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Ardmore Shipping

ASC on NYSE. Deep sea foreign transportation of freight. Market value $787m.

Watch this stockFree. We tell you when something changes.

This company reports once a year (it is based outside the US), so every figure comes from its annual report for the year to December 2025.

Capital spending looks too small to be complete, so we leave free cash flow out.

The company doesn't report operating profit, so we work it out from pre-tax profit and interest.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing stood out in the numbers we check.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
annual report to December 2025
n/a

We could not compute this from the filings.

Price to profit
annual report to December 2025
17.8×full

You pay 17.8 years of operating profit for the business. The average large US company costs around 18.

Return on capital
five annual reports to December 2025
17.7%five-year median

Each dollar kept in the business earns 18 cents a year. Above 10 is good.

Quality score: 90 of 100. Price score: 69 of 100. Our list needs 70 on quality and 60 on price.

$18.82 a share, 83% above its 1-year low

Over the past year the price has ranged from $10.31 to $20.03.

Dividend: 1.6% a year

Paid every year for 3 years

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

n/a
n/a
n/a
n/a
n/a
20212022202320242025
Revenue
$192m$446m$396m$406m$310m
Operating margin
-10.5%34.6%32.8%35.6%15.4%
Debt to equity
1.270.370.170.060.20
Shares outstanding
0.03bn0.04bn0.04bn0.04bn0.04bn

Health checks

  • Free cash flow positiveNot enough data
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)5 of 8 checks we could run
  • Profit backed by cash (accruals)Yes
  • Debt0.20× equity
  • Revenue growth, five yearsSlow, 7.1% a year
  • Buying back its own sharesNo, 19% more shares since 2021

Dates

Next results (estimated)
n/a
Last annual report (10-K)
6 March 2026
Next quarterly (estimated, 10-Q)
n/a

Who owns it

4 long-term investors we follow own it, unchanged from 4 last quarter. 192 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

2 investors own more than 5%.

  • BlackRock, Inc.
    Passive investor
    5.4%+0.4 pts
    Since 30 June 2026
  • Scorpio Holdings Limited
    Passive investor
    at least 3.7%
    (filed with 1 related holder)
    Since 20 December 2023
  • Teekay Tankers Ltd.
    Passive investor
    Sold down below 5%
    Since 23 September 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 5 sold $1m, $152,560 of it under preset trading plans.

  • McWilliams Curtis B
    Director
    Sold
    Date
    18 May 2026
    Shares
    16,277
    Price
    $19.38
    Value
    $315,448
  • de Jong Helen Johanna
    Director
    Sold
    Date
    15 May 2026
    Shares
    1,534
    Price
    $18.93
    Value
    $29,039
  • McWilliams Curtis B
    Director
    Sold
    Date
    15 May 2026
    Shares
    848
    Price
    $19.01
    Value
    $16,120
  • McWilliams Curtis B
    Director
    Sold
    Date
    13 May 2026
    Shares
    303
    Price
    $19.02
    Value
    $5,763
  • de Jong Helen Johanna
    Director
    Sold
    Date
    12 May 2026
    Shares
    1,966
    Price
    $19.02
    Value
    $37,393
  • McWilliams Curtis B
    Director
    Sold
    Date
    12 May 2026
    Shares
    2,572
    Price
    $19.05
    Value
    $48,997
  • Tikka Kirsi
    Director
    Sold
    Date
    12 May 2026
    Shares
    12,000
    Price
    $18.93
    Value
    $227,160
  • O'Driscoll Aideen Siobhan
    SVP & Sr. Dir. of Corp. Svcs
    Sold
    Date
    12 May 2026
    Shares
    15,848
    Price
    $18.96
    Value
    $300,478
  • Kelleher Bart B
    President
    Sold
    under a preset trading plan
    Date
    5 May 2026
    Shares
    8,000
    Price
    $19.07
    Value
    $152,560

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

Ardmore Shipping doesn’t file a US annual report (10-K), so we haven’t checked it.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.