ASC Ardmore Shipping Corp

Overview and Growth

In fiscal 2025, Ardmore Shipping Corp recorded $310.20M of revenue, net income of $41.01M, and an operating cash inflow of $81.65M. The $310.20M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The top line contracted 23.6% from $405.78M in fiscal 2024; this top-line contraction left the company with a smaller revenue base. The company reported diluted EPS of $0.88, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 71.2% decrease from fiscal 2024 diluted EPS of $3.06. The diluted weighted-average share count was 40.81M, linking total earnings with the per-share result received by shareholders. The diluted share count was 2.9% lower than fiscal 2024, when diluted shares averaged 42.04M, adding context to the EPS comparison. Total assets stood at $788.72M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.39x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Net income came to $41.01M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 13.2%, meaning that this portion of revenue remained as net income after all recognized expenses. The reported income-tax provision was $241.00K, the amount recognized between pretax income and the final net-income result. Return on period-end equity was 6.5%, relating annual net income to the equity capital on the balance sheet. Return on period-end assets was 5.2%, connecting net income with the company’s total asset base. Current net income of $41.01M was below fiscal 2024 net income of $133.01M, showing the direction of the bottom-line change.

Liquidity and Capital Structure

At period end, the $788.72M asset base was financed through $154.39M of liabilities and $634.34M of equity. At period end, current assets of $111.85M compared with current liabilities of $25.85M, defining the company’s short-term resource position. The current ratio was 4.33x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $46.84M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 181.2%, excluding receivables and other current assets. The company carried $127.00M of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.2x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 16.1%, showing how much of the asset base was matched by borrowing. Book equity represented 80.4% of total assets, quantifying the balance-sheet share supported by shareholder capital. The liabilities-to-assets relationship was 19.6%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 5.9%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 11.9% higher than fiscal 2024 assets of $704.80M, measuring the company’s own balance-sheet change. Reported equity changed 4.4% from $607.64M in fiscal 2024, placing the current capital base higher year over year. Cash and equivalents were 0.3% lower than fiscal 2024 cash of $46.99M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

The company reported $81.65M of operating cash flow, a cash inflow that shows the cash generated by operations. The operating-cash-flow-to-net-income relationship was 1.99x, comparing cash generated by operations with the bottom-line earnings result. Compared with $160.44M in fiscal 2024, current operating cash flow of $81.65M was below the prior result.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.