ASH Ashland Inc. Common Stock

NYSE · Chemicals · View on SEC EDGAR ↗
$74.20
Price · Aug 19, 2026
Fundamentals as of Jul 29, 2026

About Ashland Inc. Common Stock Company overview from Wikipedia

Ashland, Inc., is an American chemical company headquartered in Wilmington, Delaware. The company began as an oil refinery in the city of Ashland, Kentucky, in 1924, before moving to Wilmington in 1994. The company has five wholly owned divisions, which include Chemical Intermediates and Solvents, composites, industrial specialties, personal and home care, pharmaceuticals, food and beverage, and agriculture. Until 2017, the company was the primary manufacturer of Valvoline.

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Ashland, Inc., is an American chemical company headquartered in Wilmington, Delaware. The company began as an oil refinery in the city of Ashland, Kentucky, in 1924, before moving to Wilmington in 1994. The company has five wholly owned divisions, which include Chemical Intermediates and Solvents, composites, industrial specialties, personal and home care, pharmaceuticals, food and beverage, and agriculture. Until 2017, the company was the primary manufacturer of Valvoline.

History

Founding and early years

Ashland was founded in 1924 as the Ashland Refining Company in Catlettsburg, Kentucky, by Paul G. Blazer.

In October 1923, J. Fred Miles of the Swiss Oil Company of Lexington, Kentucky, employed Paul G. Blazer and assigned him the task of locating, purchasing and operating an oil refinery in northeastern Kentucky. Blazer selected a location on the banks of the Big Sandy River approximately two miles south of the Ohio River near the community of Leach Railroad Station, Kentucky. One mile south of the city of Catlettsburg, the site contained an existing refinery which was purchased by Blazer which had been in operation since 1916. The Catlettsburg site was advantageous due to its location near the Ohio River and offered an efficient means of transportation for the fledgling company. With funds supplied by Swiss Oil, Blazer arranged to buy, at a price of $212,500, the small unprofitable 1,000 barrel per day refinery of Great Eastern Refining Company which had been owned by coal operators in Huntington, West Virginia. With the purchase of the refinery came a small towboat and oil barge.

On February 2, 1924, Blazer and three Swiss Oil executives incorporated Ashland Refining Company, with a capital of $250,000. They took over the operations of the Catlettsburg Refinery which had twenty-five employees who were working seven days per week and twelve hours per day. Blazer moved from Lexington to Ashland. The only member of the Swiss Oil organization to come to Ashland with Blazer was Ashland Refining Company's first treasurer, William Waples.

Ashland's refinery operations in Catlettsburg proved to be successful even from the very first month. Wages were increased and the hours of work were reduced. After making repairs and purchasing some new, modern equipment, the refinery soon had output of 500,000 barrels a year (1370 barrels per calendar day) and sales of $1,300,000. In only a few years, the Ashland Refining Company began to show larger returns than the parent company.

Ashland Refining Co. grew rapidly through both internal expansion and acquisitions including Union Gas and Oil Company (1925), Tri-State Refining Company (1930), and Cumberland Pipeline Company (1931).

By 1933, Ashland Refining Company owned more than 1,000 wells, 800 miles of pipelines, bulk distribution plants in twelve cities, service stations, river transportation terminals and river equipment. In 1936, under Blazer's leadership, the company's ownership changed from Swiss Oil to the Ashland Oil and Refining Company shareholder group and was headquartered in Ashland, Kentucky. Blazer was appointed Chief Executive Officer of the company.

Blazer's success as manager was recognized by major stockholders. They gave him the power to run Ashland as his own operation, though at no point during his tenure as Chief Executive Officer (1936–1957) did he own a controlling interest in the company.

Blazer's philosophy of supporting the well-being of company employees was evident early on. Two of his early changes were offering employees' sick leave with full pay, and in 1947 the introduction of an employee profit-sharing plan. This move made the company one of the first in the region to offer such benefits. Blazer supported creative arts and invited nearby Greenup County educator and internationally acclaimed author Jesse Stuart to open each annual meeting with a story, a poem, or a bit of humor. He also was a pastor at his local church.

Post-World War II

After the end of World War II, Ashland teamed with Sperry Corporation to develop the introduction of radar on commercial river vessels and teamed with various shipyards to develop the integrated tow. The "jumbo" tank barge of 195 ft. by 35 ft. became the industry standard and was used by Ashland. Under Blazer's control, the company grew to become a Forbes 500 company by relying on barges to bring in crude oil and deliver refined products to independent marketers. Ashland soon operated the nation's largest inland towing fleet and in 1953 the Port of Huntington-Tristate exceeded Pittsburgh as the busiest port on the Ohio River and the busiest inland port in the United States, a title it retains to date.

Ashland Oil & Refining Company also grew through many acquisitions such as the Allied Oil Company (1948), Cleveland and Lakeland Tankers (1948), Aetna Oil Company (1949), Freedom-Valvoline Company (1950), Frontier Oil of Buffalo (1950) and National Refining Company (1950).

By 1953, Ashland Oil and Refining Company had 3,518 miles of crude oil pipelines, 252 miles of product lines, six refineries processing an average of 124,000 barrels a day, operated nine tow boats on the inland waterways, and owned over 100 barges.

Although still involved as chairman of Ashland's Finance Committee and Executive Committee, Blazer stepped down as Chief Executive Officer in 1957.

Louisville Refining Company was purchased in 1959. United Carbon was purchased in 1963.

In 1966, Ashland Oil and Refinery Company, Inc.'s sales had grown to $699,000,000.

Diversification continued with the purchase of Warren Brothers in 1966, which later was to become Ashland Paving and Construction. A major leap into the chemical industry occurred in 1967 when Ashland purchased Archer Daniels Midland Chemical Group. This chemical distribution segment of the business would go on to be one of the primary functions of the company in the later part of the 20th century. In 1969, the company reorganized to form Ashland Petroleum with Robert T. McCowan as its first president, as well as entering into a joint venture in Coal mining under the name Arch Mineral.

1980s-1990s

In the 1980s and early 1990s, Ashland continued to expand, buying The Permian Corporation which it merged with Scurlock Oil Company in 1991 to form a subsidiary known as Scurlock Permian Corporation. In 1992, most of Unocal's chemical distribution business was acquired, making Ashland the top chemical distributor in North America. At this time, the Industrial Chemicals & Solvents (IC&S) division was established. The company's name was changed from "Ashland Oil, Incorporated" to the present "Ashland, Inc." in 1995, which noted the reduced importance of oil in the overall business.

In 1998, the petroleum division merged with Marathon Oil to form Marathon Ashland Petroleum, LLC (MAP). Following that in 1999, Ashland was #102 on the Fortune 200 list of companies when it agreed to sell its Scurlock Permian subsidiary to Plains All American Pipeline and the headquarters were moved from Ashland to Covington, Kentucky, although the company maintained an office building in Russell, adjacent to Ashland.

21st century

A monumental change came in 2005, when Ashland sold its shares of the petroleum joint venture to Marathon Oil, effectively dissolving the remnants of their petroleum division. After the sale, the company was no longer involved in the refining or marketing of fuels. The original oil refinery in Catlettsburg, Kentucky, is still in operation to date, owned and operated by Marathon. In 2006, Ashland sold APAC (the paving and construction division) to the Oldcastle Materials subsidiary of Oldcastle, Inc. of Dublin, Ireland.

Ashland purchased the adhesive and emulsions divisions of Air Products and Chemicals, Inc. in 2008. and announced plans to acquire Hercules, Inc. in July 2008, for $3.3 billion. On November 13, 2008, the transaction was completed.

In July 2010 Ashland merged its foundry chemicals activity with Süd-Chemie of Munich, Germany, to form ASK Chemicals L.P. with headquarters in Dublin, Ohio.

In November 2010 Ashland announced plans to sell its distribution business known as Ashland Distribution to TPG Capital for $930 million. The Ashland Distribution business had been a part of Ashland since 1969 when it was known as Ashland Chemical. With revenues of $3.4 billion, the Ashland Distribution business had approximately 2,000 employees across North America and Europe, and entered the China plastics market in 2009. The sale was finalized April 1, 2011, with a final sale price of US$979 million. The new privately held company was named Nexeo Solutions, which was subsequestly purchased by Univar in 2019 to create Univar Solutions.

In May 2011 Ashland announced that it had bought the privately owned company International Specialty Products, Inc. (ISP) for $3.2 billion. ISP is a supplier of specialty chemicals and performance-enhancing products for consumer and industrial markets.

In 2014, Ashland Water Technologies was sold to a private equity fund managed by Clayton, Dubilier & Rice.

In May 2017, Ashland spun off its Valvoline business as Valvoline, Inc. (NYSE:VVV), the final step of reorganizing itself as a global specialty chemicals company.

In January 2019, Ashland struck a deal with activist investor Cruiser Capital Advisors, which had planned to mount a proxy fight to replace four board directors. Instead, the two parties reached an agreement involving a consulting role for one of Cruiser's director nominees and more input regarding future board appointees.

In October 2019, Ashland announced Guillermo Novo would succeed William A. Wulfsohn as chairman and chief executive officer.

In February 2022, Ashland sold its Performance Adhesives business to Arkema.

Investor concerns

Ancora Alternatives, an activist investment company headquartered in Cleveland, Ohio, which hold a significant stake in Ashland, bought stock in the company after its stock price dropped in April after disappointing second-quarter earnings reports. Ashland's stock price hit a high in December 2022, but since then has fallen around 50%. As of June 9, Ashland had a market cap of $2.7 billion.

According to a shareholder presentation, Ancora wants Ashland to sell itself because it believes that the transaction could increase the stock price by at least 30%, pushing the share price to at least $76. Ancora said it is willing to launch a proxy fight in September 2026 to push the issue. The company Standard Industries is Ashland's biggest investor, with a stake of nearly 10%. Industry analysts have speculated that it could be among a group of potential buyers for Ashland.

The CEO of Ashland, Guillermo Novo, was appointed to the job in October 2019. His initial mandate was to transform the company into a pure-play specialty chemicals platform. He was tasked with non-core divestitures, cost reductions, and balance sheet repairs, according to Ancora's presentation. Ancora believes Novo, who has been in charge for seven years, has largely failed shareholders. Ancora noted several concerns about Novo's credibility during his leadership and execution. Under his tenure, Ashland missed consensus estimates in four out of the five last quarters. Compared with his proxy peers, the company under his leadership suffered substantially negative total shareholder returns across multiple time frames. Under Novo's tenure, the company has seen a 23.9% decline in share price and a 50% drop from its December 2022 peak. The company's overall enterprise value decreased by $3.4 billion. Its market cap dropped by $1.9 billion.

Settlement

On July 28, Bloomberg reported that Ashland and activist investor Ancora Holdings Group reached a settlement from Ancora's activist campaign which would add two new directors to the board. The settlement would also create a capital allocation committee. That same day, Ashland announced the appointment of two new independent directors, Peter Thomas and Allen Spizzo, to the board. Thomas formerly ran Ferro Corporation, while Spizzo is a former executive of Hercules Inc.

Company histories

Scott, Otto J. The Exception: The Story of Ashland Oil & Refining Company. McGraw Hill, 1968.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

ASH Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$74.19
Market Cap
P/E (TTM)
-2.6
EPS (TTM)
$-18.23
Revenue (TTM)
$1.82B
Div Yield
ROE
-37.6%
Debt/Equity
0.7
52W Range
$46 – $78

ASH Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $1.82B
10-point trend, -39.6%
2016-09-30 2025-09-30
EPS $-18.23
10-point trend, -3778.7%
2016-09-30 2025-09-30
Free Cash Flow $36M
10-point trend, -91.1%
2016-09-30 2025-09-30
Margins -46.3%
10-point trend, -8.5%
2016-09-30 2025-09-30

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
ASH
Peer Median
P/E (TTM)
5-point trend, -110.6%
-2.6
30.9

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
ASH
Peer Median
Gross Margin
5-point trend, -5.2%
30.1%
34.1%
Operating Margin
5-point trend, -595.8%
-42.5%
Net Profit Margin
5-point trend, -544.6%
-46.3%
4.7%
ROA
5-point trend, -605.5%
-16.5%
2.9%
ROE
5-point trend, -594.6%
-37.6%
7.4%
ROIC
5-point trend, -587.8%
-23.9%

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
ASH
Peer Median
Debt / Equity
5-point trend, +1.6%
0.7
Current Ratio
5-point trend, +55.0%
2.8
2.5
Quick Ratio
5-point trend, +74.3%
1.1

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
ASH
Peer Median
Revenue YoY
5-point trend, -13.6%
-13.7%
Revenue CAGR 3Y
5-point trend, -13.6%
-8.6%
Revenue CAGR 5Y
5-point trend, -13.6%
-2.0%
EPS YoY
5-point trend, -607.8%
1.5%
Net Income YoY
5-point trend, -484.1%
-5.1%

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
ASH
Peer Median
EPS (Diluted)
5-point trend, -607.8%
$-18.23

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
ASH
Peer Median
Payout Ratio
5-point trend, -128.3%
-9.0%

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
Payout Ratio
-9.0%
5Y Div CAGR
Ex-dateAmount
June 1, 2026$0.4200
Feb. 27, 2026$0.4150
Dec. 1, 2025$0.4150
Aug. 29, 2025$0.4150
May 30, 2025$0.4150
Feb. 28, 2025$0.4050
Nov. 29, 2024$0.4050
Aug. 30, 2024$0.4050
May 31, 2024$0.4050
Feb. 29, 2024$0.3850
Nov. 30, 2023$0.3850
Aug. 31, 2023$0.3850
May 31, 2023$0.3850
Feb. 28, 2023$0.3350
Nov. 30, 2022$0.3350
Aug. 31, 2022$0.3350
May 31, 2022$0.3350
Feb. 28, 2022$0.3000
Nov. 30, 2021$0.3000
Aug. 31, 2021$0.3000

ASH Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 16 analysts
  • Strong Buy 4 25.0%
  • Buy 8 50.0%
  • Hold 4 25.0%
  • Sell 0 0.0%
  • Strong Sell 0 0.0%

12-Month Price Target

11 analysts · 2026-08-14
Median target $80.00 +7.8%
Mean target $80.18 +8.1%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
-0.09%
Period EPS Actual EPS Est Surprise
June 30, 2026 $1.02 $1.00 0.02%
March 31, 2026 $0.91 $0.95 -0.04%
Dec. 31, 2025 $0.26 $0.26 -0.00%
Sept. 30, 2025 $1.08 $1.26 -0.18%
June 30, 2025 $1.04 $1.24 -0.20%
March 31, 2025 $0.99 $1.11 -0.12%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
ASH -2.6 -13.7% -46.3% -37.6% 30.1%
SXT 29.7 3.5% 8.3% 11.4%
PRM $4.11B -20.1 16.4% -31.6% -17.8% 57.5%
CE -4.0 -7.0% -12.2% -25.4% 20.4%
AVNT $3.82B 35.1 0.61% 2.5% 3.5% 31.1%
FUL $3.16B 21.2 -2.7% 4.4% 7.9% 31.1%
KWR $2.38B -980.8 2.7% -0.13% -0.18% 36.0%
NGVT $2.10B -12.8 -2.7% -14.3% -222.2% 39.5%
IOSP 16.4 -3.6% 6.6% 9.2% 27.7%
MTX $1.89B -103.3 -2.2% -0.89% -1.1% 25.0%
SCL 23.1 7.0% 2.0% 3.8% 11.6%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 15
Annual Income Statement data for ASH
Metric Trend 202520242023202220212020201920182017201620152014
Revenue 12-point trend, -70.1% $1.82B $2.11B $2.19B $2.39B $2.11B $2.02B $2.15B $2.59B $2.31B $3.02B $3.42B $6.10B
Cost of Revenue 12-point trend, -72.3% $1.27B $1.50B $1.52B $1.56B $1.44B $1.42B $1.50B $1.73B $1.58B $2.13B $2.53B $4.61B
Gross Profit 12-point trend, -63.8% $549M $618M $668M $830M $670M $599M $651M $863M $729M $887M $888M $1.52B
R&D Expense 12-point trend, -52.6% $54M $55M $51M $55M $50M $56M $58M $73M $73M $87M $99M $114M
SG&A Expense 12-point trend, -74.7% $344M $404M $365M $393M $358M $400M $426M $599M $610M $858M $692M $1.36B
Operating Income 12-point trend, -1784.8% $-775M $-26M $172M $333M $192M $-461M $86M $102M $49M $-50M $112M $46M
Interest Income 12-point trend, -16.7% $5M $10M $12M $4M $1M $1M $2M $4M $4M $5M $6M $6M
Pretax Income 12-point trend, -597.4% $-809M $-24M $160M $206M $135M $-577M $-9M $11M $-196M $-308M $-151M $-116M
Income Tax 12-point trend, +106.9% $13M $-223M $-8M $25M $-38M $-22M $30M $-8M $-16M $-25M $-139M $-188M
Net Income 12-point trend, -462.7% $-845M $169M $178M $927M $220M $-508M $505M $114M $1M $-29M $309M $233M
EPS (Basic) 12-point trend, -699.7% $-18.23 $3.40 $3.36 $16.71 $3.63 $-8.39 $8.15 $1.82 $0.01 $-0.47 $4.54 $3.04
EPS (Diluted) 12-point trend, -707.7% $-18.23 $3.36 $3.31 $16.41 $3.59 $-8.39 $8.15 $1.79 $0.01 $-0.47 $4.54 $3.00
Shares (Basic) 12-point trend, -40.3% 46,000,000 49,000,000 53,000,000 55,000,000 60,000,000 61,000,000 62,000,000 63,000,000 62,000,000 63,000,000 68,000,000 77,000,000
Shares (Diluted) 12-point trend, -41.0% 46,000,000 50,000,000 54,000,000 56,000,000 61,000,000 61,000,000 62,000,000 64,000,000 62,000,000 63,000,000 68,000,000 78,000,000
EBITDA 10-point trend, -181.0% $-538M $248M $415M $574M $425M $-141M $455M $539M $443M $664M · ·
Balance Sheet 27
Annual Balance Sheet data for ASH
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents 12-point trend, -84.6% $215M $300M $417M $646M $210M $454M $232M $294M $566M $1.02B $1.26B $1.39B
Receivables 11-point trend, -74.8% $242M $243M $338M $402M $369M $437M $481M $522M $612M $529M $961M ·
Inventory 11-point trend, -19.5% $568M $545M $626M $629M $473M $506M $597M $596M $634M $539M $706M ·
Other Current Assets 11-point trend, +6.5% $180M $107M $125M $91M $68M $87M $64M $60M $91M $89M $169M ·
Current Assets 11-point trend, -61.0% $1.21B $1.20B $1.51B $1.77B $1.72B $1.55B $1.43B $1.71B $1.90B $2.89B $3.09B ·
PP&E (Net) 12-point trend, -50.2% $1.20B $1.30B $1.37B $1.34B $1.43B $1.49B $1.58B $1.65B $1.97B $1.90B $1.93B $2.41B
PP&E (Gross) 11-point trend, -19.0% $3.35B $3.32B $3.21B $3.05B $3.07B $3.00B $3.17B $3.17B $3.76B $3.62B $4.14B ·
Accum. Depreciation 11-point trend, +9.8% $2.15B $2.01B $1.84B $1.71B $1.64B $1.52B $1.59B $1.53B $1.79B $1.72B $1.96B ·
Goodwill 12-point trend, -73.3% $705M $1.38B $1.36B $1.31B $1.43B $1.30B $1.80B $2.30B $2.31B $2.14B $2.32B $2.64B
Intangibles 11-point trend, -50.7% $563M $751M $886M $963M $1.10B $1.01B $1.09B $1.19B $1.32B $1.06B $1.14B ·
Other Non-current Assets 11-point trend, -38.1% $253M $264M $251M $254M $267M $394M $410M $416M $422M $437M $409M ·
Total Assets 12-point trend, -57.7% $4.61B $5.64B $5.94B $6.21B $6.61B $6.88B $7.25B $8.26B $8.62B $10.00B $10.07B $10.91B
Accounts Payable 11-point trend, -67.0% $189M $214M $210M $265M $236M $211M $313M $331M $409M $376M $573M ·
Accrued Liabilities 11-point trend, -56.4% $213M $256M $208M $269M $251M $272M $271M $328M $324M $313M $488M ·
Short-term Debt 10-point trend, -100.0% · $0 $16M $0 $365M $280M $166M $254M $235M $170M $326M ·
Current Liabilities 11-point trend, -70.7% $423M $490M $456M $553M $934M $813M $757M $1.08B $968M $1.24B $1.44B ·
Capital Leases 6-point trend, -25.4% $85M $99M $106M $94M $110M $114M · · · · · ·
Deferred Tax 11-point trend, -63.5% $31M $29M $148M $176M $237M $229M $264M $286M $375M $315M $85M ·
Other Non-current Liabilities 11-point trend, -26.2% $299M $286M $291M $325M $349M $432M $453M $422M $400M $361M $405M ·
Long-term Debt 9-point trend, -59.7% $1.38B $1.35B $1.31B $1.27B $1.60B $1.57B · · $2.62B $2.35B $3.43B ·
Total Debt 10-point trend, -57.3% $1.38B $1.35B $1.33B $1.27B $1.97B $1.85B $1.67B $2.53B $2.82B $3.24B · ·
Common Stock Flat — no change across 11 periods $1M $1M $1M $1M $1M $1M $1M $1M $1M $1M $1M ·
Retained Earnings 11-point trend, -30.0% $2.30B $3.31B $3.60B $3.65B $2.80B $2.65B $3.22B $2.75B $2.70B $2.70B $3.28B ·
AOCI 11-point trend, -37.8% $-401M $-448M $-503M $-569M $-372M $-383M $-410M $-291M $-222M $-281M $-291M ·
Stockholders' Equity 11-point trend, -37.3% $1.90B $2.87B $3.10B $3.22B $2.75B $3.04B $3.57B $3.41B $3.41B $3.35B $3.04B ·
Liabilities + Equity 11-point trend, -54.1% $4.61B $5.64B $5.94B $6.21B $6.61B $6.88B $7.25B $8.26B $8.62B $10.00B $10.05B ·
Shares Outstanding 6-point trend, -9.0% · · · · · 61,000,000 60,000,000 62,000,000 62,000,000 62,000,000 67,000,000 ·
Cash Flow 18
Annual Cash Flow data for ASH
Metric Trend 202520242023202220212020201920182017201620152014
D&A 12-point trend, -39.7% $237M $274M $243M $241M $244M $235M $277M $277M $265M $302M $306M $393M
Stock-based Comp 12-point trend, -58.8% $14M $15M $22M $18M $15M $14M $21M $27M $20M $30M $30M $34M
Deferred Tax 12-point trend, -75.2% $73M $-302M $-32M $-35M $-26M $-42M $18M $-100M $-26M $-29M $50M $294M
Amort. of Intangibles 12-point trend, -29.2% $63M $76M $93M $94M $90M $84M $85M $93M $80M $76M $78M $89M
Restructuring 2-point trend, -99.0% · · · · · · · · $1M · · $99M
Other Non-cash 10-point trend, +16.3% $464M $533M $-175M $-1.20B $93M $622M $-736M $-12M $-138M $399M · ·
Operating Cash Flow 12-point trend, -76.9% $134M $462M $294M $193M $466M $227M $140M $241M $174M $385M $-256M $580M
CapEx 12-point trend, -60.5% $98M $137M $170M $113M $105M $133M $147M $157M $168M $231M $220M $248M
Investing Cash Flow 3-point trend, +97.2% $-3M $-51M $-109M · · · · · · · · ·
Debt Issued 8-point trend, +0.00 · · $0 $0 $450M $804M · · $1.10B $0 $1.10B $0
Net Debt Issued 9-point trend, +100.0% · $0 $0 $-250M $39M $37M $-797M $-311M $185M $-345M · ·
Stock Repurchased 10-point trend, -89.5% $100M $380M $300M $200M $450M · $200M · $0 $500M $397M $954M
Net Stock Activity 8-point trend, +80.0% $-100M $-380M $-300M $-200M $-450M · $-200M · $0 $-500M · ·
Dividends Paid 12-point trend, -26.2% $76M $78M $76M $70M $70M $66M $64M $60M $77M $97M $98M $103M
Financing Cash Flow 8-point trend, +51.4% $-179M $-479M $-371M $-896M $-426M $9M $-1.15B $-368M · · · ·
Net Change in Cash 12-point trend, -108.1% $-85M $-117M $-229M $436M $-244M $222M $-62M $-272M $-622M $-69M $-136M $1.05B
Taxes Paid 10-point trend, -69.4% $33M $53M $63M $406M $1M $91M $67M $77M $79M $108M · ·
Free Cash Flow 10-point trend, -91.1% $36M $325M $124M $80M $361M $175M $74M $159M $56M $403M · ·
Profitability 8
Annual Profitability data for ASH
Metric Trend 202520242023202220212020201920182017201620152014
Gross Margin 10-point trend, -8.5% 30.1% 29.2% 30.5% 34.7% 31.7% 30.4% 30.8% 28.7% 27.2% 32.9% · ·
Operating Margin 10-point trend, -742.8% -42.5% -1.2% 7.8% 13.9% 8.6% -16.7% 6.7% 6.1% 4.4% 6.6% · ·
Net Margin 10-point trend, -7752.5% -46.3% 8.0% 8.1% 38.8% 10.4% -21.8% 20.3% 3.0% 0.03% -0.59% · ·
Pretax Margin 10-point trend, -1712.7% -44.4% -1.1% 7.3% 8.6% 6.4% -21.6% 2.8% 3.0% -3.0% 2.8% · ·
EBITDA Margin 10-point trend, -319.8% -29.5% 11.7% 18.9% 24.0% 20.1% -6.1% 18.2% 14.4% 13.6% 13.4% · ·
ROA 10-point trend, -5582.8% -16.5% 2.9% 2.9% 14.5% 3.3% -7.2% 6.5% 1.4% 0.01% -0.29% · ·
ROE 10-point trend, -4030.8% -37.6% 5.8% 5.6% 31.0% 7.6% -15.4% 14.5% 3.4% 0.03% -0.91% · ·
ROIC 10-point trend, -21872.7% -23.9% 5.1% 4.1% 6.5% 4.9% -7.8% 1.1% 3.5% 2.4% 0.11% · ·
Liquidity & Solvency 4
Annual Liquidity & Solvency data for ASH
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 10-point trend, +20.9% 2.8 2.4 3.3 3.2 1.8 1.9 1.9 1.6 2.0 2.4 · ·
Quick Ratio 10-point trend, -36.9% 1.1 1.1 1.7 1.9 0.6 1.1 0.9 0.9 1.2 1.7 · ·
Debt / Equity 10-point trend, -25.0% 0.7 0.5 0.4 0.4 0.7 0.6 0.5 0.7 0.8 1.0 · ·
LT Debt / Equity 10-point trend, -20.4% 0.7 0.5 0.4 0.4 0.6 0.5 0.4 0.7 0.8 0.9 · ·
Efficiency 3
Annual Efficiency data for ASH
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 10-point trend, -29.0% 0.4 0.4 0.4 0.4 0.3 0.3 0.3 0.4 0.4 0.5 · ·
Inventory Turnover 10-point trend, -52.5% 2.3 2.6 2.4 2.8 2.9 2.9 2.9 4.1 4.0 4.8 · ·
Receivables Turnover 10-point trend, +41.0% 7.5 7.3 5.9 6.2 5.2 4.9 5.0 5.8 5.7 5.3 · ·
Per Share 6
Annual Per Share data for ASH
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share 5-point trend, -7.8% · · · · · $49.77 $59.52 $54.94 $54.94 $53.98 · ·
Revenue / Share 10-point trend, -48.7% $39.65 $42.26 $40.57 $42.70 $34.61 $38.13 $39.57 $58.48 $52.58 $77.31 · ·
Cash Flow / Share 10-point trend, -73.5% $2.91 $9.24 $5.44 $3.45 $7.64 $5.13 $3.62 $5.38 $4.11 $10.98 · ·
Cash / Share 5-point trend, -61.2% · · · · · $7.44 $3.87 $4.74 $9.13 $19.16 · ·
Dividend Paid / Share 12-point trend, +20.6% $2 $2 $1 $1 $1 $1 $1 $1 $1 $2 $1 $1
EPS (TTM) 10-point trend, -3778.7% $-18.23 $3.36 $3.31 $16.41 $3.59 $-8.39 $8.15 $1.79 $0.01 $-0.47 · ·
Growth Rates 8
Annual Growth Rates data for ASH
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 5-point trend, -390.4% -13.7% -3.6% -8.4% 13.3% 4.7% · · · · · · ·
Revenue CAGR 3Y 3-point trend, -407.1% -8.6% 0.03% 2.8% · · · · · · · · ·
Revenue CAGR 5Y -2.0% · · · · · · · · · · ·
EPS YoY 3-point trend, -99.6% · 1.5% -79.8% 357.1% · · · · · · · ·
EPS CAGR 3Y · -2.2% · · · · · · · · · ·
Net Income YoY 3-point trend, -101.6% · -5.1% -80.8% 321.4% · · · · · · · ·
Net Income CAGR 3Y · -8.4% · · · · · · · · · ·
Dividend CAGR 5Y 2.9% · · · · · · · · · · ·
Valuation (TTM) 17
Annual Valuation (TTM) data for ASH
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM 10-point trend, -39.6% $1.82B $2.11B $2.19B $2.39B $2.11B $2.02B $2.15B $2.59B $2.31B $3.02B · ·
Net Income TTM 10-point trend, -2813.8% $-845M $169M $178M $927M $220M $-508M $505M $114M $1M $-29M · ·
Market Cap 5-point trend, +23.0% · · · · · $4.33B $4.62B $5.20B $4.05B $3.52B · ·
Enterprise Value 5-point trend, +2.7% · · · · · $5.73B $6.06B $7.43B $6.31B $5.57B · ·
P/E 10-point trend, +97.8% -2.6 25.9 24.7 5.8 24.8 -8.5 9.5 46.8 6539.0 -120.7 · ·
P/S 5-point trend, +84.2% · · · · · 2.1 2.2 2.0 1.8 1.2 · ·
P/B 5-point trend, +35.6% · · · · · 1.4 1.3 1.5 1.2 1.1 · ·
P / Tangible Book · · · · · 6.0 · · · · · ·
P / Cash Flow 5-point trend, +176.3% · · · · · 13.8 20.3 15.1 15.9 5.0 · ·
P / FCF 5-point trend, +183.3% · · · · · 24.7 62.5 32.7 72.4 8.7 · ·
EV / EBITDA 5-point trend, -583.8% · · · · · -40.6 13.3 13.8 14.2 8.4 · ·
EV / FCF 5-point trend, +136.6% · · · · · 32.7 81.9 46.8 112.6 13.8 · ·
EV / Revenue 5-point trend, +53.8% · · · · · 2.8 2.8 2.9 2.7 1.8 · ·
Dividend Yield 5-point trend, -44.6% · · · · · 1.5% 1.4% 1.1% 1.9% 2.8% · ·
Earnings Yield 10-point trend, -4484.3% -38.0% 3.9% 4.0% 17.3% 4.0% -11.8% 10.6% 2.1% 0.02% -0.83% · ·
Payout Ratio 10-point trend, +97.3% -9.0% 46.2% 42.7% 7.5% 31.8% -13.0% 12.7% 52.6% 7700.0% -334.5% · ·
Annual Payout 10-point trend, -21.6% $76M $78M $76M $70M $70M $66M $64M $60M $77M $97M · ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-09-302024-09-302023-09-302022-09-302021-09-30
Revenue $1.82B$2.11B$2.19B$2.39B$2.11B
Gross Margin % 30.1%29.2%30.5%34.7%31.7%
Operating Margin % -42.5%-1.2%7.8%13.9%8.6%
Net Income $-845M$169M$178M$927M$220M
Diluted EPS $-18.23$3.36$3.31$16.41$3.59
Balance Sheet
2025-09-302024-09-302023-09-302022-09-302021-09-30
Debt / Equity 0.70.50.40.40.7
Current Ratio 2.82.43.33.21.8
Quick Ratio 1.11.11.71.90.6
Cash Flow
2025-09-302024-09-302023-09-302022-09-302021-09-30
Free Cash Flow $36M$325M$124M$80M$361M

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Institutional owners (13F) 384 filers · $2.1B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
74 (+17 vs prior Q) 50 (+15 vs prior Q) 93 (-22 vs prior Q) 121 (+18 vs prior Q) +3.9M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
Standard Investments LLC $298,152,316 4,525,001 13.94% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $162,276,396 2,462,838 7.59% Shares
DIMENSIONAL FUND ADVISORS LP $156,630,265 2,377,149 7.33% Shares
VANGUARD CAPITAL MANAGEMENT LLC $135,934,694 2,063,055 6.36% Shares
FRONTIER CAPITAL MANAGEMENT CO LLC $131,773,923 1,999,908 6.16% Shares
COOPERMAN LEON G $124,861,550 1,895,000 5.84% Shares
STATE STREET CORP $124,637,129 1,891,594 5.83% Shares
Diamond Hill Capital Management, LLC (Investment Advisor) $105,471,045 1,600,714 4.93% Shares
1832 Asset Management L.P. $92,847,180 1,409,124 4.34% Shares
GEODE CAPITAL MANAGEMENT, LLC $67,226,113 1,020,040 3.14% Shares
AMERICAN CENTURY COMPANIES INC $60,568,658 919,239 2.83% Shares
Empyrean Capital Partners, LP $35,712,380 542,000 1.67% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $35,609,855 540,444 1.67% Shares
NOMURA ASSET MANAGEMENT INTERNATIONAL INC. $35,091,000 532,566 1.64% Shares
ATLANTIC INVESTMENT MANAGEMENT, INC. $33,538,010 509,000 1.57% Shares
Point72 Asset Management, L.P. $31,837,719 483,195 1.49% Shares
Newport Trust Company, LLC $29,063,605 441,093 1.36% Shares
Gotham Asset Management, LLC $23,869,180 362,258 1.12% Shares
CRAMER ROSENTHAL MCGLYNN LLC $22,319,776 338,743 1.04% Shares
VANGUARD FIDUCIARY TRUST CO $20,034,316 304,057 0.94% Shares
SHAPIRO CAPITAL MANAGEMENT LLC $16,766,040 254,455 0.78% Shares
Retirement Systems of Alabama $12,403,199 188,241 0.58% Shares
PRINCIPAL FINANCIAL GROUP INC $12,161,317 184,570 0.57% Shares
CANYON CAPITAL ADVISORS LLC $11,794,310 179,000 0.55% Shares
MACKENZIE FINANCIAL CORP $11,555,129 175,370 0.54% Shares
GLENMEDE TRUST CO NA $11,482,716 174,271 0.54% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $11,234,245 170,500 0.53% Call option
BANK OF AMERICA CORP /DE/ $11,093,833 168,369 0.52% Shares
GOLDMAN SACHS GROUP INC $10,932,073 165,914 0.51% Shares
Glenmede Investment Management, LP $10,369,161 216,430 0.48% Shares
RHUMBLINE ADVISERS $10,310,369 156,479 0.48% Shares
Quantinno Capital Management LP $10,111,260 153,456 0.47% Shares
Allianz Asset Management GmbH $9,326,268 141,543 0.44% Shares
Point72 Asset Management, L.P. $8,592,056 130,400 0.40% Call option
FIFTH THIRD BANCORP $8,445,666 128,178 0.40% Shares
RAYMOND JAMES FINANCIAL INC $6,147,043 93,293 0.29% Shares
CITADEL ADVISORS LLC $6,048,702 91,800 0.28% Call option
Walleye Trading LLC $5,595,181 84,917 0.26% Shares
Swiss National Bank $5,594,061 84,900 0.26% Shares
NEUBERGER BERMAN GROUP LLC $5,409,289 82,096 0.25% Shares
ALLIANCEBERNSTEIN L.P. $4,961,246 89,215 0.23% Shares
Cruiser Capital Advisors, LLC $4,400,398 66,784 0.21% Shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ $4,317,903 65,532 0.20% Shares
XTX Topco Ltd $4,123,923 62,588 0.19% Shares
GAMCO INVESTORS, INC. ET AL $4,057,704 61,583 0.19% Shares
FIRST TRUST ADVISORS LP $3,935,741 59,732 0.18% Shares
MILLENNIUM MANAGEMENT LLC $3,889,948 59,037 0.18% Shares
Cubist Systematic Strategies, LLC $3,865,449 80,682 0.18% Shares
IEQ CAPITAL, LLC $3,645,554 55,328 0.17% Shares
Quantbot Technologies LP $3,550,746 53,889 0.17% Shares
GABELLI FUNDS LLC $3,472,403 52,700 0.16% Shares
Oak Thistle LLC $3,453,229 52,409 0.16% Shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC $3,440,560 54,830 0.16% Shares
CWM, LLC $3,396,955 61,085 0.16% Shares
AMERIPRISE FINANCIAL INC $3,339,174 50,678 0.16% Shares
MetLife Investment Management, LLC $3,186,968 48,368 0.15% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $3,070,474 46,600 0.14% Put option
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $3,064,445 55,106 0.14% Shares
STIFEL FINANCIAL CORP $2,995,306 45,458 0.14% Shares
Verition Fund Management LLC $2,929,931 44,467 0.14% Shares
NORDEA INVESTMENT MANAGEMENT AB $2,849,029 43,811 0.13% Shares
VANGUARD ASSET MANAGEMENT, Ltd $2,841,177 43,120 0.13% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $2,768,764 42,021 0.13% Shares
PEAK6 LLC $2,665,119 40,448 0.12% Shares
Arax Advisory Partners $2,641,860 40,095 0.12% Shares
VeriStar Capital Management LP $2,596,902 43,800 0.12% Shares
NISA INVESTMENT ADVISORS, LLC $2,460,860 37,348 0.12% Shares
ALTRINSIC GLOBAL ADVISORS LLC $2,436,217 36,974 0.11% Shares
Neo Ivy Capital Management $2,424,422 36,795 0.11% Shares
D. E. Shaw & Co., Inc. $2,419,151 36,715 0.11% Shares
BlackRock, Inc. $2,361,366 35,838 0.11% Shares
OCCUDO QUANTITATIVE STRATEGIES LP $2,198,354 33,364 0.10% Shares
ENVESTNET ASSET MANAGEMENT INC $2,166,059 32,874 0.10% Shares
MARSHALL WACE, LLP $2,123,503 32,228 0.10% Shares
LPL Financial LLC $2,089,182 31,707 0.10% Shares
CAPITAL FUND MANAGEMENT S.A. $2,077,972 31,537 0.10% Shares
TWO SIGMA ADVISERS, LP $2,059,317 35,100 0.10% Shares
VOYA INVESTMENT MANAGEMENT LLC $1,980,192 30,053 0.09% Shares
AXA Investment Managers S.A. $1,964,310 41,000 0.09% Shares
GUGGENHEIM CAPITAL LLC $1,947,050 29,550 0.09% Shares
MORGAN STANLEY $1,813,622 27,525 0.08% Shares
MERCER GLOBAL ADVISORS INC /ADV $1,803,412 27,370 0.08% Shares
Schonfeld Strategic Advisors LLC $1,773,296 26,913 0.08% Shares
Legal & General Group Plc $1,759,790 26,708 0.08% Shares
CAPTRUST FINANCIAL ADVISORS $1,747,261 26,518 0.08% Shares
JANE STREET GROUP, LLC $1,581,360 24,000 0.07% Put option
Keeley-Teton Advisors, LLC $1,536,915 25,922 0.07% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $1,534,892 27,601 0.07% Shares
CAXTON ASSOCIATES LLP $1,441,212 21,873 0.07% Shares
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. $1,404,050 21,309 0.07% Shares
State of New Jersey Common Pension Fund D $1,390,015 21,096 0.07% Shares
BARCLAYS PLC $1,355,885 20,578 0.06% Shares
Zurcher Kantonalbank (Zurich Cantonalbank) $1,349,098 20,475 0.06% Shares
Great Lakes Retirement, Inc. $1,345,067 20,414 0.06% Shares
S.A.C. Capital Advisors (Hong Kong) Ltd. $1,328,991 27,739 0.06% Shares
COMMONWEALTH EQUITY SERVICES, LLC $1,306,920 19,835 0.06% Shares
IMC-Chicago, LLC $1,303,765 19,787 0.06% Shares
Corient Private Wealth LP $1,275,491 19,358 0.06% Shares
TWO SIGMA INVESTMENTS, LP $1,265,088 19,200 0.06% Shares
Vanguard Global Advisers, LLC $1,173,699 17,813 0.05% Shares

Company insiders 50 insiders · 24 officers · 24 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Guillermo Novo Chair of the Board and CEO Feb. 6, 2026 A 140,849 0 0 $0
William A Wulfsohn Chief Executive Officer Nov. 18, 2019 M 125,406 0 0 $0
William Whitaker SVP, CFO & PFO Nov. 19, 2025 A 2,049 0 0 $0
Kevin J Willis SVP and CFO Nov. 19, 2024 F 232,716 0 0 $0
Osama M Musa SVP and CTO July 29, 2026 M 30,806 0 0 $0
Alessandra Faccin Assis SVP and GM, Life Sciences July 27, 2026 M 8,215 0 0 $0
James P. Minicucci SVP and GM, Personal Care May 8, 2026 M 7,221 0 0 $0
Samuel Richardson VP, Controller and PAO Nov. 19, 2025 A 1,072 0 0 $0
Dago Caceres SVP & GM, Specialty Additives Nov. 19, 2025 A 531 0 0 $0
Eileen Drury SVP and Chief HRO Nov. 19, 2025 A 7,601 0 0 $0
Eric N Boni VP, Finance & Prinpl Acctg Off Dec. 4, 2024 M 14,633 0 0 $0
Karl R. Bostaph Senior VP Operations Nov. 19, 2024 F 7,012 0 0 $0
Min Chong SVP, Gen. Mgr. Jan. 2, 2024 F 12,723 0 0 $0
Swaminathan Ashok Kalyana Sr VP & Gen Mgr, Life Sciences and Interm. Nov. 18, 2023 M 3,359 0 0 $0
ASHLAND GLOBAL HOLDINGS INC Sr. Vice President Nov. 18, 2023 M 19,437 0 0 $0
ASHLAND LLC SVP, OPERATIONS Nov. 17, 2023 F 5,268 0 0 $0
Von Mohrenfels Petra Yvonne Winkler Sr. VP, GC and Secretary Feb. 9, 2023 M 6,139 0 0 $0
Xiaolan Wang Sr VP & Gen Mgr, Personal Care Feb. 3, 2023 M 440 0 0 $0
Peter Ganz Senior Vice President Nov. 30, 2020 S 41,532 0 0 $0
Vito J Consiglio Sr. Vice President Nov. 18, 2019 M 4,243 0 0 $0
Anne T. Schumann Senior Vice President Nov. 18, 2019 M 14,535 0 0 $0
William J Heitman Controller Nov. 18, 2019 M 6,303 0 0 $0
Luis M Fernandez-Moreno Senior Vice President Feb. 22, 2017 M 45,990 0 0 $0
Greg W Elliott Vice President Nov. 18, 2016 M 289 0 0 $0
Sanat Chattopadhyay Director June 30, 2026 A 0 0 $0
Steven D Bishop Director June 30, 2026 A 0 0 $0
Bertrand Loy Director May 15, 2026 A 0 0 $0
Ashish K Kulkarni Director Jan. 21, 2026 M 2,113 0 0 $0
Suzan F. Harrison Director Jan. 20, 2026 A 1,931 0 0 $0
Scott Tozier Director Jan. 20, 2026 A 0 0 $0
Jerome A Peribere Director Jan. 20, 2026 A 1,883 0 0 $0
Sue Main Director Jan. 20, 2026 A 1,883 0 0 $0
Sergio Pedreiro Director Jan. 21, 2025 A 0 0 $0
Janice Teal Director Dec. 31, 2024 A 1,883 0 0 $0
Wetteny Joseph Director Jan. 23, 2024 A 0 0 $0
Brendan Cummins Director Jan. 24, 2023 A 0 0 $0
Jay V Ihlenfeld Director Jan. 24, 2023 A 1,883 0 0 $0
William G Dempsey Director Dec. 30, 2022 J 1,883 0 0 $0
Ricky C. Sandler Director Jan. 24, 2022 A 0 0 $0
Kathleen Wilson-Thompson Director Jan. 30, 2020 A 1,883 0 0 $0
Craig A Rogerson Director Jan. 30, 2020 A 0 0 $0
Mark C Rohr Director Jan. 30, 2020 A 6,883 0 0 $0
Michael J Ward Director March 29, 2019 J 1,883 0 0 $0
Barry W Perry Director Jan. 25, 2019 I 1,883 0 0 $0
George A Schaefer JR Director June 2, 2017 A 4,619 0 0 $0
Vada O Manager Director Dec. 30, 2016 J 0 0 $0
Robin E. Lampkin Aug. 11, 2026 M 6,299 0 0 $0
Peter T Thomas July 27, 2026 A 0 0 $0
Allen A Spizzo July 27, 2026 A 0 0 $0
Keith C Silverman Nov. 18, 2020 M 7,512 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 3 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Standard Investments LLC, SI GP III LLC, Standard Latitude Master Fund Ltd., Standard Latitude Fund LP, David S. Winter, David J. Millstone ×4 filings May 18, 2026 8.94% Amendment Passive investment SEC
Eminence Capital, LP, Ricky C. Sandler ×6 filings Jan. 31, 2025 0.00% Amendment SEC
Cruiser Capital Advisors, LLC, Keith M. Rosenbloom, Allen A. Spizzo, Patrick E. Gottschalk ×4 filings Jan. 24, 2019 Initial filing SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 64 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
MVFD · Northern Lights Fund Trust IV 2.83% 52,962 NS May 31, 2026 N-PORT
FXZ · First Trust Exchange-Traded AlphaDE… 0.76% 54,799 NS April 30, 2026 N-PORT
IWN · iShares Trust 0.22% 431,869 SH Aug. 8, 2026 Daily
VTWV · VANGUARD SCOTTSDALE FUNDS 0.20% 40,617 SH Aug. 8, 2026 Daily
IJJ · iShares Trust 0.19% 233,471 SH Aug. 8, 2026 Daily
VAW · VANGUARD WORLD FUND 0.18% 124,069 SH Aug. 8, 2026 Daily
SMLF · iShares Trust 0.17% 100,011 SH Aug. 8, 2026 Daily
IVOV · VANGUARD ADMIRAL FUNDS 0.17% 39,321 SH Aug. 8, 2026 Daily
DFSV · Dimensional ETF Trust 0.17% 239,469 NS April 30, 2026 N-PORT
AVSC · AMERICAN CENTURY ETF TRUST 0.16% 78,405 NS May 31, 2026 N-PORT
FMAT · FIDELITY COVINGTON TRUST 0.16% 17,689 NS April 30, 2026 N-PORT
BBSC · J.P. Morgan Exchange-Traded Fund Tr… 0.12% 17,083 NS April 30, 2026 N-PORT
BKSE · BNY Mellon ETF Trust 0.11% 1,658 NS April 30, 2026 N-PORT
MIDE · DBX ETF Trust 0.11% 62 NS May 29, 2026 N-PORT
IWM · iShares Trust 0.11% 1,174,991 SH Aug. 8, 2026 Daily
XJH · iShares Trust 0.11% 6,228 SH Aug. 8, 2026 Daily
DFAT · Dimensional ETF Trust 0.10% 269,094 NS April 30, 2026 N-PORT
QVMM · Invesco Exchange-Traded Fund Trust … 0.09% 5,417 SH Aug. 8, 2026 Daily
ISCV · iShares Trust 0.09% 9,014 SH Aug. 8, 2026 Daily
IJH · iShares Trust 0.09% 1,579,517 SH Aug. 8, 2026 Daily
VTWO · VANGUARD SCOTTSDALE FUNDS 0.09% 267,443 SH Aug. 8, 2026 Daily
RWK · Invesco Exchange-Traded Fund Trust … 0.08% 14,835 SH Aug. 8, 2026 Daily
IVOO · VANGUARD ADMIRAL FUNDS 0.08% 73,878 SH Aug. 8, 2026 Daily
PTMC · Pacer Funds Trust 0.07% 5,094 NS April 30, 2026 N-PORT
VBR · VANGUARD INDEX FUNDS 0.06% 666,952 SH Aug. 8, 2026 Daily
DFAS · Dimensional ETF Trust 0.06% 152,842 NS April 30, 2026 N-PORT
MVV · ProShares Trust 0.06% 1,581 NS May 31, 2026 N-PORT
SCHA · SCHWAB STRATEGIC TRUST 0.06% 220,400 NS May 31, 2026 N-PORT
MIDU · Direxion Shares ETF Trust 0.05% 759 NS April 30, 2026 N-PORT
ISCB · iShares Trust 0.05% 1,858 SH Aug. 8, 2026 Daily
UMDD · ProShares Trust 0.04% 221 NS May 31, 2026 N-PORT
VB · VANGUARD INDEX FUNDS 0.04% 1,049,482 SH Aug. 8, 2026 Daily
OMFS · Invesco Exchange-Traded Self-Indexe… 0.03% 1,233 SH Aug. 8, 2026 Daily
WSML · iShares Trust 0.03% 2,822 SH Aug. 8, 2026 Daily
DXUV · Dimensional ETF Trust 0.03% 2,273 NS April 30, 2026 N-PORT
VXF · VANGUARD INDEX FUNDS 0.03% 525,698 SH Aug. 8, 2026 Daily
VFMF · VANGUARD WELLINGTON FUND 0.03% 3,402 SH Aug. 8, 2026 Daily
PRF · Invesco Exchange-Traded Fund Trust 0.03% 36,315 SH Aug. 8, 2026 Daily
TILT · FlexShares Trust 0.02% 8,316 NS April 30, 2026 N-PORT
FNDX · SCHWAB STRATEGIC TRUST 0.02% 87,975 NS May 31, 2026 N-PORT
SFGV · EA Series Trust 0.02% 3,423 NS May 29, 2026 N-PORT
FNDB · SCHWAB STRATEGIC TRUST 0.02% 4,185 NS May 31, 2026 N-PORT
MSSM · MORGAN STANLEY PATHWAY FUNDS 0.01% 1,848 NS May 31, 2026 N-PORT
DCOR · Dimensional ETF Trust 0.01% 7,678 NS April 30, 2026 N-PORT
AVSU · AMERICAN CENTURY ETF TRUST 0.01% 1,036 NS May 31, 2026 N-PORT
PFM · Invesco Exchange-Traded Fund Trust 0.01% 1,303 SH Aug. 8, 2026 Daily
DFAC · Dimensional ETF Trust 0.01% 92,173 NS April 30, 2026 N-PORT
IUSV · iShares Trust 0.01% 41,674 SH Aug. 8, 2026 Daily
VYM · VANGUARD WHITEHALL FUNDS 0.01% 182,034 SH Aug. 8, 2026 Daily
DFUV · Dimensional ETF Trust 0.01% 27,009 NS April 30, 2026 N-PORT