Demonstrações financeiras detalhadas de Ashland Inc. (ASH): demonstração de resultados, balanço patrimonial e fluxo de caixa. Acompanhe a evolução de margens, dívida, liquidez e rentabilidade ano a ano com até 20 anos de histórico.
Resumo da Análise
Ashland Inc. registou receitas de $1.82B no último exercício, com um CAGR de 5 anos de -2.0%.
Margens dos últimos 12 meses: margem bruta 29.4%, margem operacional 7.3%, margem líquida 2.8%.
Ao preço atual de $70.48, ASH negocia a um P/L de 61.30 e um ROE de 2.77%. A capitalização de mercado é de $3.2B.
Demonstração de Resultados (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Receita | $3.02B | $2.31B | $2.59B | $2.15B | $2.02B | $2.11B | $2.39B | $2.19B | $2.11B | $1.82B |
| Custo da Receita | $2.13B | $1.58B | $1.73B | $1.50B | $1.42B | $1.44B | $1.56B | $1.52B | $1.50B | $1.27B |
| Lucro Bruto | $887.0M | $729.0M | $863.0M | $651.0M | $599.0M | $670.0M | $830.0M | $668.0M | $618.0M | $549.0M |
| P&D | $87.0M | $83.0M | $73.0M | $58.0M | $56.0M | $50.0M | $55.0M | $51.0M | $55.0M | $54.0M |
| Despesas Gerais e Administrativas | $858.0M | $610.0M | $599.0M | $426.0M | $400.0M | $358.0M | $393.0M | $365.0M | $404.0M | $345.0M |
| Despesas Operacionais | $937.0M | $680.0M | $761.0M | $565.0M | $1.06B | $478.0M | $497.0M | $496.0M | $644.0M | $1.32B |
| Lucro Operacional | -$50.0M | $49.0M | $102.0M | $86.0M | -$461.0M | $192.0M | $333.0M | $172.0M | -$26.0M | -$775.0M |
| EBITDA | $174.0M | $296.0M | $404.0M | $382.0M | -$254.0M | $448.0M | $509.0M | $457.0M | $303.0M | -$509.0M |
| Despesas com Juros | $180.0M | $227.0M | $116.0M | $114.0M | $91.0M | $73.0M | $66.0M | $57.0M | $53.0M | $63.0M |
| Lucro Antes de Impostos | -$308.0M | -$196.0M | $11.0M | -$9.0M | -$577.0M | $135.0M | $206.0M | $160.0M | -$24.0M | -$809.0M |
| Imposto | -$25.0M | -$16.0M | -$8.0M | $30.0M | -$22.0M | -$38.0M | $25.0M | -$8.0M | -$223.0M | $13.0M |
| Lucro Líquido | -$29.0M | $1.0M | $114.0M | $505.0M | -$508.0M | $220.0M | $927.0M | $178.0M | $169.0M | -$845.0M |
| LPA | $-0.46 | $0.02 | $1.84 | $8.15 | $-8.33 | $3.66 | $17.17 | $3.36 | $3.45 | $-18.37 |
| LPA Diluído | $-0.46 | $0.02 | $1.78 | $8.03 | $-8.39 | $3.66 | $16.41 | $3.31 | $3.38 | $-18.37 |
| Ações em Circulação (Diluídas) | $63.0M | $62.0M | $64.0M | $63.0M | $61.0M | $61.0M | $56.0M | $54.0M | $50.0M | $46.0M |
Demonstração de Resultados (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Receita | $478.0M | $386.0M | $482.0M | $497.0M |
| Lucro Bruto | $159.0M | $80.0M | $147.0M | $155.0M |
| Lucro Operacional | $61.0M | -$6.0M | $39.0M | $41.0M |
| EBITDA | $130.0M | $60.0M | $80.0M | $120.0M |
| Lucro Líquido | $32.0M | -$12.0M | $16.0M | $16.0M |
| LPA | $0.70 | $-0.26 | $0.35 | $0.35 |
| LPA Diluído | $0.70 | $-0.26 | $0.34 | $0.35 |
Balanço (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caixa e Equivalentes | $1.02B | $566.0M | $294.0M | $232.0M | $454.0M | $210.0M | $646.0M | $417.0M | $300.0M | $215.0M |
| Investimentos de Curto Prazo | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Contas a Receber | $508.0M | $612.0M | $681.0M | $481.0M | $436.0M | $369.0M | $402.0M | $338.0M | $243.0M | $242.0M |
| Estoque | $539.0M | $634.0M | $663.0M | $597.0M | $506.0M | $473.0M | $629.0M | $626.0M | $545.0M | $568.0M |
| Ativos Circulantes | $2.89B | $1.90B | $1.71B | $1.43B | $1.55B | $1.72B | $1.77B | $1.51B | $1.20B | $1.21B |
| Imobilizado | $1.90B | $1.97B | $1.90B | $1.58B | $1.61B | $1.55B | $1.45B | $1.50B | $1.42B | $1.30B |
| Ágio | $2.14B | $2.46B | $2.45B | $2.25B | $1.30B | $1.43B | $1.31B | $1.36B | $1.38B | $705.0M |
| Ativos Intangíveis | $1.08B | $1.32B | $1.23B | $1.09B | $1.02B | $1.11B | $969.0M | $892.0M | $757.0M | $563.0M |
| Ativos Totais | $10.00B | $8.62B | $8.25B | $7.25B | $6.88B | $6.61B | $6.21B | $5.94B | $5.64B | $4.61B |
| Contas a Pagar | $376.0M | $409.0M | $331.0M | $313.0M | $211.0M | $236.0M | $265.0M | $210.0M | $214.0M | $189.0M |
| Dívida de Curto Prazo | $170.0M | $235.0M | $254.0M | $166.0M | $280.0M | $374.0M | 0 | $16.0M | 0 | $21.0M |
| Passivos Circulantes | $1.24B | $968.0M | $1.07B | $757.0M | $813.0M | $934.0M | $553.0M | $456.0M | $490.0M | $423.0M |
| Dívida de Longo Prazo | $2.33B | $2.58B | $2.27B | $1.50B | $1.57B | $1.60B | $1.27B | $1.31B | $1.35B | $1.47B |
| Passivos Totais | $6.83B | $5.21B | $4.85B | $3.68B | $3.84B | $3.86B | $2.99B | $2.84B | $2.78B | $2.71B |
| Reservas | $2.70B | $2.70B | $2.75B | $3.22B | $2.65B | $2.80B | $3.65B | $3.60B | $3.31B | $2.30B |
| Patrimônio Líquido | $3.35B | $3.41B | $3.41B | $3.57B | $3.04B | $2.75B | $3.22B | $3.10B | $2.87B | $1.90B |
| Dívida Total | $2.50B | $2.82B | $2.53B | $1.67B | $1.99B | $2.10B | $1.38B | $1.46B | $1.47B | $1.57B |
| Dívida Líquida | $1.48B | $2.25B | $2.23B | $1.44B | $1.53B | $1.89B | $737.0M | $1.04B | $1.17B | $1.36B |
| Capital de Giro | $1.65B | $935.0M | $637.0M | $676.0M | $734.0M | $783.0M | $1.22B | $1.05B | $705.0M | $782.0M |
Balanço (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caixa e Equivalentes | $207.0M | $304.0M | $343.0M | $440.0M |
| Ativos Totais | $4.62B | $4.52B | $4.50B | $4.58B |
| Passivos Totais | $2.73B | $2.64B | $2.63B | $2.71B |
| Patrimônio Líquido | $1.89B | $1.88B | $1.87B | $1.87B |
| Dívida Total | $1.49B | $1.57B | $1.48B | $1.48B |
Fluxo de Caixa (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Lucro Líquido | -$28.0M | $28.0M | $114.0M | $505.0M | -$508.0M | $220.0M | $181.0M | $168.0M | $199.0M | -$822.0M |
| Depreciação e Amortização | $302.0M | $301.0M | $278.0M | $277.0M | $235.0M | $244.0M | $241.0M | $243.0M | $274.0M | $237.0M |
| Compensação em Ações | $30.0M | $20.0M | $44.0M | $21.0M | $14.0M | $15.0M | $18.0M | $22.0M | $15.0M | $14.0M |
| Variação Capital de Giro | $43.0M | -$53.0M | $10.0M | -$129.0M | $9.0M | $80.0M | -$271.0M | -$58.0M | $227.0M | -$191.0M |
| Fluxo de Caixa Operacional | $678.0M | $383.0M | $297.0M | $241.0M | $203.0M | $560.0M | -$213.0M | $243.0M | $411.0M | $94.0M |
| CapEx | -$231.0M | -$199.0M | -$157.0M | -$154.0M | -$133.0M | -$105.0M | -$113.0M | -$170.0M | -$137.0M | -$98.0M |
| Aquisições | -$67.0M | -$662.0M | -$7.0M | -$2.0M | $9.0M | -$304.0M | 0 | 0 | $26.0M | $16.0M |
| Recompra de Ações | -$500.0M | -$15.0M | -$10.0M | -$200.0M | 0 | -$450.0M | -$200.0M | -$300.0M | -$380.0M | -$100.0M |
| Dividendos Pagos | -$97.0M | -$77.0M | -$60.0M | -$64.0M | -$66.0M | -$70.0M | -$70.0M | -$76.0M | -$78.0M | -$76.0M |
| Fluxo de Caixa Livre | $447.0M | $166.0M | $140.0M | $87.0M | $70.0M | $455.0M | -$326.0M | $73.0M | $274.0M | -$4.0M |
Fluxo de Caixa (Trimestral)
| Ano | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Fluxo de Caixa Operacional | $106.0M | $125.0M | $41.0M | $122.0M |
| CapEx | -$20.0M | -$14.0M | -$17.0M | -$20.0M |
| Fluxo de Caixa Livre | $86.0M | $111.0M | $24.0M | $102.0M |
| Dividendos Pagos | -$19.0M | -$19.0M | -$19.0M | -$19.0M |
| Compensação em Ações | $2.0M | $4.0M | $5.0M | $4.0M |
Crescimento e Margens (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crescimento Receita (anual) | | -23.5% | +12.1% | -17.0% | -6.1% | +4.7% | +13.3% | -8.4% | -3.6% | -13.7% |
| Crescimento Lucro Líquido (anual) | | +103.4% | +11300.0% | +343.0% | -200.6% | +143.3% | +321.4% | -80.8% | -5.1% | -600.0% |
| Crescimento LPA (anual) | | +103.5% | +11328.6% | +342.9% | -202.2% | +143.9% | +369.1% | -80.4% | +2.7% | -632.5% |
| Variação de Ações (anual) | | -1.6% | +3.2% | -1.6% | -3.2% | +0.0% | -8.2% | -3.6% | -7.4% | -8.0% |
| Crescimento FCF (anual) | | -62.9% | -15.7% | -37.9% | -19.5% | +550.0% | -171.6% | +122.4% | +275.3% | -101.5% |
| Margem Bruta | 29.4% | 31.6% | 33.3% | 30.3% | 29.7% | 31.7% | 34.7% | 30.5% | 29.2% | 30.1% |
| Margem Operacional | -1.7% | 2.1% | 3.9% | 4.0% | -22.9% | 9.1% | 13.9% | 7.9% | -1.2% | -42.5% |
| Margem EBITDA | 5.8% | 12.8% | 15.6% | 17.8% | -12.6% | 21.2% | 21.3% | 20.9% | 14.3% | -27.9% |
| Margem Líquida | -1.0% | 0.0% | 4.4% | 23.5% | -25.2% | 10.4% | 38.8% | 8.1% | 8.0% | -46.3% |
| Margem FCF | 14.8% | 7.2% | 5.4% | 4.1% | 3.5% | 21.6% | -13.6% | 3.3% | 13.0% | -0.2% |
| Taxa Efetiva de Imposto | 8.1% | 8.2% | -72.7% | -333.3% | 3.8% | -28.1% | 12.1% | -5.0% | 929.2% | -1.6% |
Dados por Ação (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Ação | $7.10 | $2.68 | $2.19 | $1.38 | $1.15 | $7.46 | $-5.82 | $1.35 | $5.48 | $-0.09 |
| Dividendo por Ação | $1.54 | $1.24 | $0.94 | $1.02 | $1.08 | $1.15 | $1.25 | $1.41 | $1.56 | $1.65 |
| Ações em Circulação (Básicas) | $63.0M | $62.0M | $62.0M | $63.0M | $61.0M | $61.0M | $54.0M | $53.0M | $49.0M | $46.0M |
O que olhar em Basic Materials
Mineiras, químicas, aço. 100% commodity-driven. Analisar com P/E puro é um erro — olha posição de custos e sustentabilidade do dividendo.
- FCF yield — Em commodities o FCF é ouro — EPS engana muito
- Margem bruta — Margem bruta consistente 5 anos = sinal de moat
- Dívida líquida / EBITDA (vale) — Usar EBITDA do pior ano do ciclo, não o atual
- Cobertura dividendo — Dividendo coberto por FCF em ano médio, não no pico
- Capex / D&A — >1x = mantêm/crescem reservas. <0.7x = a descapitalizar
- Altman Z-Score — Modelo de falência (NYU 1968) — combina liquidez, alavancagem e rentabilidade. Chave em cíclicas
- P/B em ciclos — Commodities: 0.8-1.2x em vales, 2x+ em picos. <2x ainda zona razoável
Rentabilidade
| Retorno sobre patrimônio | 2.77% |
| Retorno sobre capital investido | 1.94% |
| Retorno sobre ativos | 1.14% |
| Margem bruta | 29.35% |
| Margem operacional | 7.33% |
| Margem líquida | 2.82% |
Saúde financeira
| Dívida / Patrimônio | 0.79 |
| Liquidez corrente | 3.05 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.23 |
Índices Chave (10 anos)
| Ano | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/L | -123.33 | 4061.49 | 45.77 | 9.45 | -8.51 | 24.35 | 5.53 | 24.31 | 25.21 | -2.61 |
| P/VP | 1.07 | 1.19 | 1.53 | 1.36 | 1.42 | 1.98 | 1.59 | 1.40 | 1.49 | 1.16 |
| P/V | 1.18 | 1.76 | 2.02 | 2.26 | 2.15 | 2.58 | 2.14 | 1.98 | 2.02 | 1.21 |
| Margem Bruta | 29.4% | 31.6% | 33.3% | 30.3% | 29.7% | 31.7% | 34.7% | 30.5% | 29.2% | 30.1% |
| Margem Operacional | -1.7% | 2.1% | 3.9% | 4.0% | -22.9% | 9.1% | 13.9% | 7.9% | -1.2% | -42.5% |
| Margem Líquida | -1.0% | 0.0% | 4.4% | 23.5% | -25.2% | 10.4% | 38.8% | 8.1% | 8.0% | -46.3% |