Ardmore Shipping Corp financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Ardmore Shipping Corp files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	164	196	210	230	220	192	446	396	406	310
General and administrative	0	0
Operating expenses	140	187	220
Operating income	24	8.51	-9.62
Interest expense	17.8	21.4	27.4	26.8	18.2	16.2	15.5	11.4	6.78	6.11
Interest income	0.16	0.44	0.61	0.95	0.28	0.06	0.47	1.82	1.82	0.96
Pre-tax income	3.81	-12.4	-42.8	-22.8	-5.85	-36.4	139	118	138	41.6
Income tax	0.06	0.06	0.16	0.06	0.2	0.15	0.21	0.44	0.22	0.24
Net income	3.75	-12.5	-42.9	-22.9	-6.05	-36.8	138	117	133	41
EBITDA	54.1	42.8	25.5
EPS, basic	0.12	-0.37	-1.31	-0.69	-0.18	-1.12	3.63	2.76	3.09	0.89
EPS, diluted	0.12	-0.37	-1.31	-0.69	-0.18	-1.12	3.52	2.71	3.06	0.88
Shares, basic (weighted)	30.1	33.4	32.8	33.1	33.2	33.9	37.2	41.1	41.7	40.6
Shares, diluted (weighted)	30.1	33.4	32.8	33.1	33.2	33.9	38.4	41.8	42	40.8

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	56	39.5	56.9	51.7	58.4	55.4	50.6	46.8	47	46.8
Receivables	23.1	27.3	27.5	30.1	17.8	20.3	79.8	56.2	60.9	47.5
Inventory	7.34	9.63	12.8	10.2	10.3	11.1	15.7	12.6	11.3	8.91
Other current assets	0.8	1.41	1.29
Total current assets	93.8	83.9	109	98	103	94.2	158	127	127	112
Property, plant and equipment	785	752	721	661	631	603	531	524	546	638
Lease right-of-use assets		0	2.17	1.75	1.66	1.23	10.6	4.5	5.58	1.78
Other non-current assets	0.7	3.64	1.09	0.92	0.68
Total assets	884	846	845	772	752	725	724	691	705	789
Accounts payable	14.4	16.1	8.6	4.79	9.13	8.58	8.81	2.02	6.07	5.07
Accrued liabilities			16	16.3	11.2	10.7	20.9	18.3	18.3	18.6
Deferred revenue	0.51	0
Short-term debt	41.8	37.1	22.8	20.2	22.5	15.1	12.9	6.44
Total current liabilities	59	58.3	75.5	60.4	62.9	58.5	52.9	33.8	29.8	25.8
Long-term debt	411	367	206	187	188	130	116	39.6	38.8	127
Lease liabilities		0	1.49	1.18	1.03	0.72	3.97	0.51	0.48	1.27
Other non-current liabilities						0.94	1.01	0.95	0.27	0.27
Total liabilities	479	465	498	446	432	396	217	117	69.4	154
Total debt	453	404	228	207	211	145	129	46	38.8	127
Paid-in capital	405	406	415	417	418	426	468	471	476	479
Retained earnings	2.92	-9.57	-52.9	-75.8	-81.8	-120	15.1	81.4	165	189
Treasury stock	-4.27	-15.3	-15.3	-15.3	-15.6	-15.6	-15.6	-15.6	-33.5	-33.5
Other comprehensive income					-0.73	1.04	1.47
Shareholders' equity	404	381	347	326	320	292	469	537	608	634
Total equity	404	381	347	326	320	292	469	537	608	634
Total liabilities and equity	884	846	845	772	752	725	724	691	705	789
Shares outstanding	33.6	32.1	33.1	33.1	33.2	34.4	40.6	41.3	40.5	40.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3.75	-12.5	-42.9	-22.9	-6.05	-36.8	138	117	133	41
Depreciation and amortization	30.1	34.3	35.1	32.3	32.2	31.7	29.3	27.8	30.2	33.8
Stock-based compensation	1.3	0.46	1.64	2.33	3	2.61	3.06	3.22	4.65	2.81
Deferred income tax	0	0	0	0	0	0	0	0	0	0
Change in receivables	3.04	-4.12	-0.61	-2.62	12.3	-2.5	-59.6	23.6	-4.64	13.3
Change in inventory	-3.37	-2.29	-3.18	2.65	-0.12	-0.82	-4.62	3.16	1.25	2.4
Cash from operations	42.6	18.4	9.43	20.5	46.1	-2.89	124	160	160	81.6
Capital expenditures	-0.53	-0.01	-0.05
Cash from investing	-122	-2.28	-17.6	23.9	-21	1.63	35.4	-26.8	-33	-121
Debt issued	110	11.1	3.9	201	20.4		132		105	179
Debt repaid	-42.2	-62.7	-184	-222	-18	-66.9	-148	-84	-1.68
Stock issued							38.9
Share buybacks	-2.99	-11.3	0	0	-0.29				-17.9
Dividends paid	-9.33	0	0	0	-1.66			-47.2	-45.1	-12.2
Cash from financing	95.5	-32.6	25.6	-49.5	-18.5	-1.66	-164	-137	-127	39.2
Net change in cash	15.8	-16.5	17.4	-5.18	6.64	-2.92	-4.88	-3.76	0.18	-0.14
Free cash flow	42.1	18.4	9.37
Interest paid	13.9	18.8	22.6
Income taxes paid	0.12	0.06	0.14	0.05	0.14	0.2	0.05	0.54	0.11	0.39

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $17.85 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	13.4%	Pre-tax income / revenue.
Net margin	13.2%	Net income / revenue.
Operating cash flow margin	26.3%	Cash from operations / revenue.
Effective tax rate	0.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	5.5%	Net income / average total assets.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	10.9%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-23.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-11.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	7.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-69.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-33.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	-71.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-37.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-49.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-13.1%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	12.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	4.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	10.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	2.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	4.2%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.33x	Current assets / current liabilities.
Quick ratio	3.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.81x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.20x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	16.1%	Total debt / total assets.
Liabilities / assets	19.6%	Total liabilities / total assets.
Net debt	$80.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$86.0M	Current assets - current liabilities.
Tangible book value	$634.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.42x	Revenue / average total assets.
Fixed asset turnover	0.52x	Revenue / average property, plant and equipment.
Receivables turnover	5.72x	Revenue / average receivables.
Days sales outstanding	64 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.88	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.89	Net income per basic share, as reported (split-adjusted).
Revenue per share	$7.60	Revenue / diluted weighted shares.
Operating cash flow per share	$2.00	Cash from operations / diluted weighted shares.
Book value per share	$15.57	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.57	Tangible book value / shares outstanding.
Cash per share	$1.15	(Cash + short-term investments) / shares outstanding.
Payout ratio	29.7%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$728.3M	Share price x shares outstanding.
Enterprise value	$808.5M	Market cap + total debt - cash - short-term investments.
P/E	17.8x	Market cap / net income. Only when net income is positive.
P/S	2.35x	Market cap / revenue.
P/B	1.15x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.15x	Market cap / tangible book value, when positive.
P/OCF	8.92x	Market cap / cash from operations, when positive.
EV/Sales	2.61x	Enterprise value / revenue.
Earnings yield	5.6%	Net income / market cap (the inverse of P/E).
Dividend yield	1.7%	Dividends paid over the period / market cap.
Shareholder yield	1.7%	(Dividends paid + share buybacks) / market cap.

What was Ardmore Shipping Corp's revenue in fiscal 2025?

Ardmore Shipping Corp reported revenue of $310.2M for fiscal 2025, 23.6% lower than the year before.

Was Ardmore Shipping Corp profitable in fiscal 2025?

Yes. Net income was $41.0M, a net margin of 13.2%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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