Aspen Aerogels, Inc.
ASPN Industrials Building Products & Equipment
Aspen Aerogels, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $271.1 million, down 40.1% from fiscal 2024. In the quarter to June 2026, revenue fell 36.1%, EPS fell 154.6%, free cash flow fell 7.06% and total debt fell 29.2%, each against the same quarter a year earlier.
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Aspen Aerogels, Inc. (ASPN) Altman Z-score
Aspen Aerogels, Inc.'s Altman Z-score for fiscal 2025 is −4.67, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −4.67 | (6.71) |
| FY2024 | 2.05 | (0.10) |
| FY2023 | 2.15 | 1.68 |
| FY2022 | 0.47 | (12.45) |
| FY2021 | 12.93 | 10.58 |
| FY2020 | 2.34 | 5.32 |
| FY2019 | −2.98 | 2.54 |
| FY2018 | −5.52 | (4.21) |
| FY2017 | −1.30 | (0.85) |
| FY2016 | −0.45 | (2.26) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.44 | — | 0.53 | |
| Retained earnings / total assets | (2.58) | — | −3.61 | |
| EBIT / total assets | (0.93) | — | −3.07 | |
| Market value of equity / total liabilities | 1.36 | — | 0.82 | |
| Sales / total assets | 0.67 | — | 0.67 | |
| Altman Z-score | Distress zone | −4.67 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −10.32 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NPKI NPK International Inc. compare | 7.4× |
| LMB Limbach Holdings, Inc. compare | 5.6× |
| PPIH Perma-Pipe International Holdings, Inc. compare | 3.1× |
| APOG Apogee Enterprises, Inc. compare | 3.0× |
| JBI Janus International Group, Inc. compare | 2.4× |
| SWIM Latham Group, Inc. compare | 1.9× |
| NX Quanex Building Products Corporation compare | 1.2× |
| ASPN Aspen Aerogels, Inc. | −4.7× |
| AIRJ AirJoule Technologies Corporation compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets