American Superconductor (AMSC) financial statements
American Superconductor reported revenue of $299M in fiscal 2026, up 16.6% a year over 9 years.
Net income was $134M and the operating margin 3.8%, against -36.6% in 2017.
Free cash flow was $18M.
The diluted share count rose 218% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from American Superconductor's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $75M | $48M | $56M | $64M | $87M | $108M | $106M | $146M | $223M | $299M |
| Cost of revenue | $64M | $45M | $42M | $54M | — | $95M | $97M | $110M | $161M | $208M |
| Gross profit | $11M | $4M | $14M | $9M | — | $13M | $9M | $35M | $62M | $91M |
| Research and development | $13M | $12M | $10M | $10M | — | $10M | $9M | $8M | $11M | $16M |
| Selling, general and admin | $26M | $23M | $22M | $23M | — | $27M | $29M | $32M | $43M | $58M |
| Operating income | -$28M | -$32M | $34M | -$23M | -$23M | -$21M | -$33M | -$11M | -$1M | $11M |
| Pre-tax income | -$26M | -$33M | $33M | -$17M | -$24M | -$21M | -$35M | -$11M | $2M | $17M |
| Income tax | $1M | -$161,000 | $6M | $195,000 | -$832,000 | -$2M | $215,000 | $309,000 | -$4M | -$117M |
| Net income | -$27M | -$33M | $27M | -$17M | -$23M | -$19M | -$35M | -$11M | $6M | $134M |
| EPS (diluted) | -$1.98 | -$1.73 | $1.29 | -$1.03 | -$0.95 | -$0.71 | -$1.26 | -$0.37 | $0.16 | $3.05 |
| Diluted shares | 14M | 19M | 21M | 21M | 24M | 27M | 28M | 30M | 38M | 44M |
| Gross margin | 14.4% | 7.8% | 24.9% | 14.8% | — | 12.4% | 8.0% | 24.2% | 27.8% | 30.5% |
| Operating margin | -36.6% | -66.4% | 60.5% | -36.2% | -26.6% | -19.4% | -31.1% | -7.8% | -0.5% | 3.8% |
| Net margin | -36.4% | -67.7% | 47.6% | -26.8% | -26.0% | -17.7% | -33.1% | -7.6% | 2.7% | 44.7% |
Balance sheet
Fiscal years, from American Superconductor's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $27M | $34M | $77M | $55M | $73M | $41M | $23M | $91M | $79M | $141M |
| Receivables | $8M | $7M | $8M | $17M | $13M | $20M | $31M | $26M | $46M | $69M |
| Inventory | $17M | $20M | $12M | $19M | $13M | $24M | $37M | $42M | $71M | $104M |
| Total current assets | $56M | $67M | $103M | $94M | $105M | $94M | $106M | $166M | $207M | $332M |
| Property, plant and equipment | $43M | $13M | $9M | $9M | $9M | $14M | $12M | $11M | $39M | $90M |
| Goodwill | $0 | $2M | $2M | $2M | $35M | $43M | $43M | $43M | $48M | $175M |
| Total assets | $100M | $88M | $119M | $169M | $169M | $174M | $176M | $233M | $311M | $739M |
| Total current liabilities | $32M | $27M | $28M | $41M | $41M | $54M | $84M | $79M | $100M | $139M |
| Long-term debt | — | — | — | — | $0 | $90,000 | $15,000 | $0 | $0 | — |
| Total liabilities | $40M | $36M | $38M | $52M | $52M | $64M | $94M | $88M | $113M | $184M |
| Shareholders' equity | $60M | $52M | $81M | $72M | $117M | $109M | $82M | $145M | $197M | $555M |
| Net debt | -$27M | -$34M | -$77M | -$25M | -$68M | -$40M | -$23M | -$90M | -$79M | -$141M |
Cash flow
Fiscal years, from American Superconductor's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$11M | -$25M | $43M | -$16M | -$9M | -$19M | -$22M | $2M | $28M | $23M |
| Capital spending | $656,000 | $3M | $952,000 | $4M | $2M | $938,000 | $1M | $934,000 | $2M | $5M |
| Free cash flow | -$12M | -$27M | $42M | -$20M | -$10M | -$20M | -$24M | $1M | $26M | $18M |
| Stock-based compensation | $3M | $3M | $3M | $2M | $3M | $5M | $5M | $5M | $8M | $16M |
| Share buybacks (net) | — | — | — | — | — | — | — | $0 | -$126,000 | $0 |
| Net borrowing | -$3M | -$2M | — | — | $0 | -$53,000 | -$73,000 | -$65,000 | -$25,000 | -$9M |
| Free cash flow margin | -15.8% | -56.5% | 74.3% | -31.5% | -12.0% | -18.4% | -22.4% | 0.8% | 11.6% | 6.1% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for AMSC.
Open AMSC in InvestinglyQuestions
What was American Superconductor's revenue in 2026?
$299M in fiscal 2026, from its 10-K filing.
How much free cash flow does American Superconductor generate?
$18M in fiscal 2026 (operating cash flow minus capital spending).
From American Superconductor's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.