ASP Isotopes Inc. (NASDAQ: ASPI)

Sector: Basic Materials Industry: Chemicals CIK: 0001921865
Market Cap 397.16 Mn
P/B 5.36
P/E -3.76
P/S 47.37
ROIC (Qtr) -27.19
Div Yield % 0.00
Rev 1y % (Qtr) 349.53
Total Debt (Qtr) 113.66 Mn
Debt/Equity (Qtr) 1.53
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About

ASP Isotopes Inc. (ASPI) is a development stage advanced materials company that operates in the industry of technology and processes for isotope enrichment. The company's main business activities involve the development of proprietary technology, the Aerodynamic Separation Process (ASP technology), which enables the enrichment of natural isotopes into higher concentration products. This technology was originally developed by Klydon Proprietary Ltd and has been further developed by ASP Isotopes Inc. over the past 18 years. The company operates through...

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Investment thesis

Bull case

  • Healthy cash reserves of 113.94M provide 8.74x coverage of short-term debt 13.04M, demonstrating strong liquidity position and minimal refinancing risk.
  • Operating cash flow of (23.69M) provides exceptional 140.29x coverage of minority interest expenses (168853), showing strong core operations.
  • Tangible assets of 217.85M provide exceptional 247x coverage of deferred revenue 882000, showing strong service capability backing.
  • Operating cash flow of (23.69M) fully covers other non-current liabilities (539840) by 43.88x, showing strong long-term stability.
  • Cash reserves of 113.94M provide ample 17.15x coverage of acquisition spending 6.64M, enabling strategic growth opportunities.

Bear case

  • Operating cash flow of (23.69M) barely covers its investment activities of (38.63M), with a coverage ratio of 0.61, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Investment activities of (38.63M) provide weak support for R&D spending of 6.92M, which is -5.58x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Operating cash flow of (23.69M) provides insufficient coverage of deferred revenue obligations of 882000, which is -26.86x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of (23.69M) shows concerning coverage of stock compensation expenses of 13.06M, with a -1.81 ratio indicating potential earnings quality issues.
  • High receivables of 17.44M relative to inventory of 1.37M (12.72 ratio) suggests aggressive credit terms or collection difficulties, potentially masking revenue quality issues.

Peer comparison

Companies in the Chemicals
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 DOW Dow Inc. 22.27 Bn -8.49 0.56 19.60 Bn
2 CE Celanese Corp 6.07 Bn 3.05 0.57 13.13 Bn
3 MEOH Methanex Corp 4.41 Bn 45.97 2.24 3.64 Bn
4 OLN OLIN Corp 3.95 Bn 50.79 0.65 3.30 Bn
5 HUN Huntsman CORP 2.92 Bn 8.95 0.39 2.40 Bn
6 REX REX AMERICAN RESOURCES Corp 1.12 Bn 22.21 1.72 0.02 Bn
7 TROX Tronox Holdings plc 1.06 Bn -9.74 0.40 3.46 Bn
8 GPRE Green Plains Inc. 0.89 Bn -7.32 0.42 0.57 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.91 0.76
EV to Cash from Ops. EV/CFO -18.20 10.63
EV to Debt EV to Debt 3.79 4.16
EV to EBIT EV/EBIT -4.11 -392.22
EV to EBITDA EV/EBITDA -10.39 11.31
EV to Free Cash Flow [EV/FCF] EV/FCF -12.69 18.26
EV to Market Cap EV to Market Cap 1.09 1.76
EV to Revenue EV/Rev 51.43 4.23
Price to Book Value [P/B] P/B 5.36 1.69
Price to Earnings [P/E] P/E -3.76 -53.47
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 -12.67
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 17.68
Dividend per Basic Share Div per Share (Qtr) 0.00 0.50
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 1,007.72
Interest Coverage Int. cover (Qtr) -262.25 -82.93
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) -8.24 22.09
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 120.94 4.03
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 -8.48
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -289.17 -121.97
EBITDA Growth (1y) % EBITDA 1y % (Qtr) -86.44 -25.84
EBIT Growth (1y) % EBIT 1y % (Qtr) -287.55 -147.36
EBT Growth (1y) % EBT 1y % (Qtr) -284.87 -143.26
EPS Growth (1y) % EPS 1y % (Qtr) -134.43 -108.77
FCF Growth (1y) % FCF 1y % (Qtr) -38.71 -91.55
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 70.18 0.31
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.04 0.63
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.07
Cash Ratio Cash Ratio (Qtr) 4.02 1.02
Current Ratio Curr Ratio (Qtr) 6.15 2.84
Debt to Equity Ratio Debt/Equity (Qtr) 1.53 1.19
Interest Cover Ratio Int Coverage (Qtr) -262.25 -82.93
Times Interest Earned Times Interest Earned (Qtr) -262.25 -82.93
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -1,239.30 -96.08
EBIT Margin % EBIT Margin % (Qtr) -1,251.44 -110.82
EBT Margin % EBT Margin % (Qtr) -1,256.21 -114.07
Gross Margin % Gross Margin % (Qtr) 23.00 10.84
Net Profit Margin % Net Margin % (Qtr) -1,259.20 -117.97