AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) Revenue, Margins & Financial Statements
AMERICAN SUPERCONDUCTOR CORP /DE/ (AMSC) reported $299.15M in revenue over the most recent fiscal year on record, up 34.3% year over year. Growth has been stable, a +27.0% compound annual rate over the last 7 years on record. Profit is growing faster than sales, usually a sign of improving efficiency or pricing power. Operating margin is in the middle of its range of the last 8 years on record. Free cash flow ran 14% of net income in the latest year, meaningfully below reported profit, worth a closer look at working capital. The balance sheet holds $140.69M more in cash & investments than debt. Share count grew 20.6% over the past year, some dilution.
AMERICAN SUPERCONDUCTOR CORP /DE/'s revenue for the fiscal year ended Mar 2026 was $299.15M, an increase of +34.3% compared to the prior year. Is growth accelerating, stable, slowing, or contracting? See the quarterly beat/miss history →
| Fiscal Year Ended | Revenue Growth |
|---|---|
| Mar 2026 | +34.3% |
| Mar 2025 | +53.0% |
| Mar 2024 | +37.4% |
| Mar 2023 | -2.3% |
| Mar 2022 | +24.5% |
| Mar 2021 | +36.5% |
| Mar 2020 | +13.6% |
"Accelerating" / "Slowing" means each of the last 3 years' growth rates moved consistently in that direction, not a subjective call.
Year-over-year growth by quarter, each quarter compared to the same quarter one year earlier, which avoids the seasonal noise of comparing sequential quarters. AMERICAN SUPERCONDUCTOR CORP /DE/'s most recent quarter grew +30.0% year-over-year, faster than the quarter before it.
| Quarter Ended | Revenue | YoY Growth |
|---|---|---|
| Jun 2026 | $94.07M | +30.0% |
| Mar 2026 (derived) | $86.41M | +29.6% |
| Dec 2025 | $74.53M | +21.4% |
| Sep 2025 | $65.86M | +20.9% |
| Jun 2025 | $72.36M | +79.6% |
| Mar 2025 (derived) | $66.65M | +58.6% |
| Dec 2024 | $61.40M | +56.0% |
| Sep 2024 | $54.47M | +60.2% |
Net income grew +41.1% year-over-year in the same quarter.
Profit is growing faster than sales, usually a sign of improving efficiency or pricing power.
EPS +1806.2% year over year. A rough breakdown of what drove it (approximate, since EPS is roughly net income divided by share count):
Accounting profit is not the same as cash in the bank. Here's how AMSC converts revenue into real cash.
How AMSC deployed cash in the most recent year, across its actual cash-flow-statement uses.
Objective, rule-based checks against the figures above, not a subjective rating.
| Fiscal Year Ended | Revenue Growth | Margin Change | FCF Growth |
|---|---|---|---|
| Mar 2026 | +34.3% | +4.3pp | -29.4% |
| Mar 2025 | +53.0% | +7.3pp | +2048.7% |
| Mar 2024 | +37.4% | +23.3pp | +105.1% |
| Mar 2023 | -2.3% | -11.7pp | -19.1% |
| Mar 2022 | +24.5% | +7.1pp | -90.7% |
| Mar 2021 | +36.5% | +9.6pp | +48.1% |
| Mar 2020 | +13.6% | -96.8pp | -148.2% |
Is AMSC's revenue growing?
AMERICAN SUPERCONDUCTOR CORP /DE/'s revenue growth has been stable, at +34.3% in the most recent year on record. Over the last 7 years, revenue has compounded at roughly +27.0% annually.
Is AMSC's profit growing faster than its revenue?
Profit is growing faster than sales, usually a sign of improving efficiency or pricing power.
Are AMSC's profit margins improving or declining?
Operating margin has expanded for 3 straight years on record. It is currently in the middle of the last 8 years.
Is AMSC's reported profit backed by real cash?
Operating cash flow ran +17% of net income, and free cash flow ran +14% of net income, in the most recent year. Cash generation is running noticeably behind reported profit.
Does AMSC have more cash than debt?
Yes, AMSC holds $140.69M more in cash & short-term investments than its total debt.
Is AMSC diluting shareholders or buying back stock?
AMSC's share count grew +20.6% over the past year, existing shareholders were diluted.
What are the biggest financial red flags for AMSC right now?
Operating cash flow covers only 17% of net income, profit isn't fully backed by cash. Share count grew 20.6% year over year, meaningful dilution. Accounts receivable grew 50.2%, notably faster than revenue's 34.3%. Inventory grew 45.8%, notably faster than revenue's 34.3%.
Every line item as reported, with the annual/quarterly toggle and ratio table.
| Line item | Mar 31, 2026 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 |
|---|---|---|---|---|---|
| Revenue | $299.15M | $222.82M | $145.64M | $105.98M | $108.44M |
| Cost of Revenue | $207.78M | $160.96M | $110.36M | $97.46M | $94.94M |
| Gross Profit | $91.38M | $61.85M | $35.28M | $8.52M | $13.49M |
| Research & Development | $15.74M | $11.43M | $7.99M | $8.97M | $10.47M |
| Selling, General & Administrative | $57.65M | $43.09M | $31.60M | $28.70M | $27.49M |
| Total Operating Expenses | $79.93M | $62.93M | $46.65M | $41.53M | $34.58M |
| Operating Income | $11.45M | -$1.08M | -$11.37M | -$33.01M | -$21.09M |
| Nonoperating Income (Expense) | -$1.05M | -$265.0K | -$736.0K | -$148.0K | -$28.0K |
| Pretax Income | $16.75M | $2.37M | -$10.80M | -$34.83M | -$21.04M |
| Income Tax Expense | -$117.06M | -$3.67M | $309.0K | $215.0K | -$1.85M |
| Net Income | $133.81M | $6.03M | -$11.11M | -$35.04M | -$19.19M |
| EPS (Basic) | $3.12 | $0.16 | $-0.37 | $-1.26 | $-0.71 |
| EPS (Diluted) | $3.05 | $0.16 | $-0.37 | $-1.26 | $-0.71 |
| Weighted Avg Shares (Basic) | 42.95M | 36.99M | 29.82M | 27.85M | 27.20M |
| Weighted Avg Shares (Diluted) | 43.90M | 37.72M | 29.82M | 27.85M | 27.20M |
Sourced from SEC filings (10-K / 10-Q). Figures not separately reported by the company are shown as —, not estimated. Quarterly "derived Q4" values are calculated as the full fiscal year total minus the three reported quarters.
Computed from the annual figures above, most recent first.
| Ratio | Mar 31, 2026 | Mar 31, 2025 | Mar 31, 2024 | Mar 31, 2023 | Mar 31, 2022 | Mar 31, 2021 | Mar 31, 2020 | Mar 31, 2019 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 30.5% | 27.8% | 24.2% | 8.0% | 12.4% | — | 14.8% | 24.9% |
| Operating Margin | 3.8% | -0.5% | -7.8% | -31.1% | -19.4% | -26.6% | -36.2% | 60.5% |
| Net Margin | 44.7% | 2.7% | -7.6% | -33.1% | -17.7% | -26.0% | -26.8% | 47.6% |
| Return on Equity | 24.1% | 3.1% | -7.7% | -42.8% | -17.5% | -19.5% | -23.7% | — |
| Current Ratio | 2.39 | 2.07 | 2.11 | 1.26 | 1.75 | 2.58 | 2.30 | — |
| Debt / Equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — |
| Free Cash Flow | $18.26M | $25.87M | $1.20M | -$23.72M | -$19.91M | -$10.45M | -$20.13M | $41.76M |