Aspen Aerogels, Inc. (ASPN) 10-Year Financial Performance & Capital Metrics

ASPN • • Industrial / General

IndustrialsConstructionSpecialty Construction ProductsInsulation & Thermal Products

AboutAspen Aerogels, Inc. designs, develops, manufactures, and sells aerogel insulation products primarily for use in the energy infrastructure and building materials markets in the United States, Asia, Canada, Europe, and Latin America. The company offers PyroThin thermal barriers for use in lithium-ion batteries in electric vehicles and energy storage industries; Pyrogel XTE that reduces the risk of corrosion under insulation in energy infrastructure operating systems; Pyrogel HPS for applications within the power generation market; Pyrogel XTF to provide protection against fire; Cryogel Z for sub-ambient and cryogenic applications in the energy infrastructure market; and Spaceloft Subsea for use in pipe-in-pipe applications in offshore oil production. It also offers Spaceloft Grey and Spaceloft A2 for use in the building materials market; and Cryogel X201, which is used in designing cold systems, such as refrigerated appliances, cold storage equipment, and aerospace systems. The company was founded in 2001 and is headquartered in Northborough, Massachusetts.Show more

Revenue $453M +89.6%
EBITDA $79M +354.5%
Net Income $13M +129.2%
EPS (Diluted) 0.17 +125.8%
Gross Margin 40.4% +69.4%
EBITDA Margin 17.44% +234.2%
Operating Margin 12.05% +158.4%
Net Margin 2.95% +115.4%
ROE 2.43% +124.8%
ROIC 7.59% +179.4%
Debt/Equity 0.32 +12.9%
Interest Coverage 4.56 +149.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 26.6%
✓Trading at only 0.4x book value

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 10 (bottom 10%)
✗Shares diluted 15.7% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y16.02%

5Y26.57%

3Y54.98%

TTM-14.74%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-20533.53%

EPS CAGR

10Y-

5Y-

3Y-

TTM-44385.71%

ROCE

10Y Avg-17.47%

5Y Avg-17.14%

3Y Avg-7.61%

Latest7.74%

Peer Comparison

Insulation & Thermal Products

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ASPNAspen Aerogels, Inc.	277.69M	3.36	19.76	89.64%	-86.52%	-99.85%		0.32
OCOwens Corning	10.11B	123.00	16.71	13.41%	-4.46%	-10.86%	12.31%	1.10
CSLCarlisle Companies Incorporated	14.88B	356.22	12.77	9.08%	15.48%	38.96%	6.35%	0.81

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	122.52M	117.74M	111.63M	104.36M	139.38M	100.27M	121.62M	180.36M	238.72M	452.7M
Revenue Growth %	0.2%	-0.04%	-0.05%	-0.07%	0.34%	-0.28%	0.21%	0.48%	0.32%	0.9%
Cost of Goods Sold+	97.87M	94.43M	92.96M	91.69M	113.09M	85.68M	111.69M	175.39M	181.8M	269.8M
COGS % of Revenue	0.8%	0.8%	0.83%	0.88%	0.81%	0.85%	0.92%	0.97%	0.76%	0.6%
Gross Profit+	24.65M	23.31M	18.67M	12.67M	26.28M	14.59M	9.94M	4.98M	56.92M	182.9M
Gross Margin %	0.2%	0.2%	0.17%	0.12%	0.19%	0.15%	0.08%	0.03%	0.24%	0.4%
Gross Profit Growth %	0.44%	-0.05%	-0.2%	-0.32%	1.07%	-0.44%	-0.32%	-0.5%	10.44%	2.21%
Operating Expenses+	30.88M	34.53M	37.81M	39.23M	40.44M	36.16M	50.54M	84.22M	106.12M	128.36M
OpEx % of Revenue	0.25%	0.29%	0.34%	0.38%	0.29%	0.36%	0.42%	0.47%	0.44%	0.28%
Selling, General & Admin	25.63M	29.23M	31.63M	32.91M	32.04M	27.43M	39.09M	67.29M	89.77M	106.8M
SG&A % of Revenue	0.21%	0.25%	0.28%	0.32%	0.23%	0.27%	0.32%	0.37%	0.38%	0.24%
Research & Development	5.25M	5.31M	6.18M	6.32M	8.41M	8.73M	11.44M	16.93M	16.36M	18.05M
R&D % of Revenue	0.04%	0.05%	0.06%	0.06%	0.06%	0.09%	0.09%	0.09%	0.07%	0.04%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	3.51M
Operating Income+	-6.24M	-11.22M	-19.14M	-33.92M	-14.16M	-21.57M	-40.6M	-79.25M	-49.2M	54.53M
Operating Margin %	-0.05%	-0.1%	-0.17%	-0.32%	-0.1%	-0.22%	-0.33%	-0.44%	-0.21%	0.12%
Operating Income Growth %	0.61%	-0.8%	-0.71%	-0.77%	0.58%	-0.52%	-0.88%	-0.95%	0.38%	2.11%
EBITDA+	3.65M	-1.37M	-8.38M	-23.13M	-3.95M	-11.37M	-31.16M	-70.02M	-31.03M	78.95M
EBITDA Margin %	0.03%	-0.01%	-0.08%	-0.22%	-0.03%	-0.11%	-0.26%	-0.39%	-0.13%	0.17%
EBITDA Growth %	1.62%	-1.37%	-5.13%	-1.76%	0.83%	-1.88%	-1.74%	-1.25%	0.56%	3.54%
D&A (Non-Cash Add-back)	9.89M	9.85M	10.75M	10.79M	10.21M	10.2M	9.44M	9.22M	18.18M	24.41M
EBIT	-6.24M	-11.22M	-19.14M	-33.92M	-14.16M	-21.57M	-36.87M	-77.63M	-40.48M	27.05M
Net Interest Income+	-182K	-803K	-185K	-524K	-406K	-240K	-229K	-3.49M	1.21M	-11.96M
Interest Income	0	0	0	0	0	0	0	1.62M	6.53M	0
Interest Expense	182K	147K	185K	524K	406K	240K	229K	5.11M	5.33M	11.96M
Other Income/Expense	-182K	-803K	-185K	-524K	-406K	-240K	3.5M	-3.49M	3.39M	-39.45M
Pretax Income+	-6.42M	-12.02M	-19.32M	-34.44M	-14.56M	-21.81M	-37.09M	-82.74M	-45.81M	15.09M
Pretax Margin %	-0.05%	-0.1%	-0.17%	-0.33%	-0.1%	-0.22%	-0.3%	-0.46%	-0.19%	0.03%
Income Tax+	0	0	0	0	0	0	0	0	0	1.71M
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	0.89%
Net Income+	-6.42M	-12.02M	-19.32M	-34.44M	-14.56M	-21.81M	-37.09M	-82.74M	-45.81M	13.38M
Net Margin %	-0.05%	-0.1%	-0.17%	-0.33%	-0.1%	-0.22%	-0.3%	-0.46%	-0.19%	0.03%
Net Income Growth %	0.9%	-0.87%	-0.61%	-0.78%	0.58%	-0.5%	-0.7%	-1.23%	0.45%	1.29%
Net Income (Continuing)	-6.42M	-12.02M	-19.32M	-34.44M	-14.56M	-21.81M	-37.09M	-82.74M	-45.81M	13.38M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.28	-0.52	-0.83	-1.45	-0.20	-0.45	-0.92	-2.19	-0.66	0.17
EPS Growth %	0.9%	-0.86%	-0.6%	-0.75%	0.86%	-1.25%	-1.04%	-1.38%	0.7%	1.26%
EPS (Basic)	-0.28	-0.52	-0.83	-1.45	-0.20	-0.45	-0.92	-2.19	-0.66	0.17
Diluted Shares Outstanding	22.99M	23.14M	23.39M	23.74M	24.1M	26.38M	30.43M	39.36M	69.44M	80.31M
Basic Shares Outstanding	22.92M	23.14M	23.39M	23.74M	24.1M	26.38M	30.43M	39.36M	69.44M	77.53M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	61.65M	50.19M	47.66M	37.25M	45.77M	47.12M	112.15M	369.69M	266.33M	409.45M
Cash & Short-Term Investments	32.8M	18.09M	10.69M	3.33M	3.63M	16.5M	76.56M	281.33M	139.72M	220.88M
Cash Only	32.8M	18.09M	10.69M	3.33M	3.63M	16.5M	76.56M	281.33M	139.72M	220.88M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	20.62M	17.54M	26.76M	25.57M	32.25M	15.7M	20.43M	57.35M	70M	109.1M
Days Sales Outstanding	61.44	54.36	87.51	89.41	84.47	57.14	61.3	116.06	107.02	87.97
Inventory	6.53M	12.87M	8.91M	7.32M	8.77M	13.1M	11.99M	22.54M	39.19M	47.55M
Days Inventory Outstanding	24.36	49.74	35	29.13	28.3	55.8	39.17	46.9	78.68	64.33
Other Current Assets	0	1.7M	1.29M	1.04M	1.11M	0	0	8.46M	17.42M	31.91M
Total Non-Current Assets+	78.43M	84.48M	76.15M	61.77M	57.73M	50.3M	70.8M	273.73M	436.72M	485.7M
Property, Plant & Equipment	78.32M	84.39M	76.07M	61.7M	57.65M	50.22M	69.31M	271.21M	434.44M	480.13M
Fixed Asset Turnover	1.56x	1.40x	1.47x	1.69x	2.42x	2.00x	1.75x	0.67x	0.55x	0.94x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	105K	89K	86K	73K	84K	84K	1.5M	2.52M	2.28M	5.57M
Total Assets+	140.07M	134.67M	123.81M	99.02M	103.5M	97.42M	182.95M	643.42M	703.05M	895.14M
Asset Turnover	0.87x	0.87x	0.90x	1.05x	1.35x	1.03x	0.66x	0.28x	0.34x	0.51x
Asset Growth %	-0.03%	-0.04%	-0.08%	-0.2%	0.05%	-0.06%	0.88%	2.52%	0.09%	0.27%
Total Current Liabilities+	17.41M	18.13M	21.57M	23.07M	30.43M	13.93M	36.55M	78.94M	78.09M	110.11M
Accounts Payable	10.68M	13.06M	10.65M	12.39M	12.6M	5.35M	17.44M	54.73M	51.09M	44.36M
Days Payables Outstanding	39.85	50.5	41.83	49.33	40.65	22.8	57	113.89	102.58	60.01
Short-Term Debt	0	0	3.75M	4.18M	3.12M	1.61M	0	0	0	23.78M
Deferred Revenue (Current)	681K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.79M	1.19M	1.23M	1.11M	1.58M	2.59M	8.99M	12.47M	16.88M	19.37M
Current Ratio	3.54x	2.77x	2.21x	1.61x	1.50x	3.38x	3.07x	4.68x	3.41x	3.72x
Quick Ratio	3.17x	2.06x	1.80x	1.30x	1.22x	2.44x	2.74x	4.40x	2.91x	3.29x
Cash Conversion Cycle	45.96	53.6	80.69	69.21	72.11	90.15	43.48	49.07	83.12	92.28
Total Non-Current Liabilities+	191K	975K	1.3M	5.7M	14.08M	15.64M	17.99M	117.04M	136.9M	170.33M
Long-Term Debt	0	0	0	0	0	2.06M	0	103.58M	114.99M	137.09M
Capital Lease Obligations	40K	4K	0	0	4.29M	3.6M	12.99M	13.46M	21.91M	33.23M
Deferred Tax Liabilities	0	0	0	0	-9.79M	434K	0	0	0	0
Other Non-Current Liabilities	151K	971K	1.3M	5.7M	9.79M	0	0	0	0	0
Total Liabilities	17.6M	19.11M	22.87M	28.77M	44.51M	29.57M	54.55M	195.98M	214.99M	280.44M
Total Debt+	107K	39K	3.75M	4.18M	8.45M	8.31M	15.24M	119.4M	138.77M	197.38M
Net Debt	-32.7M	-18.05M	-6.94M	854K	4.82M	-8.19M	-61.33M	-161.93M	-951K	-23.5M
Debt / Equity	0.00x	0.00x	0.04x	0.06x	0.14x	0.12x	0.12x	0.27x	0.28x	0.32x
Debt / EBITDA	0.03x	-	-	-	-	-	-	-	-	2.50x
Net Debt / EBITDA	-8.95x	-	-	-	-	-	-	-	-	-0.30x
Interest Coverage	-34.26x	-76.33x	-103.44x	-64.73x	-34.87x	-89.87x	-177.29x	-15.51x	-9.23x	4.56x
Total Equity+	122.47M	115.56M	100.94M	70.25M	58.99M	67.85M	128.41M	447.44M	488.06M	614.71M
Equity Growth %	-0.01%	-0.06%	-0.13%	-0.3%	-0.16%	0.15%	0.89%	2.48%	0.09%	0.26%
Book Value per Share	5.33	4.99	4.32	2.96	2.45	2.57	4.22	11.37	7.03	7.65
Total Shareholders' Equity	122.47M	115.56M	100.94M	70.25M	58.99M	67.85M	128.41M	447.44M	488.06M	614.71M
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-405.5M	-417.52M	-437.14M	-471.58M	-486.15M	-507.96M	-545.05M	-627.79M	-673.6M	-660.23M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-62.25M	-71.98M	-82.53M	-92.7M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	5.36M	-578K	-4.61M	-8.65M	-1.05M	-9.92M	-18.63M	-94.4M	-42.61M	45.55M
Operating CF Margin %	0.04%	-0%	-0.04%	-0.08%	-0.01%	-0.1%	-0.15%	-0.52%	-0.18%	0.1%
Operating CF Growth %	-0.19%	-1.11%	-6.97%	-0.88%	0.88%	-8.42%	-0.88%	-4.07%	0.55%	2.07%
Net Income	-6.42M	-12.02M	-19.32M	-34.44M	-14.56M	-21.81M	-37.09M	-82.74M	-45.81M	13.38M
Depreciation & Amortization	9.89M	9.85M	10.75M	10.79M	10.21M	10.2M	9.44M	9.22M	18.18M	22.53M
Stock-Based Compensation	5.41M	5.31M	5.09M	4.3M	3.77M	5M	5.18M	9.38M	0	12.86M
Deferred Taxes	0	0	0	10.28M	0	325K	-3.82M	0	0	0
Other Non-Cash Items	-139K	656K	-112K	-121K	947K	980K	1.64M	7.9M	16.19M	47.75M
Working Capital Changes	-3.38M	-4.38M	-1.02M	540K	-1.42M	-4.62M	6.03M	-38.16M	-31.17M	-50.96M
Change in Receivables	-2.64M	3.09M	-8.7M	-1.72M	-6.69M	16.23M	-4.64M	-37.04M	-12.55M	-39.36M
Change in Inventory	-1.64M	-6.34M	3.95M	1.6M	-1.45M	-4.33M	1.11M	-10.55M	-16.65M	-8.36M
Change in Payables	1.52M	105K	1.27M	1.56M	141K	-7.15M	7.38M	5.32M	4.58M	7.34M
Cash from Investing+	-21.96M	-13.22M	-6.12M	-3.59M	-2.11M	-3.42M	-13.78M	-177.97M	-175.46M	-86.26M
Capital Expenditures	-21.96M	-13.22M	-6.12M	-3.59M	-2.11M	-3.42M	-13.78M	-177.97M	-175.46M	-86.26M
CapEx % of Revenue	0.18%	0.11%	0.05%	0.03%	0.02%	0.03%	0.11%	0.99%	0.73%	0.19%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-21.96M	-13.22M	0	0	0	0	0	0	0	0
Cash from Financing+	-318K	-924K	3.33M	4.88M	3.47M	26.2M	92.47M	478.37M	75.48M	122.02M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-238K	-856K	-391K	5M	4.53M	931K	-1.95M	-12.93M	-420K	2.59M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-16.6M	-13.79M	-10.72M	-12.25M	-3.17M	-13.34M	-32.41M	-272.37M	-218.07M	-40.71M
FCF Margin %	-0.14%	-0.12%	-0.1%	-0.12%	-0.02%	-0.13%	-0.27%	-1.51%	-0.91%	-0.09%
FCF Growth %	-1.52%	0.17%	0.22%	-0.14%	0.74%	-3.21%	-1.43%	-7.41%	0.2%	0.81%
FCF per Share	-0.72	-0.60	-0.46	-0.52	-0.13	-0.51	-1.06	-6.92	-3.14	-0.51
FCF Conversion (FCF/Net Income)	-0.84x	0.05x	0.24x	0.25x	0.07x	0.46x	0.50x	1.14x	0.93x	3.41x
Interest Paid	0	0	0	0	440K	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-5.21%	-10.1%	-17.85%	-40.23%	-22.54%	-34.39%	-37.8%	-28.74%	-9.79%	2.43%
Return on Invested Capital (ROIC)	-5.7%	-8.99%	-14.99%	-30.81%	-15.74%	-26.2%	-48.05%	-33.71%	-9.55%	7.59%
Gross Margin	20.12%	19.8%	16.73%	12.14%	18.86%	14.55%	8.17%	2.76%	23.84%	40.4%
Net Margin	-5.24%	-10.21%	-17.31%	-33%	-10.45%	-21.75%	-30.5%	-45.87%	-19.19%	2.95%
Debt / Equity	0.00x	0.00x	0.04x	0.06x	0.14x	0.12x	0.12x	0.27x	0.28x	0.32x
Interest Coverage	-34.26x	-76.33x	-103.44x	-64.73x	-34.87x	-89.87x	-177.29x	-15.51x	-9.23x	4.56x
FCF Conversion	-0.84x	0.05x	0.24x	0.25x	0.07x	0.46x	0.50x	1.14x	0.93x	3.41x
Revenue Growth	19.65%	-3.9%	-5.19%	-6.51%	33.55%	-28.06%	21.29%	48.3%	32.35%	89.64%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Thermal Barrier	-	-	-	-	-	-	-	-	110.08M	306.83M
Thermal Barrier Growth	-	-	-	-	-	-	-	-	-	178.74%
Energy Industrial	-	-	-	-	-	-	-	-	128.64M	145.87M
Energy Industrial Growth	-	-	-	-	-	-	-	-	-	13.39%
E V Thermal Barrier	-	-	-	-	-	-	-	55.6M	-	-
E V Thermal Barrier Growth	-	-	-	-	-	-	-	-	-	-
Product	-	-	-	-	136.93M	99.83M	121.11M	-	-	-
Product Growth	-	-	-	-	-	-27.09%	21.31%	-	-	-
Service	-	-	-	2.24M	2.44M	439K	510K	-	-	-
Service Growth	-	-	-	-	9.07%	-82.02%	16.17%	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	44.55M	35.73M	51.44M	41.73M	58.33M	44.84M	66.84M	-	151.04M	258.52M
UNITED STATES Growth	-	-19.81%	43.98%	-18.87%	39.76%	-23.12%	49.05%	-	-	71.16%
International	-	-	-	-	-	-	-	-	87.68M	194.18M
International Growth	-	-	-	-	-	-	-	-	-	121.46%
Latin America	-	-	-	-	-	-	4.49M	4.46M	7.22M	100.57M
Latin America Growth	-	-	-	-	-	-	-	-0.65%	61.72%	1293.10%
Europe	-	-	-	-	-	-	27.92M	22.24M	42.73M	45.03M
Europe Growth	-	-	-	-	-	-	-	-20.36%	92.14%	5.37%
Asia	-	-	-	-	-	-	19.38M	34.75M	35.7M	29.32M
Asia Growth	-	-	-	-	-	-	-	79.26%	2.74%	-17.86%
CANADA	-	-	-	-	-	-	2.98M	4.95M	2.03M	19.27M
CANADA Growth	-	-	-	-	-	-	-	65.73%	-58.90%	847.61%

Frequently Asked Questions

Valuation & Price

Aspen Aerogels, Inc. (ASPN) has a price-to-earnings (P/E) ratio of 19.8x. This is roughly in line with market averages.

Growth & Financials

Aspen Aerogels, Inc. (ASPN) reported $352.9M in revenue for fiscal year 2024. This represents a 717% increase from $43.2M in 2010.

Aspen Aerogels, Inc. (ASPN) grew revenue by 89.6% over the past year. This is strong growth.

Aspen Aerogels, Inc. (ASPN) reported a net loss of $305.3M for fiscal year 2024.

Dividend & Returns

Aspen Aerogels, Inc. (ASPN) has a return on equity (ROE) of 2.4%. This is below average, suggesting room for improvement.

Aspen Aerogels, Inc. (ASPN) generated $2.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

US Stock Screener

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Aspen Aerogels, Inc. (ASPN) 10-Year Financial Performance & Capital Metrics

ASPN • • Industrial / General

IndustrialsConstructionSpecialty Construction ProductsInsulation & Thermal Products

Revenue $453M +89.6%
EBITDA $79M +354.5%
Net Income $13M +129.2%
EPS (Diluted) 0.17 +125.8%
Gross Margin 40.4% +69.4%
EBITDA Margin 17.44% +234.2%
Operating Margin 12.05% +158.4%
Net Margin 2.95% +115.4%
ROE 2.43% +124.8%
ROIC 7.59% +179.4%
Debt/Equity 0.32 +12.9%
Interest Coverage 4.56 +149.4%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 26.6%
✓Trading at only 0.4x book value

✗Weaknesses

✗Negative free cash flow
✗Weak momentum: RS Rating 10 (bottom 10%)
✗Shares diluted 15.7% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y16.02%

5Y26.57%

3Y54.98%

TTM-14.74%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-20533.53%

EPS CAGR

10Y-

5Y-

3Y-

TTM-44385.71%

ROCE

10Y Avg-17.47%

5Y Avg-17.14%

3Y Avg-7.61%

Latest7.74%

Peer Comparison

Insulation & Thermal Products

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ASPNAspen Aerogels, Inc.	277.69M	3.36	19.76	89.64%	-86.52%	-99.85%		0.32
OCOwens Corning	10.11B	123.00	16.71	13.41%	-4.46%	-10.86%	12.31%	1.10
CSLCarlisle Companies Incorporated	14.88B	356.22	12.77	9.08%	15.48%	38.96%	6.35%	0.81

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	122.52M	117.74M	111.63M	104.36M	139.38M	100.27M	121.62M	180.36M	238.72M	452.7M
Revenue Growth %	0.2%	-0.04%	-0.05%	-0.07%	0.34%	-0.28%	0.21%	0.48%	0.32%	0.9%
Cost of Goods Sold+	97.87M	94.43M	92.96M	91.69M	113.09M	85.68M	111.69M	175.39M	181.8M	269.8M
COGS % of Revenue	0.8%	0.8%	0.83%	0.88%	0.81%	0.85%	0.92%	0.97%	0.76%	0.6%
Gross Profit+	24.65M	23.31M	18.67M	12.67M	26.28M	14.59M	9.94M	4.98M	56.92M	182.9M
Gross Margin %	0.2%	0.2%	0.17%	0.12%	0.19%	0.15%	0.08%	0.03%	0.24%	0.4%
Gross Profit Growth %	0.44%	-0.05%	-0.2%	-0.32%	1.07%	-0.44%	-0.32%	-0.5%	10.44%	2.21%
Operating Expenses+	30.88M	34.53M	37.81M	39.23M	40.44M	36.16M	50.54M	84.22M	106.12M	128.36M
OpEx % of Revenue	0.25%	0.29%	0.34%	0.38%	0.29%	0.36%	0.42%	0.47%	0.44%	0.28%
Selling, General & Admin	25.63M	29.23M	31.63M	32.91M	32.04M	27.43M	39.09M	67.29M	89.77M	106.8M
SG&A % of Revenue	0.21%	0.25%	0.28%	0.32%	0.23%	0.27%	0.32%	0.37%	0.38%	0.24%
Research & Development	5.25M	5.31M	6.18M	6.32M	8.41M	8.73M	11.44M	16.93M	16.36M	18.05M
R&D % of Revenue	0.04%	0.05%	0.06%	0.06%	0.06%	0.09%	0.09%	0.09%	0.07%	0.04%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	3.51M
Operating Income+	-6.24M	-11.22M	-19.14M	-33.92M	-14.16M	-21.57M	-40.6M	-79.25M	-49.2M	54.53M
Operating Margin %	-0.05%	-0.1%	-0.17%	-0.32%	-0.1%	-0.22%	-0.33%	-0.44%	-0.21%	0.12%
Operating Income Growth %	0.61%	-0.8%	-0.71%	-0.77%	0.58%	-0.52%	-0.88%	-0.95%	0.38%	2.11%
EBITDA+	3.65M	-1.37M	-8.38M	-23.13M	-3.95M	-11.37M	-31.16M	-70.02M	-31.03M	78.95M
EBITDA Margin %	0.03%	-0.01%	-0.08%	-0.22%	-0.03%	-0.11%	-0.26%	-0.39%	-0.13%	0.17%
EBITDA Growth %	1.62%	-1.37%	-5.13%	-1.76%	0.83%	-1.88%	-1.74%	-1.25%	0.56%	3.54%
D&A (Non-Cash Add-back)	9.89M	9.85M	10.75M	10.79M	10.21M	10.2M	9.44M	9.22M	18.18M	24.41M
EBIT	-6.24M	-11.22M	-19.14M	-33.92M	-14.16M	-21.57M	-36.87M	-77.63M	-40.48M	27.05M
Net Interest Income+	-182K	-803K	-185K	-524K	-406K	-240K	-229K	-3.49M	1.21M	-11.96M
Interest Income	0	0	0	0	0	0	0	1.62M	6.53M	0
Interest Expense	182K	147K	185K	524K	406K	240K	229K	5.11M	5.33M	11.96M
Other Income/Expense	-182K	-803K	-185K	-524K	-406K	-240K	3.5M	-3.49M	3.39M	-39.45M
Pretax Income+	-6.42M	-12.02M	-19.32M	-34.44M	-14.56M	-21.81M	-37.09M	-82.74M	-45.81M	15.09M
Pretax Margin %	-0.05%	-0.1%	-0.17%	-0.33%	-0.1%	-0.22%	-0.3%	-0.46%	-0.19%	0.03%
Income Tax+	0	0	0	0	0	0	0	0	0	1.71M
Effective Tax Rate %	1%	1%	1%	1%	1%	1%	1%	1%	1%	0.89%
Net Income+	-6.42M	-12.02M	-19.32M	-34.44M	-14.56M	-21.81M	-37.09M	-82.74M	-45.81M	13.38M
Net Margin %	-0.05%	-0.1%	-0.17%	-0.33%	-0.1%	-0.22%	-0.3%	-0.46%	-0.19%	0.03%
Net Income Growth %	0.9%	-0.87%	-0.61%	-0.78%	0.58%	-0.5%	-0.7%	-1.23%	0.45%	1.29%
Net Income (Continuing)	-6.42M	-12.02M	-19.32M	-34.44M	-14.56M	-21.81M	-37.09M	-82.74M	-45.81M	13.38M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-0.28	-0.52	-0.83	-1.45	-0.20	-0.45	-0.92	-2.19	-0.66	0.17
EPS Growth %	0.9%	-0.86%	-0.6%	-0.75%	0.86%	-1.25%	-1.04%	-1.38%	0.7%	1.26%
EPS (Basic)	-0.28	-0.52	-0.83	-1.45	-0.20	-0.45	-0.92	-2.19	-0.66	0.17
Diluted Shares Outstanding	22.99M	23.14M	23.39M	23.74M	24.1M	26.38M	30.43M	39.36M	69.44M	80.31M
Basic Shares Outstanding	22.92M	23.14M	23.39M	23.74M	24.1M	26.38M	30.43M	39.36M	69.44M	77.53M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	61.65M	50.19M	47.66M	37.25M	45.77M	47.12M	112.15M	369.69M	266.33M	409.45M
Cash & Short-Term Investments	32.8M	18.09M	10.69M	3.33M	3.63M	16.5M	76.56M	281.33M	139.72M	220.88M
Cash Only	32.8M	18.09M	10.69M	3.33M	3.63M	16.5M	76.56M	281.33M	139.72M	220.88M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	20.62M	17.54M	26.76M	25.57M	32.25M	15.7M	20.43M	57.35M	70M	109.1M
Days Sales Outstanding	61.44	54.36	87.51	89.41	84.47	57.14	61.3	116.06	107.02	87.97
Inventory	6.53M	12.87M	8.91M	7.32M	8.77M	13.1M	11.99M	22.54M	39.19M	47.55M
Days Inventory Outstanding	24.36	49.74	35	29.13	28.3	55.8	39.17	46.9	78.68	64.33
Other Current Assets	0	1.7M	1.29M	1.04M	1.11M	0	0	8.46M	17.42M	31.91M
Total Non-Current Assets+	78.43M	84.48M	76.15M	61.77M	57.73M	50.3M	70.8M	273.73M	436.72M	485.7M
Property, Plant & Equipment	78.32M	84.39M	76.07M	61.7M	57.65M	50.22M	69.31M	271.21M	434.44M	480.13M
Fixed Asset Turnover	1.56x	1.40x	1.47x	1.69x	2.42x	2.00x	1.75x	0.67x	0.55x	0.94x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	105K	89K	86K	73K	84K	84K	1.5M	2.52M	2.28M	5.57M
Total Assets+	140.07M	134.67M	123.81M	99.02M	103.5M	97.42M	182.95M	643.42M	703.05M	895.14M
Asset Turnover	0.87x	0.87x	0.90x	1.05x	1.35x	1.03x	0.66x	0.28x	0.34x	0.51x
Asset Growth %	-0.03%	-0.04%	-0.08%	-0.2%	0.05%	-0.06%	0.88%	2.52%	0.09%	0.27%
Total Current Liabilities+	17.41M	18.13M	21.57M	23.07M	30.43M	13.93M	36.55M	78.94M	78.09M	110.11M
Accounts Payable	10.68M	13.06M	10.65M	12.39M	12.6M	5.35M	17.44M	54.73M	51.09M	44.36M
Days Payables Outstanding	39.85	50.5	41.83	49.33	40.65	22.8	57	113.89	102.58	60.01
Short-Term Debt	0	0	3.75M	4.18M	3.12M	1.61M	0	0	0	23.78M
Deferred Revenue (Current)	681K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	1.79M	1.19M	1.23M	1.11M	1.58M	2.59M	8.99M	12.47M	16.88M	19.37M
Current Ratio	3.54x	2.77x	2.21x	1.61x	1.50x	3.38x	3.07x	4.68x	3.41x	3.72x
Quick Ratio	3.17x	2.06x	1.80x	1.30x	1.22x	2.44x	2.74x	4.40x	2.91x	3.29x
Cash Conversion Cycle	45.96	53.6	80.69	69.21	72.11	90.15	43.48	49.07	83.12	92.28
Total Non-Current Liabilities+	191K	975K	1.3M	5.7M	14.08M	15.64M	17.99M	117.04M	136.9M	170.33M
Long-Term Debt	0	0	0	0	0	2.06M	0	103.58M	114.99M	137.09M
Capital Lease Obligations	40K	4K	0	0	4.29M	3.6M	12.99M	13.46M	21.91M	33.23M
Deferred Tax Liabilities	0	0	0	0	-9.79M	434K	0	0	0	0
Other Non-Current Liabilities	151K	971K	1.3M	5.7M	9.79M	0	0	0	0	0
Total Liabilities	17.6M	19.11M	22.87M	28.77M	44.51M	29.57M	54.55M	195.98M	214.99M	280.44M
Total Debt+	107K	39K	3.75M	4.18M	8.45M	8.31M	15.24M	119.4M	138.77M	197.38M
Net Debt	-32.7M	-18.05M	-6.94M	854K	4.82M	-8.19M	-61.33M	-161.93M	-951K	-23.5M
Debt / Equity	0.00x	0.00x	0.04x	0.06x	0.14x	0.12x	0.12x	0.27x	0.28x	0.32x
Debt / EBITDA	0.03x	-	-	-	-	-	-	-	-	2.50x
Net Debt / EBITDA	-8.95x	-	-	-	-	-	-	-	-	-0.30x
Interest Coverage	-34.26x	-76.33x	-103.44x	-64.73x	-34.87x	-89.87x	-177.29x	-15.51x	-9.23x	4.56x
Total Equity+	122.47M	115.56M	100.94M	70.25M	58.99M	67.85M	128.41M	447.44M	488.06M	614.71M
Equity Growth %	-0.01%	-0.06%	-0.13%	-0.3%	-0.16%	0.15%	0.89%	2.48%	0.09%	0.26%
Book Value per Share	5.33	4.99	4.32	2.96	2.45	2.57	4.22	11.37	7.03	7.65
Total Shareholders' Equity	122.47M	115.56M	100.94M	70.25M	58.99M	67.85M	128.41M	447.44M	488.06M	614.71M
Common Stock	0	0	0	0	0	0	0	0	0	0
Retained Earnings	-405.5M	-417.52M	-437.14M	-471.58M	-486.15M	-507.96M	-545.05M	-627.79M	-673.6M	-660.23M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-62.25M	-71.98M	-82.53M	-92.7M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	5.36M	-578K	-4.61M	-8.65M	-1.05M	-9.92M	-18.63M	-94.4M	-42.61M	45.55M
Operating CF Margin %	0.04%	-0%	-0.04%	-0.08%	-0.01%	-0.1%	-0.15%	-0.52%	-0.18%	0.1%
Operating CF Growth %	-0.19%	-1.11%	-6.97%	-0.88%	0.88%	-8.42%	-0.88%	-4.07%	0.55%	2.07%
Net Income	-6.42M	-12.02M	-19.32M	-34.44M	-14.56M	-21.81M	-37.09M	-82.74M	-45.81M	13.38M
Depreciation & Amortization	9.89M	9.85M	10.75M	10.79M	10.21M	10.2M	9.44M	9.22M	18.18M	22.53M
Stock-Based Compensation	5.41M	5.31M	5.09M	4.3M	3.77M	5M	5.18M	9.38M	0	12.86M
Deferred Taxes	0	0	0	10.28M	0	325K	-3.82M	0	0	0
Other Non-Cash Items	-139K	656K	-112K	-121K	947K	980K	1.64M	7.9M	16.19M	47.75M
Working Capital Changes	-3.38M	-4.38M	-1.02M	540K	-1.42M	-4.62M	6.03M	-38.16M	-31.17M	-50.96M
Change in Receivables	-2.64M	3.09M	-8.7M	-1.72M	-6.69M	16.23M	-4.64M	-37.04M	-12.55M	-39.36M
Change in Inventory	-1.64M	-6.34M	3.95M	1.6M	-1.45M	-4.33M	1.11M	-10.55M	-16.65M	-8.36M
Change in Payables	1.52M	105K	1.27M	1.56M	141K	-7.15M	7.38M	5.32M	4.58M	7.34M
Cash from Investing+	-21.96M	-13.22M	-6.12M	-3.59M	-2.11M	-3.42M	-13.78M	-177.97M	-175.46M	-86.26M
Capital Expenditures	-21.96M	-13.22M	-6.12M	-3.59M	-2.11M	-3.42M	-13.78M	-177.97M	-175.46M	-86.26M
CapEx % of Revenue	0.18%	0.11%	0.05%	0.03%	0.02%	0.03%	0.11%	0.99%	0.73%	0.19%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-21.96M	-13.22M	0	0	0	0	0	0	0	0
Cash from Financing+	-318K	-924K	3.33M	4.88M	3.47M	26.2M	92.47M	478.37M	75.48M	122.02M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-238K	-856K	-391K	5M	4.53M	931K	-1.95M	-12.93M	-420K	2.59M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	-16.6M	-13.79M	-10.72M	-12.25M	-3.17M	-13.34M	-32.41M	-272.37M	-218.07M	-40.71M
FCF Margin %	-0.14%	-0.12%	-0.1%	-0.12%	-0.02%	-0.13%	-0.27%	-1.51%	-0.91%	-0.09%
FCF Growth %	-1.52%	0.17%	0.22%	-0.14%	0.74%	-3.21%	-1.43%	-7.41%	0.2%	0.81%
FCF per Share	-0.72	-0.60	-0.46	-0.52	-0.13	-0.51	-1.06	-6.92	-3.14	-0.51
FCF Conversion (FCF/Net Income)	-0.84x	0.05x	0.24x	0.25x	0.07x	0.46x	0.50x	1.14x	0.93x	3.41x
Interest Paid	0	0	0	0	440K	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-5.21%	-10.1%	-17.85%	-40.23%	-22.54%	-34.39%	-37.8%	-28.74%	-9.79%	2.43%
Return on Invested Capital (ROIC)	-5.7%	-8.99%	-14.99%	-30.81%	-15.74%	-26.2%	-48.05%	-33.71%	-9.55%	7.59%
Gross Margin	20.12%	19.8%	16.73%	12.14%	18.86%	14.55%	8.17%	2.76%	23.84%	40.4%
Net Margin	-5.24%	-10.21%	-17.31%	-33%	-10.45%	-21.75%	-30.5%	-45.87%	-19.19%	2.95%
Debt / Equity	0.00x	0.00x	0.04x	0.06x	0.14x	0.12x	0.12x	0.27x	0.28x	0.32x
Interest Coverage	-34.26x	-76.33x	-103.44x	-64.73x	-34.87x	-89.87x	-177.29x	-15.51x	-9.23x	4.56x
FCF Conversion	-0.84x	0.05x	0.24x	0.25x	0.07x	0.46x	0.50x	1.14x	0.93x	3.41x
Revenue Growth	19.65%	-3.9%	-5.19%	-6.51%	33.55%	-28.06%	21.29%	48.3%	32.35%	89.64%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Thermal Barrier	-	-	-	-	-	-	-	-	110.08M	306.83M
Thermal Barrier Growth	-	-	-	-	-	-	-	-	-	178.74%
Energy Industrial	-	-	-	-	-	-	-	-	128.64M	145.87M
Energy Industrial Growth	-	-	-	-	-	-	-	-	-	13.39%
E V Thermal Barrier	-	-	-	-	-	-	-	55.6M	-	-
E V Thermal Barrier Growth	-	-	-	-	-	-	-	-	-	-
Product	-	-	-	-	136.93M	99.83M	121.11M	-	-	-
Product Growth	-	-	-	-	-	-27.09%	21.31%	-	-	-
Service	-	-	-	2.24M	2.44M	439K	510K	-	-	-
Service Growth	-	-	-	-	9.07%	-82.02%	16.17%	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	44.55M	35.73M	51.44M	41.73M	58.33M	44.84M	66.84M	-	151.04M	258.52M
UNITED STATES Growth	-	-19.81%	43.98%	-18.87%	39.76%	-23.12%	49.05%	-	-	71.16%
International	-	-	-	-	-	-	-	-	87.68M	194.18M
International Growth	-	-	-	-	-	-	-	-	-	121.46%
Latin America	-	-	-	-	-	-	4.49M	4.46M	7.22M	100.57M
Latin America Growth	-	-	-	-	-	-	-	-0.65%	61.72%	1293.10%
Europe	-	-	-	-	-	-	27.92M	22.24M	42.73M	45.03M
Europe Growth	-	-	-	-	-	-	-	-20.36%	92.14%	5.37%
Asia	-	-	-	-	-	-	19.38M	34.75M	35.7M	29.32M
Asia Growth	-	-	-	-	-	-	-	79.26%	2.74%	-17.86%
CANADA	-	-	-	-	-	-	2.98M	4.95M	2.03M	19.27M
CANADA Growth	-	-	-	-	-	-	-	65.73%	-58.90%	847.61%

Frequently Asked Questions

Valuation & Price

Aspen Aerogels, Inc. (ASPN) has a price-to-earnings (P/E) ratio of 19.8x. This is roughly in line with market averages.

Growth & Financials

Aspen Aerogels, Inc. (ASPN) reported $352.9M in revenue for fiscal year 2024. This represents a 717% increase from $43.2M in 2010.

Aspen Aerogels, Inc. (ASPN) grew revenue by 89.6% over the past year. This is strong growth.

Aspen Aerogels, Inc. (ASPN) reported a net loss of $305.3M for fiscal year 2024.

Dividend & Returns

Aspen Aerogels, Inc. (ASPN) has a return on equity (ROE) of 2.4%. This is below average, suggesting room for improvement.

Aspen Aerogels, Inc. (ASPN) generated $2.7M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.