Forensic Analysis · General / Diversified · as of Jun 27, 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.

D · Weak — demands caution

Forensic grade

Safe

Financial health

3.4

Altman Z-score

Watch

Earnings quality

Forensic signals

-117.2%

ROE

$777M

Market cap

ASP Isotopes Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 3.4, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by receivables vs revenue.

What the filings flag

274d DSOReceivables vs revenue. Days sales outstanding moved from 62 to 274 days FY2024→FY2025 (receivables +2429% vs revenue +476%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections.

20dInventory 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.

-25%Return on invested capital. Return on invested capital is -25% and rising from -38% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

+75.5%/yrShare-count dilution. Diluted share count changed +151% over the last 2 years to FY2025 (+75.5%/yr). The count is GROWING — existing holders are being diluted. That's ~75.5% 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 ~151%.

stoppedShareholder 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; understand why before reading it as neutral.

67% of revStock-based comp load. Stock-based compensation ran 67% of revenue in FY2025 — about $0.19 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.

Key fundamentals

Net Margin-670.2%

Debt / Equity0.07x

Free Cash Flow$-47.4M

Latest Revenue$23.8M

Return on Equity-78.3%

Revenue Growth YoY+475.5%

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Data from SEC EDGAR public filings · metrics as of Jun 27, 2026. Forensic signals flag probability, not certainty.