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 47 d ago 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× (Sep '26).
The dividend yield has risen from 1.5% (Mar '23) to 2.3% (Sep '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 Sep '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.