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Aspen Aerogels, Inc.

ASPN Basic Materials Specialty Chemicals

Aspen Aerogels, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $271.1 million, down 40.1% from fiscal 2024.

Revenue
+16.7%
EPS
−62.5%
Free cash flow
−93.1%
Total debt
−79.6%

Quarter to September 2026, against a year earlier

4.80 0.36 −6.98%
Market cap
$428.2M
P/E
0.0×
Fwd P/E
−6.7×
Dividend yield
—
F-score
4/9
Altman Z
−4.67
Beneish M
−5.80
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 58.09
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — 1 — —
Insider Ownership 1.56%

Capital & Financial Ratios $m

Size
Market Cap 428.23
Revenue ttm 214.25
Net income ttm (130.29)
Free cash flow ttm 28.86
Net debt Q (124.04)
Valuation
P/E 0.00
Forward P/E (6.71) (negative: loss-making)
Price / sales 1.98
Forward P/S Powerpack
Price / FCF 14.68
Price / book 2.30
Financial health
Current ratio Q 2.10 (at or above 1.5: strong)
Debt / equity Q 0.12 (at or below 0.5: strong)
Interest coverage Q (10.37)
Growth
Revenue growth Q +16.66% (above 0%: growing)
Operating income growth Q −112.69% (below 0%: shrinking)
EPS, this year +84.51% (at or above 15%: strong)
EPS, next year A +77.75% (at or above 15%: strong)
Revenue, next year A −17.12% (below 0%: weak)
EPS, past 5 yrs —
EPS, next 5 yrs A −5.53% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.7×, against a ten-year median of 1.4×; over the ten years it ranged from 0.4× in 2016 to 15.7× in 2021.
P/S against its own 10 years 56.33%
10-year low 10-year high
P/B against its own 10 years 61.28%
10-year low 10-year high
EV/Sales against its own 10 years 57.83%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 140 221 159 146
Receivables 70 109 35 62
Inventory 39 48 38 29
Other — — — —
266 409 242 257
2023 2024 2025 Q'26
Payables 51 44 13 37
ST’ Debt — 20 25 22
Other — 4 6 —
78 110 62 122

Compound Annual Growth %

10y 5y 3y
Sales 8.27% 22.01% 14.55%
Cash Flow 19.89% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 6.76% 28.26% (19.26%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.22 Actual −0.22

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.00 −0.06 Miss by 0.06
Q4 FY25 −0.27 −0.34 Miss by 0.07
Q1 FY26 −0.27 −0.28 Miss by 0.01
Q2 FY26 −0.22 −0.22 Met by 0.00
Q3 FY26 −0.09 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.29) (0.28) (0.13) — —
’25 (3.67) (0.11) (0.08) (0.88) (4.73)
’24 (0.02) 0.21 (0.17) 0.14 0.17
’23 (0.24) (0.22) (0.19) (0.01) (0.66)
’22 (0.59) (0.68) (0.75) (0.20) (2.10)
’21 (0.22) (0.23) (0.24) (0.50) (1.22)
’20 (0.13) (0.21) (0.25) (0.23) (0.83)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 38 50 85 — —
’25 79 78 73 41 271
’24 95 118 117 123 453
’23 46 48 61 84 239
’22 38 46 37 60 180
’21 28 32 30 31 122
’20 28 25 24 23 100
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 34 (16) (4) — —
’25 6 (4) 15 16 33
’24 (18) 7 21 36 46
’23 (25) (8) (8) (3) (43)
’22 (23) (10) (37) (24) (94)
’21 (2) 1 (6) (12) (19)
’20 (1) (2) (2) (5) (10)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 33 (18) 0 — —
’25 (7) (17) 6 14 (5)
’24 (44) (18) 0 21 (41)
’23 (74) (74) (40) (31) (218)
’22 (37) (48) (104) (83) (272)
’21 (3) (1) (8) (20) (32)
’20 (2) (3) (2) (6) (13)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 118 112 104 139 100 122 180 239 453 271 214 +9.7% 225 280 426 +16.3%
Gross margin, % 19.80 16.73 12.14 18.86 14.55 8.17 2.76 23.84 40.40 16.97 2.42 (2.8) pt
EBT (12) (19) (34) (15) (22) (37) (83) (46) 15 (387) (129) +47.1%
EBT margin, % (10.21) (17.31) (33.00) (10.45) (21.75) (30.50) (45.87) (19.19) 3.33 (142.81) (60.40) (132.6) pt
Net income (12) (19) (34) (15) (22) (37) (83) (46) 13 (390) (130) +47.2%
Per share, $
Per share, $ Revenue 5.09 4.77 4.40 5.78 3.80 4.00 4.58 3.44 5.84 3.29 2.58 (4.7%)
Earnings (0.52) (0.83) (1.45) (0.60) (0.83) (1.22) (2.10) (0.66) 0.17 (4.73) (1.58) +27.8%
Cash flow (0.02) (0.20) (0.36) (0.04) (0.38) (0.61) (2.40) (0.61) 0.59 0.40 0.37 n/m
Capex (0.57) (0.26) (0.15) (0.09) (0.13) (0.45) (4.52) (2.53) (1.11) (0.45) (0.02) (2.5%)
Free cash flow (0.60) (0.46) (0.52) (0.13) (0.51) (1.06) (6.92) (3.14) (0.53) (0.06) 0.35 (23.2%)
Book value 4.99 4.32 2.96 2.45 2.57 4.22 11.37 7.03 7.93 2.86 2.22 (6.0%)
Shares, m 23 23 24 24 26 30 39 69 78 82 83 +15.1%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 69.88 0.00 0.00 7.0
P/S 0.84 1.04 0.48 1.34 4.39 12.46 2.20 4.46 2.03 0.86 1.98 3.0
P/B 0.85 1.15 0.72 3.17 6.49 11.80 0.89 2.18 1.50 0.99 2.30 3.0
EV/Sales 0.68 0.98 0.49 1.37 4.26 11.95 1.23 4.36 1.89 0.68 1.73 2.8
EV/FCF (5.82) (10.21) (4.20) (60.26) (32.04) (44.87) (0.81) (4.78) (21.04) (40.26) 12.82 (22.4)
Cash, $m
Cash, $m Operating cash flow (1) (5) (9) (1) (10) (19) (94) (43) 46 33 30 n/m
Capex (13) (6) (4) (2) (3) (14) (178) (175) (86) (37) (1) +12.3%
Free cash flow (14) (11) (12) (3) (13) (32) (272) (218) (41) (5) 29 (11.5%)
Balance, $m
Balance, $m Working capital 32 26 14 15 33 76 291 188 299 180 135 +21.1%
Net debt (18) (7) 1 4 (13) (61) (177) (25) (64) (54) (124) +12.9%
Shareholders’ equity 116 101 70 59 68 128 447 488 615 236 184 +8.2%
Returns, %
Returns, % ROA (8.75) (14.95) (30.91) (14.38) (21.71) (26.46) (20.02) (6.80) 1.67 (59.85) (29.43) (51.1) pt
ROIC (7.19) (12.72) (29.81) (14.10) (24.50) (37.83) (18.29) (6.64) 6.19 (129.98) (131.54) (122.8) pt
ROE (10.10) (17.85) (40.23) (22.54) (34.39) (37.80) (28.74) (9.79) 2.43 (91.64) (53.16) (81.5) pt
People
People Employees 282 264 296 304 290 418 533 548 554 854 — +13.1%
Revenue/emp, $m 0.42 0.42 0.35 0.46 0.35 0.29 0.34 0.44 0.82 0.32 — (3.0%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Aspen Aerogels, Inc. vs peers in Specialty Chemicals (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
MATV Mativ Holdings, Inc. $682.2M 7.5× — (loss-making) −2.76% (below 0%: shrinking) n/m −28.57% (below 0%: shrinking) 19.56% 3.98% Compare
LWLG Lightwave Logic Inc. $588.2M — (loss-making) — (loss-making) +28.13% (above 0%: growing) n/m −79.80% (below 0%: shrinking) 100.00% (22,161.89%) Compare
ASPN Aspen Aerogels, Inc. $428.2M — (loss-making) — (loss-making) +16.66% (above 0%: growing) n/m −93.09% (below 0%: shrinking) 24.15% (8.36%)
MNTK Montauk Renewables, Inc. $343.0M 38.8× 16.6× +19.71% (above 0%: growing) n/m +60.35% (above 0%: growing) 100.00% (0.14%) Compare
GEVO Gevo, Inc. $301.6M — (loss-making) — (loss-making) +7.11% (above 0%: growing) n/m −167.47% (below 0%: shrinking) 42.58% (369.25%) Compare
ALTO Alto Ingredients, Inc. $284.7M 5.4× 9.7× +12.48% (above 0%: growing) n/m +1,443.92% (above 0%: growing) 6.77% 3.51% Compare
ASPI ASP Isotopes Inc. $263.7M — (loss-making) — (loss-making) +327.63% (above 0%: growing) n/m −182.92% (below 0%: shrinking) 28.89% (667.48%) Compare
FF FutureFuel Corp. $236.9M — (loss-making) — (loss-making) +120.69% (above 0%: growing) n/m +4,245.38% (above 0%: growing) 19.08% 14.29% Compare
OEC Orion S.A. $235.7M — (loss-making) — (loss-making) +4.86% (above 0%: growing) n/m +64.87% (above 0%: growing) 19.20% 4.82% Compare
Median of peers $293.2M 7.5× — +16.09% — +15.89% 24.23% 1.69%

All 61 Specialty Chemicals stocks →

Pay and ownership Proxy statement filed 27 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 2.69m (1.44m) (83.00)
2024 3.10m 1.19m (29.00)
2023 3.63m 7.80m (5.00)
2022 2.38m (20.84m) (29.00)
2021 8.37m 30.30m 198.00

Ownership

Directors and executive officers, together 2.96%
Entities affiliated with Koch, Inc. 14.83%
Oaktop Capital Management II, L.P. 5.31%
Needham Investment Management L.L.C. and affiliates 5.25%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Aspen Aerogels, Inc. (ASPN) Latest News

5 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · GlobeNewswire

3 Nov

Impact 3 · · Simply Wall St.

22 Oct

Impact 3 · · GlobeNewswire

19 Oct

Impact 4 · · Simply Wall St.

9 Aug

Impact 3 ·

7 Aug

Impact 3 · · MarketBeat

6 Aug

Impact 4 · transcript
Impact 3 ·
Impact 3 ·

28 Jun

Impact 3 ·

3 Jun

Impact 3 ·

14 May

Impact 4 · · GlobeNewswire

9 May

Impact 4 · · MarketBeat

7 May

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · GlobeNewswire
Impact 3 ·

21 Apr

Impact 4 · · GlobeNewswire

9 Apr

Impact 3 · · GlobeNewswire

27 Feb

Impact 3 · · TipRanks

26 Feb

Impact 4 · · MarketBeat

25 Feb

Impact 4 · · GuruFocus.com
Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · Associated Press Finance
Impact 4 · · GlobeNewswire
stockrow.com/ASPN · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com