Aspen Aerogels Inc. Common Stock (ASPN)

FairStock Score: 35/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a value investor, I look first at whether the business earns good returns. Aspen Aerogels' filed results show the opposite. In fiscal 2025, revenue was $271.1 million, down from $452.7 million in fiscal 2024, while net income swung from a $13.4 million profit in fiscal 2024 to a $389.6 million loss in fiscal 2025. Diluted EPS went from $0.17 in fiscal 2024 to -$4.73 in fiscal 2025. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $49.8 million and net income was -$23.3 million; fiscal Q1 2026 showed revenue of $37.9 million and a net loss of $23.7 million. The supplied FairStock data labels this a TURNAROUND, a loss in the latest year after earlier profits, and I understand why. The company sells aerogel thermal barriers and insulation into industrial and EV markets, but the numbers do not reveal a durable moat; they show a specialty chemicals business whose sales and profits have been volatile. Financial health is poor: FairStock's Piotroski score is 2/9 and Altman Z-score is -2.13, both warning signs. Debt-to-equity is 0.65, return on equity is -50.36%, and return on capital employed is -8.45%. There is one positive: trailing free cash flow is $34.4 million, a 7.6% FCF yield on the 2026-10-13 market cap of $453.9 million. But valuation is otherwise unattractive: P/B is 2.36 and the P/E is negative. A 2.97 beta makes the shares highly volatile. I prefer wonderful businesses at fair prices, or fair businesses at wonderful prices. This does not appear to be either. Until revenue stabilizes and losses shrink, the price may be speculative rather than Graham-style cheap.

In plain English: Aspen Aerogels makes aerogel materials used to insulate industrial equipment and help make electric vehicle batteries safer. The business looks weak right now: sales dropped sharply, losses are large, and the company lost money in its latest quarter. At around $5.47 a share, the price does not clearly look cheap compared with the company's weak profits and balance sheet, though it does generate some spare cash.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K/A (period ended 2025-12-31) · FY2024 10-K/A (period ended 2024-12-31) · FY2023 10-K/A (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer