ASPEN AEROGELS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ASPEN AEROGELS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	118	112	104	139	100	122	180	239	453	271
Cost of revenue	93.1	92.1			85.7	112	175	182	270	225
Gross profit	23.3	18.7	12.7	26.3	14.6	9.94	4.98	56.9	183	46
Research and development	5.31	6.18	6.32	8.41	8.73	11.4	16.9	16.4	18.1	13.4
Selling and marketing	11.8	12.6	13.8	15.6	11.8	16.6	28.8	33	35.7	28.2
General and administrative	17.4	19	19.1	16.5	15.7	22.5	38.5	56.8	71.1	55.8
Operating expenses	34.5	37.8	46.6	40.4	36.2	50.5	84.2	106	128	424
Operating income	-11.2	-19.1	-33.9	-14.2	-21.6	-40.6	-79.2	-49.2	54.5	-378
Other non-operating income	-0.8	-0.19	-0.52	-0.41	-0.24	3.51	-3.49	3.39	-39.4	-8.93
Pre-tax income							-82.7	-45.8	15.1	-387
Income tax							0	0	1.71	2.39
Net income	-12	-19.3	-34.4	-14.6	-21.8	-37.1	-82.7	-45.8	13.4	-390
EBITDA	-1.37	-8.38	-23.1	-3.95	-11.4	-31.2	-70	-33.9	77.1	-333
EPS, basic	-0.52	-0.83	-1.45	-0.60	-0.83	-1.22	-2.10	-0.66	0.17	-4.73
EPS, diluted	-0.52	-0.83	-1.45	-0.60	-0.83	-1.22	-2.10	-0.66	0.17	-4.73
Shares, basic (weighted)	23.1	23.4	23.7	24.1	26.4	30.4	39.4	69.4	77.5	82.3
Shares, diluted (weighted)	23.1	23.4	23.7	24.1	26.4	30.4	39.4	69.4	80.3	82.3

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	18.1	10.7	3.33	3.63	16.5	76.6	281	140	221	157
Receivables	17.5	26.8	25.6	32.3	15.7	20.4	57.4	70	109	35.3
Inventory	12.9	8.92	7.32	8.77	13.1	12	22.5	39.2	47.6	38.2
Other current assets	1.7	1.29	1.04	1.11	1.83	3.17	7.24	17.2	31.5	9.96
Total current assets	50.2	47.7	37.3	45.8	47.1	112	370	266	409	242
Property, plant and equipment	84.4	76.1	61.7	53.6	46.7	55.8	259	417	459	98.4
Lease right-of-use assets				4.03	3.48	13.5	12	17.2	20.9	18
Other non-current assets	0.09	0.09	0.07	0.08	0.08	1.5	2.52	2.28	5.57	9.37
Total assets	135	124	99	104	97.4	183	643	703	895	407
Accounts payable	13.1	10.7	12.4	12.6	5.35	17.4	54.7	51.1	44.4	13.2
Accrued liabilities	3.99	5.86	3.86	8.06	3.88	10.8	16	22.8	36.5	13
Deferred revenue	1.04	1.3	2.63	5.62	2.04	1.32	5.85	2.32	2.2	1.26
Short-term debt					1.61				19.8	25.1
Total current liabilities	18.1	21.6	23.1	30.4	13.9	36.6	78.9	78.1	110	62
Long-term debt					2.06
Lease liabilities				4.29	3.6	13	13.5	21.9	23.1	21.1
Other non-current liabilities	0.97				0.43
Total liabilities	19.1	22.9	28.8	44.5	29.6	54.5	196	215	280	171
Total debt					3.7				95	65.5
Paid-in capital	533	538	542	545	576	673	1,075	1,162	1,275	1,285
Retained earnings	-418	-437	-472	-486	-508	-545	-628	-674	-660	-1,050
Shareholders' equity	116	101	70.3	59	67.9	128	447	488	615	236
Total equity	116	101	70.3	59	67.9	128	447	488	615	236
Total liabilities and equity	135	124	99	104	97.4	183	643	703	895	407
Shares outstanding	23.4	23.6	24	24.3	27.8	33.2	70	76.5	82	82.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-12	-19.3	-34.4	-14.6	-21.8	-37.1	-82.7	-45.8	13.4	-390
Depreciation and amortization	9.85	10.8	10.8	10.2	10.2	9.44	9.22	15.3	22.5	45.2
Stock-based compensation	5.31	5.09	4.3	3.77	5	5.18	9.39	11	12.9	8.63
Deferred income tax										-0.42
Change in receivables	3.09	-9.16	-1.72	-6.69	16.2	-4.64	-37	-12.6	-39.4	70.3
Change in inventory	-6.34	3.95	1.6	-1.45	-4.33	1.11	-10.6	-16.7	-8.36	9.3
Change in payables	0.11	1.27	1.56	0.14	-7.15	7.38	5.32	4.58	7.34	-19.5
Cash from operations	-0.58	-4.61	-8.65	-1.05	-9.92	-18.6	-94.4	-42.6	45.5	32.9
Capital expenditures	-13.2	-6.12	-3.59	-2.11	-3.42	-13.8	-178	-175	-86.3	-37.4
Cash from investing	-13.2	-6.12	-3.59	-2.11	-3.42	-13.8	-178	-175	-86.3	-37.4
Debt issued					3.69				125
Stock issued					2.66	2.3	0.55	1.66	10.4	1.72
Cash from financing	-0.92	3.33	4.88	3.47	26.2	92.5	478	75.5	122	-58.1
Net change in cash	-14.7	-7.39	-7.37	0.31	12.9	60.1	206	-143	81.3	-62.7
Free cash flow	-13.8	-10.7	-12.2	-3.17	-13.3	-32.4	-272	-218	-40.7	-4.58
Interest paid	0.2	0.22	0.34	0.44	0.22	0.24	0.15	0	7.01	12.2
Income taxes paid	0	0	0	0	0	0	0	0		4.13

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.22 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	2.7%	Gross profit / revenue.
Operating margin	-61.0%	Operating income / revenue.
EBITDA margin	-39.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-62.0%	Pre-tax income / revenue.
Net margin	-62.4%	Net income / revenue.
FCF margin	17.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	24.3%	Cash from operations / revenue.
Return on equity (ROE)	-65.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-32.1%	Net income / average total assets.
Return on invested capital (ROIC)	-99.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	5.5%	Research and development expense / revenue.
Stock-based pay / revenue	4.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.3%	Capital expenditures / revenue.
D&A / revenue	21.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-40.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	14.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-74.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	109.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	25.8%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-793.6%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-532.2%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-3,013.0%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-2,882.0%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-27.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-61.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-19.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	28.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-54.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-14.2%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	33.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	2.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	27.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	25.6%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.52x	Current assets / current liabilities.
Quick ratio	1.95x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.54x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.30x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	14.5%	Total debt / total assets.
Liabilities / assets	51.0%	Total liabilities / total assets.
Net debt	-$94.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$149.8M	Current assets - current liabilities.
Tangible book value	$192.5M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.51x	Revenue / average total assets.
Fixed asset turnover	2.42x	Revenue / average property, plant and equipment.
Inventory turnover	7.04x	Cost of revenue / average inventory.
Days inventory	52 days	365 x average inventory / cost of revenue.
Receivables turnover	5.02x	Revenue / average receivables.
Days sales outstanding	73 days	365 x average receivables / revenue.
Days payables	39 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	86 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	30.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.52	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.44	Revenue / diluted weighted shares.
FCF per share	$0.41	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.59	Cash from operations / diluted weighted shares.
Book value per share	$2.32	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$2.32	Tangible book value / shares outstanding.
Cash per share	$1.83	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$433.2M	Share price x shares outstanding.
Enterprise value	$338.5M	Market cap + total debt - cash - short-term investments.
P/S	2.14x	Market cap / revenue.
P/B	2.25x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	2.25x	Market cap / tangible book value, when positive.
P/FCF	12.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.82x	Market cap / cash from operations, when positive.
EV/Sales	1.67x	Enterprise value / revenue.
EV/FCF	9.84x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.9%	Free cash flow / market cap.
Earnings yield	-29.1%	Net income / market cap (the inverse of P/E).

What was ASPEN AEROGELS INC's revenue in fiscal 2025?

ASPEN AEROGELS INC reported revenue of $271.1M for fiscal 2025, 40.1% lower than the year before.

Was ASPEN AEROGELS INC profitable in fiscal 2025?

No. It reported a net loss of $389.6M.

How much free cash flow did ASPEN AEROGELS INC generate in fiscal 2025?

Cash from operations of $32.9M minus capital expenditures of $37.4M left free cash flow of -$4.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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