Ardmore Shpng
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because the central operating question is open: how much profit is left when rates fall? Ardmore made money in every year from 2022 to 2025 but lost money in 2020 and 2021, and profit already dropped 69 percent in 2025. That lack of consistency rules out green; nothing rules in red: with $33.4 million of bank debt against $700.0 million of equity, the balance sheet is very strong, the breakeven low and all covenants met. More telling than today’s P/E is what Ardmore earns at an average rate: in 2025, at an MR rate of $23,874, it was $36.1 million. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Ardmore is a textbook case of the high-tide trap: the second quarter of 2026 was exceptionally strong, the balance sheet is almost debt-free and the dividend has multiplied. But profits hinge on a spot rate Ardmore does not set — and the company’s own third-quarter bookings were about 43 percent below the second quarter. The low P/E rests on four quarters of high rates; on 2025 earnings alone it would be above 20. Not investment advice.
Balance sheet & liquidity
Bank debt of $33.4M against $48.1M of cash, equity of $700.0M, available liquidity of $342.1M (06/30/2026); debt cut by $93.6M in H1 2026, covenants met.
Earning power in a good market
Net income of $84.1M and operating cash flow of $82.2M in H1 2026; cash breakeven of $11,700 per day in 2025, per Ardmore.
Spot-market exposure
21 of the then 26 vessels in the spot market (03/06/2026). MR rate Q2 2026: $51,870 per day, Q3 booking position: $29,600 (−43%). Losses in 2020 and 2021 (−$6.0M and −$36.8M).
Market & supply
Tailwind from conflicts (Strait of Hormuz, Ukraine, Red Sea) whose end could significantly lower rates, per the 6-K of 07/29/2026; orderbook at year-end 2025: 13.4% of the MR and 20.2% of the chemical tanker fleet.
Capital allocation
Payout ratio of two-thirds of adjusted earnings since 05/07/2026 (Q2 2026: $0.79 per share), preferred stock redeemed in 2025; at the same time about $165.2M in newbuild installments outstanding through 2029.
Worth Noting
Ardmore made our research list via our in-house Reddit hype scanner (5 mentions in 24 hours, rank 69, ApeWisdom, as of October 27, 2026).
Ardmore is a foreign private issuer: annual report on Form 20-F, quarterly results and interim financial statements on Form 6-K; there is no 10-K or 10-Q. Incorporated in the Marshall Islands, headquartered in Bermuda.
Market cap computed by us: 40,851,870 shares (earnings release of 07/29/2026) × closing price of $20.70 (10/26/2026). Cross-check against the sale prices in the May 2026 Form 4 filings ($18.93 to $19.38): deviation under one-fifth, explained by the share price rise since.
Booking positions for a running quarter are snapshots as of the earnings release date (here 07/29/2026, about 45% of MR days) and not a company forecast for the full quarter.
P/E range: $105.6M of earnings for common shareholders and $96.1M of adjusted earnings in the four quarters Q3 2025 to Q2 2026, each per the four earnings releases.
Stock Watch
This analysis is as of October 27, 2026. Stock Watch will tell you what's changed at ASC since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 10.50 $ to 21.30 $ · Last price: 19.60 $ (As of: November 2, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Marine Shipping
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Ardmore Shpng ASC | 0.8 | – | 5.5 | 45.3 | – | -23.6 | 68.9 |
| Kirby Corporation KEX | 7.5 | 21.1 | 10.5 | 33.2 | 13.3 | 3.0 | 35.9 |
| Matson Inc MATX | 6.7 | 16.2 | 8.7 | 23.0 | 7.8 | -2.3 | 121.0 |
| Hafnia Limited HAFN | 5.1 | 11.4 | 7.0 | 31.9 | 22.3 | -18.1 | 98.4 |
| Okeanis Eco Tankers Corp. ECO | 3.6 | 8.5 | 9.1 | 72.3 | 75.0 | -0.4 | 252.9 |
| ZIM Integrated Shipping Services Ltd ZIM | 3.4 | 35.5 | 3.7 | 31.0 | -1.0 | -18.1 | 93.5 |
| Star Bulk Carriers Corp SBLK | 3.0 | 10.6 | 7.9 | 47.3 | 39.7 | -17.6 | 62.9 |
| Danaos Corporation DAC | 3.0 | 5.2 | 3.8 | 70.8 | 48.4 | 2.8 | 85.6 |
| Navios Maritime Partners LP NMM | 2.5 | 7.4 | 4.2 | 90.3 | 34.3 | 0.8 | 89.2 |
| Median of companies shown | 3.4 | 11.0 | 7.0 | 45.3 | 28.3 | -2.3 | 89.2 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 164 | 24 | 4 | 0.12 | 43 | 404 | 884 |
| 2017 | 196 | 9 | -12 | -0.37 | 18 | 381 | 846 |
| 2018 | 210 | -10 | -43 | -1.31 | 9 | 347 | 845 |
| 2019 | 230 | 21 | -23 | -0.69 | 20 | 326 | 772 |
| 2020 | 220 | 19 | -6 | -0.18 | 46 | 320 | 752 |
| 2021 | 192 | -15 | -37 | -1.09 | -3 | 329 | 725 |
| 2022 | 446 | 164 | 138 | 3.61 | 124 | 506 | 724 |
| 2023 | 396 | 132 | 117 | 2.79 | 160 | 574 | 691 |
| 2024 | 406 | 128 | 133 | 3.16 | 160 | 635 | 705 |
| 2025 | 310 | 81 | 41 | 1.00 | 82 | 634 | 789 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.17 | -74.30 | 82 | -17.00 | 8.50 | 23 | 20 |
| 2025: Q1 | 0.15 | -83.60 | 74 | -30.40 | 8.50 | 26 | 24 |
| 2025: Q2 | 0.24 | -84.20 | 72 | -40.60 | 13.30 | 13 | 1 |
| 2025: Q3 | 0.31 | -44.90 | 81 | -15.50 | 15.70 | 19 | -90 |
| 2025: Q4 | 0.30 | 82.30 | 83 | 1.10 | 14.90 | 26 | 24 |
| 2026: Q1 | 0.58 | 275.00 | 88 | 18.80 | 26.80 | 29 | 28 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 17 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Aktien.Guide
Breakout & Setup
Dividends
Momentum & Trend
- 21-EMA Trend
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Power Trend
- Richard Moglen: Top Performers 3/6 Month
- Stan Weinstein: Stage 2
- Strength on Stress Days
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 3.74 | 3.27 – 4.20 | 315 | 293.2% | 2 |
| 12/31/2027 | 3.34 | 2.68 – 4.00 | 302 | -10.6% | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 22.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $13.4M |
|---|---|
| Market cap | $801.0M |
| Free cash flow in year ten | $103.4M |
| Terminal value as a share of market value | 68.0% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Ardmore Shipping verkauft keine KI-Produkte; das Geschäft ist der Seetransport von Ölprodukten und Chemikalien mit 25 Produkt- und Chemikalientankern (30.06.2026), Umsatz kommt aus Reisecharter am Spotmarkt und Zeitcharter. Im eigenen Betrieb nennt der Jahresbericht Form 20-F für 2025 eine KI-gestützte Reiseoptimierung als Teil der Effizienz-Nachrüstungen der Flotte und spricht von KI-Werkzeugen, die Ardmore von Dritten kauft oder nutzt. Eine Bedrohung des Geschäftsmodells durch KI beschreibt der Bericht nicht — KI erscheint dort sonst nur als Werkzeug von Cyberangreifern. Nach der Vorrangregel (verkauft > bedroht > nutzt > neutral) ergibt das „nutzt“; ein Umsatz- oder Kostenbeitrag der KI ist nicht beziffert. Die Quartalsberichte (6-K) für 2026 erwähnen KI nicht. Ardmore ist Foreign Private Issuer (Form 20-F/6-K).
View the full file — quotes, sources, reviewed filings
„We are building on this foundation with real-time engine diagnostics, operational performance monitoring, and a growing suite of technology-driven upgrades, including AI-supported voyage optimization, premium tank coatings, and a comprehensive hull-care programme supported by sensor-driven performance monitoring."
Darauf bauen wir auf – mit Motordiagnose in Echtzeit, Überwachung der Betriebsleistung und einer wachsenden Reihe technikgestützter Nachrüstungen, darunter KI-gestützte Reiseoptimierung, hochwertige Tankbeschichtungen und ein umfassendes Rumpfpflegeprogramm mit sensorgestützter Leistungsüberwachung.
20-F · 2026-03-06 · View SEC filing
„Any vulnerabilities attributable to third-party vendors, suppliers or counterparties relating to artificial intelligence tools or other products or services we may purchase or use might not be identified or discovered by them or by us, and such vulnerabilities could increase our exposure to security breaches and cyber-attacks."
Schwachstellen bei Drittanbietern, Lieferanten oder Vertragspartnern im Zusammenhang mit Werkzeugen der künstlichen Intelligenz oder anderen Produkten oder Dienstleistungen, die wir kaufen oder nutzen, werden womöglich weder von ihnen noch von uns erkannt, und solche Schwachstellen könnten unser Risiko von Sicherheitsverletzungen und Cyberangriffen erhöhen.
20-F · 2026-03-06 · View SEC filing
Filings Reviewed: 6-K 2026-07-29 · 6-K 2026-07-29 · 6-K 2026-05-07 · 6-K 2026-05-07 · 20-F 2026-03-06 · 20-F 2025-03-07
Rated on October 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years -11.4%
- More than 10% revenue growth is expected for the coming year -36.7%
- Share count grows by less than 3% a year 2.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -36.2%
- Gross margin at 40% or higher and without meaningful erosion 34.2%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 1.0 x EBITDA
- Operating cash flow covers the profits of the last three years 111 m
- Return on capital at 15% or higher, or up versus two years ago 10.6%
- Insiders hold at least 10% or are net buyers 14.4%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 7.3%
- Exp. sales growth 3Y > 5% -1.3%
- EBIT growth 10Y > 5% 14.5%
- Exp. EBIT growth 3Y > 5% 82.3%
- Net debt < 4x EBIT 1.0x
- EBIT positive, 10Y straight 8
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 6.5%
- ROCE > 15% 10.6%
- Expected return > 10% 73.4%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Jun 17, 2026 | Fok James Alistair | Director | Other | 8,474 | 0.00 | – |
| Jun 17, 2026 | Berglund Mats | Director | Other | 8,474 | 0.00 | – |
| Jun 15, 2026 | Fok James Alistair | Director | Other | 257 | 17.06 | 4,384 |
The company
About the Company
Ardmore Shipping Corporation beschäftigt sich weltweit mit dem Seetransport von Erdölprodukten und Chemikalien. Die Flotte des Unternehmens besteht aus 26 Schiffen, darunter 25 firmeneigene Schiffe mit Eco-Design und ein gechartertes Schiff.
- Employees
- 57
- Headquarters
- Hamilton, Bermuda
- Address
- Dorchester House, HM11 Hamilton, Bermuda
- Phone
- 441 292 9332
- Website
- ardmoreshipping.com
- IPO Date
- 08/01/2013
- ISIN
- MHY0207T1001
Management
| Name | Title | Birth Year |
|---|---|---|
| Gernot Ruppelt | CEO & Director | 1981 |
| Bart B. Kelleher | President, Secretary & Director | 1975 |
| John Russell | Chief Financial Officer | 1982 |
| Robert Gaina | Chief Operating Officer | 1980 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: November 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.