Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026
Basics
Sector
Basic Materials
Industry
Specialty Chemicals
Country
United States
Market cap
411.6M USD
Enterprise value
336.0M USD
Full-time employees
854
Overall health
Drawback:less profitable than most peersless profitable than peers
Drawback:growing more slowly than most peersgrowing more slowly than peers
Drawback:its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback:higher risk than most peers: its share price swings more than most peers’ (beta 3.06 vs a peer median of 0.69)higher risk: bigger price swings (beta 3.06 vs peers 0.69)
Ranks #1,125 of 1,217 basic materials companies (bottom 8%)
Shareholders being diluted. Shares outstanding up 19% from December 2022 to August 2026.
Aspen Aerogels had 19% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Aspen Aerogels had 19% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Valuation signals disagree. Cheaper than 80% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Aspen Aerogels looks cheaper than 80% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Not profitable yet. Reported a loss in the 12 months to June 2026.
Aspen Aerogels reported a net loss over the last twelve months, so earnings-based measures can't show it as cheap.
Revenue is falling. Revenue fell 49% in the 12 months to June 2026 vs the 12 months before.
Aspen Aerogels's revenue fell 49% in the 12 months to June 2026 vs the 12 months before.
Since last quarter: No major changeValuation also moves with the share price every day.
Why it changed since the Oct 27, 2026 close: Score 28 → 29
Share price -8.0%+1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Sector-normalized EBITDA, earnings, and free cash flow yields.
Earnings yield-30.7%
SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0364 · MAD: 0.0364
EBITDA yield-10.7%
Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.64Sector median: 0.0854 · MAD: 0.0520
Free cash flow yield8.4%
SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 2.20Sector median: 0.0261 · MAD: 0.0261
Why it changed since the Oct 27, 2026 close: Safety percentile 25 → 24
Peer companies moved-1
Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.
Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.
Questions investors ask about Aspen Aerogels
Is Aspen Aerogels getting weaker?
Its latest SEC filing (Aug 7, 2026) got weaker in some ways: operating margin fell 17.7 points to -61.0%; 12-month revenue fell 12.2%. Its overall score is unchanged at 21/100 since Oct 28, 2026.
How is Aspen Aerogels valued vs its peers?
Priced higher than most peers relative to what it earns. Valuation scores 29/100 against 1,371 basic materials peers.Free cash flow yield 8.4% vs a peer median of 2.6% (stronger than 80% of peers).Free cash flow yield 8.4% vs peers 2.6% (stronger than 80% of peers).Earnings yield -30.7% vs a peer median of 3.6% (weaker than 100% of peers).Earnings yield -30.7% vs peers 3.6% (weaker than 100% of peers).
Is Aspen Aerogels growing?
More slowly than most of its peers. Growth scores 30/100 against 1,371 basic materials peers.Revenue growth -49.1% vs a peer median of 3.4% (weaker than 100% of peers).Revenue growth -49.1% vs peers 3.4% (weaker than 100% of peers).
How profitable is Aspen Aerogels?
Less profitable than most of its peers. Profitability scores 0/100 against 1,371 basic materials peers.Operating margin -61.0% vs a peer median of 7.6% (weaker than 100% of peers).Operating margin -61.0% vs peers 7.6% (weaker than 100% of peers).
How risky is Aspen Aerogels?
Higher risk relative to 1,371 basic materials peers, judged on debt, liquidity and share-price swings.Current ratio 2.52× vs a peer median of 1.76× (stronger than 71% of peers).Current ratio 2.52× vs peers 1.76× (stronger than 71% of peers).Beta 3.06 vs a peer median of 0.69 (weaker than 100% of peers).Beta 3.06 vs peers 0.69 (weaker than 100% of peers). A relative measure, not a bankruptcy probability.
Latest filing: what changed
Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026
Got weaker
Operating margin fell 17.7 points to -61.0%
12-month revenue fell 12.2%
Worth watching: Aspen Aerogels is in the bottom fifth of its sector on profitability. From 2021 to 2025, 63% of companies in that position posted a loss over the following year, against 4% for the top fifth.
Previous quarter
Latest quarter
Change
Revenue (12 months)
230.3M USD
202.1M USD
−12.2%
Net income (12 months)
−112.0M USD
−126.2M USD
+12.7%
Operating margin
-43.3%
-61.0%
−17.7 pts
Free cash flow (12 months)
35.6M USD
34.4M USD
−3.3%
Debt
61.2M USD
57.0M USD
−7.0%
Cash
173.9M USD
151.7M USD
−12.7%
Shares outstanding
82.9M
83.0M
+0.1%
From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.
Industry valuation context
Industry: Specialty Chemicals · 32 companies
Valuations in Specialty Chemicals are above their usual range since 2016.
74% of months since 2016 were valued lower than now.
17% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values −8% and earnings +13% (medians): earnings grew faster than prices.
Median price-to-sales is −36% vs the whole market, against a usual −31%.
2016Shaded: most expensive fifth of its range2026
This is a cyclical group: after a downturn, trailing earnings and sales fall faster than prices, which can make valuations look high near a cycle's low.
Describes valuations since 2016; it does not predict prices. US companies worth $1B+, from SEC filings and month-end prices, as of Aug 2026. Today's companies and industry labels are used throughout. Measured on earnings, EBITDA, sales and free cash flow yields. How this works
Financials
Fiscal years from SEC annual filings · change vs the prior year
Key ratios
FY 2021
FY 2022
FY 2023
FY 2024
FY 2025
Change
Gross margin
8.2%
2.8%
23.8%
40.4%
17.0%
▼ 23 pts
Operating margin
-33.4%
-43.9%
-20.6%
12.0%
-139.5%
▼ 152 pts
Net margin
-30.5%
-45.9%
-19.2%
3.0%
-143.7%
▼ 147 pts
Return on assets (ROA)
-20.3%
-12.9%
-6.5%
1.5%
-95.8%
▼ 97 pts
Return on equity (ROE)
-28.9%
-18.5%
-9.4%
2.2%
-165.4%
▼ 168 pts
Free cash flow margin
-26.6%
-151.0%
-91.3%
-9.0%
-1.7%
▲ 7.3 pts
Current ratio
3.07×
4.68×
3.41×
3.72×
3.90×
▲ 4.9%
Quick ratio
2.74×
4.40×
2.91×
3.29×
3.29×
▼ 0.0%
Debt to equity
—
—
—
0.19×
0.28×
▲ 49%
ASPN price history
Price history is added with the daily price update and will appear after the next one.