ASH · Ashland Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.82B | $2.11B | $2.19B | $2.39B | $2.11B | $2.33B |
| Cost of Revenue | $1.27B | $1.50B | $1.52B | $1.56B | $1.44B | $1.62B |
| Gross Profit | $549.00M | $618.00M | $668.00M | $830.00M | $670.00M | $707.00M |
| R&D | $54.00M | $55.00M | $51.00M | $55.00M | $50.00M | $64.00M |
| SG&A | $344.00M | $404.00M | $365.00M | $393.00M | $358.00M | $424.00M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $237.00M | $274.00M | $243.00M | $241.00M | $244.00M | $247.00M |
| Operating Income | ($775.00M) | ($26.00M) | $172.00M | $333.00M | $181.00M | ($388.00M) |
| Interest Expense | $61.00M | $53.00M | $54.00M | $62.00M | $69.00M | $88.00M |
| Income Tax | $13.00M | ($223.00M) | ($8.00M) | $25.00M | ($38.00M) | ($12.00M) |
| Net Income | ($845.00M) | $169.00M | $178.00M | $927.00M | $220.00M | ($508.00M) |
| EPS - Basic | ($18.23) | $3.40 | $3.36 | $16.71 | $3.63 | ($8.39) |
| EPS - Diluted | ($18.23) | $3.36 | $3.31 | $16.41 | $3.59 | ($8.39) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $215.00M | $300.00M | $417.00M | $646.00M | $210.00M | $454.00M |
| Accounts Receivable | $242.00M | $243.00M | $338.00M | $402.00M | $369.00M | $471.00M |
| Inventory | $568.00M | $545.00M | $626.00M | $629.00M | $473.00M | $529.00M |
| Accounts Payable | $189.00M | $214.00M | $210.00M | $265.00M | $236.00M | $233.00M |
| Current Assets | $1.21B | $1.20B | $1.51B | $1.77B | $1.72B | $1.55B |
| Total Assets | $4.61B | $5.64B | $5.94B | $6.21B | $6.61B | $6.88B |
| Current Liabilities | $423.00M | $490.00M | $456.00M | $553.00M | $934.00M | $813.00M |
| Long-term Debt | $1.38B | $1.35B | $1.31B | $1.27B | $1.60B | $1.57B |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $1.90B | $2.87B | $3.10B | $3.22B | $2.75B | $3.04B |
| Retained Earnings | $2.30B | $3.31B | $3.60B | $3.65B | $2.80B | $2.65B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $134.00M | $462.00M | $294.00M | $193.00M | $466.00M | $313.00M |
| Investing Cash Flow | ($51.00M) | ($51.00M) | ($109.00M) | ($102.00M) | ($367.00M) | ($90.00M) |
| Financing Cash Flow | ($179.00M) | ($479.00M) | ($371.00M) | ($896.00M) | ($426.00M) | $9.00M |
| CapEx | $98.00M | $137.00M | $170.00M | $113.00M | $105.00M | $138.00M |
| Free Cash Flow | $36.00M | $325.00M | $124.00M | $80.00M | $361.00M | $175.00M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 30.1% | 29.2% | 30.5% | 34.7% | 31.7% | 30.4% |
| Operating margin | -42.5% | -1.2% | 7.9% | 13.9% | 8.6% | -16.7% |
| EBITDA margin | -29.5% | 11.7% | 18.9% | 24.0% | 20.1% | -6.1% |
| Net margin | -46.3% | 8.0% | 8.1% | 38.8% | 10.4% | -21.8% |
| Free cash flow margin | 2.0% | 15.4% | 5.7% | 3.3% | 17.1% | 7.5% |
| FCF / Net income | -0.04 | 1.92 | 0.70 | 0.09 | 1.64 | -0.34 |
| R&D / Revenue | 3.0% | 2.6% | 2.3% | 2.3% | 2.4% | 2.8% |
| SG&A / Revenue | 18.9% | 19.1% | 16.7% | 16.4% | 17.0% | 18.2% |
| Effective tax rate | - | - | -4.7% | 2.6% | -20.9% | - |
| Return on assets | -18.3% | 3.0% | 3.0% | 14.9% | 3.3% | -7.4% |
| Return on equity | -44.4% | 5.9% | 5.7% | 28.8% | 8.0% | -16.7% |
| Return on invested capital | -18.6% | -0.5% | 3.9% | 7.2% | 4.2% | -6.7% |
| Liquidity | ||||||
| Current ratio | 2.85 | 2.44 | 3.30 | 3.20 | 1.84 | 1.90 |
| Quick ratio | 1.51 | 1.33 | 1.93 | 2.06 | 1.33 | 1.25 |
| Cash ratio | 0.51 | 0.61 | 0.91 | 1.17 | 0.22 | 0.56 |
| Leverage | ||||||
| Debt / Equity | 0.73 | 0.47 | 0.42 | 0.39 | 0.58 | 0.52 |
| Debt / Assets | 0.30 | 0.24 | 0.22 | 0.20 | 0.24 | 0.23 |
| Debt / EBITDA | - | 5.44 | 3.17 | 2.21 | 3.76 | - |
| Interest coverage | -12.7x | -0.5x | 3.2x | 5.4x | 2.6x | -4.4x |
| Equity multiplier | 2.42 | 1.97 | 1.92 | 1.93 | 2.40 | 2.27 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 0.40 | 0.37 | 0.37 | 0.38 | 0.32 | 0.34 |
| Inventory turnover | 2.24 | 2.74 | 2.43 | 2.48 | 3.05 | 3.06 |
| Days sales outstanding | 48d | 42d | 56d | 61d | 64d | 74d |
| Days inventory outstanding | 163d | 133d | 150d | 147d | 120d | 119d |
| Days payable outstanding | 54d | 52d | 50d | 62d | 60d | 53d |
| Cash conversion cycle | 157d | 123d | 156d | 146d | 124d | 141d |
| Valuation | ||||||
| P / E | - | 25.9x | 24.7x | 5.8x | 24.8x | - |
| P / B | 1.2x | 1.5x | 1.4x | 1.7x | 2.0x | 1.4x |
| P / S | 1.2x | 2.1x | 2.0x | 2.2x | 2.6x | 1.9x |
| EV / EBITDA | - | 21.8x | 12.8x | 10.4x | 16.1x | - |
| Growth | ||||||
| Revenue growth (YoY) | -13.7% | -3.6% | -8.4% | 13.3% | -9.2% | -6.7% |
| Revenue CAGR (3y) | -8.6% | 0.0% | -2.0% | -1.4% | -11.2% | - |
| Revenue CAGR (5y) | -4.7% | -3.3% | -6.2% | - | -15.7% | - |
| Gross profit growth (YoY) | -11.2% | -7.5% | -19.5% | 23.9% | -5.2% | -7.8% |
| Operating income growth (YoY) | -2880.8% | - | -48.3% | 84.0% | - | - |
| Net income growth (YoY) | - | -5.1% | -80.8% | 321.4% | - | - |
| EPS growth (YoY) | - | 1.5% | -79.8% | 357.1% | - | - |
| EPS CAGR (3y) | - | -2.2% | - | 26.9% | 26.1% | - |
| EPS CAGR (5y) | - | -16.0% | 13.1% | - | - | - |
| FCF growth (YoY) | -88.9% | 162.1% | 55.0% | -77.8% | 106.3% | 136.5% |
| FCF CAGR (5y) | -27.1% | 34.4% | -4.9% | - | -2.2% | - |
| Book value growth (YoY) | -33.6% | -7.4% | -3.8% | 17.0% | -9.4% | -15.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-09-30.
Business segments
$2.58B totalLife Sciences$641.00M · 24.8%
Personal Care And Household$577.00M · 22.4%
Personal Care$577.00M · 22.4%
Specialty Additives$511.00M · 19.8%
Intermediates And Solvents$137.00M · 5.3%
Intermediates$137.00M · 5.3%
Geographic
$2.46B totalNon Us$1.36B · 55.2%
US$464.00M · 18.8%
Europe$240.00M · 9.7%
Asia Pacific$207.00M · 8.4%
North America$117.00M · 4.7%
Latin America And Other$77.00M · 3.1%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Wholesale-Chemicals & Allied Products
Comparing ASHLAND INC. against the 2 most active filers in the same SIC group.
Dividends
$1.67/share trailing 12 months · +2.1% YoY
| Ex-date | Per share |
|---|---|
| Jun 1, 2026 | $0.4200 |
| Feb 27, 2026 | $0.4150 |
| Dec 1, 2025 | $0.4150 |
| Aug 29, 2025 | $0.4150 |
| May 30, 2025 | $0.4150 |
| Feb 28, 2025 | $0.4050 |
| Nov 29, 2024 | $0.4050 |
| Aug 30, 2024 | $0.4050 |
| May 31, 2024 | $0.4050 |
| Feb 29, 2024 | $0.3850 |
| Nov 30, 2023 | $0.3850 |
| Aug 31, 2023 | $0.3850 |
| May 31, 2023 | $0.3850 |
| Feb 28, 2023 | $0.3350 |
| Nov 30, 2022 | $0.3350 |
| Aug 31, 2022 | $0.3350 |
| May 31, 2022 | $0.3350 |
| Feb 28, 2022 | $0.3000 |
| Nov 30, 2021 | $0.3000 |
| Aug 31, 2021 | $0.3000 |
| May 28, 2021 | $0.3000 |
| Feb 25, 2021 | $0.2750 |
| Nov 30, 2020 | $0.2750 |
| Aug 31, 2020 | $0.2750 |