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. Based on the current metrics, the company appears to be overvalued, particularly when considering its P/E ratio of 99, a Price to Book Value of 6.37, and an EV to EBITDA of 96.82. These ratios are significantly higher than those of its peers, such as NuScale Power Corp. with a P/E of -82.91 and Eos Energy Enterprises, Inc. with a P/E of -8.55, suggesting that American Superconductor is trading at a premium compared to its industry counterparts.
In terms of recent performance, the stock has shown impressive returns, with a year-to-date return of 143.69% compared to the S&P 500's 13.30%, and a three-year return of 1408.04% against the S&P 500's 81.19%. This strong performance may indicate investor optimism; however, the high valuation ratios suggest that the stock may not be sustainable at these levels.