Aspen Aerogels Inc (ASPN)
Market price: $5.50
2 valuation methods
- EV / Revenue: $1.87 to $3.59 (midpoint $2.53)
- P / B: $2.19 to $6.04 (midpoint $3.21)
How each method works
EV / Revenue: $1.87 to $3.59 (midpoint $2.53)
Values the whole business at a peer multiple of sales — used when earnings are thin, volatile, or not yet meaningful, so revenue is the most reliable yardstick.
- How it’s calculated
- We multiply the company's last-twelve-month revenue by the range of EV/Revenue multiples its peer group trades at, subtract net debt and any minority interests or preferred stock ranking ahead of common shareholders, and divide by shares outstanding for a per-share range.
- Why it fits this industry
- When profits are thin, volatile, or still to come, revenue is the most dependable figure a company reports — this method values the business on the scale of what it actually sells.
- Reading this bar
- The bar is the per-share value range this method implies: a conservative low, a central estimate, and an optimistic high. If the current price sits below the bar, the market is pricing the shares below what this method's inputs suggest; if it sits above, the market is pricing them higher. No single bar is a verdict — methods disagree for good reasons, so read the whole field together. A pound of revenue is worth more at a high margin than a low one, so the peer group here is narrowed to companies earning a similar margin wherever enough of them exist. Where too few do, the bar falls back to the wider group and is the bluntest of the multiples — weigh it alongside the earnings-based bars.
EV / Revenue = (0.30/0.57/1.01)× revenue 202,089,000 ≈ 60,720,611.85/115,563,717.44/203,596,108.75 (enterprise_value); enterprise_value -> per share: equity (155,453,611.85/210,296,717.44/298,329,108.75) / 82,988,784 shares [EV bridge: minus net debt -94,733,000]
P / B: $2.19 to $6.04 (midpoint $3.21)
Values the stock at a peer multiple of its book (net asset) value — most meaningful for asset-heavy and financial companies whose balance sheet drives value.
- How it’s calculated
- We take book value per share (total assets minus total liabilities, from the latest balance sheet, divided by shares outstanding) and multiply it by the range of price-to-book multiples the peer group trades at.
- Why it fits this industry
- Where the balance sheet is the business — lenders, insurers, asset-heavy operators — the price the market pays for a dollar of net assets is a natural yardstick.
- Reading this bar
- The bar is the per-share value range this method implies: a conservative low, a central estimate, and an optimistic high. If the current price sits below the bar, the market is pricing the shares below what this method's inputs suggest; if it sits above, the market is pricing them higher. No single bar is a verdict — methods disagree for good reasons, so read the whole field together. Asset-light companies (brands, software) legitimately trade far above book value, so for them a P/B bar well below the price is usually structure, not signal.
P / B = (0.94/1.38/2.60)× book_value_per_share 2.32 ≈ 2.19/3.21/6.04 (per_share)
4 methods not shown
- EV / EBITDA: EBITDA is non-positive — an EBITDA multiple yields no meaningful enterprise value (loss-making at the EBITDA line)
- EV / Gross Profit: the market prices this company far outside its sector's EV / Gross Profit range (its own multiple is 66.86 vs a sector band of 0.81–3.06) — a sector-average bar would be misleading here, so it is withheld
- P / E: diluted EPS is non-positive — P/E is not meaningful for a loss-making period
- DCF (FCFF): base unlevered FCF is non-positive (-87,831,661.86) — nothing to discount; a standard FCFF DCF does not apply
Limited data — fewer than three valuation methods could be formed for this company; showing every method we can stand behind.