Operating cash flow efficiency remains robust with a 2.05 ratio to net income in 2025Q4, supporting a positive free cash flow margin of 8.7% despite ongoing working capital outflows.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 | Mar'01 | Mar'00 | Mar'99 | Mar'98 | Mar'97 |
|---|
| Cash from Operations | 23.15M | 28.29M | 2.14M | -22.48M | -18.98M | -8.68M | -16.5M | 42.71M | -24.83M | -11.21M | -4.56M | -32.68M | -13.27M | -45.27M | -141.04M | -22.82M | 40.68M | -2.43M | -17.82M | -22.76M | -19.59M | -9.28M | -17.42M | -39.6M | -26.46M | -26.42M | -20.36M | -15.1M | -14.93M | -8.91M |
| Operating CF Margin % | 7.74% | 12.69% | 1.47% | -21.22% | -17.5% | -9.96% | -25.84% | 75.99% | -51.29% | -14.91% | -4.75% | -46.33% | -15.77% | -51.79% | -184.27% | -7.96% | 12.88% | -1.33% | -15.86% | -43.62% | -38.51% | -15.93% | -42.18% | -188.41% | -227.09% | -157.59% | -134.71% | -134.12% | -98.69% | -84.44% |
| Operating CF Growth % | -18.16% | 1222.97% | 109.51% | -18.49% | -118.6% | 47.38% | -138.62% | 272.05% | -121.37% | -146% | 86.05% | -146.3% | 70.69% | 67.9% | -518.04% | -156.1% | 1776.83% | 86.39% | 21.69% | -16.19% | -111.01% | 46.72% | 56.01% | -49.7% | -0.12% | -29.79% | -34.84% | -1.13% | -67.58% | -48.48% |
| Net Income | 133.81M | 6.03M | -11.11M | -35.04M | -19.19M | -22.68M | -17.1M | 26.76M | -32.78M | -27.37M | -23.14M | -48.66M | -56.26M | -66.13M | -136.83M | -186.28M | 16.25M | -16.64M | -25.45M | -34.68M | -30.88M | -19.66M | -26.73M | -87.63M | -56.98M | -21.68M | -17.6M | -15.33M | -12.38M | -10.42M |
| Depreciation & Amortization | 8.45M | 6.54M | 4.49M | 5.36M | 5.34M | 5.35M | 4.31M | 4.61M | 11.46M | 7.52M | 7.97M | 9.55M | 10.62M | 13.05M | 15.46M | 60.26M | 9.79M | 8.4M | 10.1M | 4.76M | 7.91M | 8.19M | 7.6M | 8.1M | 5.51M | 4.1M | 2.25M | 1.94M | 2.11M | 1.7M |
| Stock-Based Compensation | 15.87M | 7.79M | 4.65M | 4.73M | 4.66M | 3.48M | 1.92M | 3.03M | 2.69M | 2.89M | 3.25M | 5.94M | 10.7M | 8.14M | 9.86M | 13.44M | 13.63M | 9.68M | 5.67M | 3.68B | 424.42M | 0 | 262.08M | 14.78M | 106.07M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -118.68M | -4.3M | 65K | 24K | -2.4M | -1.22M | -1.71M | 4.48M | -1.45M | -14K | 1.24M | 1.63M | 5.91M | 1.89M | 31.83M | 3.66M | -2.72M | 0 | -3.42M | -118.9K | -417.6M | 0 | -262.08M | -14.78M | -106.07M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 7.76M | 7.72M | 6.93M | 3.83M | -3.66M | 5.36M | -3.67M | -341K | 812K | -784K | 1.82M | -4.09M | 11.12M | 7.99M | 4.39M | 111.92M | 1.61M | 3.66M | 4.27M | -3.67B | 364.69K | 318.46K | 689.72K | 46.71M | 9.7M | 682.58K | 647.89K | 532.77K | 569.53K | 302.14K |
| Working Capital Changes | -24.06M | 4.51M | -2.9M | -1.39M | -3.73M | 1.02M | -247K | 4.18M | -5.56M | 6.54M | 4.3M | 2.95M | 4.65M | -10.21M | -65.75M | -25.82M | 2.12M | -7.53M | -8.98M | 1.17M | -3.8M | 1.86M | 1.02M | -6.78M | 15.32M | -9.53M | -5.66M | -2.24M | -5.23M | -490.8K |
| Change in Receivables | -16.29M | -3.21M | 4.34M | -10.36M | -3.76M | 5.19M | -9.16M | -529K | 1.15M | 11.14M | -9.32M | -2.68M | 11.38M | -751K | -4.82M | 63.17M | -21.6M | -18.84M | -20.33M | -6.28B | -3.55B | 0 | -3.12B | -486.51M | 4.95B | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -6.96M | -7.71M | -6.84M | -14.8M | -3.31M | 8.11M | -8.14M | 5.01M | -2.42M | -815K | -782K | -1.89M | 13.04M | -6.46M | -7.53M | -51.94M | -656K | -24.38M | -4.41M | 1.07M | -3.73M | -1.98M | 3.48M | 5.36M | -2.38M | -8.58M | -4.22M | -1.79M | 159.29K | -274.71K |
| Change in Payables | 7.14M | 3.21M | -13.82M | 8.66M | 0 | -4.22M | 5.89M | 2.84M | -2.96M | -7.94M | 1.54M | 5.58M | -10.86M | -21.86M | -64.15M | -222K | 27.21M | -95.49M | 11.63M | 3.6B | 3.4B | 0 | 1.77B | -10.67B | 11.86B | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -77.08M | -35.21M | -961K | -1.52M | -7.16M | 2.47M | -36.62M | 2.17M | 16.4M | 192K | 4.87M | 1.81M | 4.01M | 7.35M | 63.34M | -104.83M | -40M | -3.49M | -40.46M | -9.31K | 14.81M | -30.78M | -23.33M | 20.56M | -26.84M | -17.02M | -91.81M | -4.49M | 6.29M | 5.29M |
| Capital Expenditures | -4.89M | -2.42M | -934K | -1.24M | -938K | -1.76M | -4.63M | -952K | -2.53M | -656K | -1.2M | -737K | -278K | -1.43M | -15.12M | -43.38M | -18.06M | -7.65M | -9.86M | -10.91M | -2.99M | -1.46M | -1.96M | -7.8M | -63.12M | -35.9M | -5.93M | -3.61M | -2.89M | -1.42M |
| CapEx % of Revenue | 1.63% | 1.08% | 0.64% | 1.17% | 0.86% | 2.02% | 7.25% | 1.69% | 5.24% | 0.87% | 1.25% | 1.04% | 0.33% | 1.64% | 19.76% | 15.13% | 5.72% | 4.19% | 8.77% | 20.9% | 5.88% | 2.51% | 4.74% | 37.1% | 541.82% | 214.09% | 39.25% | 32.1% | 19.1% | 13.41% |
| Acquisitions | -72.1M | -32.85M | 0 | 0 | -11.48M | -26M | 3M | 3.27M | 74K | 354K | 3.14M | 0 | 0 | 0 | -4.23M | -2.51M | -1.52M | -1.12M | -102K | -386.83K | 48.85K | 74.5K | 115.23K | 0 | 0 | -755K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -98K | 64K | -27K | -281K | 65K | 81K | 8K | 2.99M | 1.95M | 523K | 2.98M | 2.55M | 4.29M | 3.51M | -25.63M | 3.9M | 568K | 6.25M | -11.76M | 62.8K | -765.01K | -1.68M | -1.61M | -992.46K | -3.17M | -1.9M | -576.27K | -429.35K | -275.84K | -19.95K |
| Cash from Financing | 116.08M | 8K | 65.44M | 162K | 142K | 50.83M | 5.78M | -299K | 15.28M | -1.13M | 18.2M | 8.78M | 12.8M | 31.22M | 57K | 163.06M | 19M | 12.46M | 108.43M | 3.52M | 1.35M | 47.41M | 53.5M | 363.79K | 1.41M | 5.59M | 214.12M | 42.71M | 9.9M | 86.3K |
| Debt Issued (Net) | -8.81M | -25K | -65K | -73K | -53K | 0 | 0 | 0 | -1.57M | -3.17M | -4M | -5.87M | 5.23M | 30.97M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.17M | -639.13K | -126.05K |
| Equity Issued (Net) | 124.89M | -126K | 65.23M | 235K | -46K | 50.55M | 6.34M | 0 | 16.95M | 0 | 22.28M | 9.09M | 7.46M | 0 | 0 | 155.24M | 0 | 0 | 14.82M | 3.52M | 1.42M | 47.41M | 53.5M | 363.79K | 1.41M | 5.59M | 214.12M | 45.88M | 10.45M | 1.29M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -126K | 0 | 0 | -46K | -927K | 0 | -456K | 0 | -490K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1K | 159K | 279K | 0 | 241K | 278K | -565K | -299K | -99K | 2.04M | -80K | 5.56M | 111K | 249K | 57K | 7.82M | 19M | 12.46M | 93.61M | -256 | -66.06K | 0 | 53.45B | 0 | 1.41B | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 62.17M | -6.9M | 66.61M | -23.81M | -26.05M | 44.67M | -52.28M | 43.95M | 7.3M | -12.55M | 18.84M | -22.62M | 3.87M | -7.04M | -77.5M | 36.19M | 16.92M | 2.84M | 51.91M | -19.25M | -3.42M | 7.35M | 12.75M | -18.68M | -51.89M | -37.85M | 101.95M | 23.13M | 1.26M | -3.53M |
| Free Cash Flow | 18.26M | 25.87M | 1.2M | -23.72M | -19.91M | -10.45M | -20.13M | 41.76M | -27.36M | -11.87M | -5.76M | -33.41M | -13.54M | -46.7M | -156.16M | -66.2M | 22.62M | -10.08M | -27.68M | -33.67M | -22.58M | -10.74M | -19.38M | -47.4M | -89.58M | -62.32M | -26.29M | -18.71M | -17.82M | -10.32M |
| FCF Margin % | 6.1% | 11.61% | 0.83% | -22.38% | -18.37% | -11.99% | -31.53% | 74.3% | -56.53% | -15.79% | -6% | -47.37% | -16.1% | -53.42% | -204.02% | -23.1% | 7.16% | -5.52% | -24.63% | -64.52% | -44.39% | -18.43% | -46.91% | -225.52% | -768.91% | -371.68% | -173.96% | -166.22% | -117.78% | -97.85% |
| FCF Growth % | -29.42% | 2048.67% | 105.08% | -19.11% | -90.67% | 48.1% | -148.19% | 252.63% | -130.49% | -106.09% | 82.76% | -146.68% | 71% | 70.09% | -135.91% | -392.61% | 324.43% | 63.59% | 17.77% | -49.09% | -110.2% | 44.56% | 59.12% | 47.08% | -43.74% | -137.05% | -40.5% | -5.01% | -72.6% | -41.43% |
| FCF per Share | 0.42 | 0.69 | 0.04 | -0.85 | -0.73 | -0.44 | -0.96 | 2.01 | -1.44 | -0.86 | -0.44 | -3.94 | -2.16 | -8.80 | -30.72 | -14.05 | 5.00 | -2.36 | -7.07 | -10.12 | -6.91 | -3.81 | -8.01 | -22.76 | -43.89 | -30.96 | -16.62 | -12.37 | -15.28 | -9.83 |
| FCF Conversion (FCF/Net Income) | 0.17x | 4.69x | -0.19x | 0.64x | 0.99x | 0.38x | 0.96x | 1.60x | 0.76x | 0.41x | 0.20x | 0.67x | 0.24x | 0.68x | 1.03x | 0.12x | 2.50x | 0.15x | 0.70x | 0.66x | 0.63x | 0.47x | 0.65x | 0.45x | 0.46x | 1.22x | 1.16x | 0.99x | 1.21x | 0.67x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 42K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 706K | 312K | 286K | 350K | 531K | 594K | 0 | 2.86M | 1.58M | 0 | 0 | 0 | 0 | 0 | 13.36M | 16.43M | 12.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Project-based revenue volatility
As reported in recent financial filings, AMSC's operating cash flow to net income ratio reached 2.05 in 2025Q4, highlighting a persistent disconnect where cash generation frequently outpaces accounting earnings, largely due to the non-cash nature of recent significant net income spikes and ongoing stock-based compensation adjustments.
The consistent divergence between net income and operating cash flow suggests that headline earnings are not a reliable proxy for the company's actual cash-generating capacity. Investors should monitor this gap, as it appears to be driven by non-operating accounting entries that mask the underlying cash reality of the industrial business.
Based on quarterly cash flow statements, AMSC has maintained a positive free cash flow trajectory over the last ten quarters, peaking at an 8.7% margin in 2025Q4, which indicates that the company is successfully transitioning toward a self-sustaining model after years of historical cash burn.
The ability to generate consistent free cash flow despite the capital-intensive nature of HTS manufacturing suggests that the company's pivot to grid and naval defense is yielding tangible liquidity. This trend warrants further investigation to determine if these margins can be sustained as project complexity increases.
According to recent cash flow data, AMSC experienced a consistent working capital outflow, including a $3.5 million drain in 2025Q4, which reflects the inherent challenges of managing long-cycle naval and grid contracts where costs are often incurred well before final milestone billings are realized.
The persistent negative working capital changes suggest that the company's growth is consuming cash to fund project-related inventory and receivables. This dynamic may indicate that the company is effectively financing its customers' project timelines, which could constrain liquidity if contract milestones face unexpected delays.
As evidenced by the $72.1 million acquisition expenditure in 2025Q3, AMSC is actively utilizing its cash reserves to consolidate its market position, shifting away from historical reliance on equity dilution to fund operations and instead pursuing inorganic growth to expand its addressable industrial power market.
The shift toward using cash for acquisitions rather than share repurchases suggests management is prioritizing scale and technical capability over immediate shareholder returns. Investors should monitor the integration of these assets to ensure they contribute to long-term operating leverage rather than just increasing the fixed cost base.
Quick answers to the most common questions about buying AMSC stock.
American Superconductor Corporation (AMSC) generated $23.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
American Superconductor Corporation (AMSC) generated $18.3M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
American Superconductor Corporation (AMSC) spent $4.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.