Ashland Inc. (ASH) intrinsic value & 10-year financials
Ashland Inc. (ASH) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 5.4% a year to $1.8B, with an average return on invested capital of -0.2%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $71.15
- Market cap
- $3.3B
- Revenue (FY2025)
- $1.8B
- Revenue growth (10-yr CAGR)
- -5.4%
- ROIC (10-yr avg)
- -0.2%
- Free cash flow (FY2025)
- $36.0M
ASH 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.8B | -$845.0M | -$18.23 | $36.0M | -42.5% | -21.6% |
| FY2024 | $2.1B | $169.0M | $3.36 | $325.0M | -1.2% | -0.3% |
| FY2023 | $2.2B | $178.0M | $3.31 | $124.0M | 7.9% | 4.3% |
| FY2022 | $2.4B | $927.0M | $16.41 | $80.0M | 13.9% | 7.9% |
| FY2021 | $2.1B | $220.0M | $3.59 | $361.0M | 8.6% | 4.2% |
| FY2020 | $2.3B | -$508.0M | -$8.39 | $175.0M | -16.7% | -8.2% |
| FY2019 | $2.5B | $505.0M | $8.03 | $74.0M | 6.7% | 2.9% |
| FY2018 | $3.7B | $114.0M | $1.79 | $159.0M | 6.1% | 3.7% |
| FY2017 | $3.3B | $1.0M | $0.01 | $56.0M | 4.4% | 1.4% |
| FY2016 | $3.0B | -$29.0M | -$0.46 | $403.0M | 10.8% | 3.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ASHLAND INC. is facing top-line stagnation, with revenue contracting over the decade.
ASHLAND INC. has historically struggled to out-earn its cost of capital, averaging just -0.2% ROIC.
Over the decade, ASHLAND INC. shows that management has aggressively returned capital to shareholders by retiring 28.1% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ASHLAND INC. is modeled at -5.4% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-6.90 per share.