Ashland Inc. (ASH) 10-Year Financial Performance & Capital Metrics

ASH • • Industrial / General

Basic MaterialsSpecialty ChemicalsSpecialty Polymers & PlasticsPolymer Additives & Compounds

AboutAshland Inc. provides additives and specialty ingredients worldwide. It operates through Life Sciences; Personal Care & Household; Specialty Additives; and Intermediates and Solvents segments. The Life Sciences segment offers pharmaceutical solutions, including controlled release polymers, disintegrants, tablet coatings, thickeners, solubilizers, and tablet binders; nutrition solutions, such as thickeners, stabilizers, emulsifiers, and additives; and nutraceutical solutions comprising products for weight management, joint comfort, stomach and intestinal health, sports nutrition, and general wellness, as well as custom formulation, toll processing, and particle engineering solutions. The Personal Care & Household segment provides a range of nature-based, biodegradable, and performance ingredients; solutions for toothpastes, mouth washes and rinses, denture cleaning, and care for teeth; and household supplies nature-derived rheology ingredients, biodegradable surface wetting agents, performance encapsulates, and specialty polymers. The Specialty Additives segment offers rheology modifiers, foam control agents, surfactants and wetting agents, pH neutralizers, advanced ceramics used in catalytic converters, environmental filters, ingredients for the manufacturing of ceramic capacitors, plasma display panels and solar cells, ingredients for textile printing, thermoplastic metals, and alloys for welding. The Intermediates and Solvents segment produces 1,4 butanediol and related derivatives, including n-methylpyrrolidone. It offers its products to customers in a range of consumer and industrial markets, such as architectural coatings, construction, energy, food and beverage, nutraceuticals, personal care, and pharmaceutical. The company was formerly known as Ashland Global Holdings Inc. Ashland Inc. was founded in 1924 and is based in Wilmington, Delaware.Show more

Revenue $1.82B -13.7%
EBITDA -$538M -316.9%
Net Income -$845M -600.0%
EPS (Diluted) -18.37 -643.5%
Gross Margin 30.1% +2.9%
EBITDA Margin -29.5% -351.3%
Operating Margin -42.49% -3353.0%
Net Margin -46.33% -679.2%
ROE -35.41% -725.0%
ROIC -16.11% -3277.1%
Debt/Equity 0.78 +52.9%
Interest Coverage -12.30 -2407.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 2.6%
✓Share count reduced 8.0% through buybacks

✗Weaknesses

✗Negative free cash flow

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-6.09%

5Y-1.98%

3Y-8.63%

TTM-13.67%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-602.38%

EPS CAGR

10Y-

5Y-

3Y-

TTM-645.67%

ROCE

10Y Avg-0.95%

5Y Avg-0.97%

3Y Avg-4.66%

Latest-16.59%

Peer Comparison

Polymer Additives & Compounds

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FULH.B. Fuller Company	3.43B	63.49	27.60	1.65%	4.38%	7.59%	4.75%	1.13
SCLStepan Company	1.17B	51.91	23.60	-6.26%	1.96%	3.63%	3.35%	0.58
AVNTAvient Corporation	3.3B	36.00	19.57	3.11%	3.49%	4.74%	4.09%	0.92
OECOrion Engineered Carbons S.A.	360.48M	6.42	8.45	-0.87%	-1.74%	-7.91%		2.16
ASHAshland Inc.	2.94B	64.17	-3.49	-13.68%	-46.25%	-44.68%		0.78

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	3.02B	2.31B	2.59B	2.15B	2.02B	2.11B	2.39B	2.19B	2.11B	1.82B
Revenue Growth %	-0.12%	-0.24%	0.12%	-0.17%	-0.06%	0.05%	0.13%	-0.08%	-0.04%	-0.14%
Cost of Goods Sold+	2.13B	1.58B	1.73B	1.5B	1.42B	1.44B	1.56B	1.52B	1.5B	1.27B
COGS % of Revenue	0.71%	0.68%	0.67%	0.7%	0.7%	0.68%	0.65%	0.7%	0.71%	0.7%
Gross Profit+	887M	729M	863M	651M	599M	670M	830M	668M	618M	549M
Gross Margin %	0.29%	0.32%	0.33%	0.3%	0.3%	0.32%	0.35%	0.3%	0.29%	0.3%
Gross Profit Growth %	-0%	-0.18%	0.18%	-0.25%	-0.08%	0.12%	0.24%	-0.2%	-0.07%	-0.11%
Operating Expenses+	937M	680M	761M	565M	1.06B	478M	497M	496M	644M	1.32B
OpEx % of Revenue	0.31%	0.29%	0.29%	0.26%	0.53%	0.23%	0.21%	0.23%	0.3%	0.73%
Selling, General & Admin	858M	610M	599M	426M	400M	358M	393M	365M	404M	345M
SG&A % of Revenue	0.28%	0.26%	0.23%	0.2%	0.2%	0.17%	0.16%	0.17%	0.19%	0.19%
Research & Development	87M	83M	73M	58M	56M	50M	55M	51M	55M	54M
R&D % of Revenue	0.03%	0.04%	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.03%	0.03%
Other Operating Expenses	-8M	-3M	89M	81M	604M	70M	49M	80M	185M	925M
Operating Income+	-50M	49M	102M	86M	-461M	192M	333M	172M	-26M	-775M
Operating Margin %	-0.02%	0.02%	0.04%	0.04%	-0.23%	0.09%	0.14%	0.08%	-0.01%	-0.42%
Operating Income Growth %	-1.45%	1.98%	1.08%	-0.16%	-6.36%	1.42%	0.73%	-0.48%	-1.15%	-28.81%
EBITDA+	254M	351M	379M	363M	-226M	436M	574M	415M	248M	-538M
EBITDA Margin %	0.08%	0.15%	0.15%	0.17%	-0.11%	0.21%	0.24%	0.19%	0.12%	-0.29%
EBITDA Growth %	-0.44%	0.38%	0.08%	-0.04%	-1.62%	2.93%	0.32%	-0.28%	-0.4%	-3.17%
D&A (Non-Cash Add-back)	304M	302M	277M	277M	235M	244M	241M	243M	274M	237M
EBIT	-122M	151M	127M	105M	-489M	204M	268M	214M	29M	-746M
Net Interest Income+	-181M	-240M	-116M	-116M	-90M	-72M	-62M	-45M	-43M	-58M
Interest Income	5M	4M	0	2M	1M	1M	4M	12M	10M	5M
Interest Expense	180M	227M	116M	114M	91M	73M	66M	57M	53M	63M
Other Income/Expense	-258M	-245M	-91M	-95M	-116M	-57M	-127M	-12M	2M	-34M
Pretax Income+	-308M	-196M	11M	-9M	-577M	135M	206M	160M	-24M	-809M
Pretax Margin %	-0.1%	-0.08%	0%	-0%	-0.29%	0.06%	0.09%	0.07%	-0.01%	-0.44%
Income Tax+	-25M	-16M	-8M	30M	-22M	-38M	25M	-8M	-223M	13M
Effective Tax Rate %	0.09%	-0.01%	10.36%	-56.11%	0.88%	1.63%	4.5%	1.11%	-7.04%	1.04%
Net Income+	-29M	1M	114M	505M	-508M	220M	927M	178M	169M	-845M
Net Margin %	-0.01%	0%	0.04%	0.24%	-0.25%	0.1%	0.39%	0.08%	0.08%	-0.46%
Net Income Growth %	-1.09%	1.03%	113%	3.43%	-2.01%	1.43%	3.21%	-0.81%	-0.05%	-6%
Net Income (Continuing)	-283M	-180M	19M	-39M	-555M	173M	181M	168M	199M	-822M
Discontinued Operations	255M	208M	95M	544M	47M	47M	746M	10M	-30M	-23M
Minority Interest	-182M	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.46	0.02	1.78	8.03	-8.39	3.66	16.41	3.31	3.38	-18.37
EPS Growth %	-1.1%	1.03%	109.56%	3.51%	-2.04%	1.44%	3.48%	-0.8%	0.02%	-6.43%
EPS (Basic)	-0.46	0.02	1.84	8.15	-8.33	2.85	17.17	3.36	3.45	-17.87
Diluted Shares Outstanding	63M	62M	64M	63M	61M	61M	56M	54M	50M	46M
Basic Shares Outstanding	63M	62M	62M	63M	61M	78.01M	54M	53M	49M	46M
Dividend Payout Ratio	-	77%	0.53%	0.13%	-	0.32%	0.08%	0.43%	0.46%	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	2.89B	1.9B	1.71B	1.43B	1.55B	1.72B	1.77B	1.51B	1.2B	1.21B
Cash & Short-Term Investments	1.02B	566M	294M	232M	454M	210M	646M	417M	300M	215M
Cash Only	1.02B	566M	294M	232M	454M	210M	646M	417M	300M	215M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	508M	612M	681M	481M	436M	369M	402M	338M	243M	242M
Days Sales Outstanding	61.42	96.74	96.01	81.73	78.94	63.8	61.37	56.31	41.98	48.43
Inventory	539M	634M	663M	597M	506M	473M	629M	626M	545M	568M
Days Inventory Outstanding	92.28	146.46	140.21	145.56	130.34	119.81	147.08	150.03	133.06	162.6
Other Current Assets	803M	91M	74M	123M	165M	665M	91M	125M	107M	180M
Total Non-Current Assets+	7.11B	6.71B	6.54B	5.82B	5.33B	4.89B	4.45B	4.43B	4.45B	3.41B
Property, Plant & Equipment	1.9B	1.97B	1.9B	1.58B	1.61B	1.55B	1.45B	1.5B	1.42B	1.3B
Fixed Asset Turnover	1.59x	1.17x	1.36x	1.36x	1.25x	1.36x	1.65x	1.47x	1.49x	1.40x
Goodwill	2.14B	2.46B	2.45B	2.25B	1.3B	1.43B	1.31B	1.36B	1.38B	705M
Intangible Assets	1.08B	1.32B	1.23B	1.09B	1.02B	1.11B	969M	892M	757M	563M
Long-Term Investments	31M	32M	8M	6M	5M	4M	3M	3M	3M	424M
Other Non-Current Assets	1.93B	901M	931M	871M	1.37B	774M	696M	659M	682M	253M
Total Assets+	10B	8.62B	8.25B	7.25B	6.88B	6.61B	6.21B	5.94B	5.64B	4.61B
Asset Turnover	0.30x	0.27x	0.31x	0.30x	0.29x	0.32x	0.38x	0.37x	0.37x	0.40x
Asset Growth %	-0.01%	-0.14%	-0.04%	-0.12%	-0.05%	-0.04%	-0.06%	-0.04%	-0.05%	-0.18%
Total Current Liabilities+	1.24B	968M	1.07B	757M	813M	934M	553M	456M	490M	423M
Accounts Payable	376M	409M	331M	313M	211M	236M	265M	210M	214M	189M
Days Payables Outstanding	64.37	94.48	70	76.32	54.35	59.78	61.96	50.33	52.25	54.11
Short-Term Debt	170M	235M	254M	166M	280M	374M	0	16M	0	21M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	476M	126M	255M	101M	132M	50M	0	0	106M	0
Current Ratio	2.33x	1.97x	1.59x	1.89x	1.90x	1.84x	3.20x	3.30x	2.44x	2.85x
Quick Ratio	1.90x	1.31x	0.98x	1.10x	1.28x	1.33x	2.06x	1.93x	1.33x	1.51x
Cash Conversion Cycle	89.32	148.72	166.22	150.98	154.93	123.83	146.48	156.01	122.79	156.92
Total Non-Current Liabilities+	5.6B	4.24B	3.77B	2.92B	3.03B	2.93B	2.44B	2.39B	2.29B	2.28B
Long-Term Debt	2.33B	2.58B	2.27B	1.5B	1.57B	1.6B	1.27B	1.31B	1.35B	1.38B
Capital Lease Obligations	0	0	0	0	114M	110M	94M	106M	99M	85M
Deferred Tax Liabilities	315M	375M	279M	264M	229M	237M	176M	148M	29M	31M
Other Non-Current Liabilities	2.96B	1.28B	1.22B	1.16B	1.11B	983M	900M	818M	810M	784M
Total Liabilities	6.83B	5.21B	4.85B	3.68B	3.84B	3.86B	2.99B	2.84B	2.78B	2.71B
Total Debt+	2.5B	2.82B	2.53B	1.67B	1.99B	2.1B	1.38B	1.46B	1.47B	1.49B
Net Debt	1.48B	2.25B	2.23B	1.44B	1.53B	1.89B	737M	1.04B	1.17B	1.27B
Debt / Equity	0.79x	0.83x	0.74x	0.47x	0.66x	0.76x	0.43x	0.47x	0.51x	0.78x
Debt / EBITDA	9.82x	8.03x	6.67x	4.59x	-	4.82x	2.41x	3.51x	5.92x	-
Net Debt / EBITDA	5.82x	6.42x	5.90x	3.95x	-	4.34x	1.28x	2.51x	4.71x	-
Interest Coverage	-0.28x	0.22x	0.88x	0.75x	-5.07x	2.63x	5.05x	3.02x	-0.49x	-12.30x
Total Equity+	3.17B	3.41B	3.41B	3.57B	3.04B	2.75B	3.22B	3.1B	2.87B	1.9B
Equity Growth %	0.04%	0.08%	0%	0.05%	-0.15%	-0.09%	0.17%	-0.04%	-0.07%	-0.34%
Book Value per Share	50.24	54.94	53.22	56.68	49.77	45.11	57.50	57.35	57.36	41.39
Total Shareholders' Equity	3.35B	3.41B	3.41B	3.57B	3.04B	2.75B	3.22B	3.1B	2.87B	1.9B
Common Stock	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	2.7B	2.7B	2.75B	3.22B	2.65B	2.8B	3.65B	3.6B	3.31B	2.3B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-281M	-222M	-291M	-410M	-383M	-372M	-569M	-503M	-448M	-401M
Minority Interest	-182M	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	678M	383M	297M	241M	203M	560M	-213M	243M	411M	94M
Operating CF Margin %	0.22%	0.17%	0.11%	0.11%	0.1%	0.27%	-0.09%	0.11%	0.19%	0.05%
Operating CF Growth %	1.04%	-0.44%	-0.22%	-0.19%	-0.16%	1.76%	-1.38%	2.14%	0.69%	-0.77%
Net Income	-28M	28M	114M	505M	-508M	220M	181M	168M	199M	-822M
Depreciation & Amortization	302M	301M	278M	277M	235M	244M	241M	243M	274M	237M
Stock-Based Compensation	30M	20M	44M	21M	14M	15M	18M	22M	15M	0
Deferred Taxes	-29M	-30M	-100M	20M	-42M	-26M	-35M	-32M	-302M	73M
Other Non-Cash Items	360M	117M	-49M	-453M	495M	27M	-347M	-100M	-2M	797M
Working Capital Changes	43M	-53M	10M	-129M	9M	80M	-271M	-58M	227M	-191M
Change in Receivables	77M	0	0	0	2M	72M	72M	58M	96M	-3M
Change in Inventory	48M	0	0	0	64M	41M	41M	-7M	79M	-28M
Change in Payables	0	0	0	0	0	3M	0	0	0	0
Cash from Investing+	-332M	-1.12B	-202M	849M	8M	-381M	1.56B	-109M	-51M	-3M
Capital Expenditures	-231M	-199M	-157M	-154M	-133M	-105M	-113M	-170M	-137M	-98M
CapEx % of Revenue	0.08%	0.09%	0.06%	0.07%	0.07%	0.05%	0.05%	0.08%	0.06%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-38M	-273M	-36M	999M	132M	28M	1.67B	61M	60M	15M
Cash from Financing+	-407M	119M	-368M	-1.15B	9M	-426M	-896M	-371M	-479M	-179M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-97M	-77M	-60M	-64M	-66M	-70M	-70M	-76M	-78M	-76M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.28B	-32M	-12M	-10M	-18M	-13M	-11M	-11M	-5M	-3M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	447M	166M	140M	87M	70M	455M	-326M	73M	274M	-4M
FCF Margin %	0.15%	0.07%	0.05%	0.04%	0.03%	0.22%	-0.14%	0.03%	0.13%	-0%
FCF Growth %	5.48%	-0.63%	-0.16%	-0.38%	-0.2%	5.5%	-1.72%	1.22%	2.75%	-1.01%
FCF per Share	7.10	2.68	2.19	1.38	1.15	7.46	-5.82	1.35	5.48	-0.09
FCF Conversion (FCF/Net Income)	-23.38x	383.00x	2.61x	0.48x	-0.40x	2.55x	-0.23x	1.37x	2.43x	-0.11x
Interest Paid	162M	132M	126M	124M	77M	62M	56M	53M	52M	0
Taxes Paid	108M	79M	77M	67M	91M	1M	406M	63M	53M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-0.94%	0.03%	3.35%	14.48%	-15.38%	7.6%	31.04%	5.64%	5.67%	-35.41%
Return on Invested Capital (ROIC)	-0.74%	0.71%	1.35%	1.21%	-7.22%	3.13%	5.81%	3.19%	-0.48%	-16.11%
Gross Margin	29.38%	31.57%	33.33%	30.31%	29.71%	31.74%	34.71%	30.49%	29.25%	30.1%
Net Margin	-0.96%	0.04%	4.4%	23.51%	-25.2%	10.42%	38.77%	8.12%	8%	-46.33%
Debt / Equity	0.79x	0.83x	0.74x	0.47x	0.66x	0.76x	0.43x	0.47x	0.51x	0.78x
Interest Coverage	-0.28x	0.22x	0.88x	0.75x	-5.07x	2.63x	5.05x	3.02x	-0.49x	-12.30x
FCF Conversion	-23.38x	383.00x	2.61x	0.48x	-0.40x	2.55x	-0.23x	1.37x	2.43x	-0.11x
Revenue Growth	-11.73%	-23.52%	12.13%	-17.03%	-6.15%	4.71%	13.26%	-8.36%	-3.56%	-13.68%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Specialty Additives	-	-	-	-	199M	203M	719M	600M	572M	433M
Specialty Additives Growth	-	-	-	-	-	2.01%	254.19%	-16.55%	-4.67%	-24.30%
Life Sciences	-	-	-	-	226M	229M	815M	869M	810M	418M
Life Sciences Growth	-	-	-	-	-	1.33%	255.90%	6.63%	-6.79%	-48.40%
Personal Care And Household	-	-	-	-	185M	180M	-	598M	634M	345M
Personal Care And Household Growth	-	-	-	-	-	-2.70%	-	-	6.02%	-45.58%
Intermediates And Solvents	-	-	331M	111M	73M	114M	-	185M	144M	121M
Intermediates And Solvents Growth	-	-	-	-66.47%	-34.23%	56.16%	-	-	-22.16%	-15.97%
Personal Care	-	-	-	-	-	-	678M	-	-	-
Personal Care Growth	-	-	-	-	-	-	-	-	-	-
Intermediates	-	-	-	-	-	-	256M	-	-	-
Intermediates Growth	-	-	-	-	-	-	-	-	-	-
Performance Adhesives	-	-	-	-	263M	-	-	-	-	-
Performance Adhesives Growth	-	-	-	-	-	-	-	-	-	-
Specialty Ingredients	2.09B	2.22B	2.47B	2.38B	-	-	-	-	-	-
Specialty Ingredients Growth	-	6.08%	11.46%	-3.56%	-	-	-	-	-	-
Composites	-	779M	942M	-	-	-	-	-	-	-
Composites Growth	-	-	20.92%	-	-	-	-	-	-	-
Intermediates and Solvents	-	265M	-	-	-	-	-	-	-	-
Intermediates and Solvents Growth	-	-	-	-	-	-	-	-	-	-
Consumer Markets	1.93B	-	-	-	-	-	-	-	-	-
Consumer Markets Growth	-	-	-	-	-	-	-	-	-	-
Performance Materials	930M	-	-	-	-	-	-	-	-	-
Performance Materials Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Non-US	2.39B	2.01B	-	-	-	-	1.66B	1.56B	1.49B	-
Non-US Growth	-	-15.71%	-	-	-	-	-	-6.20%	-4.37%	-
UNITED STATES	2.56B	1.25B	1.42B	959M	878M	637M	731M	634M	624M	-
UNITED STATES Growth	-	-51.27%	13.78%	-32.46%	-8.45%	-27.45%	14.76%	-13.27%	-1.58%	-
Non Us	-	-	2.32B	1.53B	1.45B	1.47B	-	-	-	-
Non Us Growth	-	-	-	-33.96%	-5.61%	1.80%	-	-	-	-

Frequently Asked Questions

Growth & Financials

Ashland Inc. (ASH) reported $1.82B in revenue for fiscal year 2025. This represents a 72% decrease from $6.47B in 2012.

Ashland Inc. (ASH) saw revenue decline by 13.7% over the past year.

Ashland Inc. (ASH) reported a net loss of $844.0M for fiscal year 2025.

Dividend & Returns

Yes, Ashland Inc. (ASH) pays a dividend with a yield of 2.57%. This makes it attractive for income-focused investors.

Ashland Inc. (ASH) has a return on equity (ROE) of -35.4%. Negative ROE indicates the company is unprofitable.

Ashland Inc. (ASH) generated $116.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Ashland Inc. (ASH) 10-Year Financial Performance & Capital Metrics

ASH • • Industrial / General

Basic MaterialsSpecialty ChemicalsSpecialty Polymers & PlasticsPolymer Additives & Compounds

Revenue $1.82B -13.7%
EBITDA -$538M -316.9%
Net Income -$845M -600.0%
EPS (Diluted) -18.37 -643.5%
Gross Margin 30.1% +2.9%
EBITDA Margin -29.5% -351.3%
Operating Margin -42.49% -3353.0%
Net Margin -46.33% -679.2%
ROE -35.41% -725.0%
ROIC -16.11% -3277.1%
Debt/Equity 0.78 +52.9%
Interest Coverage -12.30 -2407.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Healthy dividend yield of 2.6%
✓Share count reduced 8.0% through buybacks

✗Weaknesses

✗Negative free cash flow

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y-6.09%

5Y-1.98%

3Y-8.63%

TTM-13.67%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-602.38%

EPS CAGR

10Y-

5Y-

3Y-

TTM-645.67%

ROCE

10Y Avg-0.95%

5Y Avg-0.97%

3Y Avg-4.66%

Latest-16.59%

Peer Comparison

Polymer Additives & Compounds

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
FULH.B. Fuller Company	3.43B	63.49	27.60	1.65%	4.38%	7.59%	4.75%	1.13
SCLStepan Company	1.17B	51.91	23.60	-6.26%	1.96%	3.63%	3.35%	0.58
AVNTAvient Corporation	3.3B	36.00	19.57	3.11%	3.49%	4.74%	4.09%	0.92
OECOrion Engineered Carbons S.A.	360.48M	6.42	8.45	-0.87%	-1.74%	-7.91%		2.16
ASHAshland Inc.	2.94B	64.17	-3.49	-13.68%	-46.25%	-44.68%		0.78

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	3.02B	2.31B	2.59B	2.15B	2.02B	2.11B	2.39B	2.19B	2.11B	1.82B
Revenue Growth %	-0.12%	-0.24%	0.12%	-0.17%	-0.06%	0.05%	0.13%	-0.08%	-0.04%	-0.14%
Cost of Goods Sold+	2.13B	1.58B	1.73B	1.5B	1.42B	1.44B	1.56B	1.52B	1.5B	1.27B
COGS % of Revenue	0.71%	0.68%	0.67%	0.7%	0.7%	0.68%	0.65%	0.7%	0.71%	0.7%
Gross Profit+	887M	729M	863M	651M	599M	670M	830M	668M	618M	549M
Gross Margin %	0.29%	0.32%	0.33%	0.3%	0.3%	0.32%	0.35%	0.3%	0.29%	0.3%
Gross Profit Growth %	-0%	-0.18%	0.18%	-0.25%	-0.08%	0.12%	0.24%	-0.2%	-0.07%	-0.11%
Operating Expenses+	937M	680M	761M	565M	1.06B	478M	497M	496M	644M	1.32B
OpEx % of Revenue	0.31%	0.29%	0.29%	0.26%	0.53%	0.23%	0.21%	0.23%	0.3%	0.73%
Selling, General & Admin	858M	610M	599M	426M	400M	358M	393M	365M	404M	345M
SG&A % of Revenue	0.28%	0.26%	0.23%	0.2%	0.2%	0.17%	0.16%	0.17%	0.19%	0.19%
Research & Development	87M	83M	73M	58M	56M	50M	55M	51M	55M	54M
R&D % of Revenue	0.03%	0.04%	0.03%	0.03%	0.03%	0.02%	0.02%	0.02%	0.03%	0.03%
Other Operating Expenses	-8M	-3M	89M	81M	604M	70M	49M	80M	185M	925M
Operating Income+	-50M	49M	102M	86M	-461M	192M	333M	172M	-26M	-775M
Operating Margin %	-0.02%	0.02%	0.04%	0.04%	-0.23%	0.09%	0.14%	0.08%	-0.01%	-0.42%
Operating Income Growth %	-1.45%	1.98%	1.08%	-0.16%	-6.36%	1.42%	0.73%	-0.48%	-1.15%	-28.81%
EBITDA+	254M	351M	379M	363M	-226M	436M	574M	415M	248M	-538M
EBITDA Margin %	0.08%	0.15%	0.15%	0.17%	-0.11%	0.21%	0.24%	0.19%	0.12%	-0.29%
EBITDA Growth %	-0.44%	0.38%	0.08%	-0.04%	-1.62%	2.93%	0.32%	-0.28%	-0.4%	-3.17%
D&A (Non-Cash Add-back)	304M	302M	277M	277M	235M	244M	241M	243M	274M	237M
EBIT	-122M	151M	127M	105M	-489M	204M	268M	214M	29M	-746M
Net Interest Income+	-181M	-240M	-116M	-116M	-90M	-72M	-62M	-45M	-43M	-58M
Interest Income	5M	4M	0	2M	1M	1M	4M	12M	10M	5M
Interest Expense	180M	227M	116M	114M	91M	73M	66M	57M	53M	63M
Other Income/Expense	-258M	-245M	-91M	-95M	-116M	-57M	-127M	-12M	2M	-34M
Pretax Income+	-308M	-196M	11M	-9M	-577M	135M	206M	160M	-24M	-809M
Pretax Margin %	-0.1%	-0.08%	0%	-0%	-0.29%	0.06%	0.09%	0.07%	-0.01%	-0.44%
Income Tax+	-25M	-16M	-8M	30M	-22M	-38M	25M	-8M	-223M	13M
Effective Tax Rate %	0.09%	-0.01%	10.36%	-56.11%	0.88%	1.63%	4.5%	1.11%	-7.04%	1.04%
Net Income+	-29M	1M	114M	505M	-508M	220M	927M	178M	169M	-845M
Net Margin %	-0.01%	0%	0.04%	0.24%	-0.25%	0.1%	0.39%	0.08%	0.08%	-0.46%
Net Income Growth %	-1.09%	1.03%	113%	3.43%	-2.01%	1.43%	3.21%	-0.81%	-0.05%	-6%
Net Income (Continuing)	-283M	-180M	19M	-39M	-555M	173M	181M	168M	199M	-822M
Discontinued Operations	255M	208M	95M	544M	47M	47M	746M	10M	-30M	-23M
Minority Interest	-182M	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.46	0.02	1.78	8.03	-8.39	3.66	16.41	3.31	3.38	-18.37
EPS Growth %	-1.1%	1.03%	109.56%	3.51%	-2.04%	1.44%	3.48%	-0.8%	0.02%	-6.43%
EPS (Basic)	-0.46	0.02	1.84	8.15	-8.33	2.85	17.17	3.36	3.45	-17.87
Diluted Shares Outstanding	63M	62M	64M	63M	61M	61M	56M	54M	50M	46M
Basic Shares Outstanding	63M	62M	62M	63M	61M	78.01M	54M	53M	49M	46M
Dividend Payout Ratio	-	77%	0.53%	0.13%	-	0.32%	0.08%	0.43%	0.46%	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	2.89B	1.9B	1.71B	1.43B	1.55B	1.72B	1.77B	1.51B	1.2B	1.21B
Cash & Short-Term Investments	1.02B	566M	294M	232M	454M	210M	646M	417M	300M	215M
Cash Only	1.02B	566M	294M	232M	454M	210M	646M	417M	300M	215M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	508M	612M	681M	481M	436M	369M	402M	338M	243M	242M
Days Sales Outstanding	61.42	96.74	96.01	81.73	78.94	63.8	61.37	56.31	41.98	48.43
Inventory	539M	634M	663M	597M	506M	473M	629M	626M	545M	568M
Days Inventory Outstanding	92.28	146.46	140.21	145.56	130.34	119.81	147.08	150.03	133.06	162.6
Other Current Assets	803M	91M	74M	123M	165M	665M	91M	125M	107M	180M
Total Non-Current Assets+	7.11B	6.71B	6.54B	5.82B	5.33B	4.89B	4.45B	4.43B	4.45B	3.41B
Property, Plant & Equipment	1.9B	1.97B	1.9B	1.58B	1.61B	1.55B	1.45B	1.5B	1.42B	1.3B
Fixed Asset Turnover	1.59x	1.17x	1.36x	1.36x	1.25x	1.36x	1.65x	1.47x	1.49x	1.40x
Goodwill	2.14B	2.46B	2.45B	2.25B	1.3B	1.43B	1.31B	1.36B	1.38B	705M
Intangible Assets	1.08B	1.32B	1.23B	1.09B	1.02B	1.11B	969M	892M	757M	563M
Long-Term Investments	31M	32M	8M	6M	5M	4M	3M	3M	3M	424M
Other Non-Current Assets	1.93B	901M	931M	871M	1.37B	774M	696M	659M	682M	253M
Total Assets+	10B	8.62B	8.25B	7.25B	6.88B	6.61B	6.21B	5.94B	5.64B	4.61B
Asset Turnover	0.30x	0.27x	0.31x	0.30x	0.29x	0.32x	0.38x	0.37x	0.37x	0.40x
Asset Growth %	-0.01%	-0.14%	-0.04%	-0.12%	-0.05%	-0.04%	-0.06%	-0.04%	-0.05%	-0.18%
Total Current Liabilities+	1.24B	968M	1.07B	757M	813M	934M	553M	456M	490M	423M
Accounts Payable	376M	409M	331M	313M	211M	236M	265M	210M	214M	189M
Days Payables Outstanding	64.37	94.48	70	76.32	54.35	59.78	61.96	50.33	52.25	54.11
Short-Term Debt	170M	235M	254M	166M	280M	374M	0	16M	0	21M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	476M	126M	255M	101M	132M	50M	0	0	106M	0
Current Ratio	2.33x	1.97x	1.59x	1.89x	1.90x	1.84x	3.20x	3.30x	2.44x	2.85x
Quick Ratio	1.90x	1.31x	0.98x	1.10x	1.28x	1.33x	2.06x	1.93x	1.33x	1.51x
Cash Conversion Cycle	89.32	148.72	166.22	150.98	154.93	123.83	146.48	156.01	122.79	156.92
Total Non-Current Liabilities+	5.6B	4.24B	3.77B	2.92B	3.03B	2.93B	2.44B	2.39B	2.29B	2.28B
Long-Term Debt	2.33B	2.58B	2.27B	1.5B	1.57B	1.6B	1.27B	1.31B	1.35B	1.38B
Capital Lease Obligations	0	0	0	0	114M	110M	94M	106M	99M	85M
Deferred Tax Liabilities	315M	375M	279M	264M	229M	237M	176M	148M	29M	31M
Other Non-Current Liabilities	2.96B	1.28B	1.22B	1.16B	1.11B	983M	900M	818M	810M	784M
Total Liabilities	6.83B	5.21B	4.85B	3.68B	3.84B	3.86B	2.99B	2.84B	2.78B	2.71B
Total Debt+	2.5B	2.82B	2.53B	1.67B	1.99B	2.1B	1.38B	1.46B	1.47B	1.49B
Net Debt	1.48B	2.25B	2.23B	1.44B	1.53B	1.89B	737M	1.04B	1.17B	1.27B
Debt / Equity	0.79x	0.83x	0.74x	0.47x	0.66x	0.76x	0.43x	0.47x	0.51x	0.78x
Debt / EBITDA	9.82x	8.03x	6.67x	4.59x	-	4.82x	2.41x	3.51x	5.92x	-
Net Debt / EBITDA	5.82x	6.42x	5.90x	3.95x	-	4.34x	1.28x	2.51x	4.71x	-
Interest Coverage	-0.28x	0.22x	0.88x	0.75x	-5.07x	2.63x	5.05x	3.02x	-0.49x	-12.30x
Total Equity+	3.17B	3.41B	3.41B	3.57B	3.04B	2.75B	3.22B	3.1B	2.87B	1.9B
Equity Growth %	0.04%	0.08%	0%	0.05%	-0.15%	-0.09%	0.17%	-0.04%	-0.07%	-0.34%
Book Value per Share	50.24	54.94	53.22	56.68	49.77	45.11	57.50	57.35	57.36	41.39
Total Shareholders' Equity	3.35B	3.41B	3.41B	3.57B	3.04B	2.75B	3.22B	3.1B	2.87B	1.9B
Common Stock	1M	1M	1M	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	2.7B	2.7B	2.75B	3.22B	2.65B	2.8B	3.65B	3.6B	3.31B	2.3B
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-281M	-222M	-291M	-410M	-383M	-372M	-569M	-503M	-448M	-401M
Minority Interest	-182M	0	0	0	0	0	0	0	0	0

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	678M	383M	297M	241M	203M	560M	-213M	243M	411M	94M
Operating CF Margin %	0.22%	0.17%	0.11%	0.11%	0.1%	0.27%	-0.09%	0.11%	0.19%	0.05%
Operating CF Growth %	1.04%	-0.44%	-0.22%	-0.19%	-0.16%	1.76%	-1.38%	2.14%	0.69%	-0.77%
Net Income	-28M	28M	114M	505M	-508M	220M	181M	168M	199M	-822M
Depreciation & Amortization	302M	301M	278M	277M	235M	244M	241M	243M	274M	237M
Stock-Based Compensation	30M	20M	44M	21M	14M	15M	18M	22M	15M	0
Deferred Taxes	-29M	-30M	-100M	20M	-42M	-26M	-35M	-32M	-302M	73M
Other Non-Cash Items	360M	117M	-49M	-453M	495M	27M	-347M	-100M	-2M	797M
Working Capital Changes	43M	-53M	10M	-129M	9M	80M	-271M	-58M	227M	-191M
Change in Receivables	77M	0	0	0	2M	72M	72M	58M	96M	-3M
Change in Inventory	48M	0	0	0	64M	41M	41M	-7M	79M	-28M
Change in Payables	0	0	0	0	0	3M	0	0	0	0
Cash from Investing+	-332M	-1.12B	-202M	849M	8M	-381M	1.56B	-109M	-51M	-3M
Capital Expenditures	-231M	-199M	-157M	-154M	-133M	-105M	-113M	-170M	-137M	-98M
CapEx % of Revenue	0.08%	0.09%	0.06%	0.07%	0.07%	0.05%	0.05%	0.08%	0.06%	0.05%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-38M	-273M	-36M	999M	132M	28M	1.67B	61M	60M	15M
Cash from Financing+	-407M	119M	-368M	-1.15B	9M	-426M	-896M	-371M	-479M	-179M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-97M	-77M	-60M	-64M	-66M	-70M	-70M	-76M	-78M	-76M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.28B	-32M	-12M	-10M	-18M	-13M	-11M	-11M	-5M	-3M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	447M	166M	140M	87M	70M	455M	-326M	73M	274M	-4M
FCF Margin %	0.15%	0.07%	0.05%	0.04%	0.03%	0.22%	-0.14%	0.03%	0.13%	-0%
FCF Growth %	5.48%	-0.63%	-0.16%	-0.38%	-0.2%	5.5%	-1.72%	1.22%	2.75%	-1.01%
FCF per Share	7.10	2.68	2.19	1.38	1.15	7.46	-5.82	1.35	5.48	-0.09
FCF Conversion (FCF/Net Income)	-23.38x	383.00x	2.61x	0.48x	-0.40x	2.55x	-0.23x	1.37x	2.43x	-0.11x
Interest Paid	162M	132M	126M	124M	77M	62M	56M	53M	52M	0
Taxes Paid	108M	79M	77M	67M	91M	1M	406M	63M	53M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-0.94%	0.03%	3.35%	14.48%	-15.38%	7.6%	31.04%	5.64%	5.67%	-35.41%
Return on Invested Capital (ROIC)	-0.74%	0.71%	1.35%	1.21%	-7.22%	3.13%	5.81%	3.19%	-0.48%	-16.11%
Gross Margin	29.38%	31.57%	33.33%	30.31%	29.71%	31.74%	34.71%	30.49%	29.25%	30.1%
Net Margin	-0.96%	0.04%	4.4%	23.51%	-25.2%	10.42%	38.77%	8.12%	8%	-46.33%
Debt / Equity	0.79x	0.83x	0.74x	0.47x	0.66x	0.76x	0.43x	0.47x	0.51x	0.78x
Interest Coverage	-0.28x	0.22x	0.88x	0.75x	-5.07x	2.63x	5.05x	3.02x	-0.49x	-12.30x
FCF Conversion	-23.38x	383.00x	2.61x	0.48x	-0.40x	2.55x	-0.23x	1.37x	2.43x	-0.11x
Revenue Growth	-11.73%	-23.52%	12.13%	-17.03%	-6.15%	4.71%	13.26%	-8.36%	-3.56%	-13.68%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Specialty Additives	-	-	-	-	199M	203M	719M	600M	572M	433M
Specialty Additives Growth	-	-	-	-	-	2.01%	254.19%	-16.55%	-4.67%	-24.30%
Life Sciences	-	-	-	-	226M	229M	815M	869M	810M	418M
Life Sciences Growth	-	-	-	-	-	1.33%	255.90%	6.63%	-6.79%	-48.40%
Personal Care And Household	-	-	-	-	185M	180M	-	598M	634M	345M
Personal Care And Household Growth	-	-	-	-	-	-2.70%	-	-	6.02%	-45.58%
Intermediates And Solvents	-	-	331M	111M	73M	114M	-	185M	144M	121M
Intermediates And Solvents Growth	-	-	-	-66.47%	-34.23%	56.16%	-	-	-22.16%	-15.97%
Personal Care	-	-	-	-	-	-	678M	-	-	-
Personal Care Growth	-	-	-	-	-	-	-	-	-	-
Intermediates	-	-	-	-	-	-	256M	-	-	-
Intermediates Growth	-	-	-	-	-	-	-	-	-	-
Performance Adhesives	-	-	-	-	263M	-	-	-	-	-
Performance Adhesives Growth	-	-	-	-	-	-	-	-	-	-
Specialty Ingredients	2.09B	2.22B	2.47B	2.38B	-	-	-	-	-	-
Specialty Ingredients Growth	-	6.08%	11.46%	-3.56%	-	-	-	-	-	-
Composites	-	779M	942M	-	-	-	-	-	-	-
Composites Growth	-	-	20.92%	-	-	-	-	-	-	-
Intermediates and Solvents	-	265M	-	-	-	-	-	-	-	-
Intermediates and Solvents Growth	-	-	-	-	-	-	-	-	-	-
Consumer Markets	1.93B	-	-	-	-	-	-	-	-	-
Consumer Markets Growth	-	-	-	-	-	-	-	-	-	-
Performance Materials	930M	-	-	-	-	-	-	-	-	-
Performance Materials Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Non-US	2.39B	2.01B	-	-	-	-	1.66B	1.56B	1.49B	-
Non-US Growth	-	-15.71%	-	-	-	-	-	-6.20%	-4.37%	-
UNITED STATES	2.56B	1.25B	1.42B	959M	878M	637M	731M	634M	624M	-
UNITED STATES Growth	-	-51.27%	13.78%	-32.46%	-8.45%	-27.45%	14.76%	-13.27%	-1.58%	-
Non Us	-	-	2.32B	1.53B	1.45B	1.47B	-	-	-	-
Non Us Growth	-	-	-	-33.96%	-5.61%	1.80%	-	-	-	-

Frequently Asked Questions

Growth & Financials

Ashland Inc. (ASH) reported $1.82B in revenue for fiscal year 2025. This represents a 72% decrease from $6.47B in 2012.

Ashland Inc. (ASH) saw revenue decline by 13.7% over the past year.

Ashland Inc. (ASH) reported a net loss of $844.0M for fiscal year 2025.

Dividend & Returns

Yes, Ashland Inc. (ASH) pays a dividend with a yield of 2.57%. This makes it attractive for income-focused investors.

Ashland Inc. (ASH) has a return on equity (ROE) of -35.4%. Negative ROE indicates the company is unprofitable.

Ashland Inc. (ASH) generated $116.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.