# Ashland Inc. (ASH)

> Source: Nexqual · https://nexqual.com/ASH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ashland Inc. (ASH), nexqual.com/ASH" · informational, not investment advice.

**Price:** USD 73.57 (+1.98% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 72.14 · day 71.31–73.76 · 52w 47.12–78.25 · market cap $3.37B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.84B, net income $52.0M (2.8% margin), free cash flow $250M (SEC filings).
- Valuation: P/E 64.8x (avg 25.3x at the last 2 fiscal year-ends), EV/EBITDA 14.5x, net debt $934M.
- 2 of 80 tracked superinvestors hold ASH (13F, Q2 2026): 1 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.17 on a 1–5 scale) (12 analysts), mean target USD 80.36 (range 73–90).
- Total return with dividends: 1Y +51.6% vs S&P 500 +14.9%; 5Y -16.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 1.27, revenue estimate $502M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.11B | $2.39B | $2.19B | $2.11B | $1.82B | $1.84B |
| Gross profit | $670M | $830M | $668M | $618M | $549M | — |
| Operating income | $192M | $333M | $172M | -$26.0M | -$775M | $137M |
| Net income | $220M | $927M | $178M | $169M | -$845M | $52.0M |
| EPS (diluted) | $3.59 | $16.41 | $3.31 | $3.36 | -$18.23 | — |
| Free cash flow | $361M | $80.0M | $124M | $325M | $36.0M | $250M |
| Gross margin | 31.7% | 34.7% | 30.5% | 29.2% | 30.1% | — |
| Operating margin | 9.1% | 13.9% | 7.9% | -1.2% | -42.5% | 7.4% |
| Net margin | 10.4% | 38.8% | 8.1% | 8.0% | -46.3% | 2.8% |
| Revenue growth | +4.7% | +13.3% | -8.4% | -3.6% | -13.7% | — |
| Cash + short-term investments | $210M | $646M | $417M | $300M | $215M | — |
| Total debt | $1.97B | $1.27B | $1.31B | $1.35B | $1.38B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 64.8x · P/S 1.8x · EV/EBITDA 14.5x · EV/Sales 2.3x · P/FCF 13.5x · P/B 1.8x · FCF yield 7.42% · Earnings yield 1.54% · Dividend yield (paid, TTM) 2.26% · Net debt $934M · EV $4.30B
P/E at fiscal year-ends: Sep 2024 25.7x, Sep 2023 24.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold ASH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Alex Roepers | Atlantic Investment Management | 17.47% | $33.5M | New position |
| Leon Cooperman | Omega Family Office | 3.52% | $125M | Added +11.5% |

## Analysts
Consensus Buy (mean 2.17 on a 1–5 scale), 12 analysts; mean target USD 80.36 (low 73, high 90).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | UBS | Target lowered | Buy | $83 → $80 |
| 2026-08-06 | Morgan Stanley | Target raised | Equal-Weight | $58 → $78 |
| 2026-07-31 | Wells Fargo | Target raised | Equal-Weight | $50 → $70 |
| 2026-07-30 | UBS | Target raised | Buy | $75 → $83 |
| 2026-07-30 | Evercore ISI Group | Target raised | In-Line | $60 → $73 |
| 2026-07-29 | Mizuho | Target raised | Outperform | $75 → $77 |
| 2026-07-29 | BMO Capital | Target raised | Outperform | $68 → $75 |
| 2026-07-10 | JP Morgan | Target raised | Overweight | $65 → $75 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +51.6% | -16.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +51.9% | -3.6% |
| Volatility (annualized) | 38.2% | 29.6% |
| Max drawdown | -24.2% (Feb 2026→Mar 2026) | -55.7% (Nov 2022→Oct 2025) |

## Peers (Specialty Chemicals)
BCPC (Balchem Corporation) USD 173.23 +1.43% · SXT (Sensient Technologies Corporati) USD 130.94 -0.95% · EMN (Eastman Chemical Company) USD 65.31 +2.85% · AXTA (Axalta Coating Systems Ltd.) USD 35.05 +0.20% · NEU (NewMarket Corp) USD 876.33 -0.98% · ESI (Element Solutions Inc.) USD 33.11 -8.89%

## More
Full page: https://nexqual.com/ASH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Life Sciences | $180.0M | 36.2% | +11.1% | $45.0M | 25.0% |
| Personal Care | $155.0M | 31.2% | +5.4% | — | — |
| Personal Care & Household | $155.0M | 31.2% | +5.4% | $29.0M | 18.7% |
| Specialty Additives | $136.0M | 27.4% | +3.8% | $3.0M | 2.2% |
| Intermediates | $37.0M | 7.4% | +12.1% | — | — |
| Intermediates & Solvents | $37.0M | 7.4% | +12.1% | $3.0M | 8.1% |
| Total revenue | $497.0M | 100% | — | $43.0M | 8.7% |
The lines above cover 140.8% of total revenue.

## Revenue by region (fiscal year ended 2025-09-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Non Us | $1.36B | 74.6% | -8.7% |
| United States | $464.0M | 25.4% | -25.6% |
| Total revenue | $1.82B | 100% | — |

## Company outlook (8-K filed 2026-07-28)

- "Ashland is reaffirming its full year fiscal 2026 sales guidance of $1,835 to $1,870 million and its Adjusted EBITDA guidance of $385 to $400 million."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.27 | $1.37 | -7.9% | $501.8M | 9 |
| Next quarter (ends 2026-12-31) | $0.34 | $0.23 | +45.2% | $405.0M | 3 |
| Current fiscal year (ends 2026-09-30) | $3.52 | $3.57 | -1.4% | $1.86B | 12 |
| Next fiscal year (ends 2027-09-30) | $4.32 | $4.26 | +1.4% | $1.93B | 11 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±8.8%; last 8 reports averaged ±7.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 38.4% | ±8.8% |
| 2026-12-18 | 56 | 34.0% | ±10.9% |
| 2027-01-15 | 84 | 30.1% | ±11.8% |
| 2027-04-16 | 175 | 29.1% | ±16.1% |