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Aspen Aerogels, Inc.

ASPN NYSE Categories PDF
Industrials · Construction · United States · Updated May 11, 1:53pm
$5.22
Price
$431.9M
Market Cap
554
Employees
2.83
Beta
Donald R. Young
CEO
Business Description

Aspen 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.

Business History
Price Overview
Last updated: May 11, 2026 1:53pm (just now)
$5.22
+0.18 (+3.47%)
Day Range
$4.97 – $5.55
52-Week Range
$2.30 – $9.78
50-Day MA
$3.54
200-Day MA
$4.89
Volume
1,346,370.00
Analyst Price Targets
Low $4.00
Consensus $4.88
High $5.75
(15 analysts)
Share Structure
Outstanding 82,825,600.00
Float 77,542,631.00
Free Float 93.6%
High free float — 93.6% of shares trade freely, ~6.4% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
-1.10
Stock Price: $5.22
EPS (Diluted): -4.74
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
0.99
Stock Price: $5.22
Total Equity: $235.52M
Shares: 82,662,000
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
-7.29
Market Cap: $431.94M
Total Debt: $114.37M
Cash: $156.86M
EBITDA: $5.72B
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$220.8M
Market Cap: $431.94M
Total Debt: $114.37M
Cash: $156.86M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
17.0%
Gross Profit: $46.00M
Revenue: $271.10M
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
-19.0%
Operating Income: -$51.39M
Revenue: $271.10M
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
-143.7%
Net Income: -$389.55M
Revenue: $271.10M
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
-42.1%
Net Income: -$389.55M
Total Equity: $235.52M
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
63.8%
Operating Income: -$51.39M
Tax Rate: -0.6%
Equity: $235.52M
Total Debt: $114.37M
Cash: $156.86M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
3.90
Current Assets: $242.05M
Current Liabilities: $62.03M
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
0.49
Short-Term Debt: $34.57M
Long-Term Debt: $79.80M
Total Debt: $114.37M
Total Equity: $235.52M
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$3.28
Revenue: $271.10M
Shares: 82,662,000
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$2.85
Total Equity: $235.52M
Shares: 82,662,000
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$-0.06
Operating CF: $32.87M
CapEx: -$37.45M
Shares: 82,662,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $5.22
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$389.55M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares ASPN against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $121.6M $180.4M $238.7M $452.7M $271.1M
Cost of Revenue $111.7M $175.4M $181.8M $269.8M $225.1M
Gross Profit $9.9M $5.0M $56.9M $182.9M $46.0M
Operating Expenses $50.5M $84.2M $106.1M $128.4M $97.4M
Operating Income -$40.6M -$79.2M -$49.2M $54.5M -$51.4M
Net Income -$37.1M -$82.7M -$45.8M $13.4M -$389.6M
EBITDA -$27.4M -$68.4M -$22.3M $51.5M $5.7B
EPS $-0.92 $-2.19 $-0.66 $0.17 $-4.74
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $76.6M $281.3M $139.7M $220.9M $156.9M
Total Current Assets $112.2M $369.7M $266.3M $409.4M $242.1M
Total Assets $183.0M $643.4M $703.0M $895.1M $406.7M
Current Liabilities $36.6M $78.9M $78.1M $110.1M $62.0M
Long-Term Debt $0 $103.6M $115.0M $137.1M $79.8M
Total Liabilities $54.5M $196.0M $215.0M $280.4M $171.2M
Total Equity $128.4M $447.4M $488.1M $614.7M $235.5M
Retained Earnings -$545.1M -$627.8M -$673.6M -$660.2M -$1.0B
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow -$18.6M -$94.4M -$42.6M $45.5M $32.9M
Capital Expenditure -$13.8M -$178.0M -$175.5M -$86.3M -$37.4M
Free Cash Flow -$32.4M -$272.4M -$218.1M -$40.7M -$4.6M
Acquisitions (net) $0 $0 $0 $0 $0
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks $0 $0 $0 $0 $0
Net Change in Cash $60.1M $206.0M -$142.6M $81.3M -$62.7M
Analyst Estimates (Annual)
Metric 2026 2027 2028 2029
Revenue $193.7M
$178.6M – $202.7M
 $279.8M
$254.7M – $334.7M
 $421.0M
$404.5M – $437.5M
 $549.4M
$499.3M – $630.6M
EBITDA $16.1M
$14.8M – $16.8M
 $23.3M
$21.2M – $27.8M
 $35.0M
$33.6M – $36.4M
 $45.7M
$41.5M – $52.4M
Net Income -$61.4M
-$72.5M – -$57.3M
 -$15.1M
-$17.3M – -$7.3M
 $40.2M
$32.8M – $44.3M
 $100.8M
$88.9M – $120.2M
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth +48.3% +32.4% +89.6% -40.1%
Gross Profit Growth -49.9% +1,043.9% +221.3% -74.9%
Operating Income Growth -95.2% +37.9% +210.8% -194.2%
Net Income Growth -123.0% +44.6% +129.2% -3,012.5%
EBITDA Growth -149.4% +67.4% +330.7% +11,007.0%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2026-03-08 Whitaker Corby C F-InKind 1,924.00 $3.22 $6,195
2026-03-08 Thoele Grant Douglas F-InKind 590.00 $3.22 $1,900
2026-03-08 Young Donald R F-InKind 4,275.00 $3.22 $13,766
2026-03-08 Landes Gregg F-InKind 1,924.00 $3.22 $6,195
2026-03-04 Young Donald R A-Award 156,716.00 $0.00 $0
2026-03-05 Young Donald R F-InKind 8,618.00 $3.27 $28,181
2026-03-04 Young Donald R A-Award 212,249.00 $3.35 $711,034
2026-03-04 Landes Gregg A-Award 57,462.00 $0.00 $0
2026-03-05 Landes Gregg F-InKind 3,814.00 $3.27 $12,472
2026-03-04 Landes Gregg A-Award 77,824.00 $3.35 $260,710
2026-03-04 DEEGAN GLENN E. A-Award 75,171.00 $3.35 $251,823
2026-03-04 DEEGAN GLENN E. A-Award 55,503.00 $0.00 $0
2026-03-04 Whitaker Corby C A-Award 57,462.00 $0.00 $0
2026-03-05 Whitaker Corby C F-InKind 3,907.00 $3.27 $12,776
2026-03-04 Whitaker Corby C A-Award 77,824.00 $3.35 $260,710
2026-03-05 Daniel Santhosh P F-InKind 986.00 $3.27 $3,224
2026-03-04 Thoele Grant Douglas A-Award 55,298.00 $0.00 $0
2026-03-05 Thoele Grant Douglas F-InKind 2,368.00 $3.27 $7,743
2026-03-04 Thoele Grant Douglas A-Award 74,893.00 $3.35 $250,892
2025-10-01 Thoele Grant Douglas A-Award 10,273.00 $0.00 $0
Dividend History (Last 20)
Date Dividend Declaration Record Payment
2009-12-03 $0.73 2009-11-03
2006-11-16 $0.05 2006-11-08 2006-12-06
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My Notes personal — only you see this
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27