ASHLAND INC. ASH
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -18.23 | 3.40 | 3.36 | 16.71 | 3.63 | -8.39 | 8.15 | 1.82 | 0.01 | -0.47 |
| EPS, diluted | -18.23 | 3.36 | 3.31 | 16.41 | 3.59 | -8.39 | 8.15 | 1.79 | 0.01 | -0.47 |
| Shares, diluted (wtd. avg.) | $46.0M | $50.0M | $54.0M | $56.0M | $61.0M | $61.0M | $62.0M | $64.0M | $62.0M | $63.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
Others in SIC 5160
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| HWKN | HAWKINS INC | $2.70B | 33.0x | 11.2% |
| NPT | Texxon Holding Ltd | — | — | 18.5% |