The stator-mounted permanent-magnet (SMPM) machines have some advantages compared with its counterparts, such as simple rotor, short winding terminals, and good thermal dissipation conditions for magnets. In this paper, a general power equation for three types of SMPM machine is introduced first, and then, power equations considering the specific topologies are derived. Based on these power equations, theoretical comparisons are carried out between various types of the SMPM machines. In all, eight topologies have been presented and benchmarked. It reveals that the flux switching permanent-magnet (PM) machine owns higher power density than the flux reversal PM machine and the doubly salient PM machine under same outer diameter. The comparison based on the power equation has established a foundation for optimizing the SMPM machines.