Latest Ratios: P/E Ratio 20.0x · EV/EBITDA 7.0x · ROE 6.5%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $719M | $432M | $511M | $589M | $553M | $115M | $109M | $300M | $153M | $268M | $223M |
| Enterprise Value | $801M | $514M | $508M | $636M | $687M | $432M | $461M | $672M | $568M | $675M | $629M |
| P/E Ratio → | 20.01 | 12.03 | 3.97 | 5.20 | 4.09 | — | — | — | — | — | 61.67 |
| P/S Ratio | 2.32 | 1.39 | 1.26 | 1.49 | 1.24 | 0.59 | 0.50 | 1.30 | 0.73 | 1.37 | 1.36 |
| P/B Ratio | 1.13 | 0.68 | 0.80 | 1.03 | 1.09 | 0.35 | 0.34 | 0.92 | 0.44 | 0.70 | 0.55 |
| P/FCF | — | — | 5.14 | 4.39 | 4.59 | — | 4.34 | 16.76 | — | 16.32 | — |
| P/OCF | 8.80 | 5.29 | 3.18 | 3.69 | 4.45 | — | 2.37 | 14.63 | 16.27 | 14.53 | 5.23 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.66 | 1.25 | 1.61 | 1.54 | 2.24 | 2.09 | 2.92 | 2.70 | 3.44 | 3.83 |
| EV / EBITDA | 6.97 | 4.48 | 3.13 | 3.99 | 3.56 | 25.47 | 10.78 | 12.61 | 19.49 | 14.77 | 11.08 |
| EV / EBIT | 9.88 | 10.90 | 3.52 | 4.89 | 4.39 | — | 43.64 | 481.18 | — | 75.42 | 34.69 |
| EV / FCF | — | — | 5.11 | 4.74 | 5.70 | — | 18.29 | 37.62 | — | 41.17 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.2% | 34.2% | 38.5% | 42.2% | 43.9% | 4.2% | 19.7% | 17.0% | 36.6% | 45.4% | 59.1% |
| Operating Margin | 26.1% | 26.1% | 31.6% | 33.3% | 36.7% | -7.7% | — | 9.1% | -4.6% | 4.3% | 14.6% |
| Net Profit Margin | 13.2% | 13.2% | 32.8% | 29.5% | 31.1% | -19.1% | -2.7% | -9.9% | -20.4% | -6.4% | 2.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.5% | 6.5% | 22.0% | 21.6% | 33.1% | -11.3% | -1.9% | -6.8% | -11.8% | -3.2% | 1.0% |
| ROA | 5.5% | 5.5% | 19.1% | 16.5% | 19.1% | -5.0% | -0.8% | -2.8% | -5.1% | -1.4% | 0.5% |
| ROIC | 9.0% | 9.0% | 15.3% | 15.6% | 19.1% | -1.7% | — | 2.2% | -0.9% | 0.8% | 2.3% |
| ROCE | 11.3% | 11.3% | 19.3% | 19.8% | 24.5% | -2.2% | — | 2.8% | -1.2% | 1.1% | 3.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.20 | 0.20 | 0.07 | 0.16 | 0.36 | 1.13 | 1.28 | 1.30 | 1.36 | 1.17 | 1.14 |
| Debt / EBITDA | 1.12 | 1.12 | 0.27 | 0.59 | 0.96 | 21.98 | 9.59 | 7.96 | 16.18 | 9.78 | 8.14 |
| Net Debt / Equity | — | 0.13 | -0.00 | 0.08 | 0.26 | 0.96 | 1.10 | 1.14 | 1.20 | 1.07 | 1.01 |
| Net Debt / EBITDA | 0.71 | 0.71 | -0.02 | 0.30 | 0.69 | 18.71 | 8.22 | 6.99 | 14.23 | 8.91 | 7.15 |
| Debt / FCF | — | — | -0.03 | 0.35 | 1.11 | — | 13.95 | 20.86 | — | 24.85 | — |
| Interest Coverage | 7.72 | 7.72 | 21.32 | 11.40 | 10.06 | -1.33 | 0.58 | 0.05 | -0.70 | 0.42 | 1.02 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.33 | 4.33 | 4.24 | 3.75 | 2.98 | 1.61 | 1.63 | 1.62 | 1.45 | 1.44 | 1.59 |
| Quick Ratio | 3.98 | 3.98 | 3.86 | 3.38 | 2.68 | 1.42 | 1.47 | 1.45 | 1.28 | 1.27 | 1.46 |
| Cash Ratio | 1.81 | 1.81 | 1.58 | 1.38 | 0.96 | 0.95 | 0.93 | 0.86 | 0.75 | 0.68 | 0.95 |
| Asset Turnover | — | 0.39 | 0.58 | 0.57 | 0.62 | 0.27 | 0.29 | 0.30 | 0.25 | 0.23 | 0.19 |
| Inventory Turnover | 22.90 | 22.90 | 22.06 | 18.23 | 15.92 | 16.62 | 17.19 | 18.79 | 10.40 | 11.11 | 9.16 |
| Days Sales Outstanding | — | 55.94 | 54.75 | 51.83 | 65.38 | 38.50 | 29.54 | 47.73 | 49.05 | 50.79 | 51.58 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.7% | 2.8% | 8.8% | 8.0% | 0.6% | 0.0% | 1.5% | — | — | — | 4.2% |
| Payout Ratio | 29.7% | 29.7% | 33.9% | 40.4% | — | — | — | — | — | — | 248.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.0% | 8.3% | 25.2% | 19.2% | 24.4% | — | — | — | — | — | 1.6% |
| FCF Yield | — | — | 19.5% | 22.8% | 21.8% | — | 23.0% | 6.0% | — | 6.1% | — |
| Buyback Yield | 4.2% | 6.9% | 3.5% | 0.0% | 0.0% | 33.2% | 0.3% | 0.0% | 0.0% | 4.2% | 1.3% |
| Total Shareholder Yield | 5.9% | 9.8% | 12.3% | 8.0% | 0.6% | 33.2% | 1.8% | 0.0% | 0.0% | 4.2% | 5.5% |
| Shares Outstanding | — | $41M | $42M | $42M | $38M | $34M | $33M | $33M | $33M | $33M | $30M |
Includes 30+ ratios · 15 years · Updated daily
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Quick answers to the most common questions about buying ASC stock.
Ardmore Shipping Corporation's current P/E ratio is 20.0x. The historical average is 38.3x. This places it at the 71th percentile of its historical range.
Ardmore Shipping Corporation's current EV/EBITDA is 7.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.4x.
Ardmore Shipping Corporation's return on equity (ROE) is 6.5%. The historical average is 3.1%.
Based on historical data, Ardmore Shipping Corporation is trading at a P/E of 20.0x. This is at the 71th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ardmore Shipping Corporation's current dividend yield is 1.70% with a payout ratio of 29.7%.
Ardmore Shipping Corporation has 34.2% gross margin and 26.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ardmore Shipping Corporation's Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Cyclical earnings and asset volatility
Deep Discount to Peers Signals Cyclical Discount
ASC's forward P/E of 6.10 represents a steep discount to the peer median of 10.74, suggesting the market is pricing in a severe earnings decline despite the company's current strong profitability and fortress balance sheet.
The current P/E of 20.07 appears inflated by the trailing earnings trough, while the forward P/E of 6.10 indicates analysts expect a sharp earnings rebound. This forward multiple is significantly below the sector median, implying the market is skeptical about the sustainability of ASC's current high-margin environment, a view supported by peers like Scorpio and TORM trading at forward P/E multiples around 10.7-11.0. The EV/EBITDA discount is similarly pronounced, signaling a potential cyclical value trap or a misunderstood recovery story.
ROIC Volatility Driven by Cyclical Earnings Swings
ASC's ROIC has swung dramatically from a high of 5.9% in 2024Q2 to a low of 1.3% in 2025Q2, now recovering to 5.3% in 2026Q2, reflecting a capital base that is highly sensitive to volatile maritime freight rates.
The company's return on invested capital is not driven by structural efficiency but by the spot charter rate cycle, as evidenced by the direct correlation between operating margins and ROIC. While the current 5.3% ROIC is respectable, it remains below the peak efficiency of peers like Teekay Tankers (12.5% ROIC) and Teekay Corporation (12.0% ROIC), indicating that ASC's fleet may be older or its commercial model less optimized for the current market. The recent improvement from 1.3% suggests a cyclical upswing, but the historical pattern warns this is likely temporary.
Working Capital Cycle Compresses in Upcycle
The cash conversion cycle has improved markedly from a peak of 78 days in 2024Q4 to 49 days in 2026Q2, driven by faster collections from customers as market conditions tighten.
The improvement is primarily due to a reduction in Days Sales Outstanding (DSO) from 71 days to 42 days, indicating stronger customer payment terms or a shift towards more creditworthy counterparties in the current market. Days Payable Outstanding (DPO) remains relatively stable, suggesting the company has not gained significant leverage with suppliers. The cycle length remains elevated compared to asset-light peers, reflecting the inherent capital intensity of vessel ownership.
Negligible Debt Minimizes Financial Risk
With a D/E ratio of just 0.05 and interest coverage exceeding 28x, ASC's leverage profile is virtually debt-free, providing exceptional financial flexibility to navigate the industry's inherent cyclicality.
This pristine balance sheet is a stark contrast to peers like TORM (D/E 0.46) and International Seaways (D/E 0.29), allowing ASC to avoid the forced asset sales or dilutive financing that can cripple competitors during downturns. The low leverage is a direct result of using strong operating cash flows to fund fleet growth rather than debt. However, this conservative stance may also explain the company's lower returns on equity compared to more leveraged peers.
The Misleading P/E at the Cycle Peak
The trailing P/E ratio of 20.07 is the most commonly misapplied metric to this business, as it uses earnings from a cyclical peak to imply a high valuation, when the forward P/E of 6.10 reveals the true market expectation of earnings normalization.
For a cyclical shipping company, the trailing P/E is fundamentally misleading because it reflects the most profitable period in the cycle, not the sustainable earnings power. Investors should instead focus on the forward P/E and EV/EBITDA relative to the cycle, or consider using a normalized earnings metric based on a multi-year average. The current forward P/E of 6.10, when viewed against the 5-year historical earnings trajectory, suggests the market is pricing in a return to lower, but still positive, profitability.