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ASPEN AEROGELS INC

ASPN Clue Score40
United States Fiscal year ends December CIK 0001145986
$5.65 +0.36% Close, 9 Oct 2026
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Price $5.65 −88.28% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue117.7Operating income−11.2Net income−12.0Fiscal year 2017Revenue111.6 −5.2%Operating income−19.1Net income−19.3Fiscal year 2018Revenue104.4 −6.5%Operating income−33.9Net income−34.4Fiscal year 2019Revenue139.4 +33.6%Operating income−14.2Net income−14.6Fiscal year 2020Revenue100.3 −28.1%Operating income−21.6Net income−21.8EPS, diluted−0.83Fiscal year 2021Revenue121.6 +21.3%Operating income−40.6Net income−37.1EPS, diluted−1.22Fiscal year 2022Revenue180.4 +48.3%Operating income−79.2Net income−82.7EPS, diluted−2.10Fiscal year 2023Revenue238.7 +32.4%Operating income−49.2Net income−45.8EPS, diluted−0.66Fiscal year 2024Revenue452.7 +89.6%Operating income54.5Net income13.4EPS, diluted0.17Fiscal year 2025Revenue271.1 −40.1%Operating income−378.2Net income−389.6 −3,012.5%EPS, diluted−4.73
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 117.7 111.6 104.4 139.4 100.3 121.6 180.4 238.7 452.7 271.1
Growth −5.2% −6.5% +33.6% −28.1% +21.3% +48.3% +32.4% +89.6% −40.1%
Operating income −11.2 −19.1 −33.9 −14.2 −21.6 −40.6 −79.2 −49.2 54.5 −378.2
Net income −12.0 −19.3 −34.4 −14.6 −21.8 −37.1 −82.7 −45.8 13.4 −389.6
Growth −3,012.5%
EPS, diluted n/a n/a n/a n/a −0.83 −1.22 −2.10 −0.66 0.17 −4.73

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin19.8%Operating margin−9.5%Net margin−10.2%Free cash flow margin−11.7%Fiscal year 2017Gross margin16.7%Operating margin−17.1%Net margin−17.3%Free cash flow margin−9.6%Fiscal year 2018Gross margin12.1%Operating margin−32.5%Net margin−33.0%Free cash flow margin−11.7%Fiscal year 2019Gross margin18.9%Operating margin−10.2%Net margin−10.5%Free cash flow margin−2.3%Fiscal year 2020Gross margin14.6%Operating margin−21.5%Net margin−21.7%Free cash flow margin−13.3%Fiscal year 2021Gross margin8.2%Operating margin−33.4%Net margin−30.5%Free cash flow margin−26.6%Fiscal year 2022Gross margin2.8%Operating margin−43.9%Net margin−45.9%Free cash flow margin−151.0%Fiscal year 2023Gross margin23.8%Operating margin−20.6%Net margin−19.2%Free cash flow margin−91.3%Fiscal year 2024Gross margin40.4%Operating margin12.0%Net margin3.0%Free cash flow margin−9.0%Fiscal year 2025Gross margin17.0%Operating margin−139.5%Net margin−143.7%Free cash flow margin−1.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 19.8% 16.7% 12.1% 18.9% 14.6% 8.2% 2.8% 23.8% 40.4% 17.0%
Operating margin −9.5% −17.1% −32.5% −10.2% −21.5% −33.4% −43.9% −20.6% 12.0% −139.5%
Net margin −10.2% −17.3% −33.0% −10.5% −21.7% −30.5% −45.9% −19.2% 3.0% −143.7%
Free cash flow margin −11.7% −9.6% −11.7% −2.3% −13.3% −26.6% −151.0% −91.3% −9.0% −1.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−0.6Capital expenditure−13.2Free cash flow−13.8Fiscal year 2017Operating cash flow−4.6Capital expenditure−6.1Free cash flow−10.7Fiscal year 2018Operating cash flow−8.7Capital expenditure−3.6Free cash flow−12.2Fiscal year 2019Operating cash flow−1.1Capital expenditure−2.1Free cash flow−3.2Fiscal year 2020Operating cash flow−9.9Capital expenditure−3.4Free cash flow−13.3Fiscal year 2021Operating cash flow−18.6Capital expenditure−13.8Free cash flow−32.4Fiscal year 2022Operating cash flow−94.4Capital expenditure−178.0Free cash flow−272.4Fiscal year 2023Operating cash flow−42.6Capital expenditure−175.5Free cash flow−218.1Fiscal year 2024Operating cash flow45.5Capital expenditure−86.3Free cash flow−40.7Fiscal year 2025Operating cash flow32.9Capital expenditure−37.4Free cash flow−4.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −0.6 −4.6 −8.7 −1.1 −9.9 −18.6 −94.4 −42.6 45.5 32.9
Capital expenditure −13.2 −6.1 −3.6 −2.1 −3.4 −13.8 −178.0 −175.5 −86.3 −37.4
Free cash flow −13.8 −10.7 −12.2 −3.2 −13.3 −32.4 −272.4 −218.1 −40.7 −4.6
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash18.1Shareholders’ equity115.6Fiscal year 2017Cash10.7Shareholders’ equity100.9Fiscal year 2018Cash3.3Shareholders’ equity70.3Fiscal year 2019Cash3.6Shareholders’ equity59.0Fiscal year 2020Cash16.5Total debt3.7Net cash (debt)12.8Shareholders’ equity67.9Debt to equity0.05Fiscal year 2021Cash76.6Shareholders’ equity128.4Fiscal year 2022Cash281.3Shareholders’ equity447.4Fiscal year 2023Cash139.7Shareholders’ equity488.1Fiscal year 2024Cash220.9Total debt114.7Net cash (debt)106.2Shareholders’ equity614.7Debt to equity0.19Fiscal year 2025Cash156.9Total debt90.6Net cash (debt)66.3Shareholders’ equity235.5Debt to equity0.38
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 18.1 10.7 3.3 3.6 16.5 76.6 281.3 139.7 220.9 156.9
Total debt n/a n/a n/a n/a 3.7 n/a n/a n/a 114.7 90.6
Net cash (debt) n/a n/a n/a n/a 12.8 n/a n/a n/a 106.2 66.3
Shareholders’ equity 115.6 100.9 70.3 59.0 67.9 128.4 447.4 488.1 614.7 235.5
Debt to equity n/a n/a n/a n/a 0.05 n/a n/a n/a 0.19 0.38

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
19.8% 16.7% 12.1% 18.9% 14.6% 8.2% 2.8% 23.8% 40.4% 17.0%
−9.5% −17.1% −32.5% −10.2% −21.5% −33.4% −43.9% −20.6% 12.0% −139.5%
n/a n/a n/a n/a n/a n/a −45.9% −19.2% 3.3% −142.8%
−10.2% −17.3% −33.0% −10.5% −21.7% −30.5% −45.9% −19.2% 3.0% −143.7%
−11.7% −9.6% −11.7% −2.3% −13.3% −26.6% −151.0% −91.3% −9.0% −1.7%
Spending
4.5% 5.5% 6.1% 6.0% 8.7% 9.4% 9.4% 6.9% 4.0% 4.9%
14.8% 17.0% 18.3% 11.8% 15.6% 18.5% 21.3% 23.8% 15.7% 20.6%
11.2% 5.5% 3.4% 1.5% 3.4% 11.3% 98.7% 73.5% 19.1% 13.8%
n/a n/a n/a n/a n/a n/a n/a n/a 11.4% n/a
Returns
−10.4% −19.1% −49.0% −24.7% −32.1% −28.9% −18.5% −9.4% 2.2% −165.4%
−8.9% −15.6% −34.8% −14.1% −22.4% −20.3% −12.9% −6.5% 1.5% −95.8%
Balance and payout
n/a n/a n/a n/a 0.05 n/a n/a n/a 0.19 0.38
14.2% 18.5% 29.1% 43.0% 30.4% 29.8% 30.5% 30.6% 31.3% 42.1%