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Ashland Inc.

ASH Basic Materials Specialty Chemicals

Ashland Inc.’s revenue for fiscal 2026 (year ended September 2026) was $1.9 billion, up 2.14% from fiscal 2025.

Revenue
+4.40%
EPS
+102.2%
Free cash flow
+400.0%
Total debt
−0.94%

Quarter to September 2026, against a year earlier

76.54 0.10 +0.13%
Market cap
$3.5B
P/E
67.1×
Fwd P/E
39.4×
Dividend yield
2.18%
F-score
n/a
Altman Z
n/a
Beneish M
−2.61
Dividend safety
47/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 1.74%

Capital & Financial Ratios $m

Size
Market Cap 3,490.00
Revenue ttm 1,863.00
Net income ttm 4.00
Free cash flow ttm 303.00
Net debt Q 891.00
Valuation
P/E 67.14 (above 35: high)
Forward P/E 39.40 (above 35: high)
Price / sales 1.89
Forward P/S Powerpack
Price / FCF 11.62
Price / book 1.85
Financial health
Current ratio Q 2.96 (at or above 1.5: strong)
Debt / equity Q 0.74
Interest coverage Q 1.38
Growth
Revenue growth Q +4.40% (above 0%: growing)
Operating income growth Q −52.46% (below 0%: shrinking)
EPS, this year +27.83% (at or above 15%: strong)
EPS, next year A +17.22% (at or above 15%: strong)
Revenue, next year A +2.19%
EPS, past 5 yrs −52.48% (below 0%: weak)
EPS, next 5 yrs A +19.51% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.4×, against a ten-year median of 2.5×; over the ten years it ranged from 1.2× in 2016 to 3.8× in 2021.
P/E against its own 10 years 90.43%
10-year low 10-year high
P/S against its own 10 years 51.60%
10-year low 10-year high
P/B against its own 10 years 94.61%
10-year low 10-year high
EV/Sales against its own 10 years 44.19%
10-year low 10-year high
EV/FCF against its own 10 years 3.94%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.18%
Annual rate
1.67
Payout ratio
2,031.6%
Growth, 2017–25
+8.39%/yr
  1. 0.87 ’17
  2. 0.98 ’18 +13
  3. 1.08 ’19 +10
  4. 1.10 ’20 +2
  5. 1.18 ’21 +7
  6. 1.31 ’22 +11
  7. 1.49 ’23 +14
  8. 1.60 ’24 +7
  9. 1.65 ’25 +3
  10. 1.69 ’26e +2
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 2026
Cash 417 300 215 480
Receivables 338 243 242 266
Inventory 626 545 568 482
Other 125 107 180 108
1,506 1,195 1,205 1,336
2023 2024 2025 2026
Payables 210 214 189 210
ST’ Debt 16 — — 4
Other — — — —
456 490 423 452

Compound Annual Growth %

10y 5y 3y
Sales (4.71%) (2.47%) (5.26%)
Cash Flow 0.00% (3.75%) 9.41%
Earnings 0.00% (55.13%) (71.78%)
Book Value (5.24%) (7.66%) (15.81%)

Earnings Trends EPS, adjusted, against the consensus

Q4 FY26 Estimate 1.30 Actual 1.12

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q1 FY26 0.23 0.26 Beat by 0.03
Q2 FY26 0.97 0.91 Miss by 0.06
Q3 FY26 1.03 1.02 Miss by 0.01
Q4 FY26 1.30 1.12 Miss by 0.18
Q1 FY27 0.59 — Reports 1 February 2027

EPS $

Dec Mar Jun Sep Year
’26 — — — — —
’26 (0.26) 0.34 0.35 (0.35) 0.09
’25 (3.50) 0.65 (16.21) 0.71 (18.23)
’24 0.51 2.39 0.12 0.33 3.36
’23 0.73 1.67 0.94 (0.07) 3.31
’22 0.83 13.69 0.65 1.04 16.41
’21 0.91 0.66 1.29 0.72 3.59
Fiscal quarters ending in the months shown.

Revenue $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 386 482 497 498 1,863
’25 405 479 463 477 1,824
’24 473 575 544 521 2,113
’23 525 603 546 517 2,191
’22 512 604 644 631 2,391
’21 468 509 543 591 2,111
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 125 50 120 90 385
’25 (30) 9 115 40 134
’24 201 54 127 80 462
’23 (29) 56 136 131 294
’22 14 17 (17) 179 193
’21 81 39 194 152 466
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Dec Mar Jun Sep Year
’26 — — — — —
’26 115 33 100 55 303
’25 (53) (1) 95 11 52
’24 165 20 98 42 325
’23 (52) 21 96 70 135
’22 0 5 (7) 133 131
’21 56 16 172 122 366
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to September

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 2,309 2,589 2,148 2,016 2,111 2,391 2,191 2,113 1,824 1,863 (2.4%) 1,930 2,003 — +3.7%
Gross margin, % 31.57 33.33 30.31 29.71 31.74 34.71 30.49 29.25 30.10 32.26 +0.7 pt
EBT (196) 11 (9) (577) 135 206 160 (24) (809) 69 n/m
EBT margin, % (8.49) 0.42 (0.42) (28.62) 6.40 8.62 7.30 (1.14) (44.35) 3.70 +12.2 pt
Net income 28 114 505 (508) 220 927 178 169 (845) 4 (19.4%)
Per share, $
Per share, $ Revenue 37.24 41.10 34.65 33.05 35.18 43.47 41.34 43.12 39.65 0.00 n/m
Earnings 0.01 1.79 8.03 (8.39) 3.59 16.41 3.31 3.36 (18.23) — n/m
Cash flow 2.81 3.83 2.26 3.72 7.77 3.51 5.55 9.43 2.91 0.00 n/m
Capex (2.63) (2.43) (2.23) (2.10) (1.67) (1.13) (3.00) (2.80) (1.78) 0.00 n/m
Free cash flow 0.18 1.40 0.03 1.62 6.10 2.38 2.55 6.63 1.13 0.00 n/m
Book value 54.94 54.06 57.60 49.77 45.87 58.55 58.43 58.53 41.39 0.00 n/m
Shares, m 62 63 62 61 60 55 53 49 46 — (3.7%)
Valuation, ×
Valuation, × P/E 0.00 47.04 9.40 0.00 24.89 5.86 24.38 25.96 0.00 59.58 19.7
P/S 1.27 2.05 2.22 2.15 2.53 2.18 1.93 2.02 1.21 1.68 1.9
P/B 1.22 1.56 1.34 1.42 1.94 1.62 1.36 1.49 1.16 1.64 1.5
EV/Sales 1.96 2.91 2.89 2.84 3.37 2.45 2.35 2.52 1.88 2.16 2.5
EV/FCF 581.10 85.68 3,106.05 57.83 19.42 44.78 38.06 16.39 65.82 13.25 402.8
Cash, $m
Cash, $m Operating cash flow 174 241 140 227 466 193 294 462 134 385 +9.2%
Capex (163) (153) (138) (128) (100) (62) (159) (137) (82) (82) (7.3%)
Free cash flow 11 88 2 99 366 131 135 325 52 303 +44.5%
Balance, $m
Balance, $m Working capital 935 636 676 734 783 1,215 1,050 705 782 884 (0.6%)
Net debt 2,253 2,235 1,435 1,399 1,760 643 913 1,049 1,169 891 (9.8%)
Shareholders’ equity 3,406 3,406 3,571 3,036 2,752 3,220 3,097 2,868 1,904 1,848 (6.6%)
Returns, %
Returns, % ROA 0.01 1.35 6.51 (7.19) 3.26 14.46 2.93 2.92 (16.48) 0.09 +0.1 pt
ROIC 0.54 1.13 1.07 (6.50) 2.66 5.39 2.68 (0.41) (15.76) 2.40 +1.9 pt
ROE 0.03 3.35 14.48 (15.38) 7.60 31.04 5.64 5.67 (35.41) 0.00 0.0 pt
People
People Employees 6,500 6,000 4,700 4,500 4,100 3,900 3,800 3,200 2,900 — (9.6%)
Revenue/emp, $m 0.36 0.43 0.46 0.45 0.51 0.61 0.58 0.66 0.63 0.00 n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Sep 2026 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Ashland Inc. vs peers in Specialty Chemicals (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PRM Perimeter Solutions, SA $4.6B 102× 27.1× +23.59% (above 0%: growing) n/m −22.31% (below 0%: shrinking) 61.14% 106.82% Compare
AVNT Avient Corporation $4.2B 23.1× 17.6× +10.50% (above 0%: growing) +31.78% (above 0%: growing) +101.69% (above 0%: growing) 30.50% 9.27% Compare
CLMT Calumet, Inc. $3.8B — (loss-making) — (loss-making) +40.77% (above 0%: growing) n/m +450.65% (above 0%: growing) 1.27% (2.77%) Compare
CBT Cabot Corporation $3.8B 17.4× 17.2× +12.24% (above 0%: growing) +79.43% (above 0%: growing) −51.65% (below 0%: shrinking) 20.22% 11.99% Compare
ASH Ashland Inc. $3.5B 67.1× 39.4× +4.40% (above 0%: growing) n/m +400.00% (above 0%: growing) 35.94% 5.82%
HWKN Hawkins, Inc. $3.2B 36.6× 36.3× +11.90% (above 0%: growing) +23.06% (above 0%: growing) +1.32% (above 0%: growing) 24.41% 13.35% Compare
WDFC WD-40 Company $3.0B 37.0× 32.3× +8.14% (above 0%: growing) −31.85% (below 0%: shrinking) +63.49% (above 0%: growing) 52.78% 10.78% Compare
FUL H. B. Fuller Company $2.7B 13.8× 11.7× +5.17% (above 0%: growing) +18.19% (above 0%: growing) −58.41% (below 0%: shrinking) 33.22% 12.07% Compare
KWR Quaker Houghton $2.6B 27.2× 21.6× +10.27% (above 0%: growing) −0.42% (below 0%: shrinking) −92.40% (below 0%: shrinking) 35.54% 8.97% Compare
Median of peers $3.5B 27.2× 21.6× +11.20% +20.63% −10.49% 31.86% 11.39%

All 61 Specialty Chemicals stocks →

Ashland Inc. (ASH) Latest News

5 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · MarketBeat

4 Nov

Impact 3 · · The Motley Fool transcript
Impact 3 · · Moby

3 Nov

Impact 3 · · GlobeNewswire

27 Oct

Impact 3 · · Zacks
Impact 3 · · GlobeNewswire

3 Oct

Impact 4 · · Simply Wall St.

29 Sep

Impact 4 · · Zacks

25 Sep

Impact 4 · · Insider Monkey
Impact 4 · · Insider Monkey

22 Sep

Impact 4 ·

17 Sep

Impact 3 ·

25 Aug

Impact 4 ·

24 Aug

Impact 4 ·

11 Aug

Impact 3 ·

30 Jul

Impact 3 ·

29 Jul

Impact 4 · · MarketBeat
Impact 3 ·
Impact 3 · · Moby transcript

28 Jul

Impact 3 ·

21 Jul

Impact 3 ·

18 Jun

Impact 4 · · MT Newswires

10 Jun

Impact 3 · · GlobeNewswire

9 Jun

Impact 4 · · Business Wire

28 May

Impact 3 ·

4 May

Impact 4 · · Zacks

2 May

Impact 3 · · Simply Wall St.

29 Apr

Impact 4 · · MarketBeat
Impact 4 · · Moby

ASH metrics, ten years each

stockrow.com/ASH · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com