Ashland Inc. (ASH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-56.3%

$32.95

vs $75.43 price

Levered DCF

$24.59

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.22

Grey zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-2.61×	25.21×	24.31×	5.53×	24.35×	-8.51×	9.45×	45.77×
P/B	1.16×	1.49×	1.4×	1.59×	1.98×	1.42×	1.36×	1.53×
P/S	1.21×	2.02×	1.98×	2.14×	2.58×	2.15×	2.26×	2.02×
EV / EBITDA	-7×	17.92×	11.75×	11.52×	16.36×	-23.08×	16.46×	18.46×
Gross margin	30.1%	29.2%	30.5%	34.7%	31.7%	29.7%	30.3%	33.3%
Operating margin	-42.5%	-1.2%	7.9%	13.9%	9.1%	-22.9%	4.0%	3.9%
Net margin	-46.3%	8.0%	8.1%	38.8%	10.4%	-25.2%	23.5%	4.4%
Current ratio	2.85×	2.44×	3.3×	3.2×	1.84×	1.9×	1.89×	1.59×
Debt / equity	0.83×	0.51×	0.47×	0.43×	0.76×	0.66×	0.47×	0.74×
Interest coverage	-12.3×	-0.49×	3.02×	5.05×	2.63×	-5.07×	0.75×	0.88×
Dividend yield	3.4%	1.8%	1.8%	1.4%	1.3%	1.5%	1.3%	1.1%
Payout ratio	-9.0%	46.2%	42.7%	7.6%	31.8%	-13.0%	12.7%	52.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-44.4%	5.9%	5.7%	28.8%	8.0%	-16.7%	14.1%	3.3%
Return on invested capital	-18.4%	4.2%	3.1%	5.2%	3.2%	-7.0%	1.3%	1.4%
Return on assets	-18.3%	3.0%	3.0%	14.9%	3.3%	-7.4%	7.0%	1.4%
Free cash flow yield	-0.2%	6.4%	1.7%	-6.4%	8.4%	1.6%	1.8%	2.7%
Earnings yield	-38.3%	4.0%	4.1%	18.1%	4.0%	-11.7%	10.4%	2.2%
Enterprise value	$3.6B	$5.4B	$5.4B	$5.9B	$7.3B	$5.9B	$6.3B	$7.5B
Net debt / EBITDA	-2.67×	3.85×	2.28×	1.45×	4.23×	-6.04×	3.76×	5.53×
Cash conversion cycle (days)	157	123	156	146	124	155	151	166