AMSC AMERICAN SUPERCONDUCTOR CORP /DE/

Overview and Growth

Fiscal 2025 results for AMERICAN SUPERCONDUCTOR CORP /DE/ combined $299.15M of revenue with net income of $133.81M and an operating cash inflow of $23.15M. Revenue of $299.15M sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line expanded 34.3% from $222.82M in fiscal 2024, increasing the company’s operating scale. On a per-share basis, diluted EPS was $3.05, which connects the reported earnings outcome with the company’s diluted share count. Asset turnover was 0.4x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $91.38M as gross profit before recognizing operating expenses and other items. Gross profit represented 30.5% of revenue, showing how much of the top line remained after direct costs. The reported operating result was $11.45M, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 3.8%, showing how efficiently sales converted into operating profit. Net income came to $133.81M, completing the progression from revenue through gross and operating profitability to the final reported result. Measured against reported revenue, net income produced a 44.7% margin after operating costs and the remaining recognized items. The earnings statement records $16.75M of pretax income, the profit base against which the reported tax provision can be assessed. Pretax income represented 5.6% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized an income-tax benefit of $117.06M, increasing after-tax earnings relative to the pretax result. The effective tax-benefit relationship was 699.0% of positive pretax income. Net income equaled 24.1% of period-end equity, showing the earnings generated on shareholders’ book capital. Net income represented 18.1% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

The company held $739.48M of assets against $184.03M of liabilities and $555.45M of equity, revealing how the asset base was financed. At period end, current assets of $331.74M compared with current liabilities of $138.53M, defining the company’s short-term resource position. Current assets covered current liabilities by 2.39x, leaving a positive buffer for near-term obligations. The company held $140.69M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 101.6% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Relative to total assets, liabilities measured 24.9%, complementing the separate equity-based view of the company’s capital structure. Cash and equivalents equaled 19.0% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 138.1% from $310.52M in fiscal 2024, leaving current total assets higher year over year.

Cash Flow and Earnings Quality

Cash flow from operations was $23.15M, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 0.17x, comparing cash generated by operations with the bottom-line earnings result. Capital spending was $4.89M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 21.1% of operating cash flow, quantifying the share of cash from operations directed to investment. After capital spending, free cash flow was $18.26M, leaving cash available for debt reduction, shareholder returns, or further investment. Free cash flow represented 6.1% of revenue, linking post-investment cash generation with the company’s operating scale. Measured against total assets, free cash flow represented 2.5%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Mar 31, 2026. Analysis generated Sep 24, 2026.