Ashland Inc. (ASH) Balance Sheet

NYSE: ASHAssets, liabilities, debt and equity over 10 years.

ASH balance sheet, FY2025

September 30, 2025 · U.S. dollars

$4.61B assets = $2.71B liabilities + $1.90B equity

Both columns are drawn to the same scale: what ASH owns equals what it owes plus shareholders’ equity. Hover a block for its value.

ASH financial health

Current ratio2.85

Comfortable · current assets cover current liabilities 2.85×

Debt / equity0.83

Moderate leverage · $0.83 of debt for each $1 of equity

Equity / assets41.3%

Equity-funded · of assets funded by shareholders

Cash / debt13.7%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles27.5%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal FY2025.

ASH balance sheet trends, FY2016–FY2025

Ashland Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$10.00BFY2016	$4.61BFY2025	−8.2%/yr
Total liabilities	$6.83BFY2016	$2.71BFY2025	−9.8%/yr
Shareholders’ equity	$3.35BFY2016	$1.90BFY2025	−6.1%/yr
Cash & short-term investments	$1.02BFY2016	$215.0MFY2025	−15.9%/yr
Total debt	$2.50BFY2016	$1.57BFY2025	−5.0%/yr
Net cash (debt)	−$1.48BFY2016	−$1.36BFY2025	+$118.0M
Working capital	$1.65BFY2016	$782.0MFY2025	−$868.0M
Book value per share	$53.13FY2016	$41.39FY2025	−2.7%/yr
Current ratio	2.33FY2016	2.85FY2025	+0.52
Debt / equity	0.75FY2016	0.83FY2025	+0.08
Shares outstanding	63.0MFY2016	46.0MFY2025	−3.4%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

ASH assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

ASH liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

ASH debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

ASH balance sheet

Ashland Inc. annual balance sheet
	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016
Assets
Cash & short-term investments	$215.0M	$300.0M	$417.0M	$646.0M	$210.0M	$454.0M	$232.0M	$294.0M	$566.0M	$1.02B
Cash & equivalents	$215.0M	$300.0M	$417.0M	$646.0M	$210.0M	$454.0M	$232.0M	$294.0M	$566.0M	$1.02B
Short-term investments	—	$73.0M	−$432.0M	$61.0M	$37.0M	$30.0M	$24.0M	−$283.0M	$30.0M	$26.0M
Receivables	$242.0M	$243.0M	$338.0M	$402.0M	$369.0M	$436.0M	$481.0M	$681.0M	$612.0M	$508.0M
Inventory	$568.0M	$545.0M	$626.0M	$629.0M	$473.0M	$506.0M	$597.0M	$663.0M	$634.0M	$539.0M
Other current assets	$180.0M	$107.0M	$125.0M	$91.0M	$665.0M	$151.0M	$123.0M	$74.0M	$91.0M	$824.0M
Total current assets	$1.21B	$1.20B	$1.51B	$1.77B	$1.72B	$1.55B	$1.43B	$1.71B	$1.90B	$2.89B
Property, plant & equipment (net)	$1.30B	$1.42B	$1.50B	$1.45B	$1.55B	$1.61B	$1.58B	$1.90B	$1.97B	$1.90B
Goodwill & intangible assets	$1.27B	$2.14B	$2.25B	$2.28B	$2.54B	$2.32B	$3.34B	$3.67B	$3.78B	$3.22B
Long-term investments	$3.0M	$3.0M	$3.0M	$3.0M	$134.0M	$136.0M	$6.0M	$29.0M	$32.0M	$57.0M
Other non-current assets	$831.0M	$892.0M	$681.0M	$716.0M	$674.0M	$1.26B	$894.0M	$938.0M	$929.0M	$1.94B
Total assets	$4.61B	$5.64B	$5.94B	$6.21B	$6.61B	$6.88B	$7.25B	$8.25B	$8.62B	$10.00B
Liabilities
Accounts payable	$189.0M	$214.0M	$210.0M	$265.0M	$236.0M	$211.0M	$313.0M	$331.0M	$409.0M	$376.0M
Short-term debt	$21.0M	$20.0M	$38.0M	$19.0M	$397.0M	$302.0M	$166.0M	$254.0M	$235.0M	$170.0M
Deferred revenue	—	—	—	—	$251.0M	$26.0M	$271.0M	—	—	—
Total current liabilities	$423.0M	$490.0M	$456.0M	$553.0M	$934.0M	$813.0M	$757.0M	$1.07B	$968.0M	$1.24B
Long-term debt	$1.38B	$1.35B	$1.31B	$1.27B	$1.60B	$1.57B	$1.50B	$2.27B	$2.58B	$2.33B
Lease obligations	$106.0M	$119.0M	$128.0M	$113.0M	$133.0M	$147.0M	—	—	—	—
Other long-term liabilities	$900.0M	$938.0M	$1.07B	$1.17B	$1.33B	$1.46B	$1.42B	$1.50B	$1.66B	$3.27B
Total liabilities	$2.71B	$2.78B	$2.84B	$2.99B	$3.86B	$3.84B	$3.68B	$4.85B	$5.21B	$6.83B
Shareholders' equity
Common stock & paid-in capital	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$1.0M	$947.0M	$932.0M	$924.0M
Retained earnings (deficit)	$2.30B	$3.31B	$3.60B	$3.65B	$2.80B	$2.65B	$3.22B	$2.75B	$2.70B	$2.70B
Treasury stock	—	—	—	—	—	—	—	$0	$0	$0
Accumulated other comprehensive income	−$401.0M	−$448.0M	−$503.0M	−$569.0M	−$372.0M	−$383.0M	−$410.0M	−$291.0M	−$222.0M	−$281.0M
Minority interest	—	—	—	—	—	—	—	$0	$0	−$182.0M
Total shareholders' equity	$1.90B	$2.87B	$3.10B	$3.22B	$2.75B	$3.04B	$3.57B	$3.41B	$3.41B	$3.35B
Key figures
Total debt	$1.57B	$1.47B	$1.46B	$1.38B	$2.10B	$1.99B	$1.67B	$2.53B	$2.82B	$2.50B
Net cash (debt)	−$1.36B	−$1.17B	−$1.04B	−$737.0M	−$1.89B	−$1.53B	−$1.44B	−$2.23B	−$2.25B	−$1.48B
Working capital	$782.0M	$705.0M	$1.05B	$1.22B	$783.0M	$734.0M	$676.0M	$637.0M	$935.0M	$1.65B
Tangible book value	$636.0M	$730.0M	$843.0M	$939.0M	$216.0M	$714.0M	$230.0M	−$268.0M	−$378.0M	$127.0M
Book value per share	$41.39	$57.36	$57.35	$57.50	$45.11	$49.77	$56.68	$53.22	$54.94	$53.13
Shares outstanding	46.0M	50.0M	54.0M	56.0M	61.0M	61.0M	63.0M	64.0M	62.0M	63.0M
Current ratio	2.85	2.44	3.30	3.20	1.84	1.90	1.89	1.59	1.97	2.33
Quick ratio	1.08	1.11	1.66	1.90	0.62	1.09	0.94	0.91	1.22	1.23
Debt / equity	0.83	0.51	0.47	0.43	0.76	0.66	0.47	0.74	0.83	0.75
Equity / assets	41.3%	50.8%	52.1%	51.8%	41.6%	44.1%	49.2%	41.3%	39.5%	33.5%

Ashland Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$440.0M	$343.0M	$354.0M	$207.0M	$207.0M	$168.0M	$219.0M	$300.0M	$399.0M	$399.0M	$440.0M	$417.0M
Cash & equivalents	$440.0M	$343.0M	$304.0M	$207.0M	$207.0M	$168.0M	$219.0M	$300.0M	$399.0M	$399.0M	$440.0M	$417.0M
Short-term investments	—	—	$50.0M	—	$67.0M	—	$73.0M	—	$493.0M	$508.0M	$521.0M	$77.0M
Receivables	$256.0M	$244.0M	$190.0M	$201.0M	$201.0M	$226.0M	$163.0M	$243.0M	$224.0M	$224.0M	$194.0M	$338.0M
Inventory	$490.0M	$506.0M	$565.0M	$567.0M	$567.0M	$542.0M	$528.0M	$545.0M	$532.0M	$532.0M	$588.0M	$626.0M
Other current assets	$106.0M	$116.0M	$45.0M	$149.0M	$149.0M	$139.0M	$159.0M	$107.0M	$230.0M	$230.0M	$143.0M	$125.0M
Total current assets	$1.29B	$1.21B	$1.15B	$1.12B	$1.12B	$1.07B	$1.07B	$1.20B	$1.39B	$1.39B	$1.36B	$1.51B
Property, plant & equipment (net)	$1.25B	$1.26B	$1.28B	$1.30B	$1.30B	$1.32B	$1.33B	$1.42B	$1.41B	$1.41B	$1.49B	$1.50B
Goodwill & intangible assets	$1.21B	$1.23B	$1.25B	$1.28B	$1.28B	$1.94B	$1.92B	$2.14B	$2.11B	$2.11B	$2.27B	$2.25B
Long-term investments	$0	$0	$0	$3.0M	$0	$0	$0	$3.0M	$0	$0	$0	$3.0M
Other non-current assets	$824.0M	$797.0M	$829.0M	$909.0M	$912.0M	$904.0M	$911.0M	$892.0M	$839.0M	$839.0M	$740.0M	$681.0M
Total assets	$4.58B	$4.50B	$4.52B	$4.62B	$4.62B	$5.23B	$5.23B	$5.64B	$5.75B	$5.75B	$5.87B	$5.94B
Liabilities
Accounts payable	$198.0M	$181.0M	$167.0M	$185.0M	$185.0M	$185.0M	$184.0M	$214.0M	$198.0M	$198.0M	$202.0M	$210.0M
Short-term debt	$18.0M	$19.0M	$19.0M	$21.0M	$19.0M	$69.0M	$20.0M	$20.0M	$21.0M	$21.0M	$22.0M	$38.0M
Deferred revenue	—	—	—	—	—	—	—	—	—	—	−$202.0M	—
Total current liabilities	$424.0M	$395.0M	$366.0M	$420.0M	$420.0M	$463.0M	$425.0M	$490.0M	$464.0M	$464.0M	$414.0M	$456.0M
Long-term debt	$1.37B	$1.37B	$1.39B	$1.38B	$1.38B	$1.34B	$1.31B	$1.35B	$1.32B	$1.33B	$1.34B	$1.31B
Lease obligations	$102.0M	$104.0M	$102.0M	$106.0M	$103.0M	$101.0M	$103.0M	$119.0M	$121.0M	$122.0M	$129.0M	$128.0M
Other long-term liabilities	$910.0M	$864.0M	$888.0M	$928.0M	$930.0M	$875.0M	$901.0M	$938.0M	$991.0M	$988.0M	$1.06B	$1.07B
Total liabilities	$2.71B	$2.63B	$2.64B	$2.73B	$2.73B	$2.67B	$2.64B	$2.78B	$2.78B	$2.78B	$2.81B	$2.84B
Shareholders' equity
Common stock & paid-in capital	$18.0M	$13.0M	$9.0M	$3.0M	$3.0M	$1.0M	$2.0M	$1.0M	—	$6.0M	$1.0M	$1.0M
Retained earnings (deficit)	$2.26B	$2.26B	$2.27B	$2.29B	$2.29B	$3.05B	$3.13B	$3.31B	$3.47B	$3.47B	$3.50B	$3.60B
Accumulated other comprehensive income	−$409.0M	−$411.0M	−$399.0M	−$400.0M	−$400.0M	−$490.0M	−$541.0M	−$448.0M	−$499.0M	−$499.0M	−$450.0M	−$503.0M
Total shareholders' equity	$1.87B	$1.87B	$1.88B	$1.89B	$1.89B	$2.56B	$2.59B	$2.87B	$2.97B	$2.97B	$3.05B	$3.10B
Key figures
Total debt	$1.48B	$1.48B	$1.57B	$1.49B	$1.49B	$1.49B	$1.42B	$1.47B	$1.45B	$1.45B	$1.47B	$1.46B
Net cash (debt)	−$1.04B	−$1.14B	−$1.22B	−$1.28B	−$1.28B	−$1.32B	−$1.20B	−$1.17B	−$1.05B	−$1.05B	−$1.03B	−$1.04B
Working capital	$868.0M	$814.0M	$788.0M	$704.0M	$704.0M	$612.0M	$644.0M	$705.0M	$921.0M	$921.0M	$951.0M	$1.05B
Tangible book value	$657.0M	$637.0M	$623.0M	$606.0M	$606.0M	$623.0M	$674.0M	$730.0M	$854.0M	$854.0M	$782.0M	$843.0M
Book value per share	$40.65	$40.57	$40.83	$41.07	$41.07	$54.45	$55.15	$58.53	$58.18	$58.18	$59.86	$60.73
Shares outstanding	46.0M	46.0M	46.0M	46.0M	46.0M	47.0M	47.0M	49.0M	51.0M	51.0M	51.0M	51.0M
Current ratio	3.05	3.06	3.15	2.68	2.68	2.32	2.52	2.44	2.98	2.98	3.30	3.30
Quick ratio	1.64	1.49	1.49	0.97	0.97	0.85	0.90	1.11	1.34	1.34	1.53	1.66
Debt / equity	0.79	0.79	0.84	0.79	0.79	0.58	0.55	0.51	0.49	0.49	0.48	0.47
Equity / assets	40.8%	41.5%	41.6%	40.9%	40.9%	48.9%	49.6%	50.8%	51.6%	51.6%	52.0%	52.1%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 20, 2025); data from EODHD.

ASH financial position

At the end of fiscal 2025 (September 30, 2025), Ashland had total assets of $4.6 billion (down 18.3% from a year earlier), total liabilities of $2.7 billion and shareholders' equity of $1.9 billion. It held $215.0 million in cash and short-term investments against $1.6 billion of debt, net debt of $1.4 billion. Its current ratio was 2.85. In the latest quarter (ended June 30, 2026) total assets were $4.6 billion and equity $1.9 billion.

Related: ASH income statement, ASH cash flow statement, ASH key metrics. See the ASH stock overview for the latest quote and news.

ASH balance sheet FAQ

What are Ashland's total assets?

Ashland reported total assets of $4.6 billion at the end of fiscal 2025 (September 30, 2025), compared with $5.6 billion a year earlier.

How much debt does Ashland have?

Ashland had $1.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.83.

How much cash does Ashland have?

Ashland held $215.0 million in cash and short-term investments at the end of fiscal 2025; with $1.6 billion of debt that is net debt of $1.4 billion.

What is Ashland's book value?

Ashland's shareholders' equity (book value) was $1.9 billion at the end of fiscal 2025, or $41.39 per share.

What is Ashland's current ratio?

Ashland had current assets of $1.2 billion and current liabilities of $423.0 million, a current ratio of 2.85 (it can cover its short-term obligations).

How much goodwill does Ashland have?

Ashland carried $1.3 billion of goodwill and intangible assets, 27.5% of total assets, at the end of fiscal 2025.