Is American Superconductor Corp. overvalued or undervalued?

As of 17 October 2025, the valuation grade for American Superconductor Corp. has moved from attractive to fair, indicating a shift in its perceived value. The company appears to be overvalued based on its high P/E ratio of 99, a Price to Book Value of 6.37, and an EV to EBITDA of 96.82, which are significantly above industry norms. In comparison, its peer NuScale Power Corp. has a P/E of -82.91, while Microvast Holdings, Inc. shows a P/E of 23.10, highlighting the relative overvaluation of American Superconductor.
Despite the overvaluation, American Superconductor has shown impressive stock performance, with a year-to-date return of 143.69% compared to the S&P 500's 13.30%. This strong performance over multiple periods, including a 3-year return of 1408.04% against the S&P 500's 81.19%, suggests that market sentiment may still be favoring the stock despite its high valuation ratios.