The company maintains a conservative capital structure, evidenced by an exceptionally low debt-to-equity ratio of 0.16 and a robust current ratio of 4.87 as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 |
|---|
| Total Current Assets | 146.19M | 111.85M | 126.55M | 126.78M | 157.74M | 94.22M | 102.54M | 98.02M | 109.47M | 83.88M | 93.76M | 115.41M | 72.23M | 61.96M | 19.58M | 12.98M |
| Cash & Short-Term Investments | 47.21M | 46.84M | 46.99M | 46.8M | 50.57M | 55.45M | 58.37M | 51.72M | 56.9M | 39.46M | 55.95M | 40.11M | 59.88M | 56.86M | 15.33M | 5.46M |
| Cash Only | 47.21M | 46.84M | 46.99M | 46.8M | 50.57M | 55.45M | 58.37M | 51.72M | 56.9M | 39.46M | 55.95M | 40.11M | 59.88M | 56.86M | 15.33M | 5.46M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 52.78M | 47.54M | 60.87M | 56.23M | 79.84M | 20.3M | 17.81M | 30.08M | 28.25M | 27.26M | 23.23M | 26.21M | 5.62M | 1.07M | 1.36M | 2.41M |
| Days Sales Outstanding | 58.19 | 55.94 | 54.75 | 51.83 | 65.38 | 38.5 | 29.54 | 47.73 | 49.05 | 50.79 | 51.58 | 60.6 | 30.48 | 10.84 | 19.76 | 39.31 |
| Inventory | 13.04M | 8.91M | 11.31M | 12.56M | 15.72M | 11.1M | 10.27M | 10.16M | 12.81M | 9.63M | 7.34M | 3.97M | 2.49M | 1.13M | 666.24K | 621.79K |
| Days Inventory Outstanding | 17.11 | 15.94 | 16.55 | 20.03 | 22.93 | 21.96 | 21.23 | 19.42 | 35.09 | 32.85 | 39.86 | 26.69 | 41.52 | 37.85 | 28 | 30.36 |
| Other Current Assets | 33.15M | 4.87M | 4.3M | 4.35M | 9.45M | 3.82M | 13.58M | 4.11M | 10.22M | 0 | 0 | 44.07M | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 643.42M | 676.87M | 578.25M | 564.17M | 566.12M | 630.32M | 649.46M | 674.42M | 735.29M | 761.66M | 789.88M | 662.79M | 498.62M | 296.01M | 160.38M | 147.65M |
| Property, Plant & Equipment | 609.62M | 639.9M | 556.02M | 538.13M | 547.47M | 606.49M | 633.8M | 662.95M | 724.61M | 752.26M | 785.95M | 658.63M | 485.6M | 290.72M | 154.49M | 145.76M |
| Fixed Asset Turnover | 0.53x | 0.48x | 0.73x | 0.74x | 0.81x | 0.32x | 0.35x | 0.35x | 0.29x | 0.26x | 0.21x | 0.24x | 0.14x | 0.12x | 0.16x | 0.15x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 15.05M | 4.98M | 5.24M | 11.19M | 11.22M | 11.08M | 0 | 2.88M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 33.79M | 31.99M | 17M | 14.86M | 7.43M | 12.74M | 15.66M | 8.59M | 10.68M | 9.39M | 3.93M | 4.16M | 13.01M | 5.29M | 5.89M | 1.89M |
| Total Assets | 789.6M | 788.72M | 704.8M | 690.95M | 723.86M | 724.53M | 752.01M | 772.44M | 844.76M | 845.54M | 883.64M | 778.2M | 570.84M | 357.97M | 179.96M | 160.63M |
| Asset Turnover | 0.42x | 0.39x | 0.58x | 0.57x | 0.62x | 0.27x | 0.29x | 0.30x | 0.25x | 0.23x | 0.19x | 0.20x | 0.12x | 0.10x | 0.14x | 0.14x |
| Asset Growth % | 31.78% | 11.91% | 2% | -4.55% | -0.09% | -3.65% | -2.64% | -8.56% | -0.09% | -4.31% | 13.55% | 36.32% | 59.47% | 98.91% | 12.03% | - |
| Total Current Liabilities | 30.03M | 25.85M | 29.83M | 33.84M | 52.93M | 58.5M | 62.9M | 60.43M | 75.54M | 58.26M | 59.02M | 69.86M | 31.21M | 17.05M | 11.29M | 39.03M |
| Accounts Payable | 12.25M | 5.07M | 6.07M | 2.02M | 8.81M | 8.58M | 9.13M | 4.79M | 8.6M | 16.1M | 14.45M | 12.48M | 7.04M | 4M | 2.51M | 2.19M |
| Days Payables Outstanding | 12.73 | 9.06 | 8.88 | 3.22 | 12.86 | 16.98 | 18.86 | 9.16 | 23.54 | 54.93 | 78.46 | 83.92 | 117.53 | 133.77 | 105.66 | 106.91 |
| Short-Term Debt | 585K | 0 | 0 | 6.44M | 12.93M | 15.1M | 22.46M | 20.22M | 22.83M | 37.07M | 41.83M | 27.01M | 17.88M | 9.1M | 6.82M | 35.87M |
| Deferred Revenue (Current) | 4.64M | 0 | 482K | 347K | 1.22M | 2.07M | 0 | 0 | 0 | 0 | 507.78K | 1.19M | 1.54M | 1.81M | 851.04K | 439.34K |
| Other Current Liabilities | 15.74M | 1.6M | 0 | 0 | 0 | 0 | 397.42K | 0 | 0 | 6.26K | 0 | 0 | 2.25M | 10.87K | 601.87K | 0 |
| Current Ratio | 4.87x | 4.33x | 4.24x | 3.75x | 2.98x | 1.61x | 1.63x | 1.62x | 1.45x | 1.44x | 1.59x | 1.65x | 2.31x | 3.63x | 1.73x | 0.33x |
| Quick Ratio | 4.43x | 3.98x | 3.86x | 3.38x | 2.68x | 1.42x | 1.47x | 1.45x | 1.28x | 1.27x | 1.46x | 1.60x | 2.23x | 3.57x | 1.68x | 0.32x |
| Cash Conversion Cycle | 62.57 | 62.81 | 62.42 | 68.65 | 75.45 | 43.48 | 31.91 | 58 | 60.6 | 28.71 | 12.97 | 3.37 | -45.53 | -85.09 | -57.9 | -37.24 |
| Total Non-Current Liabilities | 104.79M | 128.54M | 39.55M | 82.67M | 164.49M | 337.03M | 368.77M | 385.95M | 422.64M | 406.31M | 420.36M | 360.73M | 212.43M | 108.56M | 60.28M | 60M |
| Long-Term Debt | 103.36M | 127M | 38.8M | 39.59M | 115.87M | 130M | 188.05M | 187.07M | 205.52M | 367.35M | 411.39M | 361.23M | 185.33M | 79.76M | 60.28M | 60M |
| Capital Lease Obligations | 5.43M | 1.27M | 476K | 42.12M | 47.61M | 206.09M | 180.28M | 198.89M | 217.12M | 38.96M | 8.97M | 0 | 27.1M | 28.8M | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 268K | 268K | 273K | 954K | 1.01M | 943K | 433.97K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 134.82M | 154.39M | 69.38M | 116.51M | 217.42M | 395.54M | 431.67M | 446.38M | 498.18M | 464.57M | 479.37M | 430.59M | 243.64M | 125.61M | 71.57M | 99.03M |
| Total Debt | 105.11M | 128.87M | 44.24M | 93.99M | 184.62M | 372.55M | 409.71M | 424.43M | 471.8M | 446.92M | 462.34M | 415.01M | 231.93M | 119.24M | 67.1M | 95.86M |
| Net Debt | 57.89M | 82.03M | -2.75M | 47.18M | 134.05M | 317.1M | 351.35M | 372.71M | 414.9M | 407.46M | 406.39M | 374.9M | 172.05M | 62.38M | 51.77M | 90.4M |
| Debt / Equity | 0.16x | 0.20x | 0.07x | 0.16x | 0.36x | 1.13x | 1.28x | 1.30x | 1.36x | 1.17x | 1.14x | 1.19x | 0.71x | 0.51x | 0.62x | 1.56x |
| Debt / EBITDA | 0.91x | 1.12x | 0.27x | 0.59x | 0.96x | 21.98x | 9.59x | 7.96x | 16.18x | 9.78x | 8.14x | 6.06x | 11.22x | 14.84x | 14.37x | 17.56x |
| Net Debt / EBITDA | 0.50x | 0.71x | -0.02x | 0.30x | 0.69x | 18.71x | 8.22x | 6.99x | 14.23x | 8.91x | 7.15x | 5.48x | 8.33x | 7.76x | 11.09x | 16.56x |
| Interest Coverage | 9.01x | 7.72x | 21.32x | 11.40x | 10.06x | -1.33x | 0.58x | 0.05x | -0.70x | 0.42x | 1.02x | 3.61x | 1.41x | -0.10x | -0.60x | -0.06x |
| Total Equity | 654.79M | 634.34M | 635.42M | 574.44M | 506.44M | 329M | 320.33M | 326.06M | 346.58M | 380.97M | 404.27M | 347.61M | 327.2M | 232.36M | 108.39M | 61.6M |
| Equity Growth % | -0.17% | -0.17% | 10.62% | 13.43% | 53.94% | 2.7% | -1.75% | -5.92% | -9.03% | -5.76% | 16.3% | 6.24% | 40.82% | 114.37% | 75.95% | - |
| Book Value per Share | 16.03 | 15.54 | 15.11 | 13.74 | 13.20 | 9.71 | 9.58 | 9.85 | 10.55 | 11.39 | 13.41 | 13.34 | 13.33 | 18.98 | 13.46 | 7.65 |
| Total Shareholders' Equity | 654.79M | 634.34M | 635.42M | 574.44M | 506.44M | 329M | 320.33M | 326.06M | 346.58M | 380.97M | 404.27M | 347.61M | 327.2M | 232.36M | 108.39M | 61.6M |
| Common Stock | 444K | 443K | 440K | 433K | 426K | 364K | 352.07K | 350.19K | 350.19K | 340.61K | 340.61K | 263.3K | 261K | 180.5K | 100 | 100 |
| Retained Earnings | 208.72M | 188.8M | 164.91M | 81.39M | 15.13M | -119.92M | -81.83M | -75.79M | -52.93M | -9.57M | 2.92M | 10.4M | -10.86M | -12.52M | -8.68M | -4.14M |
| Treasury Stock | -33.52M | -33.52M | -33.52M | -15.64M | -15.64M | -15.64M | -15.64M | -15.35M | -15.35M | -15.35M | -4.27M | -1.28M | -1.28M | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 1.47M | 1.04M | -729.13K | 0 | -135.4M | -110.3M | -76.24M | -59.7M | -35.6M | -20.8M | -12.4M | -6.3M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Fleet age and obsolescence
According to quarterly financial data, Ardmore Shipping has maintained a remarkably stable equity base, which grew from $574.4M in 2023Q4 to $654.8M by 2026Q1, signaling a resilient financial trajectory despite the inherent volatility of the global refined product and chemical tanker spot markets.
The consistent expansion of equity suggests that management has successfully retained earnings to bolster the balance sheet rather than pursuing aggressive, debt-funded expansion. This trajectory implies a defensive posture that prioritizes long-term solvency over short-term growth, which may serve as a critical buffer during industry downturns.
As reported in recent filings, Ardmore Shipping maintains an exceptionally low debt-to-equity ratio of 0.16% as of 2026Q1, a figure that stands in stark contrast to more leveraged industry peers and underscores the company's strategic commitment to maintaining a fortress-like balance sheet.
This minimal reliance on external financing suggests that the company is well-positioned to navigate periods of high interest rates or reduced charter demand without the burden of significant debt service obligations. Investors should monitor whether this ultra-conservative leverage profile limits the company's ability to capitalize on potential fleet acquisition opportunities.
Based on the provided balance sheet figures, net property, plant, and equipment (PPE) accounts for the vast majority of total assets, rising to $609.6M in 2026Q1, which highlights the capital-intensive nature of maintaining a specialized fleet of 25 eco-mod vessels.
The concentration of value in tangible vessel assets suggests that the company's competitive advantage is tied directly to the technical efficiency and operational readiness of its fleet. However, the lack of goodwill on the balance sheet implies that the company has avoided overpaying for acquisitions, focusing instead on organic fleet optimization.
As evidenced by the 2026Q1 financial statements, Ardmore Shipping maintains a strong current ratio of 4.87, providing a substantial liquidity cushion that appears more than adequate to cover near-term operational requirements and potential fluctuations in voyage-related expenses.
This high liquidity ratio suggests that the company is not reliant on short-term credit facilities to fund its daily operations, which is a significant advantage in the cyclical shipping industry. The stability of cash reserves, hovering near $47M, indicates a disciplined approach to managing working capital despite revenue swings.
Quick answers to the most common questions about buying ASC stock.
As of 2025, Ardmore Shipping Corporation (ASC) had total assets of $788.7M including $111.8M in current assets.
Ardmore Shipping Corporation (ASC) carries total debt of $128.9M, offset by $46.8M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Ardmore Shipping Corporation (ASC) has total shareholders' equity (book value) of $634.3M ($15.54 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Ardmore Shipping Corporation (ASC) reported a current ratio of 4.33x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.