Aspen Aerogels (ASPN) Financials

$5.96 -0.46 (-7.09%)

Closing price 03:59 PM Eastern

Extended Trading

$5.98 +0.02 (+0.25%)

As of 07:59 PM Eastern

Annual Income Statements for Aspen Aerogels

This table shows Aspen Aerogels' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	13	-46	-83
Consolidated Net Income / (Loss)	13	-46	-83
Net Income / (Loss) Continuing Operations	13	-46	-83
Total Pre-Tax Income	15	-46	-83
Total Operating Income	55	-49	-79
Total Gross Profit	183	57	4.98
Total Revenue	453	239	180
Operating Revenue	453	239	180
Total Cost of Revenue	270	182	175
Operating Cost of Revenue	270	182	175
Total Operating Expenses	128	106	84
Selling, General & Admin Expense	71	57	38
Marketing Expense	36	33	29
Research & Development Expense	18	16	17
Impairment Charge	3.51	0.00	0.00
Total Other Income / (Expense), net	-39	3.39	-3.49
Interest Expense	35	5.33	5.11
Interest & Investment Income	-4.41	6.53	1.62
Other Income / (Expense), net	0.00	2.19	0.00
Income Tax Expense	1.71	0.00	0.00
Basic Earnings per Share	$0.17	($0.66)	($2.10)
Weighted Average Basic Shares Outstanding	77.54M	69.44M	39.36M
Diluted Earnings per Share	$0.17	($0.66)	($2.10)
Weighted Average Diluted Shares Outstanding	80.31M	69.44M	39.36M
Weighted Average Basic & Diluted Shares Outstanding	82.06M	76.66M	70.07M

This table shows Aspen Aerogels' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	12	-13	17	-2.65	-0.52	-13	-15	-17	-9.61	-30
Consolidated Net Income / (Loss)	11	-13	17	-1.84	-0.52	-13	-15	-17	-9.61	-30
Net Income / (Loss) Continuing Operations	12	-13	17	-2.65	-0.52	-13	-15	-17	-9.61	-30
Total Pre-Tax Income	11	-13	18	-1.08	-0.52	-13	-15	-17	-9.61	-30
Total Operating Income	15	17	20	2.44	1.38	-15	-17	-19	-9.67	-28
Total Gross Profit	47	49	52	35	30	14	8.41	5.09	14	-6.36
Total Revenue	123	117	118	95	84	61	48	46	60	37
Operating Revenue	123	117	118	95	84	61	48	46	60	37
Total Cost of Revenue	76	68	66	59	55	47	40	41	45	43
Operating Cost of Revenue	76	68	66	59	55	47	40	41	45	43
Total Operating Expenses	35	32	32	30	28	28	25	24	24	22
Selling, General & Admin Expense	19	18	18	17	15	16	13	12	12	9.96
Marketing Expense	8.55	9.31	9.52	8.30	8.78	8.39	8.13	7.71	7.85	7.29
Research & Development Expense	4.41	4.59	4.57	4.49	4.08	4.22	3.96	4.10	4.20	4.69
Total Other Income / (Expense), net	-0.01	-30	-2.30	-7.03	-1.90	1.56	1.62	2.11	0.06	-1.29
Interest & Investment Income	-3.53	-1.15	0.74	-0.48	1.00	1.31	1.83	2.39	1.06	0.45
Income Tax Expense	-0.18	0.27	0.87	0.76	-	0.00	0.00	0.00	-	-
Basic Earnings per Share	$0.14	($0.17)	$0.22	($0.02)	($0.01)	($0.19)	($0.22)	($0.24)	($0.08)	($0.75)
Weighted Average Basic Shares Outstanding	77.54M	76.26M	76.34M	75.76M	69.44M	69.32M	69.25M	69.16M	39.36M	39.53M
Diluted Earnings per Share	$0.15	($0.17)	$0.21	($0.02)	($0.01)	($0.19)	($0.22)	($0.24)	($0.08)	($0.75)
Weighted Average Diluted Shares Outstanding	80.31M	76.26M	78.98M	75.76M	69.44M	69.32M	69.25M	69.16M	39.36M	39.53M
Weighted Average Basic & Diluted Shares Outstanding	82.06M	82.05M	77.08M	76.16M	76.66M	70.26M	70.21M	70.11M	70.07M	40.91M

This table details how cash moves in and out of Aspen Aerogels' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Change in Cash & Equivalents	81	-143	206
Net Cash From Operating Activities	46	-43	-94
Net Cash From Continuing Operating Activities	46	-43	-94
Net Income / (Loss) Continuing Operations	13	-46	-83
Consolidated Net Income / (Loss)	13	-46	-83
Depreciation Expense	23	15	9.22
Amortization Expense	1.16	0.04	0.03
Non-Cash Adjustments To Reconcile Net Income	57	17	15
Changes in Operating Assets and Liabilities, net	-48	-29	-36
Net Cash From Investing Activities	-86	-175	-178
Net Cash From Continuing Investing Activities	-86	-175	-178
Purchase of Property, Plant & Equipment	-86	-175	-178
Net Cash From Financing Activities	122	75	478
Net Cash From Continuing Financing Activities	122	75	478
Repayment of Debt	-162	0.00	-0.19
Repurchase of Common Equity	0.00	-0.14	-0.14
Issuance of Debt	168	0.00	0.00
Issuance of Common Equity	94	75	390
Other Financing Activities, net	23	0.62	88
Cash Interest Paid	7.01	6.09	2.88

This table details how cash moves in and out of Aspen Aerogels' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	107	22	-9.84	-38	45	-40	-74	-74	180	-60
Net Cash From Operating Activities	36	21	6.84	-18	-2.78	-7.50	-7.68	-25	-24	-37
Net Cash From Continuing Operating Activities	36	21	6.84	-18	-2.78	-7.48	-7.69	-25	-24	-37
Net Income / (Loss) Continuing Operations	11	-13	17	-1.84	-0.52	-13	-15	-17	-9.61	-30
Consolidated Net Income / (Loss)	11	-13	17	-1.84	-0.52	-13	-15	-17	-9.61	-30
Depreciation Expense	5.43	5.32	5.99	5.79	4.56	4.55	3.50	2.70	2.53	2.53
Amortization Expense	0.84	0.30	0.01	0.01	0.01	0.03	-	0.00	0.01	0.02
Non-Cash Adjustments To Reconcile Net Income	2.58	32	7.13	16	6.17	3.64	3.52	3.26	2.02	5.07
Changes in Operating Assets and Liabilities, net	15	-3.56	-23	-37	-13	-2.62	0.72	-14	-19	-15
Net Cash From Investing Activities	-15	-21	-25	-26	-28	-32	-66	-49	-59	-67
Net Cash From Continuing Investing Activities	-15	-21	-25	-26	-28	-32	-66	-49	-59	-67
Purchase of Property, Plant & Equipment	-15	-21	-25	-26	-28	-32	-66	-49	-59	-67
Net Cash From Financing Activities	86	22	8.14	5.26	76	0.13	0.14	-0.36	263	45
Net Cash From Continuing Financing Activities	86	22	8.14	5.26	76	0.13	0.14	-0.36	263	44
Repayment of Debt	-6.66	-156	-	0.00	-	-	-	0.00	4.73	-0.19
Repurchase of Common Equity	0.03	-	-	-0.03	-	-0.14	-	0.00	0.63	-0.29
Issuance of Common Equity	94	-	-	0.00	75	-	-	0.00	267	45
Other Financing Activities, net	-0.75	9.82	8.14	5.29	0.57	0.27	0.14	-0.36	91	-0.00
Cash Interest Paid	4.68	2.31	-0.16	0.19	-	0.96	2.56	2.56	1.47	0.79

This table presents Aspen Aerogels' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Total Assets	895	703	643
Total Current Assets	409	266	370
Cash & Equivalents	221	140	281
Restricted Cash	0.39	0.25	1.23
Accounts Receivable	109	70	57
Inventories, net	48	39	23
Prepaid Expenses	32	17	7.24
Plant, Property, & Equipment, net	459	417	259
Total Noncurrent Assets	26	19	15
Other Noncurrent Operating Assets	26	19	15
Total Liabilities & Shareholders' Equity	895	703	643
Total Liabilities	280	215	196
Total Current Liabilities	110	78	79
Short-Term Debt	20	0.00	-
Accounts Payable	44	51	55
Accrued Expenses	36	23	16
Current Deferred Revenue	2.20	2.32	5.85
Other Current Liabilities	7.31	1.87	2.37
Total Noncurrent Liabilities	170	137	117
Long-Term Debt	95	0.00	104
Other Noncurrent Operating Liabilities	75	137	13
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	615	488	447
Total Preferred & Common Equity	615	488	447
Preferred Stock	0.00	0.00	0.00
Total Common Equity	615	488	447
Common Stock	1,275	1,162	1,075
Retained Earnings	-660	-674	-628

This table presents Aspen Aerogels' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	783	749	698	605	617	621	385
Total Current Assets	306	289	255	200	228	296	156
Cash & Equivalents	113	91	101	95	134	208	102
Restricted Cash	0.39	0.39	0.16	0.32	0.32	0.63	-
Accounts Receivable	115	117	84	54	44	47	27
Inventories, net	47	53	46	34	33	27	21
Prepaid Expenses	29	27	24	17	16	14	6.16
Plant, Property, & Equipment, net	452	438	423	385	368	312	210
Total Noncurrent Assets	25	22	20	20	21	13	19
Other Noncurrent Operating Assets	25	22	20	20	21	13	19
Total Liabilities & Shareholders' Equity	783	749	698	605	617	621	385
Total Liabilities	275	231	207	195	197	188	203
Total Current Liabilities	104	83	64	61	66	69	81
Short-Term Debt	26	-	-	-	-	-	-
Accounts Payable	42	57	45	37	48	53	58
Accrued Expenses	27	20	13	17	11	9.76	13
Current Deferred Revenue	2.41	3.10	3.13	5.46	4.63	3.97	2.36
Other Current Liabilities	6.83	3.41	2.98	1.99	2.26	2.27	7.54
Total Noncurrent Liabilities	171	147	143	134	131	119	122
Long-Term Debt	94	121	118	112	109	-	105
Other Noncurrent Operating Liabilities	77	26	25	22	22	119	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	508	518	491	410	420	433	182
Total Preferred & Common Equity	508	518	491	410	420	433	182
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	508	518	491	410	420	433	182
Common Stock	1,179	1,176	1,167	1,083	1,080	1,077	801
Retained Earnings	-672	-659	-675	-673	-660	-645	-618

This table displays calculated financial ratios and metrics derived from Aspen Aerogels' official financial filings.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Growth Metrics	-	-	-
Revenue Growth	89.64%	32.35%	48.30%
EBITDA Growth	347.06%	54.76%	-124.76%
EBIT Growth	215.99%	40.67%	-95.19%
NOPAT Growth	240.35%	37.91%	-95.19%
Net Income Growth	129.20%	44.63%	-123.05%
EPS Growth	125.76%	68.57%	-72.13%
Operating Cash Flow Growth	206.89%	54.86%	-406.76%
Free Cash Flow Firm Growth	2.07%	58.07%	-978.01%
Invested Capital Growth	45.98%	29.66%	417.81%
Revenue Q/Q Growth	9.39%	11.49%	18.48%
EBITDA Q/Q Growth	23.80%	32.53%	8.62%
EBIT Q/Q Growth	32.35%	21.97%	7.74%
NOPAT Q/Q Growth	17.32%	18.34%	7.74%
Net Income Q/Q Growth	795.25%	16.56%	7.54%
EPS Q/Q Growth	1,600.00%	9.59%	17.65%
Operating Cash Flow Q/Q Growth	542.80%	33.33%	-14.61%
Free Cash Flow Firm Q/Q Growth	-145.27%	57.29%	-26.40%
Invested Capital Q/Q Growth	-1.08%	-18.47%	32.86%
Profitability Metrics	-	-	-
Gross Margin	40.40%	23.84%	2.76%
EBITDA Margin	17.28%	-13.26%	-38.81%
Operating Margin	12.05%	-20.61%	-43.94%
EBIT Margin	12.05%	-19.70%	-43.94%
Profit (Net Income) Margin	2.95%	-19.19%	-45.87%
Tax Burden Percent	88.64%	100.00%	100.00%
Interest Burden Percent	27.67%	97.44%	104.41%
Effective Tax Rate	11.36%	0.00%	0.00%
Return on Invested Capital (ROIC)	11.29%	-11.17%	-34.64%
ROIC Less NNEP Spread (ROIC-NNEP)	39.66%	-4.04%	-13.30%
Return on Net Nonoperating Assets (RNNOA)	-8.87%	1.38%	5.90%
Return on Equity (ROE)	2.43%	-9.79%	-28.74%
Cash Return on Invested Capital (CROIC)	-26.10%	-37.00%	-169.89%
Operating Return on Assets (OROA)	6.82%	-6.98%	-19.18%
Return on Assets (ROA)	1.67%	-6.80%	-20.02%
Return on Common Equity (ROCE)	2.43%	-9.79%	-28.74%
Return on Equity Simple (ROE_SIMPLE)	2.18%	-9.39%	-18.49%
Net Operating Profit after Tax (NOPAT)	48	-34	-55
NOPAT Margin	10.68%	-14.43%	-30.76%
Net Nonoperating Expense Percent (NNEP)	-28.37%	-7.13%	-21.34%
Return On Investment Capital (ROIC_SIMPLE)	6.63%	-7.06%	-10.07%
Cost of Revenue to Revenue	59.60%	76.16%	97.24%
SG&A Expenses to Revenue	15.71%	23.78%	21.35%
R&D to Revenue	3.99%	6.85%	9.39%
Operating Expenses to Revenue	28.35%	44.46%	46.70%
Earnings before Interest and Taxes (EBIT)	55	-47	-79
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	78	-32	-70
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	1.59	2.27	1.08
Price to Tangible Book Value (P/TBV)	1.59	2.27	1.08
Price to Revenue (P/Rev)	2.15	4.64	2.67
Price to Earnings (P/E)	72.88	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%
Earnings Yield	1.37%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.71	2.78	1.13
Enterprise Value to Revenue (EV/Rev)	1.92	4.06	1.68
Enterprise Value to EBITDA (EV/EBITDA)	11.10	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	15.92	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	17.96	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	19.06	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00
Leverage & Solvency	-	-	-
Debt to Equity	0.19	0.00	0.23
Long-Term Debt to Equity	0.15	0.00	0.23
Financial Leverage	-0.22	-0.34	-0.44
Leverage Ratio	1.45	1.44	1.44
Compound Leverage Factor	0.40	1.40	1.50
Debt to Total Capital	15.73%	0.00%	18.80%
Short-Term Debt to Total Capital	2.71%	0.00%	0.00%
Long-Term Debt to Total Capital	13.02%	0.00%	18.80%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%
Common Equity to Total Capital	84.27%	100.00%	81.20%
Debt to EBITDA	1.47	0.00	-1.48
Net Debt to EBITDA	-1.36	0.00	2.56
Long-Term Debt to EBITDA	1.21	0.00	-1.48
Debt to NOPAT	2.37	0.00	-1.87
Net Debt to NOPAT	-2.20	0.00	3.23
Long-Term Debt to NOPAT	1.96	0.00	-1.87
Altman Z-Score	2.16	2.19	0.53
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-
Current Ratio	3.72	3.41	4.68
Quick Ratio	3.00	2.69	4.29
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	-112	-114	-272
Operating Cash Flow to CapEx	52.80%	-24.29%	-53.04%
Free Cash Flow to Firm to Interest Expense	-3.19	-21.41	-53.24
Operating Cash Flow to Interest Expense	1.30	-8.00	-18.47
Operating Cash Flow Less CapEx to Interest Expense	-1.16	-40.93	-53.30
Efficiency Ratios	-	-	-
Asset Turnover	0.57	0.35	0.44
Accounts Receivable Turnover	5.06	3.75	4.64
Inventory Turnover	6.22	5.89	10.16
Fixed Asset Turnover	1.03	0.71	1.15
Accounts Payable Turnover	5.65	3.44	4.86
Days Sales Outstanding (DSO)	72.20	97.36	78.70
Days Inventory Outstanding (DIO)	58.67	61.97	35.93
Days Payable Outstanding (DPO)	64.57	106.23	75.09
Cash Conversion Cycle (CCC)	66.31	53.09	39.53
Capital & Investment Metrics	-	-	-
Invested Capital	508	348	268
Invested Capital Turnover	1.06	0.77	1.13
Increase / (Decrease) in Invested Capital	160	80	217
Enterprise Value (EV)	868	969	303
Market Capitalization	975	1,109	482
Book Value per Share	$7.49	$6.95	$10.94
Tangible Book Value per Share	$7.49	$6.95	$10.94
Total Capital	729	488	551
Total Debt	115	0.00	104
Total Long-Term Debt	95	0.00	104
Net Debt	-107	-140	-179
Capital Expenditures (CapEx)	86	175	178
Debt-free, Cash-free Net Working Capital (DFCFNWC)	98	48	8.18
Debt-free Net Working Capital (DFNWC)	319	188	291
Net Working Capital (NWC)	299	188	291
Net Nonoperating Expense (NNE)	35	11	27
Net Nonoperating Obligations (NNO)	-107	-140	-179
Total Depreciation and Amortization (D&A)	24	15	9.25
Debt-free, Cash-free Net Working Capital to Revenue	21.61%	20.22%	4.53%
Debt-free Net Working Capital to Revenue	70.49%	78.85%	161.20%
Net Working Capital to Revenue	66.12%	78.85%	161.20%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$0.17	($0.66)	($2.10)
Adjusted Weighted Average Basic Shares Outstanding	77.54M	69.44M	39.36M
Adjusted Diluted Earnings per Share	$0.17	($0.66)	($2.10)
Adjusted Weighted Average Diluted Shares Outstanding	80.31M	69.44M	39.36M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	82.06M	76.66M	70.07M
Normalized Net Operating Profit after Tax (NOPAT)	51	-34	-55
Normalized NOPAT Margin	11.37%	-14.43%	-30.76%
Pre Tax Income Margin	3.33%	-19.19%	-45.87%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	1.56	-8.82	-15.51
NOPAT to Interest Expense	1.38	-6.46	-10.86
EBIT Less CapEx to Interest Expense	-0.91	-41.76	-50.34
NOPAT Less CapEx to Interest Expense	-1.08	-39.40	-45.68
Payout Ratios	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-0.30%	-0.17%

This table displays calculated financial ratios and metrics derived from Aspen Aerogels' official financial filings.

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	46.15%	93.14%	144.55%	107.30%	41.28%	65.52%	5.52%	18.69%	89.39%	20.82%
EBITDA Growth	252.58%	392.53%	291.88%	129.10%	183.53%	69.44%	34.31%	1.77%	48.08%	-174.78%
EBIT Growth	963.85%	239.78%	217.26%	94.29%	114.31%	56.03%	24.74%	-1.52%	40.74%	-146.21%
NOPAT Growth	1,443.56%	218.90%	259.31%	112.88%	114.31%	48.31%	24.74%	-1.52%	40.74%	-146.21%
Net Income Growth	2,289.21%	0.79%	209.04%	89.07%	94.60%	55.83%	35.87%	13.80%	41.24%	-278.36%
EPS Growth	1,600.00%	10.53%	195.45%	91.67%	87.50%	74.67%	67.65%	59.32%	84.91%	-212.50%
Operating Cash Flow Growth	1,384.06%	376.87%	189.10%	28.00%	88.46%	79.97%	23.47%	-7.98%	-99.85%	-519.09%
Free Cash Flow Firm Growth	-84.48%	68.28%	52.95%	-75.37%	64.79%	-34.40%	-216.06%	-333.72%	-2,611.40%	-9,968.39%
Invested Capital Growth	45.98%	20.32%	38.67%	126.24%	29.66%	111.29%	221.95%	191.12%	417.81%	330.58%
Revenue Q/Q Growth	4.90%	-0.37%	24.62%	12.21%	38.62%	26.16%	5.64%	-23.53%	62.40%	-19.57%
EBITDA Q/Q Growth	-8.83%	-11.39%	450.93%	-20.78%	175.64%	41.88%	16.43%	-127.36%	72.33%	-24.95%
EBIT Q/Q Growth	-15.44%	-12.94%	1,952.27%	-178.02%	111.11%	26.97%	9.86%	-95.61%	65.86%	-25.01%
NOPAT Q/Q Growth	22.69%	-35.92%	1,014.67%	76.14%	109.45%	14.14%	9.86%	-95.61%	65.86%	-25.01%
Net Income Q/Q Growth	187.60%	-177.12%	1,016.51%	-253.56%	96.03%	15.24%	8.17%	-74.79%	67.53%	-23.06%
EPS Q/Q Growth	188.24%	-180.95%	1,150.00%	-100.00%	94.74%	13.64%	8.33%	-200.00%	89.33%	-10.29%
Operating Cash Flow Q/Q Growth	71.80%	203.54%	138.55%	-538.68%	62.96%	2.32%	68.85%	-2.37%	35.71%	-273.24%
Free Cash Flow Firm Q/Q Growth	-94.59%	44.17%	52.55%	-45.38%	66.54%	17.19%	-76.86%	28.13%	-27.68%	-94.75%
Invested Capital Q/Q Growth	-1.08%	-6.11%	7.78%	9.62%	-18.47%	8.21%	75.84%	-16.42%	32.86%	64.88%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	38.29%	41.80%	43.80%	37.19%	35.17%	22.73%	17.46%	11.16%	24.05%	-17.32%
EBITDA Margin	17.05%	19.62%	22.06%	4.99%	7.07%	-12.95%	-28.12%	-35.55%	-11.96%	-70.17%
Operating Margin	11.95%	14.83%	16.97%	2.58%	1.64%	-24.09%	-35.39%	-41.48%	-16.22%	-77.12%
EBIT Margin	11.95%	14.83%	16.97%	-1.14%	1.64%	-20.49%	-35.39%	-41.48%	-16.22%	-77.12%
Profit (Net Income) Margin	9.23%	-11.05%	14.28%	-1.94%	-0.62%	-21.52%	-32.03%	-36.84%	-16.12%	-80.63%
Tax Burden Percent	101.56%	102.10%	95.10%	170.06%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Interest Burden Percent	76.03%	-73.01%	88.48%	100.00%	-37.53%	105.02%	90.49%	88.83%	99.41%	104.54%
Effective Tax Rate	-1.56%	0.00%	4.90%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	12.84%	9.13%	12.25%	1.42%	0.89%	-11.48%	-18.21%	-36.13%	-12.78%	-66.01%
ROIC Less NNEP Spread (ROIC-NNEP)	15.74%	-208.00%	-100.89%	5.11%	1.82%	-26.86%	-7.89%	-33.85%	-10.56%	-40.24%
Return on Net Nonoperating Assets (RNNOA)	-3.52%	-5.25%	-0.42%	-1.06%	-0.62%	-1.67%	0.91%	17.24%	4.69%	9.40%
Return on Equity (ROE)	9.32%	3.88%	11.83%	0.36%	0.27%	-13.15%	-17.30%	-18.89%	-8.10%	-56.62%
Cash Return on Invested Capital (CROIC)	-26.10%	-9.68%	-30.46%	-82.72%	-37.00%	-84.91%	-125.22%	-134.67%	-169.89%	-172.91%
Operating Return on Assets (OROA)	6.77%	8.84%	8.88%	-0.50%	0.58%	-8.86%	-13.83%	-16.18%	-7.08%	-40.97%
Return on Assets (ROA)	5.23%	-6.59%	7.47%	-0.85%	-0.22%	-9.30%	-12.51%	-14.37%	-7.04%	-42.83%
Return on Common Equity (ROCE)	9.32%	3.88%	11.83%	0.36%	0.27%	-13.15%	-17.30%	-18.89%	-8.10%	-56.62%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.29%	0.27%	-6.28%	0.00%	-13.40%	-17.01%	-18.51%	0.00%	-49.06%
Net Operating Profit after Tax (NOPAT)	15	12	19	1.71	0.97	-10	-12	-13	-6.77	-20
NOPAT Margin	12.14%	10.38%	16.14%	1.80%	1.15%	-16.86%	-24.77%	-29.03%	-11.35%	-53.99%
Net Nonoperating Expense Percent (NNEP)	-2.91%	217.13%	113.14%	-3.69%	-0.93%	15.39%	-10.33%	-2.28%	-2.22%	-25.77%
Return On Investment Capital (ROIC_SIMPLE)	2.05%	-	-	-	0.20%	-	-	-	-1.23%	-
Cost of Revenue to Revenue	61.71%	58.20%	56.20%	62.81%	64.83%	77.27%	82.54%	88.84%	75.95%	117.32%
SG&A Expenses to Revenue	15.16%	15.12%	14.86%	18.21%	18.26%	26.07%	27.74%	26.72%	20.06%	27.14%
R&D to Revenue	3.58%	3.91%	3.88%	4.75%	4.84%	6.94%	8.23%	8.99%	7.04%	12.79%
Operating Expenses to Revenue	28.53%	26.97%	26.83%	31.75%	33.53%	46.82%	52.85%	52.63%	40.26%	59.80%
Earnings before Interest and Taxes (EBIT)	15	17	20	-1.08	1.38	-12	-17	-19	-9.67	-28
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	21	23	26	4.72	5.95	-7.87	-14	-16	-7.13	-26
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.59	4.20	3.51	2.75	2.27	1.47	1.32	1.21	1.08	2.04
Price to Tangible Book Value (P/TBV)	1.59	4.20	3.51	2.75	2.27	1.47	1.32	1.21	1.08	2.04
Price to Revenue (P/Rev)	2.15	5.16	5.08	4.69	4.64	2.82	2.91	2.78	2.67	2.45
Price to Earnings (P/E)	72.88	3,134.22	3,142.64	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.37%	0.03%	0.03%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.71	4.17	3.37	2.69	2.78	1.45	1.34	1.40	1.13	1.94
Enterprise Value to Revenue (EV/Rev)	1.92	5.17	5.17	4.75	4.06	2.90	2.78	1.67	1.68	2.58
Enterprise Value to EBITDA (EV/EBITDA)	11.10	33.87	61.30	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	15.92	51.95	201.26	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	17.96	51.95	201.26	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	19.06	302.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.19	0.24	0.23	0.24	0.00	0.27	0.26	0.00	0.23	0.67
Long-Term Debt to Equity	0.15	0.18	0.23	0.24	0.00	0.27	0.26	0.00	0.23	0.67
Financial Leverage	-0.22	0.03	0.00	-0.21	-0.34	0.06	-0.12	-0.51	-0.44	-0.23
Leverage Ratio	1.45	1.51	1.46	1.43	1.44	1.67	1.66	1.57	1.44	1.76
Compound Leverage Factor	1.10	-1.10	1.29	1.43	-0.54	1.76	1.51	1.39	1.43	1.84
Debt to Total Capital	15.73%	19.11%	18.95%	19.37%	0.00%	21.48%	20.63%	0.00%	18.80%	40.09%
Short-Term Debt to Total Capital	2.71%	4.18%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	13.02%	14.93%	18.95%	19.37%	0.00%	21.48%	20.63%	0.00%	18.80%	40.09%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	84.27%	80.89%	81.05%	80.63%	100.00%	78.52%	79.37%	100.00%	81.20%	59.91%
Debt to EBITDA	1.47	1.90	4.02	-12.54	0.00	-2.39	-1.74	0.00	-1.48	-1.59
Net Debt to EBITDA	-1.36	0.10	0.97	-1.74	0.00	-0.36	0.41	0.00	2.56	-0.26
Long-Term Debt to EBITDA	1.21	1.48	4.02	-12.54	0.00	-2.39	-1.74	0.00	-1.48	-1.59
Debt to NOPAT	2.37	2.91	13.20	-6.05	0.00	-2.66	-2.11	0.00	-1.87	-2.03
Net Debt to NOPAT	-2.20	0.15	3.19	-0.84	0.00	-0.41	0.49	0.00	3.23	-0.33
Long-Term Debt to NOPAT	1.96	2.27	13.20	-6.05	0.00	-2.66	-2.11	0.00	-1.87	-2.03
Altman Z-Score	2.01	4.37	4.38	3.30	2.42	0.86	0.72	0.85	0.88	-0.76
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.72	2.93	3.46	4.01	3.41	3.27	3.47	4.30	4.68	1.93
Quick Ratio	3.00	2.19	2.50	2.92	2.69	2.43	2.72	3.70	4.29	1.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-145	-75	-134	-282	-79	-235	-284	-161	-223	-175
Operating Cash Flow to CapEx	241.91%	99.76%	27.56%	-68.63%	-10.00%	-23.24%	-11.63%	-49.92%	-41.07%	-55.91%
Free Cash Flow to Firm to Interest Expense	0.00	-2.58	-43.90	-92.67	-27.09	-121.32	-1,345.62	-583.77	-221.82	-100.89
Operating Cash Flow to Interest Expense	0.00	0.72	2.25	-5.84	-0.96	-3.87	-36.40	-89.64	-23.91	-21.60
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	-5.91	-14.36	-10.53	-20.53	-349.25	-269.20	-82.13	-60.23
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.57	0.60	0.52	0.44	0.35	0.43	0.39	0.39	0.44	0.53
Accounts Receivable Turnover	5.06	4.88	4.44	4.38	3.75	5.25	5.16	5.22	4.64	6.64
Inventory Turnover	6.22	6.07	5.26	5.52	5.89	6.27	6.71	8.27	10.16	10.77
Fixed Asset Turnover	1.03	0.99	0.89	0.78	0.71	0.72	0.78	0.96	1.15	1.19
Accounts Payable Turnover	5.65	6.26	4.31	4.11	3.44	3.61	3.40	4.24	4.86	4.79
Days Sales Outstanding (DSO)	72.20	74.80	82.30	83.31	97.36	69.49	70.72	69.88	78.70	54.96
Days Inventory Outstanding (DIO)	58.67	60.12	69.37	66.17	61.97	58.22	54.44	44.16	35.93	33.89
Days Payable Outstanding (DPO)	64.57	58.32	84.63	88.71	106.23	100.99	107.37	86.10	75.09	76.18
Cash Conversion Cycle (CCC)	66.31	76.60	67.04	60.78	53.09	26.73	17.78	27.94	39.53	12.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	508	514	547	508	348	427	395	224	268	202
Invested Capital Turnover	1.06	0.88	0.76	0.79	0.77	0.68	0.74	1.24	1.13	1.22
Increase / (Decrease) in Invested Capital	160	87	153	283	80	225	272	147	217	155
Enterprise Value (EV)	868	2,140	1,846	1,366	969	621	528	314	303	393
Market Capitalization	975	2,134	1,816	1,349	1,109	604	553	522	482	373
Book Value per Share	$7.49	$6.59	$6.80	$6.41	$6.95	$5.84	$5.99	$6.17	$10.94	$4.51
Tangible Book Value per Share	$7.49	$6.59	$6.80	$6.41	$6.95	$5.84	$5.99	$6.17	$10.94	$4.51
Total Capital	729	628	639	609	488	522	529	433	551	304
Total Debt	115	120	121	118	0.00	112	109	0.00	104	122
Total Long-Term Debt	95	94	121	118	0.00	112	109	0.00	104	122
Net Debt	-107	6.04	29	16	-140	17	-25	-208	-179	20
Capital Expenditures (CapEx)	15	21	25	26	28	32	66	49	59	67
Debt-free, Cash-free Net Working Capital (DFCFNWC)	98	114	113	90	48	44	28	19	8.18	-27
Debt-free Net Working Capital (DFNWC)	319	228	205	192	188	139	162	227	291	75
Net Working Capital (NWC)	299	202	205	192	188	139	162	227	291	75
Net Nonoperating Expense (NNE)	3.58	25	2.19	3.54	1.49	2.83	3.49	3.56	2.84	9.78
Net Nonoperating Obligations (NNO)	-107	6.04	29	16	-140	17	-25	-208	-179	20
Total Depreciation and Amortization (D&A)	6.28	5.62	6.00	5.80	4.57	4.58	3.50	2.70	2.54	2.55
Debt-free, Cash-free Net Working Capital to Revenue	21.61%	27.53%	31.72%	31.26%	20.22%	20.62%	14.62%	10.15%	4.53%	-17.79%
Debt-free Net Working Capital to Revenue	70.49%	55.05%	57.41%	66.59%	78.85%	64.97%	85.45%	121.15%	161.20%	49.48%
Net Working Capital to Revenue	66.12%	48.71%	57.41%	66.59%	78.85%	64.97%	85.45%	121.15%	161.20%	49.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.14	($0.17)	$0.22	($0.02)	($0.01)	($0.19)	($0.22)	($0.24)	($0.08)	($0.75)
Adjusted Weighted Average Basic Shares Outstanding	77.54M	76.26M	76.34M	75.76M	69.44M	69.32M	69.25M	69.16M	39.36M	39.53M
Adjusted Diluted Earnings per Share	$0.15	($0.17)	$0.21	($0.02)	($0.01)	($0.19)	($0.22)	($0.24)	($0.08)	($0.75)
Adjusted Weighted Average Diluted Shares Outstanding	80.31M	76.26M	78.98M	75.76M	69.44M	69.32M	69.25M	69.16M	39.36M	39.53M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	82.06M	82.05M	77.08M	76.16M	76.66M	70.26M	70.21M	70.11M	70.07M	40.91M
Normalized Net Operating Profit after Tax (NOPAT)	10	12	19	1.71	0.97	-10	-12	-13	-6.77	-20
Normalized NOPAT Margin	8.37%	10.38%	16.14%	1.80%	1.15%	-16.86%	-24.77%	-29.03%	-11.35%	-53.99%
Pre Tax Income Margin	9.09%	-10.83%	15.02%	-1.14%	-0.62%	-21.52%	-32.03%	-36.84%	-16.12%	-80.63%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.60	6.57	-0.36	0.48	-6.42	-80.78	-68.76	-9.60	-16.33
NOPAT to Interest Expense	0.00	0.42	6.25	0.56	0.33	-5.29	-56.54	-48.13	-6.72	-11.43
EBIT Less CapEx to Interest Expense	0.00	-0.12	-1.59	-8.87	-9.09	-23.08	-393.63	-248.31	-67.82	-54.96
NOPAT Less CapEx to Interest Expense	0.00	-0.30	-1.91	-7.95	-9.23	-21.94	-369.40	-227.69	-64.94	-50.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	1.87%	12.01%	-0.54%	-0.30%	-1.05%	-1.01%	-0.94%	-0.17%	-0.87%

Frequently Asked Questions About Aspen Aerogels' Financials

When does Aspen Aerogels's financial year end?

According to the most recent income statement we have on file, Aspen Aerogels' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Aspen Aerogels' net income changed over the last 2 years?

Aspen Aerogels' net income appears to be on a downward trend, with a most recent value of $13.38 million in 2024, falling from -$82.74 million in 2022. The previous period was -$45.81 million in 2023. Check out Aspen Aerogels' forecast to explore projected trends and price targets.

What is Aspen Aerogels's operating income?

Aspen Aerogels's total operating income in 2024 was $54.54 million, based on the following breakdown:

Total Gross Profit: $182.90 million
Total Operating Expenses: $128.36 million

How has Aspen Aerogels revenue changed over the last 2 years?

Over the last 2 years, Aspen Aerogels' total revenue changed from $180.36 million in 2022 to $452.70 million in 2024, a change of 151.0%.

How much debt does Aspen Aerogels have?

Aspen Aerogels' total liabilities were at $280.44 million at the end of 2024, a 30.4% increase from 2023, and a 43.1% increase since 2022.

How much cash does Aspen Aerogels have?

In the past 2 years, Aspen Aerogels' cash and equivalents has ranged from $139.72 million in 2023 to $281.34 million in 2022, and is currently $220.88 million as of their latest financial filing in 2024.

How has Aspen Aerogels' book value per share changed over the last 2 years?

Over the last 2 years, Aspen Aerogels' book value per share changed from 10.94 in 2022 to 7.49 in 2024, a change of -31.5%.

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This page (NYSE:ASPN) was last updated on 5/29/2025 by MarketBeat.com Staff

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Aspen Aerogels (ASPN) Financials

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