ASP Isotopes Inc. Common Stock

ASPI

Basic MaterialsChemicalsNASDAQ

$6.32

Market Cap: $525.18M

ASP Isotopes Inc. Common Stock (ASPI) Valuation Summary

Updated Apr 28, 2026 22:22

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$2,951.40 – $34,470.26	$20,705.49	+395042.8%
▸ Trading Multiples
EV/Revenue	$1.06 – $1.46	$1.35	-74.2%

Valuation History

DCF Analysis

ASP Isotopes Inc. Common Stock (ASPI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$20,705.49

Market Price

$6.32

Upside / Downside

+327518.5%

Verdict

Undervalued

Using a Revenue DCF model with operating margin convergence from -239.8% to a target of 13.1% over 5 years, discounted at a WACC of 6.6%, ASP Isotopes Inc. Common Stock (ASPI) has an intrinsic value of $20,705.49 per share (range: $2,951.40 – $34,470.26).

Key Assumptions

Current Operating Margin

-239.8%

Target Operating Margin

13.1%

WACC

6.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

213.3%

Target CapEx/Rev

4265769.6%

D&A/Revenue

2843846.4%

Tax Rate

21.0%

Operating margin fades linearly from the current level to the industry target over the 5-year projection. CapEx intensity fades from the historical average to a maintenance level (D&A × 1.5). Tax is only applied when operating income is positive (NOL shield).

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	31	28.7%	-189.2%	-58	-58	872,577	(130,945)	-40	741,614	718,180
2027	83	169.6%	-138.6%	-115	-115	2,352,409	(705,864)	24	1,646,407	1,495,217
2028	257	211.1%	-88.1%	-227	-227	7,319,348	(3,294,091)	80	4,024,950	3,427,987
2029	550	113.7%	-37.5%	-206	-206	15,641,037	(9,385,326)	134	6,255,371	4,996,238
2030	721	31.1%	13.1%	95	75	20,507,668	(15,381,520)	78	5,126,144	3,839,656
2031	735	2.0%	13.1%	96	76	20,912,992	(18,822,320)	7	2,090,741	1,468,633
2032	751	2.2%	13.1%	98	78	21,369,138	(22,438,075)	7	-1,068,867	-704,122
2033	769	2.4%	13.1%	101	80	21,878,977	(26,255,101)	8	-4,376,052	-2,703,450
2034	789	2.6%	13.1%	103	82	22,445,770	(30,301,957)	9	-7,856,115	-4,551,505
2035	811	2.8%	13.1%	106	84	23,073,194	(34,609,791)	10	-11,536,523	-6,268,066

Enterprise Value Bridge

Sum of PV(FCFF)1,718,767

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value1,718,767

(–) Net Debt-70

Equity Value1,718,837

(÷) Shares Outstanding83

Fair Value per Share$20,705.49

Note:Terminal value is $0 because Year 5 FCFF is negative. The company's operating margin convergence does not fully offset reinvestment needs within 5 years. See the sensitivity matrix for scenarios where the model produces a positive terminal value (higher target margin or lower WACC).

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
4.6%	$2951	$2953	$2954	$2955	$2956
5.6%	$12384	$12386	$12387	$12388	$12389
6.6%	$20703	$20704	$20705	$20707	$20708
7.6%	$28029	$28030	$28031	$28031	$28032
8.6%	$34467	$34468	$34468	$34469	$34470

Current price: $6.32. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 45.7% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$1.35

Market Price

$6.32

Upside / Downside

-78.6%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), ASP Isotopes Inc. Common Stock (ASPI) has a fair value of $1.35 based on 9 comparable companies in the Chemicals industry.

EV/Revenue Valuation — Chemicals

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
ASP Isotopes Inc. Common StockASPI	525	19.1x	14.8x
Tronox Holdings plcTROX	1,562	1.7x	1.6x
United States Antimony CorporationUAMY	1,550	38.7x	12.2x
i-80 Gold Corp.IAUX	1,273	15.5x	6.4x
Green Plains Inc.GPRE	1,174	0.7x	0.7x
Stepan CompanySCL	1,119	0.7x	0.8x
Compass Minerals International, Inc.CMP	1,096	1.5x	1.7x
Oil-Dri Corporation of AmericaODC	1,045	2.2x	2.0x
Ferroglobe PLCGSM	871	0.8x	0.6x
Westlake Chemical Partners LPWLKP	804	1.0x	1.1x
Industry Median		1.5x	1.6x
(*) Revenue		24	31
= Enterprise Value		36	49
(-) Net Debt		-70	-70
Equity Value		106	119
(/) Outstanding shares		83	83
Fair Price		$1	$1

Selected Fair Value (avg of trailing + forward)

$1.35

-78.6%

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

Model

Range

Fair Value

Upside

▸ Discounted Cash Flow

Revenue DCF 5Y

—

N/A

—

Revenue DCF 10Y

$2,951.40 – $34,470.26

$20,705.49

+395042.8%

▸ Trading Multiples

EV/Revenue

$1.06 – $1.46

$1.35

-74.2%

DCF Analysis

ASP Isotopes Inc. Common Stock (ASPI) Revenue DCF (5Y)

REVENUE DCF FAIR VALUE

$20,705.49

Market Price

$6.32

Upside / Downside

+327518.5%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-239.8%

Target Operating Margin

13.1%

WACC

6.6%

Terminal Growth Rate

3.0%

Historical CapEx/Rev

213.3%

Target CapEx/Rev

4265769.6%

D&A/Revenue

2843846.4%

Tax Rate

21.0%

Margin Convergence Projection

USD in millions. Mid-year discounting convention.

Year	Revenue	Growth	Op Margin	Op Income	NOPAT	D&A	CapEx	ΔNWC	FCFF	PV(FCFF)
2026	31	28.7%	-189.2%	-58	-58	872,577	(130,945)	-40	741,614	718,180
2027	83	169.6%	-138.6%	-115	-115	2,352,409	(705,864)	24	1,646,407	1,495,217
2028	257	211.1%	-88.1%	-227	-227	7,319,348	(3,294,091)	80	4,024,950	3,427,987
2029	550	113.7%	-37.5%	-206	-206	15,641,037	(9,385,326)	134	6,255,371	4,996,238
2030	721	31.1%	13.1%	95	75	20,507,668	(15,381,520)	78	5,126,144	3,839,656
2031	735	2.0%	13.1%	96	76	20,912,992	(18,822,320)	7	2,090,741	1,468,633
2032	751	2.2%	13.1%	98	78	21,369,138	(22,438,075)	7	-1,068,867	-704,122
2033	769	2.4%	13.1%	101	80	21,878,977	(26,255,101)	8	-4,376,052	-2,703,450
2034	789	2.6%	13.1%	103	82	22,445,770	(30,301,957)	9	-7,856,115	-4,551,505
2035	811	2.8%	13.1%	106	84	23,073,194	(34,609,791)	10	-11,536,523	-6,268,066

Enterprise Value Bridge

Sum of PV(FCFF)1,718,767

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value1,718,767

(–) Net Debt-70

Equity Value1,718,837

(÷) Shares Outstanding83

Fair Value per Share$20,705.49

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
4.6%	$2951	$2953	$2954	$2955	$2956
5.6%	$12384	$12386	$12387	$12388	$12389
6.6%	$20703	$20704	$20705	$20707	$20708
7.6%	$28029	$28030	$28031	$28031	$28032
8.6%	$34467	$34468	$34468	$34469	$34470

Current price: $6.32. Green = undervalued, Red = overvalued.

Working Capital Assumption

Net Working Capital is modeled at 45.7% of revenue (historical average of receivables + inventory − payables). Changes in NWC (ΔNWC) are computed year-over-year and subtracted from free cash flow.

Trading Multiples

Fair Value

$1.35

Market Price

$6.32

Upside / Downside

-78.6%

Verdict

Overvalued

Using the industry peer median EV/Revenue multiple (trailing + forward), ASP Isotopes Inc. Common Stock (ASPI) has a fair value of $1.35 based on 9 comparable companies in the Chemicals industry.

EV/Revenue Valuation — Chemicals

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
ASP Isotopes Inc. Common StockASPI	525	19.1x	14.8x
Tronox Holdings plcTROX	1,562	1.7x	1.6x
United States Antimony CorporationUAMY	1,550	38.7x	12.2x
i-80 Gold Corp.IAUX	1,273	15.5x	6.4x
Green Plains Inc.GPRE	1,174	0.7x	0.7x
Stepan CompanySCL	1,119	0.7x	0.8x
Compass Minerals International, Inc.CMP	1,096	1.5x	1.7x
Oil-Dri Corporation of AmericaODC	1,045	2.2x	2.0x
Ferroglobe PLCGSM	871	0.8x	0.6x
Westlake Chemical Partners LPWLKP	804	1.0x	1.1x
Industry Median		1.5x	1.6x
(*) Revenue		24	31
= Enterprise Value		36	49
(-) Net Debt		-70	-70
Equity Value		106	119
(/) Outstanding shares		83	83
Fair Price		$1	$1

Selected Fair Value (avg of trailing + forward)

$1.35

-78.6%