Ardmore Shipping Corporation — Earnings Quality Grade F
ASC · Industrials
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 56 days, change +1 days YoY
AR outpaced revenue for 2 consecutive years
Revenue -23.6%, CFFO -49.1%. Cash follows revenue
Expense Quality
Inventory -21.2% vs COGS -4.7%. Normal
CapEx growth 97.8% is >2x revenue growth -23.6%
SG&A/Gross Profit = 28.8%, excellent (<30%)
Gross margin swung -14.2pp (42.3% → 28.1%)
Cash Flow Quality
CFFO/NI = 1.99. Profits backed by cash
FCF is negative ($-0.0B)
Accruals ratio = -5.2%. Low accruals
Cash $0.0B covers only 36% of debt $0.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 1.6x. Healthy
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -2.80 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25