ASPNAspen Aerogels, Inc.
Is the business good?
Margins compressing. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is ASPN?
Aspen Aerogels, Inc. earns −100% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 109 points below what the capital costs: growth destroys value
- Operating margin
- −61%
Operating margin · Building Products & Equipment median 7.8% · 12 months to Q2 2026
- Share count, year on year
- +0.87%
Share count, year on year · flat: no meaningful dilution
- R&D as % of revenue
- 5.5%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | −22% |
| FY2021 | −33% |
| FY2022 | −44% |
| FY2023 | −21% |
| FY2024 | 12% |
| FY2025 | −140% |
Details›
- Gross margin12 months to Q2 2026
- 2.7%
- Operating margin12 months to Q2 2026
- −61%
- Net margin12 months to Q2 2026
- −62%
- Free cash flow margin
- 17%
- R&D as % of revenue
- 5.5%
- Revenue, trailing twelve months
- $202M
- Free cash flow, trailing twelve months
- $34M
- Net income, trailing twelve months
- −$126M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −100%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Customers and suppliers
Who buys from ASPN and who it buys from, as the companies report it.
- Customer A59%
Share of revenue · FY2025 10-K
- Customer B9.0%
Share of revenue · FY2025 10-K
- Top ten direct customers84%
Combined share of revenue · FY2025 10-K
None disclosed.
A company has to disclose every customer behind 10% or more of its revenue. Each share comes from the latest annual report of the company that states it and shows on both companies’ pages; ASPN’s own figures are from its FY2025 10-K. Smaller customers and suppliers go unreported.
Building Products & Equipment
Ranks #18 of 19 by RyuScore