Aspen Aerogels, Inc. ASPN R2K

Industrials · Building Products & Equipment · United States

https://www.aerogel.com

Aspen Aerogels, Inc., an aerogel technology company, designs, develops, manufactures, and sells aerogel materials primarily for use in the energy industrial, sustainable insulation materials, and electric vehicle (EV) markets in the United States, Canada, Asia, Europe, and Latin America. It operates through two segments: Thermal Barrier and Energy Industrial. The company offers PyroThin aerogel thermal barriers for use in battery packs in EVs; Pyrogel XTE for refineries and petrochemical facilities; Pyrogel HPS for high temperatures and in demanding thermal applications in refining and chemical processing systems; Pyrogel XTF for protection against fire; Cryogel Z for sub-ambient and cryogenic applications; Spaceloft Subsea for pipe-in-pipe applications in offshore oil production; and Cryogel X201 for cold system designs. It serves EV manufacturers, automotive suppliers, lithium-ion battery manufacturers, and e-mobility and energy storage companies. The company was founded in 2001 and is headquartered in Northborough, Massachusetts.

Market & Price

Market Cap

$530.42M

Current Price

$6.40

High / Low (52W)

$8.82 / $2.57

Beta

2.83

Valuation

Stock P/E

Industry PE

28.38

Forward P/E

PEG Ratio

Book Value

$2.58

Price to Book

2.48

P/S

2.30

EV/EBITDA

-20.05

Dividend Yield

Profitability & Returns

ROCE

-109.22%

ROE

-42.40%

ROA

-6.05%

Profit Margin

-48.64%

Op Margin

-53.87%

EPS (Latest Qtr)

$-0.29

EPS (TTM)

$-1.35

Balance Sheet & Liquidity

Debt/Equity

0.60

Quick Ratio

2.40

Current Ratio

2.89

Debt

$128.82M

Total Assets

$406.68M

Current Assets

$242.05M

Working Capital

$180.03M

Ownership

Promoter Holding

16.20%

Chg in Prom Hold

0.06%

FII / Inst Holding

70.25%

Chg in FII Hold

0.00%

Financial Snapshot

Enterprise Value

$485.37M

Total Revenue (TTM)

$230.26M

EBITDA

$-24.21M

Free Cash Flow

$40.14M

Operating Cash Flow

$61.38M

Shares Outstanding

82.88M

Gross Margin

21.52%

Payout Ratio

0.00%

Growth (CAGR)

Revenue 5Y

14.55%

Profit 5Y

-123.61%

Revenue (YoY)

-51.90%

Earnings (YoY)

PROS

Compounding revenue at 14.5% over 5 years.
Generates positive free cash flow.

CONS

Earnings shrank at -123.6% CAGR over 5 years.
Trading 27.4% below its 52-week high.
In a downtrend (50-DMA below 200-DMA).

* The pros and cons are auto-generated from financial metrics.

Price Chart

Robinhood TradingView StockAnalysis

Fundamental Growth

Period: Metric:

Figures from the latest reported periods. CAGR is computed across the displayed window (quarterly CAGR is annualised assuming 4 quarters per year).

Peer comparison

Peer companies in the same sector (Industrials).

#	Name	CMP $	P/E	Mkt Cap	Div Yld %	ROCE %	ROE %	Rev CAGR 5Y %	Profit CAGR 5Y %
1	ASPN Aspen Aerogels, Inc. R2K	6.40	-	$530.42M	-	-109.22%	-42.40%	14.55%	-123.61%
2	CAT Caterpillar Inc. SPX	875.87	43.66	$403.42B	0.69%	19.42%	51.33%	4.38%	9.83%
3	GE GE Aerospace SPX	323.76	40.17	$338.27B	0.58%	11.89%	45.43%	16.32%	195.89%
4	GEV GE Vernova Inc. SPXAI	968.32	28.33	$260.21B	0.21%	6.30%	75.71%	8.68%	92.84%
5	RTX RTX Corporation SPX	179.66	33.64	$241.95B	1.54%	9.41%	11.57%	9.72%	9.01%
6	UNP Union Pacific Corporation SPX	262.64	21.60	$155.93B	2.10%	16.19%	40.69%	-0.49%	0.66%
7	ETN Eaton Corporation plc SPXAI	400.60	39.20	$155.55B	1.10%	16.23%	20.84%	9.77%	18.41%
8	HON Honeywell International Inc. NDXSPX	237.86	38.00	$150.72B	2.00%	13.57%	24.26%	1.82%	-1.62%
9	DE Deere & Company SPX	542.18	30.67	$146.45B	1.20%	12.82%	18.35%	-4.50%	-11.00%

Quarterly Results

Figures in USD.

Metric	Sep 2015	Dec 2015	Mar 2016	Jun 2016	Sep 2016	Dec 2016	Mar 2017	Jun 2017	Sep 2017	Dec 2017	Mar 2018	Jun 2018	Sep 2018	Dec 2018	Mar 2019	Jun 2019	Sep 2019	Dec 2019	Mar 2020	Jun 2020	Sep 2020	Dec 2020	Mar 2021	Jun 2021	Sep 2021	Mar 2022	Jun 2022	Sep 2022	Mar 2023	Jun 2023	Sep 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue	-	-	-	-	-	-	23.00M	25.07M	27.20M	36.36M	23.07M	21.67M	23.94M	35.68M	27.91M	29.53M	35.42M	46.51M	28.42M	24.64M	24.20M	23.02M	28.10M	31.67M	30.38M	38.41M	45.64M	36.71M	45.59M	48.16M	60.76M	94.50M	117.77M	-	-	78.72M	78.02M	73.02M	41.34M	37.88M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	55.91M	52.71M	52.22M	64.27M	33.61M
Gross Profit	5.17M	9.85M	6.53M	6.65M	6.40M	3.73M	2.22M	3.69M	4.95M	7.81M	2.81M	2.74M	1.53M	5.59M	3.72M	3.51M	7.74M	11.31M	5.98M	2.85M	1.90M	3.86M	3.96M	4.58M	3.07M	-1.79M	-1.21M	-6.36M	5.09M	8.41M	13.81M	35.14M	51.58M	-	-	22.81M	25.32M	20.80M	-22.93M	4.28M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	25.75M	24.58M	22.58M	24.48M	24.68M
Operating Income	-2.48M	1.68M	-1.76M	-1.35M	-2.40M	-5.71M	-9.05M	-5.43M	-3.03M	-1.62M	-6.75M	-6.86M	-6.37M	-13.94M	-5.96M	-5.21M	-2.15M	-830.00K	-3.09M	-5.65M	-6.70M	-6.13M	-6.17M	-6.61M	-11.50M	-18.62M	-22.65M	-28.31M	-18.91M	-17.04M	-14.63M	2.44M	19.99M	-	-	-2.94M	738.00K	-1.78M	-47.41M	-20.41M
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-292.42M	641.00K	2.62M	-42.13M	-15.41M
Interest Expense	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.96M	3.08M	2.97M	2.70M	3.15M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-300.17M	-8.23M	-5.74M	-73.01M	-23.94M
Tax Provision	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.08M	821.00K	594.00K	-97.00K	-253.00K
Net Income	-2.52M	1.64M	-1.80M	-1.39M	-3.10M	-5.74M	-9.08M	-5.47M	-3.09M	-1.68M	-6.84M	-6.96M	-6.53M	-14.11M	-6.00M	-5.32M	-2.29M	-956.00K	-3.17M	-5.70M	-6.75M	-6.19M	-6.25M	-6.67M	-7.82M	-19.48M	-24.05M	-29.59M	-16.80M	-15.42M	-13.07M	-1.83M	16.82M	-	-	-301.25M	-9.06M	-6.33M	-72.91M	-23.69M
Diluted EPS	-0.11	0.07	-0.08	-0.06	-0.13	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-0.23	-0.24	-0.59	-0.68	-0.75	-0.24	-0.22	-0.19	-0.02	0.21	-	-	-3.67	-0.11	-0.08	-0.88	-0.29
R&D Expense	1.15M	-	1.31M	1.29M	1.33M	-	1.58M	1.71M	1.47M	-	1.60M	1.64M	1.38M	-	1.93M	1.87M	2.05M	-	2.23M	2.12M	2.09M	-	2.44M	2.61M	3.08M	3.59M	4.45M	4.69M	4.10M	3.96M	4.22M	4.49M	4.57M	4.59M	-	4.33M	3.79M	2.49M	-	2.72M

Profit & Loss (Annual)

Figures in USD.

Metric	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue	-	-	-	-	117.74M	111.63M	104.36M	139.38M	100.27M	-	180.36M	238.72M	452.70M	271.10M
Cost of Revenue	-	-	-	-	-	-	-	-	-	-	175.39M	181.80M	269.80M	225.10M
Gross Profit	-7.97M	10.73M	17.08M	24.65M	23.31M	18.67M	12.67M	26.28M	14.59M	-	4.98M	56.92M	182.90M	46.00M
Operating Expenses	-	-	-	-	-	-	-	-	-	-	84.22M	106.12M	124.85M	97.39M
Operating Income	-32.97M	-19.97M	-16.04M	-6.24M	-11.22M	-19.14M	-33.92M	-14.16M	-21.57M	-	-79.25M	-49.20M	58.05M	-51.39M
EBITDA	-	-	-	-	-	-	-	-	-	-	-68.41M	-25.16M	49.57M	-331.29M
Interest Expense	-	-	-	-	-	-	-	-	-	-	5.11M	5.33M	11.96M	10.72M
Pretax Income	-	-	-	-	-	-	-	-	-	-	-82.74M	-45.81M	15.09M	-387.16M
Tax Provision	-	-	-	-	-	-	-	-	-	-	0	0	1.71M	2.39M
Net Income	-56.14M	-47.61M	-66.32M	-6.42M	-12.02M	-19.32M	-34.44M	-14.56M	-21.81M	-	-82.74M	-45.81M	13.38M	-389.55M
Diluted EPS	-2,851.08	410.56	-5.37	-0.28	-	-	-	-	-0.83	-	-2.10	-0.66	0.17	-4.73
R&D Expense	5.14M	5.16M	5.98M	5.25M	5.31M	6.18M	6.32M	8.41M	8.73M	11.44M	16.93M	16.36M	18.05M	13.42M

Compounded Sales Growth

5 Years:	14.55%
1 Year:	-51.90%

Compounded Profit Growth

5 Years:	-123.61%
1 Year:	-

Stock Price Performance

1 Year:	+11.11%
6 Months:	+99.38%
3 Months:	+105.13%
1 Month:	+77.29%

Balance Sheet (Annual)

Figures in USD.

Metric	Dec 2011	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets	-	-	90.23M	145.04M	140.07M	134.67M	123.81M	99.02M	103.50M	97.42M	-	643.42M	703.05M	895.14M	406.68M
Current Assets	-	-	-	-	-	-	-	-	-	-	-	369.69M	266.33M	409.45M	242.05M
Cash & Equivalents	11.24M	1.34M	1.57M	49.72M	32.80M	18.09M	10.69M	3.33M	3.63M	16.50M	-	281.33M	139.72M	220.88M	156.86M
Inventory	-	-	-	-	-	-	-	-	-	-	-	22.54M	39.19M	47.55M	38.25M
Receivables	-	-	-	-	-	-	-	-	-	-	-	57.35M	70.00M	109.10M	35.27M
Total Liabilities	-	-	152.20M	21.33M	17.60M	19.11M	22.87M	28.77M	44.51M	29.57M	-	195.98M	214.99M	280.44M	171.16M
Current Liabilities	-	-	31.39M	20.21M	17.41M	18.13M	21.57M	23.07M	30.43M	13.93M	-	78.94M	78.09M	110.11M	62.02M
Long Term Debt	-	-	-	-	-	-	-	-	-	2.06M	-	103.58M	114.99M	137.09M	79.80M
Total Debt	-	-	-	-	-	-	-	-	-	-	-	119.40M	138.77M	197.38M	143.71M
Total Equity	-113.51M	-120.80M	-61.97M	123.72M	122.47M	115.56M	100.94M	70.25M	58.99M	67.85M	-	447.44M	488.06M	614.71M	235.52M
Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-	69.99M	76.50M	82.04M	82.71M

Cash Flows (Annual)

Figures in USD.

Metric	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Operating Cash Flow	-	-	-	-	-578.00K	-4.61M	-8.65M	-1.05M	-9.92M	-	-94.40M	-42.61M	45.55M	32.87M
Investing Cash Flow	-	-	-	-	-13.22M	-6.12M	-3.59M	-2.11M	-3.42M	-	-177.97M	-175.46M	-86.26M	-37.45M
Financing Cash Flow	-	-	-	-	-924.00K	3.33M	4.88M	3.47M	26.20M	-	478.37M	75.48M	122.02M	-58.13M
Capital Expenditure	-10.24M	-3.33M	-13.24M	-21.96M	-13.22M	-6.12M	-3.59M	-2.11M	-3.42M	-	-177.97M	-175.46M	-86.26M	-37.45M
Free Cash Flow	-	-	-	-	-13.79M	-10.72M	-12.25M	-3.17M	-13.34M	-	-272.37M	-218.07M	-40.71M	-4.58M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-	206.00M	-142.59M	81.31M	-62.71M

Ratios (Annual)

Figures in %.

Metric	Dec 2012	Dec 2013	Dec 2014	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Gross Margin %	-	-	-	-	19.8%	16.7%	12.1%	18.9%	14.6%	-	2.8%	23.8%	40.4%	17.0%
Operating Margin %	-	-	-	-	-9.5%	-17.1%	-32.5%	-10.2%	-21.5%	-	-43.9%	-20.6%	12.8%	-19.0%
Net Margin %	-	-	-	-	-10.2%	-17.3%	-33.0%	-10.5%	-21.7%	-	-45.9%	-19.2%	3.0%	-143.7%
ROE %	46.5%	76.8%	-53.6%	-5.2%	-10.4%	-19.1%	-49.0%	-24.7%	-32.1%	-	-18.5%	-9.4%	2.2%	-165.4%
ROCE %	-	-33.9%	-12.9%	-5.1%	-9.6%	-18.7%	-44.7%	-19.4%	-25.8%	-	-14.0%	-7.9%	7.4%	-14.9%

Shareholding Pattern

Insiders

16.20%

Institutions

70.25%

Public Float

83.83%

Top Institutional Holders

#	Holder	% Held	Shares	Value
1	Kim, LLC	14.82%	12.28M	$78.59M
2	Oaktop Capital Management II, L.P.	6.24%	5.17M	$33.08M
3	Blackrock Inc.	5.72%	4.74M	$30.36M
4	Needham Investment Management, L.L.C.	5.45%	4.52M	$28.92M
5	Vanguard Capital Management LLC	4.15%	3.44M	$21.99M
6	George Kaiser Family Foundation	3.82%	3.17M	$20.27M
7	State Street Corporation	2.80%	2.32M	$14.85M
8	Invesco Ltd.	2.77%	2.30M	$14.71M
9	Gagnon Securities, LLC	2.25%	1.86M	$11.92M
10	Rice, Hall, James & Associates LLC	1.87%	1.55M	$9.94M

Analyst View

Loading analyst coverage…

Latest News

Recent headlines for ASPN

No recent headlines available.

ASPN · Industrials