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Ashland (ASH) FY2021 results: revenue $2.1 billion, up 4.7% on the year

Ashland Inc. (ASH) reported revenue of $2.1 billion for fiscal 2021, the year ended 30 September 2021, up 4.7% on the year before. Net income was $220 million, and diluted earnings per share $3.59. The figures are the company's own, from the 10-K it filed with the SEC on 22 November 2021.

Revenue
$2.1 billion
+4.7% on the year
FY2014FY2021
Operating margin
9.1%
-22.9% a year earlier
FY2014FY2021
Net income
$220 million
FY2014FY2021
Diluted EPS
$3.59
FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ millionFY2021FY2020FY2019On the yearLast 8 years
Revenue2,1112,0162,148+4.7%
Cost of revenue1,4411,4171,497+1.7%
Gross profit670599651+11.9%
Gross margin31.7%29.7%30.3%
Research and development50.056.058.0-10.7%
Selling, general and administrative358400426-10.5%
Operating income192-46186.0
Operating margin9.1%-22.9%4.0%
Interest expense69.088.0114-21.6%
Pre-tax income135-577-9.0
Income tax-38.0-22.030.0
Effective tax rate-28.1%n/an/a
Net income220-508505
Net margin10.4%-25.2%23.5%
Diluted EPS$3.59-$8.39$8.03
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2021FY2020FY2019On the yearLast 8 years
Operating cash flow560203241+175.9%
Capital expenditure105133147-21.1%
Free cash flow45570.094.0+550.0%
Free cash flow margin21.6%3.5%4.4%
Cash from financing-4269.0-1,149
Depreciation and amortisation244235277+3.8%
Share-based compensation15.014.021.0+7.1%
Buybacks450n/a200
Dividends paid70.066.064.0+6.1%
Dividend per share$1.15$1.10$1.05+4.5%
Diluted shares, weighted61m61m63m0.0%
Shares outstanding at period endn/a61m60m

Balance sheet

$ millionFY2021FY2020FY2019On the yearLast 8 years
Shareholders' equity2,7523,0363,571-9.4%
Debt1,9701,8531,667+6.3%
Operating lease liabilities110114n/a-3.5%
Other liabilities1,7801,8742,013-5.0%
Total liabilities and equity6,6126,8777,251-3.9%
Fixed assets1,4271,4851,577-3.9%
Goodwill1,4301,3051,800+9.6%
Intangible assets1,0991,0131,088+8.5%
Securities held for sale or to maturity421331334+27.2%
Cash and equivalents210454232-53.7%
Receivables369437481-15.6%
Inventory473506597-6.5%
Other assets1,1831,3461,142-12.1%
Total assets6,6126,8777,251-3.9%

10-K for the year ended 30 September 2021, filed 22 November 2021: the filing.