Aspen Group Financials
This page shows Aspen Group (ASPU) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2022 annual data. Scores normalized against common benchmarks. How we calculate these scores
Aspen Group has an operating margin of -11.7%, meaning the company retains $-12 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -12.2% the prior year.
Aspen Group's revenue grew 13.1% year-over-year to $76.7M, a solid pace of expansion. This earns a growth score of 66/100.
Aspen Group carries a low D/E ratio of 0.38, meaning only $0.38 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.
Aspen Group's current ratio of 2.00 indicates adequate short-term liquidity, earning a score of 60/100. The company can meet its near-term obligations, though with limited headroom.
While Aspen Group generated -$11.3M in operating cash flow, capex of $4.2M consumed most of it, leaving -$15.4M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Aspen Group passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Aspen Group generates $1.18 in operating cash flow (-$11.3M OCF vs -$9.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Aspen Group earns $-12.5 in operating income for every $1 of interest expense (-$9.0M vs $719K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Aspen Group generated $76.7M in revenue in fiscal year 2022. This represents an increase of 13.1% from the prior year.
Aspen Group's EBITDA was -$5.6M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.7% from the prior year.
Aspen Group generated -$15.4M in free cash flow in fiscal year 2022, representing cash available after capex. This represents a decrease of 96.3% from the prior year.
Aspen Group reported -$9.6M in net income in fiscal year 2022. This represents an increase of 8.3% from the prior year.
Aspen Group earned $-0.38 per diluted share (EPS) in fiscal year 2022. This represents an increase of 13.6% from the prior year.
Aspen Group held $2.4M in cash against $14.9M in long-term debt as of fiscal year 2022.
Aspen Group had 25M shares outstanding in fiscal year 2022. This represents an increase of 0.5% from the prior year.
Aspen Group's gross margin was 54.0% in fiscal year 2022, indicating the percentage of revenue retained after direct costs. This is down 2.5 percentage points from the prior year.
Aspen Group's operating margin was -11.7% in fiscal year 2022, reflecting core business profitability. This is up 0.5 percentage points from the prior year.
Aspen Group's net profit margin was -12.5% in fiscal year 2022, showing the share of revenue converted to profit. This is up 2.9 percentage points from the prior year.
Aspen Group invested $4.2M in capex in fiscal year 2022, funding long-term assets and infrastructure. This represents a decrease of 53.0% from the prior year.
ASPU Income Statement
| Metric | Q3'23 | Q2'23 | Q1'23 | Q1'22 | Q1'21 | Q4'21 | Q3'20 | Q2'20 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $15.6M-8.8% | $17.1M-9.6% | $18.9M-2.5% | $19.4M+1.7% | $19.1M+14.6% | $16.6M-2.0% | $17.0M+11.9% | $15.2M |
| Cost of Revenue | $5.4M-15.0% | $6.3M-37.8% | $10.2M+18.7% | $8.6M-1.4% | $8.7M+15.4% | $7.6M+3.2% | $7.3M+25.3% | $5.8M |
| Gross Profit | $10.2M-5.1% | $10.7M+23.5% | $8.7M-19.4% | $10.8M+4.3% | $10.3M+14.0% | $9.1M-6.0% | $9.6M+3.5% | $9.3M |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $9.6M-11.6% | $10.9M+3.3% | $10.5M | N/A | N/A | $10.6M-5.7% | $11.3M+28.3% | $8.8M |
| Operating Income | -$814K+47.2% | -$1.5M+50.5% | -$3.1M-79.1% | -$1.7M+24.3% | -$2.3M+17.6% | -$2.8M+0.4% | -$2.8M-663.6% | -$366K |
| Interest Expense | $717K+0.9% | $710K+22.2% | $581K | N/A | N/A | $34K-97.8% | $1.5M+235.9% | $455K |
| Income Tax | $37K-19.9% | $47K+53.4% | $30K | N/A | N/A | $10K-71.4% | $37K+2022.6% | -$2K |
| Net Income | -$1.6M+32.2% | -$2.3M+38.3% | -$3.7M-74.5% | -$2.1M+8.2% | -$2.3M+17.6% | -$2.8M+35.6% | -$4.4M-363.4% | -$943K |
| EPS (Diluted) | $-0.06+33.3% | $-0.09+40.0% | $-0.15-66.7% | $-0.090.0% | $-0.09+18.2% | $-0.11+42.1% | $-0.19-375.0% | $-0.04 |
ASPU Balance Sheet
| Metric | Q3'23 | Q2'23 | Q1'23 | Q1'22 | Q1'21 | Q4'21 | Q3'20 | Q2'20 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $87.8M-3.6% | $91.1M+3.3% | $88.2M-3.2% | $91.1M+12.7% | $80.8M+9.1% | $74.0M-2.6% | $76.0M+8.0% | $70.3M |
| Current Assets | $31.0M-7.4% | $33.5M-7.6% | $36.2M-8.0% | $39.4M+24.9% | $31.5M-0.8% | $31.8M-13.9% | $36.9M+6.3% | $34.7M |
| Cash & Equivalents | $1.6M-30.5% | $2.3M-2.9% | $2.4M-63.4% | $6.5M-48.0% | $12.5M+24.9% | $10.0M-18.4% | $12.2M-23.0% | $15.9M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $22.5M+0.6% | $22.4M-9.3% | $24.7M+1.4% | $24.4M+45.6% | $16.7M+5.6% | $15.8M-12.0% | $18.0M+22.7% | $14.7M |
| Goodwill | $5.0M0.0% | $5.0M0.0% | $5.0M0.0% | $5.0M0.0% | $5.0M0.0% | $5.0M0.0% | $5.0M0.0% | $5.0M |
| Total Liabilities | $51.9M-3.9% | $54.0M+9.6% | $49.3M+1.5% | $48.5M+53.0% | $31.7M+34.0% | $23.7M-0.9% | $23.9M-10.4% | $26.6M |
| Current Liabilities | $24.1M+16.5% | $20.7M+14.2% | $18.1M+7.4% | $16.8M+9.2% | $15.4M+12.5% | $13.7M-18.4% | $16.8M+47.5% | $11.4M |
| Long-Term Debt | $10.0M-33.2% | $14.9M0.0% | $14.9M+0.2% | $14.9M | $0 | N/A | N/A | N/A |
| Total Equity | $35.9M-3.1% | $37.1M-4.6% | $38.9M-8.6% | $42.5M-13.3% | $49.1M-2.5% | $50.4M-3.3% | $52.1M+19.3% | $43.7M |
| Retained Earnings | -$75.3M-2.1% | -$73.8M-3.2% | -$71.5M-5.5% | -$67.7M-16.5% | -$58.2M-4.2% | -$55.8M-5.3% | -$53.0M-9.0% | -$48.7M |
ASPU Cash Flow Statement
| Metric | Q3'23 | Q2'23 | Q1'23 | Q1'22 | Q1'21 | Q4'21 | Q3'20 | Q2'20 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.8M-284.8% | $990K+127.4% | -$3.6M-1.6% | -$3.6M-156.8% | $6.3M+295.7% | -$3.2M-122.1% | -$1.4M-126.2% | -$637K |
| Capital Expenditures | $340K-7.0% | $365K-23.4% | $477K-66.0% | $1.4M-76.5% | $6.0M+826.5% | $644K-59.1% | $1.6M+138.8% | $659K |
| Free Cash Flow | -$2.2M-447.2% | $625K+115.3% | -$4.1M+17.5% | -$5.0M-1807.1% | $291K+107.6% | -$3.8M-27.5% | -$3.0M-132.6% | -$1.3M |
| Investing Cash Flow | -$373K+54.3% | -$817K-65.8% | -$492K+16.9% | -$593K+90.2% | -$6.1M-813.4% | -$664K+58.0% | -$1.6M-139.0% | -$662K |
| Financing Cash Flow | $0+100.0% | -$251K | $0-100.0% | $9.7M+10573.6% | $91K-75.1% | $363K-61.6% | $945K-59.8% | $2.4M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ASPU Financial Ratios
| Metric | Q3'23 | Q2'23 | Q1'23 | Q1'22 | Q1'21 | Q4'21 | Q3'20 | Q2'20 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 65.4%+2.5pp | 62.8%+16.8pp | 46.0%-9.6pp | 55.6%+1.4pp | 54.2%-0.3pp | 54.5%-2.3pp | 56.8%-4.6pp | 61.4% |
| Operating Margin | -5.2%+3.8pp | -9.0%+7.5pp | -16.5%-7.5pp | -9.0%+3.1pp | -12.0%+4.7pp | -16.8%-0.3pp | -16.5%-14.1pp | -2.4% |
| Net Margin | -10.0%+3.5pp | -13.4%+6.2pp | -19.7%-8.7pp | -11.0%+1.2pp | -12.2%+4.8pp | -16.9%+8.8pp | -25.8%-19.5pp | -6.2% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -1.8%+0.8pp | -2.5%+1.7pp | -4.2%-1.9pp | -2.3%+0.5pp | -2.9%+0.9pp | -3.8%+2.0pp | -5.8%-4.4pp | -1.3% |
| Current Ratio | 1.29-0.3 | 1.62-0.4 | 2.00-0.3 | 2.34+0.3 | 2.05-0.3 | 2.32+0.1 | 2.20-0.9 | 3.05 |
| Debt-to-Equity | 0.28-0.1 | 0.40+0.0 | 0.38+0.0 | 0.35+0.3 | 0.00-0.5 | 0.47+0.0 | 0.46-0.2 | 0.61 |
| FCF Margin | -13.9%-17.6pp | 3.7%+25.3pp | -21.7%+4.0pp | -25.6%-27.1pp | 1.5%+24.6pp | -23.1%-5.4pp | -17.8%-9.2pp | -8.6% |
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Frequently Asked Questions
What is Aspen Group's annual revenue?
Aspen Group (ASPU) reported $76.7M in total revenue for fiscal year 2022. This represents a 13.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Aspen Group's revenue growing?
Aspen Group (ASPU) revenue grew by 13.1% year-over-year, from $67.8M to $76.7M in fiscal year 2022.
Is Aspen Group profitable?
No, Aspen Group (ASPU) reported a net income of -$9.6M in fiscal year 2022, with a net profit margin of -12.5%.
What is Aspen Group's earnings per share (EPS)?
Aspen Group (ASPU) reported diluted earnings per share of $-0.38 for fiscal year 2022. This represents a 13.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Aspen Group's EBITDA?
Aspen Group (ASPU) had EBITDA of -$5.6M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Aspen Group have?
As of fiscal year 2022, Aspen Group (ASPU) had $2.4M in cash and equivalents against $14.9M in long-term debt.
What is Aspen Group's gross margin?
Aspen Group (ASPU) had a gross margin of 54.0% in fiscal year 2022, indicating the percentage of revenue retained after direct costs of goods sold.
What is Aspen Group's operating margin?
Aspen Group (ASPU) had an operating margin of -11.7% in fiscal year 2022, reflecting the profitability of core business operations before interest and taxes.
What is Aspen Group's net profit margin?
Aspen Group (ASPU) had a net profit margin of -12.5% in fiscal year 2022, representing the share of revenue converted into profit after all expenses.
What is Aspen Group's free cash flow?
Aspen Group (ASPU) generated -$15.4M in free cash flow during fiscal year 2022. This represents a -96.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Aspen Group's operating cash flow?
Aspen Group (ASPU) generated -$11.3M in operating cash flow during fiscal year 2022, representing cash generated from core business activities.
What are Aspen Group's total assets?
Aspen Group (ASPU) had $88.2M in total assets as of fiscal year 2022, including both current and long-term assets.
What are Aspen Group's capital expenditures?
Aspen Group (ASPU) invested $4.2M in capital expenditures during fiscal year 2022, funding long-term assets and infrastructure.
How many shares does Aspen Group have outstanding?
Aspen Group (ASPU) had 25M shares outstanding as of fiscal year 2022.
What is Aspen Group's current ratio?
Aspen Group (ASPU) had a current ratio of 2.00 as of fiscal year 2022, which is generally considered healthy.
What is Aspen Group's debt-to-equity ratio?
Aspen Group (ASPU) had a debt-to-equity ratio of 0.38 as of fiscal year 2022, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Aspen Group's return on assets (ROA)?
Aspen Group (ASPU) had a return on assets of -10.9% for fiscal year 2022, measuring how efficiently the company uses its assets to generate profit.
What is Aspen Group's cash runway?
Based on fiscal year 2022 data, Aspen Group (ASPU) had $2.4M in cash against an annual operating cash burn of $11.3M. This gives an estimated cash runway of approximately 3 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Aspen Group's Piotroski F-Score?
Aspen Group (ASPU) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Aspen Group's earnings high quality?
Aspen Group (ASPU) has an earnings quality ratio of 1.18x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Aspen Group cover its interest payments?
Aspen Group (ASPU) has an interest coverage ratio of -12.5x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Aspen Group?
Aspen Group (ASPU) scores 45 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.