Ardmore Shipping Corporation

ASC

Marine Shipping · Industrials

Price

$18.40

+0.21 (+1.15%)

Market Cap

$750.8M

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Good

Cash Flow

Strong

Stability

Exceptional

Valuation

Good

Dividends

Strong

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Share count rising — dilution

+20.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 33.9M (2021) → 40.8M (2025)

Winston Score History

The full picture

Ardmore Shipping Corporation is a company that owns and operates a fleet of tanker ships. These ships carry liquid cargo — mainly chemical products and refined oil products like gasoline and jet fuel — for industrial companies, oil refiners, and chemical manufacturers around the world. Ardmore is a mid-size player in the product and chemical tanker market, competing with larger fleets but focusing on a specific segment of medium-sized vessels.

Ardmore makes money by charging customers to rent its ships, either on short-term spot contracts or longer fixed-rate time charters. The company operates globally, with routes spanning Europe, Asia, and the Americas, and its fleet consists of roughly 25–30 vessels. Its competitive position depends heavily on shipping rates, which rise and fall with global demand for fuel and chemicals, making earnings unpredictable from year to year. The main risk the business faces is a downturn in tanker rates, which would directly compress revenue and margins.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+61.3% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+572.7% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

15.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$53M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Ardmore Shipping Corporation grew revenue 61% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

47.8%

Healthy — 47.8% gross margin

Profit after running costs

Operating Margin

42.8%

Excellent — 42.8% operating margin

Return on the money invested

ROCE

15.6%

Strong — 15.6% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+13.6%

Fast-growing sales (+13.6% YoY)

Profit growth

EPS YoY

+151.5%

Earnings growing fast (+151.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

116%

Turns 116% of profit into real cash

Spare cash per sale

FCF Margin

3.6%

Thin free cash flow (3.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.05

Conservative — low debt load (0.05)

Covers its interest

Interest Cover

14.37x

Comfortably covers interest (14.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

7.1x

Attractive valuation — P/E 7.1

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-9.4

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

3.61%

Moderate income — 3.61% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+260.5%

Dividend growing fast (260.5% YoY)

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