Skip to content
stoqly

Ashland Global

ASH NYSE Diversified Chemicals Financials FY2016–FY2025

Ashland Global's revenue fell 13.7% to $1.8 billion in fiscal 2025. Its operating margin was −42.5%, down from −1.2% a year earlier. Free cash flow was $36 million, down 88.9%. It paid out $176 million in dividends and buybacks, 489% of free cash flow. The diluted share count fell 8.0%.

Last close · Oct 23, 2026

$72.99

0.8%
Value it Compare
Revenue Total sales reported in the income statement.
$1.8B
13.7% vs prior year
Operating margin Operating income as a share of revenue.
−42.5%
41.3 pts
Net income Profit after all expenses, interest and tax.
−$845M
600.0%
Free cash flow Cash from operations minus capital spending.
$36.0M
88.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−17.5%
17.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$3.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
69.5x
On $1.05 EPS (TTM)

About these figures. Ashland's fiscal 2025 loss included large write-downs that made its EBITDA negative, so net debt to EBITDA is blank for that year.

What Ashland Global does

No business description yet.

Legal name
ASHLAND INC.
Fiscal year ends
September 30, 2025
Latest annual report
—
Accession · CIK
0001193125-25-289248
0001674862

Revenue and margins

Ashland Global had $1.8B of revenue in fiscal 2025, down 13.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $36.0M in fiscal 2025, 2.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Ashland Global returned $176M to shareholders in fiscal 2025, 489% of free cash flow. The diluted share count fell 8.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Ashland Global yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.2B and divides by 46.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 69.5x · peers 32.2x · sector 20.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably Ashland Global can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $210M$646M$417M$300M$215M
Debt incl. finance leases $2.0B$1.3B$1.3B$1.3B$1.4B
Net debt / EBITDA 4.0x1.1x2.2x4.2x—
Debt / equity 0.7x0.4x0.4x0.5x0.7x
Interest coverage 2.8x5.4x3.2x−0.5x−12.7x
Current ratio 1.8x3.2x3.3x2.4x2.9x
Quick ratio 1.3x2.1x1.9x1.3x1.5x
Total assets $6.6B$6.2B$5.9B$5.6B$4.6B
Total liabilities $3.9B$3.0B$2.8B$2.8B$2.7B
Shareholders' equity $2.8B$3.2B$3.1B$2.9B$1.9B
Net debt (− = net cash) $1.8B$624M$913M$1.0B$1.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✕
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✓
Revenue rose relative to assets ✕ ✓ ✕
F-score 5 / 95 / 95 / 9
Accruals ratio −1.9%−5.1%−19.1%
Altman Z'' 4.473.792.35

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Ashland Global ASH $3.4B −13.7% −42.5% 2.0% −17.5% 69.5x 5
Cabot CBT $3.9B −7.0% 16.7% 10.5% 15.9% 12.9x 6 Compare →
Chemours CC $1.9B 0.5% — 0.9% −0.2% — 4 Compare →
Olin OLN $1.8B 3.7% 0.1% 3.7% 0.1% — 4 Compare →
Materion MTRN $4.7B 6.0% 6.2% 2.8% 7.3% 51.5x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $3.0B $2.3B $2.6B $2.1B $2.0B $2.1B $2.4B $2.2B $2.1B $1.8B
Gross profit $887M $729M $863M $651M $599M $670M $830M $668M $618M $549M
Research and development $87.0M $73.0M $73.0M $58.0M $56.0M $50.0M $55.0M $51.0M $55.0M $54.0M
Operating income −$50.0M $49.0M $102M $86.0M −$461M $192M $333M $172M −$26.0M −$775M
Interest expense $180M $227M $116M $114M $88.0M $69.0M $62.0M $54.0M $53.0M $61.0M
Pretax income −$308M −$196M $11.0M −$9.0M −$577M $135M $206M $160M −$24.0M −$809M
Income tax −$25.0M −$16.0M −$8.0M $30.0M −$22.0M −$38.0M $25.0M −$8.0M −$223M $13.0M
Net income −$29.0M $1.0M $114M $505M −$508M $220M $927M $178M $169M −$845M
Diluted EPS −$0.47 $0.01 $1.79 $8.15 −$8.39 $3.59 $16.41 $3.31 $3.36 −$18.23
Diluted shares 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B 0.05B 0.05B 0.05B
Cash flow
Cash from operations $385M $174M $241M $140M $227M $466M $193M $294M $462M $134M
Capital expenditure $231M $168M $157M $147M $133M $105M $113M $170M $137M $98.0M
Free cash flow $154M $6.0M $84.0M −$7.0M $94.0M $361M $80.0M $124M $325M $36.0M
Depreciation and amortization $302M $265M $277M $277M $235M $244M $241M $243M $274M $237M
Stock-based compensation $30.0M $20.0M $27.0M $21.0M $14.0M $15.0M $18.0M $22.0M $15.0M $14.0M
Acquisitions $0.0M $680M $11.0M $2.0M $0.0M $309M $0.0M $0.0M $0.0M $0.0M
Share buybacks $500M $0.0M $0.0M $200M $0.0M $450M $200M $300M $380M $100M
Dividends paid $97.0M $77.0M $60.0M $64.0M $66.0M $70.0M $70.0M $76.0M $78.0M $76.0M
Dividends and buybacks $597M $77.0M $60.0M $264M $66.0M $520M $270M $376M $458M $176M
Balance sheet
Cash and short-term investments $1.0B $566M $294M $232M $454M $210M $646M $417M $300M $215M
Total debt $2.5B $2.9B $2.5B $1.7B $1.9B $2.0B $1.3B $1.3B $1.3B $1.4B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $2.9B $1.9B $1.7B $1.4B $1.5B $1.7B $1.8B $1.5B $1.2B $1.2B
Current liabilities $1.2B $968M $1.1B $757M $813M $934M $553M $456M $490M $423M
Inventory $539M $634M $596M $597M $506M $473M $629M $626M $545M $568M
Property and equipment, net $1.9B $2.0B $1.6B $1.6B $1.5B $1.4B $1.3B $1.4B $1.3B $1.2B
Total assets $10.0B $8.6B $8.3B $7.3B $6.9B $6.6B $6.2B $5.9B $5.6B $4.6B
Total liabilities $6.8B $5.2B $4.9B $3.7B $3.8B $3.9B $3.0B $2.8B $2.8B $2.7B
Shareholders' equity $3.3B $3.4B $3.4B $3.6B $3.0B $2.8B $3.2B $3.1B $2.9B $1.9B
Margins
Gross margin 29.4% 31.6% 33.3% 30.3% 29.7% 31.7% 34.7% 30.5% 29.3% 30.1%
Operating margin −1.7% 2.1% 3.9% 4.0% −22.9% 9.1% 13.9% 7.9% −1.2% −42.5%
EBITDA margin 8.4% 13.6% 14.6% 16.9% −11.2% 20.7% 24.0% 18.9% 11.7% −29.5%
Net margin −1.0% 0.0% 4.4% 23.5% −25.2% 10.4% 38.8% 8.1% 8.0% −46.3%
FCF margin 5.1% 0.3% 3.2% −0.3% 4.7% 17.1% 3.4% 5.7% 15.4% 2.0%
Returns
Return on capital −0.8% 0.8% 1.8% 1.3% −7.7% 4.3% 7.0% 4.4% −0.5% −17.5%
Return on capital employed −0.6% 0.6% 1.4% 1.3% −7.3% 3.3% 5.9% 3.1% −0.5% −16.6%
Return on equity −0.9% 0.0% 3.4% 14.5% −15.4% 7.6% 31.0% 5.6% 5.7% −35.4%
Return on assets −0.3% 0.0% 1.4% 6.5% −7.2% 3.3% 14.5% 2.9% 2.9% −16.5%
Growth
Revenue growth −11.7% −23.5% 12.1% −17.0% −6.2% 4.7% 13.3% −8.4% −3.6% −13.7%
Net income growth −109.4% — 11,300.0% 343.0% −200.6% — 321.4% −80.8% −5.1% −600.0%
EPS growth −110.4% — 17,800.0% 355.3% −202.9% — 357.1% −79.8% 1.5% −642.6%
FCF growth — −96.1% 1,300.0% −108.3% — 284.0% −77.8% 55.0% 162.1% −88.9%
Share count change −7.4% −1.6% 3.2% −3.1% −1.6% 0.0% −8.2% −3.6% −7.4% −8.0%
Financial health
Net debt / EBITDA 5.9x 7.3x 5.9x 4.0x — 4.0x 1.1x 2.2x 4.2x —
Debt / equity 0.8x 0.8x 0.7x 0.5x 0.6x 0.7x 0.4x 0.4x 0.5x 0.7x
Interest coverage −0.3x 0.2x 0.9x 0.8x −5.2x 2.8x 5.4x 3.2x −0.5x −12.7x
Current ratio 2.3x 2.0x 1.6x 1.9x 1.9x 1.8x 3.2x 3.3x 2.4x 2.9x
Quick ratio 1.9x 1.3x 1.0x 1.1x 1.3x 1.3x 2.1x 1.9x 1.3x 1.5x
Capital allocation
Capex / revenue 7.7% 7.3% 6.1% 6.8% 6.6% 5.0% 4.7% 7.8% 6.5% 5.4%
Stock comp / revenue 1.0% 0.9% 1.0% 1.0% 0.7% 0.7% 0.8% 1.0% 0.7% 0.8%
Payouts / FCF 387.7% 1,283.3% 71.4% — 70.2% 144.0% 337.5% 303.2% 140.9% 488.9%
Quality scores
Piotroski F-score 6.0 6.0 7.0 6.0 5.0 7.0 8.0 5.0 5.0 5.0
Altman Z'' 2.4 2.5 2.4 3.2 2.3 3.1 4.7 4.5 3.8 2.4
Accruals ratio −4.1% −1.9% −1.5% 4.7% −10.4% −3.7% 11.5% −1.9% −5.1% −19.1%

Source: SEC EDGAR XBRL filings (CIK 0001674862). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open