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Ashland Inc. key statistics and ratios

In fiscal 2025, Ashland Inc. had return on equity of -35.4% and a net margin of -46.3%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2014Sept 20142015Sept 20152016Sept 20162017Sept 20172018Sept 20182019Sept 20192020Sept 20202021Sept 20212022Sept 20222023Sept 20232024Sept 20242025Sept 2025LTMJun 2026
Net margin3.8%9.0%−1.0%0.0%4.4%23.5%−25.2%10.4%38.8%8.1%8.0%−46.3%2.8%
Return on equity6.5%9.3%−0.9%0.0%3.3%14.5%−15.4%7.6%31.0%5.6%5.7%−35.4%2.8%
Return on assets2.1%2.9%−0.3%0.0%1.4%6.5%−7.2%3.3%14.5%2.9%2.9%−16.5%1.1%
Effective tax rate———————−28.1%12.1%−5.0%——40.5%
R&D as % of revenue1.9%2.9%2.9%3.2%2.8%2.7%2.8%2.4%2.3%2.3%2.6%3.0%3.0%
SG&A as % of revenue22.3%20.2%28.4%26.4%23.1%19.8%19.8%17.0%16.4%16.7%19.1%18.9%18.5%
Dividends ÷ net income44.2%31.7%—>999%52.6%12.7%—31.8%7.6%42.7%46.2%—146.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: ASH vs IOSPASH vs SXTASH vs KWR

More: Specialty Chemicals stocks compared, Materials sector, rankings of US companies

Figures from Ashland Inc.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ashland Inc.