Revenue experienced significant cyclical swings, peaking at $121.3M in 2024Q2 before contracting to $87.9M in 2026Q1, while gross margins compressed from 49.5% to 36.4% over the same period.
| 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 |
|---|
| Sales/Revenue | 324.12M | 310.2M | 405.78M | 395.98M | 445.74M | 192.48M | 220.06M | 230.04M | 210.18M | 195.94M | 164.4M | 157.88M | 67.33M | 35.87M | 25.17M | 22.38M |
| Revenue Growth % | -13.22% | -23.56% | 2.48% | -11.16% | 131.57% | -12.53% | -4.34% | 9.45% | 7.27% | 19.18% | 4.13% | 134.5% | 87.71% | 42.49% | 12.5% | - |
| Cost of Goods Sold | 223.68M | 204.09M | 249.46M | 228.87M | 250.21M | 184.44M | 176.64M | 190.93M | 133.28M | 107.01M | 67.21M | 54.29M | 21.86M | 10.91M | 8.68M | 7.47M |
| COGS % of Revenue | - | 65.79% | 61.48% | 57.8% | 56.13% | 95.82% | 80.27% | 83% | 63.41% | 54.61% | 40.88% | 34.39% | 32.47% | 30.42% | 34.5% | 33.41% |
| Gross Profit | 100.44M | 106.11M | 156.33M | 167.11M | 195.53M | 8.05M | 43.42M | 39.12M | 76.9M | 88.93M | 97.19M | 103.59M | 45.47M | 24.96M | 16.49M | 14.9M |
| Gross Margin % | 30.99% | 34.21% | 38.52% | 42.2% | 43.87% | 4.18% | 19.73% | 17% | 36.59% | 45.39% | 59.12% | 65.61% | 67.53% | 69.58% | 65.5% | 66.59% |
| Gross Profit Growth % | - | -32.13% | -6.45% | -14.54% | 2329.26% | -81.46% | 10.99% | -49.13% | -13.53% | -8.5% | -6.18% | 127.83% | 82.2% | 51.35% | 10.65% | - |
| Operating Expenses | 25.3M | 25.07M | 28.04M | 35.44M | 31.92M | 22.8M | 43.42M | 18.15M | 86.52M | 80.41M | 73.19M | 59.29M | 39.66M | 25.31M | 18.01M | 14.79M |
| OpEx % of Revenue | - | 8.08% | 6.91% | 8.95% | 7.16% | 11.85% | 19.73% | 7.89% | 41.16% | 41.04% | 44.52% | 37.55% | 58.9% | 70.56% | 71.56% | 66.08% |
| Selling, General & Admin | 25.3M | 25.07M | 28.04M | 25.24M | 24.11M | 19.2M | 17.9M | 18.15M | 15.86M | 14.6M | 14.08M | 10.75M | 8.18M | 5.67M | 2.98M | 2.6M |
| SG&A % of Revenue | - | 8.08% | 6.91% | 6.37% | 5.41% | 9.97% | 8.14% | 7.89% | 7.55% | 7.45% | 8.56% | 6.81% | 12.15% | 15.81% | 11.82% | 11.62% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 10.19M | 7.81M | 3.61M | 25.51M | 0 | -3.64M | -2.92M | -2.72M | -2.12M | -2.03M | -1.42M | -441.49K | 0 |
| Operating Income | 75.14M | 81.03M | 128.29M | 131.67M | 163.62M | -14.76M | 0 | 20.97M | -9.62M | 8.51M | 24M | 44.3M | 5.81M | -350.93K | -1.53M | 115.02K |
| Operating Margin % | 23.18% | 26.12% | 31.61% | 33.25% | 36.71% | -7.67% | - | 9.12% | -4.58% | 4.34% | 14.6% | 28.06% | 8.63% | -0.98% | -6.06% | 0.51% |
| Operating Income Growth % | - | -36.84% | -2.57% | -19.52% | 1208.8% | - | -100% | 318.07% | -212.96% | -64.53% | -45.83% | 662.5% | 1755.62% | 77.01% | -1427.21% | - |
| EBITDA | 115.44M | 114.88M | 162.17M | 159.49M | 192.89M | 16.95M | 42.74M | 53.29M | 29.16M | 45.71M | 56.81M | 68.46M | 20.66M | 8.04M | 4.67M | 5.46M |
| EBITDA Margin % | 35.62% | 37.03% | 39.96% | 40.28% | 43.27% | 8.8% | 19.42% | 23.17% | 13.87% | 23.33% | 34.55% | 43.36% | 30.69% | 22.41% | 18.55% | 24.39% |
| EBITDA Growth % | -14.73% | -29.16% | 1.68% | -17.32% | 1038.27% | -60.35% | -19.8% | 82.77% | -36.21% | -19.54% | -17.02% | 231.28% | 157.11% | 72.15% | -14.46% | - |
| D&A (Non-Cash Add-back) | 40.3M | 33.85M | 33.88M | 27.82M | 29.28M | 31.7M | 32.19M | 32.32M | 38.78M | 37.2M | 32.81M | 24.16M | 14.85M | 8.39M | 6.2M | 5.34M |
| EBIT | 65.5M | 47.18M | 144.51M | 130.03M | 156.34M | -21.79M | 10.56M | 1.4M | -17.64M | 8.95M | 18.15M | 44.32M | 5.83M | -344.87K | -1.78M | -171.76K |
| Net Interest Income | -6.23M | -5.16M | -4.96M | -9.59M | -15.07M | -16.31M | -17.81M | -25.81M | -24.53M | -20.94M | -17.73M | -12.27M | -4.1M | -3.46M | -2.96M | -3.08M |
| Interest Income | 1.04M | 955K | 1.82M | 1.82M | 471K | 55.09K | 281.62K | 952.19K | 606.66K | 436.19K | 164.63K | 15.57K | 16.44K | 6.06K | 4.71K | 3.61K |
| Interest Expense | 7.27M | 6.11M | 6.78M | 11.41M | 15.54M | 16.36M | 18.09M | 26.76M | 25.14M | 21.38M | 17.75M | 12.28M | 4.12M | 3.46M | 2.97M | 2.79M |
| Other Income/Expense | -16.52M | -39.78M | 4.93M | -14.43M | -24.95M | -21.93M | -5.85M | -43.77M | -33.16M | -20.94M | -20.19M | -12.27M | -4.1M | -3.46M | -2.96M | -3.08M |
| Pretax Income | 58.61M | 41.26M | 133.22M | 117.24M | 138.66M | -36.68M | -5.85M | -22.8M | -42.78M | -12.43M | 3.81M | 32.03M | 1.71M | -3.81M | -4.49M | -2.96M |
| Pretax Margin % | 18.08% | 13.3% | 32.83% | 29.61% | 31.11% | -19.06% | -2.66% | -9.91% | -20.35% | -6.34% | 2.32% | 20.29% | 2.54% | -10.62% | -17.83% | -13.24% |
| Income Tax | 270K | 241K | 215K | 435K | 207K | 150K | 199K | 58.77K | 162.92K | 59.57K | 60.43K | 79.86K | 46.75K | 33.73K | 51.24K | 13.43K |
| Effective Tax Rate % | 0.46% | 0.58% | 0.16% | 0.37% | 0.15% | -0.41% | -3.4% | -0.26% | -0.38% | -0.48% | 1.59% | 0.25% | 2.74% | -0.89% | -1.14% | -0.45% |
| 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 |
| Net Margin % | 18% | 13.22% | 32.78% | 29.5% | 31.06% | -19.14% | -2.75% | -9.94% | -20.43% | -6.37% | 2.28% | 20.24% | 2.47% | -10.71% | -18.03% | -13.3% |
| Net Income Growth % | -41.67% | -69.16% | 13.87% | -15.63% | 475.91% | -509.2% | 73.55% | 46.76% | -243.78% | -433.26% | -88.27% | 1824.45% | 143.21% | 15.34% | -52.56% | - |
| Net Income (Continuing) | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.43 | 0.88 | 3.06 | 2.71 | 3.52 | -1.08 | -0.18 | -0.69 | -1.31 | -0.37 | 0.12 | 1.23 | 0.07 | -0.31 | -0.56 | -0.37 |
| EPS Growth % | -41.67% | -71.24% | 12.92% | -23.01% | 425.93% | -500% | 73.91% | 47.33% | -254.05% | -408.33% | -90.24% | 1657.14% | 122.58% | 44.64% | -51.35% | - |
| EPS (Basic) | - | 0.89 | 3.09 | 2.76 | 3.63 | -1.08 | -0.18 | -0.69 | -1.31 | -0.37 | 0.12 | 1.23 | 0.07 | -0.31 | -0.56 | -0.37 |
| Diluted Shares Outstanding | 40.86M | 40.81M | 42.04M | 41.82M | 38.36M | 33.88M | 33.44M | 33.1M | 32.84M | 33.44M | 30.14M | 26.06M | 24.55M | 12.24M | 8.05M | 8.05M |
| Basic Shares Outstanding | 40.75M | 46.61M | 41.66M | 41.13M | 37.24M | 33.88M | 33.24M | 33.1M | 32.78M | 33.44M | 30.14M | 26.06M | 24.55M | 12.24M | 8.05M | 8.05M |
| Dividend Payout Ratio | - | 37.41% | 33.89% | 40.37% | - | - | - | - | - | - | 248.86% | 40.62% | 580.26% | - | - | - |
Spot market rate volatility
As indicated by the quarterly financial data, Ardmore Shipping experienced a significant revenue swing, moving from a peak of $121.3M in 2024Q2 to $87.9M in 2026Q1, reflecting the inherent instability of spot-market exposure within the refined product and chemical tanker segments.
The revenue trajectory appears highly sensitive to global refinery arbitrage and ton-mile demand fluctuations rather than consistent organic growth. Investors should monitor whether the recent 18.8% sequential growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from the cyclical troughs observed in mid-2025.
Based on reported income statements, Ardmore Shipping's gross margin contracted from a high of 49.5% in 2024Q2 to 36.4% in 2026Q1, suggesting that the company's profitability is increasingly vulnerable to the rising cost of bunker fuel and fixed vessel operating expenses.
The compression in gross margins highlights the difficulty of maintaining pricing power in a spot-driven environment where fixed costs remain constant despite revenue volatility. This trend suggests that the company's eco-mod fleet strategy may be facing diminishing returns as operational costs outpace the revenue gains from improved fuel efficiency.
According to the provided financial statements, Ardmore Shipping maintained an operating margin of 29.1% in 2026Q1, demonstrating a degree of overhead discipline that allows the firm to scale operating income effectively even when top-line revenue faces significant downward pressure from broader industry cyclicality.
The company's ability to keep SG&A expenses relatively stable, hovering between $6.1M and $8.1M over the last ten quarters, indicates a lean management structure. This operational leverage suggests that ASC is well-positioned to capture significant margin expansion if spot rates improve, provided that fixed costs do not escalate.
As reported in recent filings, Ardmore Shipping's net income has shown significant variance, with stock-based compensation peaking at $1.9M in 2024Q3 before declining to zero in recent quarters, which warrants further investigation into the company's long-term incentive alignment and potential impact on diluted EPS.
The absence of stock-based compensation in the most recent quarters may artificially inflate net income figures compared to historical periods. Investors should be cautious, as the volatility in net income appears driven more by non-operating items and timing of voyage completions than by consistent core operational performance.
While the company maintains a fortress balance sheet, the lack of newbuild announcements in the provided data suggests a potential long-term risk, as the aging fleet may face increasing maintenance costs that could erode the competitive advantage of the current eco-mod vessel strategy.
Short-sellers might focus on the potential for rising dry-docking and maintenance expenses to act as a drag on future cash flows. If the company fails to initiate a fleet renewal cycle, the current operational efficiency may prove unsustainable, leading to a structural decline in profitability relative to more modern peer fleets.
Quick answers to the most common questions about buying ASC stock.
For fiscal year 2025, Ardmore Shipping Corporation (ASC) reported total revenue of $310.2M. This represents a 1286.3% increase compared to $22.4M in 2011.
Ardmore Shipping Corporation (ASC) is profitable, generating $41.0M in net income for the fiscal year ending 2025 with a net profit margin of 13.2%.
Ardmore Shipping Corporation (ASC) reported an operating income of $81.0M, resulting in an operating profit margin of 26.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Ardmore Shipping Corporation (ASC) generated $106.1M in gross profit for the year, representing a gross profit margin of 34.2%. This demonstrates the company's core pricing power and production efficiency.