AMSCAmerican Superconductor Corporation
Is the business good?
A genuinely good business: earnings fully cash-backed (2.8×) and margins widening.
Mixed fundamental signals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit is fully backed by cash. Conversion is worsening vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
Margin-driven, fat margins on slower asset turns. ROE 19% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is AMSC?
American Superconductor Corporation earns 2.9% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 6.1 points below what the capital costs: growth destroys value
- Operating margin
- 4.9%
Operating margin · Specialty Industrial Machinery median 14% · 12 months to Q1 2026
- Cash conversion
- 2.84×
Cash conversion · 4.67× a year ago · operating cash flow covers the operating profit after tax
- Share count, year on year
- +19%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | −27% |
| FY2021 | −19% |
| FY2022 | −31% |
| FY2023 | −7.8% |
| FY2024 | −0.48% |
| FY2025 | 3.8% |
Details›
- Gross margin12 months to Q1 2026
- 29%
- Operating margin12 months to Q1 2026
- 4.9%
- Net margin12 months to Q1 2026
- 43%
- Free cash flow margin
- 6.4%
- R&D as % of revenue
- 4.8%
- Revenue, trailing twelve months
- $321M
- Free cash flow, trailing twelve months
- $21M
- Net income, trailing twelve months
- $137M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 2.9%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Specialty Industrial Machinery
Ranks #30 of 33 by RyuScore