AMSCAMERICAN SUPERCONDUCTOR CORP /DE/
Motors & Generators
- Revenue
- $299M
- 34% YoY
- Operating margin
- 3.8%
- 892% YoY
- EBITDA
- $19M
- 320% YoY
- Market cap
- $1.3B
- Employees
- 1,195
- $250K revenue each
- Net debt / EBITDA
- -7.3×
- −$138M net debt
- AI in 10-K
- 1.0
- mentions per 10K words
Takeover score 5 of 13
Fixable underperformance 2 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$3M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashYes17% of net incomeCash flow under 80% of net income
- Dilutive SBCNo5% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo23% of assetsOver 40% of assets
- Shareholder dissentNo94% lowest supportAny vote under 80% support
Buyer economics 3 of 4
- Low revenue per employeeYes$250K · 25th pctBottom quartile of its SIC industry
- Quiet on AINo1.0 per 10K words · 35th pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 7.3× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.3B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$8M netNet sales over $10M in 12 months
Financials
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $108M | $106M | $146M | $223M | $299M | 34% |
| Operating income | −$21M | −$33M | −$11M | −$1M | $11M | 1163% |
| Net income | −$35.0B | −$11.1B | $6.0B | −$133.8B | $134M | 100% |
| Operating cash flow | −$19M | −$22M | $2M | $28M | $23M | 18% |
| Capex | $938K | $1M | $934K | $2M | $5M | 102% |
| Stock-based comp | $5M | $5M | $5M | $8M | $16M | 104% |
| Buybacks | — | — | $0 | $126K | $0 | 100% |
Deal filings
None.
13D filers
None on file.
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $8M · 25
- Net
- −$8M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $8M | $18M | 179 | 275 |
| FY2024 | $6M | $8M | 96 | 138 |
| FY2023 | $3M | $8M | 71 | 123 |
| FY2022 | $2M | $1M | 26 | 104 |
| FY2021 | $2M | −$2M | 40 | 100 |