Ashland (ASH) Financials

$50.66 +0.15 (+0.30%)

As of 03:59 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	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	-29	1.00	114	505	-508	220	927	178	169
Consolidated Net Income / (Loss)	-28	28	114	505	-508	220	927	178	169
Net Income / (Loss) Continuing Operations	-283	-180	19	-39	-555	173	181	168	199
Total Pre-Tax Income	-308	-196	11	-9.00	-577	135	206	160	-24
Total Operating Income	-50	49	102	86	-461	192	333	172	-26
Total Gross Profit	887	729	863	651	599	670	830	668	618
Total Revenue	3,019	2,309	2,589	2,148	2,016	2,111	2,391	2,191	2,113
Operating Revenue	3,019	2,309	2,589	2,148	2,016	2,111	2,391	2,191	2,113
Total Cost of Revenue	2,132	1,580	1,726	1,497	1,417	1,441	1,561	1,523	1,495
Operating Cost of Revenue	2,132	1,580	1,726	1,497	1,417	1,441	1,561	1,523	1,495
Total Operating Expenses	937	680	761	565	1,060	478	497	496	644
Selling, General & Admin Expense	858	610	599	426	400	358	393	365	404
Research & Development Expense	87	73	73	58	56	50	55	51	55
Amortization Expense	-	-	93	85	84	90	94	93	76
Other Operating Expenses / (Income)	-8.00	-	-	-4.00	-8.00	-9.00	-3.00	-7.00	-6.00
Impairment Charge	-	-	0.00	0.00	530	0.00	0.00	0.00	0.00
Other Special Charges / (Income)	-	-3.00	-4.00	-	-2.00	-11	-42	-6.00	115
Total Other Income / (Expense), net	-258	-245	-91	-95	-116	-57	-127	-12	2.00
Interest Expense	173	229	102	99	119	56	149	6.00	-24
Other Income / (Expense), net	-85	-16	11	4.00	3.00	-1.00	22	-6.00	-22
Income Tax Expense	-25	-16	-8.00	30	-22	-38	25	-8.00	-223
Net Income / (Loss) Discontinued Operations	255	208	95	544	47	47	746	10	-30
Basic Earnings per Share	($0.47)	$0.01	$1.82	$8.15	($8.39)	$3.63	$16.71	$3.36	$3.40
Weighted Average Basic Shares Outstanding	62.12M	62.12M	62.49M	60.18M	60.58M	56.84M	54.15M	51.26M	47.11M
Diluted Earnings per Share	($0.47)	$0.01	$1.79	$8.15	($8.39)	$3.59	$16.41	$3.31	$3.36
Weighted Average Diluted Shares Outstanding	62.12M	62.12M	62.49M	60.18M	60.58M	56.84M	54.15M	51.26M	47.11M
Weighted Average Basic & Diluted Shares Outstanding	62.12M	62.12M	62.49M	60.18M	60.58M	56.84M	54.15M	51.26M	47.11M
Cash Dividends to Common per Share	$1.56	$1.23	$0.95	$1.05	$1.10	$1.15	$1.27	$1.44	$1.58

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

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

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q3 2024	Q4 2024	Q1 2025
Net Change in Cash & Equivalents	-335	17	-114	-133	-50	68	23	-40	-99	-81
Net Cash From Operating Activities	-17	179	-29	56	136	131	201	127	80	-30
Net Cash From Continuing Operating Activities	-17	179	-29	56	136	131	201	127	80	-30
Net Income / (Loss) Continuing Operations	51	60	42	92	42	-8.00	28	31	19	-166
Consolidated Net Income / (Loss)	36	57	40	92	50	-4.00	26	6.00	16	-165
Net Income / (Loss) Discontinued Operations	-15	-3.00	-2.00	-	8.00	4.00	-2.00	-25	-3.00	1.00
Depreciation Expense	61	59	59	61	61	62	77	61	53	51
Amortization Expense	1.00	3.00	1.00	2.00	1.00	2.00	1.00	1.00	2.00	2.00
Non-Cash Adjustments To Reconcile Net Income	8.00	10	-14	-16	-6.00	11	-34	98	15	199
Changes in Operating Assets and Liabilities, net	-138	47	-117	-83	38	64	129	-64	-9.00	-116
Net Cash From Investing Activities	-18	-42	-27	-18	-12	-52	-26	-5.00	3.00	-18
Net Cash From Continuing Investing Activities	-18	-42	-27	-18	-12	-52	-26	-5.00	3.00	-18
Purchase of Property, Plant & Equipment	-30	-46	-23	-35	-43	-69	-36	-29	-38	-23
Acquisitions	-	-	-	-	-	-	0.00	-	-	0.00
Purchase of Investments	-29	-12	0.00	-15	-21	-11	-9.00	-19	-14	-5.00
Sale of Property, Plant & Equipment	40	-	0.00	-	3.00	8.00	0.00	-	-	0.00
Sale and/or Maturity of Investments	29	19	0.00	31	51	23	25	42	33	11
Other Investing Activities, net	-28	-3.00	-4.00	1.00	-2.00	-3.00	-6.00	1.00	22	-1.00
Net Cash From Financing Activities	-66	-20	-27	-161	-178	-5.00	-139	-151	-169	-22
Net Cash From Continuing Financing Activities	-66	-20	-27	-161	-178	-5.00	-139	-151	-169	-22
Repayment of Debt	-	-2.00	0.00	-	-	16	-16	-	-	0.00
Repurchase of Common Equity	-45	-	-	-	-158	-	-100	-130	-150	0.00
Payment of Dividends	-18	-18	-18	-18	-20	-20	-20	-20	-19	-19
Other Financing Activities, net	-3.00	-	-9.00	-1.00	-	-1.00	-3.00	-1.00	-	-3.00
Effect of Exchange Rate Changes	-5.00	-4.00	3.00	3.00	-	2.00	1.00	-	-	-1.00
Other Net Changes in Cash	-229	-96	-34	-13	4.00	-8.00	-14	-11	-13	-10

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

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

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

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

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

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

Frequently Asked Questions About Ashland's Financials

When does Ashland's fiscal year end?

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

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 4/14/2025 by MarketBeat.com Staff

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Ashland (ASH) Financials

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Ashland (ASH) Financials

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