Aspen Aerogels, Inc. (ASPN) Stock

Aspen Aerogels, Inc. (ASPN) is a Consumer Discretionary stock trading at $5.17 (as of 2026-08-21), with a market capitalization of $429.47M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Aspen Aerogels, Inc. designs, develops, manufactures, and sells aerogel insulation products primarily for use in the energy infrastructure and building materials markets in the United States, Asia, Canada, Europe, and Latin America. The company offers PyroThin thermal barriers for use in lithium-ion batteries in electric vehicles and energy storage industries; Pyrogel XTE that reduces the risk of corrosion under insulation in energy infrastructure operating systems; Pyrogel HPS for applications within the power generation market; Pyrogel XTF to provide protection against fire; Cryogel Z for sub-ambient and cryogenic applications in the energy infrastructure market; and Spaceloft Subsea for use in pipe-in-pipe applications in offshore oil production. It also offers Spaceloft Grey and Spaceloft A2 for use in the building materials market; and Cryogel X201, which is used in designing cold systems, such as refrigerated appliances, cold storage equipment, and aerospace systems. The company was founded in 2001 and is headquartered in Northborough, Massachusetts.

Understand Aspen Aerogels, Inc.: how it makes money

Aspen Aerogels designs, develops, manufactures, and sells aerogel insulation products for energy infrastructure and building materials, including thermal barriers used in lithium-ion batteries for electric vehicles and energy storage industries. It makes money by selling these insulation products.

The business model is selling aerogel insulation products in energy and electric-vehicle related end markets, with results influenced by how much revenue comes through energy industrial activity versus EV thermal barrier programs (including external manufacturing delivery and shipped revenue).

Revenue by segment (latest quarter)
Energy Ind$0.0B
EV Thermal$0.0B

Business quality (Weak): Clear product-market focus (energy industrial and EV thermal barriers), but profitability is weak in the latest provided quarter (operating margin -55.0%), and the data provided does not confirm full reportable segment structure beyond the revenue breakdowns listed.

Bull case

  • Energy industrial scale signal: Energy Industrial Product Shipments in Square Feet were 6,055,000 in the provided data period, alongside Energy Industrial Revenue of 0.02 USD_B.
  • Product fit across EV and energy markets: The company supplies PyroThin thermal barriers for lithium-ion batteries in electric vehicles and energy storage, and also offers energy infrastructure insulation products such as Pyrogel XTE and Pyrogel HPS.
  • Commercial activity reflected in program inputs: Prototype Parts Invoiced for Electric Vehicle Thermal Barrier OEM Programs was 20, and the Estimated Number of Altium-Powered General Motors Vehicles Produced was 14,000 in the provided data.

Bear case

  • Profitability pressure: The latest provided quarter shows gross margin of 11.3% and operating margin of -55.0%, indicating the company is not currently operating profitably.
  • Near-term results can be volatile: Key activity metrics provided for EV programs (such as prototype parts invoiced and estimated OEM vehicle production) are point-in-time measures that may move based on program timing and customer schedules.
  • Execution risk around manufacturing footprint: The provided revenue candidates separate Energy Industrial Revenue Delivered Through External Manufacturing Facility and Revenue Shipped from External Manufacturing Facility, which suggests operating results could be sensitive to how external and shipped volumes are arranged.
Valuation — source: SEC EDGAR (first-party)
Price$5.17
Market Cap$429.47M
Price / Book2.23
Price / Sales2.16
FCF Yield14.5%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$271.10M
Net Margin-143.7%
Revenue Growth (YoY)-40.1%
EPS Growth (YoY)-2882.4%
FCF Growth (YoY)-88.8%
Financial Health — source: SEC EDGAR
Altman Z-Score-3.98 (distress)
Piotroski F-Score4/9 (moderate)
Valuation vs Sector & Industry
Sector P/E (Consumer Discretionary)20.7
Industry P/E (Wholesale)24.0
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderKIM, LLC ($42.00M)
Institutional Holders Tracked10
Company
SectorConsumer Discretionary
IndustryWholesale
CEODonald R. Young
Employees554
CountryUS
IPO Date2014-06-13

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ASPN earnings history · ASPN institutional & insider holders · ASPN KPIs & operating metrics · ASPN financials · ASPN investor presentations & press releases · ASPN SEC filings · ASPN peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.