Aspen Aerogels Inc. (ASPN) intrinsic value & 10-year financials
Aspen Aerogels Inc. (ASPN) has a Graham intrinsic value of $3.59 per share. At $5.19 on Oct 17, 2026, the stock trades 45% above that value. Over the last 10 fiscal years revenue grew 9.7% a year to $271.1M, with an average return on invested capital of -36.6%.
- Graham intrinsic value
- $3.59
- Share price (Oct 17, 2026)
- $5.19
- Price vs Graham value
- 45% above
- Market cap
- $427.3M
- Revenue (FY2025)
- $271.1M
- Revenue growth (10-yr CAGR)
- 9.7%
- ROIC (10-yr avg)
- -36.6%
- Free cash flow (FY2025)
- -$4.6M
ASPN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $271.1M | -$389.6M | -$4.73 | -$4.6M | -139.5% | -104.3% |
| FY2024 | $452.7M | $13.4M | $0.17 | -$40.7M | 12.0% | 10.7% |
| FY2023 | $238.7M | -$45.8M | -$0.66 | -$218.1M | -20.6% | -17.9% |
| FY2022 | $180.4M | -$82.7M | -$2.10 | -$272.4M | -43.9% | -64.9% |
| FY2021 | $121.6M | -$37.1M | -$1.22 | -$32.4M | -33.4% | -60.1% |
| FY2020 | $100.3M | -$21.8M | -$0.83 | -$13.3M | -21.5% | -36.9% |
| FY2019 | $139.4M | -$14.6M | — | -$3.2M | -10.2% | -24.4% |
| FY2018 | $104.4M | -$34.4M | — | -$12.2M | -32.5% | -40.2% |
| FY2017 | $111.6M | -$19.3M | — | -$10.7M | -17.1% | -17.8% |
| FY2016 | $117.7M | -$12.0M | — | -$13.8M | -9.5% | -10.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ASPEN AEROGELS INC is a consistent compounder, expanding top-line revenue at 9.7% annually over the past decade.
ASPEN AEROGELS INC has historically struggled to out-earn its cost of capital, averaging just -36.6% ROIC.
ASPEN AEROGELS INC capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ASPEN AEROGELS INC is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3.59 per share.