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

Ashland (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 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

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

Ashland (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 2026-08-29

Ashland’s 2025 results show a margin-structure break: gross economics held while operating costs overwhelmed earnings and cash conversion.

From FY2024 to FY2025, gross margin edged up from 29.3% to 30.1% while operating margin fell from -1.2% to -42.5%; that divergence points to deterioration below cost of revenue rather than a broad collapse in underlying product economics.

The earnings-to-cash gap widened sharply: FY2025 net income was -$845M while operating cash flow remained positive at $134M. Noncash accounting effects therefore cushioned cash generation, but free cash flow of only $36M shows little remained after reinvestment.

The balance sheet became more sensitive to operating setbacks: debt-to-equity rose from 0.5x to 0.7x as equity shrank faster than liabilities. Goodwill also declined from $1.4B to $705M, while a 2.8x current ratio indicates short-term assets remained broader than the reduced long-term capital cushion.

Financial Health Signals

Financial Health Score 38/100

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'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 has an operating margin of -42.5%, meaning the company loses $42 on every $100 of revenue. This results in a profitability score of 14/100. This is down from -1.2% the prior year.

Growth

Ashland's revenue declined 13.7% year-over-year, from $2.1B to $1.8B. This contraction results in a growth score of 12/100.

Leverage

Ashland has a moderate D/E ratio of 0.73. This balance of debt and equity financing earns a leverage score of 52/100.

Liquidity

With a current ratio of 2.85, Ashland holds $2.85 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 75/100.

Cash Flow

While Ashland 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 55/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Ashland 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 17/100. This is down from 5.9% the prior year.

Altman Z-Score Distress

1.50

Ashland scores 1.50, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($3.4B) relative to total liabilities ($2.7B). 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 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 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 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

$1.8B

YoY-13.7%

5Y CAGR-2.0%

10Y CAGR-6.1%

Ashland generated $1.8B in revenue in fiscal year 2025. This represents a decrease of 13.7% from the prior year.

EBITDA

-$538.0M

YoY-316.9%

Ashland's EBITDA was -$538.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 316.9% from the prior year.

Net Income

-$845.0M

YoY-600.0%

Ashland reported -$845.0M in net income in fiscal year 2025. This represents a decrease of 600.0% from the prior year.

EPS (Diluted)

-$18.23

YoY-642.6%

Ashland earned -$18.23 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 642.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow

$36.0M

YoY-88.9%

5Y CAGR-17.5%

Ashland generated $36.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 88.9% from the prior year.

Cash & Debt

$215.0M

YoY-28.3%

5Y CAGR-13.9%

10Y CAGR-16.2%

Ashland held $215.0M in cash against $1.4B in long-term debt as of fiscal year 2025.

Dividends Per Share

$1.64

YoY+3.8%

5Y CAGR+8.3%

Ashland paid $1.64 per share in dividends in fiscal year 2025. This represents an increase of 3.8% from the prior year.

Shares Outstanding

46M

YoY-3.0%

5Y CAGR-5.5%

Ashland had 46M shares outstanding in fiscal year 2025. This represents a decrease of 3.0% from the prior year.

Margins & Returns

Gross Margin

30.1%

YoY+0.9pp

5Y CAGR+0.4pp

10Y CAGR+4.1pp

Ashland's gross margin was 30.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 0.9 percentage points from the prior year.

Operating Margin

-42.5%

YoY-41.3pp

5Y CAGR-19.6pp

10Y CAGR-45.8pp

Ashland's operating margin was -42.5% in fiscal year 2025, reflecting core business profitability. This is down 41.3 percentage points from the prior year.

Net Margin

-46.3%

YoY-54.3pp

5Y CAGR-21.1pp

10Y CAGR-55.4pp

Ashland's net profit margin was -46.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 54.3 percentage points from the prior year.

Return on Equity

-44.4%

YoY-50.3pp

5Y CAGR-27.6pp

10Y CAGR-54.5pp

Ashland's ROE was -44.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 50.3 percentage points from the prior year.

Capital Allocation

R&D Spending

$54.0M

YoY-1.8%

5Y CAGR-0.7%

10Y CAGR-5.9%

Ashland invested $54.0M in research and development in fiscal year 2025. This represents a decrease of 1.8% from the prior year.

Share Buybacks

$100.0M

YoY-73.7%

Ashland spent $100.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 73.7% from the prior year.

Capital Expenditures

$98.0M

YoY-28.5%

5Y CAGR-5.9%

10Y CAGR-7.8%

Ashland invested $98.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 28.5% from the prior year.

ASH Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ASH quarterly income statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14
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
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 (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

Metric	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Revenue	$497.0M+3.1%	$482.0M+24.9%	$386.0M-19.1%	$477.0M+3.0%	$463.0M-3.3%	$479.0M+18.3%	$405.0M-22.3%	$521.0M
Cost of Revenue	$327.0M-2.4%	$335.0M+19.2%	$281.0M-11.6%	$318.0M-3.9%	$331.0M-0.3%	$332.0M+12.9%	$294.0M-15.5%	$348.0M
Gross Profit	$170.0M+15.6%	$147.0M+40.0%	$105.0M-34.0%	$159.0M+20.5%	$132.0M-10.2%	$147.0M+32.4%	$111.0M-35.8%	$173.0M
R&D Expenses	$15.0M+7.1%	$14.0M+7.7%	$13.0M-7.1%	$14.0M+7.7%	$13.0M-7.1%	$14.0M+7.7%	$13.0M-7.1%	$14.0M
SG&A Expenses	$99.0M+25.3%	$79.0M-8.1%	$86.0M+14.7%	$75.0M-29.2%	$106.0M+24.7%	$85.0M+9.0%	$78.0M-22.8%	$101.0M
Operating Income	$43.0M+10.3%	$39.0M+750.0%	-$6.0M-109.8%	$61.0M+108.6%	-$708.0M-1488.2%	$51.0M+128.5%	-$179.0M-659.4%	$32.0M
Interest Expense	$8.0M+144.4%	-$18.0M-125.0%	-$8.0M-108.4%	$95.0M+1800.0%	$5.0M+145.5%	-$11.0M+60.7%	-$28.0M-173.7%	$38.0M
Income Tax	$15.0M+200.0%	$5.0M+600.0%	-$1.0M-103.1%	$32.0M+113.3%	$15.0M+66.7%	$9.0M+120.9%	-$43.0M-816.7%	$6.0M
Net Income	$16.0M0.0%	$16.0M+233.3%	-$12.0M-138.7%	$31.0M+104.2%	-$742.0M-2493.5%	$31.0M+118.8%	-$165.0M-1070.6%	$17.0M
EPS (Diluted)	$0.35+2.9%	$0.34+230.8%	-$0.26-141.9%	$0.62+103.8%	-$16.21-2593.8%	$0.65+118.6%	-$3.50-1100.0%	$0.35

ASH Balance Sheet

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ASH quarterly balance sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14
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
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
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
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	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Total Assets	$4.6B+1.8%	$4.5B-0.4%	$4.5B-2.0%	$4.6B-0.2%	$4.6B-11.7%	$5.2B0.0%	$5.2B-7.3%	$5.6B
Current Assets	$1.3B+6.9%	$1.2B+4.8%	$1.2B-4.2%	$1.2B+7.2%	$1.1B+4.6%	$1.1B+0.6%	$1.1B-10.5%	$1.2B
Cash & Equivalents	$440.0M+28.3%	$343.0M+12.8%	$304.0M+41.4%	$215.0M+3.9%	$207.0M+23.2%	$168.0M-23.3%	$219.0M-27.0%	$300.0M
Inventory	$490.0M-3.2%	$506.0M-10.4%	$565.0M-0.5%	$568.0M+0.2%	$567.0M+4.6%	$542.0M+2.7%	$528.0M-3.1%	$545.0M
Accounts Receivable	$256.0M+4.9%	$244.0M+28.4%	$190.0M-21.5%	$242.0M+20.4%	$201.0M-11.1%	$226.0M+38.7%	$163.0M-32.9%	$243.0M
Goodwill	$700.0M0.0%	$700.0M-1.0%	$707.0M+0.3%	$705.0M0.0%	$705.0M-48.0%	$1.4B+2.0%	$1.3B-3.7%	$1.4B
Total Liabilities	$2.7B+2.8%	$2.6B-0.3%	$2.6B-2.4%	$2.7B-0.9%	$2.7B+2.2%	$2.7B+1.3%	$2.6B-5.0%	$2.8B
Current Liabilities	$424.0M+7.3%	$395.0M+7.9%	$366.0M-13.5%	$423.0M+0.7%	$420.0M-9.3%	$463.0M+8.9%	$425.0M-13.3%	$490.0M
Long-Term Debt	$1.4B0.0%	$1.4B-0.9%	$1.4B+0.2%	$1.4B+0.1%	$1.4B+3.4%	$1.3B+1.8%	$1.3B-2.7%	$1.3B
Total Equity	$1.9B+0.2%	$1.9B-0.6%	$1.9B-1.4%	$1.9B+0.8%	$1.9B-26.2%	$2.6B-1.3%	$2.6B-9.6%	$2.9B
Retained Earnings	N/A	N/A	N/A	$2.3B	N/A	N/A	N/A	$3.3B

ASH Cash Flow Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.

ASH quarterly cash flow statement

Metric	TTM	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14
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
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	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Operating Cash Flow	$120.0M+140.0%	$50.0M-60.0%	$125.0M+212.5%	$40.0M-65.2%	$115.0M+1177.8%	$9.0M+130.0%	-$30.0M-137.5%	$80.0M
Capital Expenditures	$20.0M+17.6%	$17.0M+21.4%	$14.0M-58.8%	$34.0M+70.0%	$20.0M-4.8%	$21.0M-8.7%	$23.0M-39.5%	$38.0M
Free Cash Flow	$100.0M+203.0%	$33.0M-70.3%	$111.0M+1750.0%	$6.0M-93.7%	$95.0M+891.7%	-$12.0M+77.4%	-$53.0M-226.2%	$42.0M
Investing Cash Flow	$4.0M-75.0%	$16.0M+700.0%	$2.0M+166.7%	-$3.0M-400.0%	$1.0M-94.1%	$17.0M+194.4%	-$18.0M-700.0%	$3.0M
Financing Cash Flow	-$20.0M-5.3%	-$19.0M+9.5%	-$21.0M-16.7%	-$18.0M+74.3%	-$70.0M-1.4%	-$69.0M-213.6%	-$22.0M+87.0%	-$169.0M
Dividends Paid	$19.0M0.0%	$19.0M0.0%	$19.0M0.0%	$19.0M0.0%	$19.0M0.0%	$19.0M0.0%	$19.0M0.0%	$19.0M
Share Buybacks	$0	N/A	N/A	$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.

ASH quarterly financial ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20	FY19	FY18	FY17	FY16	FY15	FY14
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
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	Q3'26	Q2'26	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24
Gross Margin	34.2%+3.7pp	30.5%+3.3pp	27.2%-6.1pp	33.3%+4.8pp	28.5%-2.2pp	30.7%+3.3pp	27.4%-5.8pp	33.2%
Operating Margin	8.6%+0.6pp	8.1%+9.6pp	-1.6%-14.3pp	12.8%	-152.9%	10.7%+54.9pp	-44.2%-50.3pp	6.1%
Net Margin	3.2%-0.1pp	3.3%+6.4pp	-3.1%-9.6pp	6.5%	-160.3%	6.5%+47.2pp	-40.7%-44.0pp	3.3%
Return on Equity	0.9%0.0pp	0.9%+1.5pp	-0.6%-2.3pp	1.6%+40.9pp	-39.3%-40.5pp	1.2%+7.6pp	-6.4%-7.0pp	0.6%
Return on Assets	0.4%0.0pp	0.4%+0.6pp	-0.3%-0.9pp	0.7%+16.7pp	-16.1%-16.6pp	0.6%+3.7pp	-3.1%-3.5pp	0.3%
Current Ratio	3.050.0x	3.06-0.1x	3.15+0.3x	2.85+0.2x	2.68+0.4x	2.32-0.2x	2.52+0.1x	2.44
Debt-to-Equity	0.730.0x	0.740.0x	0.740.0x	0.730.0x	0.73+0.2x	0.520.0x	0.510.0x	0.47
FCF Margin	20.1%+13.3pp	6.9%-21.9pp	28.8%+27.5pp	1.3%-19.3pp	20.5%+23.0pp	-2.5%+10.6pp	-13.1%-21.1pp	8.1%

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.

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Where Ashland Ranks

Frequently Asked Questions

What is Ashland's annual revenue?

Ashland (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's revenue growing?

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

Is Ashland profitable?

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

What is Ashland's EBITDA?

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

How much debt does Ashland have?

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

What is Ashland's gross margin?

Ashland (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's operating margin?

Ashland (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's net profit margin?

Ashland (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 pay dividends?

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

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

Ashland (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's free cash flow?

Ashland (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's operating cash flow?

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

What are Ashland's total assets?

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

What are Ashland's capital expenditures?

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

How much does Ashland spend on research and development?

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

Does Ashland buy back shares?

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

How many shares does Ashland have outstanding?

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

What is Ashland's current ratio?

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

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

Ashland (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's return on assets (ROA)?

Ashland (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's Altman Z-Score?

Ashland (ASH) has an Altman Z-Score of 1.50, 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's Piotroski F-Score?

Ashland (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's earnings high quality?

Ashland (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 cover its interest payments?

Ashland (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?

Ashland (ASH) scores 38 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.