Ardmore Shipping Corporation (ASC) 10-Year Financial Performance & Capital Metrics

ASC • • Industrial / General

IndustrialsMarine ShippingTanker ShippingTanker Operators

AboutArdmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. As of February 15, 2022, the company operated a fleet of 25 double-hulled product and chemical tankers. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers. The company was founded in 2010 and is based in Pembroke, Bermuda.Show more

Revenue $406M +2.5%
EBITDA $162M +1.7%
Net Income $133M +13.9%
EPS (Diluted) 3.06 +12.9%
Gross Margin 38.52% -8.7%
EBITDA Margin 39.96% -0.8%
Operating Margin 31.61% -4.9%
Net Margin 32.78% +11.1%
ROE 21.99% +1.7%
ROIC 15.34% -2.0%
Debt/Equity 0.07 -57.4%
Interest Coverage 18.93 +64.0%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Excellent 3Y average ROE of 25.6%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 24.5% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 12.0%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y19.68%

5Y12.02%

3Y28.22%

TTM-26.81%

Profit (Net Income) CAGR

10Y55.01%

5Y-

3Y-

TTM-76.76%

EPS CAGR

10Y45.9%

5Y-

3Y-

TTM-78.15%

ROCE

10Y Avg8.25%

5Y Avg15.35%

3Y Avg21.19%

Latest19.26%

Peer Comparison

Tanker Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
KNOPKNOT Offshore Partners LP	357.47M	10.50	50	7.54%	10%	5.46%	38.1%	1.48
KEXKirby Corporation	6.85B	126.31	25.73	5.64%	9.22%	9.09%	6.04%	0.32
NATNordic American Tankers Limited	866.06M	4.09	18.59	-10.71%	0.68%	0.41%	14.5%	0.53
ECOOkeanis Eco Tankers Corp.	1.39B	39.25	11.61	-4.81%	21.92%	17.84%	11.05%	1.57
TOROToro Corp.	119.61M	5.57	5.11	-71.46%	24.65%	1.55%	12.08%
TOPSTop Ships Inc.	24.57M	5.31	4.87	3.83%	1.19%	0.8%	70.51%	1.74
HAFNHafnia Limited	2.9B	5.83	3.89	7.37%	18.36%	18.82%	33.78%	0.50
ASCArdmore Shipping Corporation	482.27M	11.85	3.87	2.48%	11.5%	5.42%	20.62%	0.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	157.88M	164.4M	195.94M	210.18M	230.04M	220.06M	192.48M	445.74M	395.98M	405.78M
Revenue Growth %	1.35%	0.04%	0.19%	0.07%	0.09%	-0.04%	-0.13%	1.32%	-0.11%	0.02%
Cost of Goods Sold+	54.29M	67.21M	107.01M	133.28M	190.93M	176.64M	184.44M	250.21M	228.87M	249.46M
COGS % of Revenue	0.34%	0.41%	0.55%	0.63%	0.83%	0.8%	0.96%	0.56%	0.58%	0.61%
Gross Profit+	103.59M	97.19M	88.93M	76.9M	39.12M	43.42M	8.05M	195.53M	167.11M	156.33M
Gross Margin %	0.66%	0.59%	0.45%	0.37%	0.17%	0.2%	0.04%	0.44%	0.42%	0.39%
Gross Profit Growth %	1.28%	-0.06%	-0.09%	-0.14%	-0.49%	0.11%	-0.81%	23.29%	-0.15%	-0.06%
Operating Expenses+	59.29M	73.19M	80.41M	86.52M	18.15M	43.42M	22.8M	31.92M	35.44M	28.04M
OpEx % of Revenue	0.38%	0.45%	0.41%	0.41%	0.08%	0.2%	0.12%	0.07%	0.09%	0.07%
Selling, General & Admin	10.75M	14.08M	14.6M	15.86M	18.15M	17.9M	19.2M	24.11M	25.24M	28.04M
SG&A % of Revenue	0.07%	0.09%	0.07%	0.08%	0.08%	0.08%	0.1%	0.05%	0.06%	0.07%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-2.12M	-2.72M	-2.92M	-3.64M	0	25.51M	3.61M	7.81M	10.19M	0
Operating Income+	44.3M	24M	8.51M	-9.62M	20.97M	0	-14.76M	163.62M	131.67M	128.29M
Operating Margin %	0.28%	0.15%	0.04%	-0.05%	0.09%	-	-0.08%	0.37%	0.33%	0.32%
Operating Income Growth %	6.63%	-0.46%	-0.65%	-2.13%	3.18%	-1%	-	12.09%	-0.2%	-0.03%
EBITDA+	68.46M	56.81M	45.71M	29.16M	53.29M	42.74M	16.95M	192.89M	159.49M	162.17M
EBITDA Margin %	0.43%	0.35%	0.23%	0.14%	0.23%	0.19%	0.09%	0.43%	0.4%	0.4%
EBITDA Growth %	2.31%	-0.17%	-0.2%	-0.36%	0.83%	-0.2%	-0.6%	10.38%	-0.17%	0.02%
D&A (Non-Cash Add-back)	24.16M	32.81M	37.2M	38.78M	32.32M	32.19M	31.7M	29.28M	27.82M	33.88M
EBIT	44.32M	18.15M	8.95M	-17.64M	1.4M	10.56M	-21.79M	156.34M	130.03M	144.51M
Net Interest Income+	-12.27M	-17.73M	-20.94M	-24.53M	-25.81M	-17.81M	-16.31M	-15.07M	-9.59M	-4.96M
Interest Income	15.57K	164.63K	436.19K	606.66K	952.19K	281.62K	55.09K	471K	1.82M	1.82M
Interest Expense	12.28M	17.75M	21.38M	25.14M	26.76M	18.09M	16.36M	15.54M	11.41M	6.78M
Other Income/Expense	-12.27M	-20.19M	-20.94M	-33.16M	-43.77M	-5.85M	-21.93M	-24.95M	-14.43M	4.93M
Pretax Income+	32.03M	3.81M	-12.43M	-42.78M	-22.8M	-5.85M	-36.68M	138.66M	117.24M	133.22M
Pretax Margin %	0.2%	0.02%	-0.06%	-0.2%	-0.1%	-0.03%	-0.19%	0.31%	0.3%	0.33%
Income Tax+	79.86K	60.43K	59.57K	162.92K	58.77K	199K	150K	207K	435K	215K
Effective Tax Rate %	1%	0.98%	1%	1%	1%	1.03%	1%	1%	1%	1%
Net Income+	31.95M	3.75M	-12.49M	-42.94M	-22.86M	-6.05M	-36.83M	138.45M	116.81M	133.01M
Net Margin %	0.2%	0.02%	-0.06%	-0.2%	-0.1%	-0.03%	-0.19%	0.31%	0.29%	0.33%
Net Income Growth %	18.24%	-0.88%	-4.33%	-2.44%	0.47%	0.74%	-5.09%	4.76%	-0.16%	0.14%
Net Income (Continuing)	31.95M	3.75M	-12.49M	-42.94M	-22.86M	-6.05M	-36.83M	138.45M	116.81M	133.01M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.23	0.12	-0.37	-1.31	-0.69	-0.18	-1.08	3.52	2.71	3.06
EPS Growth %	16.57%	-0.9%	-4.08%	-2.54%	0.47%	0.74%	-5%	4.26%	-0.23%	0.13%
EPS (Basic)	1.23	0.12	-0.37	-1.31	-0.69	-0.18	-1.08	3.63	2.76	3.09
Diluted Shares Outstanding	26.06M	30.14M	33.44M	32.84M	33.1M	33.44M	33.88M	38.36M	41.82M	42.04M
Basic Shares Outstanding	26.06M	30.14M	33.44M	32.78M	33.1M	33.24M	33.88M	37.24M	41.13M	41.66M
Dividend Payout Ratio	0.41%	2.49%	-	-	-	-	-	-	0.4%	0.34%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	115.41M	93.76M	83.88M	109.47M	98.02M	102.54M	94.22M	157.74M	126.78M	126.55M
Cash & Short-Term Investments	40.11M	55.95M	39.46M	56.9M	51.72M	58.37M	55.45M	50.57M	46.8M	46.99M
Cash Only	40.11M	55.95M	39.46M	56.9M	51.72M	58.37M	55.45M	50.57M	46.8M	46.99M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	26.21M	23.23M	27.26M	28.25M	30.08M	17.81M	20.3M	79.84M	56.23M	60.87M
Days Sales Outstanding	60.6	51.58	50.79	49.05	47.73	29.54	38.5	65.38	51.83	54.75
Inventory	3.97M	7.34M	9.63M	12.81M	10.16M	10.27M	11.1M	15.72M	12.56M	11.31M
Days Inventory Outstanding	26.69	39.86	32.85	35.09	19.42	21.23	21.96	22.93	20.03	16.55
Other Current Assets	44.07M	0	0	10.22M	4.11M	13.58M	3.82M	9.45M	4.35M	4.3M
Total Non-Current Assets+	662.79M	789.88M	761.66M	735.29M	674.42M	649.46M	630.32M	566.12M	564.17M	578.25M
Property, Plant & Equipment	658.63M	785.95M	752.26M	724.61M	662.95M	633.8M	606.49M	547.47M	538.13M	556.02M
Fixed Asset Turnover	0.24x	0.21x	0.26x	0.29x	0.35x	0.35x	0.32x	0.81x	0.74x	0.73x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	2.88M	0	11.08M	11.22M	11.19M	5.24M
Other Non-Current Assets	4.16M	3.93M	9.39M	10.68M	8.59M	15.66M	12.74M	7.43M	14.86M	17M
Total Assets+	778.2M	883.64M	845.54M	844.76M	772.44M	752.01M	724.53M	723.86M	690.95M	704.8M
Asset Turnover	0.20x	0.19x	0.23x	0.25x	0.30x	0.29x	0.27x	0.62x	0.57x	0.58x
Asset Growth %	0.36%	0.14%	-0.04%	-0%	-0.09%	-0.03%	-0.04%	-0%	-0.05%	0.02%
Total Current Liabilities+	69.86M	59.02M	58.26M	75.54M	60.43M	62.9M	58.5M	52.93M	33.84M	29.83M
Accounts Payable	12.48M	14.45M	16.1M	8.6M	4.79M	9.13M	8.58M	8.81M	2.02M	6.07M
Days Payables Outstanding	83.92	78.46	54.93	23.54	9.16	18.86	16.98	12.86	3.22	8.88
Short-Term Debt	27.01M	41.83M	37.07M	22.83M	20.22M	22.46M	15.1M	12.93M	6.44M	0
Deferred Revenue (Current)	1000K	507.78K	0	0	0	0	1000K	1000K	347K	482K
Other Current Liabilities	0	0	6.26K	0	0	397.42K	0	0	0	0
Current Ratio	1.65x	1.59x	1.44x	1.45x	1.62x	1.63x	1.61x	2.98x	3.75x	4.24x
Quick Ratio	1.60x	1.46x	1.27x	1.28x	1.45x	1.47x	1.42x	2.68x	3.38x	3.86x
Cash Conversion Cycle	3.37	12.97	28.71	60.6	58	31.91	43.48	75.45	68.65	62.42
Total Non-Current Liabilities+	360.73M	420.36M	406.31M	422.64M	385.95M	368.77M	337.03M	164.49M	82.67M	39.55M
Long-Term Debt	361.23M	411.39M	367.35M	205.52M	187.07M	188.05M	130M	115.87M	39.59M	38.8M
Capital Lease Obligations	0	8.97M	38.96M	217.12M	198.89M	180.28M	206.09M	47.61M	42.12M	476K
Deferred Tax Liabilities	0	0	0	0	0	0	0	0	0	0
Other Non-Current Liabilities	0	0	0	0	0	433.97K	943K	1.01M	954K	273K
Total Liabilities	430.59M	479.37M	464.57M	498.18M	446.38M	431.67M	395.54M	217.42M	116.51M	69.38M
Total Debt+	415.01M	462.34M	446.92M	471.8M	424.43M	409.71M	372.55M	184.62M	93.99M	44.24M
Net Debt	374.9M	406.39M	407.46M	414.9M	372.71M	351.35M	317.1M	134.05M	47.18M	-2.75M
Debt / Equity	1.19x	1.14x	1.17x	1.36x	1.30x	1.28x	1.13x	0.36x	0.16x	0.07x
Debt / EBITDA	6.06x	8.14x	9.78x	16.18x	7.96x	9.59x	21.98x	0.96x	0.59x	0.27x
Net Debt / EBITDA	5.48x	7.15x	8.91x	14.23x	6.99x	8.22x	18.71x	0.69x	0.30x	-0.02x
Interest Coverage	3.61x	1.35x	0.40x	-0.38x	0.78x	-	-0.90x	10.53x	11.54x	18.93x
Total Equity+	347.61M	404.27M	380.97M	346.58M	326.06M	320.33M	329M	506.44M	574.44M	635.42M
Equity Growth %	0.06%	0.16%	-0.06%	-0.09%	-0.06%	-0.02%	0.03%	0.54%	0.13%	0.11%
Book Value per Share	13.34	13.41	11.39	10.55	9.85	9.58	9.71	13.20	13.74	15.11
Total Shareholders' Equity	347.61M	404.27M	380.97M	346.58M	326.06M	320.33M	329M	506.44M	574.44M	635.42M
Common Stock	263.3K	340.61K	340.61K	350.19K	350.19K	352.07K	364K	426K	433K	440K
Retained Earnings	10.4M	2.92M	-9.57M	-52.93M	-75.79M	-81.83M	-119.92M	15.13M	81.39M	164.91M
Treasury Stock	-1.28M	-4.27M	-15.35M	-15.35M	-15.35M	-15.64M	-15.64M	-15.64M	-15.64M	-33.52M
Accumulated OCI	-59.7M	-76.24M	-110.3M	-135.4M	0	-729.13K	1.04M	1.47M	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	37.66M	42.63M	18.42M	9.43M	20.47M	46.09M	-2.88M	124.21M	159.61M	160.44M
Operating CF Margin %	0.24%	0.26%	0.09%	0.04%	0.09%	0.21%	-0.01%	0.28%	0.4%	0.4%
Operating CF Growth %	2.03%	0.13%	-0.57%	-0.49%	1.17%	1.25%	-1.06%	44.05%	0.29%	0.01%
Net Income	31.95M	3.75M	-12.49M	-42.94M	-22.86M	-6.05M	-36.83M	138.45M	116.81M	133.01M
Depreciation & Amortization	24.16M	30.09M	34.27M	35.14M	32.32M	32.19M	31.7M	29.28M	31.36M	30.24M
Stock-Based Compensation	1.44M	1.3M	457.05K	1.64M	2.33M	3M	2.61M	3.06M	3.22M	4.65M
Deferred Taxes	0	2.6M	0	6.16M	13.09M	6.67M	-31.39K	0	0	0
Other Non-Cash Items	517.89K	3.03M	2.17M	1.29M	1.98M	960.21K	1.45M	9.44M	-9.69M	-11.55M
Working Capital Changes	-20.41M	1.86M	-6M	8.14M	-6.39M	9.32M	-1.82M	-56.02M	17.92M	4.1M
Change in Receivables	-21.2M	3.04M	-4.12M	-195.33K	-2.62M	12.27M	-4.22M	-59.56M	23.61M	-4.64M
Change in Inventory	-1.48M	-3.37M	-2.29M	-3.18M	2.65M	-115.33K	-821.26K	-4.62M	3.16M	1.25M
Change in Payables	5.44M	1.97M	1.66M	8.51M	-3.88M	2.54M	1.15M	-1.61M	-4.41M	4.05M
Cash from Investing+	-232.85M	-122.31M	-2.28M	-17.56M	23.89M	-20.99M	1.63M	35.41M	-26.84M	-32.97M
Capital Expenditures	-232.5M	-174.54M	-2.02M	-17.41M	-2.6M	-20.9M	-2.63M	-3.81M	-25.38M	-61.02M
CapEx % of Revenue	1.47%	1.06%	0.01%	0.08%	0.01%	0.09%	0.01%	0.01%	0.06%	0.15%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-352.52K	52.23M	-262.47K	-151.62K	-177.95K	-88.63K	-93.8K	39.81M	-208K	26.4M
Cash from Financing+	175.42M	95.52M	-32.63M	25.58M	-49.55M	-18.46M	-1.66M	-164.5M	-136.54M	-127.29M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-12.98M	-9.33M	0	0	0	-1.66M	-792K	-3.29M	-50.55M	-48.88M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.63M	57.89M	-826.84K	-3.74M	-2.3M	-220K	-980K	-3.5M	0	-200K
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-194.84M	-131.91M	16.4M	-7.98M	17.87M	25.19M	-5.52M	120.4M	134.22M	99.42M
FCF Margin %	-1.23%	-0.8%	0.08%	-0.04%	0.08%	0.11%	-0.03%	0.27%	0.34%	0.25%
FCF Growth %	0.01%	0.32%	1.12%	-1.49%	3.24%	0.41%	-1.22%	22.82%	0.11%	-0.26%
FCF per Share	-7.48	-4.38	0.49	-0.24	0.54	0.75	-0.16	3.14	3.21	2.36
FCF Conversion (FCF/Net Income)	1.18x	11.38x	-1.47x	-0.22x	-0.90x	-7.62x	0.08x	0.90x	1.37x	1.21x
Interest Paid	11.31M	13.94M	18.81M	22.58M	25.07M	16.43M	14.3M	17.3M	11.68M	0
Taxes Paid	40.05K	122.62K	58.74K	139.85K	54.73K	139K	198K	51K	537K	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.47%	1%	-3.18%	-11.8%	-6.8%	-1.87%	-11.34%	33.15%	21.61%	21.99%
Return on Invested Capital (ROIC)	5.44%	2.35%	0.8%	-0.93%	2.15%	-	-1.68%	19.08%	15.65%	15.34%
Gross Margin	65.61%	59.12%	45.39%	36.59%	17%	19.73%	4.18%	43.87%	42.2%	38.52%
Net Margin	20.24%	2.28%	-6.37%	-20.43%	-9.94%	-2.75%	-19.14%	31.06%	29.5%	32.78%
Debt / Equity	1.19x	1.14x	1.17x	1.36x	1.30x	1.28x	1.13x	0.36x	0.16x	0.07x
Interest Coverage	3.61x	1.35x	0.40x	-0.38x	0.78x	-	-0.90x	10.53x	11.54x	18.93x
FCF Conversion	1.18x	11.38x	-1.47x	-0.22x	-0.90x	-7.62x	0.08x	0.90x	1.37x	1.21x
Revenue Growth	134.5%	4.13%	19.18%	7.27%	9.45%	-4.34%	-12.53%	131.57%	-11.16%	2.48%

Frequently Asked Questions

Valuation & Price

Ardmore Shipping Corporation (ASC) has a price-to-earnings (P/E) ratio of 3.9x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Ardmore Shipping Corporation (ASC) reported $309.3M in revenue for fiscal year 2024. This represents a 1282% increase from $22.4M in 2011.

Ardmore Shipping Corporation (ASC) grew revenue by 2.5% over the past year. Growth has been modest.

Yes, Ardmore Shipping Corporation (ASC) is profitable, generating $35.6M in net income for fiscal year 2024 (32.8% net margin).

Dividend & Returns

Yes, Ardmore Shipping Corporation (ASC) pays a dividend with a yield of 9.05%. This makes it attractive for income-focused investors.

Ardmore Shipping Corporation (ASC) has a return on equity (ROE) of 22.0%. This is excellent, indicating efficient use of shareholder capital.

Ardmore Shipping Corporation (ASC) had negative free cash flow of $45.1M in fiscal year 2024, likely due to heavy capital investments.

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