What is Ashland Inc.'s earnings per share (EPS)?

Ashland Inc. (ASH) reported diluted earnings per share of -$18.23 for fiscal year 2025. This represents a -642.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Ashland Inc. (ASH) Financials

ASH

Trailing 12 months to June 30, 2026

Revenue $1.8B -1.4% YoY

Net Income $51.0M +105.9% YoY

EPS (Diluted) $1.05 +105.6% YoY

Free Cash Flow $250.0M +247.2% YoY

Market Cap $3.3B as of Oct 13, 2026

Price / Sales 1.8x on $1.8B revenue, trailing 12 months to June 30, 2026

Price / Earnings 65.2x on $51.0M net income, trailing 12 months to June 30, 2026

Price / Book 1.8x on $1.9B equity, Q3 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 13, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2026, ended Jun 30, 2026 Reported Jul 29, 2026 Currency USD FYE September

Newest figures come from the 10-Q for Q3 FY2026, filed Jul 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ASH SEC filings page.

Ashland Inc. (ASH) reported $1.8B in revenue over the twelve months to Jun 30, 2026, down 1.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ASH FY2025 2026-10-03

Ashland's 2025 numbers show stable gross margins, but below-gross-profit costs overwhelmed earnings and weakened the equity base.

FY2025 revenue fell 13.7% even as gross margin improved to 30.1%, so the deterioration was below gross profit rather than a collapse in the basic spread. Operating cash flow stayed positive at $134M while net income swung to a loss of $845M, sharply separating cash generation from reported earnings.

Liabilities stayed near $2.7B while equity fell to $1.9B in FY2025, so leverage rose because the equity base shrank rather than because liabilities surged. The 0.7x debt-to-equity ratio alongside a 2.8x current ratio indicates pressure in capitalization more than immediate current-liability coverage.

FY2025 operating cash flow only modestly exceeded capital expenditures, leaving free cash flow at $36M. That cash surplus was far thinner than FY2024's $325M, showing that reinvestment absorbed most operating cash even as the company reported a much larger accounting loss.

Financial Health Signals

Financial Health Score 37/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Ashland Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Ashland Inc. has an operating margin of -42.5%, meaning the company loses $42 on every $100 of revenue. This results in a profitability score of 13/100. This is down from -1.2% the prior year.

Growth

Ashland Inc.'s revenue declined 13.7% year-over-year, from $2.1B to $1.8B. This contraction results in a growth score of 11/100.

Leverage

Ashland Inc. has a moderate D/E ratio of 0.73. This balance of debt and equity financing earns a leverage score of 53/100.

Liquidity

With a current ratio of 2.85, Ashland Inc. holds $2.85 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 77/100.

Cash Flow

While Ashland Inc. generated $134.0M in operating cash flow, capex of $98.0M consumed most of it, leaving $36.0M in free cash flow. This results in a low score of 53/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Ashland Inc. posts a -44.4% return on equity (ROE), meaning it loses $44 for every $100 of shareholders' equity. This results in a returns score of 15/100. This is down from 5.9% the prior year.

Altman Z-Score Distress

1.48

Ashland Inc. scores 1.48, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

6/9

Ashland Inc. passes 6 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

N/A

Ashland Inc. reported a net loss of $845.0M while generating $134.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.

Interest Coverage At Risk

N/A

Ashland Inc. reported an operating loss of $775.0M against $61.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.

Key Financial Metrics

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Earnings & Revenue

Revenue

$497.0M

YoY+7.3%

QoQ+3.1%

5Y CAGR-1.8%

Ashland Inc. generated $497.0M in revenue in Q3 2026. This represents an increase of 7.3% from the same quarter a year earlier. Against the prior quarter it is up 3.1%.

EBITDA

$90.0M

YoY+114.2%

QoQ+7.1%

5Y CAGR-3.6%

Ashland Inc.'s EBITDA was $90.0M in Q3 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 114.2% from the same quarter a year earlier. Against the prior quarter it is up 7.1%.

Net Income

$16.0M

YoY+102.2%

QoQ0.0%

5Y CAGR-27.5%

Ashland Inc. reported $16.0M in net income in Q3 2026. This represents an increase of 102.2% from the same quarter a year earlier. It is unchanged from the prior quarter.

EPS (Diluted)

$0.35

YoY+102.2%

QoQ+2.9%

5Y CAGR-23.0%

10Y CAGR-11.1%

Ashland Inc. earned $0.35 per diluted share (EPS) in Q3 2026. This represents an increase of 102.2% from the same quarter a year earlier. Against the prior quarter it is up 2.9%.

Cash & Balance Sheet

Free Cash Flow

$100.0M

YoY+5.3%

QoQ+203.0%

5Y CAGR-10.4%

Ashland Inc. generated $100.0M in free cash flow in Q3 2026, representing cash available after capex. This represents an increase of 5.3% from the same quarter a year earlier. Against the prior quarter it is up 203.0%.

Cash & Debt

$440.0M

YoY+112.6%

QoQ+28.3%

5Y CAGR+10.9%

Ashland Inc. held $440.0M in cash against $1.4B in long-term debt as of Q3 2026.

Shares Outstanding

46M

YoY+0.2%

QoQ0.0%

5Y CAGR-5.5%

10Y CAGR-3.0%

Ashland Inc. had 46M shares outstanding in Q3 2026. This represents an increase of 0.2% from the same quarter a year earlier. It is unchanged from the prior quarter.

Dividends Per Share

Not reported for Q3 2026.

Margins & Returns

Gross Margin

34.2%

YoY+5.7pp

QoQ+3.7pp

5Y change+2.4pp

Ashland Inc.'s gross margin was 34.2% in Q3 2026, indicating the percentage of revenue retained after direct costs. This is up 5.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.7 percentage points.

Operating Margin

8.6%

QoQ+0.6pp

5Y change+0.4pp

Ashland Inc.'s operating margin was 8.6% in Q3 2026, reflecting core business profitability. Against the prior quarter it is up 0.6 percentage points. No change is given against Q3 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Net Margin

3.2%

QoQ-0.1pp

5Y change-11.5pp

Ashland Inc.'s net profit margin was 3.2% in Q3 2026, showing the share of revenue converted to profit. Against the prior quarter it is down 0.1 percentage points. No change is given against Q3 2025: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.

Return on Equity

0.9%

YoY+40.1pp

QoQ0.0pp

5Y change-1.6pp

Ashland Inc.'s ROE was 0.9% in Q3 2026, measuring profit generated per dollar of shareholder equity. This is up 40.1 percentage points from the same quarter a year earlier. It is unchanged from the prior quarter.

Capital Allocation

R&D Spending

$15.0M

YoY+15.4%

QoQ+7.1%

5Y CAGR+2.9%

Ashland Inc. invested $15.0M in research and development in Q3 2026. This represents an increase of 15.4% from the same quarter a year earlier. Against the prior quarter it is up 7.1%.

Share Buybacks

Ashland Inc. repurchased no shares in Q3 2026.

Capital Expenditures

$20.0M

YoY0.0%

QoQ+17.6%

5Y CAGR-1.0%

Ashland Inc. invested $20.0M in capex in Q3 2026, funding long-term assets and infrastructure. That is unchanged from the same quarter a year earlier. Against the prior quarter it is up 17.6%.

ASH Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ASH quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K
Revenue	$1.8B	$1.8B-13.7%	$2.1B-3.6%	$2.2B-8.4%	$2.4B+13.3%	$2.1B+4.7%	$2.0B-6.1%	$2.1B-17.0%	$2.6B+12.1%	$2.3B-23.5%	$3.0B-11.7%	$3.4B-43.9%	$6.1B
Cost of Revenue	$1.3B	$1.3B-14.7%	$1.5B-1.8%	$1.5B-2.4%	$1.6B+8.3%	$1.4B+1.7%	$1.4B-5.3%	$1.5B-13.3%	$1.7B+9.2%	$1.6B-25.9%	$2.1B-15.8%	$2.5B-45.0%	$4.6B
Gross Profit	$581.0M	$549.0M-11.2%	$618.0M-7.5%	$668.0M-19.5%	$830.0M+23.9%	$670.0M+11.9%	$599.0M-8.0%	$651.0M-24.6%	$863.0M+18.4%	$729.0M-17.8%	$887.0M-0.1%	$888.0M-41.4%	$1.5B
R&D Expenses	$56.0M	$54.0M-1.8%	$55.0M+7.8%	$51.0M-7.3%	$55.0M+10.0%	$50.0M-10.7%	$56.0M-3.4%	$58.0M-20.5%	$73.0M0.0%	$73.0M-16.1%	$87.0M-12.1%	$99.0M-13.2%	$114.0M
SG&A Expenses	$339.0M	$344.0M-14.9%	$404.0M+10.7%	$365.0M-7.1%	$393.0M+9.8%	$358.0M-10.5%	$400.0M-6.1%	$426.0M-28.9%	$599.0M-1.8%	$610.0M-28.9%	$858.0M+24.0%	$692.0M-49.0%	$1.4B
Operating Income	$137.0M	-$775.0M-2880.8%	-$26.0M-115.1%	$172.0M-48.3%	$333.0M+73.4%	$192.0M+141.6%	-$461.0M-636.0%	$86.0M-15.7%	$102.0M+108.2%	$49.0M+198.0%	-$50.0M-144.6%	$112.0M+143.5%	$46.0M
EBITDA	N/A	-$538.0M-316.9%	$248.0M-40.2%	$415.0M-27.7%	$574.0M+31.7%	$436.0M+292.9%	-$226.0M-162.3%	$363.0M-4.2%	$379.0M+20.7%	$314.0M+24.6%	$252.0M-39.7%	$418.0M-4.8%	$439.0M
Interest Expense	$77.0M	$61.0M+15.1%	$53.0M-1.9%	$54.0M-12.9%	$62.0M-10.1%	$69.0M-21.6%	$88.0M-22.8%	$114.0M-1.7%	$116.0M-48.9%	$227.0M+26.1%	$180.0M+208.4%	-$166.0M-1.8%	-$163.0M
Income Tax	$51.0M	$13.0M+105.8%	-$223.0M-2687.5%	-$8.0M-132.0%	$25.0M+165.8%	-$38.0M-72.7%	-$22.0M-173.3%	$30.0M+475.0%	-$8.0M+50.0%	-$16.0M+36.0%	-$25.0M+82.0%	-$139.0M+26.1%	-$188.0M
Net Income	$51.0M	-$845.0M-600.0%	$169.0M-5.1%	$178.0M-80.8%	$927.0M+321.4%	$220.0M+143.3%	-$508.0M-200.6%	$505.0M+343.0%	$114.0M+11300.0%	$1.0M+103.4%	-$29.0M-109.4%	$309.0M+32.6%	$233.0M
EPS (Basic)	N/A	-$18.23-636.2%	$3.40+1.2%	$3.36-79.9%	$16.71+360.3%	$3.63+143.3%	-$8.39-202.9%	$8.15+347.8%	$1.82+18100.0%	$0.01+102.1%	-$0.47-110.4%	$4.54+49.3%	$3.04
EPS (Diluted)	$1.05	-$18.23-642.6%	$3.36+1.5%	$3.31-79.8%	$16.41+357.1%	$3.59+142.8%	-$8.39-202.9%	$8.15+355.3%	$1.79	$0.01	-$0.47-110.4%	$4.54+51.3%	$3.00
Diluted Shares (Avg)	N/A	46M-8.0%	50M-7.4%	54M-3.6%	56M-8.2%	61M0.0%	61M-1.6%	62M-3.1%	64M	62M	63M-7.4%	68M-12.8%	78M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Revenue	$497.0M+7.3%	$482.0M+0.6%	$386.0M-4.7%	$477.0M-8.4%	$463.0M-14.9%	$479.0M-16.7%	$405.0M-14.4%	$521.0M+0.8%
Cost of Revenue	$327.0M-1.2%	$335.0M+0.9%	$281.0M-4.4%	$318.0M-8.6%	$331.0M-7.5%	$332.0M-19.8%	$294.0M-21.6%	$348.0M-10.5%
Gross Profit	$170.0M+28.8%	$147.0M0.0%	$105.0M-5.4%	$159.0M-8.1%	$132.0M-29.0%	$147.0M-8.7%	$111.0M+13.3%	$173.0M+35.2%
R&D Expenses	$15.0M+15.4%	$14.0M0.0%	$13.0M0.0%	$14.0M0.0%	$13.0M-13.3%	$14.0M0.0%	$13.0M+8.3%	$14.0M0.0%
SG&A Expenses	$99.0M-6.6%	$79.0M-7.1%	$86.0M+10.3%	$75.0M-25.7%	$106.0M-7.0%	$85.0M-19.8%	$78.0M-6.0%	$101.0M-7.3%
Operating Income	$43.0M+106.1%	$39.0M-23.5%	-$6.0M+96.6%	$61.0M+90.6%	-$708.0M-1060.7%	$51.0M+142.9%	-$179.0M-894.4%	$32.0M+420.0%
EBITDA	$90.0M+114.2%	$84.0M-24.3%	$42.0M+132.8%	$111.0M+30.6%	-$632.0M	$111.0M+6.7%	-$128.0M-316.9%	$85.0M+63.5%
Interest Expense	$8.0M+60.0%	-$18.0M-63.6%	-$8.0M+71.4%	$95.0M+150.0%	$5.0M+171.4%	-$11.0M-450.0%	-$28.0M-216.7%	$38.0M+15.2%
Income Tax	$15.0M0.0%	$5.0M-44.4%	-$1.0M+97.7%	$32.0M+433.3%	$15.0M+114.9%	$9.0M+108.7%	-$43.0M-79.2%	$6.0M+120.0%
Net Income	$16.0M+102.2%	$16.0M-48.4%	-$12.0M+92.7%	$31.0M+82.4%	-$742.0M-12466.7%	$31.0M-74.2%	-$165.0M-734.6%	$17.0M+666.7%
EPS (Basic)	$0.35+102.2%	$0.34-47.7%	-$0.26+92.6%	$0.62+72.2%	-$16.21-13608.3%	$0.65-73.1%	-$3.50-786.3%	$0.36+1000.0%
EPS (Diluted)	$0.35+102.2%	$0.34-47.7%	-$0.26+92.6%	$0.62+77.1%	-$16.21-13608.3%	$0.65-72.8%	-$3.50-786.3%	$0.35
Diluted Shares (Avg)	460.0%	46-2.1%	46-2.1%	N/A	46-100.0%	47-100.0%	47-100.0%	N/A

ASH Balance Sheet

ASH quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K
Total Assets	$4.6B-18.3%	$5.6B-5.0%	$5.9B-4.4%	$6.2B-6.0%	$6.6B-3.9%	$6.9B-5.2%	$7.3B-12.2%	$8.3B-4.2%	$8.6B-13.8%	$10.0B-0.7%	$10.1B-7.7%	$10.9B
Current Assets	$1.2B+0.8%	$1.2B-20.7%	$1.5B-14.8%	$1.8B+3.0%	$1.7B+11.0%	$1.5B+8.0%	$1.4B-16.3%	$1.7B-10.0%	$1.9B-34.1%	$2.9B-6.6%	$3.1B	N/A
Cash & Equivalents	$215.0M-28.3%	$300.0M-28.1%	$417.0M-35.4%	$646.0M+207.6%	$210.0M-53.7%	$454.0M+95.7%	$232.0M-21.1%	$294.0M-48.1%	$566.0M-44.3%	$1.0B-19.1%	$1.3B-9.8%	$1.4B
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$568.0M+4.2%	$545.0M-12.9%	$626.0M-0.5%	$629.0M+33.0%	$473.0M-6.5%	$506.0M-15.2%	$597.0M+0.2%	$596.0M-6.0%	$634.0M+17.6%	$539.0M-23.7%	$706.0M	N/A
Accounts Receivable	$242.0M-0.4%	$243.0M-28.1%	$338.0M-15.9%	$402.0M+8.9%	$369.0M-15.6%	$437.0M-9.1%	$481.0M-7.9%	$522.0M-14.7%	$612.0M+15.7%	$529.0M-45.0%	$961.0M	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$705.0M-49.0%	$1.4B+1.4%	$1.4B+3.8%	$1.3B-8.3%	$1.4B+9.6%	$1.3B-27.5%	$1.8B-21.9%	$2.3B-0.5%	$2.3B+8.3%	$2.1B-7.7%	$2.3B-12.3%	$2.6B
Total Liabilities	$2.7B-2.5%	$2.8B-2.3%	$2.8B-5.0%	$3.0B-22.5%	$3.9B+0.5%	$3.8B+4.4%	$3.7B-24.2%	$4.9B-6.9%	$5.2B-21.7%	$6.7B-5.3%	$7.0B-4.0%	$7.3B
Current Liabilities	$423.0M-13.7%	$490.0M+7.5%	$456.0M-17.5%	$553.0M-40.8%	$934.0M+14.9%	$813.0M+7.4%	$757.0M-29.6%	$1.1B+11.2%	$968.0M-21.8%	$1.2B-14.1%	$1.4B	N/A
Non-Current Liabilities	$2.3B-0.1%	$2.3B-4.1%	$2.4B-2.2%	$2.4B-16.6%	$2.9B-3.4%	$3.0B+3.6%	$2.9B-22.6%	$3.8B-11.0%	$4.2B-24.2%	$5.6B+0.4%	$5.6B	N/A
Long-Term Debt	$1.4B+2.6%	$1.3B+2.7%	$1.3B+3.5%	$1.3B-20.4%	$1.6B+1.5%	$1.6B+4.8%	$1.5B-34.0%	$2.3B-12.0%	$2.6B+11.1%	$2.3B-30.6%	$3.3B	N/A
Total Equity	$1.9B-33.6%	$2.9B-7.4%	$3.1B-3.8%	$3.2B+17.0%	$2.8B-9.4%	$3.0B-15.0%	$3.6B+4.8%	$3.4B0.0%	$3.4B+1.8%	$3.3B+10.2%	$3.0B-15.2%	$3.6B
Retained Earnings	$2.3B-30.7%	$3.3B-7.8%	$3.6B-1.6%	$3.7B+30.7%	$2.8B+5.5%	$2.6B-17.8%	$3.2B+17.2%	$2.8B+2.0%	$2.7B-0.3%	$2.7B-17.6%	$3.3B	N/A

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Total Assets	$4.6B-0.9%	$4.5B-14.0%	$4.5B-13.6%	$4.6B-18.3%	$4.6B-19.6%	$5.2B-12.0%	$5.2B-10.8%	$5.6B-5.0%
Current Assets	$1.3B+14.9%	$1.2B+12.5%	$1.2B+8.0%	$1.2B+0.8%	$1.1B-18.8%	$1.1B-24.7%	$1.1B-21.7%	$1.2B-20.7%
Cash & Equivalents	$440.0M+112.6%	$343.0M+104.2%	$304.0M+38.8%	$215.0M-28.3%	$207.0M-48.1%	$168.0M-61.7%	$219.0M-50.2%	$300.0M-28.1%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$490.0M-13.6%	$506.0M-6.6%	$565.0M+7.0%	$568.0M+4.2%	$567.0M+6.6%	$542.0M-1.5%	$528.0M-10.2%	$545.0M-12.9%
Accounts Receivable	$256.0M+27.4%	$244.0M+8.0%	$190.0M+16.6%	$242.0M-0.4%	$201.0M-10.3%	$226.0M-13.1%	$163.0M-16.0%	$243.0M-28.1%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$700.0M-0.7%	$700.0M-48.4%	$707.0M-46.8%	$705.0M-49.0%	$705.0M-47.9%	$1.4B-1.7%	$1.3B-4.7%	$1.4B+1.4%
Total Liabilities	$2.7B-0.9%	$2.6B-1.5%	$2.6B+0.1%	$2.7B-2.5%	$2.7B-1.7%	$2.7B-5.0%	$2.6B-6.2%	$2.8B-2.3%
Current Liabilities	$424.0M+1.0%	$395.0M-14.7%	$366.0M-13.9%	$423.0M-13.7%	$420.0M-9.5%	$463.0M+2.2%	$425.0M+2.7%	$490.0M+7.5%
Non-Current Liabilities	$2.3B-1.2%	$2.2B+1.2%	$2.3B+2.8%	$2.3B-0.1%	$2.3B-0.2%	$2.2B-6.4%	$2.2B-7.7%	$2.3B-4.1%
Long-Term Debt	$1.4B-0.6%	$1.4B+2.8%	$1.4B+5.6%	$1.4B+2.6%	$1.4B+4.3%	$1.3B+0.6%	$1.3B-2.1%	$1.3B+2.7%
Total Equity	$1.9B-1.0%	$1.9B-27.1%	$1.9B-27.5%	$1.9B-33.6%	$1.9B-36.3%	$2.6B-18.3%	$2.6B-15.1%	$2.9B-7.4%
Retained Earnings	N/A	N/A	N/A	$2.3B-30.7%	N/A	N/A	N/A	$3.3B-7.8%

ASH Cash Flow Statement

ASH quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K
Operating Cash Flow	$335.0M	$134.0M-71.0%	$462.0M+57.1%	$294.0M+52.3%	$193.0M-58.6%	$466.0M+105.3%	$227.0M+62.1%	$140.0M-41.9%	$241.0M+38.5%	$174.0M-54.8%	$385.0M+250.4%	-$256.0M-144.1%	$580.0M
Depreciation & Amortization	N/A	$237.0M-13.5%	$274.0M+12.8%	$243.0M+0.8%	$241.0M-1.2%	$244.0M+3.8%	$235.0M-15.2%	$277.0M0.0%	$277.0M+4.5%	$265.0M-12.3%	$302.0M-1.3%	$306.0M-22.1%	$393.0M
Stock-Based Compensation	N/A	$14.0M-6.7%	$15.0M-31.8%	$22.0M+22.2%	$18.0M+20.0%	$15.0M+7.1%	$14.0M-33.3%	$21.0M-22.2%	$27.0M+35.0%	$20.0M-33.3%	$30.0M0.0%	$30.0M-11.8%	$34.0M
Capital Expenditures	$85.0M	$98.0M-28.5%	$137.0M-19.4%	$170.0M+50.4%	$113.0M+7.6%	$105.0M-21.1%	$133.0M-9.5%	$147.0M-6.4%	$157.0M-6.5%	$168.0M-27.3%	$231.0M+5.0%	$220.0M-11.3%	$248.0M
Free Cash Flow	$250.0M	$36.0M-88.9%	$325.0M+162.1%	$124.0M+55.0%	$80.0M-77.8%	$361.0M+284.0%	$94.0M+1442.9%	-$7.0M-108.3%	$84.0M+1300.0%	$6.0M-96.1%	$154.0M+132.4%	-$476.0M-243.4%	$332.0M
Investing Cash Flow	$19.0M	-$3.0M+94.1%	-$51.0M+53.2%	-$109.0M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$78.0M	-$179.0M+62.6%	-$479.0M-29.1%	-$371.0M+58.6%	-$896.0M-110.3%	-$426.0M-4833.3%	$9.0M+100.8%	-$1.1B-212.2%	-$368.0M	N/A	N/A	N/A	N/A
Dividends Paid	$76.0M	$76.0M-2.6%	$78.0M+2.6%	$76.0M+8.6%	$70.0M0.0%	$70.0M+6.1%	$66.0M+3.1%	$64.0M+6.7%	$60.0M-22.1%	$77.0M-20.6%	$97.0M-1.0%	$98.0M-4.9%	$103.0M
Share Buybacks	N/A	$100.0M-73.7%	$380.0M+26.7%	$300.0M+50.0%	$200.0M-55.6%	$450.0M	N/A	$200.0M	N/A	$0-100.0%	$500.0M+25.9%	$397.0M-58.4%	$954.0M

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Operating Cash Flow	$120.0M+4.3%	$50.0M+455.6%	$125.0M+516.7%	$40.0M-50.0%	$115.0M-9.4%	$9.0M-83.3%	-$30.0M-114.9%	$80.0M-38.9%
Depreciation & Amortization	$47.0M-38.2%	$45.0M-25.0%	$48.0M-5.9%	$50.0M-5.7%	$76.0M+24.6%	$60.0M-27.7%	$51.0M-33.8%	$53.0M-14.5%
Stock-Based Compensation	$6.0M+100.0%	$5.0M0.0%	$4.0M0.0%	N/A	$3.0M-25.0%	$5.0M-28.6%	$4.0M+300.0%	N/A
Capital Expenditures	$20.0M0.0%	$17.0M-19.0%	$14.0M-39.1%	$34.0M-10.5%	$20.0M-31.0%	$21.0M-38.2%	$23.0M-36.1%	$38.0M-44.9%
Free Cash Flow	$100.0M+5.3%	$33.0M+375.0%	$111.0M+309.4%	$6.0M-85.7%	$95.0M-3.1%	-$12.0M-160.0%	-$53.0M-132.1%	$42.0M-32.3%
Investing Cash Flow	$4.0M+300.0%	$16.0M-5.9%	$2.0M+111.1%	-$3.0M-200.0%	$1.0M+120.0%	$17.0M+173.9%	-$18.0M+30.8%	$3.0M+105.8%
Financing Cash Flow	-$20.0M+71.4%	-$19.0M+72.5%	-$21.0M+4.5%	-$18.0M+89.3%	-$70.0M+53.6%	-$69.0M-245.0%	-$22.0M+84.2%	-$169.0M-3280.0%
Dividends Paid	$19.0M0.0%	$19.0M0.0%	$19.0M0.0%	$19.0M0.0%	$19.0M-5.0%	$19.0M0.0%	$19.0M-5.0%	$19.0M-5.0%
Share Buybacks	$0	N/A	N/A	$0-100.0%	$0-100.0%	$100.0M	$0-100.0%	$150.0M

ASH Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ASH quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K
Gross Margin	30.1%+0.9pp	29.3%-1.2pp	30.5%-4.2pp	34.7%+3.0pp	31.7%+2.0pp	29.7%-0.6pp	30.3%-3.0pp	33.3%+1.8pp	31.6%+2.2pp	29.4%+3.4pp	26.0%+1.1pp	24.9%
Operating Margin	-42.5%-41.3pp	-1.2%-9.1pp	7.8%-6.1pp	13.9%+4.8pp	9.1%+32.0pp	-22.9%-26.9pp	4.0%+0.1pp	3.9%+1.8pp	2.1%+3.8pp	-1.7%-4.9pp	3.3%+2.5pp	0.8%
Net Margin	-46.3%-54.3pp	8.0%-0.1pp	8.1%-30.6pp	38.8%+28.3pp	10.4%+35.6pp	-25.2%-48.7pp	23.5%+19.1pp	4.4%+4.4pp	0.0%+1.0pp	-1.0%-10.0pp	9.0%+5.2pp	3.8%
Return on Equity	-44.4%-50.3pp	5.9%+0.1pp	5.8%-23.0pp	28.8%+20.8pp	8.0%+24.7pp	-16.7%-30.9pp	14.1%+10.8pp	3.4%+3.3pp	0.0%+0.9pp	-0.9%-11.0pp	10.2%+3.7pp	6.5%
Return on Assets	-18.3%-21.3pp	3.0%0.0pp	3.0%-11.9pp	14.9%+11.6pp	3.3%+10.7pp	-7.4%-14.3pp	7.0%+5.6pp	1.4%+1.4pp	0.0%+0.3pp	-0.3%-3.4pp	3.1%+0.9pp	2.1%
Current Ratio	2.85+0.4x	2.44-0.9x	3.30+0.1x	3.20+1.4x	1.84-0.1x	1.900.0x	1.89+0.3x	1.59-0.4x	1.97-0.4x	2.33+0.2x	2.14	N/A
Debt-to-Equity	0.73+0.3x	0.470.0x	0.420.0x	0.39-0.2x	0.58+0.1x	0.52+0.1x	0.42-0.2x	0.67-0.1x	0.76+0.1x	0.69-0.4x	1.10-0.9x	2.04
Asset Turnover	0.400.0x	0.370.0x	0.370.0x	0.38+0.1x	0.320.0x	0.290.0x	0.300.0x	0.310.0x	0.270.0x	0.300.0x	0.34-0.2x	0.56
FCF Margin	2.0%-13.4pp	15.4%+9.7pp	5.7%+2.3pp	3.4%-13.8pp	17.1%+12.4pp	4.7%+5.0pp	-0.3%-3.6pp	3.2%+3.0pp	0.3%-4.8pp	5.1%+19.0pp	-13.9%-19.4pp	5.4%

Metric	Q3'2610-Q	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K
Gross Margin	34.2%+5.7pp	30.5%-0.2pp	27.2%-0.2pp	33.3%+0.1pp	28.5%-5.7pp	30.7%+2.7pp	27.4%+6.7pp	33.2%+8.5pp
Operating Margin	8.6%	8.1%-2.6pp	-1.6%+42.6pp	12.8%+6.7pp	-152.9%	10.7%+7.0pp	-44.2%-40.4pp	6.1%+8.1pp
Net Margin	3.2%	3.3%-3.1pp	-3.1%+37.6pp	6.5%+3.2pp	-160.3%	6.5%-14.4pp	-40.7%-46.2pp	3.3%+3.8pp
Return on Equity	0.9%+40.1pp	0.9%-0.3pp	-0.6%+5.7pp	1.6%+1.0pp	-39.3%-39.5pp	1.2%-2.6pp	-6.4%-7.2pp	0.6%+0.7pp
Return on Assets	0.4%+16.4pp	0.4%-0.2pp	-0.3%+2.9pp	0.7%+0.4pp	-16.1%-16.2pp	0.6%-1.4pp	-3.1%-3.6pp	0.3%+0.4pp
Current Ratio	3.05+0.4x	3.06+0.7x	3.15+0.6x	2.85+0.4x	2.68-0.3x	2.32-0.8x	2.52-0.8x	2.44-0.9x
Debt-to-Equity	0.730.0x	0.74+0.2x	0.74+0.2x	0.73+0.3x	0.73+0.3x	0.52+0.1x	0.51+0.1x	0.470.0x
Asset Turnover	0.110.0x	0.110.0x	0.090.0x	0.100.0x	0.100.0x	0.090.0x	0.080.0x	0.090.0x
FCF Margin	20.1%-0.4pp	6.9%+9.4pp	28.8%+41.9pp	1.3%-6.8pp	20.5%+2.5pp	-2.5%-6.0pp	-13.1%-48.0pp	8.1%-3.9pp

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Ashland Inc. ASH	FY2025	$1.8B	-$845.0M	-46.3%	$3.3B	37/100
Quaker Houghton KWR	FY2025	$1.9B	-$2.5M	-0.1%	$2.7B	44/100
The Chemours Company CC	FY2025	$5.8B	-$386.0M	-6.7%	$2.0B	16/100
Ingevity Corporation NGVT	FY2025	$1.2B	-$167.1M	-14.3%	$2.4B	58/100
Innospec Inc. IOSP	FY2025	$1.8B	$116.6M	6.6%	$2.4B	51/100
Minerals Technologies Inc MTX	FY2025	$2.1B	-$18.4M	-0.9%	$2.0B	50/100

Where Ashland Inc. Ranks

Frequently Asked Questions

What is Ashland Inc.'s annual revenue?

Ashland Inc. (ASH) reported $1.8B in total revenue for fiscal year 2025. This represents a -13.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Ashland Inc.'s revenue growing?

Ashland Inc. (ASH) revenue declined by 13.7% year-over-year, from $2.1B to $1.8B in fiscal year 2025.

Is Ashland Inc. profitable?

No, Ashland Inc. (ASH) reported a net income of -$845.0M in fiscal year 2025, with a net profit margin of -46.3%.

What is Ashland Inc.'s EBITDA?

Ashland Inc. (ASH) had EBITDA of -$538.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Ashland Inc. have?

As of fiscal year 2025, Ashland Inc. (ASH) had $215.0M in cash and equivalents against $1.4B in long-term debt.

What is Ashland Inc.'s gross margin?

Ashland Inc. (ASH) had a gross margin of 30.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Ashland Inc.'s operating margin?

Ashland Inc. (ASH) had an operating margin of -42.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Ashland Inc.'s net profit margin?

Ashland Inc. (ASH) had a net profit margin of -46.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Ashland Inc. pay dividends?

Yes, Ashland Inc. (ASH) paid $1.64 per share in dividends during fiscal year 2025.

What is Ashland Inc.'s return on equity (ROE)?

Ashland Inc. (ASH) has a return on equity of -44.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Ashland Inc.'s free cash flow?

Ashland Inc. (ASH) generated $36.0M in free cash flow during fiscal year 2025. This represents a -88.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Ashland Inc.'s operating cash flow?

Ashland Inc. (ASH) generated $134.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Ashland Inc.'s total assets?

Ashland Inc. (ASH) had $4.6B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Ashland Inc.'s capital expenditures?

Ashland Inc. (ASH) invested $98.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Ashland Inc. spend on research and development?

Ashland Inc. (ASH) invested $54.0M in research and development during fiscal year 2025.

Does Ashland Inc. buy back shares?

Yes, Ashland Inc. (ASH) spent $100.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Ashland Inc. have outstanding?

Ashland Inc. (ASH) had 46M shares outstanding as of fiscal year 2025.

What is Ashland Inc.'s current ratio?

Ashland Inc. (ASH) had a current ratio of 2.85 as of fiscal year 2025, which is generally considered healthy.

What is Ashland Inc.'s debt-to-equity ratio?

Ashland Inc. (ASH) had a debt-to-equity ratio of 0.73 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Ashland Inc.'s return on assets (ROA)?

Ashland Inc. (ASH) had a return on assets of -18.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Ashland Inc.'s P/E ratio?

Ashland Inc. (ASH) trades at 65.2x earnings, its market capitalization divided by net income of $51.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $3.3B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Ashland Inc.'s price-to-sales ratio?

Ashland Inc. (ASH) trades at 1.8x sales, its market capitalization divided by revenue of $1.8B revenue, trailing 12 months to June 30, 2026. The market capitalization is $3.3B as of Oct 13, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Ashland Inc.'s Altman Z-Score?

Ashland Inc. (ASH) has an Altman Z-Score of 1.48, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Ashland Inc.'s Piotroski F-Score?

Ashland Inc. (ASH) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Ashland Inc.'s earnings high quality?

Ashland Inc. (ASH) reported a net loss of $845.0M while generating $134.0M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Ashland Inc. cover its interest payments?

Ashland Inc. (ASH) reported an operating loss of $775.0M against $61.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Ashland Inc.?

Ashland Inc. (ASH) scores 37 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.