ASH Financials Ashland Inc.

12 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 4, 2026, 19:37 UTC Overview →

Growth & profitability

Revenue has declined 2.0% per year over the past 5 years.
Operating margin has contracted, at -42.5% in the latest year.
Free cash flow has declined 17.5% per year over the past 5 years.

Financial health

Total debt ($1.4B) exceeds cash ($215M); net debt is $1.2B.
Total debt has grown slower than revenue (-5.7% vs -2.0% per year).
Operating income covered interest expense -387.5× in the latest year, down from -7.4× 5 years ago.

Shareholder returns

Dividends have been paid for 12 consecutive years, consuming 211.1% of free cash flow.
The dividend has grown 2.9% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$1.8B	-$845M	30.1%	-42.5%	-44.4%	-18.3%	$36M	$1.4B	$215M
2024	$2.1B	$169M	29.2%	-1.2%	5.9%	3.0%	$325M	$1.3B	$300M
2023	$2.2B	$178M	30.5%	7.9%	5.7%	3.0%	$124M	$1.3B	$417M
2022	$2.4B	$927M	34.7%	13.9%	28.8%	14.9%	$80M	$1.3B	$646M
2021	$2.1B	$220M	31.7%	9.1%	8.0%	3.3%	$361M	$2.0B	$210M
2020	$2.0B	-$508M	29.7%	-22.9%	-16.7%	-7.4%	$94M	$1.9B	$454M
2019	$2.1B	$505M	30.3%	4.0%	14.1%	7.0%	-$7M	$1.7B	$232M
2018	$2.6B	$114M	33.3%	3.9%	3.3%	1.4%	$84M	$2.5B	$294M
2017	$2.3B	$28M	31.6%	2.1%	0.8%	0.3%	$6M	$2.8B	$566M
2016	$3.0B	-$28M	29.4%	-1.7%	-0.8%	-0.3%	$154M	$2.5B	$1.0B
2015	—	$309M	—	—	10.2%	3.1%	-$476M	$3.8B	$1.3B
2014	—	$233M	—	—	—	2.1%	$332M	—	$1.4B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$497M	$16M	34.2%	8.7%	0.9%	0.3%	$100M	$1.4B	$440M
Mar '26	$482M	$16M	30.5%	8.1%	0.9%	0.4%	$33M	$1.4B	$343M
Dec '25	$386M	-$12M	27.2%	-1.6%	-0.6%	-0.3%	$111M	$1.4B	$304M
Sep '25	$477M	$32M	33.3%	12.8%	1.7%	0.7%	$6M	$1.4B	$215M
Jun '25	$463M	-$742M	28.5%	-152.9%	-39.3%	-16.1%	$95M	$1.4B	$207M
Mar '25	$479M	$31M	30.7%	10.6%	1.2%	0.6%	-$12M	$1.4B	$168M
Dec '24	$405M	-$165M	27.4%	-44.2%	-6.4%	-3.2%	-$53M	$1.3B	$219M
Sep '24	$522M	$16M	33.3%	5.9%	0.6%	0.3%	$42M	$1.3B	$300M
Jun '24	$544M	$6M	34.2%	-11.2%	0.2%	0.1%	$98M	$1.3B	$399M
Mar '24	$575M	$120M	28.0%	3.7%	3.8%	2.0%	$20M	$1.3B	$439M
Dec '23	$473M	$26M	20.7%	-3.8%	0.9%	0.4%	$165M	$1.3B	$440M
Sep '23	$517M	-$4M	24.8%	-1.9%	-0.1%	-0.1%	$62M	$1.3B	$417M
Jun '23	$546M	$50M	32.6%	11.4%	1.6%	0.8%	$93M	$1.3B	$349M
Mar '23	$603M	$91M	32.7%	13.8%	2.8%	1.5%	$21M	$1.3B	$399M
Dec '22	$525M	$40M	31.4%	7.0%	1.2%	0.6%	-$52M	$1.3B	$532M
Sep '22	$632M	$57M	33.2%	12.5%	1.8%	0.9%	$133M	$1.3B	$646M
Jun '22	$644M	$36M	37.3%	17.4%	1.1%	0.6%	-$47M	$1.3B	$629M
Mar '22	$604M	$786M	36.4%	16.6%	23.2%	11.6%	-$5M	$1.3B	$964M
Dec '21	$512M	$48M	31.4%	8.2%	1.7%	0.7%	-$1M	$2.0B	$194M
Sep '21	$591M	$44M	32.1%	13.7%	1.6%	0.7%	$121M	$2.0B	$210M

Valuation over time

How the market has priced ASH against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 5.1× (Mar '23) to 15.2× (Aug '25).
The price-to-sales ratio has fallen from 2.0× (Mar '23) to 1.8× (Nov '26).
The dividend yield has risen from 1.5% (Mar '23) to 2.3% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is ASH growing its revenue and profit?

Over the past 5 years, Ashland Inc.'s revenue has declined 2.0% per year. These are computed facts, not advice.

How much debt does ASH have?

As of FY2025, Ashland Inc. reported $1.4B of total debt against $215M of cash; operating income covered interest expense -387.5×.

What is ASH's profit margin?

In FY2025, gross margin was 30.1%, operating margin -42.5%, and net margin -46.3%.

What is ASH's P/E ratio?

Ashland Inc.'s P/E (TTM) is 64.28 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the ASH stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 15.2× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.