Aspen Aerogels Inc

Consumer Discretionary
RETAIL: Building Materials
www.aerogel.com

Moat Score
Safety Score

Market Cap $1.09B
PE 730
Debt $119.92M
Cash $113.49M
EV $1.10B
FCF -$92.23M

Earnings

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Sales & Net Margins

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Earnings	$1.49M
EBIT	$35.91M
ROE	0%
ROA	5%
FCF	-$92.23M
Equity	$507.65M
Growth Stability	1
PE	729.69
PB	2.15
P/FCF	-11.82
P/S	2.63
Price/Cash	0.1
Debt/Equity	0.24
Debt/FCF	-1.3
Net Margins	1%
Gross Margins	40%
Op. Margins	9%
Sales Growth YoY	93%
Sales Growth QoQ	-0%
Sales CAGR	10%
Equity CAGR	15%
Earnings Growth YoY	-1%

Earnings Growth QoQ	-177%
Sales CAGR 5Y	26%
Equity CAGR 5Y	73%
Earnings CAGR 3Y	52%
Sales CAGR 3Y	52%
Equity CAGR 3Y	67%
Market Cap	$1.09B
Revenue	$413.83M
Assets	$782.59M
Total Debt	$119.92M
Cash	$113.49M
Shares Outstanding	76.26M
EV	1.1B
Moat Score	37%
Safety Score	66%
Working Capital	201.56M
Current Ratio	2.93
Gross Profit	$165.38M
Shares Growth 3y	6%
Equity Growth QoQ	-2%
Equity Growth YoY	24%

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-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

= -$922M

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	-$92M	-$92M	-$92M	-$92M	-$92M	-$92M	-$92M	-$92M	-$92M	-$92M	-$92M	-$922M
DCF		-$84M	-$76M	-$69M	-$63M	-$57M	-$52M	-$47M	-$43M	-$39M	-$36M	-$356M
Value	-$922M

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	-65%	-5%	-10%	-17%	-33%	-10%	-22%	-30%	-46%	-19%	1%
ROA	-	-4%	-8%	-15%	-34%	-14%	-22%	-22%	-12%	-7%	5%
ROE	-	-5%	-10%	-19%	-49%	-25%	-32%	-29%	-18%	-9%	0%

Bad Net Margins (0.61%)

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	-	-	-	-	-0.4	-	-0.38	-0.53	-1.3
Debt over Equity	0.01	-	-	-	-	-	0.08	-	0.23	0.24	0.24
Growth Stability	-	-	-	-	-	-	-	-	-	-	1

Good Debt/FCF ratio (-1.3)

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 (0.24)

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	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	20%	-4%	-5%	-7%	34%	-28%	21%	48%	32%	26%
Earnings YoY growth	-	-90%	87%	61%	78%	-58%	50%	70%	123%	-45%	-
Equity YoY growth	-	-1%	-6%	-13%	-30%	-16%	15%	89%	248%	9%	73%
FCF YoY growth	-	152%	-17%	-22%	14%	-74%	321%	143%	740%	-20%	-