Ardmore Shipping Corporation (ASC) vs Himalaya Shipping Ltd. (HSHP)

Ardmore Shipping Corporation and Himalaya Shipping Ltd. are both Marine Shipping companies. Himalaya Shipping Ltd. is the larger, with a market value of $844.4M against $728.4M — 1.2× the size. Ardmore Shipping Corporation trades at the lower P/E: 6.9× against 15.5×. Himalaya Shipping Ltd. grew revenue faster over the last twelve months: 38.6% against 13.6%. Himalaya Shipping Ltd. has the higher net margin (31.4% vs 28.7%) and the lower return on invested capital (7.91% vs 9.57%). Across the 19 metrics below, Ardmore Shipping Corporation leads on 12 and Himalaya Shipping Ltd. on 7.

Valuation

Metric ASC HSHP Marine Shipping median
P/E 6.89 15.52 6.89
P/S 1.98 4.93 1.92
P/B 1.04 5.05 0.90
Price to free cash flow 12.29 n/m 4.62
EV/EBITDA 4.79 10.96 6.57
EV/Sales 1.94 8.77 2.73
Earnings yield 14.51% 6.44% 9.59%
Free cash flow yield 8.14% (27.41%) 16.76%

Profitability

Metric ASC HSHP Marine Shipping median
Gross margin 47.15% 81.65% 60.61%
Operating margin 28.48% 60.97% 27.74%
Net margin 28.67% 31.44% 25.21%
Free cash flow margin 16.09% 52.06% 17.29%
Return on equity 16.02% 32.62% 8.62%
Return on assets 14.45% 6.10% 5.35%
Return on invested capital 9.57% 7.91% 5.32%

Growth

Metric ASC HSHP Marine Shipping median
Revenue growth (TTM) 13.60% 38.59% 13.26%
EPS growth (last fiscal year) (71.24%) (20.83%) —
Revenue growth, 5-year CAGR 7.11% — 11.77%
Net income growth, 5-year CAGR 0.00% — 0.00%

Health

Metric ASC HSHP Marine Shipping median
Debt to equity 0.05 4.15 0.52
Current ratio 5.45 1.19 1.63
Net debt to EBITDA 0.92 6.56 2.34

Dividend

Metric ASC HSHP Marine Shipping median
Dividend yield 6.26% — 5.54%
Payout ratio 0.18 — 0.13

Size

Metric ASC HSHP Marine Shipping median
Market cap 728.39m 844.35m 420.73m

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