Returning more cash than it generates. Paid out $1.0B vs $485M of free cash flow over the 3 fiscal years to FY Sep 2025.
Ashland returned $1.0B to shareholders over three years, 208% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
Ashland made a profit per share in its latest year after a loss the year before.
Annual revenue fell three years running. Fiscal-year revenue down each year from FY Sep 2022 to FY Sep 2025.
Ashland's fiscal-year revenue declined in each of the three years to FY Sep 2025.
Valuation signals disagree. Cheaper than 76% of peers on free cash flow, but only 35% on earnings.
Relative to its free cash flow, Ashland looks cheaper than 76% of peers; relative to its earnings, cheaper than only 35%. The valuation score blends the two, so look at which measure fits this business best.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Ashland
Is Ashland getting weaker?
Its latest SEC filing (Jul 29, 2026) got stronger: turned profitable over the last 12 months; operating margin rose 41.4 points to 7.4%. Its overall score is unchanged at 59/100 since Oct 28, 2026.
How is Ashland valued vs its peers?
Priced about in line with its peers. Valuation scores 52/100 against 1,371 basic materials peers.Free cash flow yield 7.5% vs a peer median of 2.6% (stronger than 76% of peers).Free cash flow yield 7.5% vs peers 2.6% (stronger than 76% of peers).Earnings yield 1.6% vs a peer median of 3.6% (weaker than 65% of peers).Earnings yield 1.6% vs peers 3.6% (weaker than 65% of peers).
Is Ashland growing?
Yes, faster than most of its peers. Growth scores 75/100 against 1,371 basic materials peers.3-year revenue growth -7.2% vs a peer median of -0.0% (weaker than 76% of peers).3-year revenue growth -7.2% vs peers -0.0% (weaker than 76% of peers).
How profitable is Ashland?
Less profitable than most of its peers. Profitability scores 37/100 against 1,371 basic materials peers.Return on assets 1.1% vs a peer median of 2.5% (weaker than 65% of peers).Return on assets 1.1% vs peers 2.5% (weaker than 65% of peers).
How risky is Ashland?
Lower risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings.Beta 0.40 vs a peer median of 0.69 (stronger than 80% of peers).Beta 0.40 vs peers 0.69 (stronger than 80% of peers).Debt / equity 0.73× vs a peer median of 0.36× (weaker than 74% of peers).Debt / equity 0.73× vs peers 0.36× (weaker than 74% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Jul 29, 2026 · compared with the quarter ended Mar 31, 2026
Got stronger
Turned profitable over the last 12 months
Operating margin rose 41.4 points to 7.4%
Previous quarter
Latest quarter
Change
Revenue (12 months)
1.8B USD
1.8B USD
+1.9%
Net income (12 months)
−706.0M USD
52.0M USD
turned positive
Operating margin
-34.0%
7.4%
+41.4 pts
Free cash flow (12 months)
245.0M USD
250.0M USD
+2.0%
Debt
1.4B USD
1.4B USD
0.0%
Cash
343.0M USD
440.0M USD
+28.3%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Industry: Specialty Chemicals · 32 companies
Valuations in Specialty Chemicals are above their usual range since 2016.
74% of months since 2016 were valued lower than now.
17% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −8% and earnings +13% (medians): earnings grew faster than prices.
Median price-to-sales is −36% vs the whole market, against a usual −31%.
2016Shaded: most expensive fifth of its range2026
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY Sep 2021
FY Sep 2022
FY Sep 2023
FY Sep 2024
FY Sep 2025
Change
Gross margin
31.7%
34.7%
30.5%
29.2%
30.1%
▲ 0.9 pts
Operating margin
9.1%
13.9%
7.9%
-1.2%
-42.5%
▼ 41 pts
Net margin
10.4%
38.8%
8.1%
8.0%
-46.3%
▼ 54 pts
Return on assets (ROA)
3.3%
14.9%
3.0%
3.0%
-18.3%
▼ 21 pts
Return on equity (ROE)
8.0%
28.8%
5.7%
5.9%
-44.4%
▼ 50 pts
Free cash flow margin
17.1%
3.3%
5.7%
15.4%
2.0%
▼ 13 pts
Current ratio
1.84×
3.20×
3.30×
2.44×
2.85×
▲ 17%
Quick ratio
1.33×
2.06×
1.93×
1.33×
1.51×
▲ 14%
Debt to equity
0.72×
0.39×
0.43×
0.47×
0.73×
▲ 55%
Interest coverage
2.78×
5.37×
3.19×
-0.49×
-12.70×
▼ >999%
ASH price history
Price history is added with the daily price update and will appear after the next one.