A method for performing diagnostics on a transformer includes generating, by a voltage generator, an AC voltage and applying the AC voltage to a winding or phase of the transformer. Current flowing from the generator to the winding or phase is decomposed into a plurality of harmonic components. Respective magnitudes of the plurality of harmonic components are compared with corresponding magnitudes of harmonic components associated with one or more benchmark transformers of a known condition to determine whether the condition of the transformer matches the condition of one or more benchmark transformers.