Ashland (ASH)
Market Price (10/14/2026): $72.65 | Market Cap: $3.3 BilSector: Materials | Industry: Diversified Chemicals
Ashland (ASH)
Market Price (10/14/2026): $72.65Market Cap: $3.3 BilSector: MaterialsIndustry: Diversified Chemicals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% Attractive yieldDividend Yield is 2.3%, FCF Yield is 6.2% Low stock price volatilityVol 12M is 38% Megatrend and thematic driversMegatrends include Advanced Materials, Health & Wellness Trends, and Water Infrastructure. Themes include Specialty Chemicals for Performance, Show more. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 64x Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.1% Key risksASH key risks include [1] significant financial distress, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Attractive yieldDividend Yield is 2.3%, FCF Yield is 6.2% |
| Low stock price volatilityVol 12M is 38% |
| Megatrend and thematic driversMegatrends include Advanced Materials, Health & Wellness Trends, and Water Infrastructure. Themes include Specialty Chemicals for Performance, Show more. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 10% |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 64x |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.4%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -7.1% |
| Key risksASH key risks include [1] significant financial distress, Show more. |
Qualitative Assessment
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Ashland (ASH) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Positive Q3 Fiscal 2026 Revenue Performance and Reaffirmed Full-Year Guidance.
Ashland reported strong revenue for its fiscal third quarter (Q3 2026), which ended June 30, 2026. The company announced revenues of $497.00 million, exceeding analyst estimates of $485.98 million. Despite a slight miss on earnings per share (EPS) at $1.02 against an estimated $1.04, the company reaffirmed its full-year fiscal 2026 sales guidance, projecting a range of $1.835 billion to $1.870 billion, and maintained its Adjusted EBITDA guidance between $385 million and $400 million. This positive revenue surprise and consistent outlook likely reassured investors and contributed to the stock's appreciation. The stock saw a 7.10% increase on July 28, 2026, following the earnings report.
2. Upward Revision of Analyst Price Targets and Sustained "Buy" Ratings.
Throughout the period, multiple analyst firms upgraded their price targets for Ashland and maintained "Buy" or "Outperform" ratings, signaling increased confidence in the company's future performance. For instance, BMO Capital Markets increased its price target from $68.00 to $75.00 on July 29, 2026, and Mizuho raised its target from $75.00 to $77.00 on the same day. Later, on August 21, 2026, Argus Research boosted its price target from $64.00 to $80.00. As of October 13, 2026, the consensus analyst rating for Ashland was a "Moderate Buy," with an average price target ranging from $73.60 to $79.27, indicating further potential upside.
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Ashland (ASH) stock has gained about 10% since 6/30/2026 because of the following key factors:
1. Positive Q3 Fiscal 2026 Revenue Performance and Reaffirmed Full-Year Guidance.
Ashland reported strong revenue for its fiscal third quarter (Q3 2026), which ended June 30, 2026. The company announced revenues of $497.00 million, exceeding analyst estimates of $485.98 million. Despite a slight miss on earnings per share (EPS) at $1.02 against an estimated $1.04, the company reaffirmed its full-year fiscal 2026 sales guidance, projecting a range of $1.835 billion to $1.870 billion, and maintained its Adjusted EBITDA guidance between $385 million and $400 million. This positive revenue surprise and consistent outlook likely reassured investors and contributed to the stock's appreciation. The stock saw a 7.10% increase on July 28, 2026, following the earnings report.
2. Upward Revision of Analyst Price Targets and Sustained "Buy" Ratings.
Throughout the period, multiple analyst firms upgraded their price targets for Ashland and maintained "Buy" or "Outperform" ratings, signaling increased confidence in the company's future performance. For instance, BMO Capital Markets increased its price target from $68.00 to $75.00 on July 29, 2026, and Mizuho raised its target from $75.00 to $77.00 on the same day. Later, on August 21, 2026, Argus Research boosted its price target from $64.00 to $80.00. As of October 13, 2026, the consensus analyst rating for Ashland was a "Moderate Buy," with an average price target ranging from $73.60 to $79.27, indicating further potential upside.
3. Strategic Innovation and Product Launches in High-Growth Areas.
Ashland demonstrated a commitment to growth through strategic innovation and the introduction of new products targeting high-growth sectors. On August 24, 2026, the company announced the launch of permexa™ sodium caprate, advancing its applications in oral biologics delivery. This was followed by the scaling of its Transformed Vegetable Oils technology platform in crop care and the introduction of agrimer™ eco-disperse OD polymeric dispersant on September 22, 2026. These developments highlight Ashland's efforts to expand its portfolio in specialized, high-margin areas, which likely contributed to positive investor sentiment regarding future revenue streams.
4. Consistent Quarterly Dividend Payout.
The company's consistent return of capital to shareholders through dividends provided a stable base for investor interest. Ashland's board authorized a quarterly dividend of $0.42 per share, which was paid on September 15, 2026, to shareholders of record on September 1, 2026. This regular dividend payment, equivalent to an approximate 2.4% yield, can be attractive to income-focused investors and signals ongoing financial health and a commitment to shareholder value.
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Stock Movement Drivers
Fundamental Drivers
The 10.9% change in ASH stock from 6/30/2026 to 10/13/2026 was primarily driven by a 8.8% change in the company's P/S Multiple.| (LTM values as of) | 6302026 | 10132026 | Change |
|---|---|---|---|
| Stock Price ($) | 65.51 | 72.65 | 10.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,808 | 1,842 | 1.9% |
| P/S Multiple | 1.7 | 1.8 | 8.8% |
| Shares Outstanding (Mil) | 46 | 46 | 0.0% |
| Cumulative Contribution | 10.9% |
Market Drivers
6/30/2026 to 10/13/2026| Return | Correlation | |
|---|---|---|
| ASH | 10.9% | |
| Market (SPY) | 4.2% | 0.7% |
| Sector (XLB) | -2.2% | 20.8% |
Fundamental Drivers
The 32.4% change in ASH stock from 3/31/2026 to 10/13/2026 was primarily driven by a 29.7% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 10132026 | Change |
|---|---|---|---|
| Stock Price ($) | 54.89 | 72.65 | 32.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,805 | 1,842 | 2.0% |
| P/S Multiple | 1.4 | 1.8 | 29.7% |
| Shares Outstanding (Mil) | 46 | 46 | 0.0% |
| Cumulative Contribution | 32.4% |
Market Drivers
3/31/2026 to 10/13/2026| Return | Correlation | |
|---|---|---|
| ASH | 32.4% | |
| Market (SPY) | 19.9% | 19.0% |
| Sector (XLB) | -0.1% | 27.5% |
Fundamental Drivers
The 55.9% change in ASH stock from 9/30/2025 to 10/13/2026 was primarily driven by a 58.2% change in the company's P/S Multiple.| (LTM values as of) | 9302025 | 10132026 | Change |
|---|---|---|---|
| Stock Price ($) | 46.61 | 72.65 | 55.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,869 | 1,842 | -1.4% |
| P/S Multiple | 1.1 | 1.8 | 58.2% |
| Shares Outstanding (Mil) | 46 | 46 | 0.0% |
| Cumulative Contribution | 55.9% |
Market Drivers
9/30/2025 to 10/13/2026| Return | Correlation | |
|---|---|---|
| ASH | 55.9% | |
| Market (SPY) | 17.8% | 29.6% |
| Sector (XLB) | 12.4% | 41.5% |
Fundamental Drivers
The -4.4% change in ASH stock from 9/30/2023 to 10/13/2026 was primarily driven by a -72.6% change in the company's Net Income Margin (%).| (LTM values as of) | 9302023 | 10132026 | Change |
|---|---|---|---|
| Stock Price ($) | 75.96 | 72.65 | -4.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,306 | 1,842 | -20.1% |
| Net Income Margin (%) | 10.3% | 2.8% | -72.6% |
| P/E Multiple | 16.6 | 64.3 | 287.2% |
| Shares Outstanding (Mil) | 52 | 46 | 13.0% |
| Cumulative Contribution | -4.4% |
Market Drivers
9/30/2023 to 10/13/2026| Return | Correlation | |
|---|---|---|
| ASH | -4.4% | |
| Market (SPY) | 88.2% | 41.8% |
| Sector (XLB) | 33.5% | 53.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ASH Return | 38% | 1% | -20% | -14% | -15% | 23% | -0% |
| Peers Return | 31% | -19% | 6% | -22% | 2% | 7% | -3% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 14% | 108% |
Monthly Win Rates [3] | |||||||
| ASH Win Rate | 67% | 50% | 50% | 42% | 50% | 70% | |
| Peers Win Rate | 58% | 47% | 43% | 43% | 48% | 54% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ASH Max Drawdown | -14% | -21% | -35% | -29% | -36% | -24% | |
| Peers Max Drawdown | -20% | -41% | -33% | -37% | -43% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: DOW, DD, IFF, CE, ALB. See ASH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/13/2026 (YTD)
How Low Can It Go
| Event | ASH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.1% | -18.8% |
| % Gain to Breakeven | 41.0% | 23.1% |
| Time to Breakeven | 279 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.7% | -9.5% |
| % Gain to Breakeven | 26.2% | 10.5% |
| Time to Breakeven | 82 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -19.5% | -24.5% |
| % Gain to Breakeven | 24.2% | 32.4% |
| Time to Breakeven | 37 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.7% | -33.7% |
| % Gain to Breakeven | 103.0% | 50.9% |
| Time to Breakeven | 235 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.6% | -19.2% |
| % Gain to Breakeven | 27.6% | 23.8% |
| Time to Breakeven | 690 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.2% | -12.2% |
| % Gain to Breakeven | 30.2% | 13.9% |
| Time to Breakeven | 117 days | 62 days |
In The Past
Ashland's stock fell -29.1% during the 2025 US Tariff Shock. Such a loss loss requires a 41.0% gain to breakeven.
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Asset Allocation
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| Event | ASH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -29.1% | -18.8% |
| % Gain to Breakeven | 41.0% | 23.1% |
| Time to Breakeven | 279 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.7% | -9.5% |
| % Gain to Breakeven | 26.2% | 10.5% |
| Time to Breakeven | 82 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.7% | -33.7% |
| % Gain to Breakeven | 103.0% | 50.9% |
| Time to Breakeven | 235 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -21.6% | -19.2% |
| % Gain to Breakeven | 27.6% | 23.8% |
| Time to Breakeven | 690 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -23.2% | -12.2% |
| % Gain to Breakeven | 30.2% | 13.9% |
| Time to Breakeven | 117 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -34.1% | -17.9% |
| % Gain to Breakeven | 51.7% | 21.8% |
| Time to Breakeven | 123 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -30.5% | -15.4% |
| % Gain to Breakeven | 43.9% | 18.2% |
| Time to Breakeven | 294 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -87.7% | -53.4% |
| % Gain to Breakeven | 712.3% | 114.4% |
| Time to Breakeven | 351 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -22.6% | -8.6% |
| % Gain to Breakeven | 29.2% | 9.5% |
| Time to Breakeven | 61 days | 47 days |
In The Past
Ashland's stock fell -29.1% during the 2025 US Tariff Shock. Such a loss loss requires a 41.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Ashland (ASH)
Ashland Global Holdings Inc. (ASH) is a global specialty chemicals company that develops and supplies a wide array of additives and performance-enhancing ingredients. Operating through segments like Life Sciences, Personal Care & Household, Specialty Additives, and Intermediates and Solvents, Ashland's business revolves around providing essential components that improve the functionality, stability, and effectiveness of products across numerous industries worldwide.
The company's diverse product portfolio caters to both consumer and industrial applications. In consumer markets, Ashland offers pharmaceutical solutions such as controlled release polymers and tablet binders, as well as ingredients for nutrition and nutraceutical products like thickeners and stabilizers. For personal care and household goods, it provides nature-based ingredients for toothpastes, mouthwashes, and cleaning supplies. Industrially, Ashland supplies specialty additives including rheology modifiers, foam control agents, and advanced ceramics used in catalytic converters and solar cells, alongside fundamental chemical intermediates like 1,4 butanediol.
Ashland serves a broad spectrum of primary markets, including architectural coatings, construction, energy, food and beverage, nutraceuticals, personal care, and pharmaceuticals. Essentially, Ashland is a key business-to-business (B2B) supplier whose specialized ingredients are integral to the manufacturing processes, enabling its customers to create higher-performing and more innovative final products.
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Here are a few analogies to describe Ashland (ASH):
- Like **International Flavors & Fragrances (IFF)**, but for a much broader range of essential specialty ingredients that enhance everything from pharmaceuticals and cosmetics to paints and industrial materials.
- Imagine a specialized **DuPont** or **Dow**, focusing on advanced additives and performance-enhancing ingredients that improve a vast array of consumer and industrial products.
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- Pharmaceutical Solutions: Polymers, binders, and coatings for drug formulation and delivery.
- Nutrition Solutions: Thickeners, stabilizers, emulsifiers, and additives for food and beverage applications.
- Nutraceutical Solutions: Products and custom formulations for weight management, joint comfort, and general wellness.
- Personal Care Ingredients: Nature-based and performance ingredients for cosmetics and personal hygiene products.
- Oral Care Solutions: Specialized ingredients for toothpastes, mouthwashes, and denture care.
- Household Supplies Ingredients: Rheology ingredients, wetting agents, and specialty polymers for household products.
- Rheology Modifiers: Chemicals that control the flow and consistency of various materials.
- Foam Control Agents: Additives designed to prevent or reduce foam formation.
- Surfactants and Wetting Agents: Ingredients that improve surface wetting and reduce surface tension.
- Advanced Ceramics: Materials used in catalytic converters, environmental filters, and electronic components.
- 1,4 Butanediol and Derivatives: Key chemical intermediates and solvents, including n-methylpyrrolidone.
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Ashland (symbol: ASH) primarily sells its products to other companies rather than directly to individuals. Its major customers are manufacturers across a range of consumer and industrial markets that utilize Ashland's specialty ingredients, additives, intermediates, and solvents in their own product formulations.
Based on the company description, Ashland's key customer categories include:
-
Pharmaceutical and Nutraceutical Manufacturers: Companies that produce prescription and over-the-counter drugs, as well as dietary supplements and health products. These customers use Ashland's pharmaceutical solutions (e.g., controlled release polymers, binders, coatings) and nutraceutical solutions (e.g., thickeners, stabilizers, ingredients for wellness products).
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Personal Care and Household Product Manufacturers: Companies involved in creating cosmetics, toiletries (like toothpastes, mouthwashes), skin and hair care products, and household cleaning supplies. They purchase Ashland's nature-based and performance ingredients, rheology ingredients, and specialty polymers.
-
Industrial and Specialty Material Manufacturers: This broad category encompasses companies in various sectors such as architectural coatings, construction, energy, textiles, and advanced ceramics. These customers use Ashland's rheology modifiers, foam control agents, surfactants, advanced ceramic ingredients (for catalytic converters, filters, solar cells), and intermediates like 1,4 butanediol and n-methylpyrrolidone.
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Guillermo Novo, Chairman and Chief Executive Officer
Guillermo Novo joined Ashland's Board of Directors in May 2019 and assumed the role of Chairman and Chief Executive Officer on December 31, 2019. Prior to Ashland, he served as President and CEO of Versum Materials from 2016 to 2019. From 2012 to 2016, he was Executive Vice President of Materials Technologies at Air Products and Chemicals, Inc. He also held the position of group Vice President, Dow Coating Materials, at Dow Chemical Company. Novo began his career in 1986 at Rohm and Haas Company, where he spent 24 years in various commercial, marketing, and management roles across South America, the U.S., and Asia.
William C. Whitaker, Senior Vice President and Chief Financial Officer
William C. Whitaker was appointed Senior Vice President and Chief Financial Officer, effective July 18, 2025, after serving as interim CFO. He joined Ashland in 2015 and has held various roles of increasing responsibility within corporate development, treasury, financial planning and analysis (FP&A), and investor relations. Before joining Ashland, Whitaker worked in private equity and transaction advisory services.
Alessandra Faccin Assis, Senior Vice President and General Manager, Life Sciences and Intermediates
Alessandra Faccin Assis is the Senior Vice President and General Manager for Life Sciences and Intermediates at Ashland. She is recognized as a dynamic and results-oriented business leader with a proven ability to accelerate growth, drive execution discipline, and foster growth in emerging markets, as well as build high-performing teams. Her experience spans multiple cultures, having lived and worked in the United States, Singapore, and Brazil.
Jim Minicucci, Senior Vice President and General Manager, Personal Care
Jim Minicucci serves as the Senior Vice President and General Manager for Personal Care at Ashland. He is an accomplished global business leader with a demonstrated track record of achieving both top and bottom-line results. His expertise includes leading organizations in sales, marketing, operations, and technology, along with extensive experience in developing and implementing corporate and business unit strategies, and mergers and acquisitions (M&A).
Dago Caceres, Vice President and General Manager, Specialty Additives
Dago Caceres holds the position of Vice President and General Manager, Specialty Additives at Ashland, a role he has held since April 2024. Prior to Ashland, he was the global strategy director for IFF Pharma Solutions from February 2021 to April 2024, and before that, the global strategic marketing leader at DuPont from August 2019 to February 2021. He has also held various leadership positions and possesses extensive experience with chemical and science-driven companies, including Dow Chemical, FMC BioPolymer, and Rohm and Haas.
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- Significant Indebtedness: Ashland Global Holdings Inc. faces a substantial debt burden that limits its capacity to pursue strategic acquisitions and business opportunities. This indebtedness also reduces operational flexibility in response to fluctuating market conditions. A significant portion of its cash flow may be dedicated to debt repayments, thereby restricting funds available for growth initiatives and potentially placing Ashland at a competitive disadvantage compared to less leveraged competitors. The company is also more vulnerable to economic changes and interest rate increases, which could complicate its ability to meet financial obligations.
- Environmental Liabilities and Evolving Regulatory Landscape: Ashland carries significant legacy environmental remediation and related litigation reserves, with estimated potential future costs. The company is also exposed to an evolving global regulatory landscape, including regulations concerning chemicals (such as TSCA, REACH, CSAR, PFAS, and microplastics) and climate disclosure regimes. These environmental matters and regulatory changes can lead to substantial compliance costs, potential litigation, and may impact the company's product mix and overall operating expenses.
- Soft Demand, Pricing Pressures, and Raw Material/Energy Cost Volatility: Ashland operates in an environment characterized by ongoing demand softness and pricing pressures, particularly in certain end markets and export markets. The company also faces volatility in the prices of raw materials, especially hydrocarbon derivatives, cotton linters, wood pulp, and energy costs. Ashland's ability to fully pass on these increased costs to customers is dependent on prevailing market conditions, which can negatively impact its sales volumes, profit margins, and overall financial performance.
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The global transition from internal combustion engine (ICE) vehicles to electric vehicles (EVs) presents a clear emerging threat to Ashland's Specialty Additives segment. A stated application for Ashland's advanced ceramics in this segment is their use in catalytic converters. As EV adoption accelerates worldwide, the demand for catalytic converters, which are components specific to ICE vehicles for emission control, will significantly decrease, directly impacting a portion of Ashland's business in advanced ceramics.
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Addressable Markets for Ashland's Main Products and Services
- Pharmaceutical Excipients: The global pharmaceutical excipients market size was valued at approximately USD 9.31 billion in 2025 and is expected to surpass USD 16.14 billion by 2035.
- Nutraceutical Ingredients: The global nutraceutical ingredients market size was accounted at USD 95.73 billion in 2025 and is predicted to increase to approximately USD 204.47 billion by 2035.
- Personal Care Ingredients: The global personal care ingredients market size was approximately USD 15.48 billion in 2025 and is predicted to increase to approximately USD 25.96 billion by 2034.
- Rheology Modifiers: The global rheology modifiers market size was approximately USD 8.93 billion in 2024 and is expected to exceed around USD 13.55 billion by 2034.
- 1,4 Butanediol (BDO): The global 1,4 butanediol market size was estimated at USD 7,684.4 million in 2024 and is projected to reach USD 13,407.6 million by 2030.
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Ashland Global Holdings Inc. (ASH) is expected to drive future revenue growth over the next 2-3 years through several strategic initiatives:
- Innovation and New Product Launches: Ashland is focused on accelerating commercial success through innovation, particularly in high-value areas. The company has a strategic aim of achieving $100 million in innovation revenue growth by 2027, driven by continued launches in cellulosic excipients, biofunctional actives, and regional production. Specific areas of focus include bioresorbable polymers and other injectables, where the market is growing at 7%, and tablet coatings, where Ashland aims for a significant market share. The Life Sciences segment has already seen a 4% increase in sales, propelled by injectables, high-value cellulose excipients, and new high-purity excipient launches.
- Globalization and Expansion into Key Growth Regions: Ashland is executing a "globalize" strategy involving significant investments and expansion in key international markets. This includes investments in Ireland and the United States for its injectables business, Brazil for tablet coatings and microbial protection, China for biofunctional actives, and the construction of a new tablet coating plant in India. This geographic expansion is expected to scale high-quality business lines and accelerate growth.
- Strategic Focus on High-Value Life Sciences and Personal Care Markets: The company is actively prioritizing and increasing capital deployment towards its core additives portfolio, specifically expanding its high-value pharmaceuticals and personal care businesses. These segments are considered resilient, with Life Sciences demonstrating strong demand in pharma applications and double-digit growth in tablet coatings. Ashland's portfolio optimization initiatives, including divesting lower-margin product lines, are designed to enhance shareholder value through improved margins and focused growth.
- Manufacturing Network Optimization and Cost Savings: Ashland's $60 million manufacturing network optimization plan and a broader $90 million cost savings program (to be executed from fiscal year 2025 to 2027) are critical for improving operational consistency, profitability, and cost competitiveness. These actions are expected to strengthen Ashland's cost position, enable market share gains as demand recovers, and are yielding early margin gains.
- Growth in Battery Materials: Ashland is positioning itself for future revenue growth in the higher-margin battery materials market. A congressional visit to Ashland's new lithium-ion materials facility signals policy and industry interest, indicating potential for expansion in this high-growth sector.
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Share Repurchases
- In May 2022, Ashland's board authorized a new, evergreen $500 million common stock repurchase program, replacing a previous $1 billion program.
- Ashland reported $1.3 billion in share repurchases over the last four years (as of January 2025), with $620 million remaining under the current authorization.
- In September 2021, Ashland entered into an accelerated share repurchase agreement to buy back $450 million of common stock.
Inbound Investments
- In November 2025, Standard Investments LLC increased its stake in Ashland by acquiring 385,000 shares, holding a total of 2,625,000 shares, representing 6.46% of its portfolio.
Outbound Investments
- Ashland completed the acquisition of the Schülke & Mayr personal care business.
- Ashland is pursuing targeted bolt-on M&A opportunities in pharma, personal care, and coatings.
Capital Expenditures
- Ashland anticipates fiscal 2025 capital expenditures to be around $120 million.
- The fiscal 2026 outlook includes capital expenditures of approximately $100 million.
- The company has a $60 million manufacturing optimization program underway, primarily consolidating cellulosic ingredient production networks.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 80.38 |
| Mkt Cap | 14.7 |
| Rev LTM | 7,810 |
| Op Inc LTM | 805 |
| FCF LTM | 622 |
| FCF 3Y Avg | 359 |
| CFO LTM | 1,101 |
| CFO 3Y Avg | 1,198 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -1.3% |
| Rev Chg 3Y Avg | -6.4% |
| Rev Chg Q | 8.0% |
| QoQ Delta Rev Chg LTM | 2.1% |
| Op Inc Chg LTM | 31.0% |
| Op Inc Chg 3Y Avg | 5.3% |
| Op Mgn LTM | 8.1% |
| Op Mgn 3Y Avg | 5.7% |
| QoQ Delta Op Mgn LTM | 1.5% |
| CFO/Rev LTM | 13.7% |
| CFO/Rev 3Y Avg | 12.0% |
| FCF/Rev LTM | 8.9% |
| FCF/Rev 3Y Avg | 3.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 14.7 |
| P/S | 1.9 |
| P/Op Inc | 20.6 |
| P/EBIT | 25.8 |
| P/E | 58.2 |
| P/CFO | 9.0 |
| Total Yield | 3.0% |
| Dividend Yield | 2.1% |
| FCF Yield 3Y Avg | 1.9% |
| D/E | 0.4 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.0% |
| 3M Rtn | -3.6% |
| 6M Rtn | -17.6% |
| 12M Rtn | 46.9% |
| 3Y Rtn | -14.6% |
| 1M Excs Rtn | -1.9% |
| 3M Excs Rtn | -7.5% |
| 6M Excs Rtn | -31.0% |
| 12M Excs Rtn | 22.2% |
| 3Y Excs Rtn | -102.0% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Life Sciences | 641 | 810 | 869 | 815 | 737 |
| Personal Care | 577 | 634 | 598 | 678 | 592 |
| Specialty Additives | 511 | 572 | 600 | 719 | 655 |
| Intermediates | 137 | 144 | 185 | 256 | 178 |
| Intersegment sales | -42 | -47 | -61 | -77 | -51 |
| Total | 1,824 | 2,113 | 2,191 | 2,391 | 2,111 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Personal Care | 90 | 73 | 52 | 102 | 73 |
| Intermediates | 8 | 29 | 50 | 87 | 35 |
| Life Sciences | -262 | 168 | 172 | 155 | 130 |
| Unallocated and other | -273 | -264 | -112 | -114 | -107 |
| Specialty Additives | -338 | -32 | 10 | 103 | 61 |
| Total | -775 | -26 | 172 | 333 | 192 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Life Sciences | 1,498 | 1,778 | 1,904 | 1,905 | 1,945 |
| Unallocated and other | 1,226 | 1,274 | 1,315 | 1,498 | 1,726 |
| Specialty Additives | 1,020 | 1,516 | 1,580 | 1,567 | 1,636 |
| Personal Care | 751 | 950 | 1,004 | 1,073 | 1,145 |
| Intermediates | 116 | 127 | 136 | 170 | 160 |
| Total | 4,611 | 5,645 | 5,939 | 6,213 | 6,612 |
Price Behavior
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.18 | -0.02 | -0.03 | 0.60 | 0.87 | 0.96 |
| Up Beta | 0.65 | -0.13 | -0.49 | 0.61 | 0.96 | 1.07 |
| Down Beta | 0.12 | -0.03 | -1.38 | -0.04 | 0.47 | 0.90 |
| Up Capture | -70% | -18% | 44% | 86% | 123% | 52% |
| Bmk +ve Days | 6 | 16 | 27 | 66 | 132 | 424 |
| Stock +ve Days | 7 | 18 | 28 | 62 | 127 | 369 |
| Down Capture | 70% | 40% | 32% | 69% | 89% | 102% |
| Bmk -ve Days | 16 | 26 | 37 | 60 | 120 | 328 |
| Stock -ve Days | 14 | 23 | 35 | 63 | 124 | 380 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASH | |
|---|---|---|---|---|
| ASH | 57.5% | 38.2% | 1.26 | - |
| Sector ETF (XLB) | 16.1% | 17.8% | 0.68 | 41.2% |
| Equity (SPY) | 20.2% | 12.7% | 1.16 | 28.7% |
| Gold (GLD) | 3.4% | 29.5% | 0.11 | 17.0% |
| Commodities (DBC) | 52.0% | 20.7% | 1.90 | -10.6% |
| Real Estate (VNQ) | 7.4% | 13.7% | 0.26 | 25.6% |
| Bitcoin (BTCUSD) | -27.7% | 43.7% | -0.62 | 7.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASH | |
|---|---|---|---|---|
| ASH | -2.4% | 31.7% | -0.04 | - |
| Sector ETF (XLB) | 6.3% | 19.1% | 0.21 | 58.6% |
| Equity (SPY) | 13.9% | 17.1% | 0.62 | 49.1% |
| Gold (GLD) | 18.3% | 18.9% | 0.78 | 11.4% |
| Commodities (DBC) | 9.7% | 19.5% | 0.38 | 6.7% |
| Real Estate (VNQ) | 1.5% | 18.8% | -0.03 | 44.8% |
| Bitcoin (BTCUSD) | 9.7% | 51.9% | 0.37 | 16.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ASH | |
|---|---|---|---|---|
| ASH | 4.5% | 30.2% | 0.20 | - |
| Sector ETF (XLB) | 9.7% | 20.7% | 0.41 | 65.6% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 57.9% |
| Gold (GLD) | 11.8% | 16.4% | 0.58 | 8.2% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 17.9% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 52.3% |
| Bitcoin (BTCUSD) | 63.2% | 66.2% | 1.03 | 13.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/25/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | 7.1% | 6.3% | 9.3% |
| 4/28/2026 | -13.8% | -8.3% | 0.6% |
| 2/2/2026 | -0.8% | 1.1% | -1.8% |
| 11/4/2025 | 6.1% | 4.6% | 23.4% |
| 7/29/2025 | 5.6% | 3.8% | 12.6% |
| 4/30/2025 | -9.9% | -11.1% | -8.2% |
| 1/28/2025 | -9.8% | -9.4% | -13.6% |
| 11/6/2024 | -7.6% | -11.4% | -13.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 12 |
| # Negative | 16 | 14 | 12 |
| Median Positive | 5.4% | 4.2% | 7.2% |
| Median Negative | -4.5% | -6.4% | -5.5% |
| Max Positive | 15.9% | 11.9% | 23.4% |
| Max Negative | -13.8% | -12.1% | -14.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/28/2026 | 7.1% | 6.3% | 9.3% |
| 4/28/2026 | -13.8% | -8.3% | 0.6% |
| 2/2/2026 | -0.8% | 1.1% | -1.8% |
| 11/4/2025 | 6.1% | 4.6% | 23.4% |
| 7/29/2025 | 5.6% | 3.8% | 12.6% |
| 4/30/2025 | -9.9% | -11.1% | -8.2% |
| 1/28/2025 | -9.8% | -9.4% | -13.6% |
| 11/6/2024 | -7.6% | -11.4% | -13.2% |
| 8/6/2024 | -9.6% | -7.8% | -4.1% |
| 4/30/2024 | -0.9% | 2.8% | 4.5% |
| 1/30/2024 | 15.9% | 11.9% | 16.4% |
| 11/8/2023 | -4.8% | 0.3% | 9.6% |
| 7/25/2023 | -1.1% | -0.5% | -7.4% |
| 5/2/2023 | -9.7% | -12.1% | -14.1% |
| 1/31/2023 | -0.8% | -1.1% | -5.7% |
| 11/7/2022 | 5.3% | 6.5% | 9.5% |
| 7/26/2022 | -2.5% | -4.9% | -1.2% |
| 4/26/2022 | 4.8% | 2.7% | 0.4% |
| 2/1/2022 | 1.5% | -0.2% | -5.3% |
| 11/9/2021 | 1.0% | 7.9% | 5.2% |
| 7/27/2021 | -2.2% | -3.3% | 0.3% |
| 4/28/2021 | -8.2% | -8.2% | -0.8% |
| 2/3/2021 | -0.2% | -1.4% | 1.8% |
| 11/10/2020 | -4.1% | -0.7% | -3.9% |
| SUMMARY STATS | |||
| # Positive | 8 | 10 | 12 |
| # Negative | 16 | 14 | 12 |
| Median Positive | 5.4% | 4.2% | 7.2% |
| Median Negative | -4.5% | -6.4% | -5.5% |
| Max Positive | 15.9% | 11.9% | 23.4% |
| Max Negative | -13.8% | -12.1% | -14.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 11/20/2025 | 10-K |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 01/29/2025 | 10-Q |
| 09/30/2024 | 11/18/2024 | 10-K |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 01/31/2024 | 10-Q |
| 09/30/2023 | 11/17/2023 | 10-K |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/01/2023 | 10-Q |
| 09/30/2022 | 11/21/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/29/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/03/2026 | 10-Q |
| 09/30/2025 | 11/20/2025 | 10-K |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 01/29/2025 | 10-Q |
| 09/30/2024 | 11/18/2024 | 10-K |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 01/31/2024 | 10-Q |
| 09/30/2023 | 11/17/2023 | 10-K |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/01/2023 | 10-Q |
| 09/30/2022 | 11/21/2022 | 10-K |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/03/2022 | 10-Q |
| 09/30/2021 | 11/22/2021 | 10-K |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/04/2021 | 10-Q |
| 09/30/2020 | 11/23/2020 | 10-K |
| 06/30/2020 | 07/30/2020 | 10-Q |
| 03/31/2020 | 05/06/2020 | 10-Q |
| 12/31/2019 | 01/29/2020 | 10-Q |
| 09/30/2019 | 11/25/2019 | 10-K |
Recent Forward Guidance
Updated 10/4/2026Latest: Q3 2026 Earnings Reported 7/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Sales | Reported | 1.83 Bil | 1.85 Bil | 1.87 Bil | 0 | Affirmed | Guidance: 1.85 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 385.00 Mil | 392.50 Mil | 400.00 Mil | 0 | Affirmed | Guidance: 392.50 Mil for 2026 | |
| 2026 Capital Expenditures | Reported | 90.00 Mil | -10.0% | Lowered | Guidance: 100.00 Mil for 2026 | |||
Prior: Q2 2026 Earnings Reported 4/28/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 1.83 Bil | 1.85 Bil | 1.87 Bil | -0.9% | Lowered | Guidance: 1.87 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 385.00 Mil | 392.50 Mil | 400.00 Mil | -4.3% | Lowered | Guidance: 410.00 Mil for 2026 | |
| 2026 Adjusted Diluted Earnings Per Share Excluding Intangibles Amortization Growth | Reported | 5.0% | 7.0% | 9.0% | ||||
| 2026 Capital Expenditures | Reported | 100.00 Mil | 0 | Affirmed | Guidance: 100.00 Mil for 2026 | |||
| 2026 Ongoing Free Cash Flow Conversion | Reported | 0.5 | 0 | Affirmed | Guidance: 0.5 for 2026 | |||
Q1 2026 Earnings Reported 2/2/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Sales | Reported | 1.83 Bil | 1.87 Bil | 1.91 Bil | 0 | Affirmed | Guidance: 1.87 Bil for 2026 | |
| 2026 Adjusted EBITDA | Reported | 400.00 Mil | 410.00 Mil | 420.00 Mil | -1.2% | Lowered | Guidance: 415.00 Mil for 2026 | |
| 2026 Capital Expenditures | Reported | 100.00 Mil | 0 | Affirmed | Guidance: 100.00 Mil for 2026 | |||
| 2026 Ongoing Free Cash Flow Conversion | Reported | 0.5 | ||||||
Q4 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Revenue | Reported | 1.83 Bil | 1.87 Bil | 1.91 Bil | 1.8% | Higher New | Guidance: 1.84 Bil for 2025 | |
| 2026 Revenue Growth | Reported | 1.0% | 3.0% | 5.0% | ||||
| 2026 Adjusted EBITDA | Reported | 400.00 Mil | 415.00 Mil | 430.00 Mil | 2.5% | Higher New | Guidance: 405.00 Mil for 2025 | |
| 2026 Capital Expenditures | Reported | 100.00 Mil | ||||||
Investor Activity (13F)
Updated Oct 14, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Diversified Chemicals Resources |
| Chemical Engineering |
| Chemistry World |
| American Chemistry Council |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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