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ASC

Ardmore Shipping Corporation Common Stock (ASC) fair value

Industrials · Marine Shipping · NYSE · United States
$20.03+3.57%
Market cap $817MNext earnings 2026-11-04Updated Oct 18, 2026
Add earnings to calendarGoogle
Our verdict
Trades 8% above our fair value
Price
$20.03
Model fair valueConfidence: good
$18.56
Model range
$18.38 to $18.74
Fair value $18.56
Price $20.03
2 models fit Ardmore Shipping Corporation Common Stock and they agree: 2 of 2 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Near fair value(i)Silver65
Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionArdmore Shipping Corporation Common Stock (ASC)
Fair value (2 models)
$18.56
ACCE price target
$22.60
Rating
Fairly valued
Horizon
12 months
Fair value published on 18 Oct 2026, 15:05 CEST; previously $19.79 since 14 Oct 2026, 00:00 CEST.
ACCE price target published on 13 Oct 2026, 00:00 CEST.
Rating published on 18 Oct 2026, 15:05 CEST.
Price used: $20.03 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow and Graham number.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Full methodology
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
7.9% above
-7.3% to fair value
ACCE score
89
out of 100
Analysts
100% buy
2 covering
P/E
7.8x
forward 7.1x
1-year return
+59.5%
Dividend yield
7.08%

Ardmore Shipping Corporation Common Stock in four questions

Plain answers, details below
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OverviewAsk ACCEValuationQualityAnalystsSmart MoneyCompareNews and Record

Overview

ACCE thesis

Ardmore Shipping operates a fleet of product and chemical tankers, the mid-sized vessels that move refined fuels such as gasoline, diesel and jet fuel, plus clean petroleum products, between refineries and import terminals. The fleet is its moat in a narrow sense: a 45% gross margin and 43% operating margin are unusually high for a shipper, and the company has been running at those levels because tanker rates stayed elevated after the refinery and trade-route disruptions of recent years. Revenue growth of 61% and a 16% ROE mean the earnings base has moved sharply higher, and the market is pricing that as if it will not last, with the stock trading at 7.4 times trailing earnings and 3.4 times forward. That gap between the cash the business is printing and the multiple investors are willing to pay is the core question for a deeper look: whether the forward estimates reflect a cyclical peak or a durable step up in charter rates. Index exclusion at this size may keep the name under-owned, which is worth checking against float and liquidity before any position discussion.

AI-assisted·How I use AIWritten Oct 18, 2026
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
  • moderate
    Free cash flow negative
    Free cash flow is $-39.1M despite 29.7% net margin and 61.3% revenue growth, so reported earnings are not converting to cash. Worth checking where the cash went before sizing a position.
  • moderate
    Earnings growth flattered by base
    Earnings grew 572.7% year over year against a 7.1% five-year revenue CAGR, so the spike likely reflects a weak prior-year base rather than a sustained trend.

AI research notes

AI-assisted·How I use AIWritten Oct 18, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
  • Revenue grew 61.3% year over year, and net margin reached 29.7% in the latest 10-Q.
  • The stock trades at 3.4x forward earnings against a sector median of 23.6x, and the dividend yields 7.2%.
Why it could disappoint
  • Free cash flow over the last 12 months was -$39M, and the free cash flow yield is -5.1%, so the business is consuming cash.
  • Return on invested capital is only 4.4%, well short of the 11.4% return on equity, which suggests returns depend heavily on debt and cyclical earnings.
  • The stock trades 7.9% above the model fair value of $18.56, and 11.4% below the ACCE price target of $22.60, so the upside case depends on an unproven rate outlook.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.

Next results

Nov 4, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle

Walk me through this stock

Plain-English pros, cons, and what to watch. Pro feature.

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Valuation

INVESTOR
Where ASC's valuation models land
Price
$20.03
Model fair value
$18.56
Model range
$18.38 to $18.74
Fair value $18.56
Price $20.03
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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Quality

INVESTOR
Quality and conviction INVESTOR FEATURE

The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.

  • +A plain reason under every score
  • +Conviction breakdown and growth / value / quality / momentum scores
  • +Score history: how each score moved over time

Analysts

Wall Street consensus

Bullish100% buy · 2 covering analysts
● Strong buy 2● Buy 0● Hold 0● Sell 0● Strong sell 0
Analyst intelligence INVESTOR FEATURE

The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.

  • +Price-target low / average / high vs the current price, with implied upside
  • +Forward revenue and EPS consensus by fiscal year
  • +ACCE fair-value models lined up against the Street

Smart Money

PRO

In one line

Trades are only made public after a delay. We show the delay so you know how old the news is.

Company insiders
No trades filed
Last 90 days
Congress
No trades filed
Last 180 days
Average delay
No trades filed
From trade to public filing
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Smart money tracking PRO FEATURE

Follow the informed money: 13F position changes, insider and Congress trades, and 13D activist filings.

  • +Quarter-over-quarter institutional position changes
  • +Every insider and Congress trade, with how late it was disclosed
  • +Active 13D activist filings and top holders

Compare

Where it sits vs peers

News and Record

Press releases mentioning this company

Recent performance

1 week
+5.8%
1 month
+13.7%
3 months
+20.6%
6 months
+19.5%
YTD
+89.1%
1 year
+59.5%

SEC filings

Recommendation history, last 12 months

DateTypeNewPreviousPrice
18 Oct 2026, 15:05 CESTFair value$18.56$19.79$18.93
18 Oct 2026, 15:05 CESTRatingFairly valuedfirst publication$18.93
14 Oct 2026, 00:00 CESTFair value$19.79$22.09$19.82
13 Oct 2026, 00:00 CESTACCE price target$22.60first publication$19.82
29 Sept 2026, 00:00 CESTFair value$22.09$22.52$17.85
26 Sept 2026, 00:00 CESTFair value$22.52$22.13$17.83
23 Sept 2026, 00:00 CESTFair value$22.13$22.60$18.60
21 Sept 2026, 00:00 CESTFair value$22.60$22.83$19.05
18 Sept 2026, 00:00 CESTFair value$22.83$22.53$19.06
15 Sept 2026, 00:00 CESTFair value$22.53$23.09$18.67

This analysis is not personalised investment advice and does not take your situation, objectives or risk tolerance into account. ACCE Investments is not an authorised investment firm.

Investing in shares carries a risk of losing capital. The value of an investment can go down as well as up.

Valuation horizon: 12 months from the publication date.

Conflicts of interest. ACCE Investments is operated by Adrien Chantreuil, who may hold personal positions in the securities analysed. Positions are declared on each security. ACCE receives no payment from the companies analysed or from any intermediary for this analysis.

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Snapshot

Growth100Value79Quality86Momentum90Total89
Valuation
Trailing P/E
7.8x
Forward P/E
7.1x
PEG
0.01
P/B
1.03x
EV / Revenue
1.9x
Book value/sh
$17.14
Enterprise value
$706M
Profitability
ROE
16.2%
FCF yield
-4.78%
ROIC
4.4%
Health and risk
Debt / equity
0.20
Dividend yield
7.08%
Beta
0.09

Price

+64.0% · 1Y

Ask anything about ASC

Answered from Ardmore Shipping Corporation Common Stock fundamentals + recent valuations. Every number shows its source and date.

This stock Peer Peer median weaker → stronger
P/Ebetter than 100% of peers
low 7.8x7.8xhigh 28.5x
ROEbetter than 83% of peers
low 1%16%high 33%
Div yieldbetter than 83% of peers
low 0.0%7.1%high 7.2%

Peers

Prices Oct 23, 2026
CompanyPriceFair valuevs fair valueP/EROEQualityScore
ASC Ardmore Shipping Corporation Common Stock$20.03$198% above7.8x16.2%8689
HSHP Himalaya Shipping Ltd. Common Shares$16.89$2327% below14.9x32.6%8289
SB Safe Bulkers Inc Common Stock ($0.001 par value)$8.09$1124% below10.5x10.3%8193
GNK Genco Shipping & Trading Limited Ordinary Shares New (Marshall Islands)$25.63$4340% below28.5x4.5%6675
GOTL-A.ST Rederiaktiebolaget Gotland (publ)kr 234.00---1.4%2235
CCEC Capital Clean Energy Carriers Corp. Common Share$20.27$2414% below12.2x6.6%7155
SMSAAM.SN Sociedad Matriz SAAM SACLP 126.37--17.1x7.3%5947

Sector report card

Where ASC ranks against its sector peers on each metric.

Computing percentiles…
  • GlobeNewswire•Sep 14, 2026
    Dry Bulk, Gas, & Tanker Shipping Industry Leaders Presenting at Capital Link’s 18th Annual New York Maritime Forum - Wednesday, September 30, 2026, New York City
  • GlobeNewswire•Sep 8, 2026
    Industry & Government Leaders Presenting at Capital Link’s 18th Annual New York Maritime Forum - September 30, 2026, in New York City
  • PR Newswire•Aug 27, 2026
    Ardmore Shipping Exercises Newbuilding Options
11 more press releases · full archive on Investor+.INVESTOR
22 filings of 38
July 2026
Jul 29
6-KForeign current reportPeriod 2026-07-29
View on SEC →
Jul 29
6-KForeign current reportPeriod 2026-06-30
View on SEC →
Jul 14
Form 4Insider transactionPeriod 2026-06-15
View on SEC →
19 more filings + AI summaries on Investor+.INVESTOR