Ashland Inc. (ASH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.98	$1.02	+4.1%	—	—	—
Q4 26	$0.24	$0.34	+41.7%	—	—	—
Q3 26	$0.25	$0.26	+4.0%	—	—	—
Q2 26	$1.26	$1.08	-14.3%	—	—	—
Q1 26	$1.21	$1.04	-14.0%	—	—	—
Q4 25	$1.1	$0.99	-10.0%	—	—	—
Q3 25	$0.18	$0.28	+55.6%	—	—	—
Q2 25	$1.28	$1.26	-1.6%	—	—	—
Q1 25	$1.45	$1.49	+2.8%	—	—	—
Q4 24	$1.13	$1.27	+12.4%	—	—	—
Q3 24	$0.13	$0.45	+246.2%	—	—	—
Q2 24	$0.63	$0.41	-34.9%	—	—	—
Q1 24	$1.27	$1.23	-3.1%	—	—	—
Q4 23	$1.5	$1.43	-4.7%	—	—	—
Q3 23	$0.99	$0.97	-2.0%	—	—	—
Q2 23	$1.41	$1.46	+3.5%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$18.2	—	—	$1.8B	—
FY24	—	$3.6	—	—	$2.1B	—
FY23	—	$3.36	—	—	$2.2B	—
FY22	—	$17.2	—	—	$2.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3B	$2.3B	$2.6B	$2.1B	$2B	$2.1B	$2.4B	$2.2B	$2.1B	$1.8B
YoY change	-11.7%	-23.5%	+12.1%	-17%	-6.15%	+4.71%	+13.3%	-8.36%	-3.56%	-13.7%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3B	2.3B	2.6B	2.1B	2B	2.1B	2.4B	2.2B	2.1B	1.8B
Cost of revenue	2.1B	1.6B	1.7B	1.5B	1.4B	1.4B	1.6B	1.5B	1.5B	1.3B
Gross profit	887M	729M	863M	651M	599M	670M	830M	668M	618M	549M
Gross margin	29.4%	31.6%	33.3%	30.3%	29.7%	31.7%	34.7%	30.5%	29.2%	30.1%
Research & development	87M	73M	73M	58M	56M	50M	55M	51M	55M	54M
Selling, general & administrative	858M	610M	599M	426M	400M	358M	393M	365M	404M	344M
Operating expenses	945M	680M	668M	480M	448M	408M	448M	416M	459M	398M
Operating income	-58M	49M	102M	82M	59M	172M	288M	159M	83M	88M
Operating margin	-1.92%	2.12%	3.94%	3.82%	2.93%	8.15%	12%	7.26%	3.93%	4.82%
Non-operating income, net	-69M	-5M	25M	25M	-487M	51M	-20M	46M	-62M	-839M
Pretax income	-308M	-196M	11M	-9M	-577M	135M	206M	160M	-24M	-809M
Income tax	-25M	-16M	-8M	30M	-22M	-38M	25M	-8M	-223M	13M
Net income	-28M	28M	114M	505M	-508M	220M	927M	178M	169M	-845M
Net margin	-0.93%	1.21%	4.4%	23.5%	-25.2%	10.4%	38.8%	8.12%	8%	-46.3%
EBITDA	174M	295M	394M	367M	244M	404M	553M	409M	343M	323M
EPS	-0.47	0.02	1.84	8.42	-8.33	3.86	17.2	3.36	3.6	-18.2
Diluted EPS	-0.47	0.01	1.79	8.03	-8.39	3.59	16.4	3.31	3.36	-18.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	517M	473M	575M	544M	522M	405M	479M	463M	477M	386M	482M	497M
Cost of revenue	389M	375M	414M	358M	348M	294M	332M	331M	318M	281M	335M	327M
Gross profit	128M	98M	161M	186M	174M	111M	147M	132M	159M	105M	147M	170M
Gross margin	24.8%	20.7%	28%	34.2%	33.3%	27.4%	30.7%	28.5%	33.3%	27.2%	30.5%	34.2%
Research & development	14M	12M	14M	15M	13M	13M	14M	13M	13M	13M	14M	15M
Selling, general & administrative	109M	83M	106M	114M	101M	78M	85M	106M	76M	86M	79M	99M
Operating expenses	123M	95M	120M	129M	114M	91M	99M	119M	89M	99M	93M	114M
Operating income	-23M	-18M	21M	38M	43M	3M	33M	-2M	54M	-9M	39M	41M
Operating margin	-4.45%	-3.81%	3.65%	6.99%	8.24%	0.74%	6.89%	-0.43%	11.3%	-2.33%	8.09%	8.25%
Non-operating income, net	-5M	34M	10M	-95M	-10M	-196M	23M	-685M	20M	9M	-3M	30M
Pretax income	-37M	4M	17M	-70M	25M	-209M	39M	-704M	65M	-15M	20M	56M
Income tax	-29M	-24M	-104M	-101M	6M	-43M	9M	15M	32M	-1M	5M	15M
Net income	-4M	26M	120M	6M	16M	-165M	31M	-742M	32M	-12M	16M	16M
Net margin	-0.77%	5.5%	20.9%	1.1%	3.07%	-40.7%	6.47%	-160.3%	6.71%	-3.11%	3.32%	3.22%
EBITDA	47M	60M	101M	100M	84M	52M	90M	71M	109M	39M	82M	96M
EPS	-0.08	0.51	2.39	0.12	0.34	-3.5	0.68	-16.2	0.7	-0.26	0.35	0.35
Diluted EPS	-0.08	0.51	2.39	0.12	0.33	-3.5	0.65	-16.2	0.7	-0.26	0.34	0.35

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.5B	4.1B	5.2B	4.6B	4.3B	5.1B	5.1B	4.3B	—	2.2B	3.1B
Enterprise value	5B	6.3B	7.4B	6.1B	5.9B	7B	5.9B	5.4B	—	3.5B	4.2B
Shares outstanding	62M	62M	62M	60M	61M	57M	54M	53M	47M	46M	46M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	144.8	45.6	9.15	—	23.1	5.53	24.3	—	—	44.3
P/S	1.16	1.76	2.01	2.15	2.15	2.41	2.14	1.98	—	1.21	1.72
P/B	1.11	1.19	1.53	1.29	1.42	1.85	1.59	1.4	—	1.16	1.69
EV/EBITDA	28.7	21.4	18.9	16.5	24	17.3	10.6	13.1	—	10.8	11.5
EV/Sales	1.65	2.73	2.87	2.82	2.91	3.3	2.45	2.45	—	1.91	2.28
Earnings yield	—	0.69%	2.19%	10.9%	—	4.33%	18.1%	4.11%	—	—	2.26%
FCF yield	12.7%	5.3%	2.69%	2.03%	1.62%	8.96%	-6.36%	1.69%	—	-0.18%	8.63%
PEG	—	—	—	—	—	—	—	—	—	—	-0.43

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	29.4%	31.6%	33.3%	30.3%	29.7%	31.7%	34.7%	30.5%	29.2%	30.1%	34.2%
Operating margin	-1.92%	2.12%	3.94%	3.82%	2.93%	8.15%	12%	7.26%	3.93%	4.82%	11.5%
Net margin	-0.93%	1.21%	4.4%	23.5%	-25.2%	10.4%	38.8%	8.12%	8%	-46.3%	2.82%
ROE	-0.88%	0.82%	3.35%	14.1%	-16.7%	7.99%	28.8%	5.75%	5.89%	-44.4%	3.99%
ROA	-0.28%	0.32%	1.38%	6.96%	-7.39%	3.33%	14.9%	3%	2.99%	-18.3%	2.43%
ROIC	-1.25%	0.87%	1.81%	1.64%	1.29%	3.7%	6.39%	3.84%	2.06%	2.77%	2.56%
Return on tangible assets	-0.79%	2.75%	9.05%	90.7%	-22.7%	14.3%	56.1%	12.4%	12.3%	-40.9%	2.42%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.33	1.97	1.59	1.89	1.9	1.84	3.2	3.3	2.44	2.85	3.05
Quick ratio	1.9	1.31	1.04	1.1	1.28	1.33	2.06	1.93	1.33	1.51	1.89
Debt / equity	0.79	0.83	0.74	0.47	0.66	0.76	0.43	0.47	0.51	0.78	0.79
Debt / assets	0.25	0.33	0.31	0.23	0.29	0.32	0.22	0.25	0.26	0.32	0.32
Net debt / EBITDA	8.49	7.64	5.67	3.91	6.29	4.69	1.33	2.55	3.41	3.95	3.18
Interest coverage	-0.71	0.14	1.09	0.92	-5.56	2.96	4.32	3.96	0.55	-12.3	3.03
Effective tax rate	0%	0%	0%	0%	0%	0%	12.1%	0%	0%	0%	40.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	48.7	37.2	41.8	35.8	33	37	44.3	41.3	45	39.7	40.7
EPS (basic)	-0.47	0.02	1.84	8.42	-8.33	3.86	17.2	3.36	3.6	-18.2	-18.2
EPS (diluted)	-0.47	0.01	1.79	8.03	-8.39	3.59	16.4	3.31	3.36	-18.2	1.56
Book value per share	51	54.9	54.9	59.5	49.8	48.3	59.6	58.4	61	41.4	40.8
FCF per share	7.21	3.47	2.26	1.57	1.15	7.98	-6.04	1.38	5.83	-0.09	4.48
Cash per share	16.4	9.13	4.74	3.87	7.44	3.68	12	7.87	6.38	4.67	9.61
Capex per share	3.69	2.63	2.47	2.3	2.1	1.75	1.15	3	2.91	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	7.59%	7.06%	5.91%	6.42%	6.35%	4.74%	2.59%	7.26%	6.48%	—	—
Capex / operating cash flow	138.8%	123.5%	76.5%	63.9%	-44.6%	20.7%	45.6%	35.1%	39.4%	—	—
Payout ratio	-346.4%	275%	52.6%	12.7%	-13%	31.8%	7.55%	42.7%	46.2%	-8.99%	106.7%
Dividend yield	2.76%	1.9%	1.15%	1.38%	1.53%	1.38%	1.36%	1.76%	—	3.45%	2.47%

Yield

2.47%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.42

ex-dividend Sep 1, 2026

Payout ratio

107%

of earnings

Dividend growth

7 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$0.42
Jun 1, 2026	$0.42
Feb 27, 2026	$0.415

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$517M	$473M	$575M	$544M	$522M	$405M	$479M	$463M	$477M	$386M	$482M	$497M
YoY change	-18.2%	-9.9%	-4.64%	-0.37%	+0.97%	-14.4%	-16.7%	-14.9%	-8.62%	-4.69%	+0.63%	+7.34%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	1B	566M	294M	232M	454M	210M	646M	417M	300M	215M
Receivables	529M	612M	522M	481M	437M	369M	402M	338M	243M	242M
Inventory	539M	634M	596M	597M	506M	473M	629M	626M	545M	568M
Total current assets	2.9B	1.9B	1.7B	1.4B	1.5B	1.7B	1.8B	1.5B	1.2B	1.2B
Property, plant & equipment	1.4B	1.4B	1.1B	1.1B	1.2B	1.1B	987M	1B	944M	801M
Goodwill & intangibles	6.4B	7.6B	7B	6.7B	4.6B	5.1B	4.6B	4.5B	4.3B	2.5B
Total assets	10B	8.6B	8.3B	7.3B	6.9B	6.6B	6.2B	5.9B	5.6B	4.6B
Accounts payable	376M	409M	331M	313M	211M	236M	265M	210M	214M	189M
Short-term debt	170M	235M	254M	166M	302M	397M	19M	38M	20M	21M
Total current liabilities	1.2B	968M	1.1B	757M	813M	934M	553M	456M	490M	423M
Long-term debt	2.3B	2.6B	2.3B	1.5B	1.7B	1.7B	1.4B	1.4B	1.4B	1.5B
Total liabilities	6.8B	5.2B	4.9B	3.7B	3.8B	3.9B	3B	2.8B	2.8B	2.7B
Shareholders' equity	3.2B	3.4B	3.4B	3.6B	3B	2.8B	3.2B	3.1B	2.9B	1.9B
Total debt	2.5B	2.8B	2.5B	1.7B	2B	2.1B	1.4B	1.5B	1.5B	1.5B
Net debt	1.5B	2.3B	2.2B	1.4B	1.5B	1.9B	737M	1B	1.2B	1.3B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	417M	440M	439M	399M	300M	219M	168M	207M	215M	304M	343M	440M
Receivables	338M	194M	260M	224M	243M	163M	226M	201M	242M	190M	244M	256M
Inventory	626M	588M	550M	532M	545M	528M	542M	567M	568M	565M	506M	490M
Total current assets	1.5B	1.4B	1.4B	1.4B	1.2B	1.1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.3B
Property, plant & equipment	1B	1.5B	1.5B	1.4B	944M	1.3B	1.3B	1.3B	801M	1.3B	1.3B	1.2B
Goodwill & intangibles	4.5B	4.5B	4.5B	4.2B	4.3B	3.8B	3.9B	2.6B	2.5B	2.5B	2.5B	2.4B
Total assets	5.9B	5.9B	5.9B	5.7B	5.6B	5.2B	5.2B	4.6B	4.6B	4.5B	4.5B	4.6B
Accounts payable	210M	202M	207M	198M	214M	184M	185M	185M	189M	167M	181M	198M
Short-term debt	38M	22M	21M	21M	20M	20M	69M	19M	21M	19M	19M	18M
Total current liabilities	456M	414M	453M	464M	490M	425M	463M	420M	423M	366M	395M	424M
Long-term debt	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.4B	1.5B	1.5B	1.5B	1.5B	1.5B
Total liabilities	2.8B	2.8B	2.8B	2.8B	2.8B	2.6B	2.7B	2.7B	2.7B	2.6B	2.6B	2.7B
Shareholders' equity	3.1B	3.1B	3.1B	3B	2.9B	2.6B	2.6B	1.9B	1.9B	1.9B	1.9B	1.9B
Total debt	1.5B	1.5B	1.4B	1.4B	1.5B	1.4B	1.5B	1.5B	1.5B	1.5B	1.5B	1.5B
Net debt	1B	1B	1B	1B	1.2B	1.2B	1.3B	1.3B	1.3B	1.2B	1.1B	1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-28M	28M	114M	505M	-508M	173M	181M	168M	199M	-822M
Depreciation & amortization	302M	265M	277M	277M	235M	244M	241M	243M	274M	237M
Stock-based compensation	30M	20M	27M	21M	14M	15M	18M	22M	15M	14M
Change in working capital	152M	-53M	-23M	-69M	55M	77M	-271M	54M	171M	-128M
Operating cash flow	165M	132M	200M	216M	-287M	482M	136M	453M	348M	94M
Capital expenditure	-229M	-163M	-153M	-138M	-128M	-100M	-62M	-159M	-137M	—
Investing cash flow	-177M	-798M	-174M	-111M	-85M	-367M	-102M	-109M	-51M	79M
Dividends paid	-97M	-77M	-60M	-64M	-66M	-70M	-70M	-76M	-78M	-76M
Share repurchases	-500M	0	0	-200M	0	-450M	-200M	-300M	-380M	-100M
Financing cash flow	-1.3B	136M	-368M	-1.1B	9M	-426M	-896M	-371M	-479M	-179M
Net change in cash	-1.3B	-530M	-342M	-1B	-363M	-311M	-862M	-27M	-182M	-6M
Free cash flow	447M	215M	140M	94M	70M	455M	-326M	73M	274M	-4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	-14M	26M	123M	4M	46M	-165M	30M	-741M	55M	-14M	15M	19M
Depreciation & amortization	62M	77M	83M	61M	53M	51M	60M	76M	50M	48M	45M	48M
Stock-based compensation	5M	1M	6M	3M	5M	4M	5M	2M	3M	4M	5M	4M
Change in working capital	—	—	—	—	—	—	—	—	—	—	—	—
Operating cash flow	17M	77M	95M	191M	-186M	-112M	93M	-460M	27M	109M	41M	114M
Capital expenditure	-61M	-36M	-34M	-29M	-38M	-23M	-10M	-20M	—	—	—	—
Investing cash flow	-52M	-26M	-23M	-5M	-23M	-18M	1M	1M	26M	12M	33M	24M
Dividends paid	-20M	-20M	-19M	-20M	-19M	-19M	-19M	-19M	-19M	-19M	-19M	-19M
Share repurchases	0	-100M	0	-130M	-150M	0	-100M	0	0	—	—	0
Financing cash flow	-21M	-155M	-20M	-151M	-153M	-22M	-69M	-70M	-18M	-21M	-19M	-20M
Net change in cash	-56M	-104M	52M	35M	-362M	-152M	25M	-529M	35M	100M	55M	118M
Free cash flow	54M	151M	7M	87M	29M	-63M	-20M	86M	-7M	95M	24M	94M

Date	Ratio
May 15, 2017	511:250
Jul 1, 2005	10000:8212
Mar 30, 2000	10000:9465
Jul 29, 1988	2:1

Ashland Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history