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Ardmore Shipping
(NYSE:ASC)
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Rating:74Outperform
Price Target:
$19.00
▲(14.39% Upside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by solid underlying financial strength (low leverage and healthy TTM profitability) and an upbeat earnings outlook emphasizing strong cash breakeven positioning, liquidity, and supportive tanker-market fundamentals. Offsetting factors are weaker free-cash-flow conversion versus prior years and the inherently cyclical, volatile rate environment; technicals are positive but lack momentum-indicator confirmation, while valuation is reasonable with a moderate P/E and dividend support.
Positive Factors
Low leverage / strong balance sheet
Ardmore’s materially reduced leverage and large equity base provide durable financial flexibility. Lower indebtedness cuts refinancing risk, preserves borrowing capacity through cycles, and allows management to fund dividends, opportunistic newbuilds or weather extended rate downturns without forced asset sales.
Negative Factors
Weak free cash flow conversion
Despite healthy operating cash flow, markedly lower free cash flow limits internal funding for dividends, capex and opportunistic deleveraging. If weak FCF persists, the company may need to rely on asset sales or external financing to sustain payouts or execute growth projects over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Low leverage / strong balance sheet
Ardmore’s materially reduced leverage and large equity base provide durable financial flexibility. Lower indebtedness cuts refinancing risk, preserves borrowing capacity through cycles, and allows management to fund dividends, opportunistic newbuilds or weather extended rate downturns without forced asset sales.
Read all positive factors
Ardmore Shipping Key Performance Indicators (KPIs)
Any
Fleet TCE Per Day
Aggregates the daily time-charter equivalent earnings across the entire fleet, offering a clear view of realized earnings per ship-day after accounting for voyage and operating costs. It’s a practical barometer of overall profitability and how effectively the company converts market rates and utilization into cash flow.
Aggregates the daily time-charter equivalent earnings across the entire fleet, offering a clear view of realized earnings per ship-day after accounting for voyage and operating costs. It’s a practical barometer of overall profitability and how effectively the company converts market rates and utilization into cash flow.
Data provided by:
The Fly
The FlyArdmore Shipping (ASC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$709.56M
Dividend Yield3.74%
Average Volume (3M)628.79K
Price to Earnings (P/E)6.7
Beta (1Y)0.45
Revenue Growth13.60%
EPS Growth150.34%
CountryUS
Employees56
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)2.59
Shares Outstanding40,802,612
10 Day Avg. Volume492,889
30 Day Avg. Volume628,792
Financial Highlights & Ratios
PEG Ratio-0.17
Price to Book (P/B)0.78
Price to Sales (P/S)1.59
P/FCF Ratio-12.63
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$21.00Price Target Upside26.43% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.98
Revenue Forecast (FY)$274.00M
Ardmore Shipping Business Overview & Revenue Model
Company Description
Ardmore Shipping Corporation is a global enterprise dedicated to the maritime carriage of refined oil derivatives and various chemical substances. By February 15, 2022, the firm maintained an active fleet of 25 modern, twin-hulled vessels specific...
How the Company Makes Money
Ardmore Shipping makes money primarily by earning charter revenues from leasing its product and chemical tankers to customers who need ocean transport for refined petroleum products and chemicals. Key revenue streams include (1) spot market and in...
Ardmore Shipping Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call emphasized multiple strong fundamental and company-level positives: solid adjusted earnings and EBITDA, high TCE rates well above a low cash breakeven, disciplined capital allocation with a high-yield dividend, measured fleet expansion (4 newbuilds plus options), strong liquidity (24% leverage and ~$300M undrawn facility), and favorable long-term demand/supply dynamics (aged fleets and limited orderbooks). Near-term challenges noted were geopolitical volatility (Middle East, canal water levels), partial Q3 booking softness relative to Q2 (though still showing YoY uplifts), and market dislocations from export bans. Overall the company presented robust financial flexibility and constructive market tailwinds that outweigh the short-term operational and geopolitical risks.Positive Updates
Strong Adjusted Earnings and EPS
Adjusted earnings of 48.3 million and earnings per share of $1.18 for Q2 2026.
Negative Updates
Q3 Sequential Rate Softness (Partial Bookings)
Reported Q3-to-Q2 comparisons (so far, partially booked): MR Q3 rate of $29.6k/day is ~42.9% below Q2's $51.9k/day (Q3 figure is only 45% booked and still shows 20% YoY uplift). Chemical tankers Q3 at $25k/day is ~7% below Q2's $26.9k/day (50% booked). These Q3 partials introduce near-term rate uncertainty.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Adjusted Earnings and EPS
Adjusted earnings of 48.3 million and earnings per share of $1.18 for Q2 2026.
Read all positive updates
Company Guidance
Ardmore’s guidance emphasized strong near‑term cash generation and disciplined capital allocation: Q2 adjusted earnings were $48.3M ($1.18/share) with EBITDA $61.1M, Q2 MR TCEs $51.9k/day (Q3‑to‑date $29.6k/day, 45% booked, +20% YoY) and Q2 chemical TCEs $26.9k/day (Q3‑to‑date $25.0k/day, 50% booked, +10% YoY), noting current MR rates are roughly 3x the operating cash breakeven of $10.8k/day ($11.7k/day incl. pro‑rata drydock), and that every $10k/day TCE uplift equates to nearly $2/share annually; capital actions include a €0.79/share dividend (2/3 of adjusted earnings), the 15th consecutive quarterly dividend with an approximate 20% yield after the earlier payout increase, exercise of 2 Handy newbuilding options bringing the orderbook to 4 (options for 2 more) with deliveries from late 2028, effective leverage of ~24% including forward newbuild CapEx, nearly $300M of undrawn revolving capacity, only ~$3M of fleet CapEx remaining in 2026, no planned 2026 drydocks, and a market backdrop of record crack spreads near $70/bbl, inventories down ~100M barrels since March, MR/Handy orderbooks at ~16%/6% of fleets and average fleet ages ~14/18 years (with half of MRs >20 years within five years).Ardmore Shipping Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
84
Very Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 368.29M | 310.20M | 405.78M | 395.98M | 445.74M | 192.48M |
| Gross Profit | 139.43M | 106.11M | 156.33M | 167.11M | 195.53M | 8.05M |
| EBITDA | 146.65M | 81.03M | 178.39M | 157.85M | 185.62M | 9.92M |
| Net Income | 109.26M | 41.01M | 133.01M | 116.81M | 138.45M | -36.83M |
Balance Sheet | ||||||
| Total Assets | 757.56M | 788.72M | 704.80M | 690.95M | 723.86M | 724.53M |
| Cash, Cash Equivalents and Short-Term Investments | 48.14M | 46.84M | 46.99M | 46.80M | 50.57M | 55.45M |
| Total Debt | 34.98M | 128.87M | 44.24M | 93.99M | 184.62M | 372.55M |
| Total Liabilities | 57.54M | 154.39M | 69.38M | 116.51M | 217.42M | 395.54M |
| Stockholders Equity | 700.02M | 634.34M | 635.42M | 574.44M | 506.44M | 329.00M |
Cash Flow | ||||||
| Free Cash Flow | 13.42M | -39.07M | 99.42M | 134.22M | 120.40M | -5.52M |
| Operating Cash Flow | 127.17M | 81.65M | 160.44M | 159.61M | 124.21M | -2.89M |
| Investing Cash Flow | -79.03M | -121.00M | -32.97M | -26.84M | 35.41M | 1.63M |
| Financing Cash Flow | -49.57M | 39.21M | -127.29M | -136.54M | -164.50M | -1.66M |
Ardmore Shipping Technical Analysis
Positive
16.61
Price Trends
16.38
Positive
16.20
Positive
14.19
Positive
Market Momentum
<0.01
Negative
55.09
Neutral
75.16
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ASC, the sentiment is Positive. The current price of 16.61 is above the 20-day moving average (MA) of 16.15, above the 50-day MA of 16.38, and above the 200-day MA of 14.19, indicating a bullish trend. The MACD of <0.01 indicates Negative momentum. The RSI at 55.09 is Neutral, neither overbought nor oversold. The STOCH value of 75.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ASC.
Ardmore Shipping Risk Analysis
Ardmore Shipping disclosed 68 risk factors in its most recent earnings report. Ardmore Shipping reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ardmore Shipping Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $709.56M | 6.71 | 16.52% | 3.91% | 13.60% | 150.34% | |
74 Outperform | $2.31B | 10.71 | ― | 8.64% | 32.94% | 128.18% | |
73 Outperform | $369.29M | 6.12 | 13.47% | 3.58% | 31.98% | 274.58% | |
69 Neutral | $497.81M | 13.91 | 8.13% | 2.68% | 22.58% | 56.30% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $1.38B | 25.31 | 11.76% | 9.61% | 4.65% | 49.74% | |
61 Neutral | $372.14M | 20.42 | 2.97% | 1.72% | 14.24% | 29.04% |
* Industrials Sector Average
ASC
Ardmore Shipping
17.39
7.07
68.51%
NAT
Nordic American Tanker
6.53
4.07
165.34%
SHIP
Seanergy Maritime
17.49
10.88
164.60%
KNOP
KNOT Offshore Partners
10.77
4.03
59.77%
PANL
Pangaea Logistics Solutions
7.61
3.00
65.22%
ECO
Okeanis Eco Tankers Corp.
60.33
38.70
178.89%
Ardmore Shipping Corporate Events
Ardmore Shipping Files Q2 2026 Form 6-K, Highlights Fleet Strategy and Risk Landscape
Jul 29, 2026
Ardmore Shipping Corporation has filed a Form 6-K with the U.S. Securities and Exchange Commission for the three- and six-month periods ended June 30, 2026, providing management’s discussion and analysis alongside unaudited interim condensed...
Ardmore Shipping Delivers Q2 2026 Earnings Surge, Boosts Dividend and Expands Tanker Newbuild Program
Jul 29, 2026
Ardmore Shipping reported a sharp jump in profitability for the quarter and half-year ended June 30, 2026, with second-quarter net income rising to $60.5 million, or $1.48 per share, from $9.0 million a year earlier and adjusted earnings reaching ...
Ardmore Shipping Shareholders Re-Elect Class I Directors at 2026 Annual Meeting
Jun 16, 2026
Ardmore Shipping held its 2026 Annual Meeting of Shareholders on June 15, 2026, where investors voted on the composition of the company’s classified board. Shareholders elected Mats Berglund, Kirsi Tikka and Gernot Ruppelt as Class I directo...
Ardmore Shipping Files Q1 2026 Form 6-K, Detailing Fleet Profile and Risk Landscape
May 7, 2026
Ardmore Shipping Corporation, a Bermuda-based owner and operator of a modern, fuel‑efficient fleet of Medium Range product and chemical tankers, provides seaborne transportation of petroleum products and chemicals worldwide for oil majors, n...
Ardmore Shipping Boosts Q1 2026 Earnings, Doubles Payout and Expands Fleet with Newbuild Orders
May 7, 2026
Ardmore Shipping reported a sharp earnings improvement for the quarter ended March 31, 2026, with net income attributable to common stockholders rising to $23.6 million, or $0.58 per share, from $5.6 million, or $0.14 per share, a year earlier. Re...
Ardmore Shipping Files 2026 Proxy Statement and Highlights Strong 2025 Performance
May 1, 2026
Ardmore Shipping has released its proxy statement dated May 1, 2026, in connection with its 2026 Annual Meeting of Shareholders, scheduled for June 15, 2026. The filing, made via a Form 6-K with the U.S. Securities and Exchange Commission, also in...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.