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Aspen Aerogels (Aspen Aerogels) Beneish M-Score : -2.84 (As of Apr. 24, 2024)


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What is Aspen Aerogels Beneish M-Score?

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.

Good Sign:

Beneish M-Score -2.84 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

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: -4.84   Med: -2.99   Max: 0.95
Current: -2.84

During the past 13 years, the highest Beneish M-Score of Aspen Aerogels was 0.95. The lowest was -4.84. And the median was -2.99.


Aspen Aerogels Beneish M-Score Historical Data

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.

* Premium members only.

Aspen Aerogels Beneish M-Score Chart

Aspen Aerogels Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Beneish M-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only -3.09 -3.33 0.95 -0.08 -2.84

Aspen Aerogels Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Beneish M-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -0.08 -1.76 -2.43 -2.43 -2.84

Competitive Comparison of Aspen Aerogels's Beneish M-Score

For the Building Products & Equipment 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's Beneish M-Score Distribution in the Construction Industry

For the Construction industry and Industrials 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.



Aspen Aerogels Beneish M-Score Calculation

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 * 0.9221+0.528 * 0.1157+0.404 * 0.828+0.892 * 1.3235+0.115 * 0.9656
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1.0079+4.679 * -0.00766-0.327 * 1.004
=-2.84

* 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.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Total Receivables was $70.0 Mil.
Revenue was 84.219 + 60.755 + 48.158 + 45.586 = $238.7 Mil.
Gross Profit was 29.618 + 13.81 + 8.407 + 5.086 = $56.9 Mil.
Total Current Assets was $266.3 Mil.
Total Assets was $703.0 Mil.
Property, Plant and Equipment(Net PPE) was $434.4 Mil.
Depreciation, Depletion and Amortization(DDA) was $15.3 Mil.
Selling, General, & Admin. Expense(SGA) was $89.8 Mil.
Total Current Liabilities was $78.1 Mil.
Long-Term Debt & Capital Lease Obligation was $136.9 Mil.
Net Income was -0.519 + -13.073 + -15.423 + -16.796 = $-45.8 Mil.
Non Operating Income was 0 + 2.186 + 0 + 0 = $2.2 Mil.
Cash Flow from Operations was -2.779 + -7.502 + -7.68 + -24.651 = $-42.6 Mil.
Total Receivables was $57.4 Mil.
Revenue was 59.611 + 36.706 + 45.64 + 38.407 = $180.4 Mil.
Gross Profit was 14.334 + -6.359 + -1.211 + -1.788 = $5.0 Mil.
Total Current Assets was $369.7 Mil.
Total Assets was $643.4 Mil.
Property, Plant and Equipment(Net PPE) was $271.2 Mil.
Depreciation, Depletion and Amortization(DDA) was $9.2 Mil.
Selling, General, & Admin. Expense(SGA) was $67.3 Mil.
Total Current Liabilities was $78.9 Mil.
Long-Term Debt & Capital Lease Obligation was $117.0 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(69.995 / 238.718) / (57.35 / 180.364)
=0.293212 / 0.317968
=0.9221

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(4.976 / 180.364) / (56.921 / 238.718)
=0.027589 / 0.238445
=0.1157

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (266.331 + 434.439) / 703.048) / (1 - (369.685 + 271.213) / 643.416)
=0.00324 / 0.003913
=0.828

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

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.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=238.718 / 180.364
=1.3235

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

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))
=(9.222 / (9.222 + 271.213)) / (15.318 / (15.318 + 434.439))
=0.032885 / 0.034058
=0.9656

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

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(89.768 / 238.718) / (67.291 / 180.364)
=0.376042 / 0.373084
=1.0079

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((136.898 + 78.095) / 703.048) / ((117.036 + 78.945) / 643.416)
=0.305801 / 0.304595
=1.004

8. TATA = Total Accruals to Total Assets

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
=(-45.811 - 2.186 - -42.612) / 703.048
=-0.00766

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 -2.84 suggests that the company is unlikely to be a manipulator.


Aspen Aerogels Beneish M-Score Related Terms

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Aspen Aerogels (Aspen Aerogels) Business Description

Traded in Other Exchanges
N/A
Address
30 Forbes Road, Building B, Northborough, MA, USA, 01532
Aspen Aerogels Inc is an aerogel technology company that designs, develops and manufactures high-performance aerogel insulation used in the energy infrastructure, building materials and electric vehicle 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 Energy Industrial and Thermal Barrier. Geographically, it operates in the U.S. and also has a presence in other International countries. Some of its products include Pyrogel XTE; Cryogel Z; and others.
Executives
Gregg Landes officer: VP, Innovation & Strategic Dev C/O ASPEN AEROGELS, INC., 30 FORBES ROAD, BUILDING B, NORTHBOROUGH MA 01532
Keith L Schilling officer: Sr. Vice President, Technology 24955 INTERSTATE 45 NORTH, THE WOODLANDS TX 77380
Santhosh P Daniel officer: Chief Accounting Officer C/O SYMBOTIC INC., 200 RESEARCH DRIVE, WILMINGTON MA 01887
Steven R Mitchell director C/O ASPEN AEROGELS, INC., 30 FORBES ROAD, BUILDING B, NORTHBOROUGH MA 01532
Stephanie Pittman officer: Chief Human Resources Officer C/O ASPEN AEROGELS, INC., 30 FORBES RD., BUILDING B, NORTHBOROUGH MA 01532
Mark L Noetzel director 1000 ABERNATHY ROAD N.E., SUITE 1200, ATLANTA GA 30328
Donald R Young director, officer: President and CEO C/O ASPEN AEROGELS, INC., 30 FORBES ROAD, BUILDING B, NORTHBOROUGH MA 01532
James E Sweetnam director DANA HOLDING CORPORATION, 3939 TECHNOLOGY DRIVE, MAUMEE OH 43537
Wood River Capital, Llc 10 percent owner 4111 E. 37TH STREET N, WICHITA KS 67220
Kathleen Kool director 8500 SW CREEKSIDE PLACE, BEAVERTON OR 97008
Virginia Johnson officer: CLO, GC and Secretary 30 FORBES ROAD, BUILDING B, NORTHBOROUGH MA 01532
Ricardo C. Rodriguez officer: SVP, CFO & Treasurer C/O ASPEN AEROGELS, INC., 30 FORBES ROAD, BUILDING B, NORTHBOROUGH MA 01532
Koch Industries Inc 10 percent owner 4111 EAST 37TH STREET NORTH, WICHITA KS 67220
Robert M. Gervis director 1000 ABERNATHY ROAD N.E., SUITE 1200, ATLANTA GA 30328
Kelley Conte officer: Vice President,Human Resources C/O ASPEN AEROGELS, INC., 30 FORBES ROAD, BUILDING B, NORTHBOROUGH MA 01532