What are the investment strengths of American Superconductor Corp (AMSC)?

Fortress balance sheet: 141M cash, 11M debt (0.02 D/E), 203M working capital enables aggressive growth without dilution Revenue acceleration (3Y CAGR 46% vs 5Y 26%) with ROIC 35% indicates scalable business model hitting inflection

What are the investment risks for American Superconductor Corp (AMSC)?

P/S 5.5x vs median 2.2x and PCF 76x vs median 18x - priced for perfection on unsustainable earnings FCF 16M on 1.5B market cap (1% yield) with 105M inventory buildup signals cash conversion weakness

American Superconductor Corp

AMSC

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American Superconductor Corp AI Insights

Informational only. Not investment advice.

As of 2026-02-13

Snapshot

Net margin TTM 46.7% vs industry median 4.2% - 11x advantage driven by non-operating gains (130.5M net income on 19.6M pretax)[Net Margin TTM]
Goodwill 166.4M is 31% of equity and 46% of tangible book - acquisition-dependent balance sheet[Goodwill]
Revenue 3Y CAGR 46.1% vs industry median 3.2% - 14x faster growth with debt/equity at 0.02[Total Revenue 3Y Growth]

Watch Triggers

Operating Margin TTM: Sustained above 8% — Would validate operating leverage thesis; currently 4.9% is below industry median 6.7%
Inventory: Growth exceeds revenue growth for 2+ quarters — 105M inventory (38% of revenue) - buildup without sales signals demand weakness
Net Income TTM: Drops toward pretax income levels — 130M vs 20M pretax gap must normalize; P/E would spike to 70+ on operating earnings

Bull Case

Fortress balance sheet: 141M cash, 11M debt (0.02 D/E), 203M working capital enables aggressive growth without dilution

Debt to EquityCash and EquivalentsWorking Capital

Revenue acceleration (3Y CAGR 46% vs 5Y 26%) with ROIC 35% indicates scalable business model hitting inflection

Total Revenue 3Y GrowthROIC TTMEPS Growth 1Y

Bear Case

P/S 5.5x vs median 2.2x and PCF 76x vs median 18x - priced for perfection on unsustainable earnings

PS RatioPCF RatioNet Margin TTM

FCF 16M on 1.5B market cap (1% yield) with 105M inventory buildup signals cash conversion weakness

Free Cash Flow TTMInventoryPCF Ratio

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

40%

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Forward Thesis

Operating margins likely to compress as one-time gains normalize to pretax levels

3-12mhigh

Net income 130.5M vs pretax 19.6M signals non-recurring items
Operating margin 4.9% is true run-rate profitability
P/E of 11.3 assumes current earnings sustainable

Net margin 46.7% vs operating margin 4.9%Pretax income 19.6M vs net income 130.5MIndustry median net margin 4.2%

Revenue growth momentum sustainable given grid modernization tailwinds

1-3ymed

3Y CAGR 46.1% with improving gross margin 30.6%
R&D at 15.1M (5.4% of revenue) funds product pipeline
Working capital 203M supports growth without debt

5Y CAGR 25.8% accelerating to 46.1% 3YCash 141M with minimal debt 11.4MEPS growth 1Y at 42.7%

Valuation Context

Caveats

Public Strategies Rankings

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AMSC Fundamentals

Manufacturing → Machinery Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$1.47B		—
Enterprise Value	$1.34B		—
P/E Ratio	11		—
Total Revenue - TTM	$279.4M	+41.0%	—
Earnings Per Share (diluted) - TTM	$3.04	+1002.4%	—
Operating Margin - TTM	4.87%	+3.1%	—
Net Margin - TTM	46.7%	+45.1%	—
Free Cash Flow - TTM	$16.01M	-29.0%	—
Return on Common Equity - TTM	35.8%	+33.4%	—
Beta 5Y (Monthly)	unknown		—

AMSC Dividend History

No dividends

AMSC Stock Splits

1 stock split

03/25/1510:1 split

AMSC SEC Filings

Filing Date	Report Date	Report Type	Filing Link
02/04/26	12/31/25	10-Q	0001437749-26-002978
11/05/25	09/30/25	10-Q	0001437749-25-033351
07/30/25	06/30/25	10-Q	0001437749-25-023968
05/21/25	03/31/25	Unknown	0001437749-25-017986
02/05/25	12/31/24	10-Q	0001437749-25-002900
10/30/24	09/30/24	10-Q	0001437749-24-032618
08/06/24	06/30/24	10-Q	0001437749-24-024886
05/29/24	03/31/24	10-K	0001437749-24-018602
01/24/24	12/31/23	10-Q	0001437749-24-002041
11/01/23	09/30/23	10-Q	0001437749-23-029753
08/09/23	06/30/23	10-Q	0001437749-23-022793
05/31/23	03/31/23	10-K	0001437749-23-016265
02/01/23	12/31/22	10-Q	0001437749-23-002270
11/01/22	09/30/22	10-Q	0001437749-22-025367
08/03/22	06/30/22	10-Q	0001437749-22-018630
06/01/22	03/31/22	10-K	0001437749-22-014035
02/02/22	12/31/21	10-Q	0001437749-22-002208
11/08/21	09/30/21	10-Q	0001437749-21-025699
08/04/21	06/30/21	10-Q	0001437749-21-018523
06/02/21	03/31/21	10-K	0001437749-21-013956
02/03/21	12/31/20	10-Q	0001437749-21-001877
11/04/20	09/30/20	10-Q	0001437749-20-022522
08/05/20	06/30/20	10-Q	0001437749-20-016667
06/02/20	03/31/20	10-K	0001437749-20-012276
02/05/20	12/31/19	10-Q	0001437749-20-001789
11/05/19	09/30/19	10-Q	0001437749-19-021592
08/06/19	06/30/19	10-Q	0001437749-19-015632
06/05/19	03/31/19	10-K	0001437749-19-011477
02/05/19	12/31/18	10-Q	0001628280-19-000966
11/06/18	09/30/18	10-Q	0001628280-18-013770
07/31/18	06/30/18	10-Q	0001628280-18-009847
06/06/18	03/31/18	10-K	0001628280-18-007644
02/05/18	12/31/17	10-Q	0001628280-18-000993
11/07/17	09/30/17	10-Q	0001628280-17-011077
08/08/17	06/30/17	10-Q	0001628280-17-008331
05/25/17	03/31/17	10-K	0001628280-17-005885
02/06/17	12/31/16	10-Q	0001628280-17-000901
11/02/16	09/30/16	10-Q	0001628280-16-020601
08/09/16	06/30/16	10-Q	0001628280-16-018764
05/31/16	03/31/16	10-K	0001564590-16-020115
02/09/16	12/31/15	10-Q	0001564590-16-012481
11/03/15	09/30/15	10-Q	0001564590-15-009122
08/05/15	06/30/15	10-Q	0001564590-15-006142
05/28/15	03/31/15	10-K	0001564590-15-004664
02/05/15	12/31/14	10-Q	0001564590-15-000491
11/06/14	09/30/14	10-Q	0001564590-14-005096
08/05/14	06/30/14	10-Q	0001564590-14-003115
06/05/14	03/31/14	10-K	0001564590-14-002420
02/06/14	12/31/13	10-Q	0001564590-14-000165
11/12/13	09/30/13	10-Q	0001564590-13-001183
08/07/13	06/30/13	10-Q	0001193125-13-324142
06/14/13	03/31/13	10-K	0001193125-13-258762
02/11/13	12/31/12	10-Q	0001193125-13-048834
11/06/12	09/30/12	10-Q	0001193125-12-454266
08/03/12	06/30/12	10-Q	0001193125-12-334096
06/06/12	03/31/12	10-K	0001193125-12-261967
02/09/12	12/31/11	10-Q	0001193125-12-048929
11/09/11	09/30/11	10-Q	0000950123-11-096966
09/23/11	06/30/11	10-Q	0000950123-11-086250
09/23/11	03/31/11	10-K	0000950123-11-086249
02/03/11	12/31/10	10-Q	0000950123-11-008765
11/04/10	09/30/10	10-Q	0000950123-10-101009
08/05/10	06/30/10	10-Q	0000950123-10-073426
05/27/10	03/31/10	10-K	0000950123-10-053769
02/03/10	12/31/09	10-Q	0000950123-10-008360
09/23/11	12/31/09	10-Q/A	0000950123-11-086248
09/23/11	09/30/09	10-Q/A	0000950123-11-086247
11/05/09	09/30/09	10-Q	0000950123-09-058445
08/06/09	06/30/09	10-Q	0001193125-09-167311
05/28/09	03/30/09	10-K	0001193125-09-120423
02/05/09	12/31/08	10-Q	0001193125-09-020081
11/07/08	09/30/08	10-Q	0001193125-08-230077
08/07/08	06/30/08	10-Q	0001193125-08-170304
05/29/08	03/30/08	Unknown	--
02/07/08	12/31/07	10-Q	0001193125-08-023121
11/09/07	09/30/07	10-Q	0001193125-07-240637
08/09/07	06/30/07	10-Q	0001193125-07-177412
06/14/07	03/30/07	Unknown	--
02/09/07	12/31/06	10-Q	0001193125-07-025540
11/09/06	09/30/06	10-Q	0001193125-06-230388
08/09/06	06/30/06	10-Q	0001193125-06-167878
06/14/06	03/30/06	Unknown	--
02/08/06	12/31/05	10-Q	0001193125-06-023686
11/09/05	09/30/05	10-Q	0001193125-05-221575
08/08/05	06/30/05	10-Q	0001193125-05-160734
06/14/05	03/30/05	Unknown	--
02/03/05	12/31/04	10-Q	0001193125-05-018392
11/09/04	09/30/04	10-Q	0001193125-04-190881
08/09/04	06/30/04	10-Q	0001193125-04-135419
06/14/04	03/30/04	Unknown	--
02/12/04	12/31/03	10-Q	0001193125-04-021487
11/14/03	09/30/03	10-Q	0001193125-03-081434
08/14/03	06/30/03	10-Q	0001193125-03-037659
06/30/03	03/30/03	Unknown	--
02/13/03	12/31/02	10-Q	0000927016-03-000662
11/14/02	09/30/02	10-Q	0000927016-02-005577
08/14/02	06/30/02	10-Q	0000927016-02-004106
06/25/02	03/30/02	Unknown	--
02/14/02	12/31/01	10-Q	0000927016-02-000978
11/14/01	09/30/01	10-Q	0000927016-01-503796
08/07/01	06/30/01	10-Q	0000927016-01-502205
06/27/01	03/31/01	S-8	0000927016-01-001607
02/14/01	12/31/00	10-Q	0000927016-01-000964
11/14/00	09/30/00	10-Q	0000927016-00-004053
08/14/00	06/30/00	10-Q	0000927016-00-003020
06/27/00	03/30/00	Unknown	--