NYSE : ASH
Ashland Inc. — Financial statements
Materials · Specialty Chemicals · United States
Last price 74.38 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 3.41B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Ashland Inc. (ASH) reported revenue of 1.84B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 1.84B | 1.82B | 2.11B | 2.19B | 2.39B | 2.11B |
| Cost of Revenue | 1.23B | 1.21B | 1.43B | 1.52B | 1.56B | 1.44B |
| Gross Profit | 615.00M | 612.00M | 685.00M | 668.00M | 830.00M | 673.00M |
| Selling, General & Admin | 320.00M | 327.00M | 383.00M | 358.00M | 371.00M | 343.00M |
| Research & Development | 54.00M | 54.00M | 55.00M | 51.00M | 55.00M | 50.00M |
| Amortization of Goodwill & Intangibles | 62.00M | 63.00M | 76.00M | 93.00M | 94.00M | 90.00M |
| Other Operating Expenses | -5.00M | |||||
| Operating Expenses | 436.00M | 444.00M | 514.00M | 502.00M | 520.00M | 478.00M |
| Operating Income | 179.00M | 168.00M | 171.00M | 166.00M | 310.00M | 195.00M |
| Interest Expense | -62.00M | -61.00M | -53.00M | -54.00M | -62.00M | -69.00M |
| Interest & Investment Income | 38.00M | 38.00M | 85.00M | 54.00M | 4.00M | 1.00M |
| Earnings From Equity Investments | 5.00M | 4.00M | 6.00M | 7.00M | 3.00M | |
| Other Non Operating Income (Expenses) | -7.00M | -10.00M | -8.00M | -6.00M | -5.00M | -5.00M |
| EBT Excluding Unusual Items | 153.00M | 139.00M | 201.00M | 167.00M | 250.00M | 122.00M |
| Merger & Restructuring Charges | -52.00M | -85.00M | -97.00M | -10.00M | -5.00M | -13.00M |
| Impairment of Goodwill | -706.00M | |||||
| Gain (Loss) on Sale of Investments | 13.00M | -86.00M | 33.00M | |||
| Gain (Loss) on Sale of Assets | 7.00M | -161.00M | -115.00M | 6.00M | 42.00M | 15.00M |
| Asset Writedown | -11.00M | -4.00M | -10.00M | |||
| Legal Settlements | -4.00M | |||||
| Other Unusual Items | -16.00M | |||||
| Pretax Income | 125.00M | -809.00M | -24.00M | 160.00M | 206.00M | 135.00M |
| Income Tax Expense | 50.00M | 13.00M | -223.00M | -8.00M | 25.00M | -38.00M |
| Earnings From Continuing Operations | 75.00M | -822.00M | 199.00M | 168.00M | 181.00M | 173.00M |
| Earnings From Discontinued Operations | -23.00M | -23.00M | -30.00M | 10.00M | 746.00M | 47.00M |
| Net Income to Company | 52.00M | -845.00M | 169.00M | 178.00M | 927.00M | 220.00M |
| Net Income | 52.00M | -845.00M | 169.00M | 178.00M | 927.00M | 220.00M |
| Net Income to Common | 52.00M | -845.00M | 169.00M | 178.00M | 927.00M | 220.00M |
| Shares Outstanding (Basic) | 45.25M | 46.00M | 49.00M | 53.00M | 55.00M | 60.00M |
| Shares Outstanding (Diluted) | 45.25M | 46.00M | 50.00M | 54.00M | 56.00M | 61.00M |
| EPS (Basic) | 1.15 | -18.37 | 3.45 | 3.36 | 16.85 | 3.67 |
| EPS (Diluted) | 1.15 | -18.37 | 3.35 | 3.32 | 16.52 | 3.59 |
| Free Cash Flow | 206.00M | -4.00M | 274.00M | 73.00M | -326.00M | 455.00M |
| Free Cash Flow Per Share | 4.55 | -0.09 | 5.48 | 1.35 | -5.82 | 7.46 |
| Dividend Per Share | 1.67 | 1.64 | 1.58 | 1.44 | 1.27 | 1.15 |
| Gross Margin | 33.39% | 33.55% | 32.42% | 30.49% | 34.71% | 31.88% |
| Operating Margin | 9.72% | 9.21% | 8.09% | 7.58% | 12.96% | 9.24% |
| Profit Margin | 2.82% | -46.33% | 8.00% | 8.12% | 38.77% | 10.42% |
| Free Cash Flow Margin | 11.18% | -0.22% | 12.97% | 3.33% | -13.63% | 21.55% |
| EBITDA | 364.00M | 364.00M | 388.00M | 409.00M | 551.00M | 439.00M |
| EBITDA Margin | 19.76% | 19.96% | 18.36% | 18.67% | 23.04% | 20.80% |
| D&A For EBITDA | 185.00M | 196.00M | 217.00M | 243.00M | 241.00M | 244.00M |
| EBIT | 179.00M | 168.00M | 171.00M | 166.00M | 310.00M | 195.00M |
| EBIT Margin | 9.72% | 9.21% | 8.09% | 7.58% | 12.96% | 9.24% |
| Effective Tax Rate | 40.00% | 12.14% | ||||
| Advertising Expenses | 1.00M | 1.00M | 2.00M | 2.00M | 1.00M |
Balance sheet
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 440.00M | 215.00M | 300.00M | 417.00M | 646.00M | 210.00M |
| Cash & Short-Term Investments | 440.00M | 215.00M | 300.00M | 417.00M | 646.00M | 210.00M |
| Accounts Receivable | 239.00M | 228.00M | 231.00M | 322.00M | 382.00M | 350.00M |
| Receivables | 239.00M | 228.00M | 231.00M | 322.00M | 382.00M | 350.00M |
| Inventory | 490.00M | 568.00M | 545.00M | 626.00M | 629.00M | 473.00M |
| Other Current Assets | 123.00M | 194.00M | 119.00M | 141.00M | 111.00M | 684.00M |
| Total Current Assets | 1.29B | 1.21B | 1.20B | 1.51B | 1.77B | 1.72B |
| Property, Plant & Equipment | 1.25B | 1.30B | 1.42B | 1.50B | 1.45B | 1.55B |
| Long-Term Investments | 7.00M | 3.00M | 3.00M | 3.00M | 3.00M | 4.00M |
| Goodwill | 700.00M | 705.00M | 1.38B | 1.36B | 1.31B | 1.43B |
| Other Intangible Assets | 513.00M | 568.00M | 757.00M | 892.00M | 969.00M | 1.11B |
| Long-Term Deferred Tax Assets | 157.00M | 157.00M | 210.00M | 22.00M | 20.00M | 30.00M |
| Long-Term Deferred Charges | 1.00M | 2.00M | 2.00M | 2.00M | 3.00M | |
| Other Long-Term Assets | 660.00M | 668.00M | 680.00M | 657.00M | 694.00M | 771.00M |
| Total Assets | 4.58B | 4.61B | 5.64B | 5.94B | 6.21B | 6.61B |
| Accounts Payable | 198.00M | 189.00M | 214.00M | 210.00M | 265.00M | 236.00M |
| Accrued Expenses | 155.00M | 188.00M | 218.00M | 126.00M | 158.00M | 147.00M |
| Short-Term Debt | 16.00M | 365.00M | ||||
| Current Portion of Long-Term Debt | 9.00M | |||||
| Current Portion of Leases | 18.00M | 21.00M | 20.00M | 22.00M | 19.00M | 23.00M |
| Other Current Liabilities | 53.00M | 25.00M | 38.00M | 82.00M | 111.00M | 154.00M |
| Total Current Liabilities | 424.00M | 423.00M | 490.00M | 456.00M | 553.00M | 934.00M |
| Long-Term Debt | 1.37B | 1.38B | 1.35B | 1.31B | 1.27B | 1.60B |
| Long-Term Leases | 84.00M | 85.00M | 99.00M | 106.00M | 94.00M | 110.00M |
| Pension & Post-Retirement Benefits | 88.00M | 96.00M | 110.00M | 100.00M | 103.00M | 144.00M |
| Long-Term Deferred Tax Liabilities | 31.00M | 31.00M | 29.00M | 148.00M | 176.00M | 237.00M |
| Other Long-Term Liabilities | 707.00M | 688.00M | 700.00M | 718.00M | 797.00M | 839.00M |
| Total Liabilities | 2.71B | 2.71B | 2.78B | 2.84B | 2.99B | 3.86B |
| Common Stock | 18.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Additional Paid-In Capital | 6.00M | 4.00M | 135.00M | 327.00M | ||
| Retained Earnings | 2.26B | 2.30B | 3.31B | 3.60B | 3.65B | 2.80B |
| Comprehensive Income & Other | -409.00M | -401.00M | -448.00M | -503.00M | -569.00M | -372.00M |
| Total Common Equity | 1.87B | 1.90B | 2.87B | 3.10B | 3.22B | 2.75B |
| Shareholders' Equity | 1.87B | 1.90B | 2.87B | 3.10B | 3.22B | 2.75B |
| Total Liabilities & Equity | 4.58B | 4.61B | 5.64B | 5.94B | 6.21B | 6.61B |
| Total Debt | 1.48B | 1.49B | 1.47B | 1.46B | 1.38B | 2.10B |
| Net Cash (Debt) | -1.04B | -1.27B | -1.17B | -1.04B | -737.00M | -1.89B |
| Net Cash Per Share | -22.90 | -27.72 | -23.36 | -19.28 | -13.16 | -31.03 |
| Filing Date Shares Outstanding | 45.79M | 45.72M | 47.11M | 51.26M | 54.15M | 56.84M |
| Total Common Shares Outstanding | 45.79M | 46.00M | 47.00M | 51.00M | 57.00M | 57.00M |
| Working Capital | 868.00M | 782.00M | 705.00M | 1.05B | 1.22B | 783.00M |
| Book Value Per Share | 40.84 | 41.39 | 61.02 | 60.73 | 56.49 | 48.28 |
| Tangible Book Value | 657.00M | 631.00M | 730.00M | 843.00M | 939.00M | 216.00M |
| Tangible Book Value Per Share | 14.35 | 13.72 | 15.53 | 16.53 | 16.47 | 3.79 |
| Land | 154.00M | 149.00M | 146.00M | 138.00M | 142.00M | |
| Buildings | 503.00M | 473.00M | 467.00M | 458.00M | 452.00M | |
| Machinery | 2.56B | 2.51B | 2.37B | 2.32B | 2.28B | |
| Construction In Progress | 133.00M | 181.00M | 227.00M | 130.00M | 194.00M |
Cash flow statement
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 52.00M | -845.00M | 169.00M | 178.00M | 927.00M | 220.00M |
| Depreciation & Amortization | 185.00M | 196.00M | 217.00M | 243.00M | 241.00M | 244.00M |
| Other Amortization | 8.00M | 7.00M | 6.00M | 6.00M | 7.00M | 7.00M |
| Loss (Gain) From Sale of Assets | -6.00M | 161.00M | 107.00M | -8.00M | -42.00M | -18.00M |
| Asset Writedown & Restructuring Costs | 6.00M | 747.00M | 68.00M | 4.00M | 13.00M | |
| Loss (Gain) From Sale of Investments | 86.00M | -33.00M | ||||
| Loss (Gain) on Equity Investments | 1.00M | |||||
| Stock-Based Compensation | 16.00M | 14.00M | 15.00M | 22.00M | 18.00M | 15.00M |
| Other Operating Activities | 24.00M | 45.00M | -347.00M | -93.00M | -808.00M | -65.00M |
| Change in Accounts Receivable | -3.00M | -3.00M | 96.00M | 58.00M | -23.00M | 72.00M |
| Change in Inventory | -28.00M | -28.00M | 79.00M | -7.00M | -141.00M | 41.00M |
| Change in Accounts Payable | -63.00M | -63.00M | 56.00M | -112.00M | 34.00M | 3.00M |
| Change in Other Net Operating Assets | 145.00M | -97.00M | -4.00M | 3.00M | -107.00M | -36.00M |
| Operating Cash Flow | 291.00M | 94.00M | 411.00M | 243.00M | -213.00M | 560.00M |
| Capital Expenditures | -85.00M | -98.00M | -137.00M | -170.00M | -113.00M | -105.00M |
| Sale of Property, Plant & Equipment | 9.00M | 16.00M | 11.00M | 51.00M | 5.00M | |
| Cash Acquisitions | -309.00M | |||||
| Divestitures | 2.00M | 16.00M | 26.00M | 14.00M | ||
| Investment in Securities | 2.00M | 2.00M | ||||
| Other Investing Activities | 91.00M | 61.00M | 60.00M | 50.00M | 1.62B | 14.00M |
| Investing Cash Flow | 19.00M | -3.00M | -51.00M | -109.00M | 1.56B | -381.00M |
| Short-Term Debt Issued | 16.00M | 84.00M | ||||
| Long-Term Debt Issued | 450.00M | |||||
| Total Debt Issued | 16.00M | 534.00M | ||||
| Short-Term Debt Repaid | -16.00M | -365.00M | ||||
| Long-Term Debt Repaid | -250.00M | -411.00M | ||||
| Total Debt Repaid | -16.00M | -615.00M | -411.00M | |||
| Net Debt Issued (Repaid) | -16.00M | 16.00M | -615.00M | 123.00M | ||
| Repurchase of Common Stock | -103.00M | -385.00M | -311.00M | -209.00M | -457.00M | |
| Common Dividends Paid | -76.00M | -76.00M | -78.00M | -76.00M | -70.00M | -70.00M |
| Other Financing Activities | -2.00M | -2.00M | -22.00M | |||
| Financing Cash Flow | -78.00M | -179.00M | -479.00M | -371.00M | -896.00M | -426.00M |
| Foreign Exchange Rate Adjustments | 1.00M | 3.00M | 2.00M | 8.00M | -11.00M | 3.00M |
| Net Cash Flow | 233.00M | -85.00M | -117.00M | -229.00M | 436.00M | -244.00M |
| Free Cash Flow | 206.00M | -4.00M | 274.00M | 73.00M | -326.00M | 455.00M |
| Free Cash Flow Margin | 11.18% | -0.22% | 12.97% | 3.33% | -13.63% | 21.55% |
| Free Cash Flow Per Share | 4.55 | -0.09 | 5.48 | 1.35 | -5.82 | 7.46 |
| Levered Free Cash Flow | 269.12M | 22.88M | 420.75M | 88.00M | 690.00M | -145.25M |
| Unlevered Free Cash Flow | 299.88M | 54.00M | 447.88M | 115.75M | 721.75M | -109.12M |
| Cash Interest Paid | 54.00M | 54.00M | 52.00M | 53.00M | 56.00M | 62.00M |
| Cash Income Tax Paid | 33.00M | 33.00M | 53.00M | 47.00M | 67.00M | 1.00M |
| Change in Working Capital | 51.00M | -191.00M | 227.00M | -58.00M | -237.00M | 80.00M |
Ratios
Fiscal year October - September; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 3.42B | 2.19B | 4.25B | 4.19B | 5.14B | 5.41B |
| Enterprise Value | 4.46B | 3.47B | 5.29B | 5.29B | 5.93B | 6.97B |
| Last Close Price | 74.68 | 46.61 | 82.32 | 75.96 | 86.99 | 80.62 |
| PE Ratio | 64.99 | 25.13 | 23.51 | 5.55 | 24.60 | |
| Forward PE | 18.05 | 11.06 | 16.40 | 16.03 | 16.41 | 17.18 |
| PS Ratio | 1.86 | 1.20 | 2.01 | 1.91 | 2.15 | 2.56 |
| PB Ratio | 1.83 | 1.15 | 1.48 | 1.35 | 1.60 | 1.97 |
| P/TBV Ratio | 5.21 | 3.47 | 5.82 | 4.96 | 5.48 | 25.06 |
| P/FCF Ratio | 16.60 | 15.50 | 57.33 | 11.90 | ||
| P/OCF Ratio | 11.75 | 23.30 | 10.33 | 17.22 | 9.66 | |
| PEG Ratio | 1.55 | 10.41 | 1.29 | 2.23 | 1.14 | 1.40 |
| EV/Sales Ratio | 2.42 | 1.90 | 2.50 | 2.42 | 2.48 | 3.30 |
| EV/EBITDA Ratio | 12.24 | 9.53 | 13.64 | 12.95 | 10.77 | 15.88 |
| EV/EBIT Ratio | 24.89 | 20.64 | 30.96 | 31.89 | 19.14 | 35.75 |
| EV/FCF Ratio | 21.63 | 19.32 | 72.53 | 15.32 | ||
| Debt / Equity Ratio | 0.79 | 0.78 | 0.51 | 0.47 | 0.43 | 0.76 |
| Debt / EBITDA Ratio | 3.69 | 3.68 | 3.42 | 3.25 | 2.34 | 4.42 |
| Debt / FCF Ratio | 7.17 | 5.36 | 19.97 | 4.62 | ||
| Net Debt / Equity Ratio | 0.55 | 0.67 | 0.41 | 0.34 | 0.23 | 0.69 |
| Net Debt / EBITDA Ratio | 2.85 | 3.50 | 3.01 | 2.54 | 1.34 | 4.31 |
| Net Debt / FCF Ratio | 5.03 | -318.75 | 4.26 | 14.26 | -2.26 | 4.16 |
| Asset Turnover | 0.40 | 0.36 | 0.36 | 0.36 | 0.37 | 0.31 |
| Inventory Turnover | 2.32 | 2.18 | 2.44 | 2.43 | 2.83 | 2.94 |
| Quick Ratio | 1.60 | 1.05 | 1.08 | 1.62 | 1.86 | 0.60 |
| Current Ratio | 3.05 | 2.85 | 2.44 | 3.30 | 3.20 | 1.84 |
| Return on Equity (ROE) | 3.99% | -34.45% | 6.67% | 5.32% | 6.06% | 5.98% |
| Return on Assets (ROA) | 2.43% | 2.05% | 1.85% | 1.71% | 3.02% | 1.81% |
| Return on Invested Capital (ROIC) | 3.64% | 4.66% | 4.18% | 4.10% | 6.33% | 4.23% |
| Return on Capital Employed (ROCE) | 4.30% | 4.00% | 3.30% | 3.00% | 5.50% | 3.40% |
| Earnings Yield | 1.54% | -38.59% | 3.98% | 4.25% | 18.03% | 4.06% |
| FCF Yield | 6.02% | -0.18% | 6.45% | 1.74% | -6.34% | 8.41% |
| Dividend Yield | 2.25% | 3.45% | 1.75% | 1.75% | 1.41% | 1.21% |
| Payout Ratio | 146.19% | 46.15% | 42.70% | 7.55% | 31.82% | |
| Buyback Yield / Dilution | 3.21% | 8.00% | 7.41% | 3.57% | 8.20% | 1.64% |
| Total Shareholder Return | 5.46% | 11.45% | 9.16% | 5.33% | 9.61% | 2.85% |