Ardmore Shipping Corporation
ASC Industrials Marine Shipping
Ardmore Shipping Corporation’s revenue for fiscal 2025 (year ended December 2025) was $310.2 million, down 23.6% from fiscal 2024. In the quarter to June 2026, revenue grew 61.3%, EPS grew 572.7%, free cash flow grew 8,990.9% and total debt rose 33.5%, each against the same quarter a year earlier.
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Ardmore Shipping Corporation (ASC) Beneish M-score
Ardmore Shipping Corporation's Beneish M-score for fiscal 2025 is −3.08; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.08 | (0.47) |
| FY2024 | −2.61 | 0.17 |
| FY2023 | −2.78 | (2.23) |
| FY2022 | −0.56 | 1.34 |
| FY2021 | −1.90 | 1.20 |
| FY2020 | −3.10 | (0.31) |
| FY2019 | −2.79 | (0.39) |
| FY2018 | −2.40 | (0.66) |
| FY2017 | −1.74 | 0.98 |
| FY2016 | −2.73 | (2.07) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.02 | — | 0.94 | |
| Gross margin index | 1.30 | — | 0.69 | |
| Asset quality index | 1.06 | — | 0.43 | |
| Sales growth index | 0.76 | — | 0.68 | |
| Depreciation index | 1.01 | — | 0.12 | |
| SG&A index | 1.17 | — | −0.20 | |
| Total accruals to total assets | (0.05) | — | −0.24 | |
| Leverage index | 1.99 | — | −0.65 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.08 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| GNK Genco Shipping & Trading Limited compare | −3.2× |
| ASC Ardmore Shipping Corporation | −3.1× |
| HSHP Himalaya Shipping Ltd. compare | −2.9× |
| SB Safe Bulkers, Inc compare | −2.8× |
| PANL Pangaea Logistics Solutions Ltd. compare | −2.5× |
| CCEC Capital Clean Energy Carriers Corp. compare | −1.8× |
| ESEA Euroseas Ltd. compare | −1.7× |
| GSL Global Ship Lease, Inc. compare | 0.0× |
| CMDB Costamare Bulkers Holdings Limited compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI