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Chemicals · Basic Materials · Fiscal year ends Sep 30
Ashland reported revenue of $1.8B in the fiscal year ended Sep 2025, down 13.7% from the year before. Operating income was −$775M, an operating margin of −42.5%, and net income was −$845M. Operating cash flow of $134M less capital expenditure of $98M left free cash flow of $36M. Net debt was $1.2B.
Ranks among the 18 chemicals companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue | 2,111 | 2,391 | 2,191 | 2,113 | 1,824 |
| Cost of revenue | 1,441 | 1,561 | 1,523 | 1,495 | 1,275 |
| Gross profit | 670 | 830 | 668 | 618 | 549 |
| Research & development | 50.0 | 55.0 | 51.0 | 55.0 | 54.0 |
| Selling, general & admin | 358 | 393 | 365 | 404 | 344 |
| Operating income | 192 | 333 | 172 | −26.0 | −775 |
| Net interest incomeBanks | −56.0 | −149 | −6.0 | 24.0 | −33.0 |
| Interest expense | 69.0 | 62.0 | 54.0 | 53.0 | 61.0 |
| Pre-tax income | 135 | 206 | 160 | −24.0 | −809 |
| Income tax | −38.0 | 25.0 | −8.0 | −223 | 13.0 |
| Net income | 220 | 927 | 178 | 169 | −845 |
| Diluted EPS | 3.59 | 16.41 | 3.31 | 3.36 | −18.23 |
| Diluted shares | 61.0 | 56.0 | 54.0 | 50.0 | 46.0 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 210 | 646 | 417 | 300 | 215 |
| Receivables | 369 | 402 | 338 | 243 | 242 |
| Inventory | 473 | 629 | 626 | 545 | 568 |
| Current assets | 1,717 | 1,768 | 1,506 | 1,195 | 1,205 |
| Net PP&E | 1,427 | 1,338 | 1,373 | 1,303 | 1,201 |
| Goodwill | 1,430 | 1,312 | 1,362 | 1,381 | 705 |
| Total assets | 6,612 | 6,213 | 5,939 | 5,645 | 4,611 |
| Payables | 236 | 265 | 210 | 214 | 189 |
| Current liabilities | 934 | 553 | 456 | 490 | 423 |
| Short-term debt | 9.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Long-term debt | 1,596 | 1,270 | 1,314 | 1,349 | 1,384 |
| Total liabilities | 3,860 | 2,993 | 2,842 | 2,777 | 2,707 |
| Shareholders' equity | 2,752 | 3,220 | 3,097 | 2,868 | 1,904 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 466 | 193 | 294 | 462 | 134 |
| Capital expenditure | 105 | 113 | 170 | 137 | 98.0 |
| Free cash flow | 361 | 80.0 | 124 | 325 | 36.0 |
| Depreciation & amortisation | 244 | 241 | 243 | 274 | 237 |
| Stock-based compensation | 15.0 | 18.0 | 22.0 | 15.0 | 14.0 |
| Acquisitions | 309 | 0.0 | 0.0 | – | – |
| Share buybacks | 450 | 200 | 300 | 380 | 100 |
| Dividends paid | 70.0 | 70.0 | 76.0 | 78.0 | 76.0 |
| Dividend per share | 1.15 | 1.27 | 1.44 | 1.58 | 1.64 |
| Fiscal year | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.3% | −8.4% | −3.6% | −13.7% |
| Operating income growth (YoY) | – | 73.4% | −48.3% | −115.1% | – |
| EPS growth (YoY) | – | 357.1% | −79.8% | 1.5% | −642.6% |
| Gross margin | 31.7% | 34.7% | 30.5% | 29.2% | 30.1% |
| Operating margin | 9.1% | 13.9% | 7.9% | −1.2% | −42.5% |
| Net margin | 10.4% | 38.8% | 8.1% | 8.0% | −46.3% |
| Return on equityBlank when equity is negative | 8.0% | 28.8% | 5.7% | 5.9% | −44.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.4% | 5.9% | 3.1% | −0.5% | −18.5% |
| Free cash flow margin | 17.1% | 3.3% | 5.7% | 15.4% | 2.0% |
| Cash conversion (CFO ÷ net income) | 2.12x | 0.21x | 1.65x | 2.73x | −0.16x |
| Receivable days | 64 | 61 | 56 | 42 | 48 |
| Inventory days | 120 | 147 | 150 | 133 | 163 |
| Payable days | 60 | 62 | 50 | 52 | 54 |
| Interest cover | 2.78x | 5.37x | 3.19x | −0.49x | −12.7x |
| Debt ÷ equity | 0.58x | 0.39x | 0.42x | 0.47x | 0.73x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,395 | 624 | 897 | 1,049 | 1,169 |
| Current ratio | 1.84x | 3.20x | 3.30x | 2.44x | 2.85x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.