ASH
Ashland Inc.
ASH's fundamentals are strong: its operating margin went from −43% to 7.4% and free cash flow more than tripled. Its PE isn't a useful guide right now because of how its recent earnings were reported.
ASH Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Healthy | |
| Strong | |
| Stable |
ASH's profitability and cash flow are currently healthy, and its revenue and balance sheet are stable.
ASH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 6.4x | $8.05 | -89% |
| Forward | 18x | $75.27 | — |
| Fair | 24x | $29.85 | -60% |
| Expensive | 31x | $39.14 | -48% |
| Current | 941x | $75.27 | — |
Historical ranges are pointers, not guarantees.
ASH's PE is 941x, but its earnings don't support one, so it isn't a reliable read right now.
ASH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Stable | |
| Strongly improving | |
| Limited | |
| Low |
Analysts expect ASH's earnings to grow and its profitability to improve, with its revenue holding steady. However, they disagree widely on these estimates.
ASH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $4.26 | +238% |
| Q2 2026 | $1.26 | +$19.98 |
| Q1 2026 | -$15.30 | -$12.91 |
| Q4 2025 | -$14.99 | -$14.34 |
| Q3 2025 | -$18.23 | -643% |
| Q2 2025 | -$18.72 | -726% |
| Q1 2025 | -$2.39 | -163% |
| Q4 2024 | -$0.65 | -121% |
| Q3 2024 | $3.36 | +1.5% |
ASH has returned to profit: it earned $1.26 per share over the past year, after losing money the year before.
ASH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $497M | +7.3% |
| Q1 2026 | $482M | +0.6% |
| Q4 2025 | $386M | -4.7% |
| Q3 2025 | $477M | -8.6% |
| Q2 2025 | $463M | -15% |
| Q1 2025 | $479M | -17% |
| Q4 2024 | $405M | -14% |
| Q3 2024 | $522M | +1% |
ASH's revenue is recovering but still below its 2022 peak: $497M last quarter, up 7.3% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 8.7% | +162 points |
| Q1 2026 | 8.1% | -2.6 points |
| Q4 2025 | -1.6% | +43 points |
| Q3 2025 | 13% | +6.8 points |
| Q2 2025 | -153% | -142 points |
| Q1 2025 | 11% | +7 points |
| Q4 2024 | -44% | -40 points |
| Q3 2024 | 5.9% | +7.9 points |
ASH's operating margin was 8.7% last quarter, up 162 points from the same quarter a year ago.
ASH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $100M | +5.3% |
| Q1 2026 | $33M | +$45M |
| Q4 2025 | $111M | +$164M |
| Q3 2025 | $6M | -86% |
| Q2 2025 | $95M | -3.1% |
| Q1 2025 | -$12M | -160% |
| Q4 2024 | -$53M | -132% |
| Q3 2024 | $42M | -32% |
ASH still generates free cash flow, though less than at its 2021 peak: $250M over the past year.
ASH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | -8% | -4M shares |
| 3 years | -18% | -10M shares |
| 5 years | -27% | -17M shares |
ASH has 46M diluted shares, down 8% from a year ago.
| Quarter | Spent |
|---|---|
| Q2 2026 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $100M |
| Q4 2024 | — |
| Q3 2024 | $150M |
| Q2 2024 | $130M |
| Q1 2024 | — |
ASH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 2.9x | Moderate |
| Q1 2025 | 18.2x | High |
| Q4 2024 | 18.2x | High |
| Q3 2024 | 4.3x | High |
| Q2 2024 | 4.3x | High |
| Q1 2024 | 2.6x | Moderate |
| Q4 2023 | 2.4x | Moderate |
| Q3 2023 | 2.2x | Moderate |
ASH's net debt is about 2.9 years of its operating earnings (EBITDA), down from 4.3 years a year ago.
ASH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 62.5 | Neutral |
| Stochastic | 71.6 | Neutral |
ASH's weekly RSI is 62 (neutral) and its Stochastic is 72 (neutral).
ASH PE vs Basic Materials Sector
| Metric | ASH | Sector median | Relative |
|---|---|---|---|
| PE | 941x | 19x | 4,956% above |
| PE % | 100 | 40 | 60 pts above |
ASH is trading at 941x earnings, a 4956% premium to the Basic Materials sector's median of 19x, though its earnings don't support one.
ASH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $72.5 | 3.8% above |
| 20 week MA | $71.6 | 5.2% above |
| 50 week MA | $63.9 | 18% above |
| 100 week MA | $59.6 | 26% above |
| 200 week MA | $74.7 | 0.8% above |
ASH has climbed back above all five of its weekly moving averages, and it's now 0.8% above its 200-week average.
ASH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $76.5 | $79.2 | +3.6% |
| 2021 | $79.2 | $104.3 | +32% |
| 2022 | $104.3 | $108.2 | +3.7% |
| 2023 | $108.2 | $84.3 | -22% |
| 2024 | $84.3 | $71.6 | -15% |
| 2025 | $71.6 | $59.7 | -17% |
| 2026 YTD | $59.7 | $75.3 | +26% |
ASH has finished three years in a row lower, and it's up 26% so far in 2026.