ASHLAND INC. ASH

Industrials SIC 5160 - Wholesale-Chemicals & Allied Products NAICS Wholesale Trade › Merchant Wholesalers, Nondurable Goods › Chemical and Allied Products Merchant Wholesalers derived NYSE

Ashland Inc. is a global additives and specialty ingredients company with a conscious and proactive mindset for sustainability. Our common stock is listed on the New York Stock Exchange ("NYSE") under the ticker symbol "ASH". The terms "Ashland," the "Company," "we" and "our" used herein refer to Ashland Inc., a Delaware Corporation, and its predecessors, and its consolidated subsidiaries, except where the context indicates otherwise.

The Company serves customers in a wide range of consumer and industrial markets including, architectural coatings, construction, energy, food and beverage, personal care and pharmaceutical. With approximately 2,900 employees worldwide, Ashland serves customers in more than 100 countries.

Last close 72.99 2026-10-23
Market cap $3.34B 2026-06-30 share count
52-week range 47.12 - 78.25

Valuation FY2025 figures against the last close

P/S1.8x
P/E—
P/FCF92.8x
EV/EBITDA—
Dividend yield2.3%
Diluted EPS-18.23

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • International
  • United States
Revenue by geography, 2 categories over 3 years. The same figures are in the table below. FY2025 International, FY2025: 1.4B (74.6%) 75% International United States, FY2025: 464M (25.4%) 25% United States FY2024 International, FY2024: 1.5B (70.5%) 70% United States, FY2024: 624M (29.5%) 30% FY2023 International, FY2023: 1.6B (71.1%) 71% United States, FY2023: 634M (28.9%) 29%
Region FY2025FY2024FY2023
International $1.36B $1.49B $1.56B
United States $464.0M $624.0M $634.0M

As the company reported it, from the “Reportable Segment Information - Schedule of Information About Domestic and International Operations (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $1.82B$2.11B$2.19B$2.39B$2.11B$2.02B$2.15B$2.59B$2.31B$3.02B
Cost of revenue $1.27B$1.50B$1.52B$1.56B$1.44B$1.42B$1.50B$1.73B$1.58B$2.13B
Gross profit $549.0M$618.0M$668.0M$830.0M$670.0M$599.0M$651.0M$863.0M$729.0M$887.0M
R&D $54.0M$55.0M$51.0M$55.0M$50.0M$56.0M$58.0M$73.0M$73.0M$87.0M
SG&A $344.0M$404.0M$365.0M$393.0M$358.0M$400.0M$426.0M$599.0M$610.0M$858.0M
Operating income -$775.0M-$26.0M$172.0M$333.0M$192.0M-$461.0M$86.0M$102.0M$49.0M-$50.0M
Interest expense $33.0M$24.0M$6.0M$149.0M$56.0M$119.0M$99.0M$102.0M$229.0M$173.0M
Pre-tax income -$809.0M-$24.0M$160.0M$206.0M$135.0M-$577.0M-$9.0M$11.0M-$196.0M-$308.0M
Income tax $13.0M$223.0M$8.0M$25.0M$38.0M$22.0M$30.0M$8.0M$16.0M$25.0M
Net income -$845.0M$169.0M$178.0M$927.0M$220.0M-$508.0M$505.0M$114.0M$1.0M-$29.0M
EPS, basic -18.233.403.3616.713.63-8.398.151.820.01-0.47
EPS, diluted -18.233.363.3116.413.59-8.398.151.790.01-0.47
Shares, diluted (wtd. avg.) 46.0M50.0M54.0M56.0M61.0M61.0M62.0M64.0M62.0M63.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $215.0M$300.0M$417.0M$646.0M$210.0M$454.0M$232.0M$294.0M$566.0M$1.02B
Receivables $242.0M$243.0M$338.0M$402.0M$369.0M$437.0M$481.0M$522.0M$612.0M$529.0M
Inventory $568.0M$545.0M$626.0M$629.0M$473.0M$506.0M$597.0M$596.0M$634.0M$539.0M
Total current assets $1.21B$1.20B$1.51B$1.77B$1.72B$1.55B$1.43B$1.71B$1.90B$2.89B
Property, plant and equipment $1.20B$1.30B$1.37B$1.34B$1.43B$1.49B$1.58B$1.65B$1.97B$1.90B
Goodwill $705.0M$1.38B$1.36B$1.31B$1.43B$1.30B$1.80B$2.30B$2.31B$2.14B
Other intangibles $563.0M$751.0M$886.0M$963.0M$1.10B$1.01B$1.09B$1.19B$1.32B$1.06B
Total assets $4.61B$5.64B$5.94B$6.21B$6.61B$6.88B$7.25B$8.26B$8.62B$10.00B
Accounts payable $189.0M$214.0M$210.0M$265.0M$236.0M$211.0M$313.0M$331.0M$409.0M$376.0M
Short-term debt —$0$0$0$9.0M$0$166.0M$254.0M$235.0M$170.0M
Total current liabilities $423.0M$490.0M$456.0M$553.0M$934.0M$813.0M$757.0M$1.08B$968.0M$1.24B
Long-term debt $1.38B$1.35B$1.31B$1.27B$1.60B$1.57B$1.50B$2.27B$2.58B$2.33B
Retained earnings $2.30B$3.31B$3.60B$3.65B$2.80B$2.65B$3.22B$2.75B$2.70B$2.70B
Total equity $1.90B$2.87B$3.10B$3.22B$2.75B$3.04B$3.57B$3.41B$3.41B$3.17B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $134.0M$462.0M$294.0M$193.0M$466.0M$227.0M$140.0M$241.0M$174.0M$385.0M
Depreciation and amortisation $237.0M$274.0M$243.0M$241.0M$244.0M$235.0M$277.0M$277.0M$265.0M$302.0M
Stock-based compensation $14.0M$15.0M$22.0M$18.0M$15.0M$14.0M$21.0M$27.0M$20.0M$30.0M
Capital expenditure $98.0M$137.0M$170.0M$113.0M$105.0M$133.0M$147.0M$157.0M$168.0M$231.0M
Investing cash flow -$3.0M-$51.0M-$109.0M-$102.0M-$367.0M-$85.0M-$111.0M-$174.0M-$798.0M-$177.0M
Financing cash flow -$179.0M-$479.0M-$371.0M-$896.0M-$426.0M$9.0M-$1.15B-$368.0M$136.0M-$1.86B
Dividends paid $76.0M$78.0M$76.0M$70.0M$70.0M$66.0M$64.0M$60.0M$77.0M$97.0M
Buybacks $100.0M$380.0M$300.0M$200.0M$450.0M—$200.0M—$0$500.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-25-289248.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -1B 0 1B 2B 3B 4B Revenue, FY2016: 3B Gross profit, FY2016: 887M Net income, FY2016: -29M Revenue, FY2017: 2.3B Gross profit, FY2017: 729M Net income, FY2017: 1M Revenue, FY2018: 2.6B Gross profit, FY2018: 863M Net income, FY2018: 114M Revenue, FY2019: 2.1B Gross profit, FY2019: 651M Net income, FY2019: 505M Revenue, FY2020: 2B Gross profit, FY2020: 599M Net income, FY2020: -508M Revenue, FY2021: 2.1B Gross profit, FY2021: 670M Net income, FY2021: 220M Revenue, FY2022: 2.4B Gross profit, FY2022: 830M Net income, FY2022: 927M Revenue, FY2023: 2.2B Gross profit, FY2023: 668M Net income, FY2023: 178M Revenue, FY2024: 2.1B Gross profit, FY2024: 618M Net income, FY2024: 169M Revenue, FY2025: 1.8B Gross profit, FY2025: 549M Net income, FY2025: -845M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $3.02B $2.31B $2.59B $2.15B $2.02B $2.11B $2.39B $2.19B $2.11B $1.82B
Gross profit $887.0M $729.0M $863.0M $651.0M $599.0M $670.0M $830.0M $668.0M $618.0M $549.0M
Net income -$29.0M $1.0M $114.0M $505.0M -$508.0M $220.0M $927.0M $178.0M $169.0M -$845.0M

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Material agreement signed Item 1.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Item 5.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Regulation FD disclosure Item 7.01
  • Material agreement signed Item 1.01
  • New debt or obligation Item 2.03
  • Officer or director change Item 5.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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