Ashland (ASH) Financials

$55.97 +1.29 (+2.35%)

Closing price 05/20/2026 03:59 PM Eastern

Extended Trading

$55.89 -0.08 (-0.14%)

As of 06:27 AM Eastern

Annual Income Statements for Ashland

This table shows Ashland's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	309	-29	1.00	114	505	-508	220	927	178	169	-845
Consolidated Net Income / (Loss)	309	-28	28	114	505	-508	220	927	178	169	-845
Net Income / (Loss) Continuing Operations	-12	-283	-180	19	-39	-555	173	181	168	199	-822
Total Pre-Tax Income	-151	-308	-196	11	-9.00	-577	135	206	160	-24	-809
Total Operating Income	112	-50	49	102	86	-461	192	333	172	-26	-775
Total Gross Profit	888	887	729	863	651	599	670	830	668	618	549
Total Revenue	3,420	3,019	2,309	2,589	2,148	2,016	2,111	2,391	2,191	2,113	1,824
Operating Revenue	3,420	3,019	2,309	2,589	2,148	2,016	2,111	2,391	2,191	2,113	1,824
Total Cost of Revenue	2,532	2,132	1,580	1,726	1,497	1,417	1,441	1,561	1,523	1,495	1,275
Operating Cost of Revenue	2,532	2,132	1,580	1,726	1,497	1,417	1,441	1,561	1,523	1,495	1,275
Total Operating Expenses	776	937	680	761	565	1,060	478	497	496	644	1,324
Selling, General & Admin Expense	692	858	610	599	426	400	358	393	365	404	344
Research & Development Expense	99	87	73	73	58	56	50	55	51	55	54
Amortization Expense	-	-	-	93	85	84	90	94	93	76	63
Other Operating Expenses / (Income)	-15	-8.00	-	-	-4.00	-8.00	-9.00	-3.00	-7.00	-6.00	-4.00
Impairment Charge	-	-	-	0.00	0.00	530	0.00	0.00	0.00	0.00	706
Other Special Charges / (Income)	-	-	-3.00	-4.00	-	-2.00	-11	-42	-6.00	115	161
Total Other Income / (Expense), net	-263	-258	-245	-91	-95	-116	-57	-127	-12	2.00	-34
Interest Expense	174	173	229	102	99	119	56	149	6.00	-24	33
Other Income / (Expense), net	-89	-85	-16	11	4.00	3.00	-1.00	22	-6.00	-22	-1.00
Income Tax Expense	-139	-25	-16	-8.00	30	-22	-38	25	-8.00	-223	13
Net Income / (Loss) Discontinued Operations	321	255	208	95	544	47	47	746	10	-30	-23
Basic Earnings per Share	$4.54	($0.47)	$0.01	$1.82	$8.15	($8.39)	$3.63	$16.71	$3.36	$3.40	($18.23)
Weighted Average Basic Shares Outstanding	-	62.12M	62.12M	62.49M	60.18M	60.58M	56.84M	54.15M	51.26M	47.11M	45.72M
Diluted Earnings per Share	$4.54	($0.47)	$0.01	$1.79	$8.15	($8.39)	$3.59	$16.41	$3.31	$3.36	($18.23)
Weighted Average Diluted Shares Outstanding	-	62.12M	62.12M	62.49M	60.18M	60.58M	56.84M	54.15M	51.26M	47.11M	45.72M
Weighted Average Basic & Diluted Shares Outstanding	-	62.12M	62.12M	62.49M	60.18M	60.58M	56.84M	54.15M	51.26M	47.11M	45.72M
Cash Dividends to Common per Share	$1.46	$1.56	$1.23	$0.95	$1.05	$1.10	$1.15	$1.27	$1.44	$1.58	$1.64

This table shows Ashland's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-3.00	26	120	6.00	17	-165	31	-742	31	-12	16
Consolidated Net Income / (Loss)	-3.00	26	120	6.00	17	-165	31	-742	31	-12	16
Net Income / (Loss) Continuing Operations	-8.00	28	121	31	19	-166	30	-719	33	-14	15
Total Pre-Tax Income	-38	4.00	17	-70	25	-209	39	-704	65	-15	20
Total Operating Income	-10	-18	21	-61	32	-179	51	-708	61	-6.00	39
Total Gross Profit	128	98	161	186	173	111	147	132	159	105	147
Total Revenue	517	473	575	544	521	405	479	463	477	386	482
Operating Revenue	517	473	575	544	521	405	479	463	477	386	482
Total Cost of Revenue	389	375	414	358	348	294	332	331	318	281	335
Operating Cost of Revenue	389	375	414	358	348	294	332	331	318	281	335
Total Operating Expenses	138	116	140	247	141	290	96	840	98	111	108
Selling, General & Admin Expense	109	83	106	114	101	78	85	106	75	86	79
Research & Development Expense	14	12	14	15	14	13	14	13	14	13	14
Amortization Expense	23	21	20	19	16	17	15	15	16	15	15
Other Operating Expenses / (Income)	-2.00	-2.00	0.00	0.00	-4.00	-1.00	0.00	0.00	-3.00	-1.00	0.00
Impairment Charge	-	-	-	0.00	-	0.00	0.00	706	-	0.00	0.00
Other Special Charges / (Income)	-	2.00	0.00	99	14	183	-18	0.00	-4.00	-2.00	0.00
Total Other Income / (Expense), net	-28	22	-4.00	-9.00	-7.00	-30	-12	4.00	4.00	-9.00	-19
Interest Expense	27	-24	2.00	7.00	-9.00	28	11	-5.00	-1.00	8.00	18
Other Income / (Expense), net	-1.00	-2.00	-2.00	-2.00	-16	-2.00	-1.00	-1.00	3.00	-1.00	-1.00
Income Tax Expense	-30	-24	-104	-101	6.00	-43	9.00	15	32	-1.00	5.00
Net Income / (Loss) Discontinued Operations	5.00	-2.00	-1.00	-25	-2.00	1.00	1.00	-23	-2.00	2.00	1.00
Basic Earnings per Share	($0.04)	$0.51	$2.42	$0.12	$0.35	($3.50)	$0.65	($16.21)	$0.83	($0.26)	$0.34
Weighted Average Basic Shares Outstanding	51.26M	-	50.13M	48.83M	47.11M	47.18M	45.69M	45.71M	45.72M	45.76M	45.79M
Diluted Earnings per Share	($0.03)	$0.51	$2.39	$0.12	$0.34	($3.50)	$0.65	($16.21)	$0.83	($0.26)	$0.34
Weighted Average Diluted Shares Outstanding	51.26M	-	50.13M	48.83M	47.11M	47.18M	45.69M	45.71M	45.72M	45.76M	45.79M
Weighted Average Basic & Diluted Shares Outstanding	51.26M	-	50.13M	48.83M	47.11M	47.18M	45.69M	45.71M	45.72M	45.76M	45.79M
Cash Dividends to Common per Share	-	$38.50	$38.50	$0.41	-	$40.50	$40.50	-	-	$41.50	$41.50

This table details how cash moves in and out of Ashland's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Net Change in Cash & Equivalents	-307	-69	-1,110	-573	-62	222	-244	436	-229	-117	-85
Net Cash From Operating Activities	-593	385	174	241	140	227	466	193	294	462	134
Net Cash From Continuing Operating Activities	-256	385	174	241	140	227	466	193	294	462	134
Net Income / (Loss) Continuing Operations	-12	-283	-180	19	-39	-555	173	181	168	199	-822
Consolidated Net Income / (Loss)	309	-28	28	114	505	-508	220	927	178	169	-845
Net Income / (Loss) Discontinued Operations	321	255	208	95	544	47	47	746	10	-30	-23
Depreciation Expense	306	302	265	277	277	235	244	241	243	274	237
Amortization Expense	18	18	109	8.00	13	15	7.00	7.00	6.00	6.00	7.00
Non-Cash Adjustments To Reconcile Net Income	164	357	33	21	15	571	-4.00	41	-25	73	842
Changes in Operating Assets and Liabilities, net	-1,069	-9.00	-53	-84	-126	-39	46	-277	-98	-90	-130
Net Cash From Investing Activities	-216	-177	-798	-174	-111	-85	-367	-102	-109	-51	-3.00
Net Cash From Continuing Investing Activities	-391	-177	-798	-174	-111	-85	-367	-102	-109	-51	-3.00
Purchase of Property, Plant & Equipment	-220	-231	-168	-157	-147	-133	-105	-113	-170	-137	-98
Purchase of Investments	-7.00	-19	-22	-29	-357	-24	-149	-87	-47	-53	-54
Sale of Property, Plant & Equipment	1.00	2.00	5.00	4.00	9.00	5.00	5.00	51	11	0.00	16
Sale and/or Maturity of Investments	18	19	51	60	386	56	183	122	105	132	118
Other Investing Activities, net	-	52	16	-41	0.00	11	8.00	-75	-8.00	7.00	15
Net Cash From Financing Activities	-39	-1,858	136	-368	-1,149	9.00	-426	-896	-371	-479	-179
Net Cash From Continuing Financing Activities	-39	-1,858	136	-368	-1,149	9.00	-426	-896	-371	-479	-179
Repayment of Debt	-644	-1,251	-947	-313	-875	-722	-349	-617	16	-16	0.00
Repurchase of Common Equity	-397	-500	0.00	0.00	-200	0.00	-450	-200	-300	-380	-100
Payment of Dividends	-98	-97	-77	-60	-64	-66	-70	-70	-76	-78	-76
Issuance of Debt	1,100	0.00	1,175	15	0.00	804	450	0.00	0.00	0.00	0.00
Other Financing Activities, net	-	-10	-15	-10	-10	-7.00	-7.00	-9.00	-11	-5.00	-3.00
Effect of Exchange Rate Changes	-47	-8.00	-5.00	1.00	-3.00	2.00	3.00	-11	8.00	2.00	3.00
Other Net Changes in Cash	588	1,589	-617	-273	1,061	69	80	1,252	-51	-51	-40
Cash Interest Paid	-	162	132	126	124	77	62	56	53	52	54
Cash Income Taxes Paid	226	108	79	77	67	91	1.00	406	63	53	33

This table details how cash moves in and out of Ashland's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	68	23	-1.00	-40	-99	-81	-32	-47	75	89	39
Net Cash From Operating Activities	131	201	54	127	80	-30	9.00	115	40	125	50
Net Cash From Continuing Operating Activities	131	201	54	127	80	-30	9.00	115	40	125	50
Net Income / (Loss) Continuing Operations	-8.00	28	121	31	19	-166	30	-719	33	-14	15
Consolidated Net Income / (Loss)	-4.00	26	121	6.00	16	-165	30	-742	32	-12	16
Net Income / (Loss) Discontinued Operations	4.00	-2.00	-	-25	-3.00	1.00	-	-23	-1.00	2.00	1.00
Depreciation Expense	62	77	83	61	53	51	60	76	50	48	45
Amortization Expense	2.00	1.00	2.00	1.00	2.00	2.00	1.00	2.00	2.00	2.00	2.00
Non-Cash Adjustments To Reconcile Net Income	11	-34	-6.00	98	15	199	-18	686	-25	-7.00	7.00
Changes in Operating Assets and Liabilities, net	64	129	-146	-64	-9.00	-116	-64	70	-20	97	-19
Net Cash From Investing Activities	-52	-26	-23	-5.00	3.00	-18	17	1.00	-3.00	2.00	16
Net Cash From Continuing Investing Activities	-52	-26	-23	-5.00	3.00	-18	17	1.00	-3.00	2.00	16
Purchase of Property, Plant & Equipment	-69	-36	-34	-29	-38	-23	-21	-20	-34	-14	-17
Purchase of Investments	-11	-9.00	-11	-19	-14	-5.00	-19	-12	-18	-12	-15
Sale and/or Maturity of Investments	23	25	32	42	33	11	38	28	41	27	33
Other Investing Activities, net	-3.00	-6.00	-10	1.00	22	-1.00	-8.00	5.00	19	-3.00	15
Net Cash From Financing Activities	-5.00	-139	-20	-151	-169	-22	-69	-70	-18	-21	-19
Net Cash From Continuing Financing Activities	-5.00	-139	-20	-151	-169	-22	-69	-70	-18	-21	-19
Payment of Dividends	-20	-20	-19	-20	-19	-19	-19	-19	-19	-19	-19
Effect of Exchange Rate Changes	2.00	1.00	1.00	-	-	-1.00	-	2.00	2.00	-1.00	1.00
Other Net Changes in Cash	-8.00	-14	-13	-11	-13	-10	-	-	54	-16	-9.00

This table presents Ashland's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2017	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Total Assets	10,054	8,618	8,618	8,259	7,251	6,877	6,612	6,213	5,939	5,645	4,611
Total Current Assets	3,093	1,903	1,903	1,712	1,433	1,547	1,717	1,768	1,506	1,195	1,205
Cash & Equivalents	1,257	566	566	294	232	454	210	646	417	300	215
Accounts Receivable	961	612	612	522	481	437	369	402	338	243	242
Inventories, net	706	634	634	596	597	506	473	629	626	545	568
Other Current Assets	169	91	91	60	64	87	68	91	125	107	180
Other Current Nonoperating Assets	-	0.00	-	240	59	63	597	0.00	-	-	0.00
Plant, Property, & Equipment, net	2,182	1,970	1,970	1,646	1,577	1,485	1,427	1,338	1,373	1,303	1,201
Plant, Property & Equipment, gross	4,144	3,762	3,762	3,172	3,165	3,002	3,066	3,050	3,211	3,316	3,355
Accumulated Depreciation	1,962	1,792	1,792	1,526	1,588	1,517	1,639	1,712	1,838	2,013	2,154
Total Noncurrent Assets	4,779	4,745	4,745	4,901	4,241	3,845	3,468	3,107	3,060	3,147	2,205
Long-Term Investments	350	302	302	312	310	301	384	313	290	295	297
Noncurrent Note & Lease Receivables	180	209	209	179	157	136	134	245	249	132	127
Goodwill	2,486	2,465	2,465	2,304	2,253	1,305	1,430	1,312	1,362	1,381	705
Intangible Assets	1,142	1,319	1,319	1,185	1,088	1,011	1,099	963	886	751	563
Noncurrent Deferred & Refundable Income Taxes	212	28	28	28	23	26	30	20	22	210	157
Other Noncurrent Operating Assets	409	422	422	416	410	520	391	254	251	378	356
Total Liabilities & Shareholders' Equity	10,054	8,618	8,618	8,259	7,251	6,877	6,612	6,213	5,939	5,645	4,611
Total Liabilities	7,017	5,212	5,212	4,853	3,680	3,841	3,860	2,993	2,842	2,777	2,707
Total Current Liabilities	1,442	968	968	1,076	757	813	934	553	456	490	423
Short-Term Debt	381	235	235	254	166	302	397	19	38	20	21
Accounts Payable	573	409	409	331	313	211	236	265	210	214	189
Accrued Expenses	488	324	324	328	271	272	251	269	208	256	213
Other Current Nonoperating Liabilities	-	0.00	-	163	7.00	28	50	0.00	-	-	0.00
Total Noncurrent Liabilities	5,575	4,244	4,244	3,777	2,923	3,028	2,926	2,440	2,386	2,287	2,284
Long-Term Debt	3,348	2,584	2,584	2,275	1,501	1,573	1,596	1,270	1,314	1,349	1,384
Asset Retirement Reserve & Litigation Obligation	661	694	694	612	555	513	490	472	427	414	389
Noncurrent Deferred & Payable Income Tax Liabilities	85	375	375	286	264	229	237	176	148	29	31
Noncurrent Employee Benefit Liabilities	1,076	191	191	156	150	157	144	103	100	110	96
Other Noncurrent Operating Liabilities	405	400	400	422	453	546	459	419	397	385	384
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,037	3,406	3,406	3,406	3,571	3,036	2,752	3,220	3,097	2,868	1,904
Total Preferred & Common Equity	3,037	3,406	3,406	3,406	3,571	3,036	2,752	3,220	3,097	2,868	1,904
Total Common Equity	3,037	3,406	3,406	3,406	3,571	3,036	2,752	3,220	3,097	2,868	1,904
Common Stock	47	932	932	947	757	770	328	136	5.00	1.00	1,904

This table presents Ashland's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	6/30/2022	12/31/2022	3/31/2023	6/30/2023	3/31/2024	6/30/2024	12/31/2024	3/31/2025	6/30/2025	12/31/2025	3/31/2026
Total Assets	6,412	6,259	6,183	6,029	5,948	5,747	5,231	5,233	4,621	4,519	4,499
Total Current Assets	1,817	1,724	1,631	1,526	1,427	1,385	1,069	1,075	1,124	1,154	1,209
Cash & Equivalents	629	532	399	349	439	399	219	168	207	304	343
Accounts Receivable	488	351	395	345	260	224	163	226	201	190	244
Inventories, net	609	724	730	712	550	532	528	542	567	565	506
Other Current Assets	91	117	107	120	178	189	127	139	149	95	116
Other Current Nonoperating Assets	0.00	0.00	0.00	-	0.00	41	32	0.00	0.00	0.00	0.00
Plant, Property, & Equipment, net	1,352	1,346	1,351	1,354	1,340	1,294	1,234	1,220	1,201	1,181	1,163
Plant, Property & Equipment, gross	3,065	3,116	3,164	3,191	3,299	3,265	3,227	3,261	3,336	3,363	3,362
Accumulated Depreciation	1,713	1,770	1,813	1,837	1,959	1,971	1,993	2,041	2,135	2,182	2,199
Total Noncurrent Assets	3,243	3,189	3,201	3,149	3,181	3,068	2,928	2,938	2,296	2,184	2,127
Long-Term Investments	346	343	349	321	306	287	277	272	283	297	276
Noncurrent Note & Lease Receivables	140	135	133	129	121	136	129	126	129	124	122
Goodwill	1,356	1,369	1,385	1,383	1,379	1,352	1,330	1,356	705	707	700
Intangible Assets	1,001	959	940	916	851	761	588	580	578	548	529
Noncurrent Deferred & Refundable Income Taxes	30	20	20	20	150	160	241	241	241	157	157
Other Noncurrent Operating Assets	370	363	374	380	374	372	363	363	360	351	343
Total Liabilities & Shareholders' Equity	6,412	6,259	6,183	6,029	5,948	5,747	5,231	5,233	4,621	4,519	4,499
Total Liabilities	3,146	2,941	2,916	2,880	2,814	2,780	2,639	2,674	2,732	2,641	2,633
Total Current Liabilities	550	464	472	432	453	464	425	463	420	366	395
Short-Term Debt	18	18	20	21	21	21	20	69	19	19	19
Accounts Payable	241	246	246	210	207	198	184	185	185	167	181
Accrued Expenses	291	200	206	201	225	230	207	209	216	180	195
Other Current Nonoperating Liabilities	0.00	0.00	0.00	-	0.00	15	14	0.00	0.00	0.00	0.00
Total Noncurrent Liabilities	2,596	2,477	2,444	2,448	2,361	2,316	2,214	2,211	2,312	2,275	2,238
Long-Term Debt	1,302	1,316	1,328	1,328	1,328	1,325	1,313	1,336	1,382	1,387	1,374
Asset Retirement Reserve & Litigation Obligation	483	454	443	437	399	427	401	391	404	372	362
Noncurrent Deferred & Payable Income Tax Liabilities	218	176	175	176	148	43	28	29	28	31	31
Noncurrent Employee Benefit Liabilities	137	110	110	108	97	97	110	110	111	99	96
Other Noncurrent Operating Liabilities	456	421	388	399	389	424	362	345	387	386	375
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,266	3,318	3,267	3,149	3,134	2,967	2,592	2,559	1,889	1,878	1,866
Total Preferred & Common Equity	3,266	3,318	3,267	3,149	3,134	2,967	2,592	2,559	1,889	1,878	1,866
Total Common Equity	3,266	3,318	3,267	3,149	3,134	2,967	2,592	2,559	1,889	1,878	1,866
Common Stock	3,266	3,318	3,267	3,149	3,134	2,967	2,592	2,559	1,889	1,878	1,866

This table displays calculated financial ratios and metrics derived from Ashland's official financial filings.

Metric	2014	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	9/30/2015	9/30/2016	9/30/2017	9/30/2018	9/30/2019	9/30/2020	9/30/2021	9/30/2022	9/30/2023	9/30/2024	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	0.00%	-23.52%	12.13%	-17.03%	-6.15%	4.71%	13.26%	-8.36%	-3.56%	-13.68%
EBITDA Growth	0.00%	0.00%	120.00%	-2.21%	-4.52%	-154.74%	312.50%	36.43%	-31.18%	-44.10%	-329.31%
EBIT Growth	0.00%	0.00%	124.44%	242.42%	-20.35%	-608.89%	141.70%	85.86%	-53.24%	-128.92%	-1,516.67%
NOPAT Growth	0.00%	0.00%	198.00%	413.65%	-65.83%	-636.05%	176.25%	18.92%	-38.27%	-110.08%	-2,880.77%
Net Income Growth	0.00%	0.00%	200.00%	307.14%	342.98%	-200.59%	143.31%	321.36%	-80.80%	-5.06%	-600.00%
EPS Growth	0.00%	0.00%	102.13%	17,800.00%	355.31%	-202.94%	142.79%	357.10%	-79.83%	1.51%	-642.56%
Operating Cash Flow Growth	0.00%	0.00%	-54.81%	38.51%	-41.91%	62.14%	105.29%	-58.58%	52.33%	57.14%	-71.00%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	2,034.64%	-70.34%	239.00%	-69.16%	52.65%	-103.29%	817.54%	269.80%
Invested Capital Growth	0.00%	0.00%	0.00%	-10.38%	-3.27%	-22.80%	0.53%	-1.50%	5.41%	-2.67%	-23.20%
Revenue Q/Q Growth	0.00%	0.00%	5.00%	39.95%	-15.83%	1.77%	16.05%	1.70%	-4.95%	0.00%	-2.36%
EBITDA Q/Q Growth	0.00%	0.00%	2,294.12%	35.37%	-7.32%	-40.54%	47.33%	3.25%	-19.88%	0.00%	7.80%
EBIT Q/Q Growth	0.00%	0.00%	108.40%	264.52%	-17.43%	-13.37%	203.17%	7.25%	-38.75%	0.00%	5.83%
NOPAT Q/Q Growth	0.00%	0.00%	116.33%	499.26%	300.67%	-16.12%	149.03%	0.65%	-24.65%	0.00%	3.61%
Net Income Q/Q Growth	0.00%	0.00%	114.74%	137.50%	390.29%	-398.04%	20.88%	1.53%	-25.21%	0.00%	1.63%
EPS Q/Q Growth	0.00%	0.00%	100.29%	132.47%	365.71%	-194.39%	21.28%	3.34%	-27.73%	0.00%	2.62%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-43.87%	75.91%	-41.91%	13.50%	20.10%	16.27%	-14.04%	-9.94%	-22.99%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	2,852.56%	272.38%	-26.60%	637.16%	-65.61%	-150.28%	0.00%	26.99%
Invested Capital Q/Q Growth	0.00%	0.00%	-0.59%	-11.83%	-16.19%	-15.85%	-16.73%	-1.69%	-2.25%	0.00%	-0.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	25.96%	29.38%	31.57%	33.33%	30.31%	29.71%	31.74%	34.71%	30.49%	29.25%	30.10%
EBITDA Margin	10.15%	6.13%	17.63%	15.37%	17.69%	-10.32%	20.94%	25.22%	18.94%	10.98%	-29.17%
Operating Margin	3.27%	-1.66%	2.12%	3.94%	4.00%	-22.87%	9.10%	13.93%	7.85%	-1.23%	-42.49%
EBIT Margin	0.67%	-4.47%	1.43%	4.36%	4.19%	-22.72%	9.05%	14.85%	7.58%	-2.27%	-42.54%
Profit (Net Income) Margin	9.04%	-0.93%	1.21%	4.40%	23.51%	-25.20%	10.42%	38.77%	8.12%	8.00%	-46.33%
Tax Burden Percent	-204.64%	9.09%	-14.29%	1,036.36%	-5,611.11%	88.04%	162.96%	450.00%	111.25%	-704.17%	104.45%
Interest Burden Percent	-656.52%	228.15%	-593.94%	9.73%	-10.00%	125.98%	70.68%	58.03%	96.39%	50.00%	104.25%
Effective Tax Rate	0.00%	0.00%	0.00%	-72.73%	0.00%	0.00%	-28.15%	12.14%	-5.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	1.52%	-0.65%	0.64%	3.47%	1.27%	-7.84%	6.85%	8.18%	4.95%	-0.49%	-16.85%
ROIC Less NNEP Spread (ROIC-NNEP)	12.39%	-0.29%	0.32%	-0.25%	37.32%	-30.69%	3.13%	115.53%	4.42%	25.89%	-53.14%
Return on Net Nonoperating Assets (RNNOA)	8.65%	-0.17%	0.18%	-0.12%	13.20%	-7.53%	0.76%	22.87%	0.68%	6.16%	-18.56%
Return on Equity (ROE)	10.17%	-0.82%	0.82%	3.35%	14.48%	-15.38%	7.60%	31.04%	5.64%	5.67%	-35.41%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.64%	14.42%	4.60%	17.90%	6.32%	9.69%	-0.31%	2.22%	9.40%
Operating Return on Assets (OROA)	0.23%	-1.57%	0.38%	1.34%	1.16%	-6.48%	2.83%	5.54%	2.73%	-0.83%	-15.13%
Return on Assets (ROA)	3.07%	-0.32%	0.32%	1.35%	6.51%	-7.19%	3.26%	14.46%	2.93%	2.92%	-16.48%
Return on Common Equity (ROCE)	10.17%	-0.82%	0.82%	3.35%	14.48%	-15.38%	7.60%	31.04%	5.64%	5.67%	-35.41%
Return on Equity Simple (ROE_SIMPLE)	10.17%	-0.82%	0.82%	3.35%	14.14%	-16.73%	7.99%	28.79%	5.75%	5.89%	0.00%
Net Operating Profit after Tax (NOPAT)	78	-35	34	176	60	-323	246	293	181	-18	-543
NOPAT Margin	2.29%	-1.16%	1.49%	6.81%	2.80%	-16.01%	11.66%	12.24%	8.24%	-0.86%	-29.74%
Net Nonoperating Expense Percent (NNEP)	-10.87%	-0.36%	0.32%	3.72%	-36.05%	22.85%	3.72%	-107.35%	0.53%	-26.38%	36.29%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	-16.39%
Cost of Revenue to Revenue	74.04%	70.62%	68.43%	66.67%	69.69%	70.29%	68.26%	65.29%	69.51%	70.75%	69.90%
SG&A Expenses to Revenue	20.23%	28.42%	26.42%	23.14%	19.83%	19.84%	16.96%	16.44%	16.66%	19.12%	18.86%
R&D to Revenue	2.89%	2.88%	3.16%	2.82%	2.70%	2.78%	2.37%	2.30%	2.33%	2.60%	2.96%
Operating Expenses to Revenue	22.69%	31.04%	29.45%	29.39%	26.30%	52.58%	22.64%	20.79%	22.64%	30.48%	72.59%
Earnings before Interest and Taxes (EBIT)	23	-135	33	113	90	-458	191	355	166	-48	-776
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	347	185	407	398	380	-208	442	603	415	232	-532
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	1.41	1.22	1.34	1.89	1.55	1.33	1.48	1.15
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	18.92	5.64	23.30	5.27	4.84	5.77	3.44
Price to Revenue (P/Rev)	0.00	0.00	0.00	1.86	2.03	2.02	2.46	2.08	1.88	2.01	1.20
Price to Earnings (P/E)	0.00	0.00	0.00	42.27	8.62	0.00	23.62	5.37	23.10	25.13	0.00
Dividend Yield	0.00%	0.00%	1.39%	1.23%	1.46%	1.64%	1.34%	1.38%	1.79%	1.82%	3.42%
Earnings Yield	0.00%	0.00%	0.00%	2.37%	11.61%	0.00%	4.23%	18.63%	4.33%	3.98%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	1.40	1.18	1.45	1.83	1.49	1.27	1.38	1.10
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	2.60	2.55	2.57	3.12	2.22	2.17	2.38	1.69
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	16.94	14.41	0.00	14.92	8.80	11.46	21.64	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	59.66	60.84	0.00	34.53	14.95	28.66	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	38.26	90.96	0.00	26.81	18.13	26.34	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	27.97	39.11	22.83	14.15	27.49	16.18	10.87	23.01
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	9.21	25.21	7.04	29.05	15.31	0.00	61.38	10.19
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.23	0.83	0.83	0.74	0.47	0.62	0.72	0.40	0.44	0.48	0.74
Long-Term Debt to Equity	1.10	0.76	0.76	0.67	0.42	0.52	0.58	0.39	0.42	0.47	0.73
Financial Leverage	0.70	0.57	0.57	0.49	0.35	0.25	0.24	0.20	0.15	0.24	0.35
Leverage Ratio	3.31	2.53	2.53	2.48	2.22	2.14	2.33	2.15	1.92	1.94	2.15
Compound Leverage Factor	-21.73	5.77	-15.03	0.24	-0.22	2.69	1.65	1.25	1.85	0.97	2.24
Debt to Total Capital	55.11%	45.29%	45.29%	42.61%	31.83%	38.18%	42.00%	28.59%	30.39%	32.31%	42.46%
Short-Term Debt to Total Capital	5.63%	3.78%	3.78%	4.28%	3.17%	6.15%	8.37%	0.42%	0.85%	0.47%	0.63%
Long-Term Debt to Total Capital	49.48%	41.51%	41.51%	38.33%	28.66%	32.03%	33.64%	28.17%	29.53%	31.84%	41.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	44.89%	54.71%	54.71%	57.39%	68.17%	61.82%	58.00%	71.41%	69.61%	67.69%	57.54%
Debt to EBITDA	10.75	15.24	6.93	6.35	4.39	-9.01	4.51	2.14	3.26	5.90	-2.64
Net Debt to EBITDA	6.12	10.55	4.79	4.83	2.96	-5.38	3.17	0.55	1.55	3.34	-1.68
Long-Term Debt to EBITDA	9.65	13.97	6.35	5.72	3.95	-7.56	3.61	2.11	3.17	5.81	-2.60
Debt to NOPAT	47.56	-80.54	82.19	14.35	27.69	-5.81	8.10	4.41	7.49	-75.22	-2.59
Net Debt to NOPAT	27.07	-55.74	56.88	10.91	18.69	-3.47	5.69	1.13	3.57	-42.53	-1.65
Long-Term Debt to NOPAT	42.70	-73.83	75.34	12.91	24.93	-4.87	6.49	4.34	7.28	-74.12	-2.55
Altman Z-Score	0.00	0.00	0.00	1.51	1.78	1.38	1.96	2.63	2.39	2.24	1.23
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.14	1.97	1.97	1.59	1.89	1.90	1.84	3.20	3.30	2.44	2.85
Quick Ratio	1.54	1.22	1.22	0.76	0.94	1.10	0.62	1.90	1.66	1.11	1.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	0.00	34	732	217	736	227	347	-11	82	303
Operating Cash Flow to CapEx	-270.78%	168.12%	106.75%	157.52%	101.45%	177.34%	466.00%	311.29%	184.91%	337.23%	163.41%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.15	7.18	2.19	6.19	4.05	2.33	-1.90	0.00	9.17
Operating Cash Flow to Interest Expense	-3.41	2.23	0.76	2.36	1.41	1.91	8.32	1.30	49.00	0.00	4.06
Operating Cash Flow Less CapEx to Interest Expense	-4.67	0.90	0.05	0.86	0.02	0.83	6.54	0.88	22.50	0.00	1.58
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.35	0.27	0.31	0.28	0.29	0.31	0.37	0.36	0.36	0.36
Accounts Receivable Turnover	3.56	4.93	3.77	4.57	4.28	4.39	5.24	6.20	5.92	7.27	7.52
Inventory Turnover	3.59	3.36	2.49	2.81	2.51	2.57	2.94	2.83	2.43	2.55	2.29
Fixed Asset Turnover	1.57	1.53	1.17	1.43	1.33	1.32	1.45	1.73	1.62	1.58	1.46
Accounts Payable Turnover	4.42	5.21	3.86	4.66	4.65	5.41	6.45	6.23	6.41	7.05	6.33
Days Sales Outstanding (DSO)	102.56	73.99	96.74	79.94	85.22	83.10	69.68	58.85	61.64	50.18	48.53
Days Inventory Outstanding (DIO)	101.77	108.54	146.46	130.06	145.44	142.06	123.99	128.84	150.39	142.95	159.31
Days Payable Outstanding (DPO)	82.60	70.02	94.48	78.24	78.51	67.49	56.61	58.57	56.92	51.76	57.68
Cash Conversion Cycle (CCC)	121.74	112.51	148.72	131.75	152.15	157.67	137.06	129.11	155.11	141.37	150.15
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,159	5,357	5,357	4,801	4,644	3,585	3,604	3,550	3,742	3,642	2,797
Invested Capital Turnover	0.66	0.56	0.43	0.51	0.45	0.49	0.59	0.67	0.60	0.57	0.57
Increase / (Decrease) in Invested Capital	0.00	0.00	0.00	-556	-157	-1,059	19	-54	192	-100	-845
Enterprise Value (EV)	0.00	0.00	0.00	6,741	5,476	5,183	6,595	5,306	4,757	5,021	3,083
Market Capitalization	0.00	0.00	0.00	4,818	4,351	4,063	5,196	4,976	4,112	4,247	2,190
Book Value per Share	$0.00	$54.83	$54.83	$54.56	$59.00	$50.21	$45.31	$59.48	$60.44	$58.73	$41.66
Tangible Book Value per Share	$0.00	($6.09)	($6.09)	($1.33)	$3.80	$11.91	$3.67	$17.45	$16.57	$15.07	$13.92
Total Capital	6,766	6,225	6,225	5,935	5,238	4,911	4,745	4,509	4,449	4,237	3,309
Total Debt	3,729	2,819	2,819	2,529	1,667	1,875	1,993	1,289	1,352	1,369	1,405
Total Long-Term Debt	3,348	2,584	2,584	2,275	1,501	1,573	1,596	1,270	1,314	1,349	1,384
Net Debt	2,122	1,951	1,951	1,923	1,125	1,120	1,399	330	645	774	893
Capital Expenditures (CapEx)	219	229	163	153	138	128	100	62	159	137	82
Debt-free, Cash-free Net Working Capital (DFCFNWC)	775	604	604	596	610	582	970	588	671	425	588
Debt-free Net Working Capital (DFNWC)	2,032	1,170	1,170	890	842	1,036	1,180	1,234	1,088	725	803
Net Working Capital (NWC)	1,651	935	935	636	676	734	783	1,215	1,050	705	782
Net Nonoperating Expense (NNE)	-231	-7.00	6.30	62	-445	185	26	-634	2.60	-187	303
Net Nonoperating Obligations (NNO)	2,122	1,951	1,951	1,395	1,073	549	852	330	645	774	893
Total Depreciation and Amortization (D&A)	324	320	374	285	290	250	251	248	249	280	244
Debt-free, Cash-free Net Working Capital to Revenue	22.66%	20.01%	26.16%	23.02%	28.40%	28.87%	45.95%	24.59%	30.63%	20.11%	32.24%
Debt-free Net Working Capital to Revenue	59.42%	38.75%	50.67%	34.38%	39.20%	51.39%	55.90%	51.61%	49.66%	34.31%	44.02%
Net Working Capital to Revenue	48.27%	30.97%	40.49%	24.57%	31.47%	36.41%	37.09%	50.82%	47.92%	33.36%	42.87%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$1.82	$8.15	($8.39)	$3.63	$16.71	$3.36	$3.40	($18.23)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	62.49M	60.18M	60.58M	56.84M	54.15M	51.26M	47.11M	45.72M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$1.79	$8.03	($8.39)	$3.59	$16.41	$3.31	$3.36	($18.23)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	62.49M	60.18M	60.58M	56.84M	54.15M	51.26M	47.11M	45.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	62.49M	60.18M	60.58M	56.84M	54.15M	51.26M	47.11M	45.72M
Normalized Net Operating Profit after Tax (NOPAT)	78	-35	32	69	60	47	127	256	116	62	64
Normalized NOPAT Margin	2.29%	-1.16%	1.39%	2.65%	2.80%	2.33%	6.00%	10.69%	5.30%	2.95%	3.53%
Pre Tax Income Margin	-4.42%	-10.20%	-8.49%	0.42%	-0.42%	-28.62%	6.40%	8.62%	7.30%	-1.14%	-44.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.13	-0.78	0.14	1.11	0.91	-3.85	3.41	2.38	27.67	0.00	-23.52
NOPAT to Interest Expense	0.45	-0.20	0.15	1.73	0.61	-2.71	4.39	1.96	30.10	0.00	-16.44
EBIT Less CapEx to Interest Expense	-1.13	-2.10	-0.57	-0.39	-0.48	-4.92	1.63	1.97	1.17	0.00	-26.00
NOPAT Less CapEx to Interest Expense	-0.81	-1.53	-0.56	0.23	-0.79	-3.79	2.61	1.55	3.60	0.00	-18.92
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	31.72%	-346.43%	275.00%	52.63%	12.67%	-12.99%	31.82%	7.55%	42.70%	46.15%	-8.99%
Augmented Payout Ratio	160.19%	-2,132.14%	275.00%	52.63%	52.28%	-12.99%	236.36%	29.13%	211.24%	271.01%	-20.83%

This table displays calculated financial ratios and metrics derived from Ashland's official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	45,787,777.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	45,787,777.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.35
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-18.07%	-9.90%	-4.64%	-0.37%	0.77%	-14.38%	-16.70%	-14.89%	-8.45%	-4.69%	0.63%
EBITDA Growth	-66.03%	-39.58%	-72.92%	-100.82%	33.96%	-320.69%	6.73%	-63,000.00%	63.38%	133.59%	-23.42%
EBIT Growth	-111.70%	-155.56%	-76.54%	-205.00%	245.45%	-805.00%	163.16%	-1,025.40%	300.00%	96.13%	-24.00%
NOPAT Growth	-108.71%	-505.41%	78.13%	-193.47%	447.43%	0.56%	-73.75%	-1,060.66%	27.34%	96.65%	-25.44%
Net Income Growth	-105.26%	-35.00%	31.87%	-88.00%	666.67%	-734.62%	-74.17%	-12,466.67%	82.35%	92.73%	-48.39%
EPS Growth	-102.42%	-30.14%	43.11%	-87.23%	1,233.33%	-786.27%	-72.80%	-13,608.33%	144.12%	92.57%	-47.69%
Operating Cash Flow Growth	-26.82%	793.10%	0.00%	-6.62%	-38.93%	-114.93%	-83.33%	-9.45%	-50.00%	516.67%	455.56%
Free Cash Flow Firm Growth	-248.13%	2,846.77%	169.60%	207.58%	162.47%	-196.86%	-9.06%	65.71%	604.61%	120.47%	260.64%
Invested Capital Growth	5.41%	0.00%	-3.34%	-5.93%	-2.67%	0.00%	-5.73%	-22.24%	-23.20%	-21.34%	-25.09%
Revenue Q/Q Growth	-5.31%	-8.51%	0.00%	-5.39%	-4.23%	0.00%	18.27%	-3.34%	3.02%	-19.08%	24.87%
EBITDA Q/Q Growth	-56.56%	9.43%	0.00%	-102.56%	7,200.00%	0.00%	186.72%	-668.47%	118.38%	-62.93%	97.67%
EBIT Q/Q Growth	-118.33%	-81.82%	0.00%	-431.58%	125.40%	0.00%	127.62%	-1,518.00%	109.03%	-110.94%	642.86%
NOPAT Q/Q Growth	-115.32%	-1,700.00%	0.00%	-128.57%	156.96%	0.00%	131.31%	-1,363.29%	106.25%	-113.56%	796.43%
Net Income Q/Q Growth	-106.00%	966.67%	0.00%	-95.00%	183.33%	0.00%	118.79%	-2,493.55%	104.18%	-138.71%	233.33%
EPS Q/Q Growth	-103.19%	1,800.00%	0.00%	-94.98%	183.33%	0.00%	118.57%	-2,593.85%	105.12%	-131.33%	230.77%
Operating Cash Flow Q/Q Growth	-3.68%	53.44%	0.00%	0.00%	-37.01%	-137.50%	130.00%	1,177.78%	-65.22%	212.50%	-60.00%
Free Cash Flow Firm Q/Q Growth	-16.16%	1,934.67%	0.00%	-33.82%	-32.54%	0.00%	107.16%	20.60%	186.83%	-17.37%	26.17%
Invested Capital Q/Q Growth	-2.25%	-100.00%	0.00%	-3.67%	1.14%	0.00%	3.31%	-20.54%	-0.11%	-4.08%	-1.60%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	24.76%	20.72%	28.00%	34.19%	33.21%	27.41%	30.69%	28.51%	33.33%	27.20%	30.50%
EBITDA Margin	10.25%	12.26%	6.78%	-0.18%	13.63%	-31.60%	23.17%	-136.29%	24.32%	11.14%	17.63%
Operating Margin	-1.93%	-3.81%	3.65%	-11.21%	6.14%	-44.20%	10.65%	-152.92%	12.79%	-1.55%	8.09%
EBIT Margin	-2.13%	-4.23%	3.30%	-11.58%	3.07%	-44.69%	10.44%	-153.13%	13.42%	-1.81%	7.88%
Profit (Net Income) Margin	-0.58%	5.50%	20.87%	1.10%	3.26%	-40.74%	6.47%	-160.26%	6.50%	-3.11%	3.32%
Tax Burden Percent	7.89%	650.00%	705.88%	-8.57%	68.00%	78.95%	79.49%	105.40%	47.69%	80.00%	80.00%
Interest Burden Percent	345.45%	-20.00%	89.47%	111.11%	156.25%	115.47%	78.00%	99.29%	101.56%	214.29%	52.63%
Effective Tax Rate	0.00%	-600.00%	-611.76%	0.00%	24.00%	0.00%	23.08%	0.00%	49.23%	0.00%	25.00%
Return on Invested Capital (ROIC)	-0.81%	0.00%	0.00%	0.00%	2.67%	-37.10%	4.40%	-62.48%	3.68%	-0.64%	3.56%
ROIC Less NNEP Spread (ROIC-NNEP)	0.01%	0.00%	0.00%	0.00%	1.64%	-46.79%	3.35%	-94.37%	3.68%	-1.61%	2.04%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.39%	-14.78%	0.92%	-30.03%	1.29%	-0.58%	0.80%
Return on Equity (ROE)	-0.81%	0.00%	0.00%	0.00%	3.06%	-51.88%	5.32%	-92.50%	4.96%	-1.23%	4.36%
Cash Return on Invested Capital (CROIC)	-0.31%	0.00%	0.00%	0.00%	2.22%	-207.68%	2.87%	7.44%	9.40%	10.06%	14.74%
Operating Return on Assets (OROA)	-0.77%	0.00%	0.00%	0.00%	1.12%	-17.47%	3.64%	-55.18%	4.77%	-0.67%	2.93%
Return on Assets (ROA)	-0.21%	0.00%	0.00%	0.00%	1.19%	-15.93%	2.26%	-57.75%	2.31%	-1.15%	1.23%
Return on Common Equity (ROCE)	-0.81%	0.00%	0.00%	0.00%	3.06%	-51.88%	5.32%	-92.50%	4.96%	-1.23%	4.36%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	-0.85%	-4.34%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-7.00	-126	149	-43	24	-125	39	-496	31	-4.20	29
NOPAT Margin	-1.35%	-26.64%	25.99%	-7.85%	4.67%	-30.94%	8.19%	-107.04%	6.49%	-1.09%	6.07%
Net Nonoperating Expense Percent (NNEP)	-0.82%	0.00%	4.90%	-7.42%	1.03%	9.69%	1.05%	31.90%	0.00%	0.96%	1.52%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	0.57%	-3.19%	0.99%	-15.06%	0.94%	-0.13%	0.90%
Cost of Revenue to Revenue	75.24%	79.28%	72.00%	65.81%	66.79%	72.59%	69.31%	71.49%	66.67%	72.80%	69.50%
SG&A Expenses to Revenue	21.08%	17.55%	18.43%	20.96%	19.39%	19.26%	17.75%	22.89%	15.72%	22.28%	16.39%
R&D to Revenue	2.71%	2.54%	2.43%	2.76%	2.69%	3.21%	2.92%	2.81%	2.94%	3.37%	2.90%
Operating Expenses to Revenue	26.69%	24.52%	24.35%	45.40%	27.06%	71.60%	20.04%	181.43%	20.55%	28.76%	22.41%
Earnings before Interest and Taxes (EBIT)	-11	-20	19	-63	16	-181	50	-709	64	-7.00	38
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	53	58	39	-1.00	71	-128	111	-631	116	43	85
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.33	0.00	0.00	1.60	1.44	1.30	1.09	1.22	1.15	1.43	1.36
Price to Tangible Book Value (P/TBV)	4.84	0.00	0.00	5.55	5.61	4.99	4.49	3.79	3.44	4.31	4.00
Price to Revenue (P/Rev)	1.88	1.98	0.00	0.00	1.96	1.65	1.44	1.23	1.20	1.49	1.41
Price to Earnings (P/E)	23.10	25.88	0.00	0.00	24.45	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	1.79%	1.80%	1.59%	1.65%	1.87%	2.24%	2.73%	3.24%	3.42%	2.81%	2.99%
Earnings Yield	4.33%	3.86%	0.00%	0.00%	4.09%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.27	0.00	0.00	1.50	1.35	1.23	1.07	1.15	1.10	1.30	1.26
Enterprise Value to Revenue (EV/Rev)	2.17	0.00	0.00	0.00	2.32	2.06	1.93	1.72	1.69	1.93	1.84
Enterprise Value to EBITDA (EV/EBITDA)	11.46	0.00	0.00	0.00	21.15	91.38	70.99	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	28.66	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	26.34	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	16.18	0.00	0.00	10.52	10.62	18.20	20.23	18.44	23.01	12.07	10.06
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	59.98	0.00	36.14	13.47	10.19	11.37	7.31
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.44	0.00	0.43	0.45	0.48	0.51	0.55	0.74	0.74	0.75	0.75
Long-Term Debt to Equity	0.42	0.00	0.42	0.45	0.47	0.51	0.52	0.73	0.73	0.74	0.74
Financial Leverage	0.15	0.00	0.19	0.21	0.24	0.32	0.28	0.32	0.35	0.36	0.39
Leverage Ratio	1.92	0.00	1.90	1.93	1.94	2.02	1.96	2.14	2.15	2.18	2.20
Compound Leverage Factor	6.65	0.00	1.70	2.14	3.03	2.33	1.53	2.12	2.18	4.67	1.16
Debt to Total Capital	30.39%	0.00%	30.09%	31.21%	32.31%	33.96%	35.44%	42.58%	42.46%	42.81%	42.74%
Short-Term Debt to Total Capital	0.85%	0.00%	0.47%	0.49%	0.47%	0.51%	1.74%	0.58%	0.63%	0.58%	0.58%
Long-Term Debt to Total Capital	29.53%	0.00%	29.62%	30.72%	31.84%	33.45%	33.70%	42.01%	41.83%	42.24%	42.16%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	69.61%	0.00%	69.91%	68.79%	67.69%	66.04%	64.56%	57.42%	57.54%	57.19%	57.26%
Debt to EBITDA	3.26	0.00	0.00	0.00	5.90	28.98	26.51	-2.43	-2.64	-3.89	-3.60
Net Debt to EBITDA	1.55	0.00	0.00	0.00	3.34	18.20	18.21	-1.58	-1.68	-2.23	-2.00
Long-Term Debt to EBITDA	3.17	0.00	0.00	0.00	5.81	28.54	25.21	-2.40	-2.60	-3.84	-3.55
Debt to NOPAT	7.49	0.00	0.00	0.00	-75.22	-10.18	-12.78	-2.49	-2.59	-3.34	-3.24
Net Debt to NOPAT	3.57	0.00	0.00	0.00	-42.53	-6.39	-8.78	-1.62	-1.65	-1.91	-1.80
Long-Term Debt to NOPAT	7.28	0.00	0.00	0.00	-74.12	-10.03	-12.16	-2.46	-2.55	-3.29	-3.20
Altman Z-Score	2.29	0.00	0.00	0.00	2.25	1.19	1.17	0.59	1.83	1.21	1.23
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.30	0.00	3.15	2.98	2.44	2.52	2.32	2.68	2.85	3.15	3.06
Quick Ratio	1.66	0.00	1.54	1.34	1.11	0.90	0.85	0.97	1.08	1.35	1.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-199	3,651	278	184	124	-3,536	253	305	876	724	913
Operating Cash Flow to CapEx	214.75%	558.33%	0.00%	437.93%	210.53%	-130.43%	90.00%	575.00%	137.93%	1,250.00%	294.12%
Free Cash Flow to Firm to Interest Expense	-7.37	0.00	139.24	26.33	0.00	-126.30	23.02	0.00	0.00	90.48	50.74
Operating Cash Flow to Interest Expense	4.85	0.00	0.00	18.14	0.00	-1.07	0.82	0.00	0.00	15.63	2.78
Operating Cash Flow Less CapEx to Interest Expense	2.59	0.00	0.00	14.00	0.00	-1.89	-0.09	0.00	0.00	14.38	1.83
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.00	0.00	0.00	0.36	0.39	0.35	0.36	0.36	0.37	0.37
Accounts Receivable Turnover	5.92	0.00	0.00	0.00	7.27	12.55	8.02	8.79	7.52	10.23	7.69
Inventory Turnover	2.43	0.00	0.00	0.00	2.55	2.68	2.44	2.37	2.29	2.31	2.41
Fixed Asset Turnover	1.62	0.00	0.00	0.00	1.58	1.66	1.52	1.50	1.46	1.49	1.52
Accounts Payable Turnover	6.41	0.00	0.00	0.00	7.05	7.68	6.80	6.81	6.33	7.19	6.91
Days Sales Outstanding (DSO)	61.64	0.00	0.00	0.00	50.18	29.09	45.51	41.52	48.53	35.69	47.44
Days Inventory Outstanding (DIO)	150.39	0.00	0.00	0.00	142.95	136.29	149.62	153.69	159.31	158.06	151.19
Days Payable Outstanding (DPO)	56.92	0.00	0.00	0.00	51.76	47.50	53.71	53.56	57.68	50.76	52.80
Cash Conversion Cycle (CCC)	155.11	0.00	0.00	0.00	141.37	117.89	141.42	141.65	150.15	142.99	145.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,742	0.00	3,738	3,601	3,642	3,411	3,524	2,800	2,797	2,683	2,640
Invested Capital Turnover	0.60	0.00	0.00	0.00	0.57	1.20	0.54	0.58	0.57	0.59	0.59
Increase / (Decrease) in Invested Capital	192	-3,777	-129	-227	-100	3,411	-214	-801	-845	-728	-884
Enterprise Value (EV)	4,757	0.00	0.00	5,397	4,906	4,203	3,762	3,209	3,083	3,487	3,319
Market Capitalization	4,112	4,244	0.00	4,737	4,132	3,366	2,797	2,298	2,190	2,682	2,545
Book Value per Share	$60.44	$0.00	$62.52	$59.19	$58.73	$55.02	$54.24	$41.34	$41.66	$41.08	$40.78
Tangible Book Value per Share	$16.57	$0.00	$18.03	$17.04	$15.07	$14.31	$13.20	$13.26	$13.92	$13.63	$13.92
Total Capital	4,449	0.00	4,483	4,313	4,237	3,925	3,964	3,290	3,309	3,284	3,259
Total Debt	1,352	0.00	1,349	1,346	1,369	1,333	1,405	1,401	1,405	1,406	1,393
Total Long-Term Debt	1,314	0.00	1,328	1,325	1,349	1,313	1,336	1,382	1,384	1,387	1,374
Net Debt	645	0.00	604	660	774	837	965	911	893	805	774
Capital Expenditures (CapEx)	61	36	0.00	29	38	23	10	20	29	10	17
Debt-free, Cash-free Net Working Capital (DFCFNWC)	671	0.00	556	543	425	445	513	516	588	503	490
Debt-free Net Working Capital (DFNWC)	1,088	0.00	995	942	725	664	681	723	803	807	833
Net Working Capital (NWC)	1,050	0.00	974	921	705	644	612	704	782	788	814
Net Nonoperating Expense (NNE)	-4.00	-152	29	-49	7.32	40	8.23	246	-0.03	7.80	13
Net Nonoperating Obligations (NNO)	645	0.00	604	634	774	819	965	911	893	805	774
Total Depreciation and Amortization (D&A)	64	78	20	62	55	53	61	78	52	50	47
Debt-free, Cash-free Net Working Capital to Revenue	30.63%	0.00%	0.00%	0.00%	20.11%	21.76%	26.32%	27.62%	32.24%	27.87%	27.10%
Debt-free Net Working Capital to Revenue	49.66%	0.00%	0.00%	0.00%	34.31%	32.47%	34.94%	38.70%	44.02%	44.71%	46.07%
Net Working Capital to Revenue	47.92%	0.00%	0.00%	0.00%	33.36%	31.49%	31.40%	37.69%	42.87%	43.66%	45.02%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.04)	$0.00	$2.42	$0.12	$0.35	($3.50)	$0.65	($16.21)	$0.83	($0.26)	$0.34
Adjusted Weighted Average Basic Shares Outstanding	51.26M	0.00	50.13M	48.83M	47.11M	47.18M	45.69M	45.71M	45.72M	45.76M	45.79M
Adjusted Diluted Earnings per Share	($0.03)	$0.00	$2.39	$0.12	$0.34	($3.50)	$0.65	($16.21)	$0.83	($0.26)	$0.34
Adjusted Weighted Average Diluted Shares Outstanding	51.26M	0.00	50.13M	48.83M	47.11M	47.18M	45.69M	45.71M	45.72M	45.76M	45.79M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	51.26M	0.00	50.13M	48.83M	47.11M	47.18M	45.69M	45.71M	45.72M	45.76M	45.79M
Normalized Net Operating Profit after Tax (NOPAT)	-7.00	-11	15	27	35	2.80	25	-1.40	29	-5.60	29
Normalized NOPAT Margin	-1.35%	-2.37%	2.56%	4.89%	6.71%	0.69%	5.30%	-0.30%	6.07%	-1.45%	6.07%
Pre Tax Income Margin	-7.35%	0.85%	2.96%	-12.87%	4.80%	-51.60%	8.14%	-152.05%	13.63%	-3.89%	4.15%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.41	0.00	9.50	-9.00	0.00	-6.46	4.55	0.00	0.00	-0.88	2.11
NOPAT to Interest Expense	-0.26	0.00	74.74	-6.10	0.00	-4.48	3.57	0.00	0.00	-0.53	1.63
EBIT Less CapEx to Interest Expense	-2.67	0.00	0.00	-13.14	0.00	-7.29	3.64	0.00	0.00	-2.13	1.17
NOPAT Less CapEx to Interest Expense	-2.52	0.00	0.00	-10.24	0.00	-5.30	2.66	0.00	0.00	-1.78	0.68
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	42.70%	47.56%	0.00%	0.00%	46.15%	-350.00%	-69.37%	-8.85%	-8.99%	-10.98%	-10.75%
Augmented Payout Ratio	211.24%	47.56%	0.00%	0.00%	271.01%	-1,622.73%	-411.71%	-37.95%	-20.83%	-25.43%	-10.75%

Financials Breakdown Chart

Key Financial Trends

Below is a concise trend summary for Ashland (NYSE: ASH) using the last four years of quarterly statements. The focus is on cash flow, income stability, and balance-sheet leverage to help retail investors gauge operating performance and financial health.

Q1 2026 operating cash flow from continuing activities: $125 million, signaling strong cash generation from core operations.
Liquidity look in Q1 2026 is solid: current assets of about $1.154 billion vs. current liabilities of about $366 million, for a current ratio well above 3x.
Q4 2025 profitability: net income attributable to common shareholders of $31 million, with basic and diluted earnings per share of $0.83 on roughly 45.7 million weighted-average shares.
Capital base appears steady: total equity around $1.88 billion in Q1 2026, indicating a solid capitalization level to support operations and potential investments.
Historical cash-generation trend: Ashland has shown positive operating cash flow across multiple quarters (e.g., around $80 million in Q4 2024 and meaningful cash from operations in other periods), illustrating ongoing cash generation from operations.
Revenue has generally oscillated within a broad range (roughly the mid-$300s to mid-$500s million per quarter) rather than showing a consistent year-over-year growth trend across the four-year window, indicating revenue volatility rather than a clear upward trajectory.
Dividends and per-share payouts are a recurring feature of capital allocation, but quarterly per-share dividends and earnings per share have fluctuated, so the payout trajectory is not a straight line upward or downward.
Impairment impact: a large impairment charge of about $706 million in Q3 2025 sharply dampened operating income and net income for that period, creating a meaningful earnings headwind.
Rising leverage: long-term debt around $1.38 billion as of Q1 2026 (up from about $1.33–$1.39 billion in nearby quarters), contributing to higher interest costs and balance-sheet risk.
Financing outflows: net cash from financing activities has been negative in several quarters due to shareholder distributions and buybacks, offsetting operating cash flow gains (for example, sizable negative financing cash flow in some other periods and a negative cash flow from financing in Q1 2026).

05/21/26 05:59 AM ETAI Generated. May Contain Errors.

Ashland Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Ashland's financial year ends in September. Their financial year 2025 ended on September 30, 2025.

Ashland's net income appears to be on a downward trend, with a most recent value of -$845 million in 2025, falling from $309 million in 2014. The previous period was $169 million in 2024. View Ashland's forecast to see where analysts expect Ashland to go next.

Ashland's total operating income in 2025 was -$775 million, based on the following breakdown:

Total Gross Profit: $549 million
Total Operating Expenses: $1.32 billion

Over the last 10 years, Ashland's total revenue changed from $3.42 billion in 2014 to $1.82 billion in 2025, a change of -46.7%.

Ashland's total liabilities were at $2.71 billion at the end of 2025, a 2.5% decrease from 2024, and a 61.4% decrease since 2014.

In the past 10 years, Ashland's cash and equivalents has ranged from $210 million in 2021 to $1.26 billion in 2014, and is currently $215 million as of their latest financial filing in 2025.

Over the last 10 years, Ashland's book value per share changed from 0.00 in 2014 to 41.66 in 2025, a change of 4,165.8%.

Related Companies

Financial statements for NYSE:ASH last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Ashland (ASH) Financials

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Ashland (ASH) Financials

Annual Income Statements for Ashland

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Quarterly Cash Flow Statements for Ashland

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Quarterly Balance Sheets for Ashland

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Quarterly Metrics And Ratios for Ashland

Financials Breakdown Chart

Key Financial Trends

Ashland Financials - Frequently Asked Questions

When does Ashland's fiscal year end?

How has Ashland's net income changed over the last 10 years?

What is Ashland's operating income?

How has Ashland's revenue changed over the last 10 years?

How much debt does Ashland have?

How much cash does Ashland have?

How has Ashland's book value per share changed over the last 10 years?

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