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Stocks · Industrials · Wholesale-Chemicals & Allied Products

ASHLAND INC.

ASH Clue Score26
United States Fiscal year ends September CIK 0001674862
$70.57 -0.17% Close, 9 Oct 2026
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Price $70.57 −23.81% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue2,309.0Operating income49.0Net income1.0EPS, diluted0.01Fiscal year 2018Revenue2,589.0 +12.1%Operating income102.0Net income114.0 +11,300.0%EPS, diluted1.79 +17,800.0%Fiscal year 2019Revenue2,148.0 −17.0%Operating income86.0Net income505.0 +343.0%EPS, diluted8.15 +355.3%Fiscal year 2020Revenue2,016.0 −6.1%Operating income−461.0Net income−508.0 −200.6%EPS, diluted−8.39 −202.9%Fiscal year 2021Revenue2,111.0 +4.7%Operating income192.0Net income220.0EPS, diluted3.59Fiscal year 2022Revenue2,391.0 +13.3%Operating income333.0Net income927.0 +321.4%EPS, diluted16.41 +357.1%Fiscal year 2023Revenue2,191.0 −8.4%Operating income172.0Net income178.0 −80.8%EPS, diluted3.31 −79.8%Fiscal year 2024Revenue2,113.0 −3.6%Operating income−26.0Net income169.0 −5.1%EPS, diluted3.36 +1.5%Fiscal year 2025Revenue1,824.0 −13.7%Operating income−775.0Net income−845.0 −600.0%EPS, diluted−18.23 −642.6%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 2,309.0 2,589.0 2,148.0 2,016.0 2,111.0 2,391.0 2,191.0 2,113.0 1,824.0
Growth +12.1% −17.0% −6.1% +4.7% +13.3% −8.4% −3.6% −13.7%
Operating income 49.0 102.0 86.0 −461.0 192.0 333.0 172.0 −26.0 −775.0
Net income 1.0 114.0 505.0 −508.0 220.0 927.0 178.0 169.0 −845.0
Growth +11,300.0% +343.0% −200.6% +321.4% −80.8% −5.1% −600.0%
EPS, diluted 0.01 1.79 8.15 −8.39 3.59 16.41 3.31 3.36 −18.23
Growth +17,800.0% +355.3% −202.9% +357.1% −79.8% +1.5% −642.6%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin31.6%Operating margin2.1%Net margin0.0%Free cash flow margin0.3%Fiscal year 2018Gross margin33.3%Operating margin3.9%Net margin4.4%Free cash flow margin3.2%Fiscal year 2019Gross margin30.3%Operating margin4.0%Net margin23.5%Free cash flow margin−0.3%Fiscal year 2020Gross margin29.7%Operating margin−22.9%Net margin−25.2%Free cash flow margin4.7%Fiscal year 2021Gross margin31.7%Operating margin9.1%Net margin10.4%Free cash flow margin17.1%Fiscal year 2022Gross margin34.7%Operating margin13.9%Net margin38.8%Free cash flow margin3.3%Fiscal year 2023Gross margin30.5%Operating margin7.9%Net margin8.1%Free cash flow margin5.7%Fiscal year 2024Gross margin29.2%Operating margin−1.2%Net margin8.0%Free cash flow margin15.4%Fiscal year 2025Gross margin30.1%Operating margin−42.5%Net margin−46.3%Free cash flow margin2.0%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 31.6% 33.3% 30.3% 29.7% 31.7% 34.7% 30.5% 29.2% 30.1%
Operating margin 2.1% 3.9% 4.0% −22.9% 9.1% 13.9% 7.9% −1.2% −42.5%
Net margin 0.0% 4.4% 23.5% −25.2% 10.4% 38.8% 8.1% 8.0% −46.3%
Free cash flow margin 0.3% 3.2% −0.3% 4.7% 17.1% 3.3% 5.7% 15.4% 2.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow174.0Capital expenditure−168.0Free cash flow6.0Buybacks0.0Dividends paid−77.0Fiscal year 2018Operating cash flow241.0Capital expenditure−157.0Free cash flow84.0 +1,300.0%Dividends paid−60.0Fiscal year 2019Operating cash flow140.0Capital expenditure−147.0Free cash flow−7.0 −108.3%Buybacks−200.0Dividends paid−64.0Fiscal year 2020Operating cash flow227.0Capital expenditure−133.0Free cash flow94.0Dividends paid−66.0Fiscal year 2021Operating cash flow466.0Capital expenditure−105.0Free cash flow361.0 +284.0%Buybacks−450.0Dividends paid−70.0Fiscal year 2022Operating cash flow193.0Capital expenditure−113.0Free cash flow80.0 −77.8%Buybacks−200.0Dividends paid−70.0Fiscal year 2023Operating cash flow294.0Capital expenditure−170.0Free cash flow124.0 +55.0%Buybacks−300.0Dividends paid−76.0Fiscal year 2024Operating cash flow462.0Capital expenditure−137.0Free cash flow325.0 +162.1%Buybacks−380.0Dividends paid−78.0Fiscal year 2025Operating cash flow134.0Capital expenditure−98.0Free cash flow36.0 −88.9%Buybacks−100.0Dividends paid−76.0
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 174.0 241.0 140.0 227.0 466.0 193.0 294.0 462.0 134.0
Capital expenditure −168.0 −157.0 −147.0 −133.0 −105.0 −113.0 −170.0 −137.0 −98.0
Free cash flow 6.0 84.0 −7.0 94.0 361.0 80.0 124.0 325.0 36.0
Growth +1,300.0% −108.3% +284.0% −77.8% +55.0% +162.1% −88.9%
Buybacks 0.0 n/a −200.0 n/a −450.0 −200.0 −300.0 −380.0 −100.0
Dividends paid −77.0 −60.0 −64.0 −66.0 −70.0 −70.0 −76.0 −78.0 −76.0

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash566.0Total debt2,584.0Net cash (debt)−2,018.0Shareholders’ equity3,406.0Debt to equity0.76Fiscal year 2018Cash294.0Total debt2,275.0Net cash (debt)−1,981.0Shareholders’ equity3,406.0Debt to equity0.67Fiscal year 2019Cash232.0Total debt1,501.0Net cash (debt)−1,269.0Shareholders’ equity3,571.0Debt to equity0.42Fiscal year 2020Cash454.0Total debt1,573.0Net cash (debt)−1,119.0Shareholders’ equity3,036.0Debt to equity0.52Fiscal year 2021Cash210.0Total debt1,605.0Net cash (debt)−1,395.0Shareholders’ equity2,752.0Debt to equity0.58Fiscal year 2022Cash646.0Total debt1,270.0Net cash (debt)−624.0Shareholders’ equity3,220.0Debt to equity0.39Fiscal year 2023Cash417.0Total debt1,314.0Net cash (debt)−897.0Shareholders’ equity3,097.0Debt to equity0.42Fiscal year 2024Cash300.0Total debt1,349.0Net cash (debt)−1,049.0Shareholders’ equity2,868.0Debt to equity0.47Fiscal year 2025Cash215.0Total debt1,384.0Net cash (debt)−1,169.0Shareholders’ equity1,904.0Debt to equity0.73
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 566.0 294.0 232.0 454.0 210.0 646.0 417.0 300.0 215.0
Total debt 2,584.0 2,275.0 1,501.0 1,573.0 1,605.0 1,270.0 1,314.0 1,349.0 1,384.0
Net cash (debt) −2,018.0 −1,981.0 −1,269.0 −1,119.0 −1,395.0 −624.0 −897.0 −1,049.0 −1,169.0
Shareholders’ equity 3,406.0 3,406.0 3,571.0 3,036.0 2,752.0 3,220.0 3,097.0 2,868.0 1,904.0
Debt to equity 0.76 0.67 0.42 0.52 0.58 0.39 0.42 0.47 0.73

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending September, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 30 Sep 2017 FY2018 30 Sep 2018 FY2019 30 Sep 2019 FY2020 30 Sep 2020 FY2021 30 Sep 2021 FY2022 30 Sep 2022 FY2023 30 Sep 2023 FY2024 30 Sep 2024 FY2025 30 Sep 2025
Margins
31.6% 33.3% 30.3% 29.7% 31.7% 34.7% 30.5% 29.2% 30.1%
2.1% 3.9% 4.0% −22.9% 9.1% 13.9% 7.9% −1.2% −42.5%
−8.5% 0.4% −0.4% −28.6% 6.4% 8.6% 7.3% −1.1% −44.4%
0.0% 4.4% 23.5% −25.2% 10.4% 38.8% 8.1% 8.0% −46.3%
0.3% 3.2% −0.3% 4.7% 17.1% 3.3% 5.7% 15.4% 2.0%
Spending
3.2% 2.8% 2.7% 2.8% 2.4% 2.3% 2.3% 2.6% 3.0%
26.4% 23.1% 19.8% 19.8% 17.0% 16.4% 16.7% 19.1% 18.9%
7.3% 6.1% 6.8% 6.6% 5.0% 4.7% 7.8% 6.5% 5.4%
n/a −72.7% n/a n/a −28.1% 12.1% −5.0% n/a n/a
Returns
0.0% 3.3% 14.1% −16.7% 8.0% 28.8% 5.7% 5.9% −44.4%
0.0% 1.4% 7.0% −7.4% 3.3% 14.9% 3.0% 3.0% −18.3%
Balance and payout
0.76 0.67 0.42 0.52 0.58 0.39 0.42 0.47 0.73
7,700.0% 52.6% 12.7% n/a 31.8% 7.6% 42.7% 46.2% n/a
1,283.3% 71.4% n/a 70.2% 144.0% 337.5% 303.2% 140.9% 488.9%