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what it is
Ardmore moves gasoline, diesel, and chemicals around the world on 27 midsize tanker ships.
how it gets paid
Last year Ardmore Shipping made $310M in revenue.
why growth slowed
Revenue fell 23.6% last year. That is the funny part of shipping. Annual revenue still fell 23.6% to $310M.
what just happened
Revenue hit $227M, up 180% vs. prior year, while EPS reached $0.66.
At a glance
B balance sheet — gets the job done, barely
15/100 earnings predictability — expect surprises
16.4x trailing p/e — the market's not buying it — or you found a deal
2.3% dividend yield — cash in your pocket every quarter
20.0% return on capital — nothing to write home about
xvary composite: 44/100 — below average
What they do
Ardmore moves gasoline, diesel, and chemicals around the world on 27 midsize tanker ships.
Ardmore wins by sitting in the boring middle. Its 27 vessels, including 21 MR tankers and 6 chemical tankers, are large enough to matter but small enough to serve messy regional routes the giant crude carriers do not want. You are betting that this flexible fleet keeps finding cargo when bigger ships need blockbuster routes to stay busy.
How they make money
$310M
annual revenue · revenue declined -23.6% last year
total revenue
$310M
23.6%
The products that matter
ships refined petroleum products
MR Product Tankers
$217M · 70% of disclosed segment revenue
This is the core business. It produced $217M of revenue and earned an average $25,300 per day in Q4 2025, so small rate moves matter a lot.
rate-sensitive core
ships industrial chemicals
Chemical Tankers
$93M · 30% of disclosed segment revenue
This segment contributed $93M. It adds cargo diversity, but it still fell 23.6% from last year, which tells you the cycle hit here too.
niche, not immune
Key numbers
40.0%
operating margin
Operating margin → profit after running the ships, before interest and taxes → so what: Ardmore kept 40 cents from every $1 of sales before financing costs.
20.0%
return on capital
Return on capital → profit versus the money tied up in ships and equipment → so what: for a hard-asset business, 20% says the fleet is earning its keep.
$118M
long-term debt
Long-term debt → money the company owes over years, not months → so what: debt equals 17% of capital, which is leverage you can live with until freight rates crack.
2.3%
dividend yield
Dividend yield → cash paid to you each year relative to the stock price → so what: you get paid a little while waiting for the freight market to decide your mood.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 25 / 100
- long-term debt $118M (17% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ASC right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $227M, up 180% vs. prior year, while EPS reached $0.66.
That is the funny part of shipping. Annual revenue still fell 23.6% to $310M, but one strong quarter can make the whole story look reborn.
$227M
revenue
$0.66
eps
+180%
vs. last year revenue growth
the number that mattered
The 180% revenue jump matters because tanker stocks are rate machines. When day rates turn up, earnings tend to sprint, not jog.
source: company earnings report, 2026
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What could go wrong
the #1 risk is spot tanker rate volatility.
high
Spot tanker rate volatility
This is the business model. A $4,000 per day swing across 26 vessels changes annual revenue by roughly $38M. For a $557M market cap stock, that is not background noise.
direct hit to revenue and earnings
med
Refined product demand slowdown
Both disclosed operating lines fell 23.6% from last year. If refinery output or trading volumes soften again, utilization and daily rates can fall together.
extends the revenue decline
low
Execution during leadership change
The commercial side already saw turnover, and a new COO took over in January 2026. In a market where booking discipline matters daily, transitions are never free.
more operational noise at the wrong time
A $4,000 daily rate move across the fleet is roughly $38M of annual revenue swing. That is the combined risk picture in one sentence.
source: institutional data · regulatory filings · risk analysis
Pay attention to
trend
booked rates versus Q4 rates
Q4 averaged $25,300 per day. Current-quarter bookings are $29,100 per day on 50% of days. If that spread holds, the near-term setup improves. If it fades, so does the thesis.
calendar
Q1 2026 earnings report
Expected May 12, 2026. You want updated booking commentary more than backward-looking headlines.
risk
refined product demand
Both operating lines already fell 23.6% from last year. Any further softness in refinery activity or transport demand would pressure rates again.
metric
balance sheet versus the cycle
Long-term debt sits at $118M, or 17% of capital, with a B balance sheet grade. Fine in a good market. Less fine if rate strength rolls over.
Analyst rankings
earnings predictability
15 / 100
in human-speak, analysts do not trust smooth earnings here. They expect a business that moves with freight rates.
risk rank
4
Safer than 20% of stocks. That means 80% of the market screens as less risky.
source: institutional data
Institutional activity
institutional ownership data for ASC is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$13
current price
n/a
target midpoint · n/a from current
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