Aspen Aerogels, Inc. (ASPN) AI Stock Analysis

Aspen Aerogels, Inc. designs, develops, manufactures, and distributes advanced aerogel insulation products for energy infrastructure and building materials markets globally. Headquartered in Northborough, Massachusetts, the company serves electric vehicles, energy storage, power generation, and oil production sectors. Its product portfolio features PyroThin for thermal management in lithium-ion batteries to improve electric vehicle efficiency and safety. The company also produces Pyrogel XTE to mitigate corrosion risks in energy infrastructure, Pyrogel HPS for power generation, Cryogel Z for sub-ambient and cryogenic settings, Spaceloft Subsea for offshore pipe-in-pipe installations, and Spaceloft Grey and Spaceloft A2 for building insulation.

Aspen Aerogels experienced substantial revenue expansion between FY2021 and FY2024, climbing from $121.6M to a peak of $452.7M, achieving net income of $13.4M in FY2024. In FY2025, revenue fell 40.1% to $271.1M, gross margin contracted from 40.4% to 17.0%, and net losses widened to -$389.6M. Operating cash flow remained positive in FY2025 at $32.9M, while free cash flow stood at -$4.6M. Contraction persisted into the trailing twelve months ended June 30, 2026, with revenue of $202.1M, an operating margin of -29.2%, and quarterly revenue falling 36.1% year-over-year.

As of June 30, 2026, Aspen Aerogels held $151.7M in cash and short-term investments against $125.1M in total debt, resulting in net cash of $26.6M. Shareholders' equity was $192.5M alongside total assets of $392.9M. The company maintains a current ratio of 2.52 and a debt-to-equity ratio of 0.65. In FY2025, capital expenditures were $37.4M, while the company's share count increased 153.9% over a 5-year period.

At a share price of $5.19, Aspen Aerogels carries a market cap of $430.7M and an enterprise value of $444.8M. The stock trades at a forward P/E of 714.3x, well above the 13.4x median of its US-listed Basic Materials peers. Its EV to EBITDA ratio is 65.4x compared to the peer median of 10.5x, and its price-to-sales ratio is 2.1x versus the peer median of 1.8x. ASPN shares dropped 37.5% over the past 12 months, trailing the S&P 500 return of 16.8%, but gained 83.4% year-to-date.

Wall Street coverage includes 4 Strong Buy ratings, 1 Hold rating, and 1 Sell rating. The mean price target is $7.75, representing an upside of 49.3% from the last close of $5.19. For the fiscal year ending December 31, 2026, consensus estimates project an EPS of -$0.58 on revenue of $224.7M. Consensus for the next fiscal year calls for revenue of $280.4M and EPS of -$0.15. The company delivered 0 EPS beats over the last 4 quarters, with the next earnings date set for November 5, 2026.

This page is an AI-written research summary of Aspen Aerogels, Inc. (ASPN). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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