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American Superconductor Corp Financials

AMSC
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE March

This page shows American Superconductor Corp (AMSC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 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).

Rhea AI AMSC FY2025

American Superconductor's turnaround is being driven by much better unit economics finally converting growth into cash-backed profitability.

Over the last two valid years, gross margin climbed from 8.0% to 27.8%, showing the business did not just add volume; it kept far more of each sale, which is why losses nearly disappeared before net income turned positive. Operating cash flow of $28.3M and free cash flow of $25.9M in FY2025 indicate that this improvement was supported by real cash generation rather than only a cleaner income statement.

Growth is working-capital hungry: inventory reached $71.2M and receivables $46.2M, so a meaningful share of cash is committed before sales are fully collected. Even so, a current ratio of 2.1x and long-term debt at $0 show that expansion is being carried without meaningful lender pressure.

The balance sheet remains equity-funded rather than lender-funded, which matters because it lowers fixed financial obligations while the business is still proving its margin recovery. Cash still stood at $79.5M after $35.2M of investing outflow, leaving room to absorb lumpy project timing and reinvestment without relying on debt.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 57 / 100
Financial Profile 57/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of American Superconductor Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
23

American Superconductor Corp has an operating margin of 3.8%, meaning the company retains $4 of operating profit per $100 of revenue. This below-average margin results in a low score of 23/100, suggesting thin profitability after operating expenses. This is up from -0.5% the prior year.

Growth
100

American Superconductor Corp's revenue surged 34.3% year-over-year to $299.2M, reflecting rapid business expansion. This strong growth earns a score of 100/100.

Leverage
95

American Superconductor Corp carries a low D/E ratio of 0.33, meaning only $0.33 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 95/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
45

American Superconductor Corp's current ratio of 2.39 indicates adequate short-term liquidity, earning a score of 45/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow
42

American Superconductor Corp has a free cash flow margin of 6.1%, earning a moderate score of 42/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns
37

American Superconductor Corp's ROE of 24.1% shows moderate profitability relative to equity, earning a score of 37/100. This is up from 3.1% the prior year.

Altman Z-Score Safe
7.00

American Superconductor Corp scores 7.00, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.4B) relative to total liabilities ($184.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
5/9

American Superconductor Corp passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Low Quality
0.17x

For every $1 of reported earnings, American Superconductor Corp generates $0.17 in operating cash flow ($23.1M OCF vs $133.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue
$299.2M
YoY+34.3%
5Y CAGR+28.0%
10Y CAGR+12.0%

American Superconductor Corp generated $299.2M in revenue in fiscal year 2026. This represents an increase of 34.3% from the prior year.

EBITDA
$18.8M
YoY+320.1%

American Superconductor Corp's EBITDA was $18.8M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 320.1% from the prior year.

Net Income
$133.8M
YoY+2118.0%

American Superconductor Corp reported $133.8M in net income in fiscal year 2026. This represents an increase of 2118.0% from the prior year.

EPS (Diluted)
$3.05
YoY+1806.2%

American Superconductor Corp earned $3.05 per diluted share (EPS) in fiscal year 2026. This represents an increase of 1806.2% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$18.3M
YoY-29.4%

American Superconductor Corp generated $18.3M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 29.4% from the prior year.

Cash & Debt
$140.7M
YoY+77.0%
5Y CAGR+15.7%
10Y CAGR+13.6%

American Superconductor Corp held $140.7M in cash against $0 in long-term debt as of fiscal year 2026.

Dividends Per Share
N/A
Shares Outstanding
48M
YoY+20.6%
5Y CAGR+11.5%

American Superconductor Corp had 48M shares outstanding in fiscal year 2026. This represents an increase of 20.6% from the prior year.

Margins & Returns

Gross Margin
30.6%
YoY+2.8pp
10Y CAGR+7.7pp

American Superconductor Corp's gross margin was 30.6% in fiscal year 2026, indicating the percentage of revenue retained after direct costs. This is up 2.8 percentage points from the prior year.

Operating Margin
3.8%
YoY+4.3pp
5Y CAGR+30.4pp
10Y CAGR+24.8pp

American Superconductor Corp's operating margin was 3.8% in fiscal year 2026, reflecting core business profitability. This is up 4.3 percentage points from the prior year.

Net Margin
44.7%
YoY+42.0pp
5Y CAGR+70.8pp
10Y CAGR+68.8pp

American Superconductor Corp's net profit margin was 44.7% in fiscal year 2026, showing the share of revenue converted to profit. This is up 42.0 percentage points from the prior year.

Return on Equity
24.1%
YoY+21.0pp
5Y CAGR+43.5pp
10Y CAGR+51.8pp

American Superconductor Corp's ROE was 24.1% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 21.0 percentage points from the prior year.

Capital Allocation

R&D Spending
$15.7M
YoY+37.8%
10Y CAGR+2.5%

American Superconductor Corp invested $15.7M in research and development in fiscal year 2026. This represents an increase of 37.8% from the prior year.

Share Buybacks
$0
YoY-100.0%

American Superconductor Corp spent $0 on share buybacks in fiscal year 2026, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures
$4.9M
YoY+102.4%
5Y CAGR+22.6%
10Y CAGR+15.1%

American Superconductor Corp invested $4.9M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 102.4% from the prior year.

AMSC Income Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Revenue $86.4M+15.9% $74.5M+13.2% $65.9M-9.0% $72.4M+8.6% $66.7M+8.6% $61.4M+12.7% $54.5M+35.2% $40.3M
Cost of Revenue $62.8M+21.5% $51.7M+13.8% $45.4M-5.1% $47.9M-2.2% $49.0M+8.6% $45.1M+16.0% $38.9M+38.5% $28.1M
Gross Profit $23.6M+3.3% $22.9M+11.8% $20.4M-16.5% $24.5M+38.4% $17.7M+8.4% $16.3M+4.6% $15.6M+27.7% $12.2M
R&D Expenses $4.2M+17.6% $3.5M-5.0% $3.7M-13.4% $4.3M+23.2% $3.5M+16.4% $3.0M+13.4% $2.6M+15.7% $2.3M
SG&A Expenses $14.6M-5.5% $15.4M+15.2% $13.4M-5.6% $14.2M+17.4% $12.1M+4.6% $11.6M+9.9% $10.5M+18.3% $8.9M
Operating Income -$523K-115.6% $3.4M+13.3% $3.0M-47.5% $5.6M+241.6% $1.7M+25.6% $1.3M+274.6% -$753K+77.1% -$3.3M
Interest Expense N/A N/A N/A N/A N/A N/A N/A N/A
Income Tax -$5.0M+95.5% -$112.4M-96145.3% $117K-41.2% $199K-83.5% $1.2M+1686.8% -$76K+98.5% -$5.0M-2685.5% $193K
Net Income $4.5M-96.2% $117.8M+2380.1% $4.8M-29.4% $6.7M+458.0% $1.2M-51.1% $2.5M-49.6% $4.9M+293.6% -$2.5M
EPS (Diluted) N/A $2.62+2281.8% $0.11-35.3% $0.17 N/A $0.06-53.8% $0.13+285.7% $-0.07

AMSC Balance Sheet

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Total Assets $739.5M+2.8% $719.5M+61.5% $445.6M-1.6% $452.8M+45.8% $310.5M+0.1% $310.3M+4.0% $298.4M+24.3% $240.1M
Current Assets $331.7M+2.1% $325.0M-5.2% $342.9M-1.7% $348.9M+68.9% $206.5M+0.5% $205.4M+5.3% $195.1M+12.7% $173.0M
Cash & Equivalents $140.7M-0.3% $141.1M-33.7% $212.9M+2.4% $207.9M+161.5% $79.5M+5.7% $75.2M+4.3% $72.1M-22.8% $93.5M
Inventory $103.7M-1.6% $105.4M+39.7% $75.5M+5.4% $71.6M+0.6% $71.2M-4.6% $74.6M+5.2% $70.9M+57.0% $45.1M
Accounts Receivable $69.4M+10.9% $62.6M0.0% $62.6M+14.4% $54.7M+18.4% $46.2M+4.6% $44.1M+10.2% $40.1M+70.3% $23.5M
Goodwill $175.4M+5.4% $166.4M+245.4% $48.2M0.0% $48.2M0.0% $48.2M-1.6% $49.0M0.0% $49.0M+12.6% $43.5M
Total Liabilities $184.0M+0.7% $182.7M+76.7% $103.4M-13.6% $119.7M+5.6% $113.4M-3.6% $117.6M+5.5% $111.4M+15.1% $96.8M
Current Liabilities $138.5M+13.6% $122.0M+38.9% $87.8M-16.6% $105.3M+5.6% $99.8M-4.5% $104.4M+9.8% $95.1M+10.3% $86.2M
Long-Term Debt N/A $6.1M N/A N/A $0 N/A N/A N/A
Total Equity $555.4M+3.5% $536.8M+56.9% $342.2M+2.7% $333.1M+69.0% $197.1M+2.3% $192.7M+3.0% $187.0M+30.5% $143.3M
Retained Earnings -$926.8M+0.5% -$931.3M+11.2% -$1.0B+0.5% -$1.1B+0.6% -$1.1B+0.1% -$1.1B+0.2% -$1.1B+0.5% -$1.1B

AMSC Cash Flow Statement

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Operating Cash Flow $9.3M+185.8% $3.2M-49.9% $6.5M+57.3% $4.1M-34.4% $6.3M+7.1% $5.9M-53.8% $12.7M+272.9% $3.4M
Capital Expenditures $1.8M+100.3% $893K-35.8% $1.4M+71.0% $814K-21.7% $1.0M+98.3% $524K-10.7% $587K+121.5% $265K
Free Cash Flow $7.5M+218.3% $2.4M-53.8% $5.1M+53.9% $3.3M-36.9% $5.3M-1.9% $5.3M-55.9% $12.1M+285.7% $3.1M
Investing Cash Flow -$1.8M+97.5% -$73.1M-5170.0% -$1.4M-88.8% -$735K+35.6% -$1.1M-98.6% -$575K+98.3% -$33.5M-167245.0% -$20K
Financing Cash Flow -$7.8M-710.1% -$960K-496.7% $242K-99.8% $124.6M+82951.3% $150K $0 $0+100.0% -$142K
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $0 $0 N/A N/A $0 $0 N/A N/A

AMSC Financial Ratios

Metric Q4'26 Q3'26 Q2'26 Q1'26 Q4'25 Q3'25 Q2'25 Q1'25
Gross Margin 27.3%-3.3pp 30.7%-0.4pp 31.0%-2.8pp 33.8%+7.3pp 26.5%-0.1pp 26.6%-2.1pp 28.7%-1.7pp 30.3%
Operating Margin -0.6%-5.1pp 4.5%+0.0pp 4.5%-3.3pp 7.8%+5.3pp 2.5%+0.3pp 2.1%+3.5pp -1.4%+6.8pp -8.2%
Net Margin 5.2%-152.8pp 158.1%+150.9pp 7.2%-2.1pp 9.3%+7.5pp 1.8%-2.2pp 4.0%-5.0pp 9.0%+15.2pp -6.3%
Return on Equity 0.8%-21.1pp 21.9%+20.6pp 1.4%-0.6pp 2.0%+1.4pp 0.6%-0.7pp 1.3%-1.3pp 2.6%+4.4pp -1.8%
Return on Assets 0.6%-15.8pp 16.4%+15.3pp 1.1%-0.4pp 1.5%+1.1pp 0.4%-0.4pp 0.8%-0.9pp 1.6%+2.7pp -1.1%
Current Ratio 2.39-0.3 2.66-1.2 3.90+0.6 3.31+1.2 2.07+0.1 1.97-0.1 2.05+0.0 2.01
Debt-to-Equity 0.33+0.3 0.01-0.3 0.30-0.1 0.36+0.4 0.00-0.6 0.61+0.0 0.60-0.1 0.68
FCF Margin 8.7%+5.5pp 3.2%-4.6pp 7.7%+3.2pp 4.6%-3.3pp 7.9%-0.8pp 8.7%-13.6pp 22.3%+14.5pp 7.8%

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Frequently Asked Questions

American Superconductor Corp (AMSC) reported $299.2M in total revenue for fiscal year 2026. This represents a 34.3% 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.

American Superconductor Corp (AMSC) revenue grew by 34.3% year-over-year, from $222.8M to $299.2M in fiscal year 2026.

Yes, American Superconductor Corp (AMSC) reported a net income of $133.8M in fiscal year 2026, with a net profit margin of 44.7%.

American Superconductor Corp (AMSC) reported diluted earnings per share of $3.05 for fiscal year 2026. This represents a 1806.2% 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.

American Superconductor Corp (AMSC) had EBITDA of $18.8M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

American Superconductor Corp (AMSC) had a gross margin of 30.6% in fiscal year 2026, indicating the percentage of revenue retained after direct costs of goods sold.

American Superconductor Corp (AMSC) had an operating margin of 3.8% in fiscal year 2026, reflecting the profitability of core business operations before interest and taxes.

American Superconductor Corp (AMSC) had a net profit margin of 44.7% in fiscal year 2026, representing the share of revenue converted into profit after all expenses.

American Superconductor Corp (AMSC) has a return on equity of 24.1% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

American Superconductor Corp (AMSC) generated $18.3M in free cash flow during fiscal year 2026. This represents a -29.4% 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.

American Superconductor Corp (AMSC) generated $23.1M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

American Superconductor Corp (AMSC) had $739.5M in total assets as of fiscal year 2026, including both current and long-term assets.

American Superconductor Corp (AMSC) invested $4.9M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.

American Superconductor Corp (AMSC) invested $15.7M in research and development during fiscal year 2026.

American Superconductor Corp (AMSC) had 48M shares outstanding as of fiscal year 2026.

American Superconductor Corp (AMSC) had a current ratio of 2.39 as of fiscal year 2026, which is generally considered healthy.

American Superconductor Corp (AMSC) had a debt-to-equity ratio of 0.33 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

American Superconductor Corp (AMSC) had a return on assets of 18.1% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

American Superconductor Corp (AMSC) has an Altman Z-Score of 7.00, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

American Superconductor Corp (AMSC) has a Piotroski F-Score of 5 out of 9, indicating neutral 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

American Superconductor Corp (AMSC) has an earnings quality ratio of 0.17x, 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.

American Superconductor Corp (AMSC) scores 57 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.

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