Aspen Aerogels Inc

Consumer Discretionary
RETAIL: Building Materials
www.aerogel.com

Moat Score
Safety Score

Market Cap $428.38M
PE 32
Debt $114.71M
Cash $220.88M
EV $322.21M
FCF -$40.75M

Earnings

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Sales & Net Margins

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Earnings	$13.38M
EBIT	$54.54M
ROE	2%
ROA	6%
FCF	-$40.75M
Equity	$614.71M
Growth Stability	1
PE	32.03
PB	0.7
P/FCF	-10.51
P/S	0.95
Price/Cash	0.52
Debt/Equity	0.19
Debt/FCF	-2.81
Net Margins	3%
Gross Margins	40%
Op. Margins	12%
Sales Growth YoY	46%
Sales Growth QoQ	5%
Sales CAGR	13%
Equity CAGR	19%
Earnings Growth YoY	-2K%

Earnings Growth QoQ	-188%
Sales CAGR 5Y	32%
Equity CAGR 5Y	72%
Earnings CAGR 3Y	57%
Sales CAGR 3Y	57%
Equity CAGR 3Y	56%
Market Cap	$428.38M
Revenue	$452.70M
Assets	$895.14M
Total Debt	$114.71M
Cash	$220.88M
Shares Outstanding	77.54M
EV	322.21M
Moat Score	55%
Safety Score	67%
Working Capital	299.34M
Current Ratio	3.72
Gross Profit	$182.90M
Shares Growth 3y	4%
Equity Growth QoQ	21%
Equity Growth YoY	26%

Assets & ROA

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Stockholders Equity & ROE

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Aspen Aerogels Inc is an aerogel technology company that designs, develops and manufactures high-performance aerogel insulation used primarily in the energy infrastructure, building materials and electric vehicle markets. The company also conducts research and development related to aerogel technology supported by funding from several agencies of the United States of America government and other institutions in the form of research and development contracts. Geographically, it operates in the U.S. and also has a presence in other International countries. Some of its products include Pyrogel XTE; Cryogel Z; and others.

SEC Filings

Direct access to Aspen Aerogels Inc (ASPN) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Aspen Aerogels Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Aspen Aerogels Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

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Aspen Aerogels Inc Discounted Cash Flow

Fully customizable DCF calculator online for Aspen Aerogels Inc.

Years

Calculation mode

= -$408M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$41M	-$41M	-$41M	-$41M	-$41M	-$41M	-$41M	-$41M	-$41M	-$41M	-$41M	-$408M
DCF		-$37M	-$34M	-$31M	-$28M	-$25M	-$23M	-$21M	-$19M	-$17M	-$16M	-$157M
Value	-$408M

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	-5%	-10%	-17%	-33%	-10%	-22%	-30%	-46%	-19%	3%	3%
ROA	-	-8%	-15%	-34%	-14%	-22%	-22%	-12%	-7%	6%	6%
ROE	-	-10%	-19%	-49%	-25%	-32%	-29%	-18%	-9%	2%	2%

Bad Net Margins (2.95%)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	-	-	-	-	-0.4	-	-0.38	-0.53	-2.81	-2.81
Debt over Equity	-	-	-	-	-	0.08	-	0.23	0.24	0.19	0.19
Growth Stability	-	-	-	-	-	-	-	-	-	-	1

Good Debt/FCF ratio (-2.81)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.19)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (1)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	-4%	-5%	-7%	34%	-28%	21%	48%	32%	90%	32%
Earnings YoY growth	-	87%	61%	78%	-58%	50%	70%	123%	-45%	-129%	-
Equity YoY growth	-	-6%	-13%	-30%	-16%	15%	89%	248%	9%	26%	72%
FCF YoY growth	-	-17%	-22%	14%	-74%	321%	143%	740%	-20%	-81%	-