Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
The zones of discrimination for M-Score is as such:
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Warning Sign:
Beneish M-Score 1.32 higher than -1.78, which implies that the company might have manipulated its financial results.
The historical rank and industry rank for Aspen Aerogels's Beneish M-Score or its related term are showing as below:
ASPN'
s Beneish M-Score Range Over the Past 10 Years
Min: -9.55 Med: -2.78 Max: 2.4
Current: 1.32
During the past 13 years, the highest Beneish M-Score of Aspen Aerogels was 2.40. The lowest was -9.55. And the median was -2.78.
The historical data trend for Aspen Aerogels's Beneish M-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
ASPN vs AIRJ, PPIH, JLHL: Beneish M-Score Comparison
For the Specialty Chemicals subindustry, Aspen Aerogels's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Aspen Aerogels Beneish M-Score vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Aspen Aerogels's Beneish M-Score distribution charts can be found below:
* The bar in red indicates where Aspen Aerogels's Beneish M-Score falls into.
The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.
The M-Score Variables:
The M-score of Aspen Aerogels for today is based on a combination of the following eight different indices:
M
=
-4.84
+
0.92 * DSRI
+
0.528 * GMI
+
0.404 * AQI
+
0.892 * SGI
+
0.115 * DEPI
=
-4.84
+
0.92 * 1.0393
+
0.528 * 13.5721
+
0.404 * 1.5138
+
0.892 * 0.5088
+
0.115 * 0.4088
-
0.172 * SGAI
+
4.679 * TATA
-
0.327 * LVGI
-
0.172 * 1.7048
+
4.679 * -0.512543
-
0.327 * 1.1781
=
1.32
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.
DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.
DEPI
=
(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1))
/
(Depreciation_t / (Depreciaton_t + PPE_t))
=
(22.343 / (22.343 + 180.216))
/
(38.95 / (38.95 + 105.419))
=
0.110304
/
0.269795
=
0.4088
Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.
6. SGAI = Sales, General and Administrative expenses Index
Total accruals calculated as the change in working capital accounts other than cash less depreciation.
TATA
=
(IncomefromContinuingOperations_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(NetIncome_t - NonOperatingIncome_t
-
CashFlowsfromOperations_t)
/
TotalAssets_t
=
(-126.202 - -24.266
-
99.46)
/
392.935
=
-0.512543
An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.
Aspen Aerogels has a M-score of 1.32 signals that the company is likely to be a manipulator.
Aspen Aerogels (ASPN) has a Beneish M-Score of 1.32 as of Aug. 09, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aspen Aerogels and its competitors. According to the industry distribution chart, Aspen Aerogels ranks #1425 out of 1528 companies in the Chemicals industry, placing it in the top 93.3%.
Is Aspen Aerogels' Beneish M-Score too high?
Aspen Aerogels' current Beneish M-Score is 1.32. Based on the distribution chart, Aspen Aerogels ranks #1425 out of 1528 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Aspen Aerogels has a GF Score™ of 67/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Aspen Aerogels' Beneish M-Score compare to AIRJ and PPIH?
According to the Chemicals industry distribution chart, Aspen Aerogels ranks #1425 out of 1528 companies for Beneish M-Score. This places Aspen Aerogels in the lower half of its industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for a Chemicals company?
A good Beneish M-Score depends on the Chemicals industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on Aspen Aerogels and its competitors. Aspen Aerogels's current Beneish M-Score is 1.32. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Aspen Aerogels stock overvalued right now?
Based on GuruFocus' analysis, Aspen Aerogels (ASPN) is currently considered Modestly Overvalued. The stock's GF Value™ is $4.92, compared to a current price of $6.25 — trading 27% above its estimated fair value. The current Beneish M-Score is 1.32. Aspen Aerogels' overall GF Score™ is 67/100 with 7 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For Aspen Aerogels (ASPN), the current Beneish M-Score is 1.32 as of Aug. 09, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Aspen Aerogels (ASPN) Overvalued in 2026?
Based on GuruFocus' analysis, Aspen Aerogels stock appears to be overvalued.
The current stock price of $6.25 is trading 27% above its estimated GF Value™ of $4.92.
GuruFocus considers Aspen Aerogels to be Modestly Overvalued.
Key valuation signals for ASPN:
Beneish M-Score: 1.32
GF Value™: $4.92 vs. price of $6.25 (27% above fair value)
No single metric tells the full story. See the ASPN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
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 Thermal Barrier segment and the United States market. Some of its products include Pyrogel XTE, Cryogel Z, Spaceloft Subsea, and others.
67GF Score
Get the complete analysis for ASPN
Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
ASPN has been successfully added to your 
