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ASH

Ashland Inc.

ASH

Ashland Inc. • NYSE
$52.90 ▲ 0.69% (+0.36)
Market Cap $2.42 B
52w High $80.66
52w Low $45.21
Dividend Yield 1.24%
P/E -2.98
Volume 263.69K
Outstanding Shares 45.72M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q4-2025 $478M ▲ $98M ▼ $32M ▲ 6.695% ▲ $0.72 ▲ $130M ▲
Q3-2025 $463M ▼ $840M ▲ $-742M ▼ -160.259% ▼ $-16.13 ▼ $-613M ▼
Q2-2025 $479M ▲ $96M ▼ $31M ▲ 6.472% ▲ $0.68 ▲ $114M ▲
Q1-2025 $405M ▼ $290M ▲ $-165M ▼ -40.741% ▼ $-3.5 ▼ $-143M ▼
Q4-2024 $522M $143M $16M 3.065% $0.34 $93M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q4-2025 $207M $4.621B $2.732B $1.889B
Q3-2025 $207M ▲ $4.621B ▼ $2.732B ▲ $1.889B ▼
Q2-2025 $168M ▼ $5.233B ▲ $2.674B ▲ $2.559B ▼
Q1-2025 $219M ▼ $5.231B ▼ $2.639B ▼ $2.592B ▼
Q4-2024 $300M $5.645B $2.777B $2.868B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q4-2025 $-741M ▼ $106M ▼ $1M ▲ $-70M $39M $86M ▼
Q3-2025 $-719M ▼ $133M ▲ $-63M ▼ $-70M ▼ $39M ▲ $113M ▲
Q2-2025 $31M ▲ $1M ▲ $17M ▲ $-69M ▼ $-51M ▲ $-20M ▲
Q1-2025 $-165M ▼ $-40M ▼ $-18M ▼ $-22M ▲ $-81M ▲ $-63M ▼
Q4-2024 $16M $67M $3M $-169M $-99M $29M

Revenue by Products

Product Q1-2024Q2-2024Q3-2024Q4-2024
Intermediates And Solvents
Intermediates And Solvents
 $30.00M ▲$40.00M ▲$40.00M ▲$70.00M ▲
Life Sciences
Life Sciences
 $200.00M ▲$220.00M ▲$200.00M ▼$390.00M ▲
Personal Care And Household
Personal Care And Household
 $130.00M ▲$170.00M ▲$170.00M ▲$340.00M ▲
Specialty Additives
Specialty Additives
 $120.00M ▲$160.00M ▲$150.00M ▼$290.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady over the last few years, but it has slipped somewhat from its recent peak. At the same time, profit margins have come under pressure, with operating profit recently dipping slightly into the red after several years of positive results. Earnings at the bottom line are still positive, but they are lower and more volatile than they appeared a couple of years ago, when results were boosted by one‑off items. Overall, the story is one of decent scale but softer profitability, likely reflecting weaker demand, input‑cost pressure, or restructuring activity in parts of the portfolio.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid and gradually slimming. Total assets have edged down over time, suggesting a more focused business, while shareholder equity has remained broadly stable, which helps support financial resilience. Debt is moderate and actually lower than a few years ago, when leverage was higher. Cash levels have moved around but are not alarmingly low. Taken together, Ashland appears to be operating with a manageable level of financial risk and a reasonably healthy capital structure for a specialty chemicals company.

Cash Flow

Cash Flow Cash generation has been somewhat uneven but shows signs of improvement. Operating cash flow dipped into negative territory a couple of years ago, likely tied to working‑capital swings or one‑time items, but has since recovered to solidly positive levels. Free cash flow follows a similar pattern: weak and negative in the tough year, then rebuilding and recently much stronger. Capital spending has been steady and not overly aggressive, which helps support free cash flow while still allowing for reinvestment in the business.

Competitive Edge

Competitive Edge Ashland operates in specialty chemicals, where technical know‑how, customer intimacy, and formulation support matter more than just scale. The company has repositioned itself over many years toward higher‑value additives and ingredients, especially in pharmaceuticals, personal care, and coatings, which generally offer better margins and stronger customer stickiness than bulk chemicals. Its portfolio includes many proprietary and branded solutions, which can create switching costs for customers and support pricing power. A clear focus on sustainability and regulatory trends also helps Ashland differentiate from more commodity‑oriented peers. The main competitive risk is that large global chemical players and nimble niche rivals are all targeting the same attractive end markets, so Ashland must keep innovating and executing well to protect share.

Innovation and R&D

Innovation and R&D Innovation is a central pillar of Ashland’s strategy. The company is building out multiple technology platforms that emphasize sustainable, nature‑derived, and biodegradable ingredients, aligning closely with long‑term trends in personal care, pharma, and coatings. Ashland’s use of digital tools, including molecular modeling and artificial intelligence, should help speed up product development and fine‑tune performance before products reach the lab. Its pipeline of new bio‑based ingredients and advanced functional additives suggests meaningful potential for organic growth, provided these innovations are commercialized effectively and adopted at scale by customers.

Summary

Ashland today looks like a focused specialty ingredients company with a clear tilt toward higher‑value, sustainable solutions. Financially, revenue has been relatively stable but profitability has softened, with recent operating results under some pressure even as net income remains positive. The balance sheet appears sound, and cash flow, while volatile in the past, has been improving more recently. Strategically, Ashland’s strength lies in its differentiated technologies, sustainability orientation, and deep ties to attractive end markets. The key things for observers to watch are whether management can restore and grow margins, continue to monetize its innovation pipeline, and maintain its competitive edge in an industry where both large incumbents and smaller specialists are actively competing for the same high‑value niches.

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