Latest Ratios: P/E Ratio 8.2x · EV/EBITDA 30.4x · ROE 35.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.1B | $1.5B | $684M | $403M | $137M | $207M | $453M | $115M | $267M | $110M | $95M |
| Enterprise Value | $993M | $1.3B | $608M | $315M | $116M | $170M | $389M | $94M | $189M | $76M | $69M |
| P/E Ratio → | 8.16 | 11.10 | 113.38 | — | — | — | — | — | 9.97 | — | — |
| P/S Ratio | 3.25 | 4.97 | 3.07 | 2.77 | 1.29 | 1.91 | 5.20 | 1.81 | 4.74 | 2.28 | 1.26 |
| P/B Ratio | 1.85 | 2.68 | 3.47 | 2.79 | 1.67 | 1.89 | 3.88 | 1.60 | 3.28 | 2.11 | 1.57 |
| P/FCF | 25.64 | 81.38 | 26.45 | 334.66 | — | — | — | — | 6.38 | — | — |
| P/OCF | 48.97 | 64.20 | 24.19 | 188.46 | — | — | — | — | 6.24 | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 4.50 | 2.73 | 2.16 | 1.10 | 1.57 | 4.46 | 1.48 | 3.36 | 1.58 | 0.92 |
| EV / EBITDA | 30.36 | 53.17 | 111.39 | — | — | — | — | — | 4.89 | — | — |
| EV / EBIT | 58.91 | 80.36 | 108.49 | — | — | — | — | — | — | — | — |
| EV / FCF | — | 73.70 | 23.51 | 261.73 | — | — | — | — | 4.53 | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.8% | 29.8% | 27.8% | 24.2% | 8.0% | 12.4% | 20.0% | 14.8% | 24.9% | 7.8% | 14.4% |
| Operating Margin | 5.6% | 5.6% | -0.5% | -7.8% | -31.1% | -19.4% | -26.6% | -36.2% | 60.5% | -66.4% | -36.6% |
| Net Profit Margin | 44.7% | 44.7% | 2.7% | -7.6% | -33.1% | -17.7% | -26.0% | -26.8% | 47.6% | -67.7% | -36.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 35.6% | 35.6% | 3.5% | -9.8% | -36.7% | -17.0% | -24.0% | -22.3% | 40.1% | -58.3% | -38.1% |
| ROA | 25.2% | 25.2% | 2.2% | -5.4% | -20.1% | -11.2% | -15.5% | -14.0% | 25.8% | -34.8% | -23.2% |
| ROIC | 4.7% | 4.7% | -0.9% | -14.4% | -36.9% | -25.3% | -33.5% | -63.5% | 233.5% | -90.9% | -49.7% |
| ROCE | 4.1% | 4.1% | -0.6% | -9.3% | -31.2% | -17.0% | -21.9% | -26.6% | 44.8% | -49.9% | -33.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.01 | 0.01 | 0.02 | 0.02 | 0.04 | 0.03 | 0.03 | 0.05 | — | — | 0.02 |
| Debt / EBITDA | 0.16 | 0.16 | 0.62 | — | — | — | — | — | — | — | — |
| Net Debt / Equity | — | -0.25 | -0.39 | -0.61 | -0.25 | -0.34 | -0.55 | -0.29 | -0.95 | -0.65 | -0.42 |
| Net Debt / EBITDA | -5.54 | -5.54 | -13.94 | — | — | — | — | — | -2.01 | — | — |
| Debt / FCF | — | -7.68 | -2.94 | -72.93 | — | — | — | — | -1.86 | — | — |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | -71.91 |
Net cash position: cash ($144M) exceeds total debt ($4M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.39 | 2.39 | 2.07 | 2.11 | 1.26 | 1.75 | 2.58 | 2.30 | 3.64 | 2.46 | 1.73 |
| Quick Ratio | 1.65 | 1.65 | 1.36 | 1.58 | 0.82 | 1.31 | 2.26 | 1.84 | 3.22 | 1.73 | 1.19 |
| Cash Ratio | 1.04 | 1.04 | 0.80 | 1.15 | 0.28 | 0.75 | 1.79 | 1.34 | 2.73 | 1.25 | 0.83 |
| Asset Turnover | — | 0.40 | 0.72 | 0.63 | 0.60 | 0.62 | 0.52 | 0.51 | 0.47 | 0.55 | 0.75 |
| Inventory Turnover | 2.03 | 2.03 | 2.26 | 2.64 | 2.64 | 4.01 | 5.24 | 2.87 | 3.48 | 2.26 | 3.69 |
| Days Sales Outstanding | — | 84.65 | 75.66 | 65.98 | 105.61 | 68.26 | 55.58 | 97.12 | 69.76 | 78.16 | 38.62 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 12.3% | 9.0% | 0.9% | — | — | — | — | — | 10.0% | — | — |
| FCF Yield | 3.9% | 1.2% | 3.8% | 0.3% | — | — | — | — | 15.7% | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.2% | 0.0% | 0.5% |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.2% | 0.0% | 0.2% | 0.0% | 0.5% |
| Shares Outstanding | — | $44M | $38M | $30M | $28M | $27M | $24M | $21M | $21M | $19M | $14M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying AMSC stock.
American Superconductor Corporation's current P/E ratio is 8.2x. The historical average is 53.7x.
American Superconductor Corporation's current EV/EBITDA is 30.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 27.8x.
American Superconductor Corporation's return on equity (ROE) is 35.6%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -27.8%.
Based on historical data, American Superconductor Corporation is trading at a P/E of 8.2x. Compare with industry peers and growth rates for a complete picture.
American Superconductor Corporation has 29.8% gross margin and 5.6% operating margin.
American Superconductor Corporation's Debt/EBITDA ratio is 0.2x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Revenue timing pull-forward dependence
Metrics are mathematically derived from official filings.
Trailing Earnings Flatter a Stretched Forward Multiple
As reported in the supplied multiples, AMSC trades at 7.67 trailing P/E but 26.64 forward P/E and 62.08 price-to-free-cash-flow, a spread that suggests trailing earnings are inflated by non-operating items rather than core profitability.
The trailing P/E of 7.67 looks inexpensive only because the 2025Q3 net margin of 158.1% reflects a large non-operating gain, while operating margins have run in the low single digits. The forward P/E of 26.64 and EV/EBITDA of 39.24 versus 17.63 forward suggest the market is pricing a substantial earnings ramp that the recent EPS miss of $0.06 against a $0.15 estimate has not yet validated. Investors should monitor whether margin conversion catches up to the revenue growth before treating the current multiple as anything other than elevated.
Operating Margin Thin Beneath Headline Net Income
Based on the reported quarterly series, AMSC's gross margin held between 25.9% and 33.8%, but operating margin reached only 5.7% in 2026Q2 after peaking at 10.5% in 2026Q1, indicating operating leverage is real but unproven.
Gross margin stability near 28% is consistent with a hardware-heavy Grid mix under competitive utility bidding, which caps the ceiling for expansion. The gap between gross and operating margin points to a fixed overhead base that absorbs most incremental revenue, so earnings power depends on sustaining volume above current levels. Net margin figures such as 158.1% in 2025Q3 should be stripped of non-recurring items before any profitability judgment is made.
Returns Oscillate Around Cost of Capital
As reported in the ratio series, AMSC's ROIC has ranged from -4.5% to 3.4% across ten quarters, with 0.9% in 2026Q2, suggesting the company has not yet sustained returns clearly above its cost of capital.
The ROIC trajectory shows repeated sign changes rather than a compounding pattern, which implies that incremental capital has not yet been deployed at durable spreads. ROE of 0.5% in 2026Q2 and the 26.8% spike in 2025Q3 are both distorted by the large non-operating item, so ROIC is the more reliable read on underlying capital efficiency. Returns may improve if the margin expansion seen in early 2026 proves repeatable, but the evidence so far is insufficient to call a turn.
Negligible Debt Keeps Solvency Risk Remote
Based on EDBL's reported figures, AMSC's debt-to-equity ratio remained near 0.01 across recent quarters and debt-to-EBITDA was 0.91 in 2026Q2, indicating leverage is not a meaningful constraint on the business.
With almost no funded debt, refinancing and covenant exposure appear immaterial based on the supplied data, and interest coverage is not meaningful given minimal interest expense. The balance sheet's solvency is therefore driven by cash and equity rather than borrowing capacity. Investors should note that the low leverage reflects a deliberate absence of debt rather than proven access to financing under stress, which the supplied data does not address.
Current Ratio Cushions Operating Needs Comfortably
According to reported quarterly figures, AMSC's current ratio of 2.38 and quick ratio of 1.72 in 2026Q2 remained well above 1.0, supporting the interpretation that near-term obligations are covered without relying on inventory liquidation.
The quick ratio sitting close to the current ratio suggests that receivables and cash, rather than inventory, are doing most of the work, which is a favorable composition. However, the cash conversion cycle of 185 days, driven by DIO of 134 days and DSO of 72 days, means working capital is tied up for long periods. Under a severe stress scenario, a delay in customer collections would test liquidity more than the headline ratio implies.
Peer Multiples Mask Structural Margin Gaps
Based on the supplied peer set, AMSC's 7.67 trailing P/E screens cheaper than most comparables, yet its 5.7% operating margin and 0.9% ROIC trail peers such as ITRN and ERII, which suggests the discount may reflect fundamentals rather than mispricing.
A low trailing multiple paired with weak return on invested capital is often a value trap when the earnings base is itself distorted, and here the trailing P/E rests on a non-operating gain rather than repeatable operating profit. The more informative benchmark is EV/EBITDA of 39.24 against peers such as ERII at 11.65 and ITRN at 9.27, which places AMSC at a substantial premium on current cash earnings. Investors should treat the cheap headline P/E as a misapplied signal and weight forward cash conversion and ROIC progression more heavily before concluding the stock is undervalued.