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Accurate inductance calculation of permanent-magnet synchronous machines is a relevant topic, since the inductances determine a large part of the electrical machine behavior. However, the inductance calculation, as well as the inductance measurement, is never a completely straightforward task when saturation occurs. In this paper, the total flux in the d and q axes are obtained from finite- element method or measurements and therefore include saturation and cross-couplings. The inductances are obtained from analytical post-processing based on an equivalent magnetic circuit. The originality of this method is that it accommodates the changes in the magnet flux and the inductances with the level of saturation. The resulting inductance values are the ones seen by the converter or the grid, as found by a more accurate approach.