Latest Ratios: P/E Ratio 11.7x · EV/EBITDA 61.4x · 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 | $1.7B | $1.5B | $684M | $403M | $137M | $207M | $453M | $115M | $267M | $110M | $95M |
| Enterprise Value | $1.6B | $1.3B | $608M | $315M | $116M | $170M | $389M | $94M | $189M | $76M | $69M |
| P/E Ratio → | 11.66 | 11.10 | 113.38 | — | — | — | — | — | 9.97 | — | — |
| P/S Ratio | 5.67 | 4.97 | 3.07 | 2.77 | 1.29 | 1.91 | 5.20 | 1.81 | 4.74 | 2.28 | 1.26 |
| P/B Ratio | 2.81 | 2.68 | 3.47 | 2.79 | 1.67 | 1.89 | 3.88 | 1.60 | 3.28 | 2.11 | 1.57 |
| P/FCF | 92.86 | 81.38 | 26.45 | 334.66 | — | — | — | — | 6.38 | — | — |
| P/OCF | 73.25 | 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 | 61.44 | 53.17 | 111.39 | — | — | — | — | — | 4.89 | — | — |
| EV / EBIT | 92.25 | 79.82 | 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 | 8.6% | 9.0% | 0.9% | — | — | — | — | — | 10.0% | — | — |
| FCF Yield | 1.1% | 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 |
Defense budget concentration risk
According to current market data, AMSC trades at a P/S ratio of 6.33, which appears to price the company as a high-growth technology firm rather than a traditional industrial machinery provider, warranting caution given the historical volatility of its project-based revenue streams and earnings quality.
The current P/E of 13.03 is heavily distorted by non-recurring gains, making the forward P/E of 11.47 a more relevant, albeit still speculative, metric for investors. The valuation gap compared to peers like Vicor suggests the market is struggling to reconcile the company's defense-linked stability with its legacy renewable energy exposure.
Based on reported financial figures, AMSC's ROIC has struggled to maintain positive territory, fluctuating between -4.5% and 3.4% over the last ten quarters, which indicates that the company has yet to consistently generate returns on invested capital that exceed its cost of capital.
The recent uptick in ROIC to 0.7% in 2025Q4 is a positive development, yet it remains structurally low compared to high-performing industrial peers. This suggests that the significant capital deployed into acquisitions and R&D has not yet reached the necessary scale to drive meaningful compounding of shareholder value.
As indicated by the 195-day cash conversion cycle reported in 2025Q4, AMSC faces significant working capital drag, primarily driven by high inventory days that reflect the specialized, long-lead nature of its HTS wire and power electronics manufacturing processes compared to broader industrial machinery benchmarks.
The persistent inventory levels, often exceeding 140 days, suggest that the company must carry substantial stock to meet the specific requirements of naval and grid contracts. Investors should monitor whether management can optimize these cycles as the Grid segment matures and project predictability improves.
Financial statements show a D/E ratio of 0.01 as of 2025Q4, indicating that AMSC maintains a fortress-like balance sheet with minimal debt, which provides significant flexibility to navigate the inherent lumpiness of its project-based revenue model without the immediate pressure of interest coverage requirements.
The lack of meaningful debt is a structural advantage that distinguishes AMSC from more levered industrial peers, allowing the company to prioritize R&D and strategic M&A. This conservative capital structure appears appropriate given the company's historical reliance on equity financing and the volatility of its defense-related cash flows.
The P/E ratio is the most commonly misapplied metric for AMSC, as it fails to account for the massive, non-recurring tax and litigation-related gains that have artificially inflated net income, thereby obscuring the company's true, lower-margin operational reality as an industrial machinery provider.
Analysts should instead focus on EV/EBITDA or normalized operating margins to strip out these non-operating distortions. Relying on headline P/E risks overestimating the company's current earning power and ignoring the underlying volatility inherent in its percentage-of-completion accounting for long-term naval and grid infrastructure projects.
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 11.7x. The historical average is 53.7x. This places it at the 50th percentile of its historical range.
American Superconductor Corporation's current EV/EBITDA is 61.4x. 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 11.7x. This is at the 50th percentile of its historical P/E range. 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.