Latest Ratios: P/E Ratio -2.4x · EV/EBITDA N/A · ROE -111.5%. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $420M | $444M | $252M | $59M | $57M | — |
| Enterprise Value | $351M | $375M | $228M | $53M | $55M | — |
| P/E Ratio → | -2.40 | — | — | — | — | — |
| P/S Ratio | 17.63 | 18.62 | 60.86 | 136.69 | — | — |
| P/B Ratio | 1.60 | 1.69 | 4.93 | 3.14 | 5.78 | — |
| P/FCF | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 15.70 | 55.03 | 123.37 | — | — |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 14.3% | 14.3% | 38.6% | 32.1% | — | — |
| Operating Margin | -239.8% | -239.8% | -636.0% | -3704.6% | — | — |
| Net Profit Margin | -734.2% | -734.2% | -780.3% | -3761.0% | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | -111.5% | -111.5% | -92.4% | -113.7% | -62.5% | -43.5% |
| ROA | -57.7% | -57.7% | -51.9% | -76.3% | -50.4% | -36.5% |
| ROIC | -38.9% | -38.9% | -98.6% | -112.9% | -62.6% | — |
| ROCE | -20.2% | -20.2% | -47.1% | -91.5% | -58.6% | -38.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | 0.82 | 0.82 | 0.74 | 0.11 | 0.08 | 0.15 |
| Debt / EBITDA | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.26 | -0.47 | -0.31 | -0.16 | -0.34 |
| Net Debt / EBITDA | — | — | — | — | — | — |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | -276.50 | -276.50 | -123.82 | -136.50 | — | — |
Net cash position: cash ($286M) exceeds total debt ($216M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 12.18 | 12.18 | 9.31 | 1.85 | 1.71 | 10.62 |
| Quick Ratio | 11.92 | 11.92 | 9.31 | 1.85 | 1.71 | 10.62 |
| Cash Ratio | 10.19 | 10.19 | 8.77 | 1.39 | 1.23 | 9.74 |
| Asset Turnover | — | 0.05 | 0.04 | 0.01 | — | — |
| Inventory Turnover | 2.41 | 2.41 | 38.76 | — | — | — |
| Days Sales Outstanding | — | 791.40 | 64.69 | 790.69 | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 100.0% | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | — |
| Total Shareholder Yield | 0.0% | 0.0% | 100.0% | 0.0% | 0.0% | — |
| Shares Outstanding | — | $83M | $56M | $33M | $36M | $34M |
Commercialization and Scale-up Execution
As reported in financial statements, ASPI trades at a price-to-sales multiple of 21.50, a valuation that appears to price in significant future market share gains rather than current operational output, reflecting investor optimism regarding the company's potential to disrupt the established nuclear enrichment supply chain.
The elevated P/S ratio suggests that the market is valuing ASPI as a high-growth technology venture rather than a traditional industrial chemical firm. This valuation implies that investors expect the proprietary ASP technology to achieve rapid commercial adoption, though the lack of a forward P/E or PEG ratio highlights the absence of near-term earnings visibility.
Based on reported figures, ASPI's ROIC has remained consistently negative, reaching -6.8% in 2026Q1, which underscores the significant challenge of generating positive returns while the company is still in the heavy infrastructure build-out phase of its proprietary isotope separation facilities.
The persistent decay in ROIC suggests that the company's massive capital investments have yet to translate into productive, margin-accretive assets. Until the ASP technology reaches industrial-scale throughput, these returns will likely remain suppressed, reflecting the high cost of maintaining specialized engineering talent and enrichment hardware.
According to recent quarterly data, ASPI's cash conversion cycle has been highly volatile, peaking at 968 days in 2025Q2, which indicates significant friction in managing inventory and receivables as the company attempts to transition from R&D-led milestones to a more consistent commercial supply model.
The extremely high DSO and CCC figures suggest that the company is struggling to convert its specialized isotope production into timely cash inflows. This inefficiency warrants further investigation, as it may imply that customers are delaying payments or that the production process is not yet optimized for rapid delivery.
As indicated by the company's financial statements, the current ratio of 4.39 in 2026Q1 provides a substantial liquidity buffer, which appears sufficient to sustain the firm's ongoing operational burn while it navigates the critical regulatory and commissioning hurdles required for full-scale commercial isotope production.
The strong liquidity position is a vital safeguard for a pre-commercial entity, effectively de-risking the company's near-term survival despite its heavy cash burn. However, investors should monitor whether this cash is deployed efficiently into revenue-generating assets or if it is merely being consumed by rising overhead costs.
Based on an analysis of the company's business model, the price-to-sales ratio is a misleading metric for ASPI, as it fails to account for the lumpy, non-recurring nature of current revenue streams that are often tied to one-time engineering services rather than steady-state isotope production.
Using P/S to value ASPI obscures the underlying operational volatility and the high fixed-cost burden of the business. A more appropriate metric would be an assessment of the 'Separative Work Unit' (SWU) cost efficiency or the backlog of binding offtake agreements, which would better reflect the company's true commercial progress.
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Quick answers to the most common questions about buying ASPI stock.
ASP Isotopes Inc. Common Stock's current P/E ratio is -2.4x. This places it at the 50th percentile of its historical range.
ASP Isotopes Inc. Common Stock's return on equity (ROE) is -111.5%. The historical average is -84.7%.
Based on historical data, ASP Isotopes Inc. Common Stock is trading at a P/E of -2.4x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
ASP Isotopes Inc. Common Stock has 14.3% gross margin and -239.8% operating margin.