Ashland Inc. (ASH)
Ashland Inc. provides additives and specialty ingredients in the North and Latin America, Europe, Asia Pacific, and internationally. It operates through Life Sciences, Personal Care, Specialty Additives, and Intermediates segments. The Life Sciences segment offers pharmaceutical solutions, including controlled release polymers, disintegrants, tablet coatings, thickeners, solubilizers, and tablet binders; and nutrition solutions, such as thickeners, stabilizers, emulsifiers, and additives; agricultural chemicals; diagnostic films; and fine chemicals. Its Personal Care segment provides a range of natural, nature-derived, 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. Its Intermediates 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, personal care, and pharmaceutical. The company was formerly known as Ashland Global Holdings Inc. and changed its name to Ashland Inc. in August 2022. Ashland Inc. was founded in 1924 and is headquartered in Wilmington, Delaware.
- Symbol
- ASH
- Exchange
- NYSE
- Sector
- Basic Materials
- Industry
- Specialty Chemicals
- Market cap
- $3.16B
- 52 week range
- 46.3 - 78.25
Valuation
- Share price
- $69.01 (close of 2026-09-23)
- P/E (TTM)
- 54.77x
- Price to book
- 1.69x
- Price to free cash flow
- 12.64x
- Enterprise value
- $4.20B
- Book value per share
- $40.84
Price performance
| Period | Change |
|---|
| 1 day | -0.07% |
| 5 days | -1.79% |
| 1 month | -5.02% |
| 3 months | +7.93% |
| 6 months | +38.24% |
| Year to date | +17.62% |
| 1 year | +39.78% |
| 3 years | -17.01% |
| 5 years | -25.49% |
| 10 years | +19.31% |
| All time | +1042.55% |
Profitability and growth
- Return on equity
- -44.38%
- Return on invested capital
- -24.38%
- Return on assets
- -18.33%
- Return on capital employed
- -18.51%
- Gross margin
- 30.10%
- Net margin
- -46.33%
- EBITDA margin
- -29.50%
- Revenue growth
- -13.68%
- Net income growth
- -600.00%
- Free cash flow growth
- -88.92%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 7.91%
- Current ratio
- 3.05x
- Net debt to EBITDA
- 2.73x
Latest reported year
- Period end
- 2025-09-30
- Fiscal year
- 2025
- Revenue
- $1.82B
- Cost of revenue
- $1.27B
- Gross profit
- $549.00M
- EBITDA
- $-538.00M
- Net income
- $-845.00M
- Earnings per share
- $-18.23
- Research and development
- $54.00M
- Interest expense
- $2.00M
- Shares outstanding
- 46.00M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-09-30 | $1.82B | $549.00M | $-845.00M | $-18.23 |
| 2024-09-30 | $2.11B | $618.00M | $169.00M | $3.40 |
| 2023-09-30 | $2.19B | $668.00M | $178.00M | $3.36 |
| 2022-09-30 | $2.39B | $830.00M | $927.00M | $16.71 |
| 2021-09-30 | $2.11B | $670.00M | $220.00M | $3.63 |
| 2020-09-30 | $2.02B | $599.00M | $-508.00M | $-8.39 |
| 2019-09-30 | $2.15B | $651.00M | $505.00M | $8.15 |
| 2018-09-30 | $2.59B | $863.00M | $114.00M | $1.82 |
| 2017-09-30 | $2.31B | $729.00M | $1.00M | $0.01 |
| 2016-09-30 | $3.02B | $887.00M | $-29.00M | $-0.47 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-09-30 | 30.10% | -46.33% | -44.38% | -24.38% |
| 2024-09-30 | 29.25% | 8.00% | 5.89% | -0.32% |
| 2023-09-30 | 30.49% | 8.12% | 5.75% | 4.16% |
| 2022-09-30 | 34.71% | 38.77% | 28.79% | 7.78% |
| 2021-09-30 | 31.74% | 10.42% | 7.99% | 4.49% |
| 2020-09-30 | 29.71% | -25.20% | -16.73% | -10.23% |
| 2019-09-30 | 30.31% | 23.51% | 14.14% | 1.08% |
| 2018-09-30 | 33.33% | 4.40% | 3.35% | 1.81% |
| 2017-09-30 | 31.57% | 0.04% | 0.03% | 0.87% |
| 2016-09-30 | 29.38% | -0.96% | -0.92% | -0.56% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-09-30 | $215.00M | $1.38B |
| 2024-09-30 | $300.00M | $1.35B |
| 2023-09-30 | $417.00M | $1.31B |
| 2022-09-30 | $646.00M | $1.27B |
| 2021-09-30 | $210.00M | $1.60B |
| 2020-09-30 | $454.00M | $1.57B |
| 2019-09-30 | $232.00M | $1.50B |
| 2018-09-30 | $294.00M | $2.27B |
| 2017-09-30 | $566.00M | $2.58B |
| 2016-09-30 | $1.02B | $2.33B |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-09-30 | $36.00M | $14.00M |
| 2024-09-30 | $325.00M | $15.00M |
| 2023-09-30 | $124.00M | $22.00M |
| 2022-09-30 | $80.00M | $18.00M |
| 2021-09-30 | $361.00M | $15.00M |
| 2020-09-30 | $94.00M | $14.00M |
| 2019-09-30 | $-7.00M | $21.00M |
| 2018-09-30 | $84.00M | $27.00M |
| 2017-09-30 | $6.00M | $20.00M |
| 2016-09-30 | $154.00M | $30.00M |
Dividend history
- Most recent payment
- 2026-09-01
- Paid in the last twelve months
- $1.67
| Payment date | Dividend per share |
|---|
| 2026-09-01 | $0.42 |
| 2026-06-01 | $0.42 |
| 2026-02-27 | $0.41 |
| 2025-12-01 | $0.41 |
| 2025-08-29 | $0.41 |
| 2025-05-30 | $0.41 |
| 2025-02-28 | $0.41 |
| 2024-11-29 | $0.41 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-11-03
- Consensus EPS estimate
- $1.32
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-28 | Jun/2026 | $1.03 |
| 2026-04-28 | - | - |
| 2026-02-02 | - | - |
| 2025-11-04 | - | - |
| 2025-07-29 | - | - |
| 2025-04-30 | - | - |
| 2025-04-28 | - | - |
| 2025-01-28 | - | - |
Filings and sources
- Company website
- ashland.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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