Aspen Aerogels, Inc.

ASPNNYSEIndustrials● Active

$5.71

+$0.07(+1.24%)

Market Cap$473230257

P/E Ratio—

52W High$9.78

52W Low$2.3

Avg Volume1.6M

Open$5.80

Beta2.99

Free Cash Flow Financials Revenue

Aspen Aerogels, Inc. (ASPN) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

ASPN · free cash flow · updated Jun 8, 2026

Core FCF metrics

ASPN · FCF · TTM · margin & CAGR

Free cash flow was −$4.6M for FY2025 (fiscal year ending 2025-12-31), up 88.8% year-over-year The FCF margin was -1.7%.

FY2025 Free Cash Flow−$4.6M▲ +88.8% YoY

Trailing 12M (TTM)$35.6MTrailing 4Q sum · TTM positive vs latest FY negative

FCF Margin-1.7%−$4.6M ÷ revenue

3-Year CAGRN/AN/A — contains negative FCF

5-Year CAGRN/AN/A — contains negative FCF

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

ASPN · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$32.9M(37M)−$4.6M▲ +88.8%-1.7%

FY2024$45.5M(86M)−$40.7M▲ +81.3%-9.0%

FY2023−$42.6M(175M)−$218.1M▲ +19.9%-91.3%

FY2022−$94.4M(178M)−$272.4M▼ 740.5%-151.0%

FY2021−$18.6M(14M)−$32.4M▼ 142.9%-26.6%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

ASPN · P/FCF · FCF yield · FCF per share

Aspen Aerogels, Inc. (ASPN) trades at a FCF yield of 7.61% and a price-to-free-cash-flow ratio of 13.3x. FCF per share stands at $0.43, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

7.61%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$0.43

TTM FCF ÷ Shares Outstanding

Price / FCF

x13.3

Share Price ÷ FCF per Share

EV / FCF (TTM)

x11.8

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

ASPN · cash flow statement · operating / investing / financing

For FY2025, Aspen Aerogels, Inc. generated $32.9M in operating cash flow and spent 37M in capital expenditures, yielding −$4.6M in free cash flow.

Operating Activities

+$32.9M

Cash from core business operations

2025-12-31

Investing Activities

−$37.4M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$58.1M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($32.9M) − |CapEx| (37M) = FCF (−$4.6M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Industrials)

ASPN vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Aspen Aerogels, Inc.YOU

ASPN

−$4.6M+88.8%-1.7%

Loss

Union Pacific Corporation

Industrials · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Aspen Aerogels, Inc. (ASPN) reported free cash flow of −$4.6M for FY2025 (fiscal year ending 2025-12-31), up 88.8% year-over-year. The FCF margin was -1.7%.

Aspen Aerogels, Inc. has reported negative free cash flow in recent periods, indicating capital expenditures have exceeded operating cash flow. Data available for 15 fiscal years.

Aspen Aerogels, Inc.'s FCF yield is 7.61% and price-to-FCF ratio is 13.3x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

ASPN free cash flow · 8 questions

Aspen Aerogels, Inc. free cash flow was −$4.6M for FY2025, up 88.8% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $35.6M.

ASPN free cash flowASPN FCFASPN FCF 2025ASPN free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Aspen Aerogels, Inc. · Aspen Aerogels, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026