What is Ashland's invested capital?

Ashland (ASH) reported invested capital of $3B in Q1 2026.

How has Ashland's invested capital changed year-over-year?

Ashland's invested capital decreased by 22.6% year-over-year, from $3.88B to $3B.

What is the long-term trend for Ashland's invested capital?

Over 5 years (2020 to 2025), Ashland's invested capital has grown at a -7.0% compound annual growth rate (CAGR), from $4.57B to $3.18B.

What does invested capital mean?

Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).

Ashland ASH Invested capital

Discontinued — last reported Q2 '26

Invested capital at other companies

GriffonGFF

5.9%-9.9pp

Benchmark ElectronicsBHE

3.8%-1.7pp

Power IntegrationsPOWI

1.5%-1.0pp

Hayward HoldingsHAYW

8.3%+0.8pp

ChemoursCC

-0.6%-4.1pp

United States Lime & Minerals, Inc.USLM

46.5%-2.9pp

Other financials

Income statement

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Revenue$482.0M+0.6%

Gross profit$147.0M0.0%

Operating income$39.0M-23.5%

Net income$16.0M-48.4%

EPS (diluted)$0.34-47.7%

Balance sheet

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Cash & equivalents$343.0M+104%

Total debt$1.5B-0.6%

Total equity$1.9B-27.1%

Total assets$4.5B-14.0%

Cash flow

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Operating cash flow$50.0M+456%

CapEx$17.0M-19.0%

Free cash flow$33.0M+375%

Valuation

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Market cap$2.93B-9.0%

Enterprise value$4.06B-10.6%

P/S1.6×0.0×

Profitability

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Gross margin30%-1.7pp

Operating margin-37.3%—

Net margin-40.8%-48.8pp

FCF margin13.6%+9.7pp

Returns & leverage

See full

Return on equity-33.4%-38.5pp

Debt / equity0.8×+0.2×

Current ratio3.1×+0.7×

Where this comes from

Calculated from Ashland’s reported figures.

$1.5Btotal debt+$1.9Btotal stockholders equity−$343.0Mcash and equivalents=$3B

The official record: Ashland’s 10-Q, filed April 29, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Ashland's invested capital?: Ashland (ASH) reported invested capital of $3B in Q1 2026.
How has Ashland's invested capital changed year-over-year?: Ashland's invested capital decreased by 22.6% year-over-year, from $3.88B to $3B.
What is the long-term trend for Ashland's invested capital?: Over 5 years (2020 to 2025), Ashland's invested capital has grown at a -7.0% compound annual growth rate (CAGR), from $4.57B to $3.18B.
What does invested capital mean?: Total debt plus shareholders' equity minus cash, at the quarter end. The capital actually put to work in the operating business — the denominator of return on invested capital (ROIC).