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Ashland Inc. (ASH) stock

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NYSE: ASH NYSE Specialty Chemicals Next results ~November 3, 2026

B Fundamentals grade

Ashland Inc. is a US-listed company in the specialty chemicals industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$50

Cash-flow model

Base case. Range ~$32–$73 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 33% below it.

Price used: $74.19, November 2, 2026

Ashland Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Funds166 adding, 180 cuttingOf 47 active managers that changed their stake, 17 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ashland files

Where Ashland stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.84bn, down 1.4% on a year earlier, a smaller fall than the 7.3% decline a quarter earlier. That puts it 18 of 20 for growth among the specialty chemicals companies we cover. Free-cash-flow margin rose to 13.6% from 3.9% a year earlier. Operating margin widened to 7.4% from -43.1%. The diluted share count is down 9.2% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 5 financial-health checks. Our cash-flow model value is $49.99 a share, against a share price of $72.16. At that price, our model says the market is pricing in about 7.1% a year of cash-flow growth for five years, faster than the -2.7% a year revenue growth it has delivered.

Source: 10-Q filed July 29, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 3, 2026 (estimated)

Ashland Inc.'s trailing-twelve-month revenue fell 1.4% year on year, with a free-cash-flow margin of 13.6%. Where it stands out: change in share count of -9.2% ranks 1 of 37 specialty chemicals companies we cover.

Our discounted-cash-flow model values the business at ~$50 per share in the base case (~$32–$73 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to -1.4% (+5.8pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 50.5 points on a year ago.
  • Shrinking share count. Diluted shares fell 9.2% in a year, so each share owns more of the business.

Things to watch

  • Results due soon. Results are expected around 3 November; the share price can move sharply on the day.
  • Priced above our value. The share price of $74.19 is 33% above our value per share of $50.
  • Revenue shrinking. Revenue fell 1.4% over the last 12 months.
  • Heavily shorted. 12.5% of the shares available to trade are sold short (8.0 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.

Latest results: FY2026 Q3

Filed July 29, 2026
Earnings per share
$1.02 against an average estimate of $0.98: beat by 3.6%
Revenue
$497m, up 7.3% on a year earlier
Share reaction
+9.7% in the first session after the results on July 28, 2026, against -1.3% for the S&P 500
Guidance given
sales $1,835m to $1,870m (full year fiscal 2026); adjusted EBITDA $385m to $400m (full year fiscal 2026)
Next report
November 3, 2026; average EPS estimate $1.27

Ashland's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.7%
  • 1 week+2.6%
  • 1 month+6.7%
  • This year+29.0%
  • 1 year+56.0%
  • 5 years-16.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.8B
Operating margin
7.4%
Net margin
2.8%
EPS (TTM, diluted)
$1.11

Growth

Revenue growth
−1.4%
Change in growth rate
+5.8 pts
Share count change
−9.2%

Cash

Free cash flow (TTM)
$250M
FCF margin
13.6%
Stock pay % of revenue
1.0%

Earnings

Last results
July 28, 2026
Next results (est.)
November 3, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Agreement
  3. Leadership
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ashland Inc. valuation models and calculator

What the price is pricing in

The share price implies about 7.6% a year of cash-flow growth for five years.That is faster than the -2.7% a year revenue growth Ashland has delivered.

  • Priced in7.6%
  • Last 12 months-1.4%
  • 3 years a year-7.2%
  • 5 years a year-2.7%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($74.97, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$50
Price used
$74.97close November 3, 2026
Implied change
▼ 34%
Uncertainty
High

How we got here: a discounted-cash-flow model of Ashland Inc.'s free cash flow after stock-based pay with after-tax interest added back ($195M, FY2026 Q3 TTM), growing 3.3% and 2.5% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$32–~$73 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Ashland Inc.'s free cash flow after stock-based pay ( $195M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Ashland Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.92 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$50 ~$32–$73 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$62 ~$50–$74 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$15 ~$9.1–$23 Left out: far from the other models (more than 3x away from their median)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$5.6 ~$5.0–$6.3 Left out: out of range vs price (0.08x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$54 ~$50–$62 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ashland Inc. with Specialty Chemicals in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −33%
  • Revenue growth 5 points higher ▲ +44%
  • Free-cash-flow margin 1 point lower ▼ −10%
  • Last year's free-cash-flow margin change, if it persists ▲ more than doubles
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $39$61$90$128$178$242
8.5% $25$41$61$89$124$170
10% $16$28$44$65$92$127

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025
Share price$47.93$56.02$72.73$67.74$63.30$80.62$86.99$75.96$82.32$46.61
Market value$3.0bn$3.5bn$4.7bn$4.2bn$3.9bn$4.9bn$4.9bn$4.1bn$4.1bn$2.1bn
+ Net debt (− = net cash)$1.5bn$2.3bn$2.2bn$1.4bn$1.4bn$1.8bn$638m$913m$1.1bn$1.2bn
Enterprise value$4.5bn$5.8bn$6.9bn$5.6bn$5.3bn$6.7bn$5.5bn$5.0bn$5.2bn$3.3bn
Multiples
Price / sales 1.0x1.5x1.8x2.0x1.9x2.3x2.0x1.9x1.9x1.2x
Price / earnings —n/m40.8x8.3x—22.4x5.3x23.0x24.4x—
Price / free cash flow 19.6xn/m55.4x—41.1x13.6x60.9x33.1x12.7x59.6x
EV / EBITDA 17.9x18.3x18.2x15.5x—15.3x9.6x12.1x20.9x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

46 /100

Moderate moat

How hard Ashland's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Cash operating profit has been a median 4.7% of total assets over 10 years.

  • Pricing power 10 / 20

    Gross margin has been a median 31.2%, moving by 3.2 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 2.6%; its worst year was -43.1%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 3.5% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 25.5% over five years; stock-based pay has been a median 0.9% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 3, 2026, after the close. Analysts expect revenue of $502m and EPS of $1.27 (range $1.00 to $1.35) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $3.52 +4% $1.9bn +2%
Next $4.32 +23% $1.9bn +4%

Next year's EPS estimate has moved +0.5% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −3.5% on 90 days ago. In the last 30 days, 0 analysts raised Ashland Inc.'s forecast and 1 cut it.

Consensus EPS forecast Ashland Inc., last 90 days
$3.50 $4.00 $4.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $3.64 Current fiscal year, 60 days ago: $3.53 Current fiscal year, 30 days ago: $3.53 Current fiscal year, 7 days ago: $3.52 Current fiscal year, Now: $3.52 $3.52 Next fiscal year, 90 days ago: $4.30 Next fiscal year, 60 days ago: $4.30 Next fiscal year, 30 days ago: $4.31 Next fiscal year, 7 days ago: $4.32 Next fiscal year, Now: $4.32 $4.32

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $3.64$4.30
60 days ago $3.53$4.30
30 days ago $3.53$4.31
7 days ago $3.52$4.32
Now $3.52$4.32

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.98 $1.02 +3.6%
Mar 2026 $0.94 $0.91 −3.0%
Dec 2025 $0.25 $0.26 +5.2%
Sept 2025 $1.26 $1.08 −14.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 28, 2026
  • Sales full year fiscal 2026 $1,835m to $1,870m Maintained
    “Sales: $1,835 to $1,870 million (no change)” source
  • Adjusted EBITDA full year fiscal 2026 $385m to $400m Non-GAAP Maintained
    “Adjusted EBITDA: $385 million to $400 million (no change)” source
  • Ongoing Free Cash Flow Conversion full year fiscal 2026 about 50% Non-GAAP
    “Ongoing Free Cash Flow Conversion: greater than 50 percent of Adjusted EBITDA with capital expenditures of approximately $~90 million” source
  • capital expenditures full year fiscal 2026 about $90m
    “Ongoing Free Cash Flow Conversion: greater than 50 percent of Adjusted EBITDA with capital expenditures of approximately $~90 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Ashland Inc.'s revenue by +3.3% next year and +2.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+3.9%, weight 55%) , management guidance (+3.2%, weight 19%) and the company's own record (+2.0%, weight 26%) . How the weights are set.

Analyst recommendations

12 analysts, Nov 2026
Buy975%
Hold325%
Sell00%

Monthly trend

  1. Nov 202618312
  2. Oct 202618312
  3. Sep 202618312

Counts of recommendations published by analysts covering Ashland Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
12.5%
of tradable shares
Days to cover
8.04
at average volume
Short interest, 1 month
+15%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
1.2%
of shares
Employees
2,900
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +56.0%

$47.57 on October 31, 2025 to $74.19

ThenNowEffect
Revenue (last 12 months) $1.9bn $1.8bn −1.4%
P/S multiple 1.2x 1.9x +55.7%
Share count 47m 46m +1.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +2.8%

$72.17 on November 3, 2023 to $74.19

ThenNowEffect
Revenue (last 12 months) $2.3bn $1.8bn −20.1%
Net margin 10.3% 2.8% −72.6%
P/E multiple 16.5x 65.6x +299.0%
Share count 54m 46m +17.9%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ASH+38%+1%−20%−14%−15%+29%
Industry peers (median)+17%−26%−8%+7%−13%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ASH67%50%50%42%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ASH−14%−21%−35%−29%−36%−24%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 57% from December 2, 2022 to April 8, 2025. Getting back needed a 134% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$46.54 – $76.01
From 52-week high
−2.4%
vs 50-day average
+3.8%
vs 200-day average
+17.3%
Volatility (1 year)
38%
Beta vs S&P 500
0.80

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±7.4%
After a week
7 up, 5 down
typical move ±6.1%
After a month
6 up, 6 down
typical move ±9.1%
Results releasedNext dayS&P 500 next day5 days21 days
July 28, 2026 +9.7% −1.3% +8.9% +12.0%
April 28, 2026 −14.8% −0.5% −9.4% −0.7%
February 2, 2026 −0.1% −0.4% +1.8% −1.2%
November 4, 2025 +5.2% −0.8% +3.8% +21.8%
July 29, 2025 +4.0% −0.4% +2.3% +10.9%
April 30, 2025 −8.3% +0.7% −9.6% −6.7%
January 28, 2025 −9.8% +0.4% −9.4% −13.6%
November 6, 2024 −5.0% +3.3% −8.9% −10.7%
August 6, 2024 −8.0% +0.2% −6.2% −2.5%
April 30, 2024 −2.6% −1.9% +1.0% +2.7%
January 30, 2024 +15.9% −1.7% +11.9% +16.4%
November 8, 2023 −4.8% −0.7% +0.4% +9.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Ashland Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Ashland Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ashland Inc.
$1.8B $1.9B $2B $2.1B $2.2B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.2B Revenue (TTM), FY24 Q1: $2.1B Revenue (TTM), FY24 Q2: $2.1B Revenue (TTM), FY24 Q3: $2.1B Revenue (TTM), FY24 Q4: $2.1B Revenue (TTM), FY25 Q1: $2B Revenue (TTM), FY25 Q2: $2B Revenue (TTM), FY25 Q3: $1.9B Revenue (TTM), FY25 Q4: $1.8B Revenue (TTM), FY26 Q1: $1.8B Revenue (TTM), FY26 Q2: $1.8B Revenue (TTM), FY26 Q3: $1.8B $1.8B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.2B
FY24 Q1 $2.1B
FY24 Q2 $2.1B
FY24 Q3 $2.1B
FY24 Q4 $2.1B
FY25 Q1 $2B
FY25 Q2 $2B
FY25 Q3 $1.9B
FY25 Q4 $1.8B
FY26 Q1 $1.8B
FY26 Q2 $1.8B
FY26 Q3 $1.8B
Revenue growth, TTM YoY Ashland Inc.
-15% -10% -5% 0% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -8.4% Revenue growth, TTM YoY, FY24 Q1: -11.1% Revenue growth, TTM YoY, FY24 Q2: -12.2% Revenue growth, TTM YoY, FY24 Q3: -8.5% Revenue growth, TTM YoY, FY24 Q4: -3.5% Revenue growth, TTM YoY, FY25 Q1: -4.3% Revenue growth, TTM YoY, FY25 Q2: -7.6% Revenue growth, TTM YoY, FY25 Q3: -11.4% Revenue growth, TTM YoY, FY25 Q4: -13.7% Revenue growth, TTM YoY, FY26 Q1: -11.8% Revenue growth, TTM YoY, FY26 Q2: -7.3% Revenue growth, TTM YoY, FY26 Q3: -1.4% -1.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -8.4%
FY24 Q1 -11.1%
FY24 Q2 -12.2%
FY24 Q3 -8.5%
FY24 Q4 -3.5%
FY25 Q1 -4.3%
FY25 Q2 -7.6%
FY25 Q3 -11.4%
FY25 Q4 -13.7%
FY26 Q1 -11.8%
FY26 Q2 -7.3%
FY26 Q3 -1.4%
Operating margin (TTM) Ashland Inc.
-60% -40% -20% 0% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 7.9% Operating margin (TTM), FY24 Q1: 5.5% Operating margin (TTM), FY24 Q2: 2.6% Operating margin (TTM), FY24 Q3: -3.2% Operating margin (TTM), FY24 Q4: -1.3% Operating margin (TTM), FY25 Q1: -9.2% Operating margin (TTM), FY25 Q2: -8.1% Operating margin (TTM), FY25 Q3: -43.1% Operating margin (TTM), FY25 Q4: -42.5% Operating margin (TTM), FY26 Q1: -33.4% Operating margin (TTM), FY26 Q2: -34.0% Operating margin (TTM), FY26 Q3: 7.4% 7.4%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 7.9%
FY24 Q1 5.5%
FY24 Q2 2.6%
FY24 Q3 -3.2%
FY24 Q4 -1.3%
FY25 Q1 -9.2%
FY25 Q2 -8.1%
FY25 Q3 -43.1%
FY25 Q4 -42.5%
FY26 Q1 -33.4%
FY26 Q2 -34.0%
FY26 Q3 7.4%
FCF margin (TTM) Ashland Inc.
0% 5% 10% 15% 20% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.7% FCF margin (TTM), FY24 Q1: 15.9% FCF margin (TTM), FY24 Q2: 16.1% FCF margin (TTM), FY24 Q3: 16.4% FCF margin (TTM), FY24 Q4: 15.4% FCF margin (TTM), FY25 Q1: 5.2% FCF margin (TTM), FY25 Q2: 3.8% FCF margin (TTM), FY25 Q3: 3.9% FCF margin (TTM), FY25 Q4: 2.0% FCF margin (TTM), FY26 Q1: 11.1% FCF margin (TTM), FY26 Q2: 13.6% FCF margin (TTM), FY26 Q3: 13.6% 13.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.7%
FY24 Q1 15.9%
FY24 Q2 16.1%
FY24 Q3 16.4%
FY24 Q4 15.4%
FY25 Q1 5.2%
FY25 Q2 3.8%
FY25 Q3 3.9%
FY25 Q4 2.0%
FY26 Q1 11.1%
FY26 Q2 13.6%
FY26 Q3 13.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 6,100 3,420 3,019 2,309 2,589 2,148 2,016 2,111 2,391 2,191 2,113 1,824 1,842
Gross profit 1,516 888 887 729 863 651 599 670 830 668 618 549 581
EBITDA 439 418 252 314 379 363 −226 436 574 415 248 −538 297
Operating income 46 112 −50 49 102 86 −461 192 333 172 −26 −775 137
Net income 233 309 −29 1 114 505 −508 220 927 178 169 −845 52
Diluted EPS $3.00 $4.54 −$0.47 $0.01 $1.79 $8.15 −$8.39 $3.59 $16.41 $3.31 $3.36 −$18.23 —
Growth (year on year)
Revenue — −43.9% −11.7% −23.5% +12.1% −17.0% −6.1% +4.7% +13.3% −8.4% −3.6% −13.7% −1.4%
EBITDA — −4.8% −39.7% +24.6% +20.7% −4.2% −162.3% — +31.7% −27.7% −40.2% −316.9% —
Operating income — — −144.6% — +108.2% −15.7% −636.0% — +73.4% −48.3% −115.1% — —
Net income — +32.6% −109.4% — — +343.0% −200.6% — +321.4% −80.8% −5.1% −600.0% —
Diluted EPS — +51.3% −110.4% — — +355.3% −202.9% — +357.1% −79.8% +1.5% −642.6% —
Margins
Gross margin 24.9% 26.0% 29.4% 31.6% 33.3% 30.3% 29.7% 31.7% 34.7% 30.5% 29.2% 30.1% 31.5%
EBITDA margin 7.2% 12.2% 8.3% 13.6% 14.6% 16.9% −11.2% 20.7% 24.0% 18.9% 11.7% −29.5% 16.1%
Operating margin 0.8% 3.3% −1.7% 2.1% 3.9% 4.0% −22.9% 9.1% 13.9% 7.9% −1.2% −42.5% 7.4%
Net margin 3.8% 9.0% −1.0% 0.0% 4.4% 23.5% −25.2% 10.4% 38.8% 8.1% 8.0% −46.3% 2.8%
Free-cash-flow margin 5.4% −13.9% 5.1% 0.3% 3.2% −0.3% 4.7% 17.1% 3.3% 5.7% 15.4% 2.0% 13.6%
Cash flow
Cash from operations 580 −256 385 174 241 140 227 466 193 294 462 134 335
Capital spending 248 220 231 168 157 147 133 105 113 170 137 98 85
Free cash flow 332 −476 154 6 84 −7 94 361 80 124 325 36 250
Stock-based pay 34 30 30 20 27 21 14 15 18 22 15 14 18
Free cash flow after stock pay 298 −506 124 −14 57 −28 80 346 62 102 310 22 232
Balance sheet
Cash 1,393 1,257 1,017 566 294 232 454 210 646 417 300 215 440
Total debt 0 3,757 2,515 2,850 2,529 1,667 1,853 1,970 1,284 1,330 1,361 1,394 1,383
Net debt (negative = net cash) −1,393 2,500 1,498 2,284 2,235 1,435 1,399 1,760 638 913 1,061 1,179 943
Diluted shares 78m 68m 63m 62m 64m 62m 61m 61m 56m 54m 50m 46m —
Returned to shareholders
Dividends 103 98 97 77 60 64 66 70 70 76 78 76 76
Buybacks 954 397 500 0 — 200 — 450 200 300 380 100 —
Total returned 1,057 495 597 77 60 264 66 520 270 376 458 176 76

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 5 checks passed · June 30, 2026
What it owns · $4.6bn
Short-term assets $1.3bnLonger-term assets $3.3bn
What it owes, and who funded it · $2.3bn
Short-term liabilities $424mShareholders' equity $1.9bn
  • Short-term assets cover short-term liabilities $1.3bn of assets due within a year against $424m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $440m of cash against $1.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 73% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 57% to 73% over five years.
  • A year's operating cash flow covers at least 20% of debt $335m of operating cash flow against $1.4bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Ashland Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2025 Q4 TTM
Buybacks (TTM)
$100M
Dividends (TTM)
$76M
Returned to shareholders
489%
of free cash flow
Buybacks, last 3 fiscal years
$780M
Diluted share count
−9.2%
year over year
Total shareholder yield
5.2%
dividends 2.2% + buybacks 2.9% of market value
Dividend payout ratio
146%
of net income paid out
R&D spending
3.0%
of revenue
Sales & admin spending
18.5%
of revenue
Days sales outstanding
51 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in specialty chemicals
Last 12 months unless stated ASH IOSP SXT KWR MTX SCL Median
Revenue, last 12 months $1.8bn $1.8bn $1.7bn $2.0bn $2.2bn $2.4bn $906m
Revenue growth, last 12 months −1.4% 2.9% 9.5% 8.7% 4.8% 7.6% 5.4%
Revenue growth, 3-year average −7.2% −2.9% 6.3% 0.9% 0.3% −1.9% 0.9%
Revenue growth, latest quarter 7.3% 11.8% 10.6% 10.3% 4.2% 15.0% 8.3%
Gross margin 31.5% 27.5% 35.1% 35.8% 23.9% 11.8% 28.8%
Operating margin 7.4% 7.0% 14.5% 7.6% −1.6% 0.8% 4.3%
Operating margin, 3-year average −13.0% 8.5% 12.7% 7.3% 4.8% 2.3% 5.5%
Net margin 2.8% 6.6% 9.7% 4.8% −3.1% −0.1% 0.8%
Cash from operations / revenue 18.2% 6.7% 6.9% 4.6% 10.8% 6.4% 6.9%
Free-cash-flow margin 13.6% 3.7% −1.0% 1.9% 5.9% 1.5% 4.3%
Free-cash-flow margin, 3-year average 11.3% 5.9% 3.3% 5.8% 6.3% 1.1% 5.1%
Stock pay / revenue 1.0% 0.6% 1.0% 0.7% — 0.3% 1.0%
Change in share count −9.2% −1.1% 0.5% −1.8% −2.2% −0.0% 0.1%

Median of all 42 companies we cover in specialty chemicals. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

42 specialty chemicals companies
Measure Company Peer median Rank
Revenue growth Growth -1.4% 6.0% 31 of 42
Change in growth rate Growth +5.8pp +1.3pp 9 of 42
Gross margin Profitability 31.5% 31.5% 20 of 40
Operating margin Profitability 7.4% 3.8% 16 of 39
Net margin Profitability 2.8% 1.7% 20 of 42
Free-cash-flow margin Cash generation 13.6% 4.8% 4 of 42
Stock pay as % of revenue Cash generation 1.0% 1.0% 18 of 36
Long-term debt as % of assets Balance sheet 30.0% 26.8% 23 of 36
Change in share count Balance sheet -9.2% 0.0% 1 of 37
Days sales outstanding Balance sheet 51 days 59 days 13 of 30

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Segments
Line of business Revenue YoY
Life Sciences $641M ▼ 20.9%
Personal Care $577M ▼ 9.0%
Specialty Additives $511M ▼ 10.7%
Intermediates $137M ▼ 4.9%

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
Outside the US $1.4B 74.6% ▼ 8.7%
United States $464M 25.4% ▼ 25.6%

From Ashland Inc.'s 10-K filed November 20, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$3.4B
Institutions reporting
352
Shares held vs prior quarter
▲ 6.7%
Positions opened / closed
61 / 56

Top buyers and sellers, Q2 2026: 166 institutions bought and 180 sold ; the biggest buyer was Ancora Advisors LLC (+1.9M shares) and the biggest seller Jefferies Financial Group Inc (−1.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $376M 5.7M 10.9% ▲ 33.0%
Standard Investments LLC $298M 4.5M 8.7% ▲ 72.4%
Franklin Resources Inc $238M 3.6M 6.9% ▲ 107.6%
Dimensional Fund Advisors LP $164M 2.5M 4.8% ▼ 0.4%
Vanguard Portfolio Management LLC $162M 2.5M 4.7% ▲ 12.2%
Vanguard Capital Management LLC $136M 2.1M 3.9% ▲ 0.5%
Massachusetts Financial Services Co $134M 2.0M 3.9% ▼ 27.6%
Frontier Capital Management Co LLC $132M 2.0M 3.8% ▲ 4.6%
Ancora Advisors LLC $128M 1.9M 3.7% ▲ 648370.7%
Cooperman Leon G $125M 1.9M 3.6% ▲ 11.5%
State Street Corp $125M 1.9M 3.6% ▲ 22.8%
AQR Capital Management LLC $117M 1.8M 3.4% ▼ 9.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ashland Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $0 net buying

No open-market insider trades reported in the last 12 months.

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 3, 2026 estimated from the company's past filing pattern, not announced

  • July 28, 2026
  • April 28, 2026
  • February 2, 2026
  • November 4, 2025
  • July 29, 2025
  • April 30, 2025

Recent SEC filings

Data status

When each part of this page on Ashland Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ashland Inc. in brief

What does Ashland Inc. do?
Ashland Inc. is a US-listed company in the specialty chemicals industry. Its financial year ends in September.
What is Ashland Inc.'s stock ticker?
Ashland Inc. trades under the ticker ASH on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ashland Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ashland Inc. reported revenue of $1.8B, 1.4% lower than a year earlier, according to its SEC filings.
What is Ashland Inc.'s free cash flow?
Ashland Inc.'s free-cash-flow margin is 13.6% of revenue over the trailing twelve months, ranking 4 of the 42 specialty chemicals companies we cover.
What is Ashland Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Ashland Inc.'s free cash flow after stock-based pay gives ~$50 per share in the base case, and ~$32–$73 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Ashland Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Standard Investments LLC and Franklin Resources Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Ashland Inc. buying back stock, and does it pay a dividend?
Ashland Inc. spent $100M on share repurchases over the trailing twelve months, and its diluted share count fell 9.2% over the year.
What is Ashland Inc.'s market cap?
On September 30, 2025, Ashland Inc.'s market capitalisation was about $2.1B and net debt of $1.2B. Market figures come from third-party market data and may be delayed.
Does Ashland Inc. pay a dividend?
Yes: Ashland Inc. paid $76M in dividends over the trailing twelve months, a dividend yield of 2.23% and a payout ratio of 146.2%.
How much debt does Ashland Inc. have?
Ashland Inc.'s debt-to-equity ratio is 73.5%, from its latest balance sheet (57.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Ashland Inc.'s competitors?
In our Specialty Chemicals peer group, the companies closest to Ashland Inc. are Innospec Inc., Sensient Technologies Corp, Quaker Chemical Corp, Minerals Technologies Inc and Stepan Co. The side-by-side comparison below sets their revenue, margins and growth against Ashland Inc.'s.
When is Ashland Inc.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ashland Inc. announces its own schedule.