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Ardmore Shipping
(NYSE:ASC)
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Rating:78Outperform
Price Target:
$17.00
▲(6.99% Upside)
Action:Reiterated
Date:05/14/26
The score is driven by a strong earnings-call outlook and supportive technical uptrend, reinforced by low valuation. Offsetting these positives, financial performance shows cyclical normalization and, most importantly, recent negative free cash flow despite healthy operating cash flow.
Positive Factors
Conservative balance sheet / low leverage
A very low debt-to-equity ratio provides durable financial flexibility: it reduces refinancing risk, preserves access to revolving credit during downturns, and supports dividend policy or opportunistic vessel purchases without forcing distressed asset sales in a cyclical shipping market.
Negative Factors
Negative free cash flow trend
Persistent negative free cash flow reduces internal funding for dividends, capex and debt paydown, forcing reliance on asset sales or external financing. In a cyclical tanker market this weakens the company's ability to sustain payouts or expand without increasing leverage or selling accretive assets.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / low leverage
A very low debt-to-equity ratio provides durable financial flexibility: it reduces refinancing risk, preserves access to revolving credit during downturns, and supports dividend policy or opportunistic vessel purchases without forcing distressed asset sales in a cyclical shipping market.
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
$606.33M
Dividend Yield2.8%
Average Volume (3M)647.27K
Price to Earnings (P/E)11.2
Beta (1Y)0.37
Revenue Growth-13.22%
EPS Growth-42.17%
CountryUS
Employees56
SectorIndustrials
Sector Strength72
IndustryMarine Shipping
Share Statistics
EPS (TTM)1.33
Shares Outstanding40,802,612
10 Day Avg. Volume589,344
30 Day Avg. Volume647,273
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 Cap1.21
Enterprise Value/Revenue2.27
Enterprise Value/Gross Profit7.32
Enterprise Value/Ebitda6.94
Forecast
1Y Price Target
$19.00Price Target Upside19.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.89
Revenue Forecast (FY)$267.75M
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:May 07, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
The call presents a strongly positive operational and financial picture: solid Q1 results, accelerating spot rates into Q2, disciplined capital allocation (including doubling the dividend payout ratio), opportunistic asset sales and purchases with meaningful asset appreciation, and reduced near-term CapEx. Notable risks include geopolitical disruption in the Middle East, an aging global fleet with a thin newbuilding orderbook, some increase in debt pricing, and deliberate exposure to spot market volatility rather than locking long-term charters. Overall, the positive drivers (earnings, rates, capital returns, asset appreciation, and strategic newbuilds) outweigh the identified risks, which management positions as manageable and mostly medium-term.Positive Updates
Strong Q1 Financial Results
Adjusted earnings of $23.6 million (EPS $0.58) and adjusted EBITDAR of $37.3 million for Q1 2026. Declared dividend of $0.39 per share, aligned with new policy to pay 2/3 of adjusted earnings.
Negative Updates
Geopolitical Disruption and Operational Risk
Major disruption in the Middle East has operational impacts on the industry and seafarers; approximately 130 product tankers are currently trapped in the Middle East Gulf, creating short-term supply distortions and safety/operational challenges.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Q1 Financial Results
Adjusted earnings of $23.6 million (EPS $0.58) and adjusted EBITDAR of $37.3 million for Q1 2026. Declared dividend of $0.39 per share, aligned with new policy to pay 2/3 of adjusted earnings.
Read all positive updates
Company Guidance
Management guided adjusted Q1 results of $23.6M ($0.58/sh) and adjusted EBITDAR of $37.3M, declared a $0.39/sh dividend (2/3 of adjusted earnings) and said momentum is accelerating into Q2 with MR TCEs of $33,700/day in Q1 and ~$52,100/day so far in Q2 (55% booked) and chemical tankers $22,300/day in Q1 and ~$32,500/day in Q2 (65% booked); they reiterated a low cash breakeven of $11,700/day ($10,800/day excl. dry‑dock CapEx), noted MR spot rates are roughly 5x breakeven, that every $10,000/day increase in TCE adds ~+$2/sh annually, expect fleet CapEx to fall to ~$8M (vs $30M in 2025), ordered two newbuilds at $44.9M each (incl. $3M upgrades, delivery late‑2028, options for two more), agreed sale of a 2014 MR for $35.5M (delivery Jun‑2026), have invested >$100M in three acquisitions now up ~30–35% in value, and maintain modest pro forma leverage with revolver capacity available.Ardmore Shipping Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
82
Very Positive
Cash Flow
49
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 324.12M | 310.20M | 405.78M | 395.98M | 445.74M | 192.48M |
| Gross Profit | 100.44M | 106.11M | 156.33M | 167.11M | 195.53M | 8.05M |
| EBITDA | 105.95M | 81.03M | 178.39M | 157.85M | 185.62M | 9.92M |
| Net Income | 58.34M | 41.01M | 133.01M | 116.81M | 138.45M | -36.83M |
Balance Sheet | ||||||
| Total Assets | 789.60M | 788.72M | 704.80M | 690.95M | 723.86M | 724.53M |
| Cash, Cash Equivalents and Short-Term Investments | 47.21M | 46.84M | 46.99M | 46.80M | 50.57M | 55.45M |
| Total Debt | 105.11M | 128.87M | 44.24M | 93.99M | 184.62M | 372.55M |
| Total Liabilities | 134.82M | 154.39M | 69.38M | 116.51M | 217.42M | 395.54M |
| Stockholders Equity | 654.79M | 634.34M | 635.42M | 574.44M | 506.44M | 329.00M |
Cash Flow | ||||||
| Free Cash Flow | -36.96M | -39.07M | 99.42M | 134.22M | 120.40M | -5.52M |
| Operating Cash Flow | 87.35M | 81.65M | 160.44M | 159.61M | 124.21M | -2.89M |
| Investing Cash Flow | -124.63M | -121.00M | -32.97M | -26.84M | 35.41M | 1.63M |
| Financing Cash Flow | 37.05M | 39.21M | -127.29M | -136.54M | -164.50M | -1.66M |
Ardmore Shipping Technical Analysis
Neutral
15.89
Price Trends
17.04
Negative
15.90
Negative
13.75
Positive
Market Momentum
-0.63
Positive
38.49
Neutral
13.36
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ASC, the sentiment is Neutral. The current price of 15.89 is below the 20-day moving average (MA) of 16.17, below the 50-day MA of 17.04, and above the 200-day MA of 13.75, indicating a neutral trend. The MACD of -0.63 indicates Positive momentum. The RSI at 38.49 is Neutral, neither overbought nor oversold. The STOCH value of 13.36 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $606.33M | 11.17 | 9.01% | 2.80% | -13.22% | -42.17% | |
74 Outperform | $2.04B | 9.47 | ― | 6.50% | 32.94% | 128.18% | |
69 Neutral | $431.74M | 12.06 | 8.13% | 3.57% | 22.58% | 56.30% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $1.23B | 22.52 | 11.76% | 10.65% | 4.65% | 49.74% | |
61 Neutral | $345.18M | 18.94 | 2.97% | 1.00% | 14.24% | 29.04% | |
61 Neutral | $283.56M | 7.50 | 14.03% | 4.94% | 15.24% | 41.39% |
* Industrials Sector Average
ASC
Ardmore Shipping
14.86
5.05
51.43%
NAT
Nordic American Tanker
5.81
3.45
146.50%
SHIP
Seanergy Maritime
13.43
7.28
118.27%
KNOP
KNOT Offshore Partners
9.99
3.23
47.67%
PANL
Pangaea Logistics Solutions
6.60
1.60
32.13%
ECO
Okeanis Eco Tankers Corp.
53.11
32.44
156.95%
Ardmore Shipping Corporate Events
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.