This paper attempts to design a direct driven axial flux permanent magnet synchronous generator (AFPMSG) with better accuracy considering magnetic flux leakages and fringing effect, using D
^{2}
L method. Design results of conventional and improved design processes are analyzed and compared using 3D finite element method (FEM). Single and multi-stack AFPMSG topologies are designed by using an improved design process. FEM structural analysis is utilized to improve power to weight ratio of three-stack AFPMSG. Finally characteristics of both single and three-stack AFPMSG topologies are analyzed and compared using 3D FEM analysis.