ASPNNYSEWholesale-Lumber & Other Construction MaterialsFiscal year ends December 31
ASPEN AEROGELS INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$5.32+0.13 (+2.50%)
Close on Oct 19, 2026
- Market cap
- $440.99M
- P/E (TTM)
- –
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
17.0%+2.4 pts over 5 years
Operating margin
-139.5%−118.0 pts over 5 years
Net margin
-143.7%−121.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -40.1% | +14.5% | +22.0% | +8.3% | |
| Gross profit | -74.9% | +109.9% | +25.8% | +6.4% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -10.1% | -34.4% | -91.6% | |
| Return on assets | -8.8% | -21.7% | -59.8% | |
| Current ratio | 2.77 | 3.38 | 3.90 | |
| Inventory turnover | 9.7× | 7.8× | 5.2× | |
| Capex to revenue | 11.2% | 3.4% | 13.8% | |
| Diluted shares | 23M | 26M | 82M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Aspen Aerogels generated $234.06M from operations and spent $490.92M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
$234.06M
Used
$490.92M
Capital expenditure$490.92M100%Dividends$00%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-143.7%
×Asset turnover0.42×
×Equity multiplier1.53×
=Return on equity, FY2025-91.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -143.7% | 0.42× | 1.53× | -91.6% |
| FY2024 | 3.0% | 0.57× | 1.45× | 2.4% |
| FY2023 | -19.2% | 0.35× | 1.44× | -9.8% |
| FY2022 | -45.9% | 0.44× | 1.44× | -28.7% |
| FY2021 | -30.5% | 0.87× | 1.43× | -37.8% |
| FY2020 | -21.7% | 1.00× | 1.58× | -34.4% |
| FY2019 | -10.5% | 1.38× | 1.57× | -22.5% |
| FY2018 | -33.0% | 0.94× | 1.30× | -40.2% |
| FY2017 | -17.3% | 0.86× | 1.19× | -17.8% |
| FY2016 | -10.2% | 0.86× | 1.15× | -10.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$389.55M
- Cash generatingOperating cash flow above zero$32.87M
- Return on assets improvedROA up on the prior year1.9% → -43.5%
- Earnings backed by cashOperating cash flow above net income$32.87M vs -$389.55M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose3.72 → 3.90
- No dilutionShare count did not rise80M → 82M
- Gross margin improvedGross margin up on the prior year40.40% → 16.97%
- More efficientAsset turnover rose0.64 → 0.30