ASHLAND INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ASHLAND INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2016	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,019	3,260	2,589	2,148	2,016	2,111	2,391	2,191	2,113	1,824
Cost of revenue	2,132	1,580	1,726	1,497	1,417	1,441	1,561	1,523	1,495	1,275
Gross profit	887	729	863	651	599	670	830	668	618	549
Research and development	87	73	73	58	56	50	55	51	55	54
Selling, general and administrative	858	610	599	426	400	358	393	365	404	344
Operating income	-50	49	102	86	-461	192	333	172	-26	-775
Interest expense	180	227	116	114	88	69	62	54	53	61
Interest income		9	8	10	10	12	16	13	15	13
Pre-tax income	-308	-196	11	-9	-577	135	206	160	-24	-809
Income tax	-25	-16	-8	30	-22	-38	25	-8	-223	13
Income from continuing operations	-283	-180	19	-39	-555	173	181	168	199	-822
Net income to minority interests	1	27	0	0
Net income	-29	1	114	505	-508	220	927	178	169	-845
EBITDA	252	314	379	363	-226	436	574	415	248	-538
EPS, basic	-0.47	0.01	1.82	8.15	-8.39	3.63	16.71	3.36	3.40	-18.23
EPS, diluted	-0.47	0.01	1.79	8.15	-8.39	3.59	16.41	3.31	3.36	-18.23
Shares, basic (weighted)	63	62	63	62	61	60	55	53	49	46
Shares, diluted (weighted)	63	62	64	62	61	61	56	54	50	46
Dividend per share	1.56	1.23	0.95	1.05	1.10	1.15	1.27	1.44	1.58	1.64

Balance sheet

	FY2016	FY2016	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,017	566	294	232	454	210	646	417	300	215
Receivables	529	612	522	481	437	369	402	338	243	242
Inventory	539	634	596	597	506	473	629	626	545	568
Other current assets	89	91	60	64	87	68	91	125	107	180
Total current assets	2,888	1,903	1,712	1,433	1,547	1,717	1,768	1,506	1,195	1,205
Property, plant and equipment	1,900	1,970	1,646	1,577	1,485	1,427	1,338	1,373	1,303	1,201
Lease right-of-use assets					126	124	107	122	114	103
Goodwill	2,138	2,315	2,304	1,800	1,305	1,430	1,312	1,362	1,381	705
Intangible assets	1,061	1,319	1,185	1,088	1,011	1,099	963	886	751	563
Other non-current assets	437	422	416	410	394	267	254	251	264	253
Total assets	10,000	8,618	8,259	7,251	6,877	6,612	6,213	5,939	5,645	4,611
Accounts payable	376	409	331	313	211	236	265	210	214	189
Accrued liabilities	313	324	328	271	272	251	269	208	256	213
Short-term debt	0	235	254	166	0	9	0	0	0	0
Total current liabilities	1,238	968	1,076	757	813	934	553	456	490	423
Long-term debt	2,325	2,584	2,275	1,501	1,573	1,596	1,270	1,314	1,349	1,384
Lease liabilities					114	110	94	106	99	85
Other non-current liabilities	361	400	422	453	432	349	325	291	286	299
Total liabilities	6,835	5,212	4,853	3,680	3,841	3,860	2,993	2,842	2,777	2,707
Total debt	2,345	2,615	2,275	1,501	1,573	1,605	1,270	1,314	1,349	1,384
Paid-in capital	923	931	946	756	769	327	135	4		6
Retained earnings	2,704	2,696	2,750	3,224	2,649	2,796	3,653	3,595	3,315	2,298
Other comprehensive income	-281	-222	-291	-410	-383	-372	-569	-503	-448	-401
Shareholders' equity	3,347	3,406	3,406	3,571	3,036	2,752	3,220	3,097	2,868	1,904
Minority interests	-182	0
Total equity	3,165	3,406	3,406	3,571	3,036	2,752	3,220	3,097	2,868	1,904
Total liabilities and equity	10,000	8,618	8,259	7,251	6,877	6,612	6,213	5,939	5,645	4,611
Shares outstanding	62	62	62	60	61

Cash flow statement

	FY2016	FY2016	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-28	28	114	505	-508	220	927	178	169	-845
Depreciation and amortization	302	265	277	277	235	244	241	243	274	237
Stock-based compensation	30	20	27	21	14	15	18	22	15	14
Deferred income tax	-29	-26	-100	18	-42	-26	-35	-32	-302	73
Change in receivables	77	-29	-42	37	2	72	-23	58	96	-3
Change in inventory	48	-12	-24	-6	64	41	-141	-7	79	-28
Change in payables	-99	33	48	-70	-46	3	34	-112	56	-63
Cash from operations	385	174	241	140	227	466	193	294	462	134
Capital expenditures	-231	-168	-157	-147	-133	-105	-113	-170	-137	-98
Acquisitions	0	-680	-11	-2		-309	0	0
Purchases of investments		-19	-26	-348	-21	-149	-87	-47	-53	-54
Sales and maturities of investments		19	26	348	21	149	87	47	53	56
Cash from investing	-177	-798	-174	-111	-85	-367	-102	-109	-51	-3
Debt issued	0	1,100			804	450	0	0
Debt repaid	-1,095	-915	-311	-797	-767	-411	-250	0	0
Share buybacks	-500	0		-200		-450	-200	-300	-380	-100
Dividends paid	-97	-77	-60	-64	-66	-70	-70	-76	-78	-76
Cash from financing	-1,858	136	-368	-1,149	9	-426	-896	-371	-479	-179
Exchange rate effect	-8	-5	1	-3	2	3
Net change in cash	-69	-622	-272	-62	222	-244	436	-229	-117	-85
Free cash flow	154	6	84	-7	94	361	80	124	325	36
Interest paid	162	132	126	124	77	62	56	53	52	54
Income taxes paid	108	79	77	67	91	1	406	63	53	33

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $69.06 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	31.5%	Gross profit / revenue.
Operating margin	7.4%	Operating income / revenue.
EBITDA margin	16.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.8%	Pre-tax income / revenue.
Net margin	2.8%	Net income / revenue.
FCF margin	13.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	18.2%	Cash from operations / revenue.
Effective tax rate	40.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	2.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.1%	Net income / average total assets.
Return on invested capital (ROIC)	2.9%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	3.0%	Research and development expense / revenue.
SG&A / revenue	18.5%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.6%	Capital expenditures / revenue.
D&A / revenue	8.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-13.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-8.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-11.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-12.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-1.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-316.9%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-600.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-642.6%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-71.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-11.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-10.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-88.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-23.4%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-17.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	3.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	8.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-33.6%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-16.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-8.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-18.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-9.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-7.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-8.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-6.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-5.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	3.05x	Current assets / current liabilities.
Quick ratio	1.64x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.04x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.73x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	30.0%	Total debt / total assets.
Liabilities / assets	59.2%	Total liabilities / total assets.
Net debt	$934.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.14x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$868.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	26.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$657.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.40x	Revenue / average total assets.
Fixed asset turnover	1.60x	Revenue / average property, plant and equipment.
Inventory turnover	2.57x	Cost of revenue / average inventory.
Days inventory	142 days	365 x average inventory / cost of revenue.
Receivables turnover	7.20x	Revenue / average receivables.
Days sales outstanding	51 days	365 x average receivables / revenue.
Days payables	57 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	135 days	Days inventory + days sales outstanding - days payables.
FCF conversion	490.2%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	25.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1,108,696.00	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$40,043,478.00	Revenue / diluted weighted shares.
FCF per share	$5,434,783.00	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7,282,609.00	Cash from operations / diluted weighted shares.
Book value per share	$40,652,174.00	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$14,282,609.00	Tangible book value / shares outstanding.
Cash per share	$9,565,217.00	(Cash + short-term investments) / shares outstanding.
Payout ratio	149.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	30.4%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.16B	Share price x shares outstanding.
Enterprise value	$4.10B	Market cap + total debt - cash - short-term investments.
P/E	62.0x	Market cap / net income. Only when net income is positive.
P/S	1.72x	Market cap / revenue.
P/B	1.69x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	4.81x	Market cap / tangible book value, when positive.
P/FCF	12.7x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.44x	Market cap / cash from operations, when positive.
EV/Sales	2.22x	Enterprise value / revenue.
EV/EBIT	29.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	16.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.9%	Free cash flow / market cap.
Earnings yield	1.6%	Net income / market cap (the inverse of P/E).
Dividend yield	2.4%	Dividends paid over the period / market cap.
Shareholder yield	2.4%	(Dividends paid + share buybacks) / market cap.

What was ASHLAND INC.'s revenue in fiscal 2025?

ASHLAND INC. reported revenue of $1.82B for fiscal 2025, 13.7% lower than the year before.

Was ASHLAND INC. profitable in fiscal 2025?

No. It reported a net loss of $845.0M.

How much free cash flow did ASHLAND INC. generate in fiscal 2025?

Cash from operations of $134.0M minus capital expenditures of $98.0M left free cash flow of $36.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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