Forensic Analysis · General / Diversified · as of Jun 27, 2026
ASHLAND INC. (ASH)
A forensic read on ASHLAND INC. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
2.4
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-37.5%
ROE
$2.9B
Market cap
2.48%
Dividend yield
ASHLAND INC. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 2.4, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-15%Return on invested capital.Return on invested capital is -15% and slipping from 6% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
$1.2BGoodwill impairments.Took $1.2B of goodwill writedowns across 2 year(s) (FY2020 ($530M), FY2025 ($706M)) — about 877% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
48d DSOReceivables vs revenue.Days sales outstanding moved from 42 to 48 days FY2024→FY2025 (receivables -0% vs revenue -14%). Receivables are creeping up relative to sales — watch the trend.
163dInventory days.Days inventory outstanding moved from 133 to 163 FY2024→FY2025 (against cost of goods sold; inventory +4% vs -15% in cost of sales). Inventory is building a little faster than sales — watch for markdowns.
-3%Dividend — cut.The payout was CUT ~3% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-46.3%
Debt / Equity0.73x
Latest Revenue$1.82B
Return on Equity-44.4%
Revenue Growth YoY-13.7%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on ASHLAND INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about ASH's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown