Explain this page
Arphra AIPlain-English read on Ashland Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
BSolid
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin30.1%
Operating margin-42.5%
Net margin-46.3%
ROE-44.4%
ROA-18.3%
ROIC-24.1%
Liquidity & leverage
Current ratio2.85×
Quick ratio1.51×
Debt / equity0.83×
Net debt / EBITDA-2.67×
Interest coverage-12×
Efficiency & per-share
Asset turnover0.40×
Inventory days163
Days sales out.48
FCF / share$-0.09
Book value / share$41.39
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | $4.26B | $2.2B | — | — | — |
| Enterprise value | — | — | — | $5.43B | $3.56B | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 2.57 | 1.95 | — | — | — |
| EV / FCF | — | — | — | 19.82 | -890.97 | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | +3.97% | -38.34% | — | — | — |
| Free cash flow yield | — | — | — | +6.43% | -0.18% | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +31.74% | +34.71% | +30.49% | +29.25% | +30.10% | +30.51% | +29.47% | +30.30% |
| Operating margin | +9.10% | +13.93% | +7.85% | -1.23% | -42.49% | -12.05% | -11.99% | -11.83% |
| EBITDA margin | +21.22% | +21.29% | +20.86% | +14.34% | -27.91% | +2.50% | +2.38% | +2.49% |
| EBIT margin | +9.66% | +11.21% | +9.77% | +1.37% | -40.90% | -9.91% | -9.67% | -9.99% |
| Pre-tax margin | +6.40% | +8.62% | +7.30% | -1.14% | -44.35% | -12.93% | -12.38% | -13.05% |
| Net margin | +10.42% | +38.77% | +8.12% | +8.00% | -46.33% | -9.98% | -9.85% | -9.98% |
| Cost structure | ||||||||
| Cost of revenue / sales | +68.26% | +65.29% | +69.51% | +70.75% | +69.90% | +69.05% | +68.00% | +68.26% |
| R&D intensity | +2.37% | +2.30% | +2.33% | +2.60% | +2.96% | +2.59% | +2.64% | +2.65% |
| SG&A intensity | +16.96% | +16.44% | +16.66% | +19.12% | +18.91% | +18.61% | +17.97% | +18.15% |
| Effective tax rate | -28.15% | +12.14% | -5.00% | — | — | — | — | — |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | +7.99% | +28.79% | +5.75% | +5.89% | -44.38% | -7.66% | -8.01% | -7.64% |
| Return on assets (ROA) | +3.33% | +14.92% | +3.00% | +2.99% | -18.33% | -3.70% | -3.83% | -3.77% |
| Return on capital (ROC) | +3.95% | +7.23% | +3.78% | -0.60% | -22.28% | -5.93% | -6.12% | -5.72% |
| Return on invested capital (ROIC) | +4.53% | +20.14% | +3.91% | -0.45% | -16.71% | -4.45% | -4.59% | -4.29% |
| Asset turnover | +31.93% | +38.48% | +36.89% | +37.43% | +39.56% | +37.13% | +38.84% | +37.83% |
| DuPont · ROE decomposition | ||||||||
| Net margin | +10.42% | +38.77% | +8.12% | +8.00% | -46.33% | -9.98% | -9.85% | -9.98% |
| Asset turnover (× revenue / assets) | +31.93% | +38.48% | +36.89% | +37.43% | +39.56% | +37.13% | +38.84% | +37.83% |
| Equity multiplier (× assets / equity) | +240.26% | +192.95% | +191.77% | +196.83% | +242.17% | +206.86% | +209.27% | +202.56% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.32 | 0.38 | 0.37 | 0.37 | 0.40 | 0.37 | 0.39 | 0.38 |
| Fixed-asset turnover | 1.36 | 1.65 | 1.47 | 1.49 | 1.40 | — | — | — |
| Inventory turnover | 3.05 | 2.48 | 2.43 | 2.74 | 2.24 | — | — | — |
| Receivables turnover | 5.72 | 5.95 | 6.48 | 8.70 | 7.54 | — | — | — |
| Payables turnover | 6.11 | 5.89 | 7.25 | 6.99 | 6.75 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 63.80 | 61.37 | 56.31 | 41.98 | 48.43 | — | — | — |
| Days inventory outstanding (DIO) | 119.81 | 147.08 | 150.03 | 133.06 | 162.60 | — | — | — |
| Days payables outstanding (DPO) | 59.78 | 61.96 | 50.33 | 52.25 | 54.11 | — | — | — |
| Cash conversion cycle | 123.83 | 146.48 | 156.01 | 122.79 | 156.92 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 2.55 | -0.23 | 1.37 | 2.43 | -0.11 | -1.17 | -1.21 | -1.23 |
| FCF / Net income | 2.07 | -0.35 | 0.41 | 1.62 | 0.00 | -0.52 | -0.55 | -0.54 |
| FCF margin | +21.55% | -13.63% | +3.33% | +12.97% | -0.22% | +5.23% | +5.45% | +5.42% |
| OCF margin | +26.53% | -8.91% | +11.09% | +19.45% | +5.15% | +11.66% | +11.91% | +12.25% |
| CapEx / Revenue | +4.97% | +4.73% | +7.76% | +6.48% | +5.37% | +6.50% | +6.39% | +6.66% |
| CapEx / D&A | 0.43 | 0.47 | 0.70 | 0.50 | 0.41 | — | — | — |
| Stock-based comp / Revenue | +0.71% | +0.75% | +1.00% | +0.71% | +0.77% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 3.66 | 16.41 | 3.31 | 3.38 | -18.37 | 3.63 | 4.37 | 4.98 |
| EPS · basic | 2.85 | 17.17 | 3.36 | 3.45 | -18.37 | 3.68 | 4.41 | 5.04 |
| Book value / share | 45.11 | 57.50 | 57.35 | 57.36 | 41.39 | 51.97 | 51.43 | 56.37 |
| Tangible BV / share | 3.54 | 16.77 | 15.61 | 14.60 | 13.83 | 51.97 | 51.43 | 56.37 |
| Sales / share | 34.61 | 42.70 | 40.57 | 42.26 | 39.65 | 39.92 | 41.80 | 43.19 |
| Operating CF / share | 9.18 | -3.80 | 4.50 | 8.22 | 2.04 | 4.65 | 4.98 | 5.29 |
| Free cash flow / share | 7.46 | -5.82 | 1.35 | 5.48 | -0.09 | 2.09 | 2.28 | 2.34 |
| Dividends / share | 1.15 | 1.25 | 1.41 | 1.56 | 1.65 | 1.49 | 1.54 | 1.64 |
| Payout ratio | +31.82% | +7.55% | +42.70% | +46.15% | -8.99% | -37.38% | -37.31% | -38.05% |
| Retention ratio | +68.18% | +92.45% | +57.30% | +53.85% | +108.99% | +137.38% | +137.31% | +138.05% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +13.26% | -8.36% | -3.56% | -13.68% | +1.65% | +4.07% | +3.65% | -0.77% |
| Gross profit · YoY | — | +23.88% | -19.52% | -7.49% | -11.17% | +3.05% | +0.52% | +6.55% | -1.43% |
| Profit | |||||||||
| Operating income · YoY | — | +73.44% | -48.35% | -115.12% | -2880.77% | +71.17% | -3.53% | -2.28% | — |
| EBITDA · YoY | — | +13.62% | -10.22% | -33.70% | -267.99% | +109.09% | -0.88% | +8.58% | -26.93% |
| Net income · YoY | — | +321.36% | -80.80% | -5.06% | -600.00% | +78.11% | -2.78% | -4.93% | — |
| Operating | |||||||||
| EBIT · YoY | — | +31.37% | -20.15% | -86.45% | -2672.41% | +75.38% | -1.62% | -7.05% | — |
| R&D · YoY | — | +10.00% | -7.27% | +7.84% | -1.82% | -10.95% | +5.97% | +4.15% | +0.86% |
| Per-share | |||||||||
| EPS · diluted · YoY | — | +348.36% | -79.83% | +2.11% | -643.49% | +119.75% | +20.57% | +13.85% | +4.50% |
| EPS · basic · YoY | — | +502.46% | -80.43% | +2.68% | -632.46% | +120.05% | +19.83% | +14.16% | +8.48% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $2.1B | $1.38B | $1.46B | $1.47B | $1.58B | $1.35B | $1.41B | $1.52B |
| Net debt | $1.89B | $737M | $1.04B | $1.17B | $1.36B | $1.08B | $1.13B | $1.22B |
| Net debt / EBITDA | 4.23 | 1.45 | 2.28 | 3.85 | -2.67 | 23.25 | 24.56 | 24.54 |
| Debt / equity | 0.76 | 0.43 | 0.47 | 0.51 | 0.83 | 0.56 | 0.59 | 0.58 |
| Debt / assets | +31.81% | +22.26% | +24.55% | +26.01% | +34.16% | +27.06% | +28.33% | +28.81% |
| Equity / assets | +41.62% | +51.83% | +52.15% | +50.81% | +41.29% | +48.34% | +47.78% | +49.37% |
| Coverage | ||||||||
| EBITDA / interest expense | 6.14 | 7.71 | 8.02 | 5.72 | -8.08 | 0.90 | 0.85 | 0.87 |
| Operating income / interest | 2.63 | 5.05 | 3.02 | -0.49 | -12.30 | -4.34 | -4.27 | -4.13 |
| Interest expense | $73M | $66M | $57M | $53M | $63M | $51.48M | $54.18M | $57.27M |
| Liquidity | ||||||||
| Current ratio | 1.84 | 3.20 | 3.30 | 2.44 | 2.85 | — | — | — |
| Quick ratio | 0.62 | 1.90 | 1.66 | 1.11 | 1.08 | — | — | — |
| Cash ratio | 0.22 | 1.17 | 0.91 | 0.61 | 0.51 | — | — | — |
| Working capital | $783M | $1.22B | $1.05B | $705M | $782M | — | — | — |
| Working capital / revenue | +37.09% | +50.82% | +47.92% | +33.36% | +42.87% | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 1.95x | 2.57x |
| Earnings yield | -38.3% | 4.0% |
| FCF yield | -0.2% | 6.4% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | -44.4% | 5.9% |
| ROA | -18.3% | 3.0% |
| ROIC | -18.4% | 4.2% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | -2.67 | 3.85 |
| Interest coverage | — | — |
| Current ratio | 2.85x | 2.44x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).