ASH

MKT CAP:$3B

Ashland Inc.

Market Cap

$3B

Basic Materials·Chemicals - Specialty·🇺🇸 United States·NYSE

Materials·Chemicals·🇺🇸·NYSE

Stock Price

$57.40-$2.45 (-4.09%)

Apr 24, 2026

Company Details

Ashland Inc. provides additives and specialty ingredients worldwide. It operates through Life Sciences; Personal Care & Household; Specialty Additives; and Intermediates and Solvents segments. The Life Sciences segment offers pharmaceutical...

CEO

Guillermo Novo

IPO Date

Mar 17, 1980

Website

www.ashland.com

Key Metrics TTM

Revenue

$1.9B

-9.2% YoY

Net Income

-$112M

EPS (Diluted)

-$2.40

Free Cash Flow

$33M

Revenue / Share

$41.49

Gross Margin

31.7%

Operating Margin

-8.1%

Net Margin

-5.7%

FCF Margin

1.7%

P/S

1.3x

P/E

—

Earnings Reports

Q3 2025

Apr 29, 2026

PENDING

Q2 2025

May 1, 2025

$479MEPS $0.65

Q1 2025

Jan 29, 2025

$405M-14.4%EPS -$3.50

Q4 2024

Nov 18, 2024

$522MEPS $0.33

Q3 2024

Aug 7, 2024

$544M-0.4%EPS $0.12

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 19	$667M	$198M	$44M
Q3 19	$641M	$207M	$43M
Q4 19	$609M	$210M	$86M
Q1 20	$533M	$153M	$17M
Q3 20	$574M	$196M	$48M
Q4 20	$609M	$161M	$15M
Q1 22	$512M	$161M	$42M
Q4 22	$632M	$210M	$121M
Q1 23	$525M	$165M	$37M
Q2 23	$603M	$197M	$83M
Q3 23	$546M	$178M	$62M
Q1 24	$473M	$98M	-$18M
Q3 24	$544M	$186M	-$61M
Q4 24	$522M	$174M	$31M
Q1 25	$405M	$111M	-$179M
Q2 25	$479M	$147M	$51M

Valuation

Quarter	P/S	P/E
Q2 19	0.9x	35.3x
Q3 19	0.9x	25.2x
Q4 19	1.0x	5.2x
Q1 20	1.1x	4.5x
Q3 20	1.1x	4.8x
Q4 20	1.1x	5.4x
Q1 22	1.2x	21.4x
Q4 22	1.1x	17.8x
Q1 23	1.1x	17.4x
Q2 23	1.2x	11.1x
Q3 23	1.1x	11.0x
Q1 24	1.2x	12.6x
Q3 24	1.2x	15.1x
Q4 24	1.3x	26.7x
Q1 25	1.3x	—
Q2 25	1.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 19	$32M	-$5M
Q3 19	$128M	$95M
Q4 19	$148M	$97M
Q1 20	-$51M	-$80M
Q3 20	$121M	$93M
Q4 20	$148M	$104M
Q1 22	$6M	-$9M
Q4 22	$75M	$29M
Q1 23	-$63M	-$86M
Q2 23	$43M	$8M
Q3 23	$140M	$97M
Q1 24	$187M	$151M
Q3 24	$116M	$87M
Q4 24	$67M	$29M
Q1 25	-$40M	-$63M
Q2 25	$1M	-$20M

Capital Expenditures

Quarter	CapEx
Q2 19	$37M
Q3 19	$33M
Q4 19	$51M
Q1 20	$29M
Q3 20	$28M
Q4 20	$44M
Q1 22	$15M
Q4 22	$46M
Q1 23	$23M
Q2 23	$35M
Q3 23	$43M
Q1 24	$36M
Q3 24	$29M
Q4 24	$38M
Q1 25	$23M
Q2 25	$21M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 19	-0.7%	+2.3%
Q3 19	-4.0%	-6.3%
Q4 19	-36.3%	-43.7%
Q1 20	-7.5%	-11.5%
Q3 20	-13.9%	-15.6%
Q4 20	-5.0%	-0.7%
Q1 22	-15.9%	-10.1%
Q4 22	+18.6%	-1.0%
Q1 23	-8.5%	-7.2%
Q2 23	-1.0%	-12.5%
Q3 23	+6.6%	+3.0%
Q1 24	-25.2%	-3.9%
Q3 24	+3.6%	+24.0%
Q4 24	-13.4%	-5.6%
Q1 25	-25.8%	+20.7%
Q2 25	+1.3%	-12.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 19	$6M	0.9%
Q3 19	$4M	0.6%
Q4 19	$4M	0.7%
Q1 20	$4M	0.8%
Q3 20	$3M	0.5%
Q4 20	$3M	0.5%
Q1 22	$4M	0.8%
Q4 22	$1M	0.2%
Q1 23	$7M	1.3%
Q2 23	$5M	0.8%
Q3 23	$5M	0.9%
Q1 24	$1M	0.2%
Q3 24	$4M	0.7%
Q4 24	$5M	1.0%
Q1 25	$4M	1.0%
Q2 25	$5M	1.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q2 19	$17M	$115M	—
Q3 19	$17M	$128M	—
Q4 19	$15M	$110M	—
Q1 20	$16M	$99M	—
Q3 20	$14M	$113M	—
Q4 20	$16M	$109M	—
Q1 22	$13M	$82M	—
Q4 22	$15M	$94M	—
Q1 23	$13M	$93M	—
Q2 23	$12M	$79M	—
Q3 23	$12M	$82M	—
Q1 24	$12M	$83M	—
Q3 24	$15M	$114M	—
Q4 24	$13M	$101M	—
Q1 25	$13M	—	$78M
Q2 25	$14M	$85M	—

Revenue Segments

Quarter	Intermediates And Solvents	Specialty Ingredients	Intermediates	Life Sciences	Personal Care	Specialty Additives	Personal Care And Household
Q4 19	$30M	$579M	—	—	—	—	—
Q1 22	—	—	$53M	$170M	$147M	$156M	—
Q4 22	—	—	$64M	$213M	$188M	$187M	—
Q1 23	—	—	$54M	$207M	$138M	$143M	—
Q2 23	—	—	$51M	$240M	$167M	$161M	—
Q3 23	—	—	$43M	$219M	$146M	$152M	—
Q1 24	$33M	—	—	$200M	—	$122M	$129M
Q3 24	$36M	—	—	$195M	—	$150M	$175M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$964M	$0	$964M
Q3 22	$629M	$0	$629M
Q4 22	$646M	$0	$646M
Q1 23	$532M	$0	$532M
Q2 23	$399M	$0	$399M
Q3 23	$349M	$0	$349M
Q4 23	$417M	$0	$417M
Q1 24	$440M	$0	$440M
Q2 24	$399M	$0	$399M
Q3 24	$399M	$0	$399M
Q4 24	$300M	$0	$300M
Q1 25	$219M	$0	$219M
Q2 25	$168M	$0	$168M
Q3 25	$207M	$0	$207M
Q4 25	$207M	$0	$207M
Q1 26	$304M	$50M	$354M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 19	64M	+1.6%	0.0%
Q3 19	62M	-3.1%	-3.1%
Q4 19	61M	-1.6%	-4.7%
Q1 20	61M	0.0%	-3.2%
Q3 20	61M	0.0%	-4.7%
Q4 20	61M	0.0%	-1.6%
Q1 22	58M	-4.9%	-4.9%
Q4 22	55M	-5.2%	-9.8%
Q1 23	55M	0.0%	-9.8%
Q2 23	55M	0.0%	-9.8%
Q3 23	53M	-3.6%	-8.6%
Q1 24	51M	-3.8%	-7.3%
Q3 24	51M	0.0%	-7.3%
Q4 24	49M	-3.9%	-10.9%
Q1 25	47M	-3.7%	-11.0%
Q2 25	47M	-0.4%	-7.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 19	$111.2K	6K
Q3 19	$106.8K	6K
Q4 19	$129.6K	5K
Q1 20	$113.4K	5K
Q3 20	$122.1K	5K
Q4 20	$135.3K	5K
Q1 22	$124.9K	4K
Q4 22	$162.1K	4K
Q1 23	$134.6K	4K
Q2 23	$154.6K	4K
Q3 23	$140.0K	4K
Q1 24	$124.5K	4K
Q3 24	$143.2K	4K
Q4 24	$163.1K	3K
Q1 25	$126.6K	3K
Q2 25	$149.7K	3K

Revenue / Employee