Ashland Inc.
ASH Basic Materials Specialty Chemicals
Ashland Inc.’s revenue for fiscal 2025 (year ended September 2025) was $1.8 billion, down 13.7% from fiscal 2024. In the quarter to June 2026, revenue grew 7.34%, EPS grew 102.2%, free cash flow grew 5.26% and total debt was flat, each against the same quarter a year earlier. Dividend growth for ten consecutive years.
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Ashland Inc. (ASH) Altman Z-score
Ashland Inc.'s Altman Z-score for fiscal 2025 is 1.23, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.23 | (1.02) |
| FY2024 | 2.25 | (0.19) |
| FY2023 | 2.44 | (0.23) |
| FY2022 | 2.67 | 0.69 |
| FY2021 | 1.98 | 0.57 |
| FY2020 | 1.42 | (0.43) |
| FY2019 | 1.85 | 0.28 |
| FY2018 | 1.57 | 0.24 |
| FY2017 | 1.32 | 0.15 |
| FY2016 | 1.18 | (0.14) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.17 | — | 0.20 | |
| Retained earnings / total assets | 0.50 | — | 0.70 | |
| EBIT / total assets | (0.17) | — | −0.55 | |
| Market value of equity / total liabilities | 0.81 | — | 0.49 | |
| Sales / total assets | 0.40 | — | 0.40 | |
| Altman Z-score | Distress zone | 1.23 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.35 | ||
Z and Z″ put Ashland Inc. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| WDFC WD-40 Company compare | 12.5× |
| HWKN Hawkins, Inc. compare | 6.6× |
| CBT Cabot Corporation compare | 3.5× |
| KWR Quaker Houghton compare | 2.3× |
| FUL H. B. Fuller Company compare | 2.2× |
| NGVT Ingevity Corporation compare | 1.8× |
| AVNT Avient Corporation compare | 1.7× |
| PRM Perimeter Solutions, SA compare | 1.4× |
| ASH Ashland Inc. | 1.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets