Forensic Analysis · Materials / Mining & Chemicals · as of Sep 26, 2026
Asp Isotopes Inc. (ASPI)
A forensic read on Asp Isotopes Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Safe
Financial health
4.6
Distress distance
Watch
Earnings quality
6
Forensic signals
-2.3
P / E (ttm)
-78.3%
ROE
$461M
Market cap
0.00%
Dividend yield
475.5%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Asp Isotopes Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 4.6, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
20d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 9 to 20 FY2024→FY2025 (against cost of goods sold; inventory +1564% vs +703% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead. There's no FY2023 figure on file for inventory, so FY2024 has no opening balance to average against — both figures are measured on period-end balances rather than the beginning-plus-ending average, since averaging only the current year would make the move track balance-sheet growth rather than the business.
-24.6%
FY2025
Return on invested capital.Return on invested capital is -24.6% in the latest fiscal year, against -58.0% in FY2023, having run between -79.1% and -24.6% across FY2023–FY2025 with no direction held. After-tax operating profit was ($13M) in FY2023 and ($47M) in FY2025, with operating income at -3704.6% of revenue in FY2023, -636.0% in FY2024 and -251.2% in FY2025. The capital base behind it cannot be compared across FY2023–FY2025: cash and short-term debt are tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged. $48M of the $193M base at FY2025 is short-term investments (24.8%) — securities held beside cash, which the base keeps because only cash is subtracted from it; they earn the balance sheet's yield, which is not in the operating profit above, so the loss on the operating capital is larger than this rate shows.
+58.4%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +151% over the last 2 years to FY2025 (+58.4%/yr). The count is growing — 33.1M shares in FY2023, 83.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~58.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2023 has been diluted ~60%.
Key fundamentals
Latest Revenue$23.8M
Revenue Growth YoY+475.5%
Revenue CAGR (2yr)+641.1%
Net Margin-670.2%
Free Cash Flow-$47.4M
Return on Equity-78.3%
Debt / Equity0.07x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Asp Isotopes Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 26, 2026. Forensic signals flag probability, not certainty.
stopped
FY2024→FY2025
Shareholder returns — halted.Capital returns have STOPPED — $3M of buybacks + dividends in FY2024, but ~$0 in FY2025. A halt usually means the company is conserving cash.
274d DSO
FY2024→FY2025
Receivables vs revenue.Days sales outstanding moved from 62 to 274 days FY2024→FY2025 (receivables +2429% vs revenue +476%). Receivables are creeping up relative to sales. Across FY2023–FY2025 the day count ran 183 → 62 → 274 days, so the latest reading sits on top of a record that was flat or falling before it — one year's move, not a direction the business has been travelling in. Deferred revenue was roughly flat (0%) over the same period, which doesn't corroborate a benign upfront-billing explanation for the receivables build. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2024's opening balance is on file, but across the 3 fiscal years read here (FY2023–FY2025) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
67% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 67% of revenue in FY2025 — about $0.19 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 58.4% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
Asp Isotopes Inc. (ASPI) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy