American Superconductor Corp /De/ (AMSC) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
Forensic Analysis · Industrials / Manufacturing / Defense · as of Sep 25, 2026
American Superconductor Corp /De/ (AMSC)
A forensic read on American Superconductor Corp /De/ built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Safe
Financial health
6.3
Distress distance
Watch
Earnings quality
6
Forensic signals
10.7
P / E (ttm)
24.1%
ROE
$1.5B
Market cap
34.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
American Superconductor Corp /De/ earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 6.3, placing it in the Safe zone. 6 forensic signals were flagged in its latest SEC filings, led by cash conversion.
What the filings flag
0.42×
FY2024–FY2026
Cash conversion.Over FY2024–FY2026, cumulative operating cash flow was 0.42× cumulative net income. Reported profit is not turning into cash. The shortfall is profit tied up in working capital rather than collected — the accrual and receivables lines below show where.
+111.6%
FY2025→FY2026
Accruals ratio (% of NOA).Net operating assets grew +111.6% relative to their own average in FY2026 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building sharply — a large slice of profit sits in operating assets, not cash. An accrual is a claim that still has to be collected or written down, so the gap resolves in a later period whichever way it goes. The build is led by receivables up +50% against revenue +34% and inventory up +46% against +29% in cost of sales. A cash-flow measure on the same base agrees: reported earnings ran ahead of operating cash by 42% of net operating assets, against an accruals ratio of 111.6%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average.
85d DSO
FY2025→FY2026
Receivables vs revenue.Days sales outstanding moved from 76 to 85 days FY2025→FY2026 (receivables +50% vs revenue +34%). Receivables are outrunning sales — a flag for aggressive revenue recognition or slipping collections. Only 42¢ of operating cash arrived for every dollar of profit reported over FY2024–FY2026 ($53.6M against $128.7M), and the receivables balance is one of the places the rest is sitting. Across FY2024–FY2026 the day count ran 66 → 76 → 85 days — the latest step continues a climb that was already under way, which is the persistence that separates a collection problem from a busy quarter. Deferred revenue grew +23% over the same period, but billing ahead of recognition does not account for this one: that pattern leaves the day count steady and the cash arriving early, and here the day count has climbed across the years on file while the cash did not arrive. Measured against the same quarter twelve months earlier — like-for-like on the calendar, so an ordinary seasonal build cannot produce it — receivables took longer to collect in 7 consecutive quarters (Dec 2024 +8, Mar 2025 +5, Jun 2025 +16, Sep 2025 +20, Dec 2025 +11, Mar 2026 +10, Jun 2026 +9 days). In the latest of them the receivable balance grew +48% against sales +30%, so more of a quarter's billings were still outstanding at the period end than a year earlier — money the company has recognized and not yet been paid. Both figures are measured on period-end balances rather than the beginning-plus-ending average, because averaging needs the balance a year before every reading — FY2025's opening balance is on file, but across the 3 fiscal years read here (FY2024–FY2026) the average yields only 2 day counts (1 step), too few to tell a climb from one year's move.
Key fundamentals
Latest Revenue$299.2M
Revenue Growth YoY+34.3%
Revenue CAGR (2yr)+43.4%
Net Margin44.7%
Free Cash Flow$18.3M
Return on Equity24.1%
Debt / Equity0.00x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from American Superconductor Corp /De/'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 25, 2026. Forensic signals flag probability, not certainty.
2.2%
FY2026
Return on invested capital.Return on invested capital is 2.2% in the latest fiscal year and rising across FY2024–FY2026 from -14.2%. After-tax operating profit was ($9M) in FY2024 and $10M in FY2026, with operating income at -7.8% of revenue in FY2024, -0.5% in FY2025 and 3.8% in FY2026. The capital base behind it cannot be compared across FY2024–FY2026: short-term debt and long-term debt are tagged in one of those two fiscal years and not the other, and an untagged line enters this calculation as zero, so any change in the base would be a change in what the filer tagged.
+21.3%/yr
FY2024–FY2026
Share-count dilution.Diluted share count changed +47% over the last 2 years to FY2026 (+21.3%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~21.3% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~32%.
stopped
FY2025→FY2026
Shareholder returns — halted.Capital returns have STOPPED — $126,000 of buybacks + dividends in FY2025, but ~$0 in FY2026. A halt usually means the company is conserving cash.