American Superconductor Corporation
AMSC · Industrials · $1.6B mkt cap · FY2026 filings · No moat ·
Doesn't clear the bar
The four filters
Median gross margin 24.2% over 9y, variable.
Median ROIC -30.8%, above the 9% hurdle in 10% of years.
Net cash position — no leverage risk.
Owner earnings trend unclear, share count growing (dilution).
Margin of safety
- Owner earnings (normalized)
- —
- Est. intrinsic value / share
- —
- Recent price
- $33.02
- Discount to value
- No price data
Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).
19 years of fundamentals
The business, in plain English
American Superconductor Corporation booked $299.2M of revenue in FY2026 in the Industrials sector and kept 30.5% of it as gross profit — a moderate-margin business by that measure. After every other cost, 44.7% of each revenue dollar reached the bottom line.
Across the filed record, revenue grew from $182.8M (FY2009) to $299.2M (FY2026) — about 2.9% a year compounded over 17 years.
It earned 2.8% on invested capital in FY2026, with a median of −38.0% across 18 filed years. The Returns on Capital filter above scores it 4/100.
The balance sheet carried $0 of total debt in FY2025. Balance-Sheet Safety scores it 100/100.
The share count rose 6.2% between FY2010 and FY2026 — existing owners have been diluted over the record. Capital Discipline scores it 24/100.
Put together: Balance-Sheet Safety is the strongest of the four filters (100/100) and Returns on Capital the weakest (4/100), which is how AMSC lands at 30/100 — a None moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in AMSC’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
None yet — AMSC has read No moat for every logged capture since Jul 17, 2026.
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Industrials context
#197 of 309 scored Industrials companies, ranked by Moat Score.
Nearest peers by Moat Score
- #195QXO QXO, Inc.30.6 out of 100, No moatNo moat
- #196SMR NUSCALE POWER CORPORATION30.6 out of 100, No moatNo moat
- #198ASH ASHLAND INC.30.2 out of 100, No moatNo moat
- #199SKYW SKYWEST INC29.7 out of 100, No moatNo moat
Compare AMSC with its nearest peers →All Industrials companies on the Index →
Common questions about AMSC
- Does American Superconductor Corporation have an economic moat?
- Based on its FY2026 SEC filings, the Moat Index scores American Superconductor Corporation (AMSC) 30.2 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 14, returns on capital 4, balance-sheet safety 100, capital discipline 24.
- How has AMSC's Moat Score changed over time?
- The record logs 3 readings since Jul 17, 2026; the latest reads 30.2 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.