This paper investigates the theoretical reasons behind the low torque ripple of a fractional-slot concentrated-winding (FSCW) spoke-type interior permanent-magnet (IPM) machine obtained via a genetic algorithm-based optimization. To better understand the torque performance of the IPMM, this paper uses the frozen permeability method to segregate the overall torque into four components—magnet torque, reluctance torque, cogging torque, and the torque caused by cross-magnetization. Equations and detailed procedures of the torque separation method are discussed in the paper. Analysis of the separated torque components reveals that the counteraction between ripples of different torques leads to the low torque ripple. At high-load conditions, the magnetic saturation alters the torque ripples caused by cross-magnetization to offset ripples of other components resulting in minimization of the overall torque ripple. A detailed parametric analysis of the geometric parameters was carried out to understand their effect in producing minimum torque ripple in the optimized design. In the end, a prototype was built and used for the verification of the torque separation method and the analytical findings based on it.