ASP Isotopes Inc. Common Stock

ASPI

Basic MaterialsChemicalsNASDAQ

$5.38

Market Cap: $447.06M

ASP Isotopes Inc. Common Stock (ASPI) Valuation Summary

Updated May 11, 2026 15:53

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Revenue DCF 5Y	—	N/A	—
Revenue DCF 10Y	$4,079.12 – $35,147.37	$21,582.36	+401059.0%
▸ Trading Multiples
EV/Revenue	$1.06 – $1.48	$1.35	-75.0%

Valuation History

DCF Analysis

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

REVENUE DCF FAIR VALUE

$21,582.36

Market Price

$5.38

Upside / Downside

+401059.0%

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 6.8%, ASP Isotopes Inc. Common Stock (ASPI) has an intrinsic value of $21,582.36 per share (range: $4,079.12 – $35,147.37).

Key Assumptions

Current Operating Margin

-239.8%

Target Operating Margin

13.1%

WACC

6.8%

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	717,799
2027	83	169.6%	-138.6%	-115	-115	2,352,409	(705,864)	24	1,646,407	1,492,840
2028	257	211.1%	-88.1%	-227	-227	7,319,348	(3,294,091)	80	4,024,950	3,418,907
2029	550	113.7%	-37.5%	-206	-206	15,641,037	(9,385,326)	134	6,255,371	4,977,720
2030	721	31.1%	13.1%	95	75	20,507,668	(15,381,520)	78	5,126,144	3,821,369
2031	735	2.0%	13.1%	96	76	20,912,992	(18,822,320)	7	2,090,741	1,460,088
2032	751	2.2%	13.1%	98	78	21,369,138	(22,438,075)	7	-1,068,867	-699,284
2033	769	2.4%	13.1%	101	80	21,878,977	(26,255,101)	8	-4,376,052	-2,682,024
2034	789	2.6%	13.1%	103	82	22,445,770	(30,301,957)	9	-7,856,115	-4,510,646
2035	811	2.8%	13.1%	106	84	23,073,194	(34,609,791)	10	-11,536,523	-6,205,211

Enterprise Value Bridge

Sum of PV(FCFF)1,791,559

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value1,791,559

(–) Net Debt-70

Equity Value1,791,629

(÷) Shares Outstanding83

Fair Value per Share$21,582.36

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%
4.8%	$4079	$4080	$4081	$4083	$4084
5.8%	$13380	$13381	$13382	$13383	$13384
6.8%	$21580	$21581	$21582	$21583	$21584
7.8%	$28800	$28801	$28802	$28803	$28804
8.8%	$35144	$35145	$35146	$35146	$35147

Current price: $5.38. 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

$5.38

Upside / Downside

-75.0%

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	447	15.8x	12.3x
United States Antimony CorporationUAMY	1,580	39.5x	12.4x
Tronox Holdings plcTROX	1,343	1.6x	1.5x
i-80 Gold Corp.IAUX	1,327	16.1x	6.6x
Green Plains Inc.GPRE	1,270	0.8x	0.7x
Stepan CompanySCL	1,178	0.7x	0.8x
Compass Minerals International, Inc.CMP	1,169	1.6x	1.8x
Oil-Dri Corporation of AmericaODC	1,076	2.2x	2.0x
Westlake Chemical Partners LPWLKP	818	1.0x	1.1x
Ferroglobe PLCGSM	761	0.7x	0.6x
Industry Median		1.6x	1.5x
(*) Revenue		24	31
= Enterprise Value		38	47
(-) Net Debt		-70	-70
Equity Value		107	116
(/) Outstanding shares		83	83
Fair Price		$1	$1

Selected Fair Value (avg of trailing + forward)

$1.35

-75.0%

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

$4,079.12 – $35,147.37

$21,582.36

+401059.0%

▸ Trading Multiples

EV/Revenue

$1.06 – $1.48

$1.35

-75.0%

DCF Analysis

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

REVENUE DCF FAIR VALUE

$21,582.36

Market Price

$5.38

Upside / Downside

+401059.0%

Verdict

Undervalued

Key Assumptions

Current Operating Margin

-239.8%

Target Operating Margin

13.1%

WACC

6.8%

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	717,799
2027	83	169.6%	-138.6%	-115	-115	2,352,409	(705,864)	24	1,646,407	1,492,840
2028	257	211.1%	-88.1%	-227	-227	7,319,348	(3,294,091)	80	4,024,950	3,418,907
2029	550	113.7%	-37.5%	-206	-206	15,641,037	(9,385,326)	134	6,255,371	4,977,720
2030	721	31.1%	13.1%	95	75	20,507,668	(15,381,520)	78	5,126,144	3,821,369
2031	735	2.0%	13.1%	96	76	20,912,992	(18,822,320)	7	2,090,741	1,460,088
2032	751	2.2%	13.1%	98	78	21,369,138	(22,438,075)	7	-1,068,867	-699,284
2033	769	2.4%	13.1%	101	80	21,878,977	(26,255,101)	8	-4,376,052	-2,682,024
2034	789	2.6%	13.1%	103	82	22,445,770	(30,301,957)	9	-7,856,115	-4,510,646
2035	811	2.8%	13.1%	106	84	23,073,194	(34,609,791)	10	-11,536,523	-6,205,211

Enterprise Value Bridge

Sum of PV(FCFF)1,791,559

Terminal Value (Gordon Growth at 3.0%)0

PV of Terminal Value0

Enterprise Value1,791,559

(–) Net Debt-70

Equity Value1,791,629

(÷) Shares Outstanding83

Fair Value per Share$21,582.36

Sensitivity Analysis — WACC × Target Operating Margin

WACC \ Target Op. Margin	7.1%	10.1%	13.1%	16.1%	19.1%
4.8%	$4079	$4080	$4081	$4083	$4084
5.8%	$13380	$13381	$13382	$13383	$13384
6.8%	$21580	$21581	$21582	$21583	$21584
7.8%	$28800	$28801	$28802	$28803	$28804
8.8%	$35144	$35145	$35146	$35146	$35147

Current price: $5.38. 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

$5.38

Upside / Downside

-75.0%

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	447	15.8x	12.3x
United States Antimony CorporationUAMY	1,580	39.5x	12.4x
Tronox Holdings plcTROX	1,343	1.6x	1.5x
i-80 Gold Corp.IAUX	1,327	16.1x	6.6x
Green Plains Inc.GPRE	1,270	0.8x	0.7x
Stepan CompanySCL	1,178	0.7x	0.8x
Compass Minerals International, Inc.CMP	1,169	1.6x	1.8x
Oil-Dri Corporation of AmericaODC	1,076	2.2x	2.0x
Westlake Chemical Partners LPWLKP	818	1.0x	1.1x
Ferroglobe PLCGSM	761	0.7x	0.6x
Industry Median		1.6x	1.5x
(*) Revenue		24	31
= Enterprise Value		38	47
(-) Net Debt		-70	-70
Equity Value		107	116
(/) Outstanding shares		83	83
Fair Price		$1	$1

Selected Fair Value (avg of trailing + forward)

$1.35

-75.0%