

Balance Sheet

Balance Sheet The balance sheet has strengthened meaningfully. Total assets have been fairly steady, but the mix has improved: debt has been cut down dramatically while shareholders’ equity has steadily climbed. This points to deliberate de‑leveraging and profit retention, which together reduce financial risk and increase resilience in downturns. Cash balances are stable rather than large, so the company relies more on its lower debt burden and ongoing cash generation than on a big cash cushion. Overall, financial flexibility appears much better than it was a few years ago.

Cash Flow

Cash Flow Cash generation has been consistently solid in recent years. Operating cash flow now comfortably covers day‑to‑day needs and leaves room for investments. Free cash flow has been positive in most years, even after spending on the fleet, with only a brief soft patch earlier in the period. Capital spending has been modest but is starting to tick up, which likely reflects investment in fleet efficiency and technology rather than aggressive expansion. The main watchpoint is that cash flows, like earnings, can swing with freight markets, but the recent pattern looks disciplined and sustainable under normal conditions.

Competitive Edge

Competitive Edge Ardmore operates in a highly competitive and cyclical industry, but it has carved out a stronger position than a typical small tanker owner. Its fleet is relatively modern and fuel‑efficient, which can translate into lower operating costs and better compliance with environmental rules—both attractive to charterers. Management has focused on operational reliability, customer relationships with large oil and chemical companies, and careful capital allocation, which together support utilization and pricing. The company still faces the usual sector risks: volatile charter rates, changing trade flows, and new vessel supply from competitors, so its edge is meaningful but not unassailable.

Innovation and R&D

Innovation and R&D Innovation is a clear strategic pillar for Ardmore. The company’s Energy Transition Plan drives investments in fuel‑saving technologies, advanced hull treatments, and emissions‑control systems, all aimed at lowering costs and meeting tightening environmental standards. Its use of AI‑driven voyage optimization should improve routing and fuel use over time, and the methanol‑to‑hydrogen joint venture places it early in the race for alternative propulsion solutions. These initiatives could deepen its advantage if they prove commercially effective, but they also carry execution and adoption risk, since not all new technologies will deliver the hoped‑for returns or be widely embraced by the industry.

Summary

Overall, Ardmore looks like a shipping company that used a strong part of the cycle to repair and upgrade its business. It moved from losses to robust profitability, reduced debt and strengthened equity, and generated consistent free cash flow while selectively investing in its fleet and technology. Its competitive stance benefits from a modern, efficient fleet and anabove‑average focus on decarbonization and digital tools. The key uncertainties remain those typical of marine shipping: exposure to freight‑rate cycles, regulatory shifts, and the pace at which customers and the industry adopt new fuels and technologies. How well Ardmore manages those swings and executes on its energy‑transition strategy will likely drive its long‑term performance.

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