ASHNYSEWholesale-Chemicals & Allied ProductsFiscal year ends September 30
ASHLAND INC.
Financials through Q3 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 29, 2026
$71.19+0.04 (+0.06%)
Close on Oct 19, 2026
- Market cap
- $3.27K
- P/E (TTM)
- –
- Dividend yield
- 2.30%
Margins
Share of revenue, fiscal years 2013 to 2025
Gross margin
30.1%+0.4 pts over 5 years
Operating margin
-42.5%−19.6 pts over 5 years
Net margin
–
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -13.7% | -8.6% | -2.0% | -6.1% | |
| Gross profit | -11.2% | -12.9% | -1.7% | -4.7% | |
| Free cash flow | -88.9% | -23.4% | -17.5% | – | |
| Dividend per share | +3.8% | +8.9% | +8.3% | +1.2% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -0.9% | – | – | |
| Return on assets | -0.3% | – | – | |
| Current ratio | 2.33 | 1.90 | 2.85 | |
| Debt to equity | 0.75 | 0.61 | 0.73 | |
| Net debt to EBITDA | 5.87× | -6.19× | -2.17× | |
| Interest coverage | -0.3× | -5.2× | -12.7× | |
| Inventory turnover | 3.4× | 2.6× | 2.3× | |
| Capex to revenue | 7.7% | 6.6% | 5.4% | |
| Diluted shares | 63M | 61M | 46M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Ashland generated $1.55B from operations and spent $2.42B on capital expenditure, dividends and share buybacks. 26% of that went back into the business.
Generated
$1.55B
Used
$2.42B
Capital expenditure$623.00M26%Dividends$370.00M15%Share buybacks$1.43B59%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin23.5%
×Asset turnover0.28×
×Equity multiplier2.22×
=Return on equity, FY201914.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2019 | 23.5% | 0.28× | 2.22× | 14.5% |
| FY2018 | 4.4% | 0.31× | 2.48× | 3.3% |
| FY2017 | 0.0% | 0.25× | 2.76× | 0.0% |
| FY2016 | -1.0% | 0.30× | 3.14× | -0.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
4of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero–
- Cash generatingOperating cash flow above zero$134.00M
- Return on assets improvedROA up on the prior year– → –
- Earnings backed by cashOperating cash flow above net income$134.00M vs –
- Less leverageLong-term debt to assets fell23.9% → 30.0%
- Better liquidityCurrent ratio rose2.44 → 2.85
- No dilutionShare count did not rise50M → 46M
- Gross margin improvedGross margin up on the prior year29.25% → 30.10%
- More efficientAsset turnover rose0.36 → 0.32