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 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
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
FCF
Total debt
Cash
2025
$1.8B
-$845M
30.1%
-42.5%
$36M
$1.4B
$215M
2024
$2.1B
$169M
29.2%
-1.2%
$325M
$1.3B
$300M
2023
$2.2B
$178M
30.5%
7.9%
$124M
$1.3B
$417M
2022
$2.4B
$927M
34.7%
13.9%
$80M
$1.3B
$646M
2021
$2.1B
$220M
31.7%
9.1%
$361M
$2.0B
$210M
2020
$2.0B
-$508M
29.7%
-22.9%
$94M
$1.9B
$454M
2019
$2.1B
$505M
30.3%
4.0%
-$7M
$1.7B
$232M
2018
$2.6B
$114M
33.3%
3.9%
$84M
$2.5B
$294M
2017
$2.3B
$28M
31.6%
2.1%
$6M
$2.8B
$566M
2016
$3.0B
-$28M
29.4%
-1.7%
$154M
$2.5B
$1.0B
2015
—
$309M
—
—
-$476M
$3.8B
$1.3B
2014
—
$233M
—
—
$332M
—
$1.4B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
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
FCF
Total debt
Cash
Mar '26
$482M
$16M
30.5%
8.1%
$33M
$1.4B
$343M
Dec '25
$386M
-$12M
27.2%
-1.6%
$111M
$1.4B
$304M
Sep '25
$477M
$32M
33.3%
12.8%
$6M
$1.4B
$215M
Jun '25
$463M
-$742M
28.5%
-152.9%
$95M
$1.4B
$207M
Mar '25
$479M
$31M
30.7%
10.6%
-$12M
$1.4B
$168M
Dec '24
$405M
-$165M
27.4%
-44.2%
-$53M
$1.3B
$219M
Sep '24
$522M
$16M
33.3%
5.9%
$42M
$1.3B
$300M
Jun '24
$544M
$6M
34.2%
-11.2%
$98M
$1.3B
$399M
Mar '24
$575M
$120M
28.0%
3.7%
$20M
$1.3B
$439M
Dec '23
$473M
$26M
20.7%
-3.8%
$165M
$1.3B
$440M
Sep '23
$517M
-$4M
24.8%
-1.9%
$62M
$1.3B
$417M
Jun '23
$546M
$50M
32.6%
11.4%
$93M
$1.3B
$349M
Mar '23
$603M
$91M
32.7%
13.8%
$21M
$1.3B
$399M
Dec '22
$525M
$40M
31.4%
7.0%
-$52M
$1.3B
$532M
Sep '22
$632M
$57M
33.2%
12.5%
$133M
$1.3B
$646M
Jun '22
$644M
$36M
37.3%
17.4%
-$47M
$1.3B
$629M
Mar '22
$604M
$786M
36.4%
16.6%
-$5M
$1.3B
$964M
Dec '21
$512M
$48M
31.4%
8.2%
-$1M
$2.0B
$194M
Sep '21
$591M
$44M
32.1%
13.7%
$121M
$2.0B
$210M
Jun '21
$543M
$80M
31.9%
8.3%
$173M
$1.7B
$262M
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 1.6× (Jun '26).
The dividend yield has risen from 1.5% (Mar '23) to 2.6% (Jun '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?
As of Jun '26, Ashland Inc. traded at a price-to-earnings ratio of about 15.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.