Ashland (ASH) Financials

$49.30 -0.74 (-1.48%)

Closing price 03:59 PM Eastern

Extended Trading

$49.29 0.00 (-0.01%)

As of 07:44 PM Eastern

Annual Income Statements for Ashland

This table shows Ashland's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016
Net Income / (Loss) Attributable to Common Shareholders	169	178	927	220	-508	505	114	1.00	-29
Consolidated Net Income / (Loss)	169	178	927	220	-508	505	114	28	-28
Net Income / (Loss) Continuing Operations	199	168	181	173	-555	-39	19	-180	-283
Total Pre-Tax Income	-24	160	206	135	-577	-9.00	11	-196	-308
Total Operating Income	-26	172	333	192	-461	86	102	49	-50
Total Gross Profit	618	668	830	670	599	651	863	729	887
Total Revenue	2,113	2,191	2,391	2,111	2,016	2,148	2,589	2,309	3,019
Operating Revenue	2,113	2,191	2,391	2,111	2,016	2,148	2,589	2,309	3,019
Total Cost of Revenue	1,495	1,523	1,561	1,441	1,417	1,497	1,726	1,580	2,132
Operating Cost of Revenue	1,495	1,523	1,561	1,441	1,417	1,497	1,726	1,580	2,132
Total Operating Expenses	644	496	497	478	1,060	565	761	680	937
Selling, General & Admin Expense	404	365	393	358	400	426	599	610	858
Research & Development Expense	55	51	55	50	56	58	73	73	87
Amortization Expense	76	93	94	90	84	85	93	-	-
Other Operating Expenses / (Income)	-6.00	-7.00	-3.00	-9.00	-8.00	-4.00	-	-	-8.00
Impairment Charge	0.00	0.00	0.00	0.00	530	0.00	0.00	-	-
Other Special Charges / (Income)	115	-6.00	-42	-11	-2.00	-	-4.00	-3.00	-
Total Other Income / (Expense), net	2.00	-12	-127	-57	-116	-95	-91	-245	-258
Interest Expense	-24	6.00	149	56	119	99	102	229	173
Other Income / (Expense), net	-22	-6.00	22	-1.00	3.00	4.00	11	-16	-85
Income Tax Expense	-223	-8.00	25	-38	-22	30	-8.00	-16	-25
Net Income / (Loss) Discontinued Operations	-30	10	746	47	47	544	95	208	255
Basic Earnings per Share	$3.40	$3.36	$16.71	$3.63	($8.39)	$8.15	$1.82	$0.01	($0.47)
Weighted Average Basic Shares Outstanding	47.11M	51.26M	54.15M	56.84M	60.58M	60.18M	62.49M	62.12M	62.12M
Diluted Earnings per Share	$3.36	$3.31	$16.41	$3.59	($8.39)	$8.15	$1.79	$0.01	($0.47)
Weighted Average Diluted Shares Outstanding	47.11M	51.26M	54.15M	56.84M	60.58M	60.18M	62.49M	62.12M	62.12M
Weighted Average Basic & Diluted Shares Outstanding	47.11M	51.26M	54.15M	56.84M	60.58M	60.18M	62.49M	62.12M	62.12M
Cash Dividends to Common per Share	$1.58	$1.44	$1.27	$1.15	$1.10	$1.05	$0.95	$1.23	$1.56

This table shows Ashland's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	6/30/2022
Net Income / (Loss) Attributable to Common Shareholders	31	-165	6.00	120	26	-3.00	50	91	40	57	36
Consolidated Net Income / (Loss)	31	-165	6.00	120	26	-3.00	50	91	40	57	36
Net Income / (Loss) Continuing Operations	30	-166	31	121	28	-8.00	42	92	42	60	51
Total Pre-Tax Income	39	-209	-70	17	4.00	-38	57	91	50	59	52
Total Operating Income	51	-179	-61	21	-18	-10	62	83	37	79	112
Total Gross Profit	147	111	186	161	98	128	178	197	165	209	240
Total Revenue	479	405	544	575	473	517	546	603	525	631	644
Operating Revenue	479	405	544	575	473	517	546	603	525	631	644
Total Cost of Revenue	332	294	358	414	375	389	368	406	360	422	404
Operating Cost of Revenue	332	294	358	414	375	389	368	406	360	422	404
Total Operating Expenses	96	290	247	140	116	138	116	114	128	123	128
Selling, General & Admin Expense	85	78	114	106	83	109	84	79	93	94	127
Research & Development Expense	14	13	15	14	12	14	12	12	13	15	14
Amortization Expense	15	17	19	20	21	23	24	23	23	23	23
Other Operating Expenses / (Income)	0.00	-1.00	0.00	0.00	-2.00	-2.00	-4.00	0.00	-1.00	-	-1.00
Other Special Charges / (Income)	-18	183	99	0.00	2.00	-	0.00	0.00	-	-	-35
Total Other Income / (Expense), net	-12	-30	-9.00	-4.00	22	-28	-5.00	8.00	13	-27	-60
Interest Expense	11	28	7.00	2.00	-24	27	3.00	-10	-14	42	59
Other Income / (Expense), net	-1.00	-2.00	-2.00	-2.00	-2.00	-1.00	-2.00	-2.00	-1.00	15	-1.00
Income Tax Expense	9.00	-43	-101	-104	-24	-30	15	-1.00	8.00	-1.00	1.00
Net Income / (Loss) Discontinued Operations	1.00	1.00	-25	-1.00	-2.00	5.00	8.00	-1.00	-2.00	-	-15
Basic Earnings per Share	$0.65	($3.50)	$0.12	$2.42	$0.51	($0.04)	$0.96	$1.70	$0.74	$1.30	$0.66
Weighted Average Basic Shares Outstanding	45.69M	47.18M	48.83M	50.13M	-	51.26M	51.24M	52.80M	54.27M	54.15M	54.14M
Diluted Earnings per Share	$0.65	($3.50)	$0.12	$2.39	$0.51	($0.03)	$0.94	$1.67	$0.73	$1.24	$0.65
Weighted Average Diluted Shares Outstanding	45.69M	47.18M	48.83M	50.13M	-	51.26M	51.24M	52.80M	54.27M	54.15M	54.14M
Weighted Average Basic & Diluted Shares Outstanding	45.69M	47.18M	48.83M	50.13M	-	51.26M	51.24M	52.80M	54.27M	54.15M	54.14M
Cash Dividends to Common per Share	$40.50	$40.50	-	$38.50	$38.50	-	$0.39	$0.34	$0.34	-	$0.34

This table details how cash moves in and out of Ashland's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016
Net Change in Cash & Equivalents	-117	-229	436	-244	222	-62	-573	-1,110	-69
Net Cash From Operating Activities	462	294	193	466	227	140	241	174	385
Net Cash From Continuing Operating Activities	462	294	193	466	227	140	241	174	385
Net Income / (Loss) Continuing Operations	199	168	181	173	-555	-39	19	-180	-283
Consolidated Net Income / (Loss)	169	178	927	220	-508	505	114	28	-28
Net Income / (Loss) Discontinued Operations	-30	10	746	47	47	544	95	208	255
Depreciation Expense	274	243	241	244	235	277	277	265	302
Amortization Expense	6.00	6.00	7.00	7.00	15	13	8.00	109	18
Non-Cash Adjustments To Reconcile Net Income	73	-25	41	-4.00	571	15	21	33	357
Changes in Operating Assets and Liabilities, net	-90	-98	-277	46	-39	-126	-84	-53	-9.00
Net Cash From Investing Activities	-51	-109	-102	-367	-85	-111	-174	-798	-177
Net Cash From Continuing Investing Activities	-51	-109	-102	-367	-85	-111	-174	-798	-177
Purchase of Property, Plant & Equipment	-137	-170	-113	-105	-133	-147	-157	-168	-231
Acquisitions	0.00	0.00	0.00	-309	0.00	-2.00	-11	-680	0.00
Purchase of Investments	-53	-47	-87	-149	-24	-357	-29	-22	-19
Sale of Property, Plant & Equipment	0.00	11	51	5.00	5.00	9.00	4.00	5.00	2.00
Sale and/or Maturity of Investments	132	105	122	183	56	386	60	51	19
Other Investing Activities, net	7.00	-8.00	-75	8.00	11	0.00	-41	16	52
Net Cash From Financing Activities	-479	-371	-896	-426	9.00	-1,149	-368	136	-1,858
Net Cash From Continuing Financing Activities	-479	-371	-896	-426	9.00	-1,149	-368	136	-1,858
Repayment of Debt	-16	16	-617	-349	-722	-875	-313	-947	-1,251
Repurchase of Common Equity	-380	-300	-200	-450	0.00	-200	0.00	0.00	-500
Payment of Dividends	-78	-76	-70	-70	-66	-64	-60	-77	-97
Issuance of Debt	0.00	0.00	0.00	450	804	0.00	15	1,175	0.00
Other Financing Activities, net	-5.00	-11	-9.00	-7.00	-7.00	-10	-10	-15	-10
Effect of Exchange Rate Changes	2.00	8.00	-11	3.00	2.00	-3.00	1.00	-5.00	-8.00
Other Net Changes in Cash	-51	-51	1,252	80	69	1,061	-273	-617	1,589
Cash Interest Paid	52	53	56	62	77	124	126	132	162
Cash Income Taxes Paid	53	63	406	1.00	91	67	77	79	108

This table details how cash moves in and out of Ashland's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	6/30/2022
Net Change in Cash & Equivalents	-32	-81	-99	-40	23	68	-50	-133	-114	17	-335
Net Cash From Operating Activities	9.00	-30	80	127	201	131	136	56	-29	179	-17
Net Cash From Continuing Operating Activities	9.00	-30	80	127	201	131	136	56	-29	179	-17
Net Income / (Loss) Continuing Operations	30	-166	19	31	28	-8.00	42	92	42	60	51
Consolidated Net Income / (Loss)	30	-165	16	6.00	26	-4.00	50	92	40	57	36
Depreciation Expense	60	51	53	61	77	62	61	61	59	59	61
Amortization Expense	1.00	2.00	2.00	1.00	1.00	2.00	1.00	2.00	1.00	3.00	1.00
Non-Cash Adjustments To Reconcile Net Income	-18	199	15	98	-34	11	-6.00	-16	-14	10	8.00
Changes in Operating Assets and Liabilities, net	-64	-116	-9.00	-64	129	64	38	-83	-117	47	-138
Net Cash From Investing Activities	17	-18	3.00	-5.00	-26	-52	-12	-18	-27	-42	-18
Net Cash From Continuing Investing Activities	17	-18	3.00	-5.00	-26	-52	-12	-18	-27	-42	-18
Purchase of Property, Plant & Equipment	-21	-23	-38	-29	-36	-69	-43	-35	-23	-46	-30
Purchase of Investments	-19	-5.00	-14	-19	-9.00	-11	-21	-15	0.00	-12	-29
Sale of Property, Plant & Equipment	11	0.00	-	-	0.00	8.00	3.00	-	0.00	-	40
Sale and/or Maturity of Investments	38	11	33	42	25	23	51	31	0.00	19	29
Other Investing Activities, net	-8.00	-1.00	22	1.00	-6.00	-3.00	-2.00	1.00	-4.00	-3.00	-28
Net Cash From Financing Activities	-69	-22	-169	-151	-139	-5.00	-178	-161	-27	-20	-66
Net Cash From Continuing Financing Activities	-69	-22	-169	-151	-139	-5.00	-178	-161	-27	-20	-66
Repayment of Debt	50	0.00	-	-	-16	16	-	-	0.00	-2.00	-
Repurchase of Common Equity	-100	0.00	-150	-130	-100	-	-158	-	-	-	-45
Payment of Dividends	-19	-19	-19	-20	-20	-20	-20	-18	-18	-18	-18

This table presents Ashland's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016
Total Assets	5,645	5,939	6,213	6,612	6,877	7,251	8,259	8,618	10,000
Total Current Assets	1,195	1,506	1,768	1,717	1,547	1,433	1,712	1,903	2,888
Cash & Equivalents	300	417	646	210	454	232	294	566	1,017
Accounts Receivable	243	338	402	369	437	481	522	612	529
Inventories, net	545	626	629	473	506	597	596	634	539
Other Current Assets	107	125	91	68	87	64	60	91	89
Other Current Nonoperating Assets	0.00	-	0.00	597	63	59	240	-	714
Plant, Property, & Equipment, net	1,303	1,373	1,338	1,427	1,485	1,577	1,646	1,970	1,900
Plant, Property & Equipment, gross	3,316	3,211	3,050	3,066	3,002	3,165	3,172	3,762	3,615
Accumulated Depreciation	2,013	1,838	1,712	1,639	1,517	1,588	1,526	1,792	1,715
Total Noncurrent Assets	3,147	3,060	3,107	3,468	3,845	4,241	4,901	4,745	5,212
Long-Term Investments	295	290	313	384	301	310	312	302	292
Noncurrent Note & Lease Receivables	132	249	245	134	136	157	179	209	196
Goodwill	1,381	1,362	1,312	1,430	1,305	2,253	2,304	2,465	2,138
Intangible Assets	751	886	963	1,099	1,011	1,088	1,185	1,319	1,061
Noncurrent Deferred & Refundable Income Taxes	210	22	20	30	26	23	28	28	35
Other Noncurrent Operating Assets	378	251	254	391	520	410	416	422	437
Total Liabilities & Shareholders' Equity	5,645	5,939	6,213	6,612	6,877	7,251	8,259	8,618	10,000
Total Liabilities	2,777	2,842	2,993	3,860	3,841	3,680	4,853	5,212	6,835
Total Current Liabilities	490	456	553	934	813	757	1,076	968	1,238
Short-Term Debt	20	38	19	397	302	166	254	235	170
Accounts Payable	214	210	265	236	211	313	331	409	376
Accrued Expenses	256	208	269	251	272	271	328	324	313
Other Current Nonoperating Liabilities	0.00	-	0.00	50	28	7.00	163	-	379
Total Noncurrent Liabilities	2,287	2,386	2,440	2,926	3,028	2,923	3,777	4,244	5,597
Long-Term Debt	1,349	1,314	1,270	1,596	1,573	1,501	2,275	2,584	2,325
Asset Retirement Reserve & Litigation Obligation	414	427	472	490	513	555	612	694	686
Noncurrent Deferred & Payable Income Tax Liabilities	29	148	176	237	229	264	286	375	315
Noncurrent Employee Benefit Liabilities	110	100	103	144	157	150	156	191	195
Other Noncurrent Operating Liabilities	385	397	419	459	546	453	422	400	361
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,868	3,097	3,220	2,752	3,036	3,571	3,406	3,406	3,165
Total Preferred & Common Equity	2,868	3,097	3,220	2,752	3,036	3,571	3,406	3,406	3,347
Total Common Equity	2,868	3,097	3,220	2,752	3,036	3,571	3,406	3,406	3,347
Common Stock	2,868	5.00	136	328	770	757	947	932	924

This table presents Ashland's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	12/31/2024	6/30/2024	3/31/2024	6/30/2023	3/31/2023	12/31/2022	6/30/2022
Total Assets	5,233	5,231	5,747	5,948	6,029	6,183	6,259	6,412
Total Current Assets	1,075	1,069	1,385	1,427	1,526	1,631	1,724	1,817
Cash & Equivalents	168	219	399	439	349	399	532	629
Accounts Receivable	226	163	224	260	345	395	351	488
Inventories, net	542	528	532	550	712	730	724	609
Other Current Assets	139	127	189	178	120	107	117	91
Other Current Nonoperating Assets	0.00	32	41	0.00	-	0.00	0.00	0.00
Plant, Property, & Equipment, net	1,220	1,234	1,294	1,340	1,354	1,351	1,346	1,352
Plant, Property & Equipment, gross	3,261	3,227	3,265	3,299	3,191	3,164	3,116	3,065
Accumulated Depreciation	2,041	1,993	1,971	1,959	1,837	1,813	1,770	1,713
Total Noncurrent Assets	2,938	2,928	3,068	3,181	3,149	3,201	3,189	3,243
Long-Term Investments	272	277	287	306	321	349	343	346
Noncurrent Note & Lease Receivables	126	129	136	121	129	133	135	140
Goodwill	1,356	1,330	1,352	1,379	1,383	1,385	1,369	1,356
Intangible Assets	580	588	761	851	916	940	959	1,001
Noncurrent Deferred & Refundable Income Taxes	241	241	160	150	20	20	20	30
Other Noncurrent Operating Assets	363	363	372	374	380	374	363	370
Total Liabilities & Shareholders' Equity	5,233	5,231	5,747	5,948	6,029	6,183	6,259	6,412
Total Liabilities	2,674	2,639	2,780	2,814	2,880	2,916	2,941	3,146
Total Current Liabilities	463	425	464	453	432	472	464	550
Short-Term Debt	69	20	21	21	21	20	18	18
Accounts Payable	185	184	198	207	210	246	246	241
Accrued Expenses	209	207	230	225	201	206	200	291
Other Current Nonoperating Liabilities	0.00	14	15	0.00	-	0.00	0.00	0.00
Total Noncurrent Liabilities	2,211	2,214	2,316	2,361	2,448	2,444	2,477	2,596
Long-Term Debt	1,336	1,313	1,325	1,328	1,328	1,328	1,316	1,302
Asset Retirement Reserve & Litigation Obligation	391	401	427	399	437	443	454	483
Noncurrent Deferred & Payable Income Tax Liabilities	29	28	43	148	176	175	176	218
Noncurrent Employee Benefit Liabilities	110	110	97	97	108	110	110	137
Other Noncurrent Operating Liabilities	345	362	424	389	399	388	421	456
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,559	2,592	2,967	3,134	3,149	3,267	3,318	3,266
Total Preferred & Common Equity	2,559	2,592	2,967	3,134	3,149	3,267	3,318	3,266
Total Common Equity	2,559	2,592	2,967	3,134	3,149	3,267	3,318	3,266
Common Stock	2,559	2,592	2,967	3,134	3,149	3,267	3,318	3,266

This table displays calculated financial ratios and metrics derived from Ashland's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Period end date	9/30/2024	9/30/2023	9/30/2022	9/30/2021	9/30/2020	9/30/2019	9/30/2018	9/30/2017	9/30/2016
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.56%	-8.36%	13.26%	4.71%	-6.15%	-17.03%	12.13%	-23.52%	0.00%
EBITDA Growth	-44.10%	-31.18%	36.43%	312.50%	-154.74%	-4.52%	-2.21%	120.00%	0.00%
EBIT Growth	-128.92%	-53.24%	85.86%	141.70%	-608.89%	-20.35%	242.42%	124.44%	0.00%
NOPAT Growth	-110.08%	-38.27%	18.92%	176.25%	-636.05%	-65.83%	413.65%	198.00%	0.00%
Net Income Growth	-5.06%	-80.80%	321.36%	143.31%	-200.59%	342.98%	307.14%	200.00%	0.00%
EPS Growth	1.51%	-79.83%	357.10%	142.79%	-202.94%	355.31%	17,800.00%	102.13%	0.00%
Operating Cash Flow Growth	57.14%	52.33%	-58.58%	105.29%	62.14%	-41.91%	38.51%	-54.81%	0.00%
Free Cash Flow Firm Growth	817.54%	-103.29%	52.65%	-69.16%	239.00%	-70.34%	2,034.64%	0.00%	0.00%
Invested Capital Growth	-2.67%	5.41%	-1.50%	0.53%	-22.80%	-3.27%	-10.38%	0.00%	0.00%
Revenue Q/Q Growth	0.00%	-4.95%	1.70%	16.05%	1.77%	-15.83%	39.95%	5.00%	0.00%
EBITDA Q/Q Growth	0.00%	-19.88%	3.25%	47.33%	-40.54%	-7.32%	35.37%	2,294.12%	0.00%
EBIT Q/Q Growth	0.00%	-38.75%	7.25%	203.17%	-13.37%	-17.43%	264.52%	108.40%	0.00%
NOPAT Q/Q Growth	0.00%	-24.65%	0.65%	149.03%	-16.12%	300.67%	499.26%	116.33%	0.00%
Net Income Q/Q Growth	0.00%	-25.21%	1.53%	20.88%	-398.04%	390.29%	137.50%	114.74%	0.00%
EPS Q/Q Growth	0.00%	-27.73%	3.34%	21.28%	-194.39%	365.71%	132.47%	100.29%	0.00%
Operating Cash Flow Q/Q Growth	-9.94%	-14.04%	16.27%	20.10%	13.50%	-41.91%	75.91%	-43.87%	0.00%
Free Cash Flow Firm Q/Q Growth	0.00%	-150.28%	-65.61%	637.16%	-26.60%	272.38%	2,852.56%	0.00%	0.00%
Invested Capital Q/Q Growth	0.00%	-2.25%	-1.69%	-16.73%	-15.85%	-16.19%	-11.83%	-0.59%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	29.25%	30.49%	34.71%	31.74%	29.71%	30.31%	33.33%	31.57%	29.38%
EBITDA Margin	10.98%	18.94%	25.22%	20.94%	-10.32%	17.69%	15.37%	17.63%	6.13%
Operating Margin	-1.23%	7.85%	13.93%	9.10%	-22.87%	4.00%	3.94%	2.12%	-1.66%
EBIT Margin	-2.27%	7.58%	14.85%	9.05%	-22.72%	4.19%	4.36%	1.43%	-4.47%
Profit (Net Income) Margin	8.00%	8.12%	38.77%	10.42%	-25.20%	23.51%	4.40%	1.21%	-0.93%
Tax Burden Percent	-704.17%	111.25%	450.00%	162.96%	88.04%	-5,611.11%	1,036.36%	-14.29%	9.09%
Interest Burden Percent	50.00%	96.39%	58.03%	70.68%	125.98%	-10.00%	9.73%	-593.94%	228.15%
Effective Tax Rate	0.00%	-5.00%	12.14%	-28.15%	0.00%	0.00%	-72.73%	0.00%	0.00%
Return on Invested Capital (ROIC)	-0.49%	4.95%	8.18%	6.85%	-7.84%	1.27%	3.47%	0.64%	-0.65%
ROIC Less NNEP Spread (ROIC-NNEP)	25.89%	4.42%	115.53%	3.13%	-30.69%	37.32%	-0.25%	0.32%	-0.29%
Return on Net Nonoperating Assets (RNNOA)	6.16%	0.68%	22.87%	0.76%	-7.53%	13.20%	-0.12%	0.18%	-0.17%
Return on Equity (ROE)	5.67%	5.64%	31.04%	7.60%	-15.38%	14.48%	3.35%	0.82%	-0.82%
Cash Return on Invested Capital (CROIC)	2.22%	-0.31%	9.69%	6.32%	17.90%	4.60%	14.42%	0.64%	0.00%
Operating Return on Assets (OROA)	-0.83%	2.73%	5.54%	2.83%	-6.48%	1.16%	1.34%	0.38%	-1.57%
Return on Assets (ROA)	2.92%	2.93%	14.46%	3.26%	-7.19%	6.51%	1.35%	0.32%	-0.32%
Return on Common Equity (ROCE)	5.67%	5.64%	31.04%	7.60%	-15.38%	14.48%	3.35%	0.82%	-0.82%
Return on Equity Simple (ROE_SIMPLE)	5.89%	5.75%	28.79%	7.99%	-16.73%	14.14%	3.35%	0.82%	-0.82%
Net Operating Profit after Tax (NOPAT)	-18	181	293	246	-323	60	176	34	-35
NOPAT Margin	-0.86%	8.24%	12.24%	11.66%	-16.01%	2.80%	6.81%	1.49%	-1.16%
Net Nonoperating Expense Percent (NNEP)	-26.38%	0.53%	-107.35%	3.72%	22.85%	-36.05%	3.72%	0.32%	-0.36%
Cost of Revenue to Revenue	70.75%	69.51%	65.29%	68.26%	70.29%	69.69%	66.67%	68.43%	70.62%
SG&A Expenses to Revenue	19.12%	16.66%	16.44%	16.96%	19.84%	19.83%	23.14%	26.42%	28.42%
R&D to Revenue	2.60%	2.33%	2.30%	2.37%	2.78%	2.70%	2.82%	3.16%	2.88%
Operating Expenses to Revenue	30.48%	22.64%	20.79%	22.64%	52.58%	26.30%	29.39%	29.45%	31.04%
Earnings before Interest and Taxes (EBIT)	-48	166	355	191	-458	90	113	33	-135
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	232	415	603	442	-208	380	398	407	185
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.48	1.33	1.55	1.89	1.34	1.22	1.41	0.00	0.00
Price to Tangible Book Value (P/TBV)	5.77	4.84	5.27	23.30	5.64	18.92	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.01	1.88	2.08	2.46	2.02	2.03	1.86	0.00	0.00
Price to Earnings (P/E)	25.13	23.10	5.37	23.62	0.00	8.62	42.27	0.00	0.00
Dividend Yield	1.82%	1.79%	1.38%	1.34%	1.64%	1.46%	1.23%	1.39%	0.00%
Earnings Yield	3.98%	4.33%	18.63%	4.23%	0.00%	11.61%	2.37%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.38	1.27	1.49	1.83	1.45	1.18	1.40	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	2.38	2.17	2.22	3.12	2.57	2.55	2.60	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	21.64	11.46	8.80	14.92	0.00	14.41	16.94	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	28.66	14.95	34.53	0.00	60.84	59.66	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	26.34	18.13	26.81	0.00	90.96	38.26	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.87	16.18	27.49	14.15	22.83	39.11	27.97	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	61.38	0.00	15.31	29.05	7.04	25.21	9.21	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.48	0.44	0.40	0.72	0.62	0.47	0.74	0.83	0.83
Long-Term Debt to Equity	0.47	0.42	0.39	0.58	0.52	0.42	0.67	0.76	0.76
Financial Leverage	0.24	0.15	0.20	0.24	0.25	0.35	0.49	0.57	0.57
Leverage Ratio	1.94	1.92	2.15	2.33	2.14	2.22	2.48	2.53	2.53
Compound Leverage Factor	0.97	1.85	1.25	1.65	2.69	-0.22	0.24	-15.03	5.77
Debt to Total Capital	32.31%	30.39%	28.59%	42.00%	38.18%	31.83%	42.61%	45.29%	45.29%
Short-Term Debt to Total Capital	0.47%	0.85%	0.42%	8.37%	6.15%	3.17%	4.28%	3.78%	3.78%
Long-Term Debt to Total Capital	31.84%	29.53%	28.17%	33.64%	32.03%	28.66%	38.33%	41.51%	41.51%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	67.69%	69.61%	71.41%	58.00%	61.82%	68.17%	57.39%	54.71%	54.71%
Debt to EBITDA	5.90	3.26	2.14	4.51	-9.01	4.39	6.35	6.93	15.24
Net Debt to EBITDA	3.34	1.55	0.55	3.17	-5.38	2.96	4.83	4.79	10.55
Long-Term Debt to EBITDA	5.81	3.17	2.11	3.61	-7.56	3.95	5.72	6.35	13.97
Debt to NOPAT	-75.22	7.49	4.41	8.10	-5.81	27.69	14.35	82.19	-80.54
Net Debt to NOPAT	-42.53	3.57	1.13	5.69	-3.47	18.69	10.91	56.88	-55.74
Long-Term Debt to NOPAT	-74.12	7.28	4.34	6.49	-4.87	24.93	12.91	75.34	-73.83
Altman Z-Score	2.24	2.39	2.63	1.96	1.38	1.78	1.51	0.00	0.00
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	2.44	3.30	3.20	1.84	1.90	1.89	1.59	1.97	1.97
Quick Ratio	1.11	1.66	1.90	0.62	1.10	0.94	0.76	1.22	1.22
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	82	-11	347	227	736	217	732	34	0.00
Operating Cash Flow to CapEx	337.23%	184.91%	311.29%	466.00%	177.34%	101.45%	157.52%	106.75%	168.12%
Free Cash Flow to Firm to Interest Expense	0.00	-1.90	2.33	4.05	6.19	2.19	7.18	0.15	0.00
Operating Cash Flow to Interest Expense	0.00	49.00	1.30	8.32	1.91	1.41	2.36	0.76	2.23
Operating Cash Flow Less CapEx to Interest Expense	0.00	22.50	0.88	6.54	0.83	0.02	0.86	0.05	0.90
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.36	0.37	0.31	0.29	0.28	0.31	0.27	0.35
Accounts Receivable Turnover	7.27	5.92	6.20	5.24	4.39	4.28	4.57	3.77	4.93
Inventory Turnover	2.55	2.43	2.83	2.94	2.57	2.51	2.81	2.49	3.36
Fixed Asset Turnover	1.58	1.62	1.73	1.45	1.32	1.33	1.43	1.17	1.53
Accounts Payable Turnover	7.05	6.41	6.23	6.45	5.41	4.65	4.66	3.86	5.21
Days Sales Outstanding (DSO)	50.18	61.64	58.85	69.68	83.10	85.22	79.94	96.74	73.99
Days Inventory Outstanding (DIO)	142.95	150.39	128.84	123.99	142.06	145.44	130.06	146.46	108.54
Days Payable Outstanding (DPO)	51.76	56.92	58.57	56.61	67.49	78.51	78.24	94.48	70.02
Cash Conversion Cycle (CCC)	141.37	155.11	129.11	137.06	157.67	152.15	131.75	148.72	112.51
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	3,642	3,742	3,550	3,604	3,585	4,644	4,801	5,357	5,357
Invested Capital Turnover	0.57	0.60	0.67	0.59	0.49	0.45	0.51	0.43	0.56
Increase / (Decrease) in Invested Capital	-100	192	-54	19	-1,059	-157	-556	0.00	0.00
Enterprise Value (EV)	5,021	4,757	5,306	6,595	5,183	5,476	6,741	0.00	0.00
Market Capitalization	4,247	4,112	4,976	5,196	4,063	4,351	4,818	0.00	0.00
Book Value per Share	$58.73	$60.44	$59.48	$45.31	$50.21	$59.00	$54.56	$54.83	$54.83
Tangible Book Value per Share	$15.07	$16.57	$17.45	$3.67	$11.91	$3.80	($1.33)	($6.09)	($6.09)
Total Capital	4,237	4,449	4,509	4,745	4,911	5,238	5,935	6,225	6,225
Total Debt	1,369	1,352	1,289	1,993	1,875	1,667	2,529	2,819	2,819
Total Long-Term Debt	1,349	1,314	1,270	1,596	1,573	1,501	2,275	2,584	2,584
Net Debt	774	645	330	1,399	1,120	1,125	1,923	1,951	1,951
Capital Expenditures (CapEx)	137	159	62	100	128	138	153	163	229
Debt-free, Cash-free Net Working Capital (DFCFNWC)	425	671	588	970	582	610	596	604	604
Debt-free Net Working Capital (DFNWC)	725	1,088	1,234	1,180	1,036	842	890	1,170	1,170
Net Working Capital (NWC)	705	1,050	1,215	783	734	676	636	935	935
Net Nonoperating Expense (NNE)	-187	2.60	-634	26	185	-445	62	6.30	-7.00
Net Nonoperating Obligations (NNO)	774	645	330	852	549	1,073	1,395	1,951	1,951
Total Depreciation and Amortization (D&A)	280	249	248	251	250	290	285	374	320
Debt-free, Cash-free Net Working Capital to Revenue	20.11%	30.63%	24.59%	45.95%	28.87%	28.40%	23.02%	26.16%	20.01%
Debt-free Net Working Capital to Revenue	34.31%	49.66%	51.61%	55.90%	51.39%	39.20%	34.38%	50.67%	38.75%
Net Working Capital to Revenue	33.36%	47.92%	50.82%	37.09%	36.41%	31.47%	24.57%	40.49%	30.97%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.40	$3.36	$16.71	$3.63	($8.39)	$8.15	$1.82	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	47.11M	51.26M	54.15M	56.84M	60.58M	60.18M	62.49M	0.00	0.00
Adjusted Diluted Earnings per Share	$3.36	$3.31	$16.41	$3.59	($8.39)	$8.03	$1.79	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	47.11M	51.26M	54.15M	56.84M	60.58M	60.18M	62.49M	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	47.11M	51.26M	54.15M	56.84M	60.58M	60.18M	62.49M	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	62	116	256	127	47	60	69	32	-35
Normalized NOPAT Margin	2.95%	5.30%	10.69%	6.00%	2.33%	2.80%	2.65%	1.39%	-1.16%
Pre Tax Income Margin	-1.14%	7.30%	8.62%	6.40%	-28.62%	-0.42%	0.42%	-8.49%	-10.20%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	27.67	2.38	3.41	-3.85	0.91	1.11	0.14	-0.78
NOPAT to Interest Expense	0.00	30.10	1.96	4.39	-2.71	0.61	1.73	0.15	-0.20
EBIT Less CapEx to Interest Expense	0.00	1.17	1.97	1.63	-4.92	-0.48	-0.39	-0.57	-2.10
NOPAT Less CapEx to Interest Expense	0.00	3.60	1.55	2.61	-3.79	-0.79	0.23	-0.56	-1.53
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	46.15%	42.70%	7.55%	31.82%	-12.99%	12.67%	52.63%	275.00%	-346.43%
Augmented Payout Ratio	271.01%	211.24%	29.13%	236.36%	-12.99%	52.28%	52.63%	275.00%	-2,132.14%

This table displays calculated financial ratios and metrics derived from Ashland's official financial filings.

Metric	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022	6/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-16.70%	-14.38%	-0.37%	-4.64%	-9.90%	-18.07%	-15.22%	-0.17%	2.54%	6.77%	18.60%
EBITDA Growth	6.73%	-320.69%	-100.82%	-72.92%	-39.58%	-66.03%	-29.48%	-15.79%	-6.80%	13.87%	57.27%
EBIT Growth	163.16%	-805.00%	-205.00%	-76.54%	-155.56%	-111.70%	-45.95%	-25.00%	-14.29%	34.29%	136.17%
NOPAT Growth	-73.75%	0.56%	-193.47%	78.13%	-505.41%	-108.71%	-58.41%	28.08%	-14.44%	-7.96%	55.95%
Net Income Growth	-74.17%	-734.62%	-88.00%	31.87%	-35.00%	-105.26%	38.89%	-88.42%	-16.67%	32.56%	-55.00%
EPS Growth	-72.80%	-786.27%	-87.23%	43.11%	-30.14%	-102.42%	44.62%	-87.80%	-12.05%	74.65%	-49.61%
Operating Cash Flow Growth	-83.33%	-114.93%	-6.62%	0.00%	793.10%	-26.82%	900.00%	229.41%	-307.14%	17.76%	-108.76%
Free Cash Flow Firm Growth	-9.06%	-196.86%	207.58%	169.60%	2,846.77%	-248.13%	-120.72%	-149.79%	-121.74%	96.72%	33,859.75%
Invested Capital Growth	-5.73%	0.00%	-5.93%	-3.34%	0.00%	5.41%	6.01%	14.31%	4.54%	-1.50%	-16.57%
Revenue Q/Q Growth	18.27%	0.00%	-5.39%	0.00%	-8.51%	-5.31%	-9.45%	14.86%	-16.80%	-2.02%	6.62%
EBITDA Q/Q Growth	186.72%	0.00%	-102.56%	0.00%	9.43%	-56.56%	-15.28%	50.00%	-38.46%	-9.83%	1.17%
EBIT Q/Q Growth	127.62%	0.00%	-431.58%	0.00%	-81.82%	-118.33%	-25.93%	125.00%	-61.70%	-15.32%	2.78%
NOPAT Q/Q Growth	131.31%	0.00%	-128.57%	0.00%	-1,700.00%	-115.32%	-45.56%	169.99%	-61.31%	-26.86%	67.66%
Net Income Q/Q Growth	118.79%	0.00%	-95.00%	0.00%	966.67%	-106.00%	-45.05%	127.50%	-29.82%	58.33%	-95.42%
EPS Q/Q Growth	118.57%	0.00%	-94.98%	0.00%	1,800.00%	-103.19%	-43.71%	128.77%	-41.13%	90.77%	-95.25%
Operating Cash Flow Q/Q Growth	130.00%	-137.50%	0.00%	0.00%	53.44%	-3.68%	142.86%	293.10%	-116.20%	1,152.94%	-200.00%
Free Cash Flow Firm Q/Q Growth	107.16%	0.00%	-33.82%	0.00%	1,934.67%	-16.16%	57.18%	-201.00%	-198.94%	-83.75%	2.90%
Invested Capital Q/Q Growth	3.31%	0.00%	-3.67%	0.00%	-100.00%	-2.25%	-1.01%	2.38%	6.39%	-1.69%	6.74%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	30.69%	27.41%	34.19%	28.00%	20.72%	24.76%	32.60%	32.67%	31.43%	33.12%	37.27%
EBITDA Margin	23.17%	-31.60%	-0.18%	6.78%	12.26%	10.25%	22.34%	23.88%	18.29%	24.72%	26.86%
Operating Margin	10.65%	-44.20%	-11.21%	3.65%	-3.81%	-1.93%	11.36%	13.76%	7.05%	12.52%	17.39%
EBIT Margin	10.44%	-44.69%	-11.58%	3.30%	-4.23%	-2.13%	10.99%	13.43%	6.86%	14.90%	17.24%
Profit (Net Income) Margin	6.47%	-40.74%	1.10%	20.87%	5.50%	-0.58%	9.16%	15.09%	7.62%	9.03%	5.59%
Tax Burden Percent	79.49%	78.95%	-8.57%	705.88%	650.00%	7.89%	87.72%	100.00%	80.00%	96.61%	69.23%
Interest Burden Percent	78.00%	115.47%	111.11%	89.47%	-20.00%	345.45%	95.00%	112.35%	138.89%	62.77%	46.85%
Effective Tax Rate	23.08%	0.00%	0.00%	-611.76%	-600.00%	0.00%	26.32%	-1.10%	16.00%	-1.69%	1.92%
Return on Invested Capital (ROIC)	4.40%	-37.10%	0.00%	0.00%	0.00%	-0.81%	5.19%	9.22%	3.85%	8.51%	10.10%
ROIC Less NNEP Spread (ROIC-NNEP)	3.35%	-46.79%	0.00%	0.00%	0.00%	0.01%	6.03%	11.58%	5.21%	4.56%	0.06%
Return on Net Nonoperating Assets (RNNOA)	0.92%	-14.78%	0.00%	0.00%	0.00%	0.00%	0.96%	1.05%	1.12%	0.90%	0.01%
Return on Equity (ROE)	5.32%	-51.88%	0.00%	0.00%	0.00%	-0.81%	6.15%	10.27%	4.97%	9.41%	10.12%
Cash Return on Invested Capital (CROIC)	2.87%	-207.68%	0.00%	0.00%	0.00%	-0.31%	0.61%	-5.01%	3.30%	9.69%	25.39%
Operating Return on Assets (OROA)	3.64%	-17.47%	0.00%	0.00%	0.00%	-0.77%	4.07%	4.98%	2.57%	5.55%	6.15%
Return on Assets (ROA)	2.26%	-15.93%	0.00%	0.00%	0.00%	-0.21%	3.39%	5.60%	2.86%	3.37%	1.99%
Return on Common Equity (ROCE)	5.32%	-51.88%	0.00%	0.00%	0.00%	-0.81%	6.15%	10.27%	4.97%	9.41%	10.12%
Return on Equity Simple (ROE_SIMPLE)	-4.34%	-0.85%	0.00%	0.00%	0.00%	0.00%	7.56%	6.86%	27.70%	0.00%	27.95%
Net Operating Profit after Tax (NOPAT)	39	-125	-43	149	-126	-7.00	46	84	31	80	110
NOPAT Margin	8.19%	-30.94%	-7.85%	25.99%	-26.64%	-1.35%	8.37%	13.92%	5.92%	12.73%	17.06%
Net Nonoperating Expense Percent (NNEP)	1.05%	9.69%	-7.42%	4.90%	0.00%	-0.82%	-0.84%	-2.35%	-1.36%	3.95%	10.04%
Return On Investment Capital (ROIC_SIMPLE)	0.99%	-3.19%	-	-	-	-	-	-	-	-	-
Cost of Revenue to Revenue	69.31%	72.59%	65.81%	72.00%	79.28%	75.24%	67.40%	67.33%	68.57%	66.88%	62.73%
SG&A Expenses to Revenue	17.75%	19.26%	20.96%	18.43%	17.55%	21.08%	15.38%	13.10%	17.71%	14.90%	19.72%
R&D to Revenue	2.92%	3.21%	2.76%	2.43%	2.54%	2.71%	2.20%	1.99%	2.48%	2.38%	2.17%
Operating Expenses to Revenue	20.04%	71.60%	45.40%	24.35%	24.52%	26.69%	21.25%	18.91%	24.38%	19.49%	19.88%
Earnings before Interest and Taxes (EBIT)	50	-181	-63	19	-20	-11	60	81	36	94	111
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	111	-128	-1.00	39	58	53	122	144	96	156	173
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.09	1.30	1.60	0.00	0.00	1.33	1.43	1.67	1.71	1.55	1.67
Price to Tangible Book Value (P/TBV)	4.49	4.99	5.55	0.00	0.00	4.84	5.30	5.79	5.73	5.27	5.99
Price to Revenue (P/Rev)	1.44	1.65	0.00	0.00	1.98	1.88	1.96	2.27	2.36	2.08	2.32
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	25.88	23.10	18.95	24.34	6.18	5.37	5.96
Dividend Yield	2.73%	2.24%	1.65%	1.59%	1.80%	1.79%	1.63%	1.33%	1.24%	1.38%	1.24%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	3.86%	4.33%	5.28%	4.11%	16.19%	18.63%	16.77%
Enterprise Value to Invested Capital (EV/IC)	1.07	1.23	1.50	0.00	0.00	1.27	1.36	1.57	1.62	1.49	1.60
Enterprise Value to Revenue (EV/Rev)	1.93	2.06	0.00	0.00	0.00	2.17	2.25	2.52	2.55	2.22	2.46
Enterprise Value to EBITDA (EV/EBITDA)	70.99	91.38	0.00	0.00	0.00	11.46	10.02	10.64	10.30	8.80	9.91
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	28.66	19.14	18.80	17.58	14.95	17.49
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	26.34	21.65	20.02	21.45	18.13	19.92
Enterprise Value to Operating Cash Flow (EV/OCF)	20.23	18.20	10.52	0.00	0.00	16.18	15.17	32.03	40.91	27.49	34.88
Enterprise Value to Free Cash Flow (EV/FCFF)	36.14	0.00	0.00	0.00	0.00	0.00	228.82	0.00	50.27	15.31	5.75
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.55	0.51	0.45	0.43	0.00	0.44	0.43	0.41	0.40	0.40	0.40
Long-Term Debt to Equity	0.52	0.51	0.45	0.42	0.00	0.42	0.42	0.41	0.40	0.39	0.40
Financial Leverage	0.28	0.32	0.21	0.19	0.00	0.15	0.16	0.09	0.22	0.20	0.23
Leverage Ratio	1.96	2.02	1.93	1.90	0.00	1.92	1.94	1.95	2.11	2.15	2.04
Compound Leverage Factor	1.53	2.33	2.14	1.70	0.00	6.65	1.84	2.19	2.93	1.35	0.95
Debt to Total Capital	35.44%	33.96%	31.21%	30.09%	0.00%	30.39%	29.99%	29.21%	28.68%	28.59%	28.78%
Short-Term Debt to Total Capital	1.74%	0.51%	0.49%	0.47%	0.00%	0.85%	0.47%	0.43%	0.39%	0.42%	0.39%
Long-Term Debt to Total Capital	33.70%	33.45%	30.72%	29.62%	0.00%	29.53%	29.52%	28.78%	28.29%	28.17%	28.39%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	64.56%	66.04%	68.79%	69.91%	0.00%	69.61%	70.01%	70.79%	71.32%	71.41%	71.22%
Debt to EBITDA	26.51	28.98	0.00	0.00	0.00	3.26	2.60	2.37	2.24	2.14	2.26
Net Debt to EBITDA	18.21	18.20	0.00	0.00	0.00	1.55	1.31	1.05	0.77	0.55	0.59
Long-Term Debt to EBITDA	25.21	28.54	0.00	0.00	0.00	3.17	2.56	2.33	2.21	2.11	2.23
Debt to NOPAT	-12.78	-10.18	0.00	0.00	0.00	7.49	5.63	4.46	4.66	4.41	4.54
Net Debt to NOPAT	-8.78	-6.39	0.00	0.00	0.00	3.57	2.83	1.98	1.60	1.13	1.19
Long-Term Debt to NOPAT	-12.16	-10.03	0.00	0.00	0.00	7.28	5.54	4.39	4.60	4.34	4.48
Altman Z-Score	1.17	1.19	0.00	0.00	0.00	2.29	1.57	1.78	1.80	2.49	1.70
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.32	2.52	2.98	3.15	0.00	3.30	3.53	3.46	3.72	3.20	3.30
Quick Ratio	0.85	0.90	1.34	1.54	0.00	1.66	1.61	1.68	1.90	1.90	2.03
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	253	-3,536	184	278	3,651	-199	-171	-400	-133	134	827
Operating Cash Flow to CapEx	90.00%	-130.43%	437.93%	0.00%	558.33%	214.75%	340.00%	160.00%	-126.09%	389.13%	0.00%
Free Cash Flow to Firm to Interest Expense	23.02	-126.30	26.33	139.24	0.00	-7.37	-57.11	0.00	0.00	3.20	14.01
Operating Cash Flow to Interest Expense	0.82	-1.07	18.14	0.00	0.00	4.85	45.33	0.00	0.00	4.26	-0.29
Operating Cash Flow Less CapEx to Interest Expense	-0.09	-1.89	14.00	0.00	0.00	2.59	32.00	0.00	0.00	3.17	-0.12
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.39	0.00	0.00	0.00	0.36	0.37	0.37	0.38	0.37	0.36
Accounts Receivable Turnover	8.02	12.55	0.00	0.00	0.00	5.92	5.53	5.99	6.96	6.20	5.39
Inventory Turnover	2.44	2.68	0.00	0.00	0.00	2.43	2.36	2.44	2.50	2.83	2.74
Fixed Asset Turnover	1.52	1.66	0.00	0.00	0.00	1.62	1.70	1.76	1.75	1.73	1.63
Accounts Payable Turnover	6.80	7.68	0.00	0.00	0.00	6.41	6.90	6.45	6.51	6.23	6.46
Days Sales Outstanding (DSO)	45.51	29.09	0.00	0.00	0.00	61.64	65.95	60.91	52.46	58.85	67.69
Days Inventory Outstanding (DIO)	149.62	136.29	0.00	0.00	0.00	150.39	154.94	149.37	145.77	128.84	133.44
Days Payable Outstanding (DPO)	53.71	47.50	0.00	0.00	0.00	56.92	52.90	56.63	56.03	58.57	56.53
Cash Conversion Cycle (CCC)	141.42	117.89	0.00	0.00	0.00	155.11	167.99	153.65	142.20	129.11	144.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,524	3,411	3,601	3,738	0.00	3,742	3,828	3,867	3,777	3,550	3,611
Invested Capital Turnover	0.54	1.20	0.00	0.00	0.00	0.60	0.62	0.66	0.65	0.67	0.59
Increase / (Decrease) in Invested Capital	-214	3,411	-227	-129	-3,777	192	217	484	164	-54	-717
Enterprise Value (EV)	3,762	4,203	5,397	0.00	0.00	4,757	5,188	6,053	6,136	5,306	5,790
Market Capitalization	2,797	3,366	4,737	0.00	4,244	4,112	4,509	5,453	5,677	4,976	5,445
Book Value per Share	$54.24	$55.02	$59.19	$62.52	$0.00	$60.44	$59.64	$60.20	$61.28	$59.48	$59.89
Tangible Book Value per Share	$13.20	$14.31	$17.04	$18.03	$0.00	$16.57	$16.10	$17.36	$18.28	$17.45	$16.67
Total Capital	3,964	3,925	4,313	4,483	0.00	4,449	4,498	4,615	4,652	4,509	4,586
Total Debt	1,405	1,333	1,346	1,349	0.00	1,352	1,349	1,348	1,334	1,289	1,320
Total Long-Term Debt	1,336	1,313	1,325	1,328	0.00	1,314	1,328	1,328	1,316	1,270	1,302
Net Debt	965	837	660	604	0.00	645	679	600	459	330	345
Capital Expenditures (CapEx)	10	23	29	0.00	36	61	40	35	23	46	-10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	513	445	543	556	0.00	671	766	780	746	588	656
Debt-free Net Working Capital (DFNWC)	681	664	942	995	0.00	1,088	1,115	1,179	1,278	1,234	1,285
Net Working Capital (NWC)	612	644	921	974	0.00	1,050	1,094	1,159	1,260	1,215	1,267
Net Nonoperating Expense (NNE)	8.23	40	-49	29	-152	-4.00	-4.32	-7.09	-8.92	23	74
Net Nonoperating Obligations (NNO)	965	819	634	604	0.00	645	679	600	459	330	345
Total Depreciation and Amortization (D&A)	61	53	62	20	78	64	62	63	60	62	62
Debt-free, Cash-free Net Working Capital to Revenue	26.32%	21.76%	0.00%	0.00%	0.00%	30.63%	33.23%	32.46%	31.03%	24.59%	27.90%
Debt-free Net Working Capital to Revenue	34.94%	32.47%	0.00%	0.00%	0.00%	49.66%	48.37%	49.06%	53.16%	51.61%	54.66%
Net Working Capital to Revenue	31.40%	31.49%	0.00%	0.00%	0.00%	47.92%	47.46%	48.23%	52.41%	50.82%	53.89%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.65	($3.50)	$0.12	$2.42	$0.00	($0.04)	$0.96	$1.70	$0.74	$1.30	$0.66
Adjusted Weighted Average Basic Shares Outstanding	45.69M	47.18M	48.83M	50.13M	0.00	51.26M	51.24M	52.80M	54.27M	54.15M	54.14M
Adjusted Diluted Earnings per Share	$0.65	($3.50)	$0.12	$2.39	$0.00	($0.03)	$0.94	$1.67	$0.73	$1.24	$0.65
Adjusted Weighted Average Diluted Shares Outstanding	45.69M	47.18M	48.83M	50.13M	0.00	51.26M	51.24M	52.80M	54.27M	54.15M	54.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	45.69M	47.18M	48.83M	50.13M	0.00	51.26M	51.24M	52.80M	54.27M	54.15M	54.14M
Normalized Net Operating Profit after Tax (NOPAT)	25	2.80	27	15	-11	-7.00	46	58	31	55	76
Normalized NOPAT Margin	5.30%	0.69%	4.89%	2.56%	-2.37%	-1.35%	8.37%	9.64%	5.92%	8.76%	11.73%
Pre Tax Income Margin	8.14%	-51.60%	-12.87%	2.96%	0.85%	-7.35%	10.44%	15.09%	9.52%	9.35%	8.07%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.55	-6.46	-9.00	9.50	0.00	-0.41	20.00	0.00	0.00	2.24	1.88
NOPAT to Interest Expense	3.57	-4.48	-6.10	74.74	0.00	-0.26	15.23	0.00	0.00	1.91	1.86
EBIT Less CapEx to Interest Expense	3.64	-7.29	-13.14	0.00	0.00	-2.67	6.67	0.00	0.00	1.14	2.05
NOPAT Less CapEx to Interest Expense	2.66	-5.30	-10.24	0.00	0.00	-2.52	1.89	0.00	0.00	0.82	2.03
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-69.37%	-350.00%	0.00%	0.00%	47.56%	42.70%	31.09%	32.14%	7.73%	7.55%	7.67%
Augmented Payout Ratio	-411.71%	-1,622.73%	0.00%	0.00%	47.56%	211.24%	157.14%	115.63%	7.73%	29.13%	78.86%

Frequently Asked Questions About Ashland's Financials

When does Ashland's financial year end?

According to the most recent income statement we have on file, Ashland's fiscal year ends in September. Their fiscal year 2024 ended on September 30, 2024.

How has Ashland's net income changed over the last 8 years?

Ashland's net income appears to be on an upward trend, with a most recent value of $169 million in 2024, falling from -$28 million in 2016. The previous period was $178 million in 2023. See where experts think Ashland is headed by visiting Ashland's forecast page.

What is Ashland's operating income?

Ashland's total operating income in 2024 was -$26 million, based on the following breakdown:

Total Gross Profit: $618 million
Total Operating Expenses: $644 million

How has Ashland revenue changed over the last 8 years?

Over the last 8 years, Ashland's total revenue changed from $3.02 billion in 2016 to $2.11 billion in 2024, a change of -30.0%.

How much debt does Ashland have?

Ashland's total liabilities were at $2.78 billion at the end of 2024, a 2.3% decrease from 2023, and a 59.4% decrease since 2016.

How much cash does Ashland have?

In the past 8 years, Ashland's cash and equivalents has ranged from $210 million in 2021 to $1.02 billion in 2016, and is currently $300 million as of their latest financial filing in 2024.

How has Ashland's book value per share changed over the last 8 years?

Over the last 8 years, Ashland's book value per share changed from 54.83 in 2016 to 58.73 in 2024, a change of 7.1%.

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This page (NYSE:ASH) was last updated on 5/23/2025 by MarketBeat.com Staff

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Ashland (ASH) Financials

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