Aspen Aerogels (ASPN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Aspen Aerogels

NYSE•Basic Materials•Specialty Chemicals

$4.75-0.09(-0.02%)Market open

Market Cap

$402.86M

P/S

2.0x

P/B

2.1x

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.

How this company scores

AverageMetricSide Score: 48/100

Strongest: Balance Sheet & Red Flags (17/25); weakest: Growth (6/25).

Profitability12/25

Growth6/25

Balance Sheet & Red Flags17/25

Cash & Earnings Quality13/25

Strengths

Low leverageProfit converts from growthNet cash position

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 73.5x5y range 73.5x – 1413.4x

P/S · 2.0x5y range 0.9x – 13.2x

Currently near its 20-quarter median.

P/B · 2.1x5y range 1.0x – 12.5x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

The company posted negative operating margins in recent quarters — core operations are unprofitable.

Earnings Quality

Red Flag

Free cash flow has been negative in 4 of the last 8 quarters — earnings are not translating to cash.

Price & Volume

Market Cap $402.86M

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $202.09M
Q. Revenue: $49.85M
TTM EBITDA: $-68.92M
TTM Op. Income: $-123.35M
Q. Op. Income: $-28.78M
TTM Net Income: $-126.20M
Q. Net Income: $-23.26M
EPS: $-0.28
Shares Out.: $82.89M

$202.09M in TTM revenue declined 49.1% YoY, reaching $49.85M last quarter. TTM EBITDA of $-68.92M and TTM operating income of $-123.35M show growth is flowing through to the bottom line. However, net income is negative at $126.20M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has fallen for 6 consecutive quarters — a weakening trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 6.5%
EBITDA Margin: -49.1%
Op. Margin: -57.7%
Net Margin: -46.7%

Op. margin of -57.7% is down 51.1% YoY — costs are rising relative to revenue. Net margin at -46.7% and gross margin of 6.5% show how much of each revenue dollar survives to profit. Over the past year, operating margin is down 774% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 2.0x
P/B Ratio: 2.1x

P/S of 2.0x and P/B of 2.1x. P/S is low relative to typical market levels. Over the past year, P/E is up 0% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $392.94M
Cash: $153.42M
Long-Term Debt: $56.98M
Book Value: $192.46M
D/E Ratio: 0.3
Debt/EBITDA: N/A

With $392.94M in assets and $56.98M in long-term debt, D/E is 0.3and book value is $192.46M — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has risen for 3 consecutive quarters — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-16.20M
TTM Free Cash Flow: $34.38M
FCF Margin: 17.0%
FCF / Net Income: -0.3

TTM FCF of $34.38M on $-16.20M in operating cash flow. The FCF / Net Income ratio of -0.3x means the business consumes cash — it is not yet self-funding. Over the past year, free cash flow is up 1142% — a weakening trend.