Aspen Aerogels, Inc., an aerogel technology company, designs, develops, manufactures, and sells aerogel materials primarily for use in the energy industrial, sustainable insulation materials, and electric vehicle (EV) markets in the United States, Canada, Asia, Europe, and Latin America. It operates through two segments: Thermal Barrier and Energy Industrial. The company offers PyroThin aerogel thermal barriers for use in battery packs in EVs; Pyrogel XTE for refineries and petrochemical facilities; Pyrogel HPS for high temperatures and in demanding thermal applications in refining and chemical processing systems; Pyrogel XTF for protection against fire; Cryogel Z for sub-ambient and cryogenic applications; Spaceloft Subsea for pipe-in-pipe applications in offshore oil production; and Cryogel X201 for cold system designs. It serves EV manufacturers, automotive suppliers, lithium-ion battery manufacturers, and e-mobility and energy storage companies. The company was founded in 2001 and is headquartered in Northborough, Massachusetts.
Investment Potential | Explore whether Aspen's current valuation already prices in worst-case scenarios, with price targets ranging from $4.00 (Underweight) to $7.00 (Equal Weight) from Barclays Capital. |
Financial Outlook | With EPS projections at -$0.32 (FY1) and -$0.18 (FY2), Aspen's path to profitability has been extended, though analysts anticipate gradual recovery as the company adapts. |
Segment Divergence | Discover how Aspen's Thermal Barrier segment struggles while its Energy Industrial division demonstrates resilience, providing crucial stability to the company's overall financial picture. |
EV Market Headwinds | Aspen Aerogels faces significant challenges as General Motors reduces EV production targets, forcing the company to recalibrate its near-term prospects and financial guidance. |

Metrics to compare | ASPN | Sector Sector - Average of metrics from a broad group of related Basic Materials sector companies | Relationship RelationshipASPNPeersSector | |
|---|---|---|---|---|
P/E Ratio | −0.7x | 18.3x | 3.4x | |
PEG Ratio | 0.00 | 0.54 | 0.00 | |
Price / Book | 1.2x | 1.7x | 1.6x | |
Price / LTM Sales | 1.0x | 1.1x | 1.4x | |
Upside (Analyst Target) | 20.1% | 37.8% | 24.4% | |
Fair Value Upside | Unlock | 17.6% | −1.5% | Unlock |