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Aspen Aerogels Inc (ASPN) stock

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NYSE: ASPN NYSE Building Products Next results ~November 5, 2026

D Fundamentals grade

Aspen Aerogels Inc is a US-listed company in the building products industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$3.8

Valuation models combined (2)

Base case. Range ~$2.1–$4.7. Weighted average of 2 models (forward price-to-sales vs peers, revenue-to-maturity model).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Aspen Aerogels Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds99 adding, 66 cuttingOf 35 active managers that changed their stake, 22 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Aspen Aerogels files

Where Aspen Aerogels stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $202m, down 49.1% on a year earlier, a steeper fall than the 47.3% decline a quarter earlier. That puts it 37 of 37 for growth among the building products companies we cover. Free-cash-flow margin rose to 17.0% from -0.8% a year earlier. Operating margin widened to -61.0% from -68.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 5 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $4.80 a share, against a share price of $5.55.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Aspen Aerogels Inc's trailing-twelve-month revenue fell 49.1% year on year, with a free-cash-flow margin of 17.0%. Where it stands out: free-cash-flow margin of 17.0% ranks 5 of 46 building products companies we cover. Where it lags: revenue growth of -49.1% ranks 46 of 46 building products companies we cover.

Current signal Net income rising while operating cash flow falls: TTM net income grew 59.5% while operating cash flow fell 15.5% — earnings and cash are telling different stories.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 7.5 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.1bn.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 49.1% over the last 12 months.
  • Loss-making. Operating margin is -61.0%: costs exceed revenue.
  • Volatile shares. Over the past year the shares showed annualised volatility of 98% and a beta of 2.1 against the S&P 500.
  • Insiders selling. 2 insiders sold $58M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Gross margin slipping. Gross margin is down 33.7 points on a year ago.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
-$0.22 against an average estimate of -$0.20: missed by 7.7%
Revenue
$50m, down 36.1% on a year earlier
Share reaction
+24.8% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
revenue $65m to $80m (Q3 2026); adjusted EBITDA $7m to $15m (Q3 2026)
Next report
November 5, 2026; average EPS estimate -$0.07

Aspen Aerogels' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-4.6%
  • 1 week-6.9%
  • 1 month-15.3%
  • This year+70.3%
  • 1 year-40.8%
  • 5 years-90.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$202M
Operating margin
-61.0%
Net margin
-62.4%
EPS (TTM, diluted)
$-1.53

Growth

Revenue growth
−49.1%
Change in growth rate
−1.8 pts
Share count change
−0.0%

Cash

Free cash flow (TTM)
$34.4M
FCF margin
17.0%
Stock pay % of revenue
4.9%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Announcement
  3. Results
  4. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Aspen Aerogels Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Aspen Aerogels Inc as an operating company, with every model that fits that kind of business. Cost of equity 11.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.36 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: the projected cash flows don't support a positive value
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$2.1 ~$3.2–$9.9 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$4.7 ~$4.7–$5.5 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$3.8 ~$2.1–$4.7 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Aspen Aerogels Inc with Building Products in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$6.07$4.13$4.88$2.13$7.76$16.69$49.79$11.79$15.78$11.88$2.83$4.82
Market value$140m$96m$114m$51m$187m$440m$1.5bn$464m$1.1bn$954m$233m$398m
+ Net debt (− = net cash)−$32m−$18m−$7m$854000−$510000−$13m−$73m−$178m−$25m−$106m−$91m−$95m
Enterprise value$108m$77m$107m$51m$187m$427m$1.4bn$286m$1.1bn$848m$142m$304m
Multiples
Price / sales 1.1x0.8x1.0x0.5x1.3x4.4x12.5x2.6x4.6x2.1x0.9x2.0x
Price / earnings —————————71.3x——
Price / free cash flow ———————————11.6x
EV / EBITDA 29.5x————————11.0x——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

13 /100

Weak moat

How hard Aspen Aerogels's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -9.3% of total assets over 10 years.

  • Pricing power 0 / 20

    Gross margin has been a median 12.8%, moving by 11.8 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -25.4%; its worst year was -68.6%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 10 years, at a median -9.1% of revenue.

  • Discipline 7 / 20

    The diluted share count rose 199.9% over five years; stock-based pay has been a median 4.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (18 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $72m and EPS of −$0.07 (range −$0.09 to −$0.03) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$0.58 −18% $225m −17%
Next −$0.15 +73% $280m +25%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −19.8% on 90 days ago. In the last 30 days, 3 analysts raised Aspen Aerogels Inc's forecast and 0 cut it.

Consensus EPS forecast Aspen Aerogels Inc, last 90 days
−$0.80 −$0.60 −$0.40 −$0.20 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$0.72 Current fiscal year, 60 days ago: −$0.63 Current fiscal year, 30 days ago: −$0.63 Current fiscal year, 7 days ago: −$0.63 Current fiscal year, Now: −$0.58 −$0.58 Next fiscal year, 90 days ago: −$0.10 Next fiscal year, 60 days ago: −$0.15 Next fiscal year, 30 days ago: −$0.15 Next fiscal year, 7 days ago: −$0.15 Next fiscal year, Now: −$0.15 −$0.15

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$0.72−$0.10
60 days ago −$0.63−$0.15
30 days ago −$0.63−$0.15
7 days ago −$0.63−$0.15
Now −$0.58−$0.15

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.20 −$0.22 −7.7%
Mar 2026 −$0.26 −$0.28 −8.7%
Dec 2025 −$0.22 −$0.34 −53.8%
Sept 2025 −$0.00 −$0.06 −1478.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Revenue Q3 2026 $65m to $80m
    “Q3 2026 Revenue is expected to range between $65 million and $80 million” source
  • Net loss per share Q3 2026 $0.07 to $0.11
    “Q3 2026 Net loss per share is expected to range between $0.07 and $0.11” source
  • Capital Expenditures FY 2026 —
    “FY 2026 Capital Expenditures, excluding costs related to the restoration of the East Providence facility, are expected to be less than $10 million” source
  • European Thermal Barrier revenue 2026 $20m to $30m Raised
    “European Thermal Barrier 2026 revenue outlook raised to $20 to $30 million” source
  • Adjusted EBITDA Q3 2026 $7m to $15m Non-GAAP
    “Q3 2026 Adjusted EBITDA is expected to range between $7 million and $15 million, which excludes an estimated $5 million to $10 million of costs related to the East Providence incident, including expedited freight, professional fees, and the incremental cost of temporarily sourcing certain Energy Industrial products from the Company's external manufacturing facility until the East Providence facility returns to full production capacity; the Company expects to submit claims related to these costs under its insurance policies” source
  • Net loss Q3 2026 $6m to $9m
    “Q3 2026 Net loss is expected to range between $6 million and $9 million” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

6 analysts, Oct 2026
Buy467%
Hold117%
Sell117%

Monthly trend

  1. Oct 20264116
  2. Sep 20264116
  3. Aug 20264116
  4. Jul 20264116

Counts of recommendations published by analysts covering Aspen Aerogels Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
8.8%
of tradable shares
Days to cover
6.38
at average volume
Short interest, 1 month
−32%
to October 15, 2026
Held by institutions
83%
of shares
Held by insiders
1.4%
of shares
Employees
854
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −40.8%

$8.14 on October 31, 2025 to $4.82

ThenNowEffect
Revenue (last 12 months) $397m $202m −49.1%
P/S multiple 1.7x 2.0x +16.4%
Share count 83m 83m 0.0%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years −46.7%

$9.04 on November 3, 2023 to $4.82

ThenNowEffect
Revenue (last 12 months) $190m $202m +6.3%
P/S multiple 2.7x 2.0x −27.2%
Share count 57m 83m −31.1%

Biggest factor: share count. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ASPN+198%−76%+34%−25%−76%+70%
Industry peers (median)+22%−24%+45%+12%−11%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ASPN75%25%58%33%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ASPN−35%−83%−57%−63%−80%−36%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 96% from November 18, 2021 to February 25, 2026. Getting back needed a 2377% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.57 – $7.75
From 52-week high
−37.8%
vs 50-day average
−8.1%
vs 200-day average
+3.0%
Volatility (1 year)
98%
Beta vs S&P 500
2.08

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±20.3%
After a week
5 up, 7 down
typical move ±27.6%
After a month
5 up, 7 down
typical move ±32.1%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +24.8% +0.5% +21.2% −1.8%
May 7, 2026 +22.3% +0.5% +41.3% +36.9%
February 25, 2026 −11.8% +0.3% −5.9% −3.9%
November 6, 2025 −47.9% −1.0% −56.5% −55.6%
August 7, 2025 −8.4% +0.7% −14.3% −18.0%
May 8, 2025 −13.0% +0.6% 0.0% +8.4%
February 12, 2025 −25.9% +0.7% −32.9% −39.2%
November 6, 2024 −9.4% +3.3% −16.0% −27.8%
October 16, 2024 0.0% +0.4% −11.3% −32.7%
August 7, 2024 +8.8% +1.6% +19.8% +20.5%
May 1, 2024 +52.3% +0.6% +70.1% +91.1%
February 12, 2024 +19.4% −1.4% +41.9% +49.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Aspen Aerogels Inc in five measures

Fundamentals grade D
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Aspen Aerogels Inc
$200M $300M $400M $500M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $214.1M Revenue (TTM), FY23 Q4: $238.7M Revenue (TTM), FY24 Q1: $287.6M Revenue (TTM), FY24 Q2: $357.2M Revenue (TTM), FY24 Q3: $413.8M Revenue (TTM), FY24 Q4: $452.7M Revenue (TTM), FY25 Q1: $436.9M Revenue (TTM), FY25 Q2: $397.2M Revenue (TTM), FY25 Q3: $352.9M Revenue (TTM), FY25 Q4: $271.1M Revenue (TTM), FY26 Q1: $230.3M Revenue (TTM), FY26 Q2: $202.1M $202.1M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $214.1M
FY23 Q4 $238.7M
FY24 Q1 $287.6M
FY24 Q2 $357.2M
FY24 Q3 $413.8M
FY24 Q4 $452.7M
FY25 Q1 $436.9M
FY25 Q2 $397.2M
FY25 Q3 $352.9M
FY25 Q4 $271.1M
FY26 Q1 $230.3M
FY26 Q2 $202.1M
Revenue growth, TTM YoY Aspen Aerogels Inc
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 40.7% Revenue growth, TTM YoY, FY23 Q4: 32.4% Revenue growth, TTM YoY, FY24 Q1: 53.4% Revenue growth, TTM YoY, FY24 Q2: 88.0% Revenue growth, TTM YoY, FY24 Q3: 93.3% Revenue growth, TTM YoY, FY24 Q4: 89.6% Revenue growth, TTM YoY, FY25 Q1: 51.9% Revenue growth, TTM YoY, FY25 Q2: 11.2% Revenue growth, TTM YoY, FY25 Q3: -14.7% Revenue growth, TTM YoY, FY25 Q4: -40.1% Revenue growth, TTM YoY, FY26 Q1: -47.3% Revenue growth, TTM YoY, FY26 Q2: -49.1% -49.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 40.7%
FY23 Q4 32.4%
FY24 Q1 53.4%
FY24 Q2 88.0%
FY24 Q3 93.3%
FY24 Q4 89.6%
FY25 Q1 51.9%
FY25 Q2 11.2%
FY25 Q3 -14.7%
FY25 Q4 -40.1%
FY26 Q1 -47.3%
FY26 Q2 -49.1%
Operating margin (TTM) Aspen Aerogels Inc
-150% -100% -50% 0% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -28.1% Operating margin (TTM), FY23 Q4: -20.6% Operating margin (TTM), FY24 Q1: -9.7% Operating margin (TTM), FY24 Q2: 2.6% Operating margin (TTM), FY24 Q3: 10.0% Operating margin (TTM), FY24 Q4: 12.0% Operating margin (TTM), FY25 Q1: -56.6% Operating margin (TTM), FY25 Q2: -68.6% Operating margin (TTM), FY25 Q3: -83.1% Operating margin (TTM), FY25 Q4: -139.5% Operating margin (TTM), FY26 Q1: -43.3% Operating margin (TTM), FY26 Q2: -61.0% -61.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -28.1%
FY23 Q4 -20.6%
FY24 Q1 -9.7%
FY24 Q2 2.6%
FY24 Q3 10.0%
FY24 Q4 12.0%
FY25 Q1 -56.6%
FY25 Q2 -68.6%
FY25 Q3 -83.1%
FY25 Q4 -139.5%
FY26 Q1 -43.3%
FY26 Q2 -61.0%
FCF margin (TTM) Aspen Aerogels Inc
-150% -100% -50% 0% 50% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -126.2% FCF margin (TTM), FY23 Q4: -91.3% FCF margin (TTM), FY24 Q1: -65.2% FCF margin (TTM), FY24 Q2: -36.9% FCF margin (TTM), FY24 Q3: -22.3% FCF margin (TTM), FY24 Q4: -9.0% FCF margin (TTM), FY25 Q1: -1.0% FCF margin (TTM), FY25 Q2: -0.8% FCF margin (TTM), FY25 Q3: 0.8% FCF margin (TTM), FY25 Q4: -1.7% FCF margin (TTM), FY26 Q1: 15.4% FCF margin (TTM), FY26 Q2: 17.0% 17.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -126.2%
FY23 Q4 -91.3%
FY24 Q1 -65.2%
FY24 Q2 -36.9%
FY24 Q3 -22.3%
FY24 Q4 -9.0%
FY25 Q1 -1.0%
FY25 Q2 -0.8%
FY25 Q3 0.8%
FY25 Q4 -1.7%
FY26 Q1 15.4%
FY26 Q2 17.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 63 86 102 123 118 112 104 139 100 122 180 239 453 271 202
Gross profit −8 11 17 25 23 19 13 26 15 10 5 57 183 46 5
EBITDA −23 −10 −6 4 −1 −8 −23 −4 −11 −31 −70 −34 77 −333 −80
Operating income −33 −20 −16 −6 −11 −19 −34 −14 −22 −41 −79 −49 55 −378 −123
Net income −56 −48 −66 −6 −12 −19 −34 −15 −22 −37 −83 −46 13 −390 −126
Diluted EPS −$2851.08 $410.56 −$5.37 −$0.28 −$0.52 −$0.83 −$1.45 −$0.60 −$0.83 −$1.22 −$2.10 −$0.66 $0.17 −$4.73 −$1.53
Growth (year on year)
Revenue — +35.7% +18.9% +19.6% −3.9% −5.2% −6.5% +33.6% −28.1% +21.3% +48.3% +32.4% +89.6% −40.1% −49.1%
EBITDA — — — — −137.4% — — — — — — — — −532.2% —
Operating income — — — — — — — — — — — — — −793.6% —
Net income — — — — — — — — — — — — — <−999% —
Diluted EPS — — — — — — — — — — — — — <−999% —
Margins
Gross margin −12.6% 12.5% 16.7% 20.1% 19.8% 16.7% 12.1% 18.9% 14.6% 8.2% 2.8% 23.8% 40.4% 17.0% 2.7%
EBITDA margin −36.7% −11.5% −5.7% 3.0% −1.2% −7.5% −22.2% −2.8% −11.3% −25.6% −38.8% −14.2% 17.0% −122.9% −39.6%
Operating margin −52.0% −23.2% −15.7% −5.1% −9.5% −17.1% −32.5% −10.2% −21.5% −33.4% −43.9% −20.6% 12.0% −139.5% −61.0%
Net margin −88.5% −55.3% −64.8% −5.2% −10.2% −17.3% −33.0% −10.5% −21.7% −30.5% −45.9% −19.2% 3.0% −143.7% −62.4%
Free-cash-flow margin −56.9% −19.8% −6.4% −13.5% −11.7% −9.6% −11.7% −2.3% −13.3% −26.6% −151.0% −91.3% −9.0% −1.7% 17.0%
Cash flow
Cash from operations −26 −14 7 5 −1 −5 −9 −1 −10 −19 −94 −43 46 33 49
Capital spending 10 3 13 22 13 6 4 2 3 14 178 175 86 37 15
Free cash flow −36 −17 −7 −17 −14 −11 −12 −3 −13 −32 −272 −218 −41 −5 34
Stock-based pay 2 4 9 5 5 5 4 4 5 5 9 11 13 9 10
Free cash flow after stock pay −38 −21 −15 −22 −19 −16 −17 −7 −18 −38 −282 −229 −54 −13 25
Balance sheet
Cash 1 2 50 33 18 11 3 4 16 77 281 140 221 157 152
Total debt 0 93 1 1 0 4 4 3 4 4 104 115 115 65 57
Net debt (negative = net cash) −1 91 −49 −32 −18 −7 1 −1 −13 −73 −178 −25 −106 −91 −95
Diluted shares — — 12m 23m 23m 23m 24m 24m 26m 30m 39m 69m 80m 82m 83m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · June 30, 2026
What it owns · $393m
Short-term assets $248mLonger-term assets $144m
What it owes, and who funded it · $393m
Short-term liabilities $99mLonger-term liabilities $102mShareholders' equity $192m
  • Short-term assets cover short-term liabilities $248m of assets due within a year against $99m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $248m short-term assets against $102m of longer-dated liabilities.
  • More cash than debt $152m of cash against $80m of debt.
  • Debt below 40% of shareholders' equity Debt is 42% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 3% to 42% over five years.
  • A year's operating cash flow covers at least 20% of debt $49m of operating cash flow against $80m of debt.
  • Operating profit covers interest at least five times over No material interest expense reported.

From Aspen Aerogels Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
−0.0%
year over year
R&D spending
5.5%
of revenue
Days sales outstanding
73 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in building products
Last 12 months unless stated ASPN CIX CMT FGI CSTE OFLX Median
Revenue, last 12 months $202m $162m $254m $129m $397m $98m $1.8bn
Revenue growth, last 12 months −49.1% 6.0% −7.9% −5.3% −10.4% −2.0% 3.7%
Revenue growth, 3-year average 2.1% 0.3% −12.9% 0.5% 3.7% −4.9% 3.6%
Revenue growth, latest quarter −36.1% 8.0% −20.8% 2.9% — 6.0% 8.0%
Gross margin 2.7% 32.1% 18.2% 28.3% 18.4% 55.6% 32.0%
Operating margin −61.0% 16.3% 3.6% 0.3% −31.6% 12.2% 7.0%
Operating margin, 3-year average −42.4% 14.7% 4.8% −0.5% −6.8% 17.4% 10.7%
Net margin −62.4% 13.6% 2.9% −3.1% −34.6% 10.7% 5.1%
Cash from operations / revenue 24.3% 15.0% 6.5% 1.8% −9.6% 8.6% 12.4%
Free-cash-flow margin 17.0% 13.1% −3.3% 1.4% −11.8% 7.2% 8.9%
Free-cash-flow margin, 3-year average −6.9% 12.8% 3.2% −1.7% −2.3% 15.1% 8.5%
Stock pay / revenue 4.9% — 0.7% 0.1% 0.3% 0.2% 0.7%
Change in share count −0.0% 0.0% −0.4% — 0.1% 0.0% −0.6%

Median of all 46 companies we cover in building products. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

46 building products companies
Measure Company Peer median Rank
Revenue growth Growth -49.1% 4.0% 46 of 46
Change in growth rate Growth -1.8pp +0.8pp 37 of 46
Gross margin Profitability 2.7% 32.1% 43 of 43
Operating margin Profitability -61.0% 7.2% 43 of 45
Net margin Profitability -62.4% 5.6% 44 of 46
Free-cash-flow margin Cash generation 17.0% 9.1% 5 of 46
Stock pay as % of revenue Cash generation 4.9% 0.7% 38 of 41
Long-term debt as % of assets Balance sheet 14.5% 25.7% 7 of 37
Change in share count Balance sheet -0.0% -0.6% 28 of 44
Days sales outstanding Balance sheet 73 days 53 days 30 of 34

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Thermal Barrier $169M 62.3% ▼ 45.0%
Energy Industrial $102M 37.7% ▼ 29.9%
Products and services
Line of business Revenue Share YoY
Thermal Barrier $169M 62.3% ▼ 45.0%
Energy Industrial $102M 37.7% ▼ 29.9%
Geography
Region Revenue Share YoY
United States $172M 63.5% ▼ 33.4%
International $99M 36.5% ▼ 49.0%
Latin America $47.6M 48.0% ▼ 52.7%
Asia $31.1M 31.4% ▲ 6.2%
Europe $17.9M 18.0% ▼ 60.3%
Canada $2.5M 2.5% ▼ 87.2%

From Aspen Aerogels Inc's 10-K filed March 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$465M
Institutions reporting
179
Shares held vs prior quarter
▲ 5.9%
Positions opened / closed
38 / 21

Top buyers and sellers, Q2 2026: 99 institutions bought and 66 sold ; the biggest buyer was American Century Companies Inc (+1.3M shares) and the biggest seller Needham Investment Management LLC (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Kim, LLC $77.9M 12.3M 16.8% 0.0%
Blackrock, Inc. $33.5M 5.3M 7.2% ▲ 11.3%
Oaktop Capital Management Ii, L.P. $32.8M 5.2M 7.1% 0.0%
Vanguard Capital Management LLC $22.4M 3.5M 4.8% ▲ 3.0%
Needham Investment Management LLC $20.7M 3.3M 4.4% ▼ 27.8%
George Kaiser Family Foundation $20.1M 3.2M 4.3% 0.0%
State Street Corp $16.2M 2.6M 3.5% ▲ 10.3%
American Century Companies Inc $15.9M 2.5M 3.4% ▲ 101.2%
Jacobs Levy Equity Management, Inc $13M 2.1M 2.8% ▲ 68.9%
Ameriprise Financial Inc $11.5M 1.8M 2.5% ▲ 20.9%
Geode Capital Management, LLC $11.2M 1.8M 2.4% ▲ 14.9%
Rice Hall James & Associates, LLC $10.4M 1.6M 2.2% ▲ 5.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Aspen Aerogels Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $58.3M 2 trades by 2 insiders · 0% under pre-set plans
Net ▼ $58.3M net selling
Insider Date Trade Shares Price Value
Wood River Capital, Llc 10% owner September 23, 2026 Sell 12,280,426 $4.73 $58.1M
Young Donald R President and CEO November 13, 2025 Sell pre-set plan 56,845 $3.23 $183,609

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Aspen Aerogels Inc disclosed in the last 12 months; 3 earlier trades on record.

  • Debbie Wasserman Schultz(D-FL 23):Sale (full), $1,001 - $15,000, traded November 22, 2017, filed November 29, 2017
  • Debbie Wasserman Schultz(D-FL 23):Purchase, $1,001 - $15,000, traded September 19, 2016, filed October 18, 2016
  • Debbie Wasserman Schultz(D-FL 23):Purchase, $1,001 - $15,000, traded April 27, 2016, filed July 6, 2016

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 25, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on Aspen Aerogels Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Aspen Aerogels Inc in brief

What does Aspen Aerogels Inc do?
Aspen Aerogels Inc is a US-listed company in the building products industry. Its financial year ends in December.
What is Aspen Aerogels Inc's stock ticker?
Aspen Aerogels Inc trades under the ticker ASPN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Aspen Aerogels Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Aspen Aerogels Inc reported revenue of $202M, 49.1% lower than a year earlier, according to its SEC filings.
What is Aspen Aerogels Inc's free cash flow?
Aspen Aerogels Inc's free-cash-flow margin is 17.0% of revenue over the trailing twelve months, ranking 5 of the 46 building products companies we cover.
Who are Aspen Aerogels Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Kim, LLC, Blackrock, Inc. and Oaktop Capital Management Ii, L.P. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Aspen Aerogels Inc's market cap?
On November 2, 2026, Aspen Aerogels Inc's market capitalisation was about $398M and net debt of -$94.7M. Market figures come from third-party market data and may be delayed.
How much debt does Aspen Aerogels Inc have?
Aspen Aerogels Inc's debt-to-equity ratio is 41.7%, from its latest balance sheet (2.9% five years earlier). The financial health section below sets out its other solvency checks.
Who are Aspen Aerogels Inc's competitors?
In our Building Products peer group, the companies closest to Aspen Aerogels Inc are Compx International Inc, Core Molding Technologies Inc, FGI Industries Ltd., Caesarstone Ltd. and Omega Flex, Inc. The side-by-side comparison below sets their revenue, margins and growth against Aspen Aerogels Inc's.
Are insiders buying or selling Aspen Aerogels Inc stock?
Over the last 12 months, Aspen Aerogels Inc's directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Aspen Aerogels Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Aspen Aerogels Inc announces its own schedule.