Cash conversion remains efficient with an OCF/NI ratio of 1.25 in 2026Q1, though free cash flow remains sensitive to lumpy capital expenditures, which reached 134.5% of revenue in 2025Q3.
| 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 |
|---|
| Cash from Operations | 87.35M | 81.65M | 160.44M | 159.61M | 124.21M | -2.88M | 46.09M | 20.47M | 9.43M | 18.42M | 42.63M | 37.66M | 12.42M | 8.12M | 3.99M | 397.27K |
| Operating CF Margin % | - | 26.32% | 39.54% | 40.31% | 27.87% | -1.5% | 20.95% | 8.9% | 4.48% | 9.4% | 25.93% | 23.85% | 18.45% | 22.64% | 15.83% | 1.78% |
| Operating CF Growth % | -99.96% | -49.11% | 0.52% | 28.5% | 4405.27% | -106.26% | 125.17% | 117.17% | -48.81% | -56.8% | 13.21% | 203.19% | 52.97% | 103.76% | 903.15% | - |
| Net Income | 58.34M | 41.01M | 133.01M | 116.81M | 138.45M | -36.83M | -6.05M | -22.86M | -42.94M | -12.49M | 3.75M | 31.95M | 1.66M | -3.84M | -4.54M | -2.98M |
| Depreciation & Amortization | 42.28M | 40.41M | 30.24M | 31.36M | 29.28M | 31.7M | 32.19M | 32.32M | 35.14M | 34.27M | 30.09M | 24.16M | 14.85M | 8.39M | 6.2M | 5.34M |
| Stock-Based Compensation | 0 | 0 | 4.65M | 3.22M | 3.06M | 2.61M | 3M | 2.33M | 1.64M | 457.05K | 1.3M | 1.44M | 1.38M | 571.32K | 11.25K | 16.67K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 6.67M | 13.09M | 6.16M | 0 | 2.6M | 0 | 0 | 0 | 24.34K | -16.1K |
| Other Non-Cash Items | 16.9M | -11.95M | -11.55M | -9.69M | 9.44M | 1.45M | 960.21K | 1.98M | 1.29M | 2.17M | 3.03M | 517.89K | -1.97M | 1.95M | -2.26M | 290.39K |
| Working Capital Changes | -6.59M | 12.17M | 4.1M | 17.92M | -56.02M | -1.82M | 9.32M | -6.39M | 8.14M | -6M | 1.86M | -20.41M | -3.5M | 1.05M | 4.56M | -2.26M |
| Change in Receivables | -4.7M | 13.33M | -4.64M | 23.61M | -59.56M | -4.22M | 12.27M | -2.62M | -195.33K | -4.12M | 3.04M | -21.2M | -4.24M | 120.98K | 1.13M | -1.63M |
| Change in Inventory | -1.79M | 2.4M | 1.25M | 3.16M | -4.62M | -821.26K | -115.33K | 2.65M | -3.18M | -2.29M | -3.37M | -1.48M | -1.35M | -465.23K | -44.45K | -315.84K |
| Change in Payables | 2.4M | 0 | 4.05M | -4.41M | -1.61M | 1.15M | 2.54M | -3.88M | 8.51M | 1.66M | 1.97M | 5.44M | 3.04M | 1.49M | 324.69K | 1.4M |
| Cash from Investing | -124.63M | -121M | -32.97M | -26.84M | 35.41M | 1.63M | -20.99M | 23.89M | -17.56M | -2.28M | -122.31M | -232.85M | -209.74M | -144.64M | -14.94M | -56.92M |
| Capital Expenditures | -124.6M | -120.72M | -61.02M | -25.38M | -3.81M | -2.73M | -20.9M | -2.6M | -17.41M | -2.02M | -174.54M | -232.5M | -209.69M | -144.57M | -14.89M | -56.8M |
| CapEx % of Revenue | 38.44% | 38.92% | 15.04% | 6.41% | 0.85% | 1.42% | 9.5% | 1.13% | 8.28% | 1.03% | 106.17% | 147.26% | 311.45% | 403.07% | 59.15% | 253.85% |
| Acquisitions | 0 | 0 | 1.65M | -1.24M | -588K | 9.89M | 0 | 26.67M | 0 | 0 | 52.66M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -27K | -284K | 26.4M | -208K | 39.81M | 0 | -88.63K | -177.95K | -151.62K | -262.47K | 52.23M | -352.52K | -55.27K | -68.44K | -51.12K | -120.77K |
| Cash from Financing | 37.05M | 39.21M | -127.29M | -136.54M | -164.5M | -1.66M | -18.46M | -49.55M | 25.58M | -32.63M | 95.52M | 175.42M | 200.34M | 178.04M | 20.83M | 56.78M |
| Debt Issued (Net) | 79.25M | 84.55M | -50.27M | -85.98M | -196.62M | -37.87M | -16.29M | -47.25M | 21.98M | -20.54M | 49.95M | 190.03M | 114.29M | 52.14M | -28.77M | 43.09M |
| Equity Issued (Net) | 0 | 0 | -27.93M | 0 | 38.91M | 37.99M | -287K | 0 | 7.33M | -11.26M | -2.99M | 0 | 101.43M | 128.43M | 51.31M | 14.94M |
| Dividends Paid | -15.59M | -15.34M | -48.88M | -50.55M | -3.29M | -792K | -1.66M | 0 | 0 | 0 | -9.33M | -12.98M | -9.63M | -1.19M | 0 | 0 |
| Share Repurchases | 0 | 0 | -17.93M | 0 | 0 | -37.99M | -287K | 0 | 0 | -11.26M | -2.99M | 0 | -1.28M | 0 | 0 | 0 |
| Other Financing | -26.61M | -30M | -200K | 0 | -3.5M | -980K | -220K | -2.3M | -3.74M | -826.84K | 57.89M | -1.63M | -5.75M | -1.33M | -1.72M | -1.26M |
| Net Change in Cash | -233K | -143K | 183K | -3.76M | -4.88M | -2.92M | 6.64M | -5.18M | 17.45M | -16.5M | 15.84M | -19.77M | 3.02M | 41.53M | 9.87M | 256.51K |
| Free Cash Flow | -36.96M | -39.07M | 99.42M | 134.22M | 120.4M | -5.52M | 25.19M | 17.87M | -7.98M | 16.4M | -131.91M | -194.84M | -197.27M | -136.45M | -10.91M | -56.4M |
| FCF Margin % | -11.4% | -12.6% | 24.5% | 33.9% | 27.01% | -2.87% | 11.45% | 7.77% | -3.8% | 8.37% | -80.23% | -123.41% | -293% | -380.43% | -43.32% | -252.07% |
| FCF Growth % | -142.32% | -139.3% | -25.93% | 11.48% | 2281.66% | -121.91% | 40.95% | 323.98% | -148.66% | 112.43% | 32.3% | 1.23% | -44.57% | -1151.24% | 80.67% | - |
| FCF per Share | -0.90 | -0.96 | 2.36 | 3.21 | 3.14 | -0.16 | 0.75 | 0.54 | -0.24 | 0.49 | -4.38 | -7.48 | -8.04 | -11.15 | -1.35 | -7.01 |
| FCF Conversion (FCF/Net Income) | -0.63x | 1.99x | 1.21x | 1.37x | 0.90x | 0.08x | -7.62x | -0.90x | -0.22x | -1.47x | 11.38x | 1.18x | 7.48x | -2.11x | -0.88x | -0.13x |
| Interest Paid | 1.27M | 0 | 0 | 11.68M | 17.3M | 14.3M | 16.43M | 25.07M | 22.58M | 18.81M | 13.94M | 11.31M | 6.81M | 3.62M | 3.24M | 2.57M |
| Taxes Paid | 36K | 0 | 0 | 537K | 51K | 198K | 139K | 54.73K | 139.85K | 58.74K | 122.62K | 40.05K | 5.74K | 33.96K | 43K | 12.06K |
Spot market rate volatility
According to reported financial statements, Ardmore Shipping consistently generates operating cash flow in excess of net income, with an OCF/NI ratio peaking at 4.20 in 2025Q1, suggesting that non-cash charges like depreciation significantly bolster the company's reported cash-generating capacity relative to accounting profits.
The persistent gap between net income and operating cash flow indicates that the company's earnings are heavily influenced by non-cash depreciation expenses associated with its vessel fleet. Investors should monitor whether this conversion efficiency remains stable as the fleet ages and potentially requires higher maintenance-related cash outflows.
As evidenced by quarterly data, Ardmore Shipping's free cash flow trajectory remains highly erratic, swinging from a negative $90.0M in 2025Q3 to a positive $27.7M in 2026Q1, reflecting the company's sensitivity to lumpy capital expenditures and the inherent cyclicality of the tanker spot market.
The extreme variance in FCF margins, which reached a low of -110.8% in 2025Q3, highlights the impact of periodic heavy investment cycles on liquidity. While the company demonstrates an ability to generate strong cash flow during favorable rate environments, the lack of consistent FCF generation suggests that capital allocation remains hostage to market-driven revenue fluctuations.
Based on recent filings, Ardmore Shipping's capital expenditure as a percentage of revenue reached a high of 134.5% in 2025Q3, underscoring the significant cash requirements needed to maintain the technical competitiveness of its 25-vessel fleet through ongoing retrofits and mandatory dry-docking cycles.
The high capital intensity observed in 2025Q3 suggests that the company must balance its 'Eco-mod' strategy with the need to preserve cash during periods of lower spot rates. Analysts should investigate whether these elevated expenditures are truly growth-oriented or merely necessary maintenance to prevent fleet obsolescence in a tightening regulatory environment.
As reported in financial statements, Ardmore Shipping has prioritized shareholder returns through dividends, totaling $3.7M in 2026Q1, while maintaining a conservative approach to share repurchases, which were notably absent in recent quarters following a $27.5M buyback in 2024Q4.
The company's capital deployment strategy appears focused on maintaining a fortress balance sheet rather than aggressive expansion or buybacks. This conservative stance may protect the firm during cyclical downturns, though it warrants further investigation into whether it limits the company's ability to capture market share during periods of industry consolidation.
Quick answers to the most common questions about buying ASC stock.
Ardmore Shipping Corporation (ASC) generated $81.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ardmore Shipping Corporation (ASC) reported negative free cash flow of $39.1M in 2025, indicating capital requirements exceeded cash from operations.
Ardmore Shipping Corporation (ASC) spent $120.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ardmore Shipping Corporation (ASC) returned $15.3M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.