Risk of irreversible magnet demagnetization during short-circuit fault is analyzed in case of an axial-flux dual-rotor machine, using a three-dimensional finite-element method (3D-FEM). In order to validate the numerical model, calculated waveforms of the currents are compared with experimental results for short-circuit at low speeds. Then currents and magnetic flux density inside the magnets are computed for short-circuit at higher speeds in order to predetermine the maximum admissible speed for the machine.