Aspen Aerogels

ASPN · NYSE

$5.33+$0.01 (+0.19%)TodayMarket closed · Oct 20, 7:00 PM ET

Prev close $5.32

ASPN analyst rating

BuyConsensus of 4 analysts over the last 12 months. 75% rate it a buy.

Strong buy0
Buy3
Hold0
Underperform1
Sell0

12-month price target · 7 analysts

Average $7.91 (+48.3% upside)

Low: $5.05
Now: $5.33
High: $10.50

Upgrades and downgrades

The latest rating actions, newest first

ASPN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Aug 11, 2026	Maintains	Underweight	$4.00 → $5.00	54%
Barclays	May 11, 2026	Maintains	Underweight	$3.00 → $4.00	54%
Barclays	Mar 5, 2026	Maintains	Underweight	$4.00 → $3.00	54%
TD Cowen	Feb 26, 2026	Maintains	Buy	$7.00 → $6.00	42%
Roth Capital	Feb 26, 2026	Maintains	Buy	$6.00 → $3.00	46%
Canaccord Genuity	Nov 7, 2025	Maintains	Buy	$10.00 → $5.00	34%
Barclays	Nov 7, 2025	Maintains	Underweight	$6.00 → $4.00	54%

The case for and against

Updated Aug 7, 2025

Bull case

Aspen Aerogels Inc reported record Energy Industrial revenues of $53.1 million in the fourth quarter, reflecting a substantial 70% year-over-year increase, driven by enhanced manufacturing capacity. The company exceeded its annual revenue expectations with a total of $453 million for the year, representing a remarkable 90% year-over-year growth compared to 2023, positioning it favorably for future revenue acceleration. Furthermore, proactive cost management strategies have resulted in a reduced fixed cost base of approximately $8 million per quarter, while a capital-light expansion strategy supports positive cash generation, suggesting a healthy financial outlook moving forward.

Bear case

Aspen Aerogels Inc is experiencing a downward revision in its revenue forecasts, with expectations for Thermal Barrier (TB) revenue projected at $240 million for 2025, a significant decrease from 2024's $306.8 million. The company faces challenges such as an inability to maintain profitability, supply chain disruptions, and reliance on a limited customer base, which raises concerns about future earnings stability. Additionally, the weak guidance for the first quarter and the absence of annual revenue projections indicate low visibility regarding production volumes and present a negative outlook for the company’s financial performance beyond 2025.

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