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American Superconductor vs Erayak Power Solution: revenue, profit, margins and growth compared

American Superconductor brought in $299.2M of revenue in fiscal 2026, Erayak Power Solution $22.9M in fiscal 2025. Revenue changed by +34.3% at American Superconductor and -24.6% at Erayak Power Solution on the year before, so American Superconductor grew faster. American Superconductor kept 44.7% of its revenue as net profit, Erayak Power Solution -6.1%. Free cash flow was $18.3M at American Superconductor and -$8.4M at Erayak Power Solution.

Side by side, latest fiscal year

AMSCRAYA
Fiscal year endedFY2026 (March 31, 2026)FY2025 (December 31, 2025)
Revenue$299.2M$22.9M
Revenue growth+34.3%-24.6%
Net income$133.8M-$1.4M
Net margin44.7%-6.1%
Free cash flow$18.3M-$8.4M
Free cash flow margin6.1%-36.8%
Earnings per share (diluted)$3.05-$27.28
Cash$140.7M$436.8K
Debtn/a$3.4M
Price to earnings9.8n/a
Market value$1.5B$2M
Dividend yieldn/an/a
Rank by revenue in sector#632 of 955 · Consumer discretionary#819 of 955 · Consumer discretionary

Over the years

Revenue
AMSC FY2018: $56.2MAMSC FY2020: $63.8MAMSC FY2021: $87.1MAMSC FY2022: $108.4MAMSC FY2022: $106MAMSC FY2024: $145.6MAMSC FY2025: $222.8MAMSC FY2026: $299.2MRAYA FY2020: $14.1MRAYA FY2022: $18.6MRAYA FY2022: $26.9MRAYA FY2023: $20.3MRAYA FY2024: $30.3MRAYA FY2025: $22.9MFY18FY20FY21FY22FY23FY24FY25FY26
AMSC $299.2MRAYA $22.9M
Net income
AMSC FY2018: $26.8MAMSC FY2020: -$17.1MAMSC FY2021: -$22.7MAMSC FY2022: -$19.2MAMSC FY2022: -$35MAMSC FY2024: -$11.1MAMSC FY2025: $6MAMSC FY2026: $133.8MRAYA FY2020: $2.2MRAYA FY2022: $3.4MRAYA FY2022: $3.5MRAYA FY2023: $1.2MRAYA FY2024: -$1.1MRAYA FY2025: -$1.4MFY18FY20FY21FY22FY23FY24FY25FY26
AMSC $133.8MRAYA -$1.4M
Net margin
AMSC FY2018: 47.6%AMSC FY2020: -26.8%AMSC FY2021: -26.0%AMSC FY2022: -17.7%AMSC FY2022: -33.1%AMSC FY2024: -7.6%AMSC FY2025: 2.7%AMSC FY2026: 44.7%RAYA FY2020: 15.7%RAYA FY2022: 18.2%RAYA FY2022: 12.9%RAYA FY2023: 6.0%RAYA FY2024: -3.7%RAYA FY2025: -6.1%FY18FY20FY21FY22FY23FY24FY25FY26
AMSC 44.7%RAYA -6.1%
Revenue growth
AMSC FY2020: +13.6%AMSC FY2021: +36.5%AMSC FY2022: +24.5%AMSC FY2022: -2.3%AMSC FY2024: +37.4%AMSC FY2025: +53.0%AMSC FY2026: +34.3%RAYA FY2022: +31.9%RAYA FY2022: +44.4%RAYA FY2023: -24.5%RAYA FY2024: +49.1%RAYA FY2025: -24.6%FY20FY21FY22FY23FY24FY25FY26
AMSC +34.3%RAYA -24.6%
Free cash flow
AMSC FY2018: $41.8MAMSC FY2020: -$20.1MAMSC FY2021: -$10.4MAMSC FY2022: -$19.9MAMSC FY2022: -$23.7MAMSC FY2024: $1.2MAMSC FY2025: $25.9MAMSC FY2026: $18.3MRAYA FY2020: -$8.1MRAYA FY2022: $4.4MRAYA FY2022: -$4.8MRAYA FY2023: $6MRAYA FY2024: -$16.4MRAYA FY2025: -$8.4MFY18FY20FY21FY22FY23FY24FY25FY26
AMSC $18.3MRAYA -$8.4M

Fiscal years as each company reports them; the two may end in different months.

Questions about American Superconductor and Erayak Power Solution

Which is bigger by revenue, American Superconductor or Erayak Power Solution?

American Superconductor is bigger by revenue: $299.2M in fiscal 2026, against $22.9M for Erayak Power Solution in fiscal 2025.

Which keeps more of its revenue as profit, American Superconductor or Erayak Power Solution?

American Superconductor had a net margin of 44.7% in fiscal 2026; Erayak Power Solution had -6.1% in fiscal 2025.

Which grew revenue faster, American Superconductor or Erayak Power Solution?

In their latest fiscal years revenue changed by +34.3% at American Superconductor and -24.6% at Erayak Power Solution.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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