C

American Superconductor Corpora — Earnings Quality Grade C

AMSC · Industrials

Some red flags

Revenue
$223M
2025
Net Income
$6M
2025
Gross Margin
27.8%
Free Cash Flow
$26M
01

Screening Summary

10
Passed
6
Watch
1
Failed
-2.05
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

!
A1DSO Change

DSO increased by 15 days

!
A2AR vs Revenue Growth

AR growth 97.3% exceeds revenue growth 53.0%

A3Revenue vs CFFO

Revenue 53.0%, CFFO 1223.0%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

Inventory growth 70.0% far exceeds COGS 45.9%, margin rising. Fraud signal

!
B2CapEx vs Revenue

CapEx growth 158.6% is >2x revenue growth 53.0%

B3SG&A Ratio

SG&A/Gross Profit = 69.7%. Normal

B4Gross Margin

Gross margin 27.8%, change +3.5pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO/NI = 4.69. Profits backed by cash

C2Free Cash Flow

FCF $0.0B, FCF/NI = 4.29

C3Accruals Ratio

Accruals ratio = -7.2%. Low accruals

C4Cash vs Debt

Cash $0.1B covers debt $0.0B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.1B = 27% of equity. Manageable

D2Leverage

Debt/EBITDA = 0.3x. Healthy

!
D3Soft Asset Growth

Other assets grew 171.5% vs revenue 53.0%

D4Asset Impairment

No write-off data

05

Acquisition Risk

!
E1Serial Acquirer FCF

FCF after acquisitions negative for 2/3 years

E2Goodwill Surge

Goodwill+Intangibles change 9% YoY. Normal

06

Manipulation Score

!
F1Beneish M-Score

M-Score = -2.05 (grey zone)

Portfolio monitoring

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04

Beneish M-Score

Manipulation Probability-2.05
-4.0 Clean-2.22 Grey-1.78 Danger0
1.29
DSRI
AR growing faster than revenue?
0.873
GMI
Gross margin declining?
0.873
AQI
Asset quality deteriorating?
1.53
SGI
Revenue growth rate
1.977
DEPI
Depreciation slowing?
0.891
SGAI
SG&A ratio changing?
-0.0717
TATA
Accruals level
0.949
LVGI
Leverage increasing?
05

Altman Z-Score

-6.93
Distress Zone
0 Distress1.102.605.0+ Safe
0.3438
Liquidity
-3.4156
Cumulative profit
0.0181
Operating efficiency
1.7381
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25