A Business at a Glance
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ASHLAND INC.
ASH
$3.1B
Mkt Cap
$66.40
-0.24%
ASHLAND INC. (ASH) has a 5-year average return on invested capital (ROIC) of -0.5%. This is below average and may indicate limited pricing power.
ASHLAND INC. (ASH) has a market capitalization of $3K. It is classified as a small-cap stock.
Yes, ASHLAND INC. (ASH) pays a dividend with a trailing twelve-month yield of 2488213.67%. The company also returns capital through share buybacks, with a buyback yield of 3273965.35%.
ASHLAND INC. (ASH) operates in the Wholesale-Chemicals & Allied Products industry, within the Consumer Defensive sector.
ASHLAND INC. (ASH) reported annual revenue of $1.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
ASHLAND INC. (ASH) has a net profit margin of -46.3%. The company is currently unprofitable.
ASHLAND INC. (ASH) generated $36 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Ashland Inc. is a global additives and specialty ingredients company serving customers across architectural coatings, construction, energy, food and beverage, personal care, and pharmaceutical markets in more than 100 countries with approximately 2,900 employees. The company operates four reportable segments: Life Sciences, which supplies excipients and tablet coating systems to pharmaceutical and nutrition industries including controlled-release polymers, disintegrants, and thickeners; Personal Care, which provides natural and nature-derived ingredients for skin care, hair care, oral care, and household cleaning applications; Specialty Additives, which offers rheology modifiers and performance-enhancing additives for architectural coatings, construction, and industrial applications; and Intermediates, which produces 1,4-butanediol and related derivatives used as chemical intermediates and specialty solvents. The company's business model combines direct customer relationships with multinational branded consumer products companies and smaller independent formulators, supported by a global manufacturing network that has undergone significant optimization and consolidation to improve cost competitiveness and operational reliability. Ashland differentiates through innovation platforms targeting high-purity pharmaceutical excipients, GLP-1 related applications, biofunctional actives, and bioresorbable polymers, while leveraging its diversified geographic footprint and supply chain reliability as a competitive advantage in critical applications where security of supply is increasingly valued by customers.
【Operational foundation strengthening】 Management emphasizes that fiscal 2026 represents a year of converting transformation into sustained performance, with near-term manufacturing challenges being addressed through targeted operational discipline and technical work streams while underlying portfolio fundamentals remain resilient. Life Sciences and Personal Care are expected to remain resilient, supported by stable end market fundamentals and continued progress across Globalize and Innovate platforms, though Specialty Additives and Intermediates markets are anticipated to remain stable at trough levels with any coatings recovery expected to be gradual and regionally uneven. The company expects to realize additional manufacturing optimization benefits in the second half of fiscal 2026 as structural cost actions embedded across the business take hold, with innovation continuing as a core driver of long-term value creation as demonstrated by exceeding full-year innovation targets after just two quarters. Management remains focused on disciplined execution and targeted corrective actions to improve operational reliability and consistency, positioning the business to benefit as operating conditions normalize and broader industrial activity improves.
| Metric | Target | Period |
|---|---|---|
| Sales | $1.835 billion–$1.87 billion | FY2026 |
| Adjusted EBITDA | $385 million–$400 million | FY2026 |
| Adjusted EPS growth | mid-single to high single-digit growth | FY2026 |
| Free cash flow conversion | approximately 50% of Adjusted EBITDA | FY2026 |
| Globalize and Innovate combined revenue | $35 million | FY2026 |
Sales (FY2026): “For sales, $1.835 billion-$1.87 billion”
Adjusted EBITDA (FY2026): “and Adjusted EBITDA, $385 million-$400 million”
Adjusted EPS growth (FY2026): “We also expect adjusted EPS growth to be mid-single to high single-digit growth”
Free cash flow conversion (FY2026): “and ongoing free cash flow conversion of approximately 50% of Adjusted EBITDA”
Globalize and Innovate combined revenue (FY2026): “strong executions across both platforms reinforce our confidence in delivering our fiscal 2026 $35 million combined revenue commitment from Globalize and Innovate”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q2 FY2026 Earnings Call, Q1 FY2026 Earnings Call, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.8B | 1.8B | 2.1B | 2.2B | 2.4B | 2.1B |
| Net Income | -706M | -845M | 169M | 178M | 927M | 220M |
| EPS | $86,940.98 | $-18.23 | $3.36 | $3.31 | $16.41 | $3.59 |
| Free Cash Flow | 245M | 36M | 325M | 124M | 80M | 361M |
| ROIC | -16.7% | -22.5% | 3.9% | 4.4% | 7.0% | 4.5% |
| Gross Margin | 30.0% | 30.1% | 29.2% | 30.5% | 34.7% | 31.7% |
| Debt/Equity | 0.74 | 0.73 | 0.47 | 0.43 | 0.39 | 0.72 |
| Dividends/Share | $1,652,173.91 | $1.64 | $1.58 | $1.44 | $1.27 | $1.15 |
| Operating Income | -614M | -775M | -26M | 172M | 333M | 192M |
| Operating Margin | -34.0% | -42.5% | -1.2% | 7.9% | 13.9% | 9.1% |
| ROE | -37.8% | -35.4% | 5.7% | 5.6% | 31.0% | 7.6% |
| Shares Outstanding | 0M | 46M | 50M | 54M | 56M | 61M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 6.1B | 3.4B | 3.0B | 3.3B | 2.6B | 2.1B | 2.0B | 2.1B | 2.4B | 2.2B | 2.1B | 1.8B | 1.8B |
| Gross Margin | 24.9% | 26.0% | 29.4% | 22.4% | 33.3% | 30.3% | 29.7% | 31.7% | 34.7% | 30.5% | 29.2% | 30.1% | 30.0% |
| R&D | 114M | 99M | 87M | 73M | 73M | 58M | 56M | 50M | 55M | 51M | 55M | 54M | 53M |
| SG&A | 1.4B | 692M | 858M | 610M | 599M | 426M | 400M | 358M | 393M | 365M | 404M | 344M | 347M |
| EBIT | 46M | 112M | -50M | 49M | 102M | 86M | -461M | 192M | 333M | 172M | -26M | -775M | -614M |
| Op. Margin | 0.8% | 3.3% | -1.7% | 1.5% | 3.9% | 4.0% | -22.9% | 9.1% | 13.9% | 7.9% | -1.2% | -42.5% | -34.0% |
| Net Income | 233M | 309M | -29M | 1.0M | 114M | 505M | -508M | 220M | 927M | 178M | 169M | -845M | -706M |
| Net Margin | 3.8% | 9.0% | -1.0% | 0.0% | 4.4% | 23.5% | -25.2% | 10.4% | 38.8% | 8.1% | 8.0% | -46.3% | -39.0% |
| Non-Recurring | 158M | 100M | 174M | -3.0M | -1.0M | 17M | 533M | 15M | 42M | 7.0M | -107M | 529M | 529M |
| Returns on Capital | |||||||||||||
| ROIC | 5.7% | 2.9% | -0.5% | 0.9% | 1.9% | 9.4% | -10.5% | 4.5% | 7.0% | 4.4% | 3.9% | -22.5% | -16.7% |
| ROE | 5.7% | 9.3% | -0.9% | 0.0% | 3.3% | 14.5% | -15.4% | 7.6% | 31.0% | 5.6% | 5.7% | -35.4% | -37.8% |
| ROA | 2.1% | 2.9% | -0.3% | 0.0% | 1.4% | 6.5% | -7.2% | 3.3% | 14.5% | 2.9% | 2.9% | -16.5% | -15.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 580M | -256M | 385M | 174M | 241M | 140M | 227M | 466M | 193M | 294M | 462M | 134M | 330M |
| Free Cash Flow | 332M | -476M | 154M | 6.0M | 84M | -7.0M | 94M | 361M | 80M | 124M | 325M | 36M | 245M |
| Owner Earnings | 153M | -592M | 53M | -111M | -63M | -158M | -22M | 207M | -66M | 29M | 173M | -117M | 97M |
| CapEx | 248M | 220M | 231M | 168M | 157M | 147M | 133M | 105M | 113M | 170M | 137M | 98M | 85M |
| Maint. CapEx | 393M | 306M | 302M | 265M | 277M | 277M | 235M | 244M | 241M | 243M | 274M | 237M | 219M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 393M | 306M | 302M | 265M | 277M | 277M | 235M | 244M | 241M | 243M | 274M | 237M | 219M |
| CapEx/OCF | N/A | 297.8% | 62.1% | 78.0% | 65.1% | 67.5% | 58.6% | 22.5% | 58.5% | 57.8% | 29.7% | 73.1% | 25.8% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 103M | 98M | 97M | 77M | 60M | 64M | 66M | 70M | 70M | 76M | 78M | 76M | 76M |
| Dividend Yield | N/A | 3.0% | 3.5% | 1.5% | 1.4% | 1.5% | 1.7% | 1.5% | 1.3% | 1.6% | 1.8% | 2.7% | 2488213.7% |
| Share Buybacks | 954M | 397M | 500M | 0 | 0 | 200M | 0 | 450M | 200M | 300M | 380M | 100M | 100M |
| Buyback Yield | 0.0% | 6.8% | 16.5% | N/A | N/A | 4.7% | N/A | 9.0% | 4.0% | 7.3% | 9.0% | 4.5% | 3273965.4% |
| Stock-Based Comp | 34M | 30M | 30M | 20M | 27M | 21M | 14M | 15M | 18M | 22M | 15M | 14M | 14M |
| Debt Repayment | 11M | 623M | 1.1B | 915M | 311M | 797M | 767M | 411M | 250M | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -1.4B | 2.5B | 1.5B | 2.3B | 1.9B | 1.1B | 1.1B | 1.3B | 624M | 913M | 1.0B | 1.2B | 1.0B |
| Cash & Equiv. | 1.4B | 1.3B | 1.0B | 566M | 294M | 232M | 454M | 210M | 646M | 417M | 300M | 215M | 343M |
| Long-Term Debt | 0 | 3.3B | 2.3B | 2.6B | 2.3B | 1.5B | 1.6B | 1.6B | 1.3B | 1.3B | 1.3B | 1.4B | 1.4B |
| Debt/Equity | 0.01 | 1.23 | 0.75 | 0.83 | 0.74 | 0.47 | 0.61 | 0.72 | 0.39 | 0.43 | 0.47 | 0.73 | 0.74 |
| Interest Coverage | 0.3 | 0.7 | -0.3 | 0.2 | 0.9 | 0.8 | -5.2 | 2.8 | 5.4 | 3.2 | -0.5 | -12.7 | -12.7 |
| Equity | 3.6B | 3.0B | 3.3B | 3.4B | 3.4B | 3.6B | 3.0B | 2.8B | 3.2B | 3.1B | 2.9B | 1.9B | 1.9B |
| Total Assets | 10.9B | 10.1B | 10.0B | 8.6B | 8.3B | 7.3B | 6.9B | 6.6B | 6.2B | 5.9B | 5.6B | 4.6B | 4.5B |
| Total Liabilities | 7.3B | 7.0B | 6.8B | 5.2B | 4.9B | 3.7B | 3.8B | 3.9B | 3.0B | 2.8B | 2.8B | 2.7B | 195M |
| Intangibles | N/A | 1.1B | 1.1B | 1.3B | 1.2B | 1.1B | 1.0B | 1.1B | 963M | 886M | 751M | 563M | 529M |
| Retained Earnings | N/A | 3.3B | 2.7B | 2.7B | 2.8B | 3.2B | 2.6B | 2.8B | 3.7B | 3.6B | 3.3B | 2.3B | 2.3B |
| Working Capital | N/A | 1.7B | 1.6B | 935M | 636M | 676M | 734M | 783M | 1.2B | 1.1B | 705M | 782M | 814M |
| Current Assets | N/A | 3.1B | 2.9B | 1.9B | 1.7B | 1.4B | 1.5B | 1.7B | 1.8B | 1.5B | 1.2B | 1.2B | 1.2B |
| Current Liabilities | N/A | 1.4B | 1.2B | 968M | 1.1B | 757M | 813M | 934M | 553M | 456M | 490M | 423M | 395M |
| Per Share Data | |||||||||||||
| EPS | 3.00 | 4.54 | -0.47 | 0.01 | 1.79 | 8.15 | -8.39 | 3.59 | 16.41 | 3.31 | 3.36 | -18.23 | 86,940.98 |
| Owner EPS | 1.97 | -8.70 | 0.86 | -1.11 | -0.99 | -2.55 | -0.36 | 3.38 | -1.17 | 0.54 | 3.44 | -2.52 | 2,108,695.65 |
| Book Value | 46.13 | 44.62 | 54.24 | 34.06 | 53.48 | 57.63 | 50.14 | 44.91 | 57.00 | 57.59 | 57.02 | 41.08 | 40,565,217.39 |
| Cash Flow/Share | 7.47 | -3.76 | 6.24 | 1.74 | 3.78 | 2.26 | 3.75 | 7.60 | 3.42 | 5.47 | 9.19 | 2.89 | -10,586,956.52 |
| Dividends/Share | 1.36 | 1.46 | 1.56 | 0.77 | 0.95 | 1.05 | 1.10 | 1.15 | 1.27 | 1.44 | 1.58 | 1.64 | 1,652,173.91 |
| Shares Out. | 77.7M | 68.1M | 61.7M | 100.0M | 63.7M | 62.0M | 60.5M | 61.3M | 56.5M | 53.8M | 50.3M | 46.4M | 0.0M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 18.8 | N/A | N/A | 41.2 | 8.5 | N/A | 22.8 | 5.4 | 23.2 | 25.0 | N/A | 0.0 |
| P/FCF | N/A | N/A | 19.7 | 948.9 | 55.9 | N/A | 41.9 | 13.9 | 62.5 | 33.3 | 13.0 | 61.9 | 0.0 |
| EV/EBIT | N/A | 15.4 | N/A | 52.0 | 65.0 | 33.1 | N/A | 34.2 | 14.9 | 26.9 | N/A | N/A | N/A |
| Price/Book | N/A | 1.9 | 0.9 | 1.7 | 1.4 | 1.2 | 1.3 | 1.8 | 1.6 | 1.3 | 1.5 | 1.2 | 0.0 |
| Price/Sales | N/A | 1.3 | 0.9 | 1.6 | 1.6 | 1.7 | 1.9 | 2.2 | 2.2 | 2.2 | 2.0 | 1.5 | 0.0 |
| FCF Yield | N/A | -8.2% | 5.1% | 0.1% | 1.8% | -0.2% | 2.4% | 7.2% | 1.6% | 3.0% | 7.7% | 1.6% | 8021215.1% |
| Market Cap | 0 | 5.8B | 3.0B | 5.7B | 4.7B | 4.3B | 3.9B | 5.0B | 5.0B | 4.1B | 4.2B | 2.2B | 3K |
| Avg. Price | 0.00 | 48.40 | 45.42 | 51.75 | 65.26 | 67.91 | 63.03 | 77.26 | 92.36 | 90.61 | 84.49 | 59.92 | 66.40 |
| Year-End Price | 0.00 | 41.30 | 49.24 | 56.93 | 73.68 | 68.12 | 64.98 | 81.85 | 88.50 | 76.82 | 84.03 | 48.08 | 66.40 |
ASHLAND INC. passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 15.2x vs a median of 37.6x. The company's 5-year average gross margin is 31.3%. Total shareholder yield (dividends + buybacks) is 5762179.0%. At current prices, the estimated annualized return to fair value is +14.8%.
ASHLAND INC. (ASH) has a debt-to-equity ratio of 0.73. This indicates moderate leverage.
ASHLAND INC. (ASH) reported earnings per share (EPS) of $-18.23 in its most recent fiscal year.
ASHLAND INC. (ASH) has a return on equity (ROE) of -35.4%. A negative ROE may indicate losses or negative equity.
ASHLAND INC. (ASH) has a 5-year average gross margin of 31.3%. This indicates decent pricing power.
The Ledger Terminal provides 12 years of financial data for ASHLAND INC. (ASH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ASHLAND INC. (ASH) has a book value per share of $41.08, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management emphasizes that fiscal 2026 represents a year of converting transformation into sustained performance, with near-term manufacturing challenges being addressed through targeted operational discipline and technical work streams while underlying portfolio fundamentals remain resilient. Life Sciences and Personal Care are expected to remain resilient, supported by stable end market fundamentals and continued progress across Globalize and Innovate platforms, though Specialty Additives and Intermediates markets are anticipated to remain stable at trough levels with any coatings recovery expected to be gradual and regionally uneven. The company expects to realize additional manufacturing optimization benefits in the second half of fiscal 2026 as structural cost actions embedded across the business take hold, with innovation continuing as a core driver of long-term value creation as demonstrated by exceeding full-year innovation targets after just two quarters. Management remains focused on disciplined execution and targeted corrective actions to improve operational reliability and consistency, positioning the business to benefit as operating conditions normalize and broader industrial activity improves.
Based on recent SEC filings and earnings calls, ASHLAND INC. (ASH) has provided the following forward guidance: Sales: $1.835 billion–$1.87 billion (FY2026); Adjusted EBITDA: $385 million–$400 million (FY2026); Adjusted EPS growth: mid-single to high single-digit growth (FY2026); Free cash flow conversion: approximately 50% of Adjusted EBITDA (FY2026); Globalize and Innovate combined revenue: $35 million (FY2026).