What is Ashland's return on invested capital?

Ashland (ASH) reported return on invested capital of -19.6% in Q1 2026.

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

Over 4 years (2020 to 2025), Ashland's return on invested capital has grown at a 25.1% compound annual growth rate (CAGR), from -9.5% to -23.2%.

What does return on invested capital mean?

Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.

Ashland ASH Return on invested capital

Return on invested capital at other companies

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-7.1%-10.4pp

H.B. FullerFUL

6.2%+0.2pp

Eastman ChemicalEMN

4.3%-6.6pp

AVT

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1.4%-3.5pp

WestlakeWLK

-13.1%-16.1pp

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

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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.

nopat/invested capital=-19.6%

Based on trailing twelve months.

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 return on invested capital?: Ashland (ASH) reported return on invested capital of -19.6% in Q1 2026.
What is the long-term trend for Ashland's return on invested capital?: Over 4 years (2020 to 2025), Ashland's return on invested capital has grown at a 25.1% compound annual growth rate (CAGR), from -9.5% to -23.2%.
What does return on invested capital mean?: Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.