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Saturday 17 October 2026 Export ASPN’s income statement to Excel — free account

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.

5.19 0.21 −3.89%
Market cap
$448.1M
P/E
0.0×
Fwd P/E
−7.3×
Dividend yield
—
F-score
4/9
Altman Z
−4.67
Beneish M
−5.80
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 58.27
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 — — — — — — — — — 1 —
Insider Ownership 1.35%

Capital & Financial Ratios $m

Market Cap 448.14
Revenue 202.09
Net Income (126.20)
Free Cash Flow 34.38
Net Debt (59.83)
Current Ratio 2.52 (at or above 1.5: strong)
Debt/Equity 0.49 (at or below 0.5: strong)
P/E ratio 0.00
Fwd P/E (7.30) (negative: loss-making)
P/S ratio 2.13
P/B ratio 2.24
Past 5Y EPS Growth —
This Y EPS Growth 84.09% (at or above 15%: strong)
Next Y EPS Growth 76.41% (at or above 15%: strong)
Next Y revenue growth (19.51%) (below 0%: weak)
Next 5Y EPS Growth (5.53%) (below 0%: weak)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.8×, 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 59.45%
10-year low 10-year high
P/B against its own 10 years 59.71%
10-year low 10-year high
EV/Sales against its own 10 years 60.38%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 140 221 159 153
Receivables 70 109 35 40
Inventory 39 48 38 28
Other — — — —
266 409 242 248
2023 2024 2025 Q'26
Payables 51 44 13 21
ST’ Debt — 20 25 23
Other — 4 6 7
78 110 62 99

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%)

Revenue $m

Mar Jun Sep Dec Year
’26 38 50 — — —
’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) — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 (0.29) (0.28) — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 3.38 3.84 1.60 2.13 4.09 15.21 7.93 5.33 10.75 2.80

Analyst estimates 2026–2028

Powerpack
High 6.71 5.14 5.58 8.51 18.22 65.99 52.00 17.32 33.15 14.30
People
People Employees 282 264 296 304 290 418 533 548 554 854
Revenue/emp, $m 0.42 0.42 0.35 0.46 0.35 0.29 0.34 0.44 0.82 0.32
Income, $m
Income, $m Revenue 118 112 104 139 100 122 180 239 453 271
Gross margin, % 19.80 16.73 12.14 18.86 14.55 8.17 2.76 23.84 40.40 16.97
EBT (12) (19) (34) (15) (22) (37) (83) (46) 15 (387)
EBT margin, % (10.21) (17.31) (33.00) (10.45) (21.75) (30.50) (45.87) (19.19) 3.33 (142.81)
Net income (12) (19) (34) (15) (22) (37) (83) (46) 13 (390)
Depreciation 10 11 11 10 10 9 14 21 31 49
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
Earnings (0.52) (0.83) (1.45) (0.60) (0.83) (1.22) (2.10) (0.66) 0.17 (4.73)
Cash flow (0.02) (0.20) (0.36) (0.04) (0.38) (0.61) (2.40) (0.61) 0.59 0.40
Capex (0.57) (0.26) (0.15) (0.09) (0.13) (0.45) (4.52) (2.53) (1.11) (0.45)
Free cash flow (0.60) (0.46) (0.52) (0.13) (0.51) (1.06) (6.92) (3.14) (0.53) (0.06)
Book value 4.99 4.32 2.96 2.45 2.57 4.22 11.37 7.03 7.93 2.86
Shares, m 23 23 24 24 26 30 39 69 78 82
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 69.88 0.00
P/S 0.84 1.04 0.48 1.34 4.39 12.46 2.20 4.46 2.03 0.86
P/B 0.85 1.15 0.72 3.17 6.49 11.80 0.89 2.18 1.50 0.99
EV/Sales 0.68 0.98 0.49 1.37 4.26 11.95 1.23 4.36 1.89 0.68
EV/FCF (5.82) (10.21) (4.20) (60.26) (32.04) (44.87) (0.81) (4.78) (21.04) (40.26)
Cash, $m
Cash, $m Operating cash flow (1) (5) (9) (1) (10) (19) (94) (43) 46 33
Capex (13) (6) (4) (2) (3) (14) (178) (175) (86) (37)
Free cash flow (14) (11) (12) (3) (13) (32) (272) (218) (41) (5)
Balance, $m
Balance, $m Working capital 32 26 14 15 33 76 291 188 299 180
Total debt 0 4 4 7 4 15 106 115 157 105
Net debt (18) (7) 1 4 (13) (61) (177) (25) (64) (54)
Shareholders’ equity 116 101 70 59 68 128 447 488 615 236
Returns, %
Returns, % ROA (8.75) (14.95) (30.91) (14.38) (21.71) (26.46) (20.02) (6.80) 1.67 (59.85)
ROIC (7.19) (12.72) (29.81) (14.10) (24.50) (37.83) (18.29) (6.64) 6.19 (129.98)
ROE (10.10) (17.85) (40.23) (22.54) (34.39) (37.80) (28.74) (9.79) 2.43 (91.64)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Aspen Aerogels, Inc. vs peers in Building Products & Equipment (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
NPKI NPK International Inc. $906.0M 21.6× 26.9× +19.57% (above 0%: growing) +40.00% (above 0%: growing) −47.36% (below 0%: shrinking) 36.97% 19.72% Compare
NX Quanex Building Products Corporation $885.4M 19.1× 15.3× +1.33% (above 0%: growing) n/m +3.58% (above 0%: growing) 28.19% 9.26% Compare
APOG Apogee Enterprises, Inc. $862.2M 12.9× 13.2× +9.20% (above 0%: growing) −1.82% (below 0%: shrinking) −53.64% (below 0%: shrinking) 24.59% 8.56% Compare
SWIM Latham Group, Inc. $735.3M 122× 46.4× +14.39% (above 0%: growing) −21.43% (below 0%: shrinking) +64.86% (above 0%: growing) 35.49% 12.71% Compare
JBI Janus International Group, Inc. $575.8M 17.3× 16.7× +2.37% (above 0%: growing) −46.67% (below 0%: shrinking) −51.57% (below 0%: shrinking) 34.39% 8.82% Compare
LMB Limbach Holdings, Inc. $570.0M 18.8× 20.2× +21.95% (above 0%: growing) −40.30% (below 0%: shrinking) +931.20% (above 0%: growing) 21.50% 4.18% Compare
ASPN Aspen Aerogels, Inc. $448.1M — (loss-making) — (loss-making) −36.11% (below 0%: shrinking) n/m −7.06% (below 0%: shrinking) 6.55% (57.74%)
AIRJ AirJoule Technologies Corporation $240.7M — (loss-making) — — n/m +36.98% (above 0%: growing) — 0.00% Compare
PPIH Perma-Pipe International Holdings, Inc. $239.9M 14.5× 15.0× +24.35% (above 0%: growing) +181.82% (above 0%: growing) +216.09% (above 0%: growing) 29.22% 7.14% Compare
Median of peers $655.5M 18.8× 16.7× +14.39% −11.62% +20.28% 29.22% 8.69%

All 35 Building Products & Equipment stocks →

Aspen Aerogels, Inc. (ASPN) key facts

  • Concern: Aspen Aerogels, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $271.1 million, down 40.1% from fiscal 2024.
  • Concern: Aspen Aerogels, Inc. reported a net loss of $389.6 million, or a loss of $4.73 per share, for fiscal 2025.
  • Aspen Aerogels, Inc. (ASPN) is a Building Products & Equipment company in the Industrials sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, ASPN traded at $5.19, a market capitalization of $448.1 million.
  • Trailing earnings are negative, so a P/E ratio is not meaningful; the stock trades at 2.1× sales.
  • Return on equity was −91.6% and debt-to-equity 0.49.
  • Its Piotroski F-score is 4 out of 9 and its Altman Z-score is −4.67 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Aspen Aerogels, Inc. (ASPN) Latest News

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stockrow.com/ASPN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com