ASH Ashland Inc. Common Stock

NYSE · Chemicals · View on SEC EDGAR ↗

$64.40

Price · Jun 26, 2026

Fundamentals as of Apr 29, 2026

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

Price

$64.40

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 – $68

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

2016-09-30 → 2025-09-30

EPS $-18.23

2016-09-30 → 2025-09-30

Free Cash Flow $36M

2016-09-30 → 2025-09-30

Margins -46.3%

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)

-2.6

32.1

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

Metric

5Y trend

ASH

Peer Median

Gross Margin

30.1%

34.9%

Operating Margin

-42.5%

—

Net Profit Margin

-46.3%

1.2%

ROA

-16.5%

0.64%

ROE

-37.6%

1.7%

ROIC

-23.9%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

ASH

Peer Median

Debt / Equity

0.7

12.0

Current Ratio

2.8

2.2

Quick Ratio

1.1

—

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

Metric

5Y trend

ASH

Peer Median

Revenue YoY

-13.7%

—

Revenue CAGR 3Y

-8.6%

—

Revenue CAGR 5Y

-2.0%

—

EPS YoY

1.5%

—

Net Income YoY

-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)

$-18.23

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

ASH

Peer Median

Payout Ratio

-9.0%

—

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

Dividend Yield

—

Payout Ratio

-9.0%

5Y Div CAGR

—

Ex-date	Amount
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 · 2026-06-26

Median $66.00

Now $64.40

Low $50.00

High $90.00

Median target $66.00 +2.5%

Mean target $67.91 +5.4%

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

Avg Surprise

-0.11%

Next Report

Jul 27, 2026

Period	EPS Actual	EPS Est	Surprise
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 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%
CE	—	-4.0	-7.0%	-12.2%	-25.4%	20.4%
SXT	—	29.7	3.5%	8.3%	11.4%	—
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%
MTX	$1.89B	-103.3	-2.2%	-0.89%	-1.1%	25.0%
IOSP	—	16.4	-3.6%	6.6%	9.2%	27.7%
ECVT	$1.09B	-16.0	20.9%	-9.8%	-11.0%	21.9%
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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$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	$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	$549M	$618M	$668M	$830M	$670M	$599M	$651M	$863M	$729M	$887M	$888M	$1.52B
R&D Expense	$54M	$55M	$51M	$55M	$50M	$56M	$58M	$73M	$73M	$87M	$99M	$114M
SG&A Expense	$344M	$404M	$365M	$393M	$358M	$400M	$426M	$599M	$610M	$858M	$692M	$1.36B
Operating Income	$-775M	$-26M	$172M	$333M	$192M	$-461M	$86M	$102M	$49M	$-50M	$112M	$46M
Interest Income	$5M	$10M	$12M	$4M	$1M	$1M	$2M	$4M	$4M	$5M	$6M	$6M
Pretax Income	$-809M	$-24M	$160M	$206M	$135M	$-577M	$-9M	$11M	$-196M	$-308M	$-151M	$-116M
Income Tax	$13M	$-223M	$-8M	$25M	$-38M	$-22M	$30M	$-8M	$-16M	$-25M	$-139M	$-188M
Net Income	$-845M	$169M	$178M	$927M	$220M	$-508M	$505M	$114M	$1M	$-29M	$309M	$233M
EPS (Basic)	$-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)	$-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)	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)	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	$-538M	$248M	$415M	$574M	$425M	$-141M	$455M	$539M	$443M	$664M	·	·

Balance Sheet 27

Annual Balance Sheet data for ASH
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$215M	$300M	$417M	$646M	$210M	$454M	$232M	$294M	$566M	$1.02B	$1.26B	$1.39B
Receivables	$242M	$243M	$338M	$402M	$369M	$437M	$481M	$522M	$612M	$529M	$961M	·
Inventory	$568M	$545M	$626M	$629M	$473M	$506M	$597M	$596M	$634M	$539M	$706M	·
Other Current Assets	$180M	$107M	$125M	$91M	$68M	$87M	$64M	$60M	$91M	$89M	$169M	·
Current Assets	$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)	$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)	$3.35B	$3.32B	$3.21B	$3.05B	$3.07B	$3.00B	$3.17B	$3.17B	$3.76B	$3.62B	$4.14B	·
Accum. Depreciation	$2.15B	$2.01B	$1.84B	$1.71B	$1.64B	$1.52B	$1.59B	$1.53B	$1.79B	$1.72B	$1.96B	·
Goodwill	$705M	$1.38B	$1.36B	$1.31B	$1.43B	$1.30B	$1.80B	$2.30B	$2.31B	$2.14B	$2.32B	$2.64B
Intangibles	$563M	$751M	$886M	$963M	$1.10B	$1.01B	$1.09B	$1.19B	$1.32B	$1.06B	$1.14B	·
Other Non-current Assets	$253M	$264M	$251M	$254M	$267M	$394M	$410M	$416M	$422M	$437M	$409M	·
Total Assets	$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	$189M	$214M	$210M	$265M	$236M	$211M	$313M	$331M	$409M	$376M	$573M	·
Accrued Liabilities	$213M	$256M	$208M	$269M	$251M	$272M	$271M	$328M	$324M	$313M	$488M	·
Short-term Debt	·	$0	$16M	$0	$365M	$280M	$166M	$254M	$235M	$170M	$326M	·
Current Liabilities	$423M	$490M	$456M	$553M	$934M	$813M	$757M	$1.08B	$968M	$1.24B	$1.44B	·
Capital Leases	$85M	$99M	$106M	$94M	$110M	$114M	·	·	·	·	·	·
Deferred Tax	$31M	$29M	$148M	$176M	$237M	$229M	$264M	$286M	$375M	$315M	$85M	·
Other Non-current Liabilities	$299M	$286M	$291M	$325M	$349M	$432M	$453M	$422M	$400M	$361M	$405M	·
Long-term Debt	$1.38B	$1.35B	$1.31B	$1.27B	$1.60B	$1.57B	·	·	$2.62B	$2.35B	$3.43B	·
Total Debt	$1.38B	$1.35B	$1.33B	$1.27B	$1.97B	$1.85B	$1.67B	$2.53B	$2.82B	$3.24B	·	·
Common Stock	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	$1M	·
Retained Earnings	$2.30B	$3.31B	$3.60B	$3.65B	$2.80B	$2.65B	$3.22B	$2.75B	$2.70B	$2.70B	$3.28B	·
AOCI	$-401M	$-448M	$-503M	$-569M	$-372M	$-383M	$-410M	$-291M	$-222M	$-281M	$-291M	·
Stockholders' Equity	$1.90B	$2.87B	$3.10B	$3.22B	$2.75B	$3.04B	$3.57B	$3.41B	$3.41B	$3.35B	$3.04B	·
Liabilities + Equity	$4.61B	$5.64B	$5.94B	$6.21B	$6.61B	$6.88B	$7.25B	$8.26B	$8.62B	$10.00B	$10.05B	·
Shares Outstanding	·	·	·	·	·	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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$237M	$274M	$243M	$241M	$244M	$235M	$277M	$277M	$265M	$302M	$306M	$393M
Stock-based Comp	$14M	$15M	$22M	$18M	$15M	$14M	$21M	$27M	$20M	$30M	$30M	$34M
Deferred Tax	$73M	$-302M	$-32M	$-35M	$-26M	$-42M	$18M	$-100M	$-26M	$-29M	$50M	$294M
Amort. of Intangibles	$63M	$76M	$93M	$94M	$90M	$84M	$85M	$93M	$80M	$76M	$78M	$89M
Restructuring	·	·	·	·	·	·	·	·	$1M	·	·	$99M
Other Non-cash	$464M	$533M	$-175M	$-1.20B	$93M	$622M	$-736M	$-12M	$-138M	$399M	·	·
Operating Cash Flow	$134M	$462M	$294M	$193M	$466M	$227M	$140M	$241M	$174M	$385M	$-256M	$580M
CapEx	$98M	$137M	$170M	$113M	$105M	$133M	$147M	$157M	$168M	$231M	$220M	$248M
Investing Cash Flow	$-3M	$-51M	$-109M	·	·	·	·	·	·	·	·	·
Debt Issued	·	·	$0	$0	$450M	$804M	·	·	$1.10B	$0	$1.10B	$0
Net Debt Issued	·	$0	$0	$-250M	$39M	$37M	$-797M	$-311M	$185M	$-345M	·	·
Stock Repurchased	$100M	$380M	$300M	$200M	$450M	·	$200M	·	$0	$500M	$397M	$954M
Net Stock Activity	$-100M	$-380M	$-300M	$-200M	$-450M	·	$-200M	·	$0	$-500M	·	·
Dividends Paid	$76M	$78M	$76M	$70M	$70M	$66M	$64M	$60M	$77M	$97M	$98M	$103M
Financing Cash Flow	$-179M	$-479M	$-371M	$-896M	$-426M	$9M	$-1.15B	$-368M	·	·	·	·
Net Change in Cash	$-85M	$-117M	$-229M	$436M	$-244M	$222M	$-62M	$-272M	$-622M	$-69M	$-136M	$1.05B
Taxes Paid	$33M	$53M	$63M	$406M	$1M	$91M	$67M	$77M	$79M	$108M	·	·
Free Cash Flow	$36M	$325M	$124M	$80M	$361M	$175M	$74M	$159M	$56M	$403M	·	·

Profitability 8

Annual Profitability data for ASH
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Gross Margin	30.1%	29.2%	30.5%	34.7%	31.7%	30.4%	30.8%	28.7%	27.2%	32.9%	·	·
Operating Margin	-42.5%	-1.2%	7.8%	13.9%	8.6%	-16.7%	6.7%	6.1%	4.4%	6.6%	·	·
Net Margin	-46.3%	8.0%	8.1%	38.8%	10.4%	-21.8%	20.3%	3.0%	0.03%	-0.59%	·	·
Pretax Margin	-44.4%	-1.1%	7.3%	8.6%	6.4%	-21.6%	2.8%	3.0%	-3.0%	2.8%	·	·
EBITDA Margin	-29.5%	11.7%	18.9%	24.0%	20.1%	-6.1%	18.2%	14.4%	13.6%	13.4%	·	·
ROA	-16.5%	2.9%	2.9%	14.5%	3.3%	-7.2%	6.5%	1.4%	0.01%	-0.29%	·	·
ROE	-37.6%	5.8%	5.6%	31.0%	7.6%	-15.4%	14.5%	3.4%	0.03%	-0.91%	·	·
ROIC	-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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	2.8	2.4	3.3	3.2	1.8	1.9	1.9	1.6	2.0	2.4	·	·
Quick Ratio	1.1	1.1	1.7	1.9	0.6	1.1	0.9	0.9	1.2	1.7	·	·
Debt / Equity	0.7	0.5	0.4	0.4	0.7	0.6	0.5	0.7	0.8	1.0	·	·
LT Debt / Equity	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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	0.4	0.4	0.4	0.4	0.3	0.3	0.3	0.4	0.4	0.5	·	·
Inventory Turnover	2.3	2.6	2.4	2.8	2.9	2.9	2.9	4.1	4.0	4.8	·	·
Receivables Turnover	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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	·	·	·	·	·	$49.77	$59.52	$54.94	$54.94	$53.98	·	·
Revenue / Share	$39.65	$42.26	$40.57	$42.70	$34.61	$38.13	$39.57	$58.48	$52.58	$77.31	·	·
Cash Flow / Share	$2.91	$9.24	$5.44	$3.45	$7.64	$5.13	$3.62	$5.38	$4.11	$10.98	·	·
Cash / Share	·	·	·	·	·	$7.44	$3.87	$4.74	$9.13	$19.16	·	·
Dividend Paid / Share	$2	$2	$1	$1	$1	$1	$1	$1	$1	$2	$1	$1
EPS (TTM)	$-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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	-13.7%	-3.6%	-8.4%	13.3%	4.7%	·	·	·	·	·	·	·
Revenue CAGR 3Y	-8.6%	0.03%	2.8%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	-2.0%	·	·	·	·	·	·	·	·	·	·	·
EPS YoY	·	1.5%	-79.8%	357.1%	·	·	·	·	·	·	·	·
EPS CAGR 3Y	·	-2.2%	·	·	·	·	·	·	·	·	·	·
Net Income YoY	·	-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	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$1.82B	$2.11B	$2.19B	$2.39B	$2.11B	$2.02B	$2.15B	$2.59B	$2.31B	$3.02B	·	·
Net Income TTM	$-845M	$169M	$178M	$927M	$220M	$-508M	$505M	$114M	$1M	$-29M	·	·
Market Cap	·	·	·	·	·	$4.33B	$4.62B	$5.20B	$4.05B	$3.52B	·	·
Enterprise Value	·	·	·	·	·	$5.73B	$6.06B	$7.43B	$6.31B	$5.57B	·	·
P/E	-2.6	25.9	24.7	5.8	24.8	-8.5	9.5	46.8	6539.0	-120.7	·	·
P/S	·	·	·	·	·	2.1	2.2	2.0	1.8	1.2	·	·
P/B	·	·	·	·	·	1.4	1.3	1.5	1.2	1.1	·	·
P / Tangible Book	·	·	·	·	·	6.0	·	·	·	·	·	·
P / Cash Flow	·	·	·	·	·	13.8	20.3	15.1	15.9	5.0	·	·
P / FCF	·	·	·	·	·	24.7	62.5	32.7	72.4	8.7	·	·
EV / EBITDA	·	·	·	·	·	-40.6	13.3	13.8	14.2	8.4	·	·
EV / FCF	·	·	·	·	·	32.7	81.9	46.8	112.6	13.8	·	·
EV / Revenue	·	·	·	·	·	2.8	2.8	2.9	2.7	1.8	·	·
Dividend Yield	·	·	·	·	·	1.5%	1.4%	1.1%	1.9%	2.8%	·	·
Earnings Yield	-38.0%	3.9%	4.0%	17.3%	4.0%	-11.8%	10.6%	2.1%	0.02%	-0.83%	·	·
Payout Ratio	-9.0%	46.2%	42.7%	7.5%	31.8%	-13.0%	12.7%	52.6%	7700.0%	-334.5%	·	·
Annual Payout	$76M	$78M	$76M	$70M	$70M	$66M	$64M	$60M	$77M	$97M	·	·

Income Statement 14

Quarterly Income Statement data for ASH
Metric	Q2 2026	Q1 2025	Q4 2025	Q3 2025	Q2 2025	Q1 2024	Q4 2024	Q3 2024	Q2 2024	Q1 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2022	Q4 2022	Q3 2022
Revenue	$482M	$386M	$477M	$463M	$479M	$405M	$521M	$544M	$575M	$473M	$517M	$546M	$603M	$525M	$631M	$644M
Cost of Revenue	$335M	$281M	$318M	$331M	$332M	$294M	$348M	$358M	$414M	$375M	$389M	$368M	$406M	$360M	$422M	$404M
Gross Profit	$147M	$105M	$159M	$132M	$147M	$111M	$173M	$186M	$161M	$98M	$128M	$178M	$197M	$165M	$209M	$240M
R&D Expense	$14M	$13M	$14M	$13M	$14M	$13M	$14M	$15M	$14M	$12M	$14M	$12M	$12M	$13M	$15M	$14M
SG&A Expense	$79M	$86M	$75M	$106M	$85M	$78M	$101M	$114M	$106M	$83M	$109M	$84M	$79M	$93M	$94M	$127M
Operating Income	$39M	$-6M	$61M	$-708M	$51M	$-179M	$32M	$-61M	$21M	$-18M	$-10M	$62M	$83M	$37M	$79M	$112M
Pretax Income	$20M	$-15M	$65M	$-704M	$39M	$-209M	$25M	$-70M	$17M	$4M	$-38M	$57M	$91M	$50M	$59M	$52M
Income Tax	$5M	$-1M	$32M	$15M	$9M	$-43M	$6M	$-101M	$-104M	$-24M	$-30M	$15M	$-1M	$8M	$-1M	$1M
Net Income	$16M	$-12M	$31M	$-742M	$31M	$-165M	$17M	$6M	$120M	$26M	$-3M	$50M	$91M	$40M	$57M	$36M
EPS (Basic)	$0.34	$-0.26	$0.83	$-16.21	$0.65	$-3.50	$0.35	$0.12	$2.42	$0.51	$-0.04	$0.96	$1.70	$0.74	$1.30	$0.66
EPS (Diluted)	$0.34	$-0.26	$0.83	$-16.21	$0.65	$-3.50	$0.34	$0.12	$2.39	$0.51	$-0.03	$0.94	$1.67	$0.73	$1.24	$0.65
Shares (Basic)	46	46	-47,000,047	46,000,000	47	47	-102,000,000	50,000,000	50,000,000	51,000,000	-107,000,000	52,000,000	54,000,000	54,000,000	-112,000,000	54,000,000
Shares (Diluted)	46	46	-47,000,047	46,000,000	47	47	-103,000,000	51,000,000	51,000,000	51,000,000	-109,000,000	53,000,000	55,000,000	55,000,000	-114,000,000	55,000,000
EBITDA	$39M	$42M	·	$-708M	$51M	$-128M	·	$-61M	$21M	$59M	·	$62M	$83M	$96M	·	$77M

Balance Sheet 26

Quarterly Balance Sheet data for ASH
Metric	Q2 2026	Q1 2025	Q4 2025	Q3 2025	Q2 2025	Q1 2024	Q4 2024	Q3 2024	Q2 2024	Q1 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2022	Q4 2022	Q3 2022
Cash & Equivalents	$343M	$304M	$215M	$207M	$168M	$219M	$300M	$399M	$439M	$440M	·	$349M	$399M	$532M	·	$629M
Receivables	$244M	$190M	$242M	$201M	$226M	$163M	$243M	$224M	$260M	$194M	·	$345M	$395M	$351M	·	$488M
Inventory	$506M	$565M	$568M	$567M	$542M	$528M	$545M	$532M	$550M	$588M	·	$712M	$730M	$724M	·	$609M
Other Current Assets	$116M	$95M	$180M	$149M	$139M	$127M	$107M	$189M	$178M	$143M	·	$120M	$107M	$117M	·	$91M
Current Assets	$1.21B	$1.15B	$1.21B	$1.12B	$1.07B	$1.07B	$1.20B	$1.39B	$1.43B	$1.36B	·	$1.53B	$1.63B	$1.72B	·	$1.82B
PP&E (Net)	$1.16B	$1.18B	$1.20B	$1.20B	$1.22B	$1.23B	$1.30B	$1.29B	$1.34B	$1.37B	·	$1.35B	$1.35B	$1.35B	·	$1.35B
PP&E (Gross)	$3.36B	$3.36B	$3.35B	$3.34B	$3.26B	$3.23B	$3.32B	$3.27B	$3.30B	$3.28B	·	$3.19B	$3.16B	$3.12B	·	$3.06B
Accum. Depreciation	$2.20B	$2.18B	$2.15B	$2.13B	$2.04B	$1.99B	$2.01B	$1.97B	$1.96B	$1.91B	·	$1.84B	$1.81B	$1.77B	·	$1.71B
Goodwill	$700M	$707M	$705M	$705M	$1.36B	$1.33B	$1.38B	$1.35B	$1.38B	$1.40B	$1.36B	$1.38B	$1.39B	$1.37B	$1.31B	$1.36B
Intangibles	$529M	$548M	$563M	$578M	$580M	$588M	$751M	$761M	$851M	$875M	·	$916M	$940M	$959M	·	$1.00B
Other Non-current Assets	$242M	$251M	$253M	$259M	$265M	$264M	$264M	$256M	$257M	$256M	·	$254M	$250M	$256M	·	$258M
Total Assets	$4.50B	$4.52B	$4.61B	$4.62B	$5.23B	$5.23B	$5.64B	$5.75B	$5.95B	$5.87B	·	$6.03B	$6.18B	$6.26B	·	$6.41B
Accounts Payable	$181M	$167M	$189M	$185M	$185M	$184M	$214M	$198M	$207M	$202M	·	$210M	$246M	$246M	·	$241M
Accrued Liabilities	$195M	$180M	$213M	$216M	$209M	$207M	$256M	$230M	$225M	$190M	·	$201M	$206M	$200M	·	$291M
Short-term Debt	·	·	·	·	$50M	·	·	$0	$0	$0	·	·	·	·	·	$0
Current Liabilities	$395M	$366M	$423M	$420M	$463M	$425M	$490M	$464M	$453M	$414M	·	$432M	$472M	$464M	·	$550M
Capital Leases	$85M	$83M	$85M	$84M	$82M	$83M	$99M	$100M	$101M	$107M	·	$109M	$108M	$95M	·	$100M
Deferred Tax	$31M	$31M	$31M	$28M	$29M	$28M	$29M	$43M	$148M	$148M	·	$176M	$175M	$176M	·	$218M
Other Non-current Liabilities	$290M	$303M	$299M	$303M	$263M	$279M	$286M	$324M	$288M	$293M	·	$290M	$280M	$326M	·	$356M
Long-term Debt	$1.37B	$1.39B	$1.38B	$1.38B	$1.34B	$1.31B	$1.35B	$1.32B	$1.33B	$1.34B	·	·	·	·	·	$1.30B
Total Debt	$1.37B	$1.39B	·	$1.38B	$1.39B	$1.31B	·	$1.32B	$1.33B	$1.34B	·	$1.33B	$1.33B	$1.32B	·	$1.30B
Common Stock	·	·	$1M	·	·	·	$1M	·	·	·	·	·	·	·	·	·
Retained Earnings	·	·	$2.30B	·	·	·	$3.31B	·	·	·	·	·	·	·	·	·
AOCI	·	·	$-401M	·	·	·	$-448M	·	·	·	·	·	·	·	·	·
Stockholders' Equity	$1.87B	$1.88B	$1.90B	$1.89B	$2.56B	$2.59B	$2.87B	$2.97B	$3.13B	$3.05B	·	$3.15B	$3.27B	$3.32B	·	$3.27B
Liabilities + Equity	$4.50B	$4.52B	$4.61B	$4.62B	$5.23B	$5.23B	$5.64B	$5.75B	$5.95B	$5.87B	·	$6.03B	$6.18B	$6.26B	·	$6.41B

Cash Flow 13

Quarterly Cash Flow data for ASH
Metric	Q2 2026	Q1 2025	Q4 2025	Q3 2025	Q2 2025	Q1 2024	Q4 2024	Q3 2024	Q2 2024	Q1 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2022	Q4 2022	Q3 2022
D&A	$45M	$48M	$50M	$76M	$60M	$51M	$53M	$61M	$83M	$77M	$62M	$61M	$61M	$59M	$59M	$61M
Stock-based Comp	$5M	$4M	$3M	$2M	$5M	$4M	$5M	$3M	$6M	$1M	$5M	$5M	$5M	$7M	$4M	$5M
Amort. of Intangibles	$15M	$15M	$16M	$15M	$15M	$17M	$16M	$19M	$20M	$21M	$23M	$24M	$23M	$23M	$23M	$23M
Other Non-cash	·	$183M	·	·	·	$-29M	·	·	·	$264M	·	·	·	$-258M	·	·
Operating Cash Flow	$50M	$125M	$40M	$115M	$9M	$-30M	$80M	$127M	$54M	$201M	$131M	$136M	$56M	$-29M	$179M	$-17M
CapEx	$17M	$14M	$34M	$20M	$21M	$23M	$38M	$29M	$34M	$36M	$69M	$43M	$35M	$23M	$46M	$30M
Investing Cash Flow	$16M	$2M	$-3M	$1M	$17M	$-18M	$3M	$-5M	$-23M	$-26M	$-52M	$-12M	$-18M	$-27M	·	·
Stock Repurchased	·	·	$0	$0	$100M	$0	$150M	$130M	$0	$100M	$0	$158M	$142M	$0	$0	$45M
Net Stock Activity	·	·	·	·	·	$0	·	·	·	$-100M	·	·	·	·	·	·
Dividends Paid	$19M	$19M	$19M	$19M	$19M	$19M	$19M	$20M	$19M	$20M	$20M	$20M	$18M	$18M	$18M	$18M
Financing Cash Flow	$-19M	$-21M	$-18M	$-70M	$-69M	$-22M	$-169M	$-151M	$-20M	$-139M	$-5M	$-178M	$-161M	$-27M	$-20M	$-66M
Net Change in Cash	$39M	$89M	$8M	$39M	$-51M	$-81M	$-99M	$-40M	$-1M	$23M	$68M	$-50M	$-133M	$-114M	$17M	$-335M
Free Cash Flow	·	$111M	·	·	·	$-53M	·	·	·	$165M	·	·	·	$-52M	·	·

Profitability 8

Quarterly Profitability data for ASH
Metric	Q2 2026	Q1 2025	Q4 2025	Q3 2025	Q2 2025	Q1 2024	Q4 2024	Q3 2024	Q2 2024	Q1 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2022	Q4 2022	Q3 2022
Gross Margin	30.5%	27.2%	·	28.5%	30.7%	27.4%	·	34.2%	28.0%	20.7%	·	32.6%	32.7%	31.4%	·	37.3%
Operating Margin	8.1%	-1.6%	·	-152.9%	10.7%	-44.2%	·	-11.2%	3.6%	-3.8%	·	11.4%	13.8%	7.0%	·	12.0%
Net Margin	3.3%	-3.1%	·	-160.3%	6.5%	-40.7%	·	1.1%	20.9%	5.5%	·	9.2%	15.1%	7.6%	·	5.6%
Pretax Margin	4.2%	-3.9%	·	-152.0%	8.1%	-51.6%	·	-12.9%	3.0%	0.85%	·	10.4%	15.1%	9.5%	·	8.1%
EBITDA Margin	8.1%	10.9%	·	-152.9%	10.7%	-31.6%	·	-11.2%	3.6%	12.5%	·	11.4%	13.8%	18.3%	·	12.0%
ROA	0.33%	-0.25%	·	-14.3%	0.55%	-3.0%	·	0.10%	2.0%	0.43%	·	0.80%	1.4%	0.62%	·	0.55%
ROE	0.72%	-0.54%	·	-30.6%	1.1%	-5.9%	·	0.20%	3.8%	0.82%	·	1.6%	2.7%	1.3%	·	1.1%
ROIC	0.90%	-0.17%	·	-22.1%	0.99%	-3.6%	·	0.63%	3.4%	-2.9%	·	1.0%	1.8%	0.67%	·	1.7%

Liquidity & Solvency 4

Quarterly Liquidity & Solvency data for ASH
Metric	Q2 2026	Q1 2025	Q4 2025	Q3 2025	Q2 2025	Q1 2024	Q4 2024	Q3 2024	Q2 2024	Q1 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2022	Q4 2022	Q3 2022
Current Ratio	3.1	3.2	·	2.7	2.3	2.5	·	3.0	3.2	3.3	·	3.5	3.5	3.7	·	3.3
Quick Ratio	1.5	1.3	·	1.0	0.9	0.9	·	1.3	1.5	1.5	·	1.6	1.7	1.9	·	2.0
Debt / Equity	0.7	0.7	·	0.7	0.5	0.5	·	0.4	0.4	0.4	·	0.4	0.4	0.4	·	0.4
LT Debt / Equity	0.7	0.7	·	0.7	0.5	0.5	·	0.4	0.4	0.4	·	0.4	0.4	0.4	·	0.4

Efficiency 3

Quarterly Efficiency data for ASH
Metric	Q2 2026	Q1 2025	Q4 2025	Q3 2025	Q2 2025	Q1 2024	Q4 2024	Q3 2024	Q2 2024	Q1 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2022	Q4 2022	Q3 2022
Asset Turnover	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1
Inventory Turnover	0.6	0.5	·	0.6	0.6	0.5	·	0.6	0.6	0.6	·	0.6	0.6	0.6	·	0.7
Receivables Turnover	2.1	2.2	·	2.2	2.0	2.3	·	1.9	1.8	1.7	·	1.3	1.5	1.5	·	1.5

Per Share 5

Quarterly Per Share data for ASH
Metric	Q2 2026	Q1 2025	Q4 2025	Q3 2025	Q2 2025	Q1 2024	Q4 2024	Q3 2024	Q2 2024	Q1 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2022	Q4 2022	Q3 2022
Revenue / Share	$10478260.87	$8391304.35	·	$10.07	$10.19	$8.62	·	$10.67	$11.27	$9.27	·	$10.30	$10.96	$9.55	·	$11709090.91
Cash Flow / Share	·	$2717391.30	·	·	·	$-0.64	·	·	·	$3.94	·	·	·	$-0.53	·	·
Dividend / Share	·	·	$42	$42	·	·	$40	$40	$38	$38	$38	$38	$34	$34	$34	$34
Dividend Paid / Share	$42	$42	$42	$42	$40	$40	$40	$40	$0	$0	$38	$38	$0	$0	$34	$34
EPS (TTM)	$-15.48	$-19.32	·	$-18.94	$-0.34	$-0.48	·	$3.96	$5.51	$3.85	·	$3.99	$16.74	$15.90	·	$16.46

Valuation (TTM) 5

Quarterly Valuation (TTM) data for ASH
Metric	Q2 2026	Q1 2025	Q4 2025	Q3 2025	Q2 2025	Q1 2024	Q4 2024	Q3 2024	Q2 2024	Q1 2023	Q4 2023	Q3 2023	Q2 2023	Q1 2022	Q4 2022	Q3 2022
Revenue TTM	$1.81B	$1.73B	·	$1.89B	$2.00B	$2.00B	·	$2.14B	$2.20B	$2.15B	·	$2.32B	$2.38B	$2.29B	·	$2.30B
Net Income TTM	$-707M	$-888M	·	$-870M	$-8M	$-13M	·	$202M	$287M	$207M	·	$217M	$953M	$910M	·	$950M
P/E	-3.6	-3.0	·	-2.7	-174.4	-148.9	·	23.9	17.7	21.9	·	21.8	6.1	6.8	·	6.3
Earnings Yield	-27.8%	-32.9%	·	-37.7%	-0.57%	-0.67%	·	4.2%	5.7%	4.6%	·	4.6%	16.3%	14.8%	·	16.0%
Payout Ratio	·	-158.3%	·	·	·	-11.5%	·	·	·	76.9%	·	·	·	45.0%	·	·

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

Income Statement

	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30
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

	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30
Debt / Equity	0.7	0.5	0.4	0.4	0.7
Current Ratio	2.8	2.4	3.3	3.2	1.8
Quick Ratio	1.1	1.1	1.7	1.9	0.6

Cash Flow

	2025-09-30	2024-09-30	2023-09-30	2022-09-30	2021-09-30
Free Cash Flow	$36M	$325M	$124M	$80M	$361M

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