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Also traded in: Germany

GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 6/10

vs
industry
vs
history
Cash-to-Debt 0.73
AZPN's Cash-to-Debt is ranked lower than
77% of the 1913 Companies
in the Global Software - Application industry.

( Industry Median: 7.63 vs. AZPN: 0.73 )
Ranked among companies with meaningful Cash-to-Debt only.
AZPN' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.47  Med: 1.64 Max: No Debt
Current: 0.73
Equity-to-Asset -1.05
AZPN's Equity-to-Asset is ranked lower than
98% of the 1790 Companies
in the Global Software - Application industry.

( Industry Median: 0.60 vs. AZPN: -1.05 )
Ranked among companies with meaningful Equity-to-Asset only.
AZPN' s Equity-to-Asset Range Over the Past 10 Years
Min: -1.05  Med: 0.31 Max: 0.68
Current: -1.05
-1.05
0.68
Debt-to-Equity -0.54
AZPN's Debt-to-Equity is ranked lower than
99.99% of the 1135 Companies
in the Global Software - Application industry.

( Industry Median: 0.24 vs. AZPN: -0.54 )
Ranked among companies with meaningful Debt-to-Equity only.
AZPN' s Debt-to-Equity Range Over the Past 10 Years
Min: -1.87  Med: 0.44 Max: 2.34
Current: -0.54
-1.87
2.34
Interest Coverage 56.00
AZPN's Interest Coverage is ranked lower than
59% of the 1474 Companies
in the Global Software - Application industry.

( Industry Median: 147.63 vs. AZPN: 56.00 )
Ranked among companies with meaningful Interest Coverage only.
AZPN' s Interest Coverage Range Over the Past 10 Years
Min: 1.05  Med: 131.13 Max: 5993.07
Current: 56
1.05
5993.07
Piotroski F-Score: 6
Altman Z-Score: 9.62
Beneish M-Score: -1.84
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 8/10

vs
industry
vs
history
Operating Margin % 43.90
AZPN's Operating Margin % is ranked higher than
98% of the 1871 Companies
in the Global Software - Application industry.

( Industry Median: 5.10 vs. AZPN: 43.90 )
Ranked among companies with meaningful Operating Margin % only.
AZPN' s Operating Margin % Range Over the Past 10 Years
Min: -65.75  Med: 15.98 Max: 44.75
Current: 43.9
-65.75
44.75
Net Margin % 33.58
AZPN's Net Margin % is ranked higher than
96% of the 1871 Companies
in the Global Software - Application industry.

( Industry Median: 3.64 vs. AZPN: 33.58 )
Ranked among companies with meaningful Net Margin % only.
AZPN' s Net Margin % Range Over the Past 10 Years
Min: -64.59  Med: 15.77 Max: 33.58
Current: 33.58
-64.59
33.58
ROA % 55.21
AZPN's ROA % is ranked higher than
98% of the 1927 Companies
in the Global Software - Application industry.

( Industry Median: 3.34 vs. AZPN: 55.21 )
Ranked among companies with meaningful ROA % only.
AZPN' s ROA % Range Over the Past 10 Years
Min: -23.6  Med: 10.97 Max: 55.21
Current: 55.21
-23.6
55.21
ROC (Joel Greenblatt) % 1444.16
AZPN's ROC (Joel Greenblatt) % is ranked higher than
97% of the 1889 Companies
in the Global Software - Application industry.

( Industry Median: 23.72 vs. AZPN: 1444.16 )
Ranked among companies with meaningful ROC (Joel Greenblatt) % only.
AZPN' s ROC (Joel Greenblatt) % Range Over the Past 10 Years
Min: -521.84  Med: 444.85 Max: 1667.9
Current: 1444.16
-521.84
1667.9
3-Year Revenue Growth Rate 14.50
AZPN's 3-Year Revenue Growth Rate is ranked higher than
84% of the 1483 Companies
in the Global Software - Application industry.

( Industry Median: 5.30 vs. AZPN: 14.50 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
AZPN' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: -23.2  Med: 2.5 Max: 27.4
Current: 14.5
-23.2
27.4
3-Year EBITDA Growth Rate 26.10
AZPN's 3-Year EBITDA Growth Rate is ranked higher than
92% of the 1265 Companies
in the Global Software - Application industry.

( Industry Median: 6.90 vs. AZPN: 26.10 )
Ranked among companies with meaningful 3-Year EBITDA Growth Rate only.
AZPN' s 3-Year EBITDA Growth Rate Range Over the Past 10 Years
Min: -79  Med: 19.2 Max: 268.1
Current: 26.1
-79
268.1
3-Year EPS without NRI Growth Rate 31.90
AZPN's 3-Year EPS without NRI Growth Rate is ranked higher than
85% of the 1178 Companies
in the Global Software - Application industry.

( Industry Median: 7.50 vs. AZPN: 31.90 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
AZPN' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: -63.2  Med: 3.3 Max: 103
Current: 31.9
-63.2
103
GuruFocus has detected 2 Warning Signs with Aspen Technology Inc $AZPN.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» AZPN's 30-Y Financials

Financials (Next Earnings Date: 2017-10-27 Est.)


Revenue & Net Income
Cash & Debt
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q3 2016

AZPN Guru Trades in Q3 2016

Ron Baron 1,251,600 sh (unchged)
Ken Fisher 2,248,456 sh (-0.91%)
Jim Simons 1,534,500 sh (-2.62%)
Manning & Napier Advisors, Inc 1,267,030 sh (-32.34%)
Joel Greenblatt 447,534 sh (-37.68%)
Paul Tudor Jones 25,582 sh (-51.80%)
» More
Q4 2016

AZPN Guru Trades in Q4 2016

Stanley Druckenmiller 209,900 sh (New)
Jim Simons 1,608,500 sh (+4.82%)
Manning & Napier Advisors, Inc Sold Out
Paul Tudor Jones Sold Out
Ron Baron 1,247,800 sh (-0.30%)
Ken Fisher 2,193,806 sh (-2.43%)
Joel Greenblatt 306,760 sh (-31.46%)
» More
Q1 2017

AZPN Guru Trades in Q1 2017

Caxton Associates 9,800 sh (New)
Jim Simons 1,952,300 sh (+21.37%)
Stanley Druckenmiller 209,900 sh (unchged)
Ken Fisher 2,101,000 sh (-4.23%)
Ron Baron 1,042,400 sh (-16.46%)
Joel Greenblatt 251,465 sh (-18.03%)
» More
Q2 2017

AZPN Guru Trades in Q2 2017

Columbia Wanger 196,658 sh (New)
Jim Simons 2,360,500 sh (+20.91%)
Caxton Associates Sold Out
Stanley Druckenmiller Sold Out
Ken Fisher 2,044,636 sh (-2.68%)
Joel Greenblatt 214,084 sh (-14.87%)
Ron Baron 885,900 sh (-15.01%)
» More
» Details

Insider Trades

Latest Guru Trades with AZPN

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
Ken Fisher 2017-06-30 Reduce -2.68%0.01%$54.42 - $63.05 $ 63.458%2,044,636
Ron Baron 2017-06-30 Reduce -15.01%0.05%$54.42 - $63.05 $ 63.458%885,900
Joel Greenblatt 2017-06-30 Reduce -14.87%0.03%$54.42 - $63.05 $ 63.458%214,084
Ken Fisher 2017-03-31 Reduce -4.23%0.01%$52.79 - $59.46 $ 63.4512%2,101,000
Ron Baron 2017-03-31 Reduce -16.46%0.06%$52.79 - $59.46 $ 63.4512%1,042,400
Joel Greenblatt 2017-03-31 Reduce -18.03%0.04%$52.79 - $59.46 $ 63.4512%251,465
Ken Fisher 2016-12-31 Reduce -2.43%$46.07 - $55.09 $ 63.4525%2,193,806
Ron Baron 2016-12-31 Reduce -0.30%$46.07 - $55.09 $ 63.4525%1,247,800
Joel Greenblatt 2016-12-31 Reduce -31.46%0.08%$46.07 - $55.09 $ 63.4525%306,760
Ken Fisher 2016-09-30 Reduce -0.91%$39.67 - $47.02 $ 63.4544%2,248,456
Joel Greenblatt 2016-09-30 Reduce -37.68%0.13%$39.67 - $47.02 $ 63.4544%447,534
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Business Description

Industry: Application Software » Software - Application    NAICS: 541512    SIC: 7371
Compare:NAS:NUAN, NYSE:PAYC, NAS:PEGA, NAS:BLKB, NAS:NATI, NAS:PFPT, NAS:LOGM, NYSE:DATA, NAS:STMP, NAS:RP, NYSE:RNG, NAS:FEYE, NAS:MANH, NAS:PTC, NYSE:TYL, NAS:NTCT, NYSE:ELLI, NYSE:ZEN, NYSE:TWLO, NAS:CVLT » details
Traded in other countries:AST.Germany,
Headquarter Location:USA
Aspen Technology Inc is engaged in providing process optimization and asset performance management software solutions. It has two operating segments including subscription and software and services.

Aspen Technology Inc is a supplier of asset optimization solutions that optimize asset design, operations and maintenance in complex, industrial environments. The companies purpose-built software solutions improves the competitiveness and profitability of customers by increasing throughput, energy efficiency, and production, reducing unplanned downtime, enhancing capital efficiency, and decreasing working capital requirements over the entire asset lifecycle to support operational excellence. It has two operating and reportable segments: i) subscription and software and ii) services.The subscription and software segment is engaged in the licensing of asset optimization software solutions and associated support services. The services segment includes professional services and training.

Guru Investment Theses on Aspen Technology Inc

Baron Small Cap Comments on Aspen Technology - Feb 08, 2016

Commentary on Aspen Technology (NASDAQ:AZPN):



During the past quarter, the Fund built out its position in new holding Aspen Technology and added to nine others. The Fund sold out of 13 stocks, as referenced before and trimmed many others.



Aspen Technology, Inc. is the leading provider of engineering, design, operations and supply chain management software to the energy and process industries. Aspen’s software helps customers increase productivity, reduce operating costs, enhance capital efficiency and decrease working capital requirements. We took advantage of the stock’s sell-off as energy prices have come in, and we are continuing to build out our position as oil continues to decline.



Aspen was founded 30 years ago in a lab at MIT, gained scale through a series of acquisitions in the early 2000s, and recently completed a complete re-architecting of its software and business model. Today, Aspen is a market leading vertical software business that offers customers a growing portfolio of 70 unique applications. Its customers include the world’s largest energy, chemical, and engineering and construction companies that depend on Aspen to run their businesses every day. As such, Aspen’s tools became deeply embedded in customer workflows, leading to near-perfect retention rates, five to six year contracts and annual price increases.



Aspen will generate just over $400 million of recurring revenue this year, which we think represents less than 20% penetration of its existing opportunity. We think that recurring revenue can compound at close to a double-digit rate organically, though this will likely tick down in the shortterm. Much of that growth comes from deeper engagement from existing customers. The company recently introduced the concept of “tokens” as a means to encourage wider adoption of its software. We think this was a savvy move. Aspen’s customers increase their token consumption when they use additional modules or allow more users to adopt the suite. Given the high ROI of the modules, the inevitable result is that customers need to keep coming back to Aspen to purchase more tokens as their use of Aspen technology expands. Growth should also be driven by an upgrade cycle to its newest platform, better integration of modules which should drive more token usage, and the consistent release of new modules. We think the company’s investments in analytics and asset maintenance will meaningfully expand Aspen’s opportunity over time



Like many vertical software companies, Aspen’s business is highly profitable and extremely cash generative. Margins are already in the mid-40% range, and we think those will work higher over time given the company’s high incremental margins and strong cost control. The company converts around 75% of its EBITDA to free cash flow, which it uses to repurchase stock and make acquisitions. The company just made an accretive acquisition of a publicly traded UK provider of strategic consulting and software that serves the same customer base. We believe the deal is accretive and strategic and on plan to enable deeper penetration of its clientele and to build out its capabilities.



We believe Aspen’s business is super high quality, its mission is critical to its customers and, for the most part, is mostly insensitive to energy prices. We are impressed with the company’s recent performance in this difficult macroeconomic environment, its revenues grew 10% organically and margins expanded so earnings and free cash flow grew faster. The stock now trades at 12 times our estimate for 2016 EBITDA and 15 times 2016 earnings, multiples that we expect will deservedly expand over time. We foresee a long runway of strong organic revenue growth, margin expansion to over 50%, free cash flow to be used for share re-purchases and/or acquisitions, which has the potential to lead to a triple in the stock over the next five years.



Check out Ron Baron latest stock trades

Baron Funds Comments on Aspen Technology - Nov 10, 2015

Aspen Technology, Inc. (NASDAQ:AZPN) is the leading process tools provider for the engineering and construction, chemicals and energy markets. Its software improves competitiveness and profitability by increasing throughput and productivity, reducing operating costs and enhancing capital efficiency. We believe the company has substantial room to grow through new products, further customer penetration, a new product upgrade cycle and continued market share gains. The return on investment that the company’s customers realize from efficiency gains provides us with further confidence to invest with Aspen. We initiated a position in Aspen Technology in the quarter.



From the Baron Opportunity Fund third quarter 2015 letter.



Check out Ron Baron latest stock trades

Ratios

vs
industry
vs
history
PE Ratio 30.06
AZPN's PE Ratio is ranked lower than
58% of the 1246 Companies
in the Global Software - Application industry.

( Industry Median: 26.61 vs. AZPN: 30.06 )
Ranked among companies with meaningful PE Ratio only.
AZPN' s PE Ratio Range Over the Past 10 Years
Min: 8.75  Med: 38.94 Max: 1349.5
Current: 30.06
8.75
1349.5
Forward PE Ratio 32.89
AZPN's Forward PE Ratio is ranked lower than
62% of the 278 Companies
in the Global Software - Application industry.

( Industry Median: 23.70 vs. AZPN: 32.89 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 30.06
AZPN's PE Ratio without NRI is ranked lower than
57% of the 1238 Companies
in the Global Software - Application industry.

( Industry Median: 26.89 vs. AZPN: 30.06 )
Ranked among companies with meaningful PE Ratio without NRI only.
AZPN' s PE Ratio without NRI Range Over the Past 10 Years
Min: 8.75  Med: 38.94 Max: 1349.5
Current: 30.06
8.75
1349.5
Price-to-Owner-Earnings 29.91
AZPN's Price-to-Owner-Earnings is ranked lower than
60% of the 727 Companies
in the Global Software - Application industry.

( Industry Median: 25.49 vs. AZPN: 29.91 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
AZPN' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 11.64  Med: 25.98 Max: 378.21
Current: 29.91
11.64
378.21
PS Ratio 10.09
AZPN's PS Ratio is ranked lower than
86% of the 1786 Companies
in the Global Software - Application industry.

( Industry Median: 2.47 vs. AZPN: 10.09 )
Ranked among companies with meaningful PS Ratio only.
AZPN' s PS Ratio Range Over the Past 10 Years
Min: 1.64  Med: 7.5 Max: 12.86
Current: 10.09
1.64
12.86
Price-to-Free-Cash-Flow 27.02
AZPN's Price-to-Free-Cash-Flow is ranked lower than
57% of the 662 Companies
in the Global Software - Application industry.

( Industry Median: 25.12 vs. AZPN: 27.02 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
AZPN' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 9.78  Med: 22.66 Max: 83.39
Current: 27.02
9.78
83.39
Price-to-Operating-Cash-Flow 26.58
AZPN's Price-to-Operating-Cash-Flow is ranked lower than
71% of the 829 Companies
in the Global Software - Application industry.

( Industry Median: 18.90 vs. AZPN: 26.58 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
AZPN' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 8.62  Med: 21.38 Max: 56.63
Current: 26.58
8.62
56.63
EV-to-EBIT 21.84
AZPN's EV-to-EBIT is ranked lower than
51% of the 1265 Companies
in the Global Software - Application industry.

( Industry Median: 18.76 vs. AZPN: 21.84 )
Ranked among companies with meaningful EV-to-EBIT only.
AZPN' s EV-to-EBIT Range Over the Past 10 Years
Min: -194.3  Med: 17.7 Max: 170.1
Current: 21.84
-194.3
170.1
EV-to-EBITDA 21.22
AZPN's EV-to-EBITDA is ranked lower than
59% of the 1363 Companies
in the Global Software - Application industry.

( Industry Median: 14.91 vs. AZPN: 21.22 )
Ranked among companies with meaningful EV-to-EBITDA only.
AZPN' s EV-to-EBITDA Range Over the Past 10 Years
Min: -375.1  Med: 15.85 Max: 124.7
Current: 21.22
-375.1
124.7
EV-to-Revenue 9.68
AZPN's EV-to-Revenue is ranked lower than
83% of the 1843 Companies
in the Global Software - Application industry.

( Industry Median: 2.48 vs. AZPN: 9.68 )
Ranked among companies with meaningful EV-to-Revenue only.
AZPN' s EV-to-Revenue Range Over the Past 10 Years
Min: 1.4  Med: 7 Max: 12.1
Current: 9.68
1.4
12.1
Shiller PE Ratio 101.41
AZPN's Shiller PE Ratio is ranked lower than
85% of the 320 Companies
in the Global Software - Application industry.

( Industry Median: 38.11 vs. AZPN: 101.41 )
Ranked among companies with meaningful Shiller PE Ratio only.
AZPN' s Shiller PE Ratio Range Over the Past 10 Years
Min: 85.58  Med: 104.16 Max: 4169
Current: 101.41
85.58
4169
Current Ratio 0.31
AZPN's Current Ratio is ranked lower than
96% of the 1873 Companies
in the Global Software - Application industry.

( Industry Median: 1.97 vs. AZPN: 0.31 )
Ranked among companies with meaningful Current Ratio only.
AZPN' s Current Ratio Range Over the Past 10 Years
Min: 0.31  Med: 1.4 Max: 3.65
Current: 0.31
0.31
3.65
Quick Ratio 0.31
AZPN's Quick Ratio is ranked lower than
95% of the 1873 Companies
in the Global Software - Application industry.

( Industry Median: 1.85 vs. AZPN: 0.31 )
Ranked among companies with meaningful Quick Ratio only.
AZPN' s Quick Ratio Range Over the Past 10 Years
Min: 0.31  Med: 1.4 Max: 3.65
Current: 0.31
0.31
3.65
Days Sales Outstanding 20.91
AZPN's Days Sales Outstanding is ranked higher than
89% of the 1484 Companies
in the Global Software - Application industry.

( Industry Median: 66.73 vs. AZPN: 20.91 )
Ranked among companies with meaningful Days Sales Outstanding only.
AZPN' s Days Sales Outstanding Range Over the Past 10 Years
Min: 15.82  Med: 45.29 Max: 183.15
Current: 20.91
15.82
183.15
Days Payable 42.04
AZPN's Days Payable is ranked lower than
60% of the 1335 Companies
in the Global Software - Application industry.

( Industry Median: 44.68 vs. AZPN: 42.04 )
Ranked among companies with meaningful Days Payable only.
AZPN' s Days Payable Range Over the Past 10 Years
Min: 2.85  Med: 25.72 Max: 42.04
Current: 42.04
2.85
42.04

Buy Back

vs
industry
vs
history
3-Year Average Share Buyback Ratio 7.10
AZPN's 3-Year Average Share Buyback Ratio is ranked higher than
97% of the 1200 Companies
in the Global Software - Application industry.

( Industry Median: -2.40 vs. AZPN: 7.10 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
AZPN' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -29.5  Med: -8.35 Max: 7.1
Current: 7.1
-29.5
7.1

Valuation & Return

vs
industry
vs
history
Price-to-Intrinsic-Value-Projected-FCF 2.35
AZPN's Price-to-Intrinsic-Value-Projected-FCF is ranked lower than
55% of the 862 Companies
in the Global Software - Application industry.

( Industry Median: 2.01 vs. AZPN: 2.35 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
AZPN' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 1.59  Med: 3.51 Max: 36.44
Current: 2.35
1.59
36.44
Price-to-Median-PS-Value 1.35
AZPN's Price-to-Median-PS-Value is ranked lower than
56% of the 1679 Companies
in the Global Software - Application industry.

( Industry Median: 1.14 vs. AZPN: 1.35 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
AZPN' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.07  Med: 0.56 Max: 1.48
Current: 1.35
0.07
1.48
Earnings Yield (Greenblatt) % 4.64
AZPN's Earnings Yield (Greenblatt) % is ranked higher than
67% of the 1927 Companies
in the Global Software - Application industry.

( Industry Median: 2.41 vs. AZPN: 4.64 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) % only.
AZPN' s Earnings Yield (Greenblatt) % Range Over the Past 10 Years
Min: -11.1  Med: 4.35 Max: 14.8
Current: 4.64
-11.1
14.8

More Statistics

Revenue (TTM) (Mil) $482.94
EPS (TTM) $ 2.11
Beta1.41
Short Percentage of Float4.63%
52-Week Range $45.17 - 64.87
Shares Outstanding (Mil)73.10

Analyst Estimate

Jun18 Jun19
Revenue (Mil $) 494 519
EPS ($) 1.96 2.10
EPS without NRI ($) 1.96 2.10
EPS Growth Rate
(Future 3Y To 5Y Estimate)
20.00%
Dividends per Share ($)

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