Stocks AMSC Financial statements
Financial statementsAMERICAN SUPERCONDUCTOR CORP /DE/ financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data AMERICAN SUPERCONDUCTOR CORP /DE/ files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2020 | FY2021 | FY2022 | FY2022 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 75.2 | 48.4 | 56.2 | 63.8 | 87.1 | 108 | 106 | 146 | 223 | 299 |
| Cost of revenue | 64.4 | 44.6 | 42.2 | 54.4 | 94.9 | 97.5 | 110 | 161 | 208 | |
| Gross profit | 10.8 | 3.8 | 14 | 9.45 | 13.5 | 8.52 | 35.3 | 61.9 | 91.4 | |
| Research and development | 12.5 | 11.6 | 9.87 | 9.57 | 10.5 | 8.97 | 7.99 | 11.4 | 15.7 | |
| Selling, general and administrative | 25.7 | 22.6 | 22 | 22.7 | 27.5 | 28.7 | 31.6 | 43.1 | 57.6 | |
| Operating expenses | 36 | -20 | 32.6 | 34.6 | 41.5 | 46.7 | 62.9 | 79.9 | ||
| Operating income | -27.5 | -32.2 | 34 | -23.1 | -23.2 | -21.1 | -33 | -11.4 | -1.08 | 11.4 |
| Other non-operating income | 0.07 | -2.8 | 1.6 | 0.25 | -0.03 | -0.15 | -0.74 | -0.27 | -1.05 | |
| Pre-tax income | -26.2 | -32.9 | 33.1 | -16.9 | -23.5 | -21 | -34.8 | -10.8 | 2.37 | 16.7 |
| Income tax | 1.14 | -0.16 | 6.38 | 0.2 | -0.83 | -1.85 | 0.22 | 0.31 | -3.67 | -117 |
| Net income | -27.4 | -32.8 | 26.8 | -17.1 | -22.7 | -19.2 | -35 | -11.1 | 6.03 | 134 |
| EBITDA | -20.5 | -21.2 | 38.3 | -19.1 | -19.5 | -18.4 | -30.4 | -6.87 | 4.48 | 18.8 |
| EPS, basic | -1.98 | -1.73 | 1.32 | -0.81 | -0.95 | -0.71 | -1.26 | -0.37 | 0.16 | 3.12 |
| EPS, diluted | -1.98 | -1.73 | 1.29 | -1.03 | -0.95 | -0.71 | -1.26 | -0.37 | 0.16 | 3.05 |
| Shares, basic (weighted) | 13.8 | 19 | 20.3 | 21 | 0.02 | 27.2 | 27.8 | 29.8 | 37 | 42.9 |
| Shares, diluted (weighted) | 13.8 | 19 | 20.7 | 21.1 | 0.02 | 27.2 | 27.8 | 29.8 | 37.7 | 43.9 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2020 | FY2021 | FY2022 | FY2022 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 26.8 | 34.1 | 77.5 | 24.7 | 67.8 | 40.6 | 23.4 | 90.5 | 79.5 | 141 |
| Short-term investments | 0 | 30.1 | 5.14 | 0 | ||||||
| Receivables | 7.96 | 7.37 | 7.86 | 17 | 13.3 | 20.3 | 30.7 | 26.3 | 46.2 | 69.4 |
| Inventory | 17.5 | 19.8 | 12.1 | 19 | 13.3 | 23.7 | 37 | 41.9 | 71.2 | 104 |
| Other current assets | 2.7 | 2.95 | 3.05 | 2.96 | 3.55 | 7.05 | 13.4 | 7.3 | 8.06 | 14.4 |
| Total current assets | 55.7 | 67.2 | 103 | 94.3 | 105 | 94.3 | 106 | 166 | 207 | 332 |
| Property, plant and equipment | 43.4 | 12.5 | 8.97 | 8.57 | 9 | 13.7 | 12.3 | 10.9 | 38.6 | 89.8 |
| Lease right-of-use assets | 0 | 3.36 | 3.75 | 3.5 | 2.86 | 2.56 | 3.83 | 3.9 | ||
| Goodwill | 0 | 1.72 | 1.72 | 1.72 | 34.6 | 43.5 | 43.5 | 43.5 | 48.2 | 175 |
| Intangible assets | 0.3 | 3.23 | 2.89 | 3.55 | 9.15 | 11.3 | 8.53 | 6.37 | 13.5 | 13.5 |
| Long-term investments | 0 | 5.05 | ||||||||
| Other non-current assets | 0.23 | 0.27 | 0.28 | 0.39 | 0.31 | 0.24 | 0.53 | 0.64 | 0.96 | 1.03 |
| Total assets | 100 | 88.2 | 119 | 169 | 169 | 174 | 176 | 233 | 311 | 739 |
| Accounts payable | 3.21 | 3.1 | 2.94 | 10 | 5.35 | 13.2 | 13.9 | 4.48 | 6.73 | 13 |
| Accrued liabilities | 5.04 | 3.61 | 5.4 | 5.68 | 7.02 | 4.64 | 5.43 | 10.3 | 13.4 | 15.5 |
| Deferred revenue | 14.3 | 13.5 | 7.56 | 18.4 | 13.3 | 22.8 | 43.6 | 50.7 | 66.8 | 77.9 |
| Short-term debt | 0 | 0.07 | 0.08 | 0.03 | 0 | |||||
| Total current liabilities | 32.2 | 27.3 | 28.4 | 41 | 40.7 | 54 | 84.1 | 78.8 | 99.8 | 139 |
| Long-term debt | 0 | 0 | 0.09 | 0.02 | 0 | 0 | ||||
| Lease liabilities | 0 | 3 | 3.25 | 2.9 | 2.18 | 1.97 | 2.68 | 2.76 | ||
| Other non-current liabilities | 0.05 | 0.06 | 0.09 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.63 |
| Total liabilities | 40 | 35.9 | 38.1 | 51.9 | 52.3 | 64.5 | 93.8 | 88.2 | 113 | 184 |
| Total debt | 0 | 0.09 | 0.02 | 0 | 0 | |||||
| Paid-in capital | 1,018 | 1,041 | 1,045 | 1,054 | 1,121 | 1,134 | 1,139 | 1,213 | 1,260 | 1,481 |
| Retained earnings | -956 | -988 | -962 | -979 | -1,001 | -1,021 | -1,056 | -1,067 | -1,061 | -927 |
| Treasury stock | -1.37 | -1.65 | -2.1 | -2.67 | -3.59 | -3.64 | -3.64 | -3.64 | -3.77 | -3.77 |
| Other comprehensive income | -0.5 | 0.88 | -0.01 | -0.22 | -0.28 | -0.29 | 1.57 | 1.58 | 1.57 | 4.07 |
| Shareholders' equity | 60.2 | 52.2 | 81.2 | 72.2 | 117 | 109 | 81.8 | 145 | 197 | 555 |
| Total equity | 60.2 | 52.2 | 81.2 | 72.2 | 117 | 109 | 81.8 | 145 | 197 | 555 |
| Total liabilities and equity | 100 | 88.2 | 119 | 124 | 169 | 174 | 176 | 233 | 311 | 739 |
| Shares outstanding | 21.4 | 22.6 | 27.6 | 28.5 | 29.5 | 36.9 | 39.5 | 47.6 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2020 | FY2021 | FY2022 | FY2022 | FY2024 | FY2025 | FY2026 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | -27.4 | -32.8 | 26.8 | -17.1 | -22.7 | -19.2 | -35 | -11.1 | 6.03 | 134 |
| Depreciation and amortization | 7 | 11 | 4.3 | 4 | 3.7 | 2.7 | 2.6 | 4.49 | 5.56 | 7.39 |
| Stock-based compensation | 2.89 | 2.69 | 3.03 | 1.92 | 3.49 | 4.66 | 4.73 | 4.65 | 7.79 | 15.9 |
| Deferred income tax | -0.24 | -1.13 | 0.74 | -1.71 | -1.22 | -2.4 | 0.02 | 0.07 | -4.3 | -119 |
| Change in receivables | 11.1 | 1.15 | -0.53 | -9.16 | 5.19 | -3.76 | -10.4 | 4.34 | -3.21 | -16.3 |
| Change in inventory | -0.82 | -2.42 | 5.01 | -8.14 | 8.11 | -3.31 | -14.8 | -6.84 | -7.71 | -6.96 |
| Change in payables | -7.94 | -2.96 | 2.84 | 5.89 | -5.05 | 4.7 | 8.66 | -13.5 | 3.21 | 7.14 |
| Cash from operations | -11.2 | -24.8 | 42.7 | -16.5 | -8.68 | -19 | -22.5 | 2.14 | 28.3 | 23.1 |
| Capital expenditures | -0.66 | -2.53 | -0.95 | -3.63 | -1.76 | -0.94 | -1.24 | -0.93 | -2.42 | -4.89 |
| Acquisitions | 0 | 0.07 | -26 | -11.5 | 0 | 0 | -29.6 | -72.1 | ||
| Purchases of investments | -35 | |||||||||
| Sales and maturities of investments | 30.2 | 0 | 0 | |||||||
| Cash from investing | 0.19 | 15.6 | 2.17 | -36.6 | 2.47 | -7.16 | -1.52 | -0.96 | -35.2 | -77.1 |
| Debt repaid | -3.17 | -1.58 | 0 | -0.05 | -0.07 | -0.07 | -0.03 | -8.81 | ||
| Stock issued | 17 | 51.5 | 0 | |||||||
| Share buybacks | 0 | -0.13 | 0 | |||||||
| Cash from financing | -1.13 | 15.3 | -0.3 | 5.78 | 50.8 | 0.14 | 0.16 | 65.4 | 0.01 | 116 |
| Exchange rate effect | -0.39 | 0.45 | -0.64 | 0.01 | ||||||
| Net change in cash | -12.5 | 7.3 | 43.9 | -47.3 | 44.7 | -26.1 | -23.8 | 66.6 | -6.9 | 62.2 |
| Free cash flow | -11.9 | -27.4 | 41.8 | -20.1 | -10.4 | -19.9 | -23.7 | 1.2 | 25.9 | 18.3 |
| Interest paid | 0.28 | 0.04 | ||||||||
| Income taxes paid | 0.99 | 1.58 | 2.86 | 3.65 | 0.59 | 0.53 | 0.35 | 0.29 | 0.31 | 0.71 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 28.6% | Gross profit / revenue. |
| Operating margin | 4.9% | Operating income / revenue. |
| EBITDA margin | 7.3% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 6.4% | Pre-tax income / revenue. |
| Net margin | 42.6% | Net income / revenue. |
| FCF margin | 6.4% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 10.9% | Cash from operations / revenue. |
| Effective tax rate | -563.7% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 23.9% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 17.9% | Net income / average total assets. |
| Return on invested capital (ROIC) | 2.9% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| R&D / revenue | 4.8% | Research and development expense / revenue. |
| SG&A / revenue | 19.3% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 5.6% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 4.5% | Capital expenditures / revenue. |
| D&A / revenue | 2.4% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 34.3% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 41.3% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 28.0% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 47.7% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 120.5% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 320.1% | EBITDA vs the same period a year earlier. Only from a positive base. |
| Net income growth, 1y | 2,118.0% | Net income vs the same period a year earlier. Only from a positive base. |
| EPS growth, 1y | 1,806.0% | EPS vs the same period a year earlier. Only from a positive base. |
| Operating cash flow growth, 1y | -18.2% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow growth, 1y | -29.4% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Book value growth, 1y | 181.8% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 89.4% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 36.6% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 138.1% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 61.5% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 34.4% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | 16.4% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 16.4% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 349.7% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 2.43x | Current assets / current liabilities. |
| Quick ratio | 1.59x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 1.02x | (Cash + short-term investments) / current liabilities. |
| Liabilities / assets | 24.9% | Total liabilities / total assets. |
| Working capital | $201.6M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 24.8% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $383.1M | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.42x | Revenue / average total assets. |
| Fixed asset turnover | 3.25x | Revenue / average property, plant and equipment. |
| Inventory turnover | 2.34x | Cost of revenue / average inventory. |
| Days inventory | 156 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 3.97x | Revenue / average receivables. |
| Days sales outstanding | 92 days | 365 x average receivables / revenue. |
| Days payables | 29 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 219 days | Days inventory + days sales outstanding - days payables. |
| FCF conversion | 15.0% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 41.4% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $2.90 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $6.81 | Revenue / diluted weighted shares. |
| FCF per share | $0.44 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $0.74 | Cash from operations / diluted weighted shares. |
| Book value per share | $11.82 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $7.91 | Tangible book value / shares outstanding. |
| Cash per share | $2.97 | (Cash + short-term investments) / shares outstanding. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $1.45B | Share price x shares outstanding. |
| Enterprise value | $1.31B | Market cap + total debt - cash - short-term investments. |
| P/E | 10.6x | Market cap / net income. Only when net income is positive. |
| P/S | 4.53x | Market cap / revenue. |
| P/B | 2.54x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 3.79x | Market cap / tangible book value, when positive. |
| P/FCF | 70.8x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 41.5x | Market cap / cash from operations, when positive. |
| EV/Sales | 4.08x | Enterprise value / revenue. |
| EV/EBIT | 83.8x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 56.0x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 63.8x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 1.4% | Free cash flow / market cap. |
| Earnings yield | 9.4% | Net income / market cap (the inverse of P/E). |
What was AMERICAN SUPERCONDUCTOR CORP /DE/'s revenue in fiscal 2026?
AMERICAN SUPERCONDUCTOR CORP /DE/ reported revenue of $299.2M for fiscal 2026, 34.3% higher than the year before.
Was AMERICAN SUPERCONDUCTOR CORP /DE/ profitable in fiscal 2026?
Yes. Net income was $133.8M, a net margin of 44.7%.
How much free cash flow did AMERICAN SUPERCONDUCTOR CORP /DE/ generate in fiscal 2026?
Cash from operations of $23.1M minus capital expenditures of $4.9M left free cash flow of $18.3M.