8-K Announcements
6Apr 28, 2026·SEC
Feb 2, 2026·SEC
Jan 27, 2026·SEC
Ashland Inc. (ASH) fundamental analysis — strengths, weaknesses & financial health based on data analysis
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Ashland Inc. (ASH) stock price & volume — 10-year historical chart
Ashland Inc. (ASH) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Ashland Inc. (ASH) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 28, 2026 | $0.91vs $0.97-6.2% | $482Mvs $486M-0.7% |
| Q1 2026 | Feb 2, 2026 | $0.26vs $0.23+13.0% | $386Mvs $401M-3.7% |
| Q4 2025 | Nov 4, 2025 | $1.08vs $1.17-7.7% | $478Mvs $397M+20.4% |
| Q3 2025 | Jul 29, 2025 | $1.04vs $1.15-9.6% | $463Mvs $483M-4.1% |
Ashland Inc. (ASH) competitors in Specialty additives and formulation chemicals — business model, growth, and fundamentals comparison
Ashland Inc. (ASH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Ashland Inc. (ASH) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Sep'17 | Sep'18 | Sep'19 | Sep'20 | Sep'21 | Sep'22 | Sep'23 | Sep'24 | Sep'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 2.31B | 2.59B | 2.15B | 2.02B | 2.11B | 2.39B | 2.19B | 2.11B | 1.82B | 1.81B |
| Revenue Growth % | -23.52% | 12.13% | -17.03% | -6.15% | 4.71% | 13.26% | -8.36% | -3.56% | -13.68% | -7.23% |
| Cost of Goods Sold | 1.58B | 1.73B | 1.5B | 1.42B | 1.44B | 1.56B | 1.52B | 1.5B | 1.27B | 1.29B |
| COGS % of Revenue | 68.43% | 66.67% | 69.69% | 70.29% | 68.26% | 65.29% | 69.51% | 70.75% | 69.9% | - |
| Gross Profit | 729M▲ 0% | 863M▲ 18.4% | 651M▼ 24.6% | 599M▼ 8.0% | 670M▲ 11.9% | 830M▲ 23.9% | 668M▼ 19.5% | 618M▼ 7.5% | 549M▼ 11.2% | 518M▲ 0% |
| Gross Margin % | 31.57% | 33.33% | 30.31% | 29.71% | 31.74% | 34.71% | 30.49% | 29.25% | 30.1% | 28.63% |
| Gross Profit Growth % | -17.81% | 18.38% | -24.57% | -7.99% | 11.85% | 23.88% | -19.52% | -7.49% | -11.16% | - |
| Operating Expenses | 680M | 761M | 565M | 1.06B | 478M | 497M | 496M | 644M | 1.32B | 1.12B |
| OpEx % of Revenue | 29.45% | 29.39% | 26.3% | 52.58% | 22.64% | 20.79% | 22.64% | 30.48% | 72.59% | - |
| Selling, General & Admin | 610M | 599M | 426M | 400M | 358M | 393M | 365M | 404M | 345M | 331M |
| SG&A % of Revenue | 26.42% | 23.14% | 19.83% | 19.84% | 16.96% | 16.44% | 16.66% | 19.12% | 18.91% | - |
| Research & Development | 83M | 73M | 58M | 56M | 50M | 55M | 51M | 55M | 54M | 53M |
| R&D % of Revenue | 3.59% | 2.82% | 2.7% | 2.78% | 2.37% | 2.3% | 2.33% | 2.6% | 2.96% | - |
| Other Operating Expenses | -3M | 89M | 81M | 604M | 70M | 49M | 80M | 185M | 925M | 2M |
| Operating Income | 49M▲ 0% | 102M▲ 108.2% | 86M▼ 15.7% | -461M▼ 636.0% | 192M▲ 141.6% | 333M▲ 73.4% | 172M▼ 48.3% | -26M▼ 115.1% | -775M▼ 2880.8% | -614M▲ 0% |
| Operating Margin % | 2.12% | 3.94% | 4% | -22.87% | 9.1% | 13.93% | 7.85% | -1.23% | -42.49% | -33.94% |
| Operating Income Growth % | 198% | 108.16% | -15.69% | -636.05% | 141.65% | 73.44% | -48.35% | -115.12% | -2880.77% | - |
| EBITDA | 351M | 379M | 363M | -226M | 436M | 574M | 415M | 248M | -538M | -430M |
| EBITDA Margin % | 15.2% | 14.64% | 16.9% | -11.21% | 20.65% | 24.01% | 18.94% | 11.74% | -29.5% | -23.77% |
| EBITDA Growth % | 38.19% | 7.98% | -4.22% | -162.26% | 292.92% | 31.65% | -27.7% | -40.24% | -316.94% | -741.79% |
| D&A (Non-Cash Add-back) | 302M | 277M | 277M | 235M | 244M | 241M | 243M | 274M | 237M | 184M |
| EBIT | 151M | 127M | 105M | -489M | 204M | 268M | 214M | 29M | -746M | -607M |
| Net Interest Income | -240M | -116M | -116M | -90M | -72M | -62M | -45M | -43M | -58M | -44M |
| Interest Income | 4M | 0 | 2M | 1M | 1M | 4M | 12M | 10M | 5M | 4M |
| Interest Expense | 227M | 116M | 114M | 91M | 73M | 66M | 57M | 53M | 63M | 66M |
| Other Income/Expense | -245M | -91M | -95M | -116M | -57M | -127M | -12M | 2M | -34M | -21M |
| Pretax Income | -196M▲ 0% | 11M▲ 105.6% | -9M▼ 181.8% | -577M▼ 6311.1% | 135M▲ 123.4% | 206M▲ 52.6% | 160M▼ 22.3% | -24M▼ 115.0% | -809M▼ 3270.8% | -635M▲ 0% |
| Pretax Margin % | -8.49% | 0.42% | -0.42% | -28.62% | 6.4% | 8.62% | 7.3% | -1.14% | -44.35% | -35.1% |
| Income Tax | -16M | -8M | 30M | -22M | -38M | 25M | -8M | -223M | 13M | 50M |
| Effective Tax Rate % | 8.16% | -72.73% | -333.33% | 3.81% | -28.15% | 12.14% | -5% | 929.17% | -1.61% | -7.87% |
| Net Income | 1M▲ 0% | 114M▲ 11300.0% | 505M▲ 343.0% | -508M▼ 200.6% | 220M▲ 143.3% | 927M▲ 321.4% | 178M▼ 80.8% | 169M▼ 5.1% | -845M▼ 600.0% | -706M▲ 0% |
| Net Margin % | 0.04% | 4.4% | 23.51% | -25.2% | 10.42% | 38.77% | 8.12% | 8% | -46.33% | -39.03% |
| Net Income Growth % | 103.45% | 11300% | 342.98% | -200.59% | 143.31% | 321.36% | -80.8% | -5.06% | -600% | -530.36% |
| Net Income (Continuing) | -180M | 19M | -39M | -555M | 173M | 181M | 168M | 199M | -822M | -684M |
| Discontinued Operations | 208M | 95M | 544M | 47M | 47M | 746M | 10M | -30M | -23M | -1000K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.02▲ 0% | 1.78▲ 10955.9% | 8.03▲ 351.1% | -8.39▼ 204.5% | 3.66▲ 143.6% | 16.41▲ 348.4% | 3.31▼ 79.8% | 3.38▲ 2.1% | -18.37▼ 643.5% | -15.35▲ 0% |
| EPS Growth % | 103.5% | 10955.9% | 351.12% | -204.48% | 143.62% | 348.36% | -79.83% | 2.11% | -643.49% | -539.17% |
| EPS (Basic) | 0.02 | 1.84 | 8.15 | -8.33 | 2.85 | 17.17 | 3.36 | 3.45 | -18.37 | - |
| Diluted Shares Outstanding | 62M | 64M | 63M | 61M | 61M | 56M | 54M | 50M | 46M | 46M |
| Basic Shares Outstanding | 62M | 62M | 63M | 61M | 78.01M | 54M | 53M | 49M | 46M | 46M |
| Dividend Payout Ratio | 7700% | 52.63% | 12.67% | - | 31.82% | 7.55% | 42.7% | 46.15% | - | - |
Ashland Inc. (ASH) balance sheet — assets, liabilities & shareholders' equity
| Line item | Sep'17 | Sep'18 | Sep'19 | Sep'20 | Sep'21 | Sep'22 | Sep'23 | Sep'24 | Sep'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 1.9B | 1.71B | 1.43B | 1.55B | 1.72B | 1.77B | 1.51B | 1.2B | 1.21B | 1.21B |
| Cash & Short-Term Investments | 566M | 294M | 232M | 454M | 210M | 646M | 417M | 300M | 215M | 343M |
| Cash Only | 566M | 294M | 232M | 454M | 210M | 646M | 417M | 300M | 215M | 343M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 612M | 681M | 481M | 436M | 369M | 402M | 338M | 243M | 242M | 244M |
| Days Sales Outstanding | 96.74 | 96.01 | 81.73 | 78.94 | 63.8 | 61.37 | 56.31 | 41.98 | 48.43 | 42.17 |
| Inventory | 634M | 663M | 597M | 506M | 473M | 629M | 626M | 545M | 568M | 506M |
| Days Inventory Outstanding | 146.46 | 140.21 | 145.56 | 130.34 | 119.81 | 147.08 | 150.03 | 133.06 | 162.6 | 155.85 |
| Other Current Assets | 91M | 74M | 123M | 165M | 665M | 91M | 125M | 107M | 180M | 116M |
| Total Non-Current Assets | 6.71B | 6.54B | 5.82B | 5.33B | 4.89B | 4.45B | 4.43B | 4.45B | 3.41B | 3.29B |
| Property, Plant & Equipment | 1.97B | 1.9B | 1.58B | 1.61B | 1.55B | 1.45B | 1.5B | 1.42B | 1.3B | 1.26B |
| Fixed Asset Turnover | 1.17x | 1.36x | 1.36x | 1.25x | 1.36x | 1.65x | 1.47x | 1.49x | 1.40x | 1.41x |
| Goodwill | 2.46B | 2.45B | 2.25B | 1.3B | 1.43B | 1.31B | 1.36B | 1.38B | 705M | 700M |
| Intangible Assets | 1.32B | 1.23B | 1.09B | 1.02B | 1.11B | 969M | 892M | 757M | 563M | 529M |
| Long-Term Investments | 32M | 8M | 6M | 5M | 4M | 3M | 3M | 3M | 424M | 845M |
| Other Non-Current Assets | 901M | 931M | 871M | 1.37B | 774M | 696M | 659M | 682M | 253M | 1.81B |
| Total Assets | 8.62B▲ 0% | 8.25B▼ 4.2% | 7.25B▼ 12.1% | 6.88B▼ 5.2% | 6.61B▼ 3.9% | 6.21B▼ 6.0% | 5.94B▼ 4.4% | 5.64B▼ 5.0% | 4.61B▼ 18.3% | 4.5B▲ 0% |
| Asset Turnover | 0.27x | 0.31x | 0.30x | 0.29x | 0.32x | 0.38x | 0.37x | 0.37x | 0.40x | 0.40x |
| Asset Growth % | -13.82% | -4.25% | -12.13% | -5.16% | -3.85% | -6.03% | -4.41% | -4.95% | -18.32% | -65.37% |
| Total Current Liabilities | 968M | 1.07B | 757M | 813M | 934M | 553M | 456M | 490M | 423M | 395M |
| Accounts Payable | 409M | 331M | 313M | 211M | 236M | 265M | 210M | 214M | 189M | 0 |
| Days Payables Outstanding | 94.48 | 70 | 76.32 | 54.35 | 59.78 | 61.96 | 50.33 | 52.25 | 54.11 | 37.96 |
| Short-Term Debt | 235M | 254M | 166M | 280M | 374M | 0 | 16M | 0 | 21M | 19M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 126M | 255M | 101M | 132M | 50M | 0 | 0 | 106M | 206M | 376M |
| Current Ratio | 1.97x | 1.59x | 1.89x | 1.90x | 1.84x | 3.20x | 3.30x | 2.44x | 2.85x | 2.85x |
| Quick Ratio | 1.31x | 0.98x | 1.10x | 1.28x | 1.33x | 2.06x | 1.93x | 1.33x | 1.51x | 1.51x |
| Cash Conversion Cycle | 148.72 | 166.22 | 150.98 | 154.93 | 123.83 | 146.48 | 156.01 | 122.79 | 156.92 | 160.07 |
| Total Non-Current Liabilities | 4.24B | 3.77B | 2.92B | 3.03B | 2.93B | 2.44B | 2.39B | 2.29B | 2.28B | 2.24B |
| Long-Term Debt | 2.58B | 2.27B | 1.5B | 1.57B | 1.6B | 1.27B | 1.31B | 1.35B | 1.47B | 1.46B |
| Capital Lease Obligations | 0 | 0 | 0 | 114M | 110M | 94M | 106M | 99M | 85M | 252M |
| Deferred Tax Liabilities | 375M | 279M | 264M | 229M | 237M | 176M | 148M | 29M | 31M | 118M |
| Other Non-Current Liabilities | 1.28B | 1.22B | 1.16B | 1.11B | 983M | 900M | 818M | 810M | 699M | 3.08B |
| Total Liabilities | 5.21B | 4.85B | 3.68B | 3.84B | 3.86B | 2.99B | 2.84B | 2.78B | 2.71B | 2.63B |
| Total Debt | 2.82B | 2.53B | 1.67B | 1.99B | 2.1B | 1.38B | 1.46B | 1.47B | 1.57B | 1.48B |
| Net Debt | 2.25B | 2.23B | 1.44B | 1.53B | 1.89B | 737M | 1.04B | 1.17B | 1.36B | 1.14B |
| Debt / Equity | 0.83x | 0.74x | 0.47x | 0.66x | 0.76x | 0.43x | 0.47x | 0.51x | 0.83x | 0.83x |
| Debt / EBITDA | 8.03x | 6.67x | 4.59x | - | 4.82x | 2.41x | 3.51x | 5.92x | - | -3.44x |
| Net Debt / EBITDA | 6.42x | 5.90x | 3.95x | - | 4.34x | 1.28x | 2.51x | 4.71x | - | -2.64x |
| Interest Coverage | 0.67x | 1.09x | 0.92x | -5.37x | 2.79x | 4.06x | 3.75x | 0.55x | -11.84x | -9.20x |
| Total Equity | 3.41B▲ 0% | 3.41B▲ 0.0% | 3.57B▲ 4.8% | 3.04B▼ 15.0% | 2.75B▼ 9.4% | 3.22B▲ 17.0% | 3.1B▼ 3.8% | 2.87B▼ 7.4% | 1.9B▼ 33.6% | 1.87B▲ 0% |
| Equity Growth % | 7.61% | 0% | 4.84% | -14.98% | -9.35% | 17.01% | -3.82% | -7.39% | -33.61% | -125.1% |
| Book Value per Share | 54.94 | 53.22 | 56.68 | 49.77 | 45.11 | 57.50 | 57.35 | 57.36 | 41.39 | 40.57 |
| Total Shareholders' Equity | 3.41B | 3.41B | 3.57B | 3.04B | 2.75B | 3.22B | 3.1B | 2.87B | 1.9B | 1.87B |
| Common Stock | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 1M | 0 |
| Retained Earnings | 2.7B | 2.75B | 3.22B | 2.65B | 2.8B | 3.65B | 3.6B | 3.31B | 2.3B | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -222M | -291M | -410M | -383M | -372M | -569M | -503M | -448M | -401M | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Ashland Inc. (ASH) cash flow — operating, investing & free cash flow history
| Line item | Sep'17 | Sep'18 | Sep'19 | Sep'20 | Sep'21 | Sep'22 | Sep'23 | Sep'24 | Sep'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 383M | 297M | 241M | 203M | 560M | -213M | 243M | 411M | 94M | 94M |
| Operating CF Margin % | 16.59% | 11.47% | 11.22% | 10.07% | 26.53% | -8.91% | 11.09% | 19.45% | 5.15% | - |
| Operating CF Growth % | -43.51% | -22.45% | -18.86% | -15.77% | 175.86% | -138.04% | 214.08% | 69.14% | -77.13% | 5385.36% |
| Net Income | 28M | 114M | 505M | -508M | 220M | 181M | 168M | 199M | -822M | -706M |
| Depreciation & Amortization | 301M | 278M | 277M | 235M | 244M | 241M | 243M | 274M | 237M | 291M |
| Stock-Based Compensation | 20M | 44M | 21M | 14M | 15M | 18M | 22M | 15M | 14M | 13M |
| Deferred Taxes | -30M | -100M | 20M | -42M | -26M | -35M | -32M | -302M | 73M | 11M |
| Other Non-Cash Items | 117M | -49M | -453M | 495M | 27M | -347M | -100M | -2M | 783M | 1.41B |
| Working Capital Changes | -53M | 10M | -129M | 9M | 80M | -271M | -58M | 227M | -191M | 136M |
| Change in Receivables | 0 | 0 | 0 | 2M | 72M | 72M | 58M | 96M | -3M | 0 |
| Change in Inventory | 0 | 0 | 0 | 64M | 41M | 41M | -7M | 79M | -28M | 0 |
| Change in Payables | 0 | 0 | 0 | 0 | 3M | 0 | 0 | 0 | -63M | 0 |
| Cash from Investing | -1.12B | -202M | 849M | 8M | -381M | 1.56B | -109M | -51M | -3M | -93M |
| Capital Expenditures | -199M | -157M | -154M | -133M | -105M | -113M | -170M | -137M | -98M | -71M |
| CapEx % of Revenue | 8.62% | 6.06% | 7.17% | 6.6% | 4.97% | 4.73% | 7.76% | 6.48% | 5.37% | - |
| Acquisitions | -662M | -7M | -2M | 9M | -304M | 0 | 0 | 26M | 16M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -273M | -36M | 999M | 132M | 28M | 1.67B | 61M | 60M | 15M | -22M |
| Cash from Financing | 119M | -368M | -1.15B | 9M | -426M | -896M | -371M | -479M | -179M | -180M |
| Debt Issued (Net) | 243M | -296M | -875M | 93M | 107M | -615M | 16M | -16M | 0 | -100M |
| Equity Issued (Net) | -15M | 0 | -200M | 0 | -450M | -200M | -300M | -380M | -100M | -2M |
| Dividends Paid | -77M | -60M | -64M | -66M | -70M | -70M | -76M | -78M | -76M | -76M |
| Share Repurchases | -15M | -10M | -200M | 0 | -450M | -200M | -300M | -380M | -100M | 0 |
| Other Financing | -32M | -12M | -10M | -18M | -13M | -11M | -11M | -5M | -3M | -2M |
| Net Change in Cash | -451M▲ 0% | -272M▲ 39.7% | -62M▲ 77.2% | 222M▲ 458.1% | -244M▼ 209.9% | 436M▲ 278.7% | -229M▼ 152.5% | -117M▲ 48.9% | -85M▲ 27.4% | 206M▲ 0% |
| Free Cash Flow | 166M▲ 0% | 140M▼ 15.7% | 87M▼ 37.9% | 70M▼ 19.5% | 455M▲ 550.0% | -326M▼ 171.6% | 73M▲ 122.4% | 274M▲ 275.3% | -4M▼ 101.5% | 343M▲ 0% |
| FCF Margin % | 7.19% | 5.41% | 4.05% | 3.47% | 21.55% | -13.63% | 3.33% | 12.97% | -0.22% | 18.96% |
| FCF Growth % | -62.86% | -15.66% | -37.86% | -19.54% | 550% | -171.65% | 122.39% | 275.34% | -101.46% | 939.39% |
| FCF per Share | 2.68 | 2.19 | 1.38 | 1.15 | 7.46 | -5.82 | 1.35 | 5.48 | -0.09 | -0.09 |
| FCF Conversion (FCF/Net Income) | 383.00x | 2.61x | 0.48x | -0.40x | 2.55x | -0.23x | 1.37x | 2.43x | -0.11x | -0.49x |
| Interest Paid | 132M | 126M | 124M | 77M | 62M | 56M | 53M | 52M | 54M | 0 |
| Taxes Paid | 79M | 77M | 67M | 91M | 1M | 406M | 63M | 53M | 33M | 0 |
Ashland Inc. (ASH) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | 0.03% | 3.35% | 14.48% | -15.38% | 7.6% | 31.04% | 5.64% | 5.67% | -35.41% | -37.54% |
| Return on Invested Capital (ROIC) | 0.71% | 1.35% | 1.21% | -7.22% | 3.13% | 5.81% | 3.19% | -0.48% | -15.92% | -15.92% |
| Gross Margin | 31.57% | 33.33% | 30.31% | 29.71% | 31.74% | 34.71% | 30.49% | 29.25% | 30.1% | 28.63% |
| Net Margin | 0.04% | 4.4% | 23.51% | -25.2% | 10.42% | 38.77% | 8.12% | 8% | -46.33% | -39.03% |
| Debt / Equity | 0.83x | 0.74x | 0.47x | 0.66x | 0.76x | 0.43x | 0.47x | 0.51x | 0.83x | 0.83x |
| Interest Coverage | 0.67x | 1.09x | 0.92x | -5.37x | 2.79x | 4.06x | 3.75x | 0.55x | -11.84x | -9.20x |
| FCF Conversion | 383.00x | 2.61x | 0.48x | -0.40x | 2.55x | -0.23x | 1.37x | 2.43x | -0.11x | -0.49x |
| Revenue Growth | -23.52% | 12.13% | -17.03% | -6.15% | 4.71% | 13.26% | -8.36% | -3.56% | -13.68% | -7.23% |
Ashland Inc. (ASH) SEC filings — annual & quarterly reports (10-K, 10-Q)
Apr 28, 2026·SEC
Feb 2, 2026·SEC
Jan 27, 2026·SEC
Ashland Inc. (ASH) stock FAQ — growth, dividends, profitability & financials explained
Ashland Inc. (ASH) reported $1.81B in revenue for fiscal year 2025. This represents a 84% decrease from $11.33B in 1996.
Ashland Inc. (ASH) saw revenue decline by 13.7% over the past year.
Ashland Inc. (ASH) reported a net loss of $706.0M for fiscal year 2025.
Yes, Ashland Inc. (ASH) pays a dividend with a yield of 3.16%. 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 $343.0M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.
Ashland Inc. (ASH) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates