Ashland Global vs Koppers
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The short version
- Koppers is the larger business, with $1.9B of revenue in fiscal 2025 against $1.8B for Ashland Global.
- Koppers grew revenue faster (−10.2%, against −13.7%).
- Koppers kept more of each dollar of sales as operating profit (8.9% operating margin, against −42.5%).
- Koppers turned more of its sales into free cash flow (3.6% FCF margin, against 2.0%).
- Koppers earned a higher return on the capital invested in it (8.1%, against −17.5%).
| Latest fiscal year | ASH · FY25 | KOP · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.4B | $767M |
| Revenue | $1.8B | $1.9B |
| Free cash flow | $36.0M | $67.5M |
| Net income | −$845M | $56.0M |
| Growth | ||
| Revenue growth | −13.7% | −10.2% |
| 5-year growth | −2.0% | 2.4% |
| Share count change | −8.0% | −4.2% |
| Profitability | ||
| Gross margin | 30.1% | 23.8% |
| Operating margin | −42.5% | 8.9% |
| Net margin | −46.3% | 3.0% |
| FCF margin | 2.0% | 3.6% |
| Return on capital | −17.5% | 8.1% |
| Return on equity | −35.4% | 10.5% |
| Balance sheet | ||
| Net debt | $1.2B | $890M |
| Net debt / EBITDA | — | 3.7x |
| Dividends and buybacks | $176M | $44.6M |
| Valuation & quality | ||
| P/E | 69.5x | — |
| Piotroski F-score | 5 | 8 |
Revenue
FY16
ASH $3.0B
KOP $1.4B
FY17
ASH $2.3B
KOP $1.5B
FY18
ASH $2.6B
KOP $1.6B
FY19
ASH $2.1B
KOP $1.6B
FY20
ASH $2.0B
KOP $1.7B
FY21
ASH $2.1B
KOP $1.7B
FY22
ASH $2.4B
KOP $2.0B
FY23
ASH $2.2B
KOP $2.2B
FY24
ASH $2.1B
KOP $2.1B
FY25
ASH $1.8B
KOP $1.9B
ASH
KOP
Operating margin
FY16
ASH −1.7%
KOP 6.6%
FY17
ASH 2.1%
KOP 8.4%
FY18
ASH 3.9%
KOP 5.4%
FY19
ASH 4.0%
KOP 7.6%
FY20
ASH −22.9%
KOP 9.4%
FY21
ASH 9.1%
KOP 9.3%
FY22
ASH 13.9%
KOP 7.0%
FY23
ASH 7.9%
KOP 9.1%
FY24
ASH −1.2%
KOP 7.1%
FY25
ASH −42.5%
KOP 8.9%
ASH
KOP
Free cash flow
FY16
ASH $154M
KOP $69.6M
FY17
ASH $6.0M
KOP $34.3M
FY18
ASH $84.0M
KOP −$31.4M
FY19
ASH −$7.0M
KOP $78.1M
FY20
ASH $94.0M
KOP $57.3M
FY21
ASH $361M
KOP −$22.0M
FY22
ASH $80.0M
KOP −$3.0M
FY23
ASH $124M
KOP $25.6M
FY24
ASH $325M
KOP $42.0M
FY25
ASH $36.0M
KOP $67.5M
ASH
KOP
Return on capital
FY16
ASH −0.8%
KOP 9.5%
FY17
ASH 0.8%
KOP 9.0%
FY18
ASH 1.8%
KOP 4.8%
FY19
ASH 1.3%
KOP 12.1%
FY20
ASH −7.7%
KOP 11.9%
FY21
ASH 4.3%
KOP 9.9%
FY22
ASH 7.0%
KOP 7.8%
FY23
ASH 4.4%
KOP 11.3%
FY24
ASH −0.5%
KOP 7.8%
FY25
ASH −17.5%
KOP 8.1%
ASH
KOP
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.