Ashland Inc Overview
Ashland is a focused, mid-cap additives and specialty ingredients company built around two chemistry franchises, cellulose ethers and vinyl pyrrolidone polymers, which together accounted for roughly 64% of FY2025 sales. After a decade of divestitures (Valvoline, composites, adhesives, nutraceuticals, Avoca) it is now a consumer-leaning portfolio. Life Sciences (pharmaceutical excipients, injectables, tablet coatings) and Personal Care (biofunctional actives, microbial protection, hair, skin and oral care polymers) generate most of the profit at adjusted EBITDA margins near 30%. A cyclical Specialty Additives business tied to architectural coatings and a small, trough-level butanediol Intermediates unit make up the rest. FY2025 sales were USD 1,824 M with adjusted EBITDA of USD 401 M. The company enters FY2027 with strong pharma volumes, a self-inflicted manufacturing problem at its Hopewell HEC plant, sub-investment-grade ratings one notch lower than a year ago, and an activist-influenced board weighing capital allocation and, potentially, a sale.
The company's own description
In its FY2025 annual report Ashland describes itself as a global additives and specialty ingredients company with a deliberate sustainability orientation. It serves consumer and industrial markets including architectural coatings, construction, energy, food and beverage, personal care and pharmaceuticals, with about 2,900 employees and customers in more than 100 countries (10-K FY2025, Item 1). Its stated purpose is to "responsibly solve for a better world" (Proxy 2026). Earnings releases add that the company holds leadership positions in pharmaceuticals, personal care and architectural coatings (PR Q3 FY2026).
Independent characterization
| Product family | Share of FY2025 consolidated sales | Share of segment sales | Source |
|---|---|---|---|
| Cellulosics (HEC, HPC, HPMC, MC, CMC, EC) | 39% | Life Sciences 43%; Personal Care 20%; Specialty Additives 62% | 10-K FY2025 Item 1 |
| Polyvinylpyrrolidones (PVP and derivatives) | 25% | Life Sciences 42%; Personal Care 23%; Specialty Additives 7% | 10-K FY2025 Item 1 |
Ashland is best understood as a polymer-chemistry platform, not a diversified chemical company. Two product families dominate:
The remaining third or so of sales comprises biofunctional actives, preservatives, guar and other natural derivatives, synthetic associative thickeners, foam-control agents, surfactants, and merchant butanediol and derivatives.
Business model. Ashland makes functional ingredients that are a small share of a customer's formulation cost but determine performance: tablet disintegration, drug release, paint rheology, hair hold, preservative efficacy. Customers qualify these ingredients into regulated or specification-driven formulations, so switching costs are high and qualification cycles long, particularly in pharma. The model depends on application know-how and technical service as much as molecule manufacturing.
Revenue model. Revenue is essentially 100% product sales recognized at a point in time. There is no material service, subscription or licensing revenue disclosed. Distribution is direct to large multinationals plus distributors for the fragmented tail (IMCD for US personal and home care from April 2026; WACKER cyclodextrins distributed by Ashland; Azelis affiliate Catalite in Thailand). Pricing is negotiated; list prices are not disclosed. In March 2026 the company announced portfolio-wide price increases in response to energy and raw-material volatility (IR, 23 Mar 2026).
Value chain position. Ashland sits mid-chain. Upstream it buys wood pulp and cotton linters (cellulose), acetylene-chain feedstocks, ethylene oxide, guar, clary sage (until the Avoca sale) and other naturals. It is back-integrated into butanediol (Lima, Ohio), which feeds its own pyrrolidone chain; captive BDO is transferred at market-based prices (PR Q4 FY2025). Downstream it sells to formulators, not consumers.
Customer types. Pharmaceutical and generic drug manufacturers, nutrition and beverage producers, multinational and independent personal care brands, paint and coatings manufacturers, construction-materials producers, oilfield service companies, and industrial users of BDO derivatives (engineering polymers, electronics, battery manufacturing). Reuters reporting on the Ancora campaign names L'Oréal, Estée Lauder and Pfizer among customers. Merck & Co., where director Sanat Chattopadhyay is an executive, paid Ashland about USD 9.7 M in FY2025 (Proxy 2026).
End-market mix (FY2025 sales). Life Sciences 35%, Personal Care 32%, Specialty Additives 28%, Intermediates 7% before intersegment eliminations (PR Q4 FY2025; Analyst).
Seasonality. Demand is typically stronger in warmer months. The fiscal first quarter (October to December) is the seasonal low (10-K FY2025; PR Q1 FY2026).
Strategy
Stated strategy
The four strategic themes, used verbatim across the proxy and earnings releases, are Execute, Globalize, Innovate, Invest. Management frames the portfolio around three "high-quality" markets where it claims technology and commercial leadership: personal care, pharmaceuticals and coatings (Proxy 2026).
Initiative register, last 24 months
| Initiative | Detail and targets | Status at October 2026 | Source |
|---|---|---|---|
| Portfolio Optimization | Exit or curtail CMC, MC, nutraceuticals, Avoca, low-margin nutrition and construction lines | Declared complete with the Avoca sale; reduced FY2025 sales by about USD 208 M and adjusted EBITDA by about USD 45 M | PR Q4 FY2025 |
| USD 90 M cost program | USD 30 M restructuring (SARD) plus USD 60 M manufacturing network optimization | USD 30 M restructuring realized in FY2025. Manufacturing savings now USD 50–55 M until China volumes recover. FY2026 "execute" benefit cut by USD 10–12 M; about USD 15 M of structural savings expected in FY2026 | PR Q4 FY2025; Q2 and Q3 FY2026 calls |
| HEC network consolidation | Consolidate HEC at Hopewell; rebalance production across the network | Operationally complete; productivity shortfall being remediated with "focused operational and management actions" | PR Q2 and Q3 FY2026 |
| Globalize | Scale four lines across regions: biofunctional actives, microbial protection, injectables, tablet coatings. FY2026 target USD 20 M incremental sales | "Exceeding targets" through Q3 FY2026 | PR Q4 FY2025; PR Q3 FY2026 |
| Innovate | FY2026 target USD 15 M incremental innovation sales; extra USD 4 M of R&D on disruptive platforms | Exceeded full-year target by Q2 FY2026 (call summary) | PR Q4 FY2025; Q2 FY2026 call |
| Technology platforms | Seven platforms; repurpose existing assets to scale | Innovation Day (17 Sep 2026): pipeline addresses a USD 9 billion market; platforms to add 200–300 basis points of growth above market, equal to USD 200–300 M of incremental sales in five years and USD 400–600 M in ten | Innovation Day transcript summary |
| Pricing actions | Increases across all four segments globally | Realization building; greater benefit expected in Q4 FY2026 | IR 23 Mar 2026; PR Q3 FY2026 |
| Channel redesign | IMCD exclusive US distributor for personal and home care; WACKER cyclodextrin partnership | Effective April 2026 | IR |
| Capital Allocation Advisory Committee | Board committee to review capital allocation and strategic planning | Formed 28 Jul 2026 | IR |
| Sustainability | SBTi-validated targets: 50.4% cut in Scope 1 and 2 and in Scope 3 by FY2032 from FY2022 | Ongoing | IR 30 Nov 2023 |
Guidance history for FY2026
| Date | Sales (USD Mn) | Adjusted EBITDA (USD Mn) | Adjusted EPS ex-amortization growth | Other |
|---|---|---|---|---|
| 4 Nov 2025 | 1,835–1,905 | 400–430 | Double-digit plus | Ongoing FCF conversion about 50%; capex about USD 100 M |
| 2 Feb 2026 | 1,835–1,905 | 400–420 | Double-digit plus | About USD 11 M of Calvert City and weather impact |
| 28 Apr 2026 | 1,835–1,870 | 385–400 | Mid-to-high single digit | Hopewell ramp, Middle East energy demand, weaker EV-related BDO demand |
| 28 Jul 2026 | 1,835–1,870 | 385–400 | Low-to-mid single digit | Higher tax rate; FCF conversion above 50%; capex about USD 90 M |
Medium-term targets beyond the Innovation Day growth ambition and the net-leverage range are not quantified in the documents reviewed.
Products & Services
Segment product scope is from 10-K FY2025 Item 1 and the Proxy 2026 business-unit list. Pricing is negotiated and not publicly disclosed for any product; launch years are not disclosed unless stated.
Life Sciences
| Product line / brand | Description and capability | Target customer | Notes |
|---|---|---|---|
| Hydroxypropylcellulose, Klucel (R) | Tablet binder, film former, sustained-release matrix former for oral solid dose | Branded and generic pharma | Core cellulosic excipient |
| Hypromellose and methylcellulose, Benecel (R) | Controlled-release matrices, thermal gelation in foods | Pharma, nutrition | Low-nitrite grades highlighted as innovation driver in FY2026 (PR Q1 and Q3 FY2026) |
| Carboxymethylcellulose / cellulose gum, Aqualon and Blanose (R) | Thickening, stabilization, texture control | Food, beverage, pharma | CMC line rationalized under Portfolio Optimization; low-margin nutrition offerings exited (PR Q4 FY2025) |
| Povidone and copovidone, Plasdone (R) | Tablet binders, solubilizers for amorphous dispersions | Pharma | Vinyl pyrrolidone chemistry; 42% of segment sales are PVP (10-K FY2025) |
| Crospovidone, Polyplasdone (R) | Super-disintegrant | Pharma | — |
| Tablet film-coating systems, Aquarius (R) | Immediate, delayed and sustained-release coating formulations | Pharma, nutrition | A "globalize" business line with strong pipeline (PR Q1 FY2026) |
| Injectable excipients and bioresorbable polymers, Viatel | Polymers for long-acting injectables and drug delivery; high-purity excipients for biologics | Pharma, biotech | "Globalize" line. Innovation Day cited about USD 600 M of targeted opportunity with underlying growth above 10% a year |
| permexa sodium caprate | Intestinal permeation enhancer for oral delivery of biologics | Pharma developers | Launched 24 Aug 2026 (IR) |
| Cyclodextrins: CAVAMAX, CAVASOL (WACKER), Cavitron | Solubilizing excipients | Pharma | Ashland is WACKER's sole global channel partner for pharmaceutical excipient use from April 2026 (IR 28 Apr 2026) |
| High-purity solvents, Pharmasolve (R) | NMP-based pharmaceutical solubilizer | Pharma | — |
| Beverage stabilizers, Polyclar (R) | PVPP for beer and wine clarification | Brewers, wineries | Nutrition end market |
| Crop care polymers, agrimer | Dispersants, binders, seed-coating polymers | Agrochemical formulators | agrimer eco-coat seed coating (Transformed Vegetable Oils platform) received US EPA food-use tolerance exemption, Feb 2026; agrimer eco-disperse OD polymeric dispersant launched 22 Sep 2026 (IR) |
| Diagnostic films, Gafchromic (R) | Radiochromic dosimetry films | Hospitals, radiology and radiotherapy | Formerly "advanced materials" |
| Fine chemicals | Custom and specialty intermediates from the pyrrolidone chain | Pharma, industrial | Derivatives produced at Texas City and Calvert City (10-K FY2025) |
Personal Care
| Product line / brand | Description and capability | Target customer | Notes |
|---|---|---|---|
| Biofunctional actives (Zeta Fraction, PSR plant small-RNA technology) | Botanical-derived actives for skin and hair | Prestige and mass skin care brands | "Globalize" line; double-digit growth through FY2026. eternight (iris root extract, night-time longevity claim) launched 13 Apr 2026 (IR) |
| Microbial protection: Optiphen, Germall, sensiva, euxyl (R) | Preservatives and multifunctional protection blends | Personal and home care formulators | Enlarged by the 2021 Schülke & Mayr acquisition; double-digit volume gains in Q3 FY2026 |
| Hair fixatives and styling polymers: Styleze, Gafquat, Advantage, PVP K-grades (R) | Hold, conditioning, humidity resistance | Hair care brands | Soft in Q1 FY2026 on customer plant outages; mid-single-digit growth in Q3 FY2026 |
| Conditioning polymers: N-Hance cationic guar (R) | Deposition and conditioning in shampoos | Hair and body wash | Guar and cassia derivatives cited in 10-K FY2025 |
| Rheology modifiers: Natrosol HEC, Lubrajel hydrogels (R) | Thickening, sensory | Skin, hair, oral care | Cellulosics are 20% of segment sales |
| Oral care polymers: Gantrez (R) | Bioadhesion for dentures, active delivery in toothpaste and mouthwash | Oral care multinationals | Oral care function described in 10-K FY2025 |
| Sun care: Escalol UV filters, water-resistance polymers (R) | UV protection, film forming | Sun care brands | — |
| Emollients, emulsifiers and alginate encapsulates | Natural-chemistry emollients; encapsulation | Skin care, fragrance delivery | 10-K FY2025 |
| Home care: super wetters (Easy-Wet (R)), encapsulates, rheology polymers | Biodegradable surface wetting, suspension, fragrance enhancement for fabric, dish and surface care | Household and I&I formulators | "Super wetters" is a named technology platform |
Specialty Additives
| Product line / brand | Description and capability | Target customer | Notes |
|---|---|---|---|
| Hydroxyethylcellulose, Natrosol (R) | Primary thickener for water-borne architectural paint | Global and regional paint makers | Production consolidated at Hopewell; ramp-up problems drove the April 2026 guidance cut |
| Nonionic synthetic associative thickeners, Aquaflow (R) | APEO-free liquid rheology modifiers for premium paints and industrial coatings | Paint makers | 10-K FY2025 |
| Foam control, Drewplus (R) | Defoamers | Coatings, industrial | — |
| Surfactants and wetting agents, Strodex, Dextrol (R) | Dispersion and wetting | Coatings | — |
| pH neutralizers | Low-odor, low-VOC neutralizing amines replacement | Coatings | Named technology platform |
| Construction cellulose ethers, Culminal (R) | Water retention, workability, sag resistance for dry mortars, joint compounds, plasters | Construction-materials producers | Low-margin construction business exited (about USD 4 M quarterly sales impact) (PR Q4 FY2025) |
| Energy additives | Cellulosic and synthetic polymers for drilling fluids, cementing, completion, fracturing | Oilfield service companies | Weak in FY2026 on Middle East conflict |
| Performance specialties | Binders and process aids for ceramics (catalytic converters, capacitors), solar cells, textile printing, welding, battery and membrane applications | Electronics, automotive, industrial | 10-K FY2025 |
| Ethylcellulose and industrial HPC (R) | Organosoluble binders for inks and electronics pastes | Industrial | — |
Intermediates
| Product | Description | Customer | Notes |
|---|---|---|---|
| 1,4-Butanediol (BDO) | Intermediate for engineering polymers and polyurethanes | Merchant customers and Ashland's own segments | Lima, Ohio. Merchant sales USD 23 M and captive USD 10 M in Q4 FY2025 |
| N-methyl-2-pyrrolidone (NMP) | Process solvent for electronics and lithium-ion battery electrode manufacture | Battery, electronics, pharma, agrochemical | Demand from North American EV battery and energy-storage customers improved in Q3 FY2026 |
| Tetrahydrofuran (THF) | Solvent, spandex precursor | Industrial | — |
| Gamma-butyrolactone (BLO) | Intermediate and solvent | Industrial, agrochemical | — |
| N-octyl-2-pyrrolidone (Surfadone) and 2-pyrrolidone | Specialty solvents and wetting agents | Industrial, agrochemical | Proxy 2026 |
New technology platforms
Ashland states it is advancing seven new technology platforms (Proxy 2026). The investor site lists: liquid cellulose+, novel cellulosics, transformed vegetable oils (TVO), bioresorbable polymers, multifunctional starch, super wetters and pH neutralizers. At the September 2026 Innovation Day management said a bagasse-based platform sits outside the published targets. The asset strategy is to repurpose existing plants to scale these platforms instead of building greenfield capacity (PR Q4 FY2025).
Financial Narrative
Sources: FY2024 and FY2025 from PR Q4 FY2025 (preliminary statements, consistent with 10-K FY2025). FY2021 to FY2023 income-statement lines from 10-K XBRL data and S&P/SA. All figures are continuing operations unless stated.
Income statement
Sales CAGR FY2021 to FY2025: -3.6% a year (Analyst).
Other FY2025 and FY2024 measures (PR Q4 FY2025): adjusted operating income USD 207 M and USD 247 M; adjusted diluted EPS excluding intangibles amortization USD 3.38 and USD 4.45; average diluted shares 46 M and 50 M.
Commentary.
Sales: The FY2022 peak reflected post-pandemic pricing and restocking. FY2023 was a destocking year. FY2024 and FY2025 declines were mostly deliberate: Portfolio Optimization removed about USD 208 M of FY2025 sales, and the organic decline was 4%, split between volume and price (PR Q4 FY2025). The weakest organic areas were coatings in China and the Middle East, Africa and India region.
Gross margin: GAAP gross margin includes accelerated depreciation and plant-optimization costs (USD 41 M and USD 22 M in FY2025), which hides the mix improvement from exiting low-margin lines. S&P's standardized figures, which strip these, show gross margin rising from 32.4% to 33.6% (S&P/SA).
Operating income: FY2025's loss is almost entirely non-cash: USD 706 M goodwill impairment and USD 175 M on Avoca. FY2024 carried USD 107 M on nutraceuticals and USD 57 M of accelerated depreciation.
Adjusted EBITDA: Flat in absolute terms between FY2023 and FY2024 despite lower sales, then down USD 58 M in FY2025: USD 45 M from divested or exited lines plus lower pricing, offset by about USD 20 M of restructuring savings and USD 5 M of manufacturing optimization.
Net income: FY2022 includes USD 746 M from discontinued operations (adhesives sale). FY2024 income from continuing operations was inflated by a USD 223 M tax benefit linked to the nutraceuticals held-for-sale classification and other tax items.
Balance sheet (30 September)
FY2021 to FY2023 balance-sheet lines are from S&P/SA and 10-Q debt notes; intangibles for those years are S&P-standardized and may differ by a few million from the company caption. Net debt and working capital are computed.
Commentary. Net debt fell by more than USD 1.1 billion in FY2022 on the adhesives proceeds, then crept up as USD 1.0 billion of buybacks over FY2022 to FY2025 exceeded free cash flow. Equity fell by USD 964 M in FY2025 on the impairments. Inventories rose to USD 568 M at FY2025 year-end as the company pre-built stock for plant transitions and tariff risk; they were worked down to USD 490 M by June 2026 (PR Q3 FY2026). Off the face of the debt line sit an asbestos reserve of USD 389 M (insurance receivable USD 127 M), environmental reserves of USD 226 M, and USD 297 M of restricted investments held in trusts to fund them (10-K FY2025).
Cash flow
Notes: FY2024 and FY2025 are company-reported (PR Q4 FY2025). FY2021 to FY2023 operating cash flow is derived as S&P-standardized total operating cash flow less discontinued-operations operating cash flow from XBRL (94, -406, -51); FY2023 free cash flow of 124 matches the company's FY2024 annual report. FY2021 to FY2023 repurchases are S&P-standardized and include small employee withholding amounts. Company-defined ongoing free cash flow was USD 270 M in FY2024 and USD 127 M in FY2025 (59% and 32% of adjusted EBITDA).
Commentary. FY2024 cash flow was flattered by USD 105 M of receivables-sale inflows and inventory release; FY2025 reversed both. FY2026 is recovering sharply: nine-month operating cash flow was USD 295 M (including a USD 103 M tax refund) and ongoing free cash flow USD 159 M against USD 75 M a year earlier (PR Q3 FY2026). No shares have been repurchased in FY2026.
Ratios (Analyst-computed from the tables above)
Method notes: ROIC uses S&P-standardized EBIT (195, 310, 166, 171, 168) taxed at 21% over year-end debt plus equity. Interest expense is S&P-standardized (69, 62, 54, 53, 61). Cash conversion cycle uses year-end receivables, inventories and payables against sales and cost of sales. The company's covenant-basis net leverage was 2.4x at 30 Jun 2026, which management describes as back within its long-term target range (PR Q3 FY2026).
Commentary. Returns on capital are low for a business with near-30% segment margins in its core franchises. The causes are a large acquired-intangible base, heavy corporate and legacy costs (unallocated adjusted EBITDA of USD -65 M in FY2025), and a structurally long inventory cycle of over 130 days. The FY2022 ROE is a divestiture gain, not operating performance.
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Segment Overview
| Segment | Contents | Leader |
|---|---|---|
Life Sciences | Pharmaceuticals, nutrition, agricultural chemicals (crop care), diagnostic films (formerly advanced materials), fine chemicals. Nutraceuticals sold August 2024 | Alessandra Faccin Assis, SVP and GM, Life Sciences and Intermediates |
Personal Care | Biofunctional actives, microbial protection, skin care, sun care, oral care, hair care, household solutions. Avoca sold in FY2025 | James P. Minicucci, SVP and GM |
Specialty Additives | Rheology and performance additives for architectural coatings, construction, energy, automotive and industrial markets (marketed as coatings, construction, performance specialties, energy) | Dago Caceres, SVP and GM |
Intermediates | 1,4-butanediol (BDO) and derivatives: THF, NMP, BLO, N-octyl-2-pyrrolidone. Also supplies BDO to the other three segments | Alessandra Faccin Assis |
Segment sales (USD Mn)
| Segment sales (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Life Sciences | 869 | 810 | 641 |
Personal Care | 598 | 634 | 577 |
Specialty Additives | 600 | 572 | 511 |
Intermediates | 185 | 144 | 137 |
Intersegment eliminations | -61 | -47 | -42 |
Total Ashland | 2,191 | 2,113 | 1,824 |
Segment sales growth (% YoY)
| Segment sales growth (% YoY) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Life Sciences | 6.6 | -6.8 | -20.9 |
Personal Care | -11.8 | 6.0 | -9.0 |
Specialty Additives | -16.6 | -4.7 | -10.7 |
Intermediates | -27.7 | -22.2 | -4.9 |
Total Ashland | -8.4 | -3.6 | -13.7 |
Segment share of consolidated sales (%)
| Segment share of consolidated sales (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Life Sciences | 39.7 | 38.3 | 35.1 |
Personal Care | 27.3 | 30.0 | 31.6 |
Specialty Additives | 27.4 | 27.1 | 28.0 |
Intermediates | 8.4 | 6.8 | 7.5 |
Intersegment eliminations | -2.8 | -2.2 | -2.3 |
Segment operating income (USD Mn)
| Segment operating income (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Life Sciences | 172 | 168 | -262 |
Personal Care | 52 | 73 | 90 |
Specialty Additives | 10 | -32 | -338 |
Intermediates plus Unallocated and other (combined) | -62 | -235 | -265 |
Total Ashland | 172 | -26 | -775 |
Segment operating margin (%)
| Segment operating margin (%) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Life Sciences | 19.8 | 20.7 | -40.9 |
Personal Care | 8.7 | 11.5 | 15.6 |
Specialty Additives | 1.7 | -5.6 | -66.1 |
Total Ashland | 7.9 | -1.2 | -42.5 |
Segment EBITDA as reported (USD Mn)
| Segment EBITDA as reported (USD Mn) | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Life Sciences | 218 | 241 | 229 | -187 |
Personal Care | 186 | 137 | 152 | 155 |
Specialty Additives | 184 | 86 | 89 | -254 |
FY2025 adjusted EBITDA by segment
| FY2025 adjusted EBITDA by segment | USD Mn | Margin (%) |
|---|---|---|
Life Sciences | 193 | 30.1 |
Personal Care | 158 | 27.4 |
Specialty Additives | 94 | 18.4 |
Intermediates | 21 | 15.3 |
Unallocated and other | -65 | — |
Total Ashland | 401 | 22.0 |
Segment Revenue
| USD Mn | Q1 FY2026 (Dec 2025) | Q2 FY2026 (Mar 2026) | Q3 FY2026 (Jun 2026) | 9M FY2026 | 9M FY2025 |
|---|---|---|---|---|---|
Life Sciences sales | 139 | 172 | 180 | 491 | 468 |
Personal Care sales | 123 | 150 | 155 | 428 | 426 |
Specialty Additives sales | 102 | 134 | 136 | 372 | 380 |
Intermediates sales | 31 | 35 | 37 | 103 | 104 |
Intersegment | -9 | -9 | -11 | -29 | -31 |
Total sales | 386 | 482 | 497 | 1,365 | 1,347 |
Adjusted EBITDA, total | 58 | 98 | 109 | 265 | 282 |
Life Sciences adjusted EBITDA | 31 | 50 | 60 | 141 | — |
Personal Care adjusted EBITDA | 26 | — | 45 | — | — |
Specialty Additives adjusted EBITDA | 15 | 16 | 20 | 51 | — |
Intermediates adjusted EBITDA | 1 | 5 | 4 | 10 | — |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Sales (USD Mn) | 2,111 | 2,391 | 2,191 | 2,113 | 1,824 |
Gross profit (USD Mn) | 670 | 830 | 668 | 618 | 549 |
Operating income, GAAP (USD Mn) | 192 | 333 | 172 | -26 | -775 |
Adjusted EBITDA, company-defined (USD Mn) | 495 | 590 | 459 | 459 | 401 |
Pre-tax income, continuing operations (USD Mn) | 135 | 206 | 160 | -24 | -809 |
Income from continuing operations (USD Mn) | 173 | 181 | 168 | 199 | -822 |
Net income (USD Mn) | 220 | 927 | 178 | 169 | -845 |
Basic EPS, net income (USD) | 3.63 | 16.71 | 3.36 | 3.40 | -18.23 |
Diluted EPS, net income (USD) | 3.59 | 16.41 | 3.31 | 3.36 | -18.23 |
Dividends per share (USD) | 1.15 | 1.27 | 1.44 | 1.58 | 1.64 |
Margin (%)
| Margin (%) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin | 31.7 | 34.7 | 30.5 | 29.2 | 30.1 |
Operating margin, GAAP | 9.1 | 13.9 | 7.9 | -1.2 | -42.5 |
Adjusted EBITDA margin | 23.4 | 24.7 | 20.9 | 21.7 | 22.0 |
Net margin | 10.4 | 38.8 | 8.1 | 8.0 | -46.3 |
Balance Sheet
| Metric (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets | 6,612 | 6,213 | 5,939 | 5,645 | 4,611 |
Cash and equivalents | 210 | 646 | 417 | 300 | 215 |
Short-term debt | 374 | 0 | 16 | 0 | 0 |
Long-term debt | 1,596 | 1,270 | 1,314 | 1,349 | 1,384 |
Total debt, excluding leases | 1,970 | 1,270 | 1,330 | 1,349 | 1,384 |
Net debt | 1,760 | 624 | 913 | 1,049 | 1,169 |
Stockholders' equity | 2,752 | 3,220 | 3,097 | 2,868 | 1,904 |
Goodwill | 1,430 | 1,312 | 1,362 | 1,381 | 705 |
Other intangibles | 1,106 | 969 | 892 | 751 | 563 |
Working capital (current assets less current liabilities) | 783 | 1,215 | 1,050 | 705 | 782 |
Cash Flow
| Metric (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow, continuing operations | 466 | 193 | 294 | 462 | 134 |
Capital expenditure | 105 | 113 | 170 | 137 | 98 |
Free cash flow (operating cash flow less capex) | 361 | 80 | 124 | 325 | 36 |
Dividends paid | 70 | 70 | 76 | 78 | 76 |
Share repurchases | 457 | 209 | 311 | 380 | 100 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE, net income on year-end equity (%) | 8.0 | 28.8 | 5.7 | 5.9 | -44.4 |
ROA, net income on year-end assets (%) | 3.3 | 14.9 | 3.0 | 3.0 | -18.3 |
ROIC, approximate (%) | 3.3 | 5.5 | 3.0 | 3.2 | 4.0 |
Current ratio (x) | 1.84 | 3.20 | 3.30 | 2.44 | 2.85 |
Debt to equity (x) | 0.72 | 0.39 | 0.43 | 0.47 | 0.73 |
Net debt to adjusted EBITDA (x) | 3.56 | 1.06 | 1.99 | 2.29 | 2.92 |
Adjusted EBITDA to interest expense (x) | 7.2 | 9.5 | 8.5 | 8.7 | 6.6 |
Asset turnover (x) | 0.32 | 0.38 | 0.37 | 0.37 | 0.40 |
Cash conversion cycle (days) | 121 | 143 | 153 | 123 | 157 |
Sales by region (% of total)
| Sales by region (% of total) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
North America | 31 | 31 | 27 |
Europe (EMEA) | 36 | 35 | 37 |
Asia Pacific | 23 | 25 | 26 |
Latin America and other | 10 | 9 | 10 |
Implied sales by region (USD Mn)
| Implied sales by region (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
North America | 679 | 655 | 492 |
Europe (EMEA) | 789 | 740 | 675 |
Asia Pacific | 504 | 528 | 474 |
Latin America and other | 219 | 190 | 182 |
Implied regional growth (% YoY)
| Implied regional growth (% YoY) | FY2024 | FY2025 |
|---|---|---|
North America | -3.5 | -24.9 |
Europe (EMEA) | -6.2 | -8.8 |
Asia Pacific | 4.8 | -10.2 |
Latin America and other | -13.2 | -4.2 |
US external sales (USD Mn)
| US external sales (USD Mn) | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
United States | 731 | 634 | 624 |
Capital Markets
| Item | Value | Source |
|---|---|---|
Share price | USD 69.06 (25 Sep 2026) | S&P/SA |
52-week change | +40.1% | S&P/SA |
Price at FY2025 year-end | USD 47.91 (30 Sep 2025) | Proxy 2026 |
50-day / 200-day average | USD 71.63 / USD 62.36 | S&P/SA |
Beta (5-year) | 0.39 | S&P/SA |
Approx. 3-year total return | About -8% | Analyst estimate from 10-K index plus FY2026 move |
Approx. 5-year total return | About -13% | Analyst estimate from 10-K index plus FY2026 move |
Cumulative total return index (30 Sep 2020 = 100)
| Cumulative total return index (30 Sep 2020 = 100) | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
Ashland | 100 | 127 | 137 | 120 | 130 | 74 |
S&P MidCap 400 | 100 | 144 | 122 | 141 | 179 | 190 |
Peer group, S&P 500 and MidCap 400 Materials | 100 | 128 | 114 | 135 | 168 | 162 |
Valuation Multiples
| Multiple | Ashland | Basis | Source |
|---|---|---|---|
P/E, trailing | 41.7 | GAAP EPS USD 1.15 for 12 months to Jun 2026 | S&P/SA |
P/E, forward | 16.9 | Consensus | S&P/SA |
EV / EBITDA | 11.5 | S&P-standardized EBITDA USD 364 M | S&P/SA |
EV / adjusted EBITDA | 10.9 | Company-defined adjusted EBITDA USD 384 M for 12 months to Jun 2026 | Analyst |
EV / Sales | 2.28 | — | S&P/SA |
P / B | 1.69 | — | S&P/SA |
Free cash flow yield | 6.5% | — | S&P/SA |
Capital Markets — Analysts covering
| Item | Value |
|---|---|
Analysts covering | 12 |
Consensus Rating Details
| Consensus rating | Buy |
|---|---|
Average price target | USD 80.18 (16% above the price) |
Three-year revenue growth forecast | 3.3% a year |
Three-year EPS growth forecast | 13.2% a year |
Per-Share Data and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividends per share (USD) | 1.15 | 1.27 | 1.44 | 1.58 | 1.64 |
Dividend growth (%) | 4.5 | 10.4 | 13.4 | 9.7 | 3.8 |
Dividends paid (USD Mn) | 70 | 70 | 76 | 78 | 76 |
Share repurchases (USD Mn) | 457 | 209 | 311 | 380 | 100 |
Average diluted shares (M) | 61 | 56 | 54 | 50 | 46 |
Credit Ratings
| Agency | Corporate rating | Outlook | Change | Source |
|---|---|---|---|---|
S&P Global | BB | Stable | Downgraded in the quarter ended 31 Mar 2026 (previously BB+) | 10-Q Q2 and Q3 FY2026 |
Moody's | Ba2 | Stable | Downgraded in the six months ended 31 Mar 2026 (previously Ba1) | 10-Q Q2 and Q3 FY2026 |
Capital Instruments
| Instrument | Principal | Maturity | Source |
|---|---|---|---|
Hercules 6.60% notes | About USD 4 M | Aug 2027 | Bond listing; 10-Q |
2.00% senior notes (Ashland Services B.V.) | EUR 500 M | 30 Jan 2028 | Bond listing; 10-Q |
Hercules 6.50% junior subordinated debentures | About USD 97 M | 30 Jun 2029 | Bond listing; 10-Q |
3.375% senior notes (Ashland LLC) | USD 450 M | 1 Sep 2031 | Indenture description |
6.875% notes | About USD 282 M | 15 May 2043 | Bond listing; 10-Q |
Revolving credit facility (unsecured) | USD 500 M committed; USD 496 M available at 30 Jun 2026 | May 2031 | 8-K 28 May 2026; 10-Q |
US receivables securitization | Up to USD 70 M | 28 Jul 2028 | 8-K 30 Jul 2026 |
EU receivables securitization | Up to EUR 125 M | 21 Sep 2029 | 8-K 24 Sep 2026 |
Scheduled long-term debt maturities (USD Mn)
| Scheduled long-term debt maturities (USD Mn) | FY2026 | FY2027 | FY2028 | FY2029 | FY2030 | FY2031 |
|---|---|---|---|---|---|---|
Principal due | 0 | 4 | 571 | 97 | 0 | 450 |
Analyst Conclusions
Management guidance
For FY2026 (ended 30 Sep 2026; to be reported 3 Nov 2026): sales of USD 1,835–1,870 M; adjusted EBITDA of USD 385–400 M; low-to-mid single-digit growth in adjusted EPS excluding amortization from the USD 3.38 FY2025 base; ongoing free cash flow conversion above 50%; capex about USD 90 M (PR Q3 FY2026).
Implied fourth quarter (Analyst): sales of USD 470–505 M against USD 478 M a year earlier, and adjusted EBITDA of USD 120–135 M against USD 119 M. The low end requires only flat EBITDA year on year; the top end needs a 13% increase, which depends on price realization and Hopewell recovery. Management said it expects sequential improvement in Q4 and "improving earnings momentum into fiscal 2027".
Consensus expectations
Twelve analysts, consensus Buy, average target USD 80.18; three-year revenue growth of about 3% and EPS growth of about 13% a year; forward P/E 16.9 (S&P/SA). Consensus therefore assumes modest organic growth with margin recovery, broadly the company's own framework.
Bull case
-
The demand problem is over; what remains is fixable. Volumes rose 6% in Q3 FY2026 with every segment and region up. The EBITDA shortfall is traceable to two plants. Restoring Hopewell productivity and capturing the USD 35–40 M of manufacturing savings not yet realized would lift adjusted EBITDA toward USD 430–450 M on current sales.
-
Mix keeps improving. Life Sciences and Personal Care now deliver about three-quarters of segment EBITDA at margins near 30%, and the four "globalize" lines plus new platforms are growing faster than the base. Management's own target is USD 200–300 M of incremental platform sales within five years.
-
Multiple routes to value. Leverage is 2.4x, free cash flow is running above USD 200 M on a trailing basis, USD 520 M of buyback capacity is untouched, and a board committee with two activist-backed directors is reviewing capital allocation. A near-10% strategic holder and Ancora's USD 76 sale estimate put a floor of sorts under the shares.
Bear case
-
Earnings have not grown in three years and guidance credibility is poor. Adjusted EBITDA went from USD 459 M (FY2023 and FY2024) to USD 401 M and is guided to USD 385–400 M. Ashland missed consensus in four of five quarters to April 2026 (Ancora), and FY2026 guidance was cut twice.
-
Specialty Additives may be structurally impaired. Segment adjusted EBITDA margin was 18.4% in FY2025 and about 14% in the first nine months of FY2026, against 25.7% in FY2022. Chinese cellulose-ether capacity and weak China construction are not cyclical in any obvious way, and the USD 331 M goodwill write-off acknowledges this.
-
The valuation already discounts recovery and a bid. The shares are up 40% in a year and 44% from the FY2025 close, trade near 11x trailing EBITDA, and carry 9.6% short interest. If no transaction emerges, ratings stay at BB / Ba2, and the 2028 euro notes refinance at a much higher rate, EPS growth could disappoint.
Catalysts and monitorables, next 12 months
| Item | Timing | What to watch |
|---|---|---|
| Q4 and FY2026 results, FY2027 guidance | 3 Nov 2026 | Whether Q4 adjusted EBITDA reaches USD 120 M or more; FY2027 EBITDA range; Hopewell status |
| FY2026 10-K | Late Nov 2026 | Annual goodwill test; environmental and asbestos reserve updates; FY2025 US sales |
| Proxy and 2027 annual meeting | Dec 2026 – Jan 2027 | Board reduced to ten; PSU outcomes; any governance changes; say-on-pay |
| Capital Allocation Advisory Committee output | Unspecified | Resumption of buybacks, leverage policy, portfolio actions |
| Strategic alternatives | Unspecified | Any announced review, approach from Standard Industries or others; Standard's 13F and Schedule 13 filings |
| Specialty Additives margin | Quarterly | Return toward 20% plus as production aligns with demand |
| Pricing versus raw materials | Quarterly | Realization of March 2026 increases |
| Ratings | Ongoing | Outlook changes at S&P and Moody's |
| 2028 euro notes | By late 2027 | Refinancing terms |
| CEO succession | Ongoing | Novo is 63 and has led since 2019; the 10-K lists succession planning as a risk |
Analyst verdict
Ashland has finished the portfolio work it began in 2016 and is now exactly what it set out to be: a focused additives and ingredients company with two excellent franchises. What it has not yet shown is that focus produces growth. Sales are 24% below the 2022 peak, adjusted EBITDA has slipped below USD 400 M, more than USD 980 M of goodwill and acquired businesses have been written off in two years, and five-year total return trails the materials sector by a wide margin. The 2026 plant failures were damaging mainly because they hit just as demand turned, converting a recovery year into another year of cuts.
The evidence for the core is nonetheless good. Pharma volumes have risen for five quarters, Life Sciences earns a 33% margin, biofunctional actives and microbial protection are compounding at double-digit rates, and cash conversion has rebounded. If Hopewell is fixed, the cost base carries USD 35–40 M of latent savings and the coatings business has real operating leverage to any housing recovery. That supports adjusted EBITDA in the USD 420–450 M range within two years without heroic assumptions.
The difficulty is price and proof. At about 11x trailing EBITDA, after a 40% rally fuelled partly by activist involvement, the market is already paying for both the operational fix and some probability of a sale. Management's credibility on guidance is low, the balance sheet is rated two notches below investment grade, and Specialty Additives faces competition that restructuring alone may not answer.
On balance Ashland is a sound business at a fair price with an unusually wide range of outcomes. The November 2026 results and FY2027 guidance are the decisive test: delivery restores the standalone case, while another miss would strengthen the argument that the assets are worth more to another owner.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Age | In role since | Prior roles | Education |
|---|---|---|---|---|---|
Guillermo Novo | Chair and Chief Executive Officer | 63 | CEO Dec 2019; director May 2019 | CEO of Versum Materials (2016–2019); EVP Materials Technologies, Air Products; Group VP, Dow; 24 years at Rohm and Haas | BS industrial engineering, University of Central Florida; MBA, University of Michigan |
William C. Whitaker | SVP and Chief Financial Officer | 37 | Jul 2025 (interim from May 2025) | Joined Ashland 2015: corporate development, treasury, FP&A, investor relations; earlier private equity and transaction advisory | BS finance, Ohio State; CFA |
Dr. Osama M. Musa | SVP and Chief Technology Officer | 57 | CTO 2016; SVP 2018 | Ashland and ISP R&D leadership | PhD organic chemistry, Wayne State; MS degrees, University of Detroit Mercy and University of Jordan; BS, Yarmouk University |
Alessandra Faccin Assis | SVP and GM, Life Sciences and Intermediates | 47 | Jun 2024 | President Asia Pacific, Treasurer and other roles at Sealed Air; Dow; Rohm and Haas | BS, Fundação Getúlio Vargas; Executive MBA, Universidade de São Paulo |
James P. Minicucci | SVP and GM, Personal Care | 43 | Apr 2024 | SVP Strategy, M&A and Portfolio at Ashland (2023–2024); Merck KGaA specialty gases; Versum Materials | BS and MS chemical engineering, Northeastern |
Dago Caceres | SVP and GM, Specialty Additives | 53 | Apr 2024 | Global strategy director, IFF Pharma Solutions; DuPont; Dow; FMC BioPolymer; Rohm and Haas | BS chemical engineering, National University of Colombia; MBA, University of South Carolina |
Robin E. Lampkin | SVP, General Counsel and Secretary | 62 | Aug 2023 | Ashland since 1991; Chief Compliance Officer; environmental and regulatory counsel | BA and JD, Ohio State |
Eileen Drury | SVP and Chief Human Resources Officer | 57 | Nov 2021 | Ashland HR roles since 2011 | BA and MA, Fairleigh Dickinson |
Directors' Remuneration
| Executive | Salary (USD) | Bonus (USD) | Stock awards (USD) | Non-equity incentive (USD) | All other (USD) | Total (USD) |
|---|---|---|---|---|---|---|
Guillermo Novo | 1,152,332 | 0 | 5,233,863 | 1,313,830 | 207,398 | 7,907,423 |
Directors' Remuneration (Annual)
| Executive | Base salary rate, 2025 (USD) | Annual incentive paid (USD) | Target equity grant (USD) |
|---|---|---|---|
William Whitaker | 414,600 | 243,686 | 1,100,000 |
Alessandra Faccin Assis | 504,700 | 286,146 | 757,050 |
Osama M. Musa | 524,710 | 355,852 | 787,065 |
James Minicucci | 461,440 | 311,409 | 576,800 |
Karl Bostaph (retired) | 402,380 | 236,504 | 402,380 |
J. Kevin Willis (resigned) | 630,270 | 0 | 1,418,000 |
Board of Directors
| Director | Since | Independent | Background | Committees |
|---|---|---|---|---|
Guillermo Novo (Chair) | 2019 | No | CEO; director of PPG Industries | Non-voting member, Capital Allocation Advisory |
Susan L. Main (Lead Independent Director) | 2017 | Yes | Former CFO, Teledyne Technologies; director of Allegion | Audit; Compensation; Capital Allocation Advisory |
Steven D. Bishop | 2022 | Yes | Former CEO, Procter & Gamble Health Care | Compensation; Sustainability and Productivity |
Sanat Chattopadhyay | 2023 | Yes | EVP and President, Manufacturing Division, Merck & Co. | Sustainability and Productivity (Chair); Governance and Nominating |
Suzan F. Harrison | 2022 | Yes | Former President, Global Oral Care, Colgate-Palmolive; director of ADM and Smurfit Westrock | Compensation (Chair); Governance and Nominating |
Ashish K. Kulkarni, PhD | 2024 | Yes | CEO, Kebotix; former CTO roles at Celanese, Avantor, GAF | Governance and Nominating; Sustainability and Productivity |
Jerome A. Peribere | 2018 | Yes | Former CEO, Sealed Air; 35 years at Dow; director of Xylem | Governance and Nominating (Chair); Audit |
Scott A. Tozier | 2024 | Yes | Former CFO, Albemarle; director of International Paper | Audit (Chair); Sustainability and Productivity; Capital Allocation Advisory (Chair) |
Bertrand Loy | 15 May 2026 | Yes | Executive Chair and former CEO, Entegris | Capital Allocation Advisory |
Peter Thomas | 28 Jul 2026 | Yes | Former Chair and CEO, Ferro Corporation; former director of Berry Global and Innophos | Capital Allocation Advisory |
Allen Spizzo | 28 Jul 2026 | Yes | Former CFO, Hercules Incorporated; former director of Ferro, A. Schulman, OM Group | Capital Allocation Advisory |
Major Shareholders
| Rank | Holder | Shares (M) | Approx. stake (%) |
|---|---|---|---|
| 1 | BlackRock, Inc. | 5.7 | 12.4 |
| 2 | Standard Investments LLC (Standard Industries) | 4.5 | 9.8 |
| 3 | Franklin Resources | 3.6 | 7.9 |
| 4 | Dimensional Fund Advisors | 2.5 | 5.5 |
| 5 | Vanguard Portfolio Management | 2.5 | 5.5 |
| 6 | Vanguard Capital Management | 2.1 | 4.6 |
| 7 | Massachusetts Financial Services | 2.0 | 4.4 |
| 8 | Frontier Capital Management | 2.0 | 4.4 |
| 9 | Ancora Advisors | 1.9 | 4.1 |
| 10 | Leon G. Cooperman | 1.9 | 4.1 |
| 11 | State Street | 1.9 | 4.1 |
| 12 | AQR Capital Management | 1.8 | 3.9 |
| 13 | Diamond Hill Capital Management | 1.6 | 3.5 |
Competitive Landscape
Competitors by Segment
| Segment | Competitor | Overlap | Approx. latest revenue | Relative positioning |
|---|---|---|---|---|
Life Sciences | International Flavors & Fragrances (Pharma Solutions) | Cellulosic excipients (HPMC, MC, CMC) | Group about USD 11.5 billion (2024) | Larger cellulosics capacity; unit subject to portfolio action by IFF |
Life Sciences | Roquette (private) | Excipients, including the former IFF pharma assets | — | Scale in starch and polyol excipients |
Life Sciences | BASF (Kollidon) | PVP, copovidone, crospovidone | Group about EUR 65 billion | Main global PVP rival; back-integrated |
Life Sciences | Shin-Etsu Chemical | HPMC, HPMCAS, low-substituted HPC | Group about JPY 2.4 trillion | Technology leader in several pharma cellulosics |
Life Sciences | Colorcon (private) | Tablet film-coating systems | — | Market leader in coatings; Ashland is challenger |
Life Sciences | Evonik (Health Care) | Bioresorbable polymers, drug delivery | Group about EUR 15.2 billion (2024) | Incumbent in PLGA polymers |
Personal Care | Croda International | Actives, specialty ingredients | About GBP 1.6 billion (2024) | Closest listed peer by model |
Personal Care | Symrise; Givaudan Active Beauty; DSM-Firmenich | Biofunctional actives | Symrise about EUR 5.0 billion (2024) | Larger actives portfolios bundled with fragrance |
Personal Care | Lubrizol (Berkshire Hathaway); Dow; BASF Care | Rheology and styling polymers, conditioning | Not disclosed at unit level | Scale players in polymers |
Personal Care | Arxada; Clariant; Symrise | Preservatives | Not disclosed at unit level | Fragmented; Ashland gaining share |
Specialty Additives | Dow | HEC (Cellosize), associative thickeners | Group about USD 43 billion | Principal HEC rival in the Americas |
Specialty Additives | Nouryon (private) | Cellulose ethers for paints and construction | — | Strong in EMEA |
Specialty Additives | Lotte Fine Chemical; Shandong Head; other Chinese producers | HEC, construction cellulose ethers | — | Low-cost export competition in Asia, Middle East, Africa, India |
Specialty Additives | Elementis; BYK (Altana); Evonik | Rheology modifiers, defoamers, wetting agents | Elementis about USD 0.7 billion | Niche additive specialists |
Intermediates | BASF; Dairen Chemical; Xinjiang Markor and other Chinese producers; Mitsubishi Chemical | BDO, THF, NMP | Not disclosed at product level | Global oversupply; Ashland is a small regional producer |
“—” = not publicly disclosed.
Peer Comparison FY2025
| Metric | Ashland (FY2025, reported) | Croda (2024) | IFF (2024) | Symrise (2024) |
|---|---|---|---|---|
Revenue | USD 1,824 M | About GBP 1.63 billion | About USD 11.5 billion | About EUR 5.0 billion |
Revenue growth | -13.7% (organic about -4%) | — | — | — |
EBITDA margin | 22.0% adjusted | — | About 19% adjusted | About 21% |
R&D intensity | 3.0% of sales | — | — | — |
Recent Developments
Headcount fell from 3,229 to about 2,900 during FY2025 through divestitures and restructuring.
