IMPORTANT DISCLAIMER: Blank Capital Research ("BCR") is a technology platform, not a registered investment advisor or broker-dealer. The algorithmically generated signals, scores, and rankings provided on this site ("God Mode" Signals) are for informational and research purposes only and do not constitute financial advice, investment recommendations, or an offer to sell or solicit an offer to buy any securities.
HYPOTHETICAL PERFORMANCE RESULTS: The "timing scores" and "regime signals" displayed are based on quantitative models. Hypothetical or simulated performance results have certain inherent limitations. Unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not actually been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity.
RISK OF LOSS: Trading in financial markets involves a high degree of risk and may result in the loss of your entire investment. Data provided by third-party sources (Intrinio, Snowflake) is believed to be reliable but is not guaranteed for accuracy or completeness. Past performance is not indicative of future results.
Relative valuation derived from Industrials sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 31.4GRADE D
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
25.9%
Sector: 8.9%
Dividend Analysis audit
No Dividend
This company does not currently pay a dividend.
Analyst Projections
Analyst Consensus
Unlock Valuation Tools
Sign up for free access to institutional-quality research tools.
Based on our 6-factor quantitative model, Ardmore Shipping Corp (ASC) receives a "Hold" rating with a composite score of 48.9/100, ranked #1187 out of 4446 stocks. Key factor scores: Quality 31/100, Value 68/100, Momentum 66/100. This is quantitative analysis only — not investment advice.
Ardmore Shipping Corp (ASC) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does Ardmore Shipping Corp Do?
Ardmore Shipping Corporation engages in the seaborne transportation of petroleum products and chemicals worldwide. As of February 15, 2022, the company operated a fleet of 25 double-hulled product and chemical tankers. It serves oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers. The company was founded in 2010 and is based in Pembroke, Bermuda. Ardmore Shipping Corp (ASC) is classified as a small-cap stock in the Industrials sector, specifically within the Transportation industry. The company is led by CEO Anthony Gurnee and employs approximately 990 people. With a market capitalization of $621M, ASC is one of the notable companies in the Industrials sector.
Ardmore Shipping Corp (ASC) Stock Rating — Hold (April 2026)
As of April 2026, Ardmore Shipping Corp receives a Hold rating with a composite score of 48.9/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.ASC ranks #1,187 out of 4,446 stocks in our coverage universe. Within the Industrials sector, Ardmore Shipping Corp ranks #192 of 752 stocks, placing it in the upper half of its Industrials peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
ASC Stock Price and 52-Week Range
Ardmore Shipping Corp (ASC) currently trades at $15.48. The stock gained $0.04 (0.3%) in the most recent trading session. The 52-week high for ASC is $16.68, which means the stock is currently trading -7.2% from its annual peak. The 52-week low is $8.32, putting the stock 86.1% above its annual trough. Recent trading volume was 521K shares, suggesting relatively thin trading activity.
Is ASC Overvalued or Undervalued? — Valuation Analysis
Ardmore Shipping Corp (ASC) carries a value factor score of 68/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 5.37x, compared to the Industrials sector average of 28.33x — a discount of 81%. The price-to-book ratio stands at 0.98x, versus the sector average of 2.23x. The price-to-sales ratio is 0.50x, compared to 0.50x for the average Industrials stock. On an enterprise value basis, ASC trades at 0.64x EV/EBITDA, versus 5.70x for the sector.
Overall, ASC's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
Ardmore Shipping Corp Profitability — ROE, Margins, and Quality Score
Ardmore Shipping Corp (ASC) earns a quality factor score of 31/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is 25.9%, compared to the Industrials sector average of 8.9%, which demonstrates strong shareholder value creation. Return on assets (ROA) comes in at 20.8% versus the sector average of 3.3%.
On a margin basis, Ardmore Shipping Corp reports gross margins of 49.8%, compared to 35.8% for the sector. The operating margin is 35.7% (sector: 6.2%). Net profit margin stands at 32.8%, versus 3.9% for the average Industrials stock. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.
ASC Debt, Balance Sheet, and Financial Health
Ardmore Shipping Corp has a debt-to-equity ratio of 24.0%, compared to the Industrials sector average of 70.0%. The low leverage indicates a conservative balance sheet with significant financial flexibility. Total debt on the balance sheet is $39M. Cash and equivalents stand at $47M.
ASC has a beta of 0.55, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Ardmore Shipping Corp is 68/100, reflecting average volatility within the normal range for its sector.
Ardmore Shipping Corp Revenue and Earnings History — Quarterly Trend
In TTM 2026, Ardmore Shipping Corp reported revenue of $310M and earnings per share (EPS) of $0.88. Net income for the quarter was $41M. Gross margin was 49.8%. Operating income came in at $145M.
In FY 2025, Ardmore Shipping Corp reported revenue of $310M. Net income for the quarter was $41M. Revenue grew -23.6% year-over-year compared to FY 2024.
In FY 2024, Ardmore Shipping Corp reported revenue of $406M and earnings per share (EPS) of $3.09. Net income for the quarter was $133M. Gross margin was 49.8%. Revenue grew 2.5% year-over-year compared to FY 2023. Operating income came in at $145M.
In FY 2023, Ardmore Shipping Corp reported revenue of $396M and earnings per share (EPS) of $2.76. Net income for the quarter was $117M. Gross margin was 49.2%. Revenue grew -11.2% year-over-year compared to FY 2022. Operating income came in at $143M.
Over the past 8 quarters, Ardmore Shipping Corp has demonstrated a growth trajectory, with revenue expanding from $230M to $310M. Investors analyzing ASC stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
ASC Dividend Yield and Income Analysis
Ardmore Shipping Corp (ASC) does not currently pay a dividend. This is common among smaller companies in the Transportation industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Industrials dividend stocks may want to explore other Industrials stocks or use the stock screener to filter by dividend yield.
ASC Momentum and Technical Analysis Profile
Ardmore Shipping Corp (ASC) has a momentum factor score of 66/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 32/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 29/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
ASC vs Competitors — Industrials Sector Ranking and Peer Comparison
Comparing ASC against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full ASC vs S&P 500 (SPY) comparison to assess how Ardmore Shipping Corp stacks up against the broader market across all factor dimensions.
ASC Next Earnings Date
No upcoming earnings date has been announced for Ardmore Shipping Corp (ASC) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy ASC? — Investment Thesis Summary
Ardmore Shipping Corp presents a balanced picture with arguments on both sides. The quality score of 31/100 flags below-average profitability. The value score of 68/100 suggests attractive pricing relative to fundamentals. Price momentum is positive at 66/100, suggesting the trend favors buyers. Low volatility (stability score 68/100) reduces downside risk.
In summary, Ardmore Shipping Corp (ASC) earns a Hold rating with a composite score of 48.9/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on ASC stock.
We'll email you when stocks you follow change their composite rating.
Institutional Research Dossier
Ardmore Shipping Corp (ASC) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
Ardmore Shipping Corp (ASC) is a leading provider of seaborne transportation of petroleum products and chemicals worldwide. While the BCR Proprietary Quant Model rates ASC as a Hold with a composite score of 47.4/100, the company's strong financials, efficient operations, and attractive valuation present a compelling investment opportunity. The key takeaway is that ASC's resilient business model and industry tailwinds position it for continued success despite the Hold rating.
Business Strategy & Overview
Ardmore Shipping Corporation operates a fleet of 25 double-hulled product and chemical tankers, serving oil majors, oil companies, oil and chemical traders, chemical companies, and pooling service providers. The company's core strategy is to provide safe, efficient, and reliable transportation services to its diversified customer base. By maintaining a modern, fuel-efficient fleet and leveraging its operational expertise, Ardmore is able to capture market share and generate strong profitability in the highly competitive tanker shipping industry.
The company's product and chemical tankers are primarily employed on spot and time charter contracts, providing flexibility to capitalize on favorable market conditions. Ardmore's geographic diversification, with operations spanning North America, Europe, and Asia, further strengthens its market position and mitigates regional risks.
Ardmore's industry is shaped by several key trends, including the global shift towards cleaner energy sources, the increasing demand for petrochemicals, and the ongoing consolidation within the tanker shipping sector. The company is well-positioned to navigate these dynamics and continue its growth trajectory by expanding its fleet, optimizing its operations, and forging strategic partnerships.
Execution Benchmarks audit
Gross Margin
Core pricing power
49.8%
Sector: 35.8%
+39% VS SCTR
Economic Moat Analysis
Ardmore Shipping benefits from a narrow economic moat, stemming from its operational efficiency, fleet management expertise, and customer relationships. The company's focus on maintaining a modern, fuel-efficient fleet allows it to outperform its peers in terms of cost structure and environmental compliance, which is becoming increasingly important in the industry.
Ardmore's strong relationships with major oil companies, chemical traders, and pooling service providers create a stable customer base and generate recurring revenue. The high switching costs associated with changing shipping providers further reinforce the company's competitive position. Additionally, Ardmore's extensive industry experience and specialized knowledge of navigating regulatory requirements and market dynamics represent valuable intangible assets that are difficult for competitors to replicate.
However, the tanker shipping industry remains highly fragmented and competitive, with limited barriers to entry for new players. Ardmore's ability to maintain its operational edge and capitalize on industry trends will be crucial in widening its economic moat and sustaining its market leadership.
Financial Health & Profitability
Ardmore Shipping has demonstrated a strong financial performance relative to its industry peers. The company's revenue growth has been volatile, with a 5-year CAGR of 14.2%, compared to the sector average of 6.6%. This volatility is a function of the cyclical nature of the tanker shipping industry, which is heavily influenced by global energy demand and supply dynamics.
Ardmore's profitability metrics are particularly impressive, with a TTM gross margin of 49.8% and an operating margin of 35.7%, significantly outpacing the industry averages of 35.8% and 6.2%, respectively. This operational efficiency is a key competitive advantage and has translated into a robust return on equity (ROE) of 25.9%, well above the sector's 9.2%.
The company's balance sheet is also in a strong position, with a low debt-to-equity ratio of 24.0% compared to the industry's 70.0%. Ardmore's ample free cash flow generation, which reached $98.7 million in the most recent fiscal year, provides the flexibility to pursue strategic initiatives, such as fleet expansion and capital returns to shareholders.
Valuation Assessment
Ardmore Shipping's valuation appears highly attractive relative to its financial performance and industry peers. The company's TTM P/E ratio of 5.4x is significantly lower than the sector average of 27.7x, indicating that the stock is trading at a substantial discount. Similarly, Ardmore's EV/EBITDA ratio of 0.6x is much lower than the industry's 5.7x, further underscoring the stock's value proposition.
The company's free cash flow yield of 16.5% is also exceptionally high, suggesting that the market is not fully pricing in Ardmore's robust cash flow generation capabilities. This creates a compelling opportunity for investors seeking an undervalued stock with strong fundamentals.
While the BCR Proprietary Quant Model rates Ardmore as a Hold, the company's combination of solid financials, industry-leading profitability, and attractive valuation metrics suggest that the market may be underappreciating the stock's intrinsic value. A closer examination of Ardmore's business model and competitive positioning reinforces the case for a more favorable investment rating.
Risk & Uncertainty
Ardmore Shipping faces several key risks that could impact its long-term performance. The tanker shipping industry is highly cyclical and sensitive to changes in global energy demand, trade patterns, and geopolitical events. Fluctuations in oil prices and freight rates can significantly affect the company's revenue and profitability.
Additionally, the industry is subject to stringent environmental regulations, particularly related to emissions and ballast water management. Failure to comply with these regulations could result in fines, operational disruptions, and reputational damage for Ardmore.
The company also faces competitive pressures from larger, well-capitalized players in the tanker shipping market. Ardmore's ability to maintain its operational edge, fleet optimization, and customer relationships will be crucial in defending its market share and profitability.
Bulls Say / Bears Say
The Bull Case
BULL VIEWArdmore Shipping's focus on operational efficiency, fleet optimization, and strong customer relationships provide a sustainable competitive advantage in the tanker shipping industry.
BULL VIEWThe company's robust free cash flow generation and attractive valuation metrics present a compelling opportunity for investors to capitalize on an underpriced stock with significant upside potential.
BULL VIEWArdmore's exposure to the growing demand for petrochemicals and the global shift towards cleaner energy sources positions the company for long-term growth.
The Bear Case
BEAR VIEWThe cyclical nature of the tanker shipping industry and its sensitivity to macroeconomic conditions pose significant risks to Ardmore's financial performance and stock price stability.
BEAR VIEWArdmore's relatively small fleet size and limited geographic diversification make it more vulnerable to industry disruptions and competitive threats compared to larger, more diversified players.
BEAR VIEWThe company's reliance on spot and time charter contracts creates revenue volatility, which could make it challenging to maintain consistent financial results and shareholder returns.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score ASC and 4,400+ other equities.
Ardmore Shipping Corp exhibits a 56% valuation discount relative to institutional benchmarks. This represents a constructive entry window based on current multiples.
Return on Assets
Efficiency of asset utilization
20.8%
Sector: 3.3%
Gross Margin
Pricing power and cost efficiency
49.8%
Sector: 35.8%
Operating Margin
Core business profitability
35.7%
Sector: 6.2%
Net Margin
Bottom-line profitability
32.8%
Sector: 3.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
