# Ashland Global Holdings (ASH.US)

Canonical: https://gigainvestors.com/s/ASH

Analysis as of: 2026-10-16T07:26:37.044Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $71.59 per share; close as of 2026-10-15.

Estimated value: low $72.51 per share, central $81.29 per share, high $92.98 per share. Buy at or below the central value $81.29 per share. Valuation as of 2026-10-16T07:26:37.044Z; scenarios are not confidence intervals.

Expected annual return: 11.1% at the stated quote. About 11.1% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 3

- Operating margin variation: 5.94×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.02×

- FY2017: 0.02×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: -0.23×

- FY2021: 0.09×

- FY2022: 0.14×

- FY2023: 0.08×

- FY2024: -0.01×

- FY2025: -0.42×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 1.6%

- ROIC, second-lowest year: -11.2%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 30.4%

- Recent gross margin (lower of latest and 3-year median): 30.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.7%

- ROIC including acquisitions, ten-year median: 5.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -1.5%

- FY2017: 1.2%

- FY2018: 3.1%

- FY2019: 2.1%

- FY2020: -11.2%

- FY2021: 6.0%

- FY2022: 11.1%

- FY2023: 6.2%

- FY2024: -0.8%

- FY2025: -23.9%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.3B

- Net income, five-year total: $649M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: -0.7 pp

- Working capital / revenue, final three-year average: 31.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.63×

- FY2022: 1.14×

- FY2023: 1.41×

- FY2024: 1.81×

- FY2025: 0.84×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 1.2% vs -0.8%

- Per-share earnings: 0.02 to 3.30 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.8%

- Ordinary dilution, 5-year annual growth: -5.5%

- Market cap gain: -$1.9B

- Cumulative retained earnings: -$398M

- Diluted shares, 10-year annual growth: -3.8%

- Diluted shares, 5-year annual growth: -5.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 94.4%

- Per-share value change: $3.28

- Per-share value, starting three-year median: $0.02

- Per-share value, ending three-year median: $3.30

- Buybacks concentrated in cheaper years (correlation): 0.32

- Average buyback yield: 4.1%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $648M

- Cumulative net income, 10 years: $732M

- ROIC, first three-year median: 1.2%

- ROIC, last three-year median: -0.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$0.46

- FY2017: $0.02

- FY2018: $1.78

- FY2019: $8.15

- FY2020: -$8.33

- FY2021: $3.61

- FY2022: $16.55

- FY2023: $3.30

- FY2024: $3.38

- FY2025: -$18.37

### accounting: pass

- Sloan accruals: -20.4%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 14.9%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.67×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.1%

- FY2017: -4.4%

- FY2018: -2.2%

- FY2019: 3.6%

- FY2020: -10.3%

- FY2021: -5.1%

- FY2022: 18.3%

- FY2023: -1.1%

- FY2024: -4.3%

- FY2025: -20.4%

## Holders

- [Alex Roepers](https://gigainvestors.com/AIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Leon Cooperman](https://gigainvestors.com/oa): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 36% since Nov 2022 · "ASH Q2 Earnings and Sales Miss on Weak Pricing, Intermediates Weakness" (finance.yahoo.com, May 2026) · sales -13.7%

Story as of 2026-10-16T09:58:20.010Z; price observation 2026-10-15.

Price needs cash profits to shrink 0.9% a year for ten years

- 2025-04-30: Ashland reports second quarter fiscal 2025 results and revises full-year outlook ([globenewswire.com](https://www.globenewswire.com/news-release/2025/04/30/3071953/0/en/Ashland-reports-second-quarter-fiscal-2025-results-and-revises-full-year-outlook.html))

- 2025-07-29: Ashland reports third quarter fiscal 2025 results and narrows full-year outlook range ([globenewswire.com](https://www.globenewswire.com/news-release/2025/07/29/3123668/0/en/Ashland-reports-third-quarter-fiscal-2025-results-and-narrows-full-year-outlook-range.html))

- 2025-08-05: Ashland Q3 Earnings and Sales Lag Estimates, Guidance Narrowed ([finance.yahoo.com](https://finance.yahoo.com/news/ashland-q3-earnings-sales-lag-121800706.html))

- 2025-11-06: Ashland Q4 Earnings Miss Estimates on Portfolio Actions, Revenues Down ([finance.yahoo.com](https://finance.yahoo.com/news/ashland-q4-earnings-miss-estimates-121200170.html))

- 2026-05-04: ASH Q2 Earnings and Sales Miss on Weak Pricing, Intermediates Weakness ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ash-q2-earnings-sales-miss-121700283.html))

- 2026-07-29: Ashland's Q3 Earnings Miss Estimates, Sales Beat on Volume Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/ashlands-q3-earnings-miss-estimates-121100696.html))

### Sales · FY2024–2025

sales -13.7%; source https://www.sec.gov/Archives/edgar/data/1674862/000119312525289248/ash-20250930.htm; observed 2025-11-20.

- FY2016: $3.0B 

- FY2017: $2.3B 

- FY2018: $2.6B 

- FY2019: $2.1B 

- FY2020: $2.0B 

- FY2021: $2.1B 

- FY2022: $2.4B 

- FY2023: $2.2B 

- FY2024: $2.1B 

- FY2025: $1.8B 

### Gross margin · FY2025

gross margin 30.1%; source https://www.sec.gov/Archives/edgar/data/1674862/000119312525289248/ash-20250930.htm; observed 2025-11-20.

- FY2016: 29.4% 

- FY2017: 31.6% 

- FY2018: 33.3% 

- FY2019: 30.3% 

- FY2020: 29.7% 

- FY2021: 31.7% 

- FY2022: 34.7% 

- FY2023: 30.5% 

- FY2024: 29.2% 

- FY2025: 30.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty chemicals; annual sales are USD 1.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1674862/000119312525289248/ash-20250930.htm (filed 2025-11-20); FY2025: revenue 1824000000; grossProfit 549000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ASH.US: Ashland Inc. provides additives and specialty ingredients in the North and Latin America, Europe, Asia Pacific, and internationally. It operates through Life Sciences, Personal Care, Specialty Additives, and Intermediates segments. The Life Sciences segment offers pharmaceutical solutions, including controlled release polymers, disintegrants, tablet coatings, thickeners, solubilizers, and tablet binders; and nutrition solutions, such as thickeners, stabilizers, emulsifiers, and additives; agricultural chemicals; diagnostic films; and fine chemicals. Its Personal Care segment provides a range of natural, nature-derived, biodegradable, and performance ingredients; solutions for toothpastes, mouth washes and rinses, denture cleaning, and care for teeth; and household supplies nature-derived rheology ingredients, biodegradable surface wetting agents, performance encapsulates, and specialty polymers. The Specialty Additives segment offers rheology modifiers, foam control agents, surfactants and wetting agents, pH neutralizers, advanced ceramics used in catalytic converters, environmental filters, ingredients for the manufacturing of ceramic capacitors, plasma display panels and solar cells, ingredients for textile printing, thermoplastic metals, and alloys for welding. Its Intermediates segment produces 1,4 butanediol and related derivatives, including n-methylpyrrolidone. It offers its products to customers in a range of consumer and industrial markets, such as architectural coatings, construction, energy, food and beverage, personal care, and pharmaceutical. The company was formerly known as Ashland Global Holdings Inc. and changed its name to Ashland Inc. in August 2022. Ashland Inc. was founded in 1924 and is headquartered in Wilmington, Delaware.

### Why customers stay

Margins ranged from 29.2% to 30.5% during 2023–25; it earns 1.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2023: grossProfit / revenue = 30.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2024: grossProfit / revenue = 29.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1674862/000119312525289248/ash-20250930.htm (filed 2025-11-20); FY2025: grossProfit / revenue = 30.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); 10-year return on capital observations [[2016,-0.01470040937848902],[2017,0.011575956937799043],[2018,0.03056637698531615],[2019,0.02119151590767311],[2020,-0.11150949173300674],[2021,0.059720062208398136],[2022,0.11061904674509516],[2023,0.06195965417867435],[2024,-0.0077363465160075326],[2025,-0.23925361469323955]]; median 0.016383736422736078. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 100 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2016: growth capex 0; upkeep 231000000; owner earnings 42000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2017: growth capex 0; upkeep 199000000; owner earnings 104000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2018: growth capex 0; upkeep 157000000; owner earnings 234000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2019: growth capex 0; upkeep 154000000; owner earnings 628000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2021: growth capex 0; upkeep 105000000; owner earnings 359000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2022: growth capex 0; upkeep 113000000; owner earnings 1055000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2023: growth capex 0; upkeep 170000000; owner earnings 251000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); FY2024: growth capex 0; upkeep 137000000; owner earnings 306000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); Dividend observations: [[2016,97000000],[2017,77000000],[2018,60000000],[2019,64000000],[2020,66000000],[2021,70000000],[2022,70000000],[2023,76000000],[2024,78000000],[2025,76000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1674862/000119312525289248/ash-20250930.htm (filed 2025-11-20); FY2025: cash repurchases 100000000 USD.

### Are managers owners

Insiders own 1.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ASH.US SharesStats.PercentInsiders = 1.176 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 0.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-20); Ten-year compound average after fade. Initial solved rate -0.025514989003610766. Price 71.59; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 6.294117647058823 → FY2025 -15.347826086956522. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $54.66 per share

- 2016-11: $55.14 per share

- 2016-12: $53.47 per share

- 2017-01: $58.23 per share

- 2017-02: $59.03 per share

- 2017-03: $60.57 per share

- 2017-04: $60.42 per share

- 2017-05: $66.54 per share

- 2017-06: $65.91 per share

- 2017-07: $64.97 per share

- 2017-08: $62.05 per share

- 2017-09: $65.39 per share

- 2017-10: $67.98 per share

- 2017-11: $73.98 per share

- 2017-12: $71.20 per share

- 2018-01: $72.59 per share

- 2018-02: $70.82 per share

- 2018-03: $69.79 per share

- 2018-04: $66.18 per share

- 2018-05: $77.72 per share

- 2018-06: $78.18 per share

- 2018-07: $82.11 per share

- 2018-08: $84.20 per share

- 2018-09: $83.86 per share

- 2018-10: $73.98 per share

- 2018-11: $81.89 per share

- 2018-12: $70.96 per share

- 2019-01: $75.90 per share

- 2019-02: $77.38 per share

- 2019-03: $78.13 per share

- 2019-04: $80.53 per share

- 2019-05: $74.87 per share

- 2019-06: $79.97 per share

- 2019-07: $79.48 per share

- 2019-08: $73.24 per share

- 2019-09: $77.05 per share

- 2019-10: $77.37 per share

- 2019-11: $71.70 per share

- 2019-12: $76.53 per share

- 2020-01: $73.98 per share

- 2020-02: $71.54 per share

- 2020-03: $50.07 per share

- 2020-04: $61.69 per share

- 2020-05: $67.16 per share

- 2020-06: $69.10 per share

- 2020-07: $75.48 per share

- 2020-08: $73.69 per share

- 2020-09: $70.92 per share

- 2020-10: $69.77 per share

- 2020-11: $75.17 per share

- 2020-12: $79.20 per share

- 2021-01: $79.99 per share

- 2021-02: $84.12 per share

- 2021-03: $88.77 per share

- 2021-04: $86.21 per share

- 2021-05: $94.84 per share

- 2021-06: $87.50 per share

- 2021-07: $85.07 per share

- 2021-08: $91.11 per share

- 2021-09: $89.12 per share

- 2021-10: $96.01 per share

- 2021-11: $101.07 per share

- 2021-12: $107.66 per share

- 2022-01: $96.04 per share

- 2022-02: $92.28 per share

- 2022-03: $98.41 per share

- 2022-04: $104.97 per share

- 2022-05: $107.02 per share

- 2022-06: $103.05 per share

- 2022-07: $100.47 per share

- 2022-08: $101.76 per share

- 2022-09: $94.97 per share

- 2022-10: $104.92 per share

- 2022-11: $111.87 per share

- 2022-12: $107.53 per share

- 2023-01: $109.27 per share

- 2023-02: $101.78 per share

- 2023-03: $102.71 per share

- 2023-04: $101.61 per share

- 2023-05: $84.88 per share

- 2023-06: $86.91 per share

- 2023-07: $91.36 per share

- 2023-08: $86.63 per share

- 2023-09: $81.68 per share

- 2023-10: $76.63 per share

- 2023-11: $79.92 per share

- 2023-12: $84.31 per share

- 2024-01: $93.62 per share

- 2024-02: $93.64 per share

- 2024-03: $97.37 per share

- 2024-04: $95.33 per share

- 2024-05: $100.17 per share

- 2024-06: $94.49 per share

- 2024-07: $96.65 per share

- 2024-08: $89.50 per share

- 2024-09: $86.97 per share

- 2024-10: $84.57 per share

- 2024-11: $78.06 per share

- 2024-12: $71.46 per share

- 2025-01: $63.49 per share

- 2025-02: $60.82 per share

- 2025-03: $59.29 per share

- 2025-04: $54.39 per share

- 2025-05: $49.51 per share

- 2025-06: $50.28 per share

- 2025-07: $51.56 per share

- 2025-08: $56.15 per share

- 2025-09: $47.91 per share

- 2025-10: $48.90 per share

- 2025-11: $52.90 per share

- 2025-12: $58.67 per share

- 2026-01: $61.16 per share

- 2026-02: $62.36 per share

- 2026-03: $55.61 per share

- 2026-04: $53.26 per share

- 2026-05: $57.90 per share

- 2026-06: $65.89 per share

- 2026-07: $72.61 per share

- 2026-08: $73.33 per share

- 2026-09: $67.92 per share

- 2026-10: $71.59 per share

## Annual estimated value (USD per share)

- FY2016: low $47.53 per share, central $51.99 per share, high $57.93 per share

- FY2017: low $33.52 per share, central $36.99 per share, high $41.60 per share

- FY2018: low $31.09 per share, central $34.86 per share, high $39.87 per share

- FY2019: low $37.28 per share, central $41.99 per share, high $48.28 per share

- FY2020: low $23.05 per share, central $25.30 per share, high $28.28 per share

- FY2021: low $36.94 per share, central $41.65 per share, high $47.93 per share

- FY2022: low $90.05 per share, central $100.99 per share, high $115.56 per share

- FY2023: low $82.33 per share, central $92.73 per share, high $106.57 per share

- FY2024: low $72.05 per share, central $81.27 per share, high $93.55 per share

- FY2025: low $66.65 per share, central $75.30 per share, high $86.82 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1674862/000119312525289248/ash-20250930.htm); period 2025-09-30, filed 2025-11-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.