Saturday 17 October 2026 Export ASH’s income statement to Excel — free account

Ashland Inc.

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.

71.15 0.44 −0.61%

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Market cap: $3.3B
P/E: 62.4×
Fwd P/E: 24.9×
Dividend yield: 2.35%
F-score: 5/9
Altman Z: 1.23
Beneish M: −3.64
Dividend safety: 16/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 1.74%

Capital & Financial Ratios $m

Market Cap 3,280.00

Revenue 1,842.00

Net Income 52.00

Free Cash Flow 259.00

Net Debt 934.00

Current Ratio 3.05

Debt/Equity 0.73

P/E ratio 62.41

Fwd P/E 24.90

P/S ratio 1.78

P/B ratio 1.72

Past 5Y EPS Growth —

This Y EPS Growth 3.77%

Next Y EPS Growth 22.54%

Next Y revenue growth 2.25%

Next 5Y EPS Growth 13.53%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 86.59%

10-year low 10-year high

P/S against its own 10 years 42.50%

10-year low 10-year high

P/B against its own 10 years 87.54%

10-year low 10-year high

EV/Sales against its own 10 years 40.62%

10-year low 10-year high

EV/FCF against its own 10 years 13.29%

10-year low 10-year high

Dividends

Payout Ratio 1.46

Annual Dividend Rate 1.67

Annual Dividend Yield 2.35%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.65	0.42 0.42 0.42
2025	1.65	0.41 0.42 0.42 0.42
2024	1.60	0.39 0.41 0.41 0.41
2023	1.49	0.34 0.39 0.39 0.39
2022	1.31	0.30 0.34 0.34 0.34
2021	1.18	0.28 0.30 0.30 0.30
2020	1.10	0.28 0.28 0.28 0.28
2019	1.08	0.25 0.28 0.28 0.28
2018	0.98	0.23 0.25 0.25 0.25
2017	0.87	0.19 0.23 0.23 0.23
2016	1.15	0.19 0.39 0.19 0.19 0.19

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	417	300	215	440
Receivables	338	243	242	256
Inventory	626	545	568	490
Other	125	107	180	106
	1,506	1,195	1,205	1,292

	2023	2024	2025	Q'26
Payables	210	214	189	198
ST’ Debt	16	—	—	—
Other	—	—	—	—
	456	490	423	424

Compound Annual Growth %

	10y	5y	3y
Sales	(6.09%)	(1.98%)	(8.63%)
Cash Flow	0.00%	(10.01%)	(11.45%)
Earnings	0.00%	0.00%	0.00%
Book Value	(4.56%)	(8.91%)	(16.07%)

Revenue $m

	Dec	Mar	Jun	Sep	Year
’26	386	482	497	—	—
’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
’20	533	610	574	299	2,016

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Dec	Mar	Jun	Sep	Year
’26	125	50	120	—	—
’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
’20	(34)	47	140	74	227

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Dec	Mar	Jun	Sep	Year
’26	115	33	100	—	—
’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
’20	(63)	10	113	39	99

Fiscal quarters ending in the months shown.

EPS $

	Dec	Mar	Jun	Sep	Year
’26	(0.26)	0.34	0.35	—	—
’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
’20	0.53	(9.61)	0.61	0.07	(8.39)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	43.20	52.91	64.81	69.23	38.88	78.81	83.29	70.82	70.30	45.21	Analyst estimates 2026–2028 Powerpack
	High	61.15	74.75	86.63	81.22	83.28	110.74	114.36	112.71	102.50	73.31
People
People	Employees	11,000	6,500	6,000	4,700	4,500	4,100	3,900	3,800	3,200	2,900
	Revenue/emp, $m	0.27	0.36	0.43	0.46	0.45	0.51	0.61	0.58	0.66	0.63
Income, $m
Income, $m	Revenue	3,019	2,309	2,589	2,148	2,016	2,111	2,391	2,191	2,113	1,824
	Gross margin, %	29.38	31.57	33.33	30.31	29.71	31.74	34.71	30.49	29.25	30.10
	EBT	(308)	(196)	11	(9)	(577)	135	206	160	(24)	(809)
	EBT margin, %	(10.20)	(8.49)	0.42	(0.42)	(28.62)	6.40	8.62	7.30	(1.14)	(44.35)
	Net income	(28)	28	114	505	(508)	220	927	178	169	(845)
	Depreciation	320	374	285	290	250	251	248	249	280	950
Per share, $
Per share, $	Revenue	47.92	37.24	41.10	34.65	33.05	35.18	43.47	41.34	43.12	39.65
	Earnings	(0.46)	0.01	1.79	8.03	(8.39)	3.59	16.41	3.31	3.36	(18.23)
	Cash flow	6.11	2.81	3.83	2.26	3.72	7.77	3.51	5.55	9.43	2.91
	Capex	(3.63)	(2.63)	(2.43)	(2.23)	(2.10)	(1.67)	(1.13)	(3.00)	(2.80)	(1.78)
	Free cash flow	2.48	0.18	1.40	0.03	1.62	6.10	2.38	2.55	6.63	1.13
	Book value	50.24	54.94	54.06	57.60	49.77	45.87	58.55	58.43	58.53	41.39
	Shares, m	63	62	63	62	61	60	55	53	49	46
Valuation, ×
Valuation, ×	P/E	0.00	0.00	47.04	9.40	0.00	24.89	5.86	24.38	25.96	0.00
	P/S	0.89	1.27	2.05	2.22	2.15	2.53	2.18	1.93	2.02	1.21
	P/B	1.11	1.22	1.56	1.34	1.42	1.94	1.62	1.36	1.49	1.16
	EV/Sales	1.26	1.96	2.91	2.89	2.84	3.37	2.45	2.35	2.52	1.88
	EV/FCF	32.02	581.10	85.68	3,106.05	57.83	19.42	44.78	38.06	16.39	65.82
Cash, $m
Cash, $m	Operating cash flow	385	174	241	140	227	466	193	294	462	134
	Capex	(229)	(163)	(153)	(138)	(128)	(100)	(62)	(159)	(137)	(82)
	Free cash flow	156	11	88	2	99	366	131	135	325	52
Balance, $m
Balance, $m	Working capital	1,650	935	636	676	734	783	1,215	1,050	705	782
	Total debt	2,495	2,819	2,529	1,667	1,853	1,970	1,289	1,330	1,349	1,384
	Net debt	1,478	2,253	2,235	1,435	1,399	1,760	643	913	1,049	1,169
	Shareholders’ equity	3,165	3,406	3,406	3,571	3,036	2,752	3,220	3,097	2,868	1,904
Returns, %
Returns, %	ROA	(0.29)	0.01	1.35	6.51	(7.19)	3.26	14.46	2.93	2.92	(16.48)
	ROIC	(0.67)	0.54	1.13	1.07	(6.50)	2.66	5.39	2.68	(0.41)	(15.76)
	ROE	(0.94)	0.03	3.35	14.48	(15.38)	7.60	31.04	5.64	5.67	(35.41)

Negative figures in brackets.

All 10 years →

Fiscal years to Sep 2025 · latest quarter Jun 2026

Charts ten years each

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	$4.5B	— (loss-making)	14.0×	+31.46% (above 0%: growing)	n/m	+56.62% (above 0%: growing)	55.13%	(94.95%)	Compare
CBT Cabot Corporation	$3.9B	20.9×	8.6×	+6.39% (above 0%: growing)	−93.58% (below 0%: shrinking)	−77.02% (below 0%: shrinking)	18.74%	9.98%	Compare
AVNT Avient Corporation	$3.6B	21.0×	14.0×	+5.83% (above 0%: growing)	+24.56% (above 0%: growing)	−16.67% (below 0%: shrinking)	33.54%	12.26%	Compare
ASH Ashland Inc.	$3.3B	62.4×	24.9×	+7.34% (above 0%: growing)	n/m	+5.26% (above 0%: growing)	34.21%	8.65%
FUL H. B. Fuller Company	$2.8B	14.1×	16.8×	+5.17% (above 0%: growing)	+18.19% (above 0%: growing)	−58.41% (below 0%: shrinking)	33.22%	12.07%	Compare
HWKN Hawkins, Inc.	$2.8B	33.8×	36.3×	+7.64% (above 0%: growing)	−3.55% (below 0%: shrinking)	+30.29% (above 0%: growing)	23.44%	12.25%	Compare
KWR Quaker Houghton	$2.7B	27.9×	25.2×	+10.17% (above 0%: growing)	n/m	−43.19% (below 0%: shrinking)	35.53%	7.62%	Compare
WDFC WD-40 Company	$2.7B	30.3×	34.0×	+24.35% (above 0%: growing)	+45.45% (above 0%: growing)	−13.28% (below 0%: shrinking)	56.59%	20.67%	Compare
NGVT Ingevity Corporation	$2.4B	45.3×	18.5×	−5.25% (below 0%: shrinking)	n/m	−136.08% (below 0%: shrinking)	44.25%	19.13%	Compare
Median of peers	$2.8B	27.9×	17.7×	+7.01%	+18.19%	−29.93%	34.54%	12.16%

All 60 Specialty Chemicals stocks →

Ashland Inc. (ASH) key facts

Concern: Ashland Inc.’s revenue for fiscal 2025 (year ended September 2025) was $1.8 billion, down 13.7% from fiscal 2024.
Ashland Inc. (ASH) is a Specialty Chemicals company in the Basic Materials sector, listed on the New York Stock Exchange.
As of October 16, 2026, ASH traded at $71.15, a market capitalization of $3.3 billion.
Ashland Inc. pays an annual dividend of $1.67 per share, a yield of 2.35%, with a payout ratio of 146.5%.
Return on equity was −35.4% and debt-to-equity 0.73.
Its Piotroski F-score is 5 out of 9 and its Altman Z-score is 1.23 (distress zone) for fiscal 2025.