Ardmore Shipping Corporation (ASC) Stock Analysis & Winston Score

Ardmore Shipping Corporation is a company that owns and operates a fleet of tanker ships. These ships carry liquid cargo — mainly chemical products and refined oil products like gasoline and jet fuel — for industrial companies, oil refiners, and chemical manufacturers around the world. Ardmore is a mid-size player in the product and chemical tanker market, competing with larger fleets but focusing on a specific segment of medium-sized vessels.

Ardmore makes money by charging customers to rent its ships, either on short-term spot contracts or longer fixed-rate time charters. The company operates globally, with routes spanning Europe, Asia, and the Americas, and its fleet consists of roughly 25–30 vessels. Its competitive position depends heavily on shipping rates, which rise and fall with global demand for fuel and chemicals, making earnings unpredictable from year to year. The main risk the business faces is a downturn in tanker rates, which would directly compress revenue and margins.

Winston Score History

Score breakdown

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Quality

Gross Margin

36.4%

Modest — 36.4% gross margin

Operating Margin

29.1%

Excellent — 29.1% operating margin

ROCE

3.4%

Weak — 3.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-13.2%

Shrinking sales (-13.2% YoY)

EPS YoY

-41.9%

Earnings shrinking (-41.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

150%

Turns 150% of profit into real cash

FCF Margin

-11.4%

Burning cash (-11.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.16

Conservative — low debt load (0.16)

Interest Cover

10.34x

Comfortably covers interest (10.3x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

11.9x

no trend

Attractive valuation — P/E 11.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-3.2

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

3.81%

no trend

Moderate income — 3.81% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

-5.8%

no trend

Dividend cut (-5.8% YoY) — warning sign

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