Latest Ratios: P/E Ratio 17.6x · EV/EBITDA 6.2x · ROE 6.5%. (2011–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $630M | $432M | $511M | $589M | $553M | $115M | $109M | $300M | $153M | $268M | $223M |
| Enterprise Value | $712M | $514M | $508M | $636M | $687M | $432M | $461M | $672M | $568M | $675M | $629M |
| P/E Ratio → | 17.56 | 12.03 | 3.97 | 5.20 | 4.09 | — | — | — | — | — | 61.67 |
| P/S Ratio | 2.03 | 1.39 | 1.26 | 1.49 | 1.24 | 0.59 | 0.50 | 1.30 | 0.73 | 1.37 | 1.36 |
| P/B Ratio | 0.99 | 0.68 | 0.80 | 1.03 | 1.09 | 0.35 | 0.34 | 0.92 | 0.44 | 0.70 | 0.55 |
| P/FCF | — | — | 5.14 | 4.39 | 4.59 | — | 4.34 | 16.76 | — | 16.32 | — |
| P/OCF | 7.72 | 5.29 | 3.18 | 3.69 | 4.45 | — | 2.37 | 14.63 | 16.27 | 14.53 | 5.23 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.66 | 1.25 | 1.61 | 1.54 | 2.24 | 2.09 | 2.92 | 2.70 | 3.44 | 3.83 |
| EV / EBITDA | 6.20 | 4.48 | 3.13 | 3.99 | 3.56 | 25.47 | 10.78 | 12.61 | 19.49 | 14.77 | 11.08 |
| EV / EBIT | 8.79 | 10.90 | 3.52 | 4.89 | 4.39 | — | 43.64 | 481.18 | — | 75.42 | 34.69 |
| EV / FCF | — | — | 5.11 | 4.74 | 5.70 | — | 18.29 | 37.62 | — | 41.17 | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 34.2% | 34.2% | 38.5% | 42.2% | 43.9% | 4.2% | 19.7% | 17.0% | 36.6% | 45.4% | 59.1% |
| Operating Margin | 26.1% | 26.1% | 31.6% | 33.3% | 36.7% | -7.7% | — | 9.1% | -4.6% | 4.3% | 14.6% |
| Net Profit Margin | 13.2% | 13.2% | 32.8% | 29.5% | 31.1% | -19.1% | -2.7% | -9.9% | -20.4% | -6.4% | 2.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.5% | 6.5% | 22.0% | 21.6% | 33.1% | -11.3% | -1.9% | -6.8% | -11.8% | -3.2% | 1.0% |
| ROA | 5.5% | 5.5% | 19.1% | 16.5% | 19.1% | -5.0% | -0.8% | -2.8% | -5.1% | -1.4% | 0.5% |
| ROIC | 9.0% | 9.0% | 15.3% | 15.6% | 19.1% | -1.7% | — | 2.2% | -0.9% | 0.8% | 2.3% |
| ROCE | 11.3% | 11.3% | 19.3% | 19.8% | 24.5% | -2.2% | — | 2.8% | -1.2% | 1.1% | 3.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.20 | 0.20 | 0.07 | 0.16 | 0.36 | 1.13 | 1.28 | 1.30 | 1.36 | 1.17 | 1.14 |
| Debt / EBITDA | 1.12 | 1.12 | 0.27 | 0.59 | 0.96 | 21.98 | 9.59 | 7.96 | 16.18 | 9.78 | 8.14 |
| Net Debt / Equity | — | 0.13 | -0.00 | 0.08 | 0.26 | 0.96 | 1.10 | 1.14 | 1.20 | 1.07 | 1.01 |
| Net Debt / EBITDA | 0.71 | 0.71 | -0.02 | 0.30 | 0.69 | 18.71 | 8.22 | 6.99 | 14.23 | 8.91 | 7.15 |
| Debt / FCF | — | — | -0.03 | 0.35 | 1.11 | — | 13.95 | 20.86 | — | 24.85 | — |
| Interest Coverage | 7.72 | 7.72 | 21.32 | 11.40 | 10.06 | -1.33 | 0.58 | 0.05 | -0.70 | 0.42 | 1.02 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.33 | 4.33 | 4.24 | 3.75 | 2.98 | 1.61 | 1.63 | 1.62 | 1.45 | 1.44 | 1.59 |
| Quick Ratio | 3.98 | 3.98 | 3.86 | 3.38 | 2.68 | 1.42 | 1.47 | 1.45 | 1.28 | 1.27 | 1.46 |
| Cash Ratio | 1.81 | 1.81 | 1.58 | 1.38 | 0.96 | 0.95 | 0.93 | 0.86 | 0.75 | 0.68 | 0.95 |
| Asset Turnover | — | 0.39 | 0.58 | 0.57 | 0.62 | 0.27 | 0.29 | 0.30 | 0.25 | 0.23 | 0.19 |
| Inventory Turnover | 22.90 | 22.90 | 22.06 | 18.23 | 15.92 | 16.62 | 17.19 | 18.79 | 10.40 | 11.11 | 9.16 |
| Days Sales Outstanding | — | 55.94 | 54.75 | 51.83 | 65.38 | 38.50 | 29.54 | 47.73 | 49.05 | 50.79 | 51.58 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.4% | 3.5% | 8.8% | 8.0% | 0.6% | 0.0% | 1.5% | — | — | — | 4.2% |
| Payout Ratio | 37.4% | 37.4% | 33.9% | 40.4% | — | — | — | — | — | — | 248.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.7% | 8.3% | 25.2% | 19.2% | 24.4% | — | — | — | — | — | 1.6% |
| FCF Yield | — | — | 19.5% | 22.8% | 21.8% | — | 23.0% | 6.0% | — | 6.1% | — |
| Buyback Yield | 0.0% | 0.0% | 3.5% | 0.0% | 0.0% | 33.2% | 0.3% | 0.0% | 0.0% | 4.2% | 1.3% |
| Total Shareholder Yield | 2.4% | 3.5% | 12.3% | 8.0% | 0.6% | 33.2% | 1.8% | 0.0% | 0.0% | 4.2% | 5.5% |
| Shares Outstanding | — | $41M | $42M | $42M | $38M | $34M | $33M | $33M | $33M | $33M | $30M |
Spot market rate volatility
According to current market data, ASC trades at a forward P/E of 5.05, which appears to discount the inherent volatility of its spot-exposed revenue model compared to the broader industrial sector's valuation multiples observed in recent trading sessions.
The discrepancy between the TTM P/E of 17.18 and the forward P/E suggests that the market anticipates a significant earnings recovery, likely driven by favorable ton-mile demand dynamics. Investors should monitor whether this valuation gap reflects a genuine growth opportunity or merely a cyclical peak in earnings expectations that may fail to materialize.
Based on reported financial figures, ASC's ROIC has fluctuated between 1.3% and 5.9% over the last ten quarters, indicating that the company's ability to compound returns is heavily tethered to the volatile spot rates characteristic of the MR tanker market.
The decline in ROIC from its 2024Q2 peak of 5.9% to 2.7% in 2026Q1 highlights the difficulty of maintaining high returns on invested capital in a capital-intensive industry. This trend suggests that while the eco-mod fleet strategy provides a technical edge, it does not insulate the company from the broader cyclical downturns that compress margins.
As reported in recent quarterly filings, ASC maintains a cash conversion cycle that has stabilized around 55 to 65 days, demonstrating consistent operational efficiency in managing receivables and payables despite the inherent unpredictability of global shipping logistics.
The DSO of 51 days in 2026Q1 suggests that the company is effectively managing its customer credit risk, which is critical given the transactional nature of spot market charters. This efficiency in working capital provides a necessary buffer, allowing the firm to maintain liquidity even when revenue streams face significant downward pressure.
According to recent balance sheet disclosures, ASC maintains an exceptionally low debt-to-equity ratio of 0.16%, positioning the company as a structural outlier compared to more leveraged peers like TORM plc, which carries a significantly higher debt burden.
This minimal leverage profile provides ASC with substantial financial flexibility, potentially allowing for opportunistic fleet expansion or share buybacks during industry troughs. Investors should interpret this conservative capital structure as a strategic hedge against the high interest coverage requirements that often plague more debt-laden shipping operators.
The P/E ratio is frequently misapplied to ASC, as it obscures the significant impact of non-cash depreciation charges and the lumpy nature of dry-docking expenditures that distort accounting earnings in this capital-intensive marine shipping business model.
Analysts should prioritize EV/EBITDA or Price-to-NAV metrics, as these better account for the company's asset-heavy structure and the underlying value of its 25-vessel fleet. Relying solely on P/E ratios may lead to an incomplete assessment of the company's true earning power and its ability to generate sustainable cash flows.
Includes 30+ ratios · 15 years · Updated daily
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying ASC stock.
Ardmore Shipping Corporation's current P/E ratio is 17.6x. The historical average is 38.3x. This places it at the 71th percentile of its historical range.
Ardmore Shipping Corporation's current EV/EBITDA is 6.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 13.4x.
Ardmore Shipping Corporation's return on equity (ROE) is 6.5%. The historical average is 3.1%.
Based on historical data, Ardmore Shipping Corporation is trading at a P/E of 17.6x. This is at the 71th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ardmore Shipping Corporation's current dividend yield is 2.43% with a payout ratio of 37.4%.
Ardmore Shipping Corporation has 34.2% gross margin and 26.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ardmore Shipping Corporation's Debt/EBITDA ratio is 1.1x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.