ASPU · Aspen Group, 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.
Income Statement
| Line item | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Revenue | $76.69M | $67.81M | $49.06M | $34.03M | $22.02M | $14.25M |
| Cost of Revenue | $35.26M | $29.45M | $19.14M | $15.98M | $9.85M | $5.06M |
| Gross Profit | $41.44M | $38.36M | $29.93M | $18.05M | $12.17M | $9.19M |
| R&D | - | - | - | - | - | - |
| SG&A | $45.54M | $41.91M | $30.33M | $24.99M | $16.33M | $9.09M |
| Total Operating Expenses | $85.66M | $76.06M | $53.10M | $43.14M | $27.27M | $15.03M |
| D&A | $3.37M | $2.43M | $2.20M | $2.17M | $1.09M | $556.7K |
| Operating Income | ($8.97M) | ($8.24M) | ($4.04M) | ($9.11M) | ($5.25M) | ($782.1K) |
| Interest Expense | $718.8K | $2.05M | $1.82M | $444.7K | $2.01M | $337.5K |
| Income Tax | $427.4K | $32.6K | $51.8K | - | - | - |
| Net Income | ($9.59M) | ($10.45M) | ($5.66M) | ($9.28M) | ($7.06M) | ($1.11M) |
| EPS - Basic | ($0.38) | ($0.29) | - | - | - | - |
| EPS - Diluted | ($0.38) | ($0.29) | - | - | - | - |
Balance Sheet
| Line item | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.48M | $8.51M | $14.35M | $9.97M | $14.61M | $2.76M |
| Accounts Receivable | $24.36M | $16.72M | $14.33M | $10.66M | $6.80M | $4.43M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $1.89M | $1.47M | $1.51M | $1.70M | $2.23M | $756.7K |
| Current Assets | $39.38M | $31.54M | $33.37M | $21.04M | $21.99M | $8.31M |
| Total Assets | $91.07M | $80.81M | $66.24M | $43.20M | $41.59M | $10.67M |
| Current Liabilities | $16.84M | $15.42M | $10.36M | $6.35M | $6.78M | $2.75M |
| Long-term Debt | $0 | - | - | - | $2.05M | $50.0K |
| Total Liabilities | $48.52M | $31.72M | $24.49M | $16.74M | $7.85M | $2.83M |
| Stockholders' Equity | $42.55M | $49.09M | $41.75M | $26.46M | $33.73M | $7.84M |
| Retained Earnings | ($67.74M) | ($58.16M) | ($47.71M) | ($42.05M) | ($32.77M) | ($25.71M) |
Cash Flow
| Line item | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($11.28M) | $985.6K | ($5.75M) | ($10.22M) | ($1.49M) | ($1.49M) |
| Investing Cash Flow | ($4.33M) | ($8.98M) | ($3.29M) | ($2.62M) | ($1.71M) | ($1.71M) |
| Financing Cash Flow | $14.86M | $3.75M | $16.98M | $8.00M | $5.17M | $5.17M |
| CapEx | $4.16M | $8.85M | $3.28M | $2.53M | $1.84M | $804.6K |
| Free Cash Flow | ($15.44M) | ($7.86M) | ($9.03M) | ($12.75M) | ($3.32M) | ($2.29M) |
Ratios
| Metric | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 54.0% | 56.6% | 61.0% | 53.0% | 55.3% | 64.5% |
| Operating margin | -11.7% | -12.2% | -8.2% | -26.8% | -23.9% | -5.5% |
| EBITDA margin | -7.3% | -8.6% | -3.7% | -20.4% | -18.9% | -1.6% |
| Net margin | -12.5% | -15.4% | -11.5% | -27.3% | -32.1% | -7.8% |
| Free cash flow margin | -20.1% | -11.6% | -18.4% | -37.5% | -15.1% | -16.1% |
| FCF / Net income | 1.61 | 0.75 | 1.59 | 1.37 | 0.47 | 2.07 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 59.4% | 61.8% | 61.8% | 73.4% | 74.1% | 63.8% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -10.5% | -12.9% | -8.5% | -21.5% | -17.0% | -10.4% |
| Return on equity | -22.5% | -21.3% | -13.6% | -35.1% | -20.9% | -14.1% |
| Return on invested capital | -16.7% | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 2.34 | 2.05 | 3.22 | 3.31 | 3.24 | 3.03 |
| Quick ratio | 2.34 | 2.05 | 3.22 | 3.31 | 3.24 | 3.03 |
| Cash ratio | 0.39 | 0.55 | 1.39 | 1.57 | 2.16 | 1.00 |
| Leverage | ||||||
| Debt / Equity | 0.00 | - | - | - | 0.06 | 0.01 |
| Debt / Assets | 0.00 | - | - | - | 0.05 | 0.00 |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | -12.5x | -4.0x | -2.2x | -20.5x | -2.6x | -2.3x |
| Equity multiplier | 2.14 | 1.65 | 1.59 | 1.63 | 1.23 | 1.36 |
| Liabilities / Assets | 0.53 | 0.39 | 0.37 | 0.39 | 0.19 | 0.27 |
| Efficiency | ||||||
| Asset turnover | 0.84 | 0.84 | 0.74 | 0.79 | 0.53 | 1.33 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 116d | 90d | 107d | 114d | 113d | 114d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 20d | 18d | 29d | 39d | 82d | 55d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 13.1% | 38.2% | 44.2% | 54.5% | 54.6% | 68.5% |
| Revenue CAGR (3y) | 31.1% | 45.5% | 51.0% | 59.1% | 61.5% | 52.9% |
| Revenue CAGR (5y) | 40.0% | 51.7% | 56.5% | 53.6% | - | 23.2% |
| Gross profit growth (YoY) | 8.0% | 28.2% | 65.8% | 48.3% | 32.5% | 88.7% |
| Operating income growth (YoY) | -8.8% | -104.1% | 55.7% | -73.4% | -571.7% | 63.4% |
| Net income growth (YoY) | 8.3% | -84.6% | 39.0% | -31.4% | -538.9% | 50.8% |
| EPS growth (YoY) | -31.0% | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -96.3% | 12.9% | 29.2% | -283.4% | -45.0% | 21.2% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -13.3% | 17.6% | 57.8% | -21.6% | 330.3% | 332.4% |
Stability scores
Altman Z′
FY 2022 · bankruptcy risk
0.45
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 2022 · 9-point quality
3/9
Weak
- ✗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: Services-Educational Services
Comparing ASPEN GROUP against the 5 most active filers in the same SIC group.