Aspen Aerogels Valuation Multiples

Aspen Aerogels Overview

About Aspen Aerogels

Aspen Aerogels Inc is an aerogel technology company that designs, develops, and manufactures high-performance aerogel insulation used in the energy industrial and sustainable insulation markets. The company also conducts research and development related to aerogel technology supported by funding from several agencies of the United States of America government and other institutions in the form of research and development contracts. It is engaged in two operating segment Energy Industrial and Thermal Barrier. Geographically, it operates in the U.S. and also has a presence in other International countries. It generates the majority of its revenue from the Energy Industrial segment and the United States market. Some of its products include Pyrogel XTE; Cryogel Z; Spaceloft Subsea; and others.

Founded

2008

HQ

Employees

554

Website

aerogel.com

Sectors

Advanced MaterialsConstructionTechDeepTechIndustry 4.0

Financials (LTM)

Revenue: $246M

EBITDA: ($5M)

EV

$263M

Valuation Multiples

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Aspen Aerogels Financials

Aspen Aerogels reported last 12-month revenue of $246M and negative EBITDA of ($5M).

In the same LTM period, Aspen Aerogels generated $43M in gross profit, ($5M) in EBITDA losses, and had net loss of ($294M).

Aspen Aerogels P&L

In the most recent fiscal year, Aspen Aerogels reported revenue of $271M and EBITDA of $3M.

Aspen Aerogels expects next 12-month revenue of XXX and NTM EBITDA of XXX

Aspen Aerogels Stock Performance

Aspen Aerogels has current market cap of $276M, and enterprise value of $263M.

Aspen Aerogels' stock price is $3.33.

Aspen Aerogels Valuation Multiples

Aspen Aerogels trades at 1.1x EV/Revenue multiple, and (56.9x) EV/EBITDA.

Aspen Aerogels Financial Valuation Multiples

As of April 16, 2026, Aspen Aerogels has market cap of $276M and EV of $263M.

Equity research analysts estimate Aspen Aerogels' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Aspen Aerogels has a P/E ratio of (0.9x).

Aspen Aerogels Margins & Growth Rates

Aspen Aerogels' revenue in the last 12 month declined by (14%).

Aspen Aerogels' revenue per employee in the last FY averaged $0.5M, while opex per employee averaged $0.2M for the same period.

Aspen Aerogels' rule of 40 is (44%) (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Aspen Aerogels' rule of X is (92%) (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Aspen Aerogels Public Comps

See public comps and valuation multiples for other Advanced Materials comps.

Aspen Aerogels M&A Activity

Aspen Aerogels acquired XXX companies to date.

Last acquisition by Aspen Aerogels was on XXXXXXXX, XXXXX. Aspen Aerogels acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).

Aspen Aerogels Investment Activity

Aspen Aerogels invested in XXX companies to date.

Aspen Aerogels made its latest investment on XXXXXXXX, XXXXX. Aspen Aerogels invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).