Ardmore Shipping Corp (ASC) intrinsic value & 10-year financials
Ardmore Shipping Corp (ASC) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue grew 7.3% a year to $310.2M, with an average return on invested capital of 6.5%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- $310.2M
- Revenue growth (10-yr CAGR)
- 7.3%
- ROIC (10-yr avg)
- 6.5%
- Free cash flow (FY2025)
- $81.4M
ASC 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $310.2M | $41.0M | $0.88 | $81.4M | — | 6.2% |
| FY2024 | $405.8M | $133.0M | $3.06 | $160.0M | — | 22.6% |
| FY2023 | $396.0M | $116.8M | $2.71 | $159.4M | — | 19.9% |
| FY2022 | $445.7M | $138.5M | $3.52 | $124.1M | — | 23.4% |
| FY2021 | $192.5M | -$36.8M | -$1.12 | -$3.0M | — | -5.9% |
| FY2020 | $220.1M | -$6.0M | -$0.18 | $46.0M | — | -0.9% |
| FY2019 | $230.0M | -$22.9M | -$0.69 | $20.3M | — | -3.2% |
| FY2018 | $210.2M | -$42.9M | — | $9.3M | -4.6% | -1.3% |
| FY2017 | $195.9M | -$12.5M | — | $18.2M | 4.3% | 1.1% |
| FY2016 | $164.4M | $3.7M | — | $42.2M | 14.6% | 2.9% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Ardmore Shipping Corp has demonstrated mature, steady growth, with revenue compounding at 7.3% annually over the past decade.
Ardmore Shipping Corp has historically struggled to out-earn its cost of capital, averaging just 6.5% ROIC.
Ardmore Shipping Corp has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Ardmore Shipping Corp is modeled at -37.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-49.73 per share.