olivLaw · US equity research
Ashland Inc. ASH
Wholesale-Chemicals & Allied Products · SIC 5160 · Vertical: Wholesale — nondurable goods (SIC 51xx)
Ashland Inc. is a global additives and specialty ingredients company with approximately 2,900 employees serving customers in more than 100 countries. In the third quarter of fiscal 2026 sales rose seven percent and the company reaffirmed its full-year outlook, which makes it relevant to investors watching margin recovery.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Ashland Inc. (ASH) stock was 76.44 USD (+4.68% on the day), with market capitalisation 3.5 bn USD, P/E 126.3 on diluted EPS of 0.61 USD over the last 12 months, dividend yield 217.16%, beta 1.04, 52-week range 48.18–76.45 USD. Latest reported quarter (Q3 2026): revenue of 497.0 m USD (+7.3% YoY), net income of 16.0 m USD, diluted EPS 0.35 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 67.5
- strong (55–70)
- Bollinger (20, 2)
- 69.54 – 75.54
- above the upper band · %B 1.15 · band width 8.3%
- SMA 50 / 200
- 71.54 / 63.91
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.07 / 0.76
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +11.1% | −1.1% | +12.2 pp | — |
| 3 months | +6.6% | −0.5% | +7.1 pp | — |
| 6 months | +40.0% | +4.4% | +35.6 pp | — |
| Year to date | +30.3% | +12.3% | +18.0 pp | — |
| 1 year | +59.8% | +13.5% | +46.2 pp | −1.2% |
| 3 years | −1.5% | +76.4% | −77.9 pp | +6.6% |
| 5 years | −22.1% | +63.7% | −85.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 522.0 m | 405.0 m | 479.0 m | 463.0 m | 477.0 m | 386.0 m | 482.0 m | 497.0 m |
| Cost of revenue | 348.0 m | 294.0 m | 332.0 m | 331.0 m | 318.0 m | 281.0 m | 335.0 m | 327.0 m |
| Gross profit | 174.0 m | 111.0 m | 147.0 m | 132.0 m | 159.0 m | 105.0 m | 147.0 m | 170.0 m |
| Research & development | 13.0 m | 13.0 m | 14.0 m | 13.0 m | 13.0 m | 13.0 m | 14.0 m | 15.0 m |
| SG&A | 101.0 m | 78.0 m | 85.0 m | 106.0 m | 76.0 m | 86.0 m | 79.0 m | 99.0 m |
| Operating income | 31.0 m | -179.0 m | 51.0 m | -708.0 m | 61.0 m | -6.0 m | 39.0 m | 43.0 m |
| Depreciation & amortisation | 53.0 m | 51.0 m | 60.0 m ≈ | 76.0 m ≈ | 50.0 m | 48.0 m | 45.0 m ≈ | 48.0 m ≈ |
| Pre-tax income | 25.0 m | -209.0 m | 39.0 m | -704.0 m | 65.0 m | -15.0 m | 20.0 m | 56.0 m |
| Income tax | 6.0 m | -43.0 m | 9.0 m | 15.0 m | 32.0 m | -1.0 m | 5.0 m | 15.0 m |
| Net income | 16.0 m | -165.0 m | 31.0 m | -742.0 m | 32.0 m | -12.0 m | 16.0 m | 16.0 m |
| Diluted EPS | 0.34 ≈ | -3.50 | 0.65 | -16.21 | 0.18 ≈ | -0.26 | 0.34 | 0.35 |
| Capex | 38.0 m | 23.0 m | 21.0 m ≈ | 20.0 m ≈ | 34.0 m | 14.0 m | 17.0 m ≈ | 20.0 m ≈ |
| Dividends paid | 19.0 m | 19.0 m | 19.0 m ≈ | 19.0 m ≈ | 19.0 m | 19.0 m | 19.0 m ≈ | 19.0 m ≈ |
| Share repurchases | 150.0 m | 0 | 100.0 m ≈ | 0 ≈ | 0 | — | — | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 96 percentile of its own 24-quarter history (min 5.8, median 28.4, max 101,354.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.6 bn | 2.1 bn | 2.0 bn | 2.1 bn | 2.4 bn | 2.2 bn | 2.1 bn | 1.8 bn |
| Revenue YoY | +12.1% | −17.0% | −6.1% | +4.7% | +13.3% | −8.4% | −3.6% | −13.7% |
| Net income | 114.0 m | 505.0 m | -508.0 m | 220.0 m | 927.0 m | 178.0 m | 169.0 m | -845.0 m |
| Net income YoY | +11,300.0% | +343.0% | −200.6% | unavailable | +321.4% | −80.8% | −5.1% | −600.0% |
| Diluted EPS | 1.79 | 8.15 | -8.39 | 3.59 | 16.41 | 3.31 | 3.36 | -18.23 |
| Diluted EPS YoY | +17,800.0% | +355.3% | −202.9% | unavailable | +357.1% | −79.8% | +1.5% | −642.6% |
| net % | 4.4% | 23.5% | -25.2% | 10.4% | 38.8% | 8.1% | 8.0% | -46.3% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 215.0 m USD
- Financial debt
- 1.4 bn USD
- Net debt
- 1.2 bn USD
- Equity
- 1.9 bn USD
- Total assets
- 4.6 bn USD
- Debt / equity
- 0.73x
- Current ratio
- 2.85x
- ROE
- -35.4%
- ROA
- -16.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.0 bn | 2.1 bn | 2.4 bn | 2.2 bn | 2.1 bn | 1.8 bn | SEC (XBRL)· 20 Nov 2025verified |
| Cost of revenue | 1.4 bn | 1.4 bn | 1.6 bn | 1.5 bn | 1.5 bn | 1.3 bn | SEC (XBRL)· 20 Nov 2025verified |
| Gross profit | 599.0 m | 670.0 m | 830.0 m | 668.0 m | 618.0 m | 549.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Research & development | 56.0 m | 50.0 m | 55.0 m | 51.0 m | 55.0 m | 54.0 m | SEC (XBRL)· 20 Nov 2025verified |
| SG&A | 400.0 m | 358.0 m | 393.0 m | 365.0 m | 404.0 m | 344.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Operating income | -461.0 m | 192.0 m | 333.0 m | 172.0 m | -26.0 m | -775.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Depreciation & amortisation | 235.0 m | 244.0 m | 241.0 m | 243.0 m | 274.0 m | 237.0 m | SEC (XBRL)· 20 Nov 2025verified |
| EBITDA | -226.0 m ≈ | 436.0 m ≈ | 574.0 m ≈ | 415.0 m ≈ | 248.0 m ≈ | -538.0 m ≈ | SEC (XBRL)· 20 Nov 2025derived |
| Interest expense | 62.0 m | 20.0 m | 4.0 m | 3.0 m | 2.0 m | 61.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Pre-tax income | -577.0 m | 135.0 m | 206.0 m | 160.0 m | -24.0 m | -809.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Income tax | -22.0 m | -38.0 m | 25.0 m | -8.0 m | -223.0 m | 13.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Net income | -508.0 m | 220.0 m | 927.0 m | 178.0 m | 169.0 m | -845.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Diluted EPS | -8.39 | 3.59 | 16.41 | 3.31 | 3.36 | -18.23 | SEC (XBRL)· 20 Nov 2025verified |
| Weighted average diluted shares | 61.0 m | 61.0 m | 56.0 m | 54.0 m | 50.0 m | 46.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Dividend per share | 1.10 | 1.15 | 1.27 | 1.44 | 1.58 | 1.64 | SEC (XBRL)· 20 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 454.0 m | 210.0 m | 646.0 m | 417.0 m | 300.0 m | 215.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Receivables | 437.0 m | 369.0 m | 402.0 m | 338.0 m | 243.0 m | 242.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Inventories | 506.0 m | 473.0 m | 629.0 m | 626.0 m | 545.0 m | 568.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Current assets | 1.5 bn | 1.7 bn | 1.8 bn | 1.5 bn | 1.2 bn | 1.2 bn | SEC (XBRL)· 20 Nov 2025verified |
| Property, plant & equipment, net | 1.5 bn | 1.4 bn | 1.3 bn | 1.4 bn | 1.3 bn | 1.2 bn | SEC (XBRL)· 20 Nov 2025verified |
| Goodwill | 1.3 bn | 1.4 bn | 1.3 bn | 1.4 bn | 1.4 bn | 705.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Intangibles (excl. goodwill) | 1.0 bn | 1.1 bn | 963.0 m | 886.0 m | 751.0 m | 563.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Total assets | 6.9 bn | 6.6 bn | 6.2 bn | 5.9 bn | 5.6 bn | 4.6 bn | SEC (XBRL)· 20 Nov 2025verified |
| Accounts payable | 211.0 m | 236.0 m | 265.0 m | 210.0 m | 214.0 m | 189.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Short-term debt | 280.0 m | 365.0 m | 0 | 16.0 m | 0 | 0 | SEC (XBRL)· 03 Feb 2026verified |
| Long-term debt | 1.6 bn | 1.6 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.4 bn | SEC (XBRL)· 20 Nov 2025verified |
| Current liabilities | 813.0 m | 934.0 m | 553.0 m | 456.0 m | 490.0 m | 423.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Equity | 3.0 bn | 2.8 bn | 3.2 bn | 3.1 bn | 2.9 bn | 1.9 bn | SEC (XBRL)· 20 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Capex | 133.0 m | 105.0 m | 113.0 m | 170.0 m | 137.0 m | 98.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Investing cash flow | — | — | — | -109.0 m | -51.0 m | -3.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Financing cash flow | 9.0 m | -426.0 m | -896.0 m | -371.0 m | -479.0 m | -179.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Dividends paid | 66.0 m | 70.0 m | 70.0 m | 76.0 m | 78.0 m | 76.0 m | SEC (XBRL)· 20 Nov 2025verified |
| Share repurchases | — | 450.0 m | 200.0 m | 300.0 m | 380.0 m | 100.0 m | SEC (XBRL)· 20 Nov 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 31 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 3.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation20
- Returns31
- Quality54
- Balance sheet37
- Growth0
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.38 – 95.89 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA28.31 – 95.89 (Mid 61.97)17 companies used · median multiple 11.5x · quartiles 6.8x – 16.2xCAH, CAPL, CHEF, COR, DIT, DPZ, HLF, HWKN, MCK, MMLP, NUS, SEB, SYY, UNFI, USFD, UVV, VSTS
- Peers: P/E6.38 – 20.81 (Mid 12.05)20 companies used · median multiple 19.9x · quartiles 10.5x – 34.4xANDE, CAH, CAPL, CENT, CHEF, COR, DIT, DPZ, EDUC, GLP, HLF, HWKN, MCK, PFGC, RAVE, SEB, SYY, UNFI, USFD, WEYS
- Dividend discount (DDM)21.55 – 28.98 (Mid 24.72)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 31/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 2.8% | 40 (vs peers) | 14% |
| Net margin · Quality | 2.8% | 77 (vs peers) | 9% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -8.6% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 2.8x | 28 (vs peers) | 14% |
| Interest coverage · Balance sheet | 2.2x | 11 (on a fixed band) | 9% |
| Current ratio · Balance sheet | 3.0x | 100 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 126.3x | 5 (vs peers) | 14% |
| EV/EBITDA · Valuation | 13.5x | 35 (vs peers) | 14% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 2.2% | 31 (on a fixed band) | 9% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet37/100 · 3/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality54/100 · 2/3 factors with a value
- Returns· partial31/100 · 1/2 factors with a value
- Valuation20/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ASHLAND INC. (ASH). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.8 bn USD in 2025; YoY growth -13.7%; net margin 2.8%; ROE 2.8%; net debt/EBITDA 2.8x.
The estimated value range is 21.55–28.98 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 24.72 USD, the price of 76.44 USD leaves a potential of -67.7% (value / price − 1) and a margin of safety of -209.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 31/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 2.8%
- Current ratio: 3.0x
What contradicts it
- Revenue CAGR 3Y: -8.6%
- Net debt / EBITDA: 2.8x
- Interest coverage: 2.2x
- P/E (TTM): 126.3x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Wholesale — nondurable goods (SIC 51xx) · same major group (2-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MCKMcKESSON CORPORATION | 123.5 bn | 27.5 | — | 1.1% | +12.4% | +21% / +127% |
| CORCencora, Inc. | 67.6 bn | 26.3 | 104.3% | 0.8% | +9.3% | −4% / +74% |
| CAHCardinal Health, Inc. | 60.9 bn | 36.2 | — | 0.7% | +14.2% | +23% / +145% |
| SYYSysco Corporation | 37.9 bn | 20.5 | 59.1% | 2.1% | +3.9% | +1% / +7% |
| USFDUs Foods Holding Corp. | 23.8 bn | 33.8 | 16.4% | 1.8% | +4.1% | +40% / +151% |
| PFGCPerformance Food Group Company | 17.3 bn | 43.7 | 8.2% | 0.6% | +7.2% | +13% / +68% |
| DPZDomino’s Pizza, Inc. | 11.2 bn | 19.3 | — | 11.9% | +5.0% | −19% / −13% |
| CHEFChefs’ Warehouse, Inc. | 4.6 bn | 46.5 | 16.2% | 2.3% | +9.4% | +74% / +297% |
| ASHAshland Inc. | 3.5 bn | 126.3 | 2.8% | 2.8% | −13.7% | +60% / −1% |
| SEBSeaboard Corporation | 3.3 bn | 5.9 | 10.7% | 5.3% | +7.1% | −26% / −2% |
| HWKNHawkins, Inc. | 3.2 bn | 37.9 | 16.0% | 7.5% | +11.2% | +20% / +154% |
| UNFIUnited Natural Foods, Inc. | 2.9 bn | 36.0 | 5.3% | 0.3% | −2.0% | +29% / +232% |
| VSTSVestis Corp | 2.0 bn | — | -0.6% | -0.2% | −2.5% | +128% / −19% |
| ANDEAndersons, Inc. | 1.9 bn | 9.3 | 16.1% | 1.8% | −2.2% | +7% / +11% |
| HLFHerbalife Ltd. | 1.6 bn | 9.1 | — | 3.4% | +0.9% | +20% / +19% |
| GLPGlobal Partners LP | 1.5 bn | 7.6 | — | 0.9% | +8.1% | −1% / +19% |
| UVVUniversal Corporation | 990.8 m | — | -0.2% | -0.1% | −1.3% | −25% / −29% |
| CAPLCrossamerica Partners LP | 773.8 m | 16.1 | — | 1.2% | −10.6% | −1% / −15% |
| WEYSWeyco Group, Inc. | 616.9 m | 17.8 | 13.8% | 12.4% | −4.9% | +116% / +119% |
| MGPIMgp Ingredients, Inc. | 364.2 m | — | -34.5% | -51.4% | −23.8% | −25% / −80% |
| NUSNu Skin Enterprises, Inc. | 242.9 m | — | -32.5% | -15.7% | −14.3% | −50% / −71% |
| PTLEPTL Limited | 121.4 m | — | -24.8% | -1.6% | −27.0% | −30% / unavailable |
| BANLCbl International Limited | 80.0 m | — | -14.0% | -0.6% | −9.1% | −48% / −86% |
| MMLPMartin Midstream Partners L.P. | 77.1 m | — | — | -1.4% | +1.2% | −25% / −24% |
| DITAmcon Distributing Co | 59.4 m | 33.1 | 1.6% | 0.1% | +3.9% | −19% / −48% |
1- and 3-year price returns: for ASH from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 76.66 Total return 1% · Per year 1% | 136.22 Total return 80% · Per year 80% | 206.12 Total return 171% · Per year 171% |
| 3 years | 60.87 Total return -18% · Per year -6% | 122.94 Total return 65% · Per year 18% | 206.12 Total return 175% · Per year 40% |
| 5 years | 48.34 Total return -33% · Per year -8% | 110.95 Total return 52% · Per year 9% | 206.12 Total return 178% · Per year 23% |
- Exit P/E± 30.73
- Net margin± 21.51
- Annual revenue growth± 19.43
- Annual dilution± 1.81
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results).
In brief
Ashland Inc. is a global additives and specialty ingredients company with approximately 2,900 employees serving customers in more than 100 countries 1. In the third quarter of fiscal 2026 sales rose seven percent and the company reaffirmed its full-year outlook, which makes it relevant to investors watching margin recovery 3.
SWOT
Strengths
- Diversified portfolio of specialty ingredients with leading positions in pharmaceuticals and personal care.
- Global footprint with strong sales outside North America.
- Volume growth in the third quarter of fiscal 2026 across all business units.
Weaknesses
- Significant goodwill impairment in fiscal 2025 tied to weaker segment performance.
- Operational problems in production that weighed on Specialty Additives margins.
- Substantial debt that may limit financial flexibility.
Opportunities
- Growing demand for high-purity pharmaceutical ingredients.
- Cost savings from manufacturing network optimization if the China market improves.
- Demand for NMP in electric vehicle batteries and energy storage.
Threats
- Tariffs and trade tensions that could raise costs and reduce demand.
- A weaker global economy that could hit construction and coatings.
- Chemical regulation that could raise compliance costs.
Risks
- Goodwill impairmenthigh
Further impairment tests could create new accounting losses if segment performance declines again.
- Trade exposurehigh
Tariffs and trade conflicts could affect costs and market access.
- Debtmedium
A high debt load could limit flexibility when markets change.
- Supply chainmedium
Climate and geopolitical disruptions could affect the availability of raw materials.
- Regulationlow
New chemical requirements could raise testing and registration costs.
Investment thesis
What would need to be true (bull case)
- If volumes and prices hold, operational improvement could support higher profitability.
- Demand in pharmaceuticals and personal care could continue to support sales.
- Lower debt toward the target range could increase financial flexibility.
What would break the thesis
- If construction and coatings stay weak, Specialty Additives results could keep declining.
- Tariffs could reduce demand and raise sourcing costs.
- Further goodwill impairments could affect reported results.
What to watch
- Delivery of sales and Adjusted EBITDA guidanceQ4 2026
- Margin trend in Specialty AdditivesQ4 2026
- Effects of tariffs on costsnext 10-K
- Results of manufacturing network optimization2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (03 Nov 2026 · results).
The business
Ashland supplies additives and specialty ingredients for pharmaceuticals, nutrition, personal care, paints and construction, with headquarters in Wilmington, Delaware 1. In fiscal 2025 sales were 1,824 million USD and Adjusted EBITDA was 401 million USD 1. Sales outside North America were 73% in the first nine months of fiscal 2026 2.
Reportable segments are Life Sciences, Personal Care, Specialty Additives and Intermediates, while Unallocated and Other covers corporate governance and legacy matters 1. The company sold its Nutraceuticals business in August 2024 and its Avoca business in fiscal 2025 1.
Ashland recorded a goodwill impairment of 706 million USD in fiscal 2025, which shows how sensitive reported results are to asset valuations 1.
Segments
Life Sciences
Life Sciences supplies excipients, tablet coatings and nutrition ingredients and made up 35% of fiscal 2025 sales 1. Sales rose 11% in the third quarter of fiscal 2026, supported by pharmaceutical demand 3.
Market context
The specialty additives market depends on construction, coatings, pharmaceuticals and personal care, which are sensitive to the economic cycle. Ashland reports more sales in Europe and Asia Pacific than in North America, which exposes it to currency and trade movements 2.
Demand in pharmaceuticals and electronics supported growth in the third quarter of fiscal 2026, while construction and energy remained weak 3.
Trends
- Tariffs and trade policymixed
US tariffs and retaliation have created uncertainty about costs and market access, although some measures were later modified or suspended 2.
- Margin recovery through pricingtailwind
The company passed higher raw material costs to customers through pricing, which could support margins if volumes hold 3.
- Geopolitical conflictsheadwind
Conflicts in the Middle East and Ukraine could disrupt supply chains and energy markets, with effects that could be material 2.
- Chemical regulationheadwind
TSCA, REACH and CSAR requirements may raise testing and registration costs if they are extended 1.
Competitive position
Ashland competes with producers of cellulose, polymers and specialty ingredients, and the sources do not detail each competitor's market share. Competitive pressure varies by segment and region.
The company argues that innovation and its differentiated portfolio could reduce price pressure if customer engagement holds 3.
- Dow Inc.DOW
Competitor in polymers and specialty ingredients, cited as a general sector reference.
- Eastman ChemicalEMN
Competitor in specialty additives and polymers for coatings and personal care.
- Croda International
Competitor in personal care and pharmaceutical ingredients, listed outside the US.
- Solvay
Competitor in specialty chemicals, listed outside the US.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Chemicals Maker Ashland Pushed to Sell by Activist CruiserBloomberg Markets · 18 Jun 2026 · EN
The latest news item in our archive is from 18 Jun 2026; the newest SEC filing is from 03 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report03 Nov 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report25 Sept 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report (amendment)10 Aug 2026Departure or appointment of officers
- Current report31 Jul 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Quarterly report29 Jul 2026
- Current report28 Jul 2026Material agreement · Departure or appointment of officers · Regulation FD disclosure
- Current report28 Jul 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report29 May 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report18 May 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report29 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / Ashland Inc. · 20 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ashland Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Ashland Inc. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.