Aspen Aerogels, Inc. — Earnings Quality Grade F
ASPN · Industrials
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 47 days, change -40 days YoY
AR growth -67.7% vs revenue growth -40.1%
Revenue -40.1%, CFFO -27.8%. Cash follows revenue
Expense Quality
Inventory -19.6% vs COGS -16.6%. Normal
CapEx growth -56.6% vs revenue -40.1%. Normal
SG&A/Gross Profit = 182.6%, exceeds 70%
Gross margin swung -23.4pp (40.4% → 17.0%)
Cash Flow Quality
CFFO/NI = -0.08. Below 1.0
FCF is negative ($-0.0B)
Accruals ratio = -103.9%. Low accruals
Cash $0.2B covers debt $0.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -4.8x (<2x). Financial stress
Other assets grew 656.0% vs revenue -40.1%
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
No goodwill
Manipulation Score
M-Score = -1.31 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25