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.

Ticker
ASH
Exchange
NYSE
Sector
Basic Materials
Industry
Specialty Chemicals
Market cap
$3.51B
52-week range
$48.00 - $79.50

Valuation

Share price
$76.62 (close of Nov 6, 2026)
P/E (TTM)
60.81x
Price to book
1.88x
Price to free cash flow
14.03x
Enterprise value
$4.54B
Book value per share
$40.84

Price performance

PeriodChange
1 day+0.45%
5 days+2.60%
1 month+7.96%
3 months+5.74%
6 months+40.36%
Year to date+30.59%
1 year+52.36%
3 years-0.83%
5 years-21.90%
10 years+38.58%
All time+1,169.23%

Short interest

As of
Oct 15, 2026
Short % of float
12.48%
Shares short
5.07M
Days to cover
8.99
Change since prior report
+9.73%
Source
FINRA consolidated short interest

Profitability and growth

Return on equity
-44.38%
Return on invested capital
-22.83%
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%
Free cash flow growth
-88.92%

Cash flow and balance sheet

Free cash flow yield (TTM)
7.13%
Current ratio
3.05x
Net debt to EBITDA
2.73x

Latest reported year

Period end
Sep 30, 2025
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 endRevenueGross profitNet incomeEPS
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 endGross marginNet marginReturn on equityReturn on capital
2025-09-3030.10%-46.33%-44.38%-22.83%
2024-09-3029.25%8.00%5.89%-0.30%
2023-09-3030.49%8.12%5.75%3.78%
2022-09-3034.71%38.77%28.79%6.69%
2021-09-3031.74%10.42%7.99%3.95%
2020-09-3029.71%-25.20%-16.73%-8.74%
2019-09-3030.31%23.51%14.14%1.03%
2018-09-3033.33%4.40%3.35%1.72%
2017-09-3031.57%0.04%0.03%0.79%
2016-09-3029.38%-0.96%-0.92%-0.44%

Cash and debt by year

Period endCashDebt
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 endFree cash flowStock-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
Sep 1, 2026
Paid in the last twelve months
$1.67
Payment dateDividend 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

Past earnings dates

ReportedFiscal periodEPS estimate
2026-11-03Sep 2026$1.30
2026-07-28Jun 2026$1.03
2026-04-28Mar 2026$0.97
2026-02-02Dec 2025$0.23
2025-11-04Sep 2025$1.17
2025-07-29Jun 2025$1.15
2025-04-30Mar 2025$1.10
2025-01-28Dec 2024$0.20

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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