ASPN · Aspen Aerogels Inc - Financials

Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.

Price · ASPN

1Y 3Y 5Y Max

Annual Quarterly

Income Statement

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Revenue	$271.10M	$452.70M	$238.72M	$180.36M	$121.62M	$100.27M
Cost of Revenue	$225.10M	$269.80M	$181.80M	$85.68M	-	-
Gross Profit	$46.00M	$182.90M	$56.92M	$4.98M	$9.94M	$14.59M
R&D	$13.42M	$18.05M	$16.36M	$16.93M	$11.44M	$8.73M
SG&A	$55.77M	$71.13M	$56.76M	$38.50M	$22.51M	$15.68M
Total Operating Expenses	$424.23M	$128.36M	$106.12M	$84.22M	$50.54M	$36.16M
D&A	$45.16M	$22.53M	$15.32M	$9.22M	$9.44M	$10.20M
Operating Income	($378.23M)	$54.53M	($49.20M)	($79.25M)	($40.60M)	($21.57M)
Interest Expense	-	-	-	-	-	-
Income Tax	$2.39M	$1.71M	$0◇	$0◇	-	-
Net Income	($389.55M)	$13.38M	($45.81M)	($82.74M)	($37.09M)	($21.81M)
EPS - Basic	($4.73)	$0.17	($0.66)	($0.83)	($1.22)◇	-
EPS - Diluted	($4.73)	$0.17	($0.66)	($0.83)	($1.22)◇	-

Balance Sheet

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Cash & Equivalents	$156.86M	$220.88M	$139.72M	$281.33M	$76.56M	$16.50M
Accounts Receivable	$35.27M	$109.10M	$70.00M	$57.35M	$20.43M	$15.70M
Inventory	$38.25M	$47.55M	$39.19M	$22.54M	$11.99M	$13.10M
Accounts Payable	$13.24M	$44.36M	$51.09M	$54.73M	$17.44M	$5.35M
Current Assets	$242.05M	$409.45M	$266.33M	$369.69M	$112.15M	$47.12M
Total Assets	$406.68M	$895.14M	$703.05M	$643.42M	$182.95M	$97.42M
Current Liabilities	$62.02M	$110.11M	$78.09M	$78.94M	$36.55M	$13.93M
Long-term Debt	$65.45M	$94.96M	-	-	-	$2.06M
Total Liabilities	$171.16M	$280.44M	$214.99M	$195.98M	$54.55M	$29.57M
Stockholders' Equity	$235.52M	$614.71M	$488.06M	$447.44M	$128.41M	$67.85M
Retained Earnings	($1.05B)	($660.23M)	($673.60M)	($627.79M)	($545.05M)	($507.96M)

Cash Flow

Line item	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Operating Cash Flow	$32.87M	$45.55M	($42.61M)	($94.40M)	($18.63M)	($9.92M)
Investing Cash Flow	($37.45M)	($86.26M)	($175.46M)	($177.97M)	($13.78M)	($3.42M)
Financing Cash Flow	($58.13M)	$122.02M	$75.48M	$478.37M	$92.47M	$26.20M
CapEx	$37.45M	$86.26M	$175.46M	$177.97M	$13.78M	$3.42M
Free Cash Flow	($4.58M)	($40.71M)	($218.07M)	($272.37M)	($32.41M)	($13.34M)

Ratios

Metric	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Profitability
Gross margin	17.0%	40.4%	23.8%	2.8%	8.2%	14.6%
Operating margin	-139.5%	12.0%	-20.6%	-43.9%	-33.4%	-21.5%
EBITDA margin	-122.9%	17.0%	-14.2%	-38.8%	-25.6%	-11.3%
Net margin	-143.7%	3.0%	-19.2%	-45.9%	-30.5%	-21.7%
Free cash flow margin	-1.7%	-9.0%	-91.3%	-151.0%	-26.6%	-13.3%
FCF / Net income	0.01	-3.04	4.76	3.29	0.87	0.61
R&D / Revenue	4.9%	4.0%	6.9%	9.4%	9.4%	8.7%
SG&A / Revenue	20.6%	15.7%	23.8%	21.3%	18.5%	15.6%
Effective tax rate	-	11.4%	-	-	-	-
Return on assets	-95.8%	1.5%	-6.5%	-12.9%	-20.3%	-22.4%
Return on equity	-165.4%	2.2%	-9.4%	-18.5%	-28.9%	-32.1%
Return on invested capital	-99.3%	6.8%	-	-	-	-
Liquidity
Current ratio	3.90	3.72	3.41	4.68	3.07	3.38
Quick ratio	3.29	3.29	2.91	4.40	2.74	2.44
Cash ratio	2.53	2.01	1.79	3.56	2.09	1.18
Leverage
Debt / Equity	0.28	0.15	-	-	-	0.03
Debt / Assets	0.16	0.11	-	-	-	0.02
Debt / EBITDA	-	1.23	-	-	-	-
Interest coverage	-	-	-	-	-	-
Equity multiplier	1.73	1.46	1.44	1.44	1.42	1.44
Liabilities / Assets	0.42	0.31	0.31	0.30	0.30	0.30
Efficiency
Asset turnover	0.67	0.51	0.34	0.28	0.66	1.03
Inventory turnover	5.89	5.67	4.64	3.80	-	-
Days sales outstanding	47d	88d	107d	116d	61d	57d
Days inventory outstanding	62d	64d	79d	96d	-	-
Days payable outstanding	21d	60d	103d	233d	-	-
Cash conversion cycle	88d	92d	83d	-21d	-	-
Valuation
P / E	-	69.9x	-	-	-	-
P / B	1.0x	1.6x	2.2x	0.7x	11.8x	-
P / S	0.9x	2.1x	4.6x	1.7x	12.5x	-
EV / EBITDA	-	10.7x	-	-	-	-
Growth
Revenue growth (YoY)	-40.1%	89.6%	32.4%	48.3%	21.3%	-28.1%
Revenue CAGR (3y)	14.5%	55.0%	33.5%	9.0%	1.1%	-3.5%
Revenue CAGR (5y)	22.0%	26.6%	15.2%	10.1%	0.7%	-3.9%
Gross profit growth (YoY)	-74.9%	221.3%	1043.9%	-49.9%	-31.9%	-44.5%
Operating income growth (YoY)	-	-	37.9%	-95.2%	-88.2%	-52.3%
Net income growth (YoY)	-	-	44.6%	-123.0%	-70.1%	-49.7%
EPS growth (YoY)	-	-	20.5%	32.0%	-	-
EPS CAGR (3y)	-	-	-	-	-	-
EPS CAGR (5y)	-	-	-	-	-	-
FCF growth (YoY)	88.8%	81.3%	19.9%	-740.5%	-142.9%	-321.4%
FCF CAGR (5y)	-	-	-	-	-	-
Book value growth (YoY)	-61.7%	25.9%	9.1%	248.4%	89.2%	15.0%

Sales by segment

From XBRL dimensional facts in the 10-K period ending 2025-12-31.

Business segments

$271.10M total

Thermal Barrier$168.91M · 62.3%

Energy Industrial$102.20M · 37.7%

Product / service

$172.08M total

Thermal Barrier$117.44M · 68.2%

Energy Industrial$54.64M · 31.8%

Geographic

$370.12M total

US$172.08M · 46.5%

International$99.02M · 26.8%

Latin America$47.56M · 12.8%

Asia$31.13M · 8.4%

Europe$17.87M · 4.8%

CA$2.47M · 0.7%

Stability scores

Altman Z′

FY 2025 · bankruptcy risk

-3.52

Distress

Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.

Piotroski F-score

FY 2025 · 9-point quality

5/9

Neutral

✗Net income positive
✓Operating cash flow positive
✗ROA improved YoY
✓Cash flow > net income
✓Long-term debt decreased
✓Current ratio improved
✗No share dilution
✗Gross margin improved
✓Asset turnover improved

Peer comparison

Same SIC group: Wholesale-Lumber & Other Construction Materials

Company	Revenue (last FY)	Net margin	ROE
BECN	-	-	-
BCC	$6.40B	2.1%	6.4%
GMS	$5.51B	2.1%	8.1%
SSNT	$6.84B	-4.1%	-2.9%
SGBX	-	-	-

Comparing ASPEN AEROGELS INC against the 5 most active filers in the same SIC group.

Cells marked with a small ◇ are sourced from SEC's bulk Financial Statement Data Sets, which can lose dimensional context (notably Revenue and Operating Income for issuers that report by segment). These cells will be replaced with authoritative values from the Company Facts API as the backfill completes.