FirmAtlas
Company handbook · ASH · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
ASH · CIK 1674862 · LATEST FILING: 10-Q JUN '26 · FILED JUL 29, 2026
ASHLAND INC.
$71.15
−0.44 (−0.61%)
Close, Oct 16, 2026 · 52-week $47–78
Ashland makes additives and specialty ingredients: polymers that bind, coat or thicken medicine tablets, foods, skin and hair care products, paints and building materials. It also makes intermediate chemicals such as BDO.
Business
- SegmentsLife Sciences 34% · Personal Care And Household 31% · Specialty Additives 27% · Intermediatesand Solvents 7% (FY25)
- RegionsOutside US 75% · US 25% (FY25)
- CustomersMakers of medicines, food, personal care products, paints and coatings, and building materials; sold by its own sales force and through distributors
- Cash useFY24–FY25: buybacks $480M · capex $235M · dividends $154M
Reinvested 39% of operating cash flow · returned 176% of free cash flow
Last fiscal year
ASHLAND INC. reported revenue of $1.8B for the year ended Sep 30, 2025 (FY25), down 13.7% from FY24. Net loss was $845M, operating cash flow $134M and free cash flow $36M. Source: 10-K filed Nov 20, 2025.
Market cap
$3.3B
P/E
64.2
P/B
1.8
Div yield
2.35%
ROIC
−22.2%
Revenue 1Y
−13.7%/yr
EPS 1Y
n/m
Shares 1Y
−8%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOGuillermo Novo
HQWilmington, DE
AuditorErnst & Young LLP
Employees2,900
Year endsSeptember
Revenue by segment · FY25
Life Sciences34%
Personal Care And Household31%
Specialty Additives27%
Intermediatesand Solvents7%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
−4.6%
−5.8%
−2.7%
45.4%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$869M deployed
Capex
$235M
27.0%
Dividends
$154M
17.7%
Buybacks
$480M
55.2%
Operating cash flow over the period: $596M. Total debt changed by +$35M. R&D of $109M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Sep 30, 2025 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
2,113
1,824−13.7%
1,842
YoY
−13.7%
Gross profit
618
549−11.2%
581
Gross margin
29.2%
30.1%+0.9 pp
—
Operating income
(26)
(775)n/m
137
Operating margin
−1.2%
−42.5%−41.3 pp
—
EBITDA
248
(538)−316.9%
—
EBITDA margin
11.7%
−29.5%−41.2 pp
—
Interest expense
53
61+15.1%
—
Interest coverage
4.68x
−8.82x−13.50x
—
Net income
169
(845)−600.0%
51
YoY
−600.0%
Net margin
8.0%
−46.3%−54.3 pp
—
EPS (diluted, $)
3.36
−18.23−642.6%
1.10
YoY
−642.6%
Balance sheet
Total assets
5,645
4,611−18.3%
4,578
Cash & short-term investments
300
215−28.3%
—
Accounts receivable
243
242−0.4%
—
Inventory
545
568+4.2%
—
Net PP&E
1,303
1,201−7.8%
—
Other assets
3,254
2,385−26.7%
—
Total liabilities
2,777
2,707−2.5%
2,708
Accounts payable
214
189−11.7%
—
Total debt
1,349
1,384+2.6%
1,374
Other liabilities
1,214
1,134−6.6%
—
Shareholders’ equity
2,868
1,904−33.6%
1,870
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
462
134−71.0%
335
Net income
169
(845)−600.0%
—
Depreciation & amortization
274
237−13.5%
—
Stock-based compensation
15
14−6.7%
—
Working capital & other
4
728+18100.0%
—
Cash from investing
(51)
(3)n/m
—
Capex
(137)
(98)n/m
—
PP&E sold
0
16n/m
—
Investments bought
(53)
(54)n/m
—
Other investing
139
133−4.3%
—
Cash from financing
(479)
(179)n/m
—
Debt repaid
0
—
—
Dividends
(78)
(76)n/m
—
Buybacks
(380)
(100)n/m
—
Other financing
(21)
(3)n/m
—
Net change in cash
(117)
(85)n/m
—
Free cash flow (OCF − capex)
325
36−88.9%
250
Where the cash went
Operating cash flow
462
134−71.0%
335
Reinvested in the business
137
98−28.5%
—
% of operating cash flow
29.7%
73.1%
Capex
137
98−28.5%
85
R&D (memo, already in costs)
55
54−1.8%
—
Free cash flow
325
36−88.9%
250
YoY
−88.9%
Returned to shareholders
458
176−61.6%
—
% of free cash flow
140.9%
488.9%
Dividends
78
76−2.6%
—
Buybacks
380
100−73.7%
—
Change in total debt
—
35
—
Cash left over
—
(105)
—
FCF conversion (FCF ÷ net income)
192.3%
—
—
Owner earnings
—
(753)
—
Owner earnings margin
—
−41.3%
—
Buyback yield
8.7%
4.5%−4.2 pp
—
Returns & ratios
ROIC (all capital)
−0.3%
−22.2%−21.9 pp
—
ROIC (operating)
−0.6%
−41.9%−41.3 pp
—
Net debt / EBITDA
4.23x
—
—
Debt / equity
0.47x
0.73x+0.26x
—
Cash conversion cycle (days)
123
157+34 d
—
ROE
5.9%
−44.4%−50.3 pp
—
ROA
3.0%
−18.3%−21.3 pp
—
ROCE
−0.5%
−18.5%−18.0 pp
—
NOPAT
(10)
(775)n/m
—
Invested capital (operating)
1,877
1,822−2.9%
—
Invested capital (all)
3,917
3,073−21.5%
—
Reinvestment rate
—
7.1%
—
Debtor days
42
48+6 d
—
Inventory days
133
163+30 d
—
Days payable
52
54+2 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
477
386
482
497
vs year-ago quarter
Gross profit
159
105
147
170
Gross margin
33.3%
27.2%
30.5%
34.2%
Operating income
61
(6)
39
43
Net income
31
(12)
16
16
vs year-ago quarter
Net margin
6.5%
−3.1%
3.3%
3.2%
EPS (diluted, $)
0.67
−0.26
0.34
0.35
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
4,611
4,519
4,499
4,578
Cash & equivalents
215
304
343
440
Total debt
1,384
1,387
1,374
1,374
Shareholders’ equity
1,904
1,878
1,866
1,870
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
40
125
50
120
Capex
34
14
17
20
Free cash flow
6
111
33
100
vs year-ago quarter