Aspen Aerogels (ASPN) Stock Analysis & Winston Score

Aspen Aerogels makes a special type of insulation called aerogel blankets. Aerogel is an extremely lightweight material that blocks heat better than traditional insulation. The company sells these products to two main markets: industrial facilities like oil refineries and pipelines, and electric vehicle manufacturers who use the material to protect battery packs from heat and fire.

The company earns revenue by selling its aerogel products directly to industrial customers and to EV automakers, most notably General Motors. Aspen operates primarily in North America but sells into global markets. Its main competitive advantage is its proprietary aerogel manufacturing process, which is difficult and expensive for competitors to replicate. The biggest growth driver is EV battery thermal management, where demand could rise sharply as automakers scale electric vehicle production — but that also means the company is heavily dependent on the pace of EV adoption, which has been uneven and unpredictable in recent years.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-51.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+92.1% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

7.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$176M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Aspen Aerogels's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

11.3%

Thin — 11.3% gross margin

Operating Margin

-53.9%

Losing money on operations — -53.9%

ROCE

-6.5%

Weak — -6.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-47.3%

Shrinking sales (-47.3% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

15.4%

Converts sales into free cash efficiently (15.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.48

Conservative — low debt load (0.48)

Interest Cover

40.61x

Comfortably covers interest (40.6x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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