Ascent Solar Technologies, Inc. (NASDAQ: ASTI)

Sector: Technology Industry: Solar CIK: 0001350102
Market Cap 15.45 Mn
P/B 5.83
P/E -2.13
P/S 252.65
ROIC (Qtr) -153.18
Div Yield % 0.00
Rev 1y % (Qtr) 233.91
Total Debt (Qtr) 1.62 Mn
Debt/Equity (Qtr) 0.61
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About

Ascent Solar Technologies, Inc. (ASTI) operates in the renewable energy industry, specifically focusing on the production and sale of photovoltaic (PV) solar modules. These modules are known for their flexibility, durability, and impressive power-to-weight and power-to-area performance. Unlike traditional rigid solar panels, ASTI's products are designed for use in niche markets where weight sensitivity is a critical factor, such as satellites, spacecraft, aerospace, agrivoltaics, and certain manufacturing/construction sectors. The company's primary...

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Investment thesis

Bull case

  • Healthy cash reserves of 2.09M provide 3.22x coverage of short-term debt 650872, demonstrating strong liquidity position and minimal refinancing risk.
  • Strong tangible asset base of 5.76M provides 3.56x coverage of total debt 1.62M, indicating robust asset backing and low credit risk.
  • Robust tangible asset base of 5.76M provides 11.43x coverage of working capital 504071, indicating strong operational backing.
  • Tangible assets of 5.76M provide robust 5.30x coverage of other current liabilities 1.09M, indicating strong asset backing.
  • Strong cash position of 2.09M provides 1.93x coverage of other current liabilities 1.09M, indicating excellent liquidity.

Bear case

  • Investment activities of (107015) provide weak support for R&D spending of 2.39M, which is -0.04x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • The company's operating cash flow of (6.62M) shows concerning coverage of stock compensation expenses of 1.09M, with a -6.10 ratio indicating potential earnings quality issues.
  • Free cash flow of (6.66M) provides weak coverage of capital expenditures of 32436, with a -205.20 ratio suggesting additional external financing needs for growth initiatives.
  • Operating earnings of (7.12M) show weak coverage of depreciation charges of 606236, with a -11.74 ratio indicating high capital intensity and potential reinvestment needs.
  • Retained earnings of (497.37M) provide limited buffer against comprehensive income items of 12749, which is -39012.47x, indicating elevated exposure to market risks.

Product and Service Breakdown of Revenue (2024)

Product and Service Breakdown of Revenue (2024)

Peer comparison

Companies in the Solar
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 FSLR First Solar, Inc. 24.22 Bn 17.30 4.80 0.55 Bn
2 NXT Nextpower Inc. 18.09 Bn 30.50 5.02 0.00 Bn
3 ENPH Enphase Energy, Inc. 6.00 Bn 34.84 4.07 1.20 Bn
4 RUN Sunrun Inc. 4.28 Bn -1.73 1.85 14.69 Bn
5 SEDG Solaredge Technologies, Inc. 2.16 Bn -3.68 2.12 0.40 Bn
6 SHLS Shoals Technologies Group, Inc. 1.87 Bn 56.32 4.32 0.17 Bn
7 ARRY Array Technologies, Inc. 1.73 Bn -18.82 1.30 0.68 Bn
8 JKS JinkoSolar Holding Co., Ltd. 1.37 Bn -2.86 0.14 6.93 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 2.47 1.41
EV to Cash from Ops. EV/CFO -2.15 3.45
EV to Debt EV to Debt 8.82 6.34
EV to EBIT EV/EBIT -2.00 22.16
EV to EBITDA EV/EBITDA -2.15 5.58
EV to Free Cash Flow [EV/FCF] EV/FCF -2.14 9.74
EV to Market Cap EV to Market Cap 0.92 2.40
EV to Revenue EV/Rev 233.15 312.86
Price to Book Value [P/B] P/B 5.83 0.12
Price to Earnings [P/E] P/E -2.13 -3.59
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) -217.73 -9.53
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 0.00
Dividend per Basic Share Div per Share (Qtr) 0.00 0.00
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 0.00
Interest Coverage Int. cover (Qtr) -70.49 -54.67
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 99.16 -54.29
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -43.73 50.84
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 0.00
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 41.56 3.75
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 42.90 -309.44
EBIT Growth (1y) % EBIT 1y % (Qtr) 41.56 -42.85
EBT Growth (1y) % EBT 1y % (Qtr) 43.78 -48.74
EPS Growth (1y) % EPS 1y % (Qtr) -100.09 -74.61
FCF Growth (1y) % FCF 1y % (Qtr) 48.65 4.39
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 53.46 701.13
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.01 0.65
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.00
Cash Ratio Cash Ratio (Qtr) 0.97 0.39
Current Ratio Curr Ratio (Qtr) 1.23 1.43
Debt to Equity Ratio Debt/Equity (Qtr) 0.61 0.31
Interest Cover Ratio Int Coverage (Qtr) -70.49 -54.67
Times Interest Earned Times Interest Earned (Qtr) -70.49 -54.67
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -10,648.70 -907.38
EBIT Margin % EBIT Margin % (Qtr) -11,640.37 -994.26
EBT Margin % EBT Margin % (Qtr) -11,805.49 -1,508.47
Gross Margin % Gross Margin % (Qtr) -132.90 10.82
Net Profit Margin % Net Margin % (Qtr) -11,860.00 -1,462.08