Ardmore Shipping Corp Financials
This page shows Ardmore Shipping Corp (ASC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A cash-generative, asset-heavy model turned from deleveraging to debt-funded reinvestment as FY2025 earnings cooled.
From FY2022 to FY2024, strong operating cash flow helped drive deleveraging, pushing debt-to-equity from 0.2x to 0.1x. In FY2025, the balance-sheet posture changed: total assets rose to$789M while long-term debt climbed to$127M , which implies the company funded new asset growth with borrowing rather than by consuming liquidity.
FY2025 shows how sensitive profits are to the operating environment: revenue fell
Cash generation still mattered: operating cash flow of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Ardmore Shipping Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Ardmore Shipping Corp's revenue declined 23.6% year-over-year, from $405.8M to $310.2M. This contraction results in a growth score of 14/100.
Ardmore Shipping Corp carries a low D/E ratio of 0.20, meaning only $0.20 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.33, Ardmore Shipping Corp holds $4.33 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 86/100.
Ardmore Shipping Corp's ROE of 6.5% shows moderate profitability relative to equity, earning a score of 43/100. This is down from 21.9% the prior year.
Ardmore Shipping Corp passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Ardmore Shipping Corp generates $1.99 in operating cash flow ($81.6M OCF vs $41.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
Ardmore Shipping Corp generated $310.2M in revenue in fiscal year 2025. This represents a decrease of 23.6% from the prior year.
Ardmore Shipping Corp reported $41.0M in net income in fiscal year 2025. This represents a decrease of 69.2% from the prior year.
Ardmore Shipping Corp earned $0.88 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 71.2% from the prior year.
Cash & Balance Sheet
Ardmore Shipping Corp held $46.8M in cash against $127.0M in long-term debt as of fiscal year 2025.
Ardmore Shipping Corp had 41M shares outstanding in fiscal year 2025. This represents an increase of 0.7% from the prior year.
Margins & Returns
Ardmore Shipping Corp's net profit margin was 13.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 19.6 percentage points from the prior year.
Ardmore Shipping Corp's ROE was 6.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 15.4 percentage points from the prior year.
Capital Allocation
ASC Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $87.9M+6.0% | $82.9M+2.0% | $81.2M+12.8% | $72.0M-2.6% | $74.0M-9.8% | $82.0M-14.6% | $96.1M-20.8% | $121.3M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Interest Expense | $2.1M-12.6% | $2.4M+37.0% | $1.7M+67.2% | $1.0M+11.6% | $935K-15.4% | $1.1M+0.2% | $1.1M-46.0% | $2.0M |
| Income Tax | $55K+41.0% | $39K-71.5% | $137K+251.3% | $39K+50.0% | $26K+100.0% | $13K-82.4% | $74K+51.0% | $49K |
| Net Income | $23.6M+90.6% | $12.4M-3.2% | $12.8M+33.2% | $9.6M+53.5% | $6.3M-9.8% | $6.9M-71.3% | $24.1M-61.5% | $62.7M |
| EPS (Diluted) | $0.58 | N/A | $0.30+36.4% | $0.22+57.1% | $0.14 | N/A | $0.55-62.6% | $1.47 |
ASC Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $789.6M+0.1% | $788.7M-1.4% | $799.8M+13.6% | $703.8M+1.9% | $690.4M-2.0% | $704.8M-2.5% | $722.8M-2.6% | $742.0M |
| Current Assets | $146.2M+30.7% | $111.8M-3.7% | $116.2M-3.3% | $120.1M+4.5% | $115.0M-9.1% | $126.5M-4.7% | $132.8M-6.8% | $142.4M |
| Cash & Equivalents | $47.2M+0.8% | $46.8M-0.5% | $47.1M-4.9% | $49.5M+4.3% | $47.4M+1.0% | $47.0M-1.2% | $47.6M+0.4% | $47.4M |
| Inventory | $13.0M+46.3% | $8.9M-10.9% | $10.0M+0.1% | $10.0M-10.7% | $11.2M-1.0% | $11.3M-2.3% | $11.6M-12.4% | $13.2M |
| Accounts Receivable | $52.8M+11.0% | $47.5M-11.3% | $53.6M+1.5% | $52.8M+10.6% | $47.7M-21.6% | $60.9M-6.5% | $65.1M-13.4% | $75.2M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $134.8M-12.7% | $154.4M+7.3% | $143.9M+149.0% | $57.8M+11.2% | $52.0M-25.1% | $69.4M+18.0% | $58.8M-32.7% | $87.3M |
| Current Liabilities | $30.0M+16.2% | $25.8M-0.7% | $26.0M-15.9% | $30.9M+0.2% | $30.9M+3.5% | $29.8M-19.8% | $37.2M-8.6% | $40.7M |
| Long-Term Debt | $103.4M-18.6% | $127.0M+9.3% | $116.1M+364.6% | $25.0M+22.2% | $20.5M-47.3% | $38.8M+94.0% | $20.0M-54.7% | $44.2M |
| Total Equity | $654.8M+3.2% | $634.3M+1.0% | $628.2M+1.6% | $618.3M+1.2% | $610.7M+0.5% | $607.6M-3.1% | $627.0M+1.5% | $617.7M |
| Retained Earnings | $208.7M+10.5% | $188.8M+2.9% | $183.5M+5.3% | $174.2M+4.1% | $167.3M+1.4% | $164.9M-1.5% | $167.4M+4.6% | $160.0M |
ASC Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $29.4M+12.2% | $26.2M+46.1% | $17.9M+59.7% | $11.2M-57.2% | $26.3M+14.3% | $23.0M-42.4% | $39.9M-17.6% | $48.4M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$1.7M+12.0% | -$2.0M+98.1% | -$104.4M-841.9% | -$11.1M-209.4% | -$3.6M-15.8% | -$3.1M-138.4% | -$1.3M+91.4% | -$15.1M |
| Financing Cash Flow | -$27.3M-11.6% | -$24.5M-129.1% | $84.0M+4368.6% | $1.9M+108.5% | -$22.2M-8.5% | -$20.5M+46.7% | -$38.4M-11.3% | -$34.5M |
| Dividends Paid | $3.7M-9.9% | $4.1M+42.9% | $2.8M+40.2% | $2.0M-37.2% | $3.2M-57.2% | $7.6M-52.4% | $15.9M+22.8% | $12.9M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ASC Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | 26.8%+11.9pp | 14.9%-0.8pp | 15.7%+2.4pp | 13.3%+4.9pp | 8.5%0.0pp | 8.5%-16.7pp | 25.1%-26.6pp | 51.7% |
| Return on Equity | 3.6%+1.6pp | 1.9%-0.1pp | 2.0%+0.5pp | 1.6%+0.5pp | 1.0%-0.1pp | 1.1%-2.7pp | 3.9%-6.3pp | 10.2% |
| Return on Assets | 3.0%+1.4pp | 1.6%-0.0pp | 1.6%+0.2pp | 1.4%+0.4pp | 0.9%-0.1pp | 1.0%-2.4pp | 3.3%-5.1pp | 8.5% |
| Current Ratio | 4.87+0.5 | 4.33-0.1 | 4.46+0.6 | 3.88+0.2 | 3.73-0.5 | 4.24+0.7 | 3.57+0.1 | 3.50 |
| Debt-to-Equity | 0.16-0.0 | 0.20+0.0 | 0.18+0.1 | 0.040.0 | 0.03-0.0 | 0.06+0.0 | 0.03-0.0 | 0.07 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Ardmore Shipping Corp's annual revenue?
Ardmore Shipping Corp (ASC) reported $310.2M in total revenue for fiscal year 2025. This represents a -23.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Ardmore Shipping Corp's revenue growing?
Ardmore Shipping Corp (ASC) revenue declined by 23.6% year-over-year, from $405.8M to $310.2M in fiscal year 2025.
Is Ardmore Shipping Corp profitable?
Yes, Ardmore Shipping Corp (ASC) reported a net income of $41.0M in fiscal year 2025, with a net profit margin of 13.2%.
How much debt does Ardmore Shipping Corp have?
As of fiscal year 2025, Ardmore Shipping Corp (ASC) had $46.8M in cash and equivalents against $127.0M in long-term debt.
What is Ardmore Shipping Corp's net profit margin?
Ardmore Shipping Corp (ASC) had a net profit margin of 13.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Ardmore Shipping Corp's return on equity (ROE)?
Ardmore Shipping Corp (ASC) has a return on equity of 6.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Ardmore Shipping Corp's operating cash flow?
Ardmore Shipping Corp (ASC) generated $81.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Ardmore Shipping Corp's total assets?
Ardmore Shipping Corp (ASC) had $788.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What is Ardmore Shipping Corp's current ratio?
Ardmore Shipping Corp (ASC) had a current ratio of 4.33 as of fiscal year 2025, which is generally considered healthy.
What is Ardmore Shipping Corp's debt-to-equity ratio?
Ardmore Shipping Corp (ASC) had a debt-to-equity ratio of 0.20 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Ardmore Shipping Corp's return on assets (ROA)?
Ardmore Shipping Corp (ASC) had a return on assets of 5.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Ardmore Shipping Corp's Piotroski F-Score?
Ardmore Shipping Corp (ASC) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Ardmore Shipping Corp's earnings high quality?
Ardmore Shipping Corp (ASC) has an earnings quality ratio of 1.99x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Ardmore Shipping Corp?
Ardmore Shipping Corp (ASC) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.