Utilities · Independent Power Producers
Price
$14.67
Market Cap
$10.5B
Employees
9,100
Beta
0.95
Avg Volume
9,868,025
CEO
Andres Ricardo Gluski Weilert
Business Description
The AES Corporation operates as an international enterprise primarily focused on electricity generation and distribution. Its activities involve both the ownership and management of power plants, producing and supplying electricity to a diverse clientele that includes other utility companies, large industrial consumers, and various intermediate purchasers. Beyond generation, AES also functions as a utility provider, managing infrastructure to either produce or acquire, then transmit, distribute, and ultimately sell power directly to end-users across residential, commercial, industrial, and governmental sectors. The company is also an active participant in the wholesale electricity market. For power production, AES utilizes a broad spectrum of energy sources and advanced technologies. This includes conventional fuels like coal and natural gas, as well as a significant commitment to renewables such as hydroelectric, wind, solar, and biomass. Its renewable portfolio further incorporates energy storage solutions and landfill gas. With an operational generation capacity of approximately 31,459 megawatts, the company maintains a substantial global presence, conducting business in the United States, Puerto Rico, various nations across Central and South America (including El Salvador, Chile, Colombia, Argentina, Brazil, Mexico), the Caribbean, Europe, and Asia. Founded in 1981, the company was initially named Applied Energy Services, Inc., before officially rebranding to The AES Corporation in April 2000. Its corporate headquarters are located in Arlington, Virginia.
Business History
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
11.64
Stock Price: $14.67
EPS (Diluted): 1.26
EPS (Diluted): 1.26
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.48
Stock Price: $14.67
Total Equity: $6.89B
Shares: 712,000,000
Total Equity: $6.89B
Shares: 712,000,000
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
13.09
Market Cap: $10.46B
Total Debt: $29.22B
Cash: $2.07B
EBITDA: $2.94B
Total Debt: $29.22B
Cash: $2.07B
EBITDA: $2.94B
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$38.5B
Market Cap: $10.46B
Total Debt: $29.22B
Cash: $2.07B
Total Debt: $29.22B
Cash: $2.07B
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
18.1%
Gross Profit: $2.21B
Revenue: $12.23B
Revenue: $12.23B
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
16.1%
Operating Income: $1.97B
Revenue: $12.23B
Revenue: $12.23B
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
7.8%
Net Income: $949.00M
Revenue: $12.23B
Revenue: $12.23B
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
13.8%
Net Income: $949.00M
Total Equity: $6.89B
Total Equity: $6.89B
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
58.2%
Operating Income: $1.97B
Tax Rate: -905.0%
Equity: $6.89B
Total Debt: $29.22B
Cash: $2.07B
Tax Rate: -905.0%
Equity: $6.89B
Total Debt: $29.22B
Cash: $2.07B
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
0.77
Current Assets: $6.50B
Current Liabilities: $8.49B
Current Liabilities: $8.49B
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
4.24
Short-Term Debt: $3.15B
Long-Term Debt: $26.07B
Total Debt: $29.22B
Total Equity: $6.89B
Long-Term Debt: $26.07B
Total Debt: $29.22B
Total Equity: $6.89B
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$17.18
Revenue: $12.23B
Shares: 712,000,000
Shares: 712,000,000
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$9.67
Total Equity: $6.89B
Shares: 712,000,000
Shares: 712,000,000
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-2.28
Operating CF: $4.31B
CapEx: -$5.93B
Shares: 712,000,000
CapEx: -$5.93B
Shares: 712,000,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
4.9%
Last Dividend: N/A
Stock Price: $14.67
Stock Price: $14.67
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: $949.00M
Net Income: $949.00M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares AES against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 23, 2026 11:01pm (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $11.1B | $12.6B | $12.7B | $12.3B | $12.2B |
| Cost of Revenue | $8.4B | $10.1B | $10.2B | $10.0B | $10.0B |
| Gross Profit | $2.7B | $2.5B | $2.5B | $2.3B | $2.2B |
| Operating Expenses | $166.0M | $207.0M | $255.0M | $288.0M | $241.0M |
| Operating Income | $2.5B | $2.3B | $2.3B | $2.0B | $2.0B |
| Net Income | -$413.0M | -$546.0M | $242.0M | $1.7B | $949.0M |
| EBITDA | $818.0M | $1.9B | $2.5B | $3.7B | $2.9B |
| EPS | $-0.61 | $-0.82 | $0.37 | $2.38 | $1.26 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 23, 2026 11:01pm (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $943.0M | $1.4B | $1.4B | $1.5B | $2.1B |
| Total Current Assets | $5.4B | $7.6B | $6.6B | $6.8B | $6.5B |
| Total Assets | $33.0B | $38.4B | $44.8B | $47.4B | $51.8B |
| Current Liabilities | $4.7B | $6.5B | $9.7B | $8.6B | $8.5B |
| Long-Term Debt | $17.3B | $21.7B | $22.7B | $25.4B | $26.1B |
| Total Liabilities | $28.4B | $33.9B | $38.8B | $39.7B | $39.8B |
| Total Equity | $2.8B | $2.4B | $2.5B | $3.6B | $6.9B |
| Retained Earnings | -$1.1B | -$1.6B | -$1.4B | $293.0M | $641.0M |
Cash Flow (Annual)
Last updated: Jun 23, 2026 11:01pm (3d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $1.9B | $2.7B | $3.0B | $2.8B | $4.3B |
| Capital Expenditure | -$2.1B | -$4.6B | -$7.7B | -$7.4B | -$5.9B |
| Free Cash Flow | -$214.0M | -$1.8B | -$4.7B | -$4.6B | -$1.6B |
| Acquisitions (net) | -$507.0M | -$102.0M | $1.6B | $1.6B | $2.4B |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | -$139.0M | $663.0M | -$114.0M | $165.0M | $112.0M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 12:30am (9h ago)| Metric | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|
| Revenue |
$12.1B $11.6B – $12.9B
|
$12.8B $12.1B – $13.7B
|
$13.5B $12.2B – $14.6B
|
$13.9B $13.9B – $14.0B
|
| EBITDA |
$5.2B $5.0B – $5.6B
|
$5.6B $5.2B – $5.9B
|
$5.9B $5.3B – $6.3B
|
$6.0B $6.0B – $6.0B
|
| Net Income |
$1.4B $1.3B – $1.6B
|
$1.6B $1.5B – $1.7B
|
$1.7B $1.6B – $1.9B
|
$1.8B $1.7B – $2.0B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 23, 2026 11:01pm (3d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +13.2% | +0.5% | -3.1% | -0.4% |
| Gross Profit Growth | -6.1% | -1.3% | -7.9% | -4.5% |
| Operating Income Growth | -8.1% | -3.5% | -10.3% | -2.9% |
| Net Income Growth | -32.2% | +144.3% | +596.7% | -43.7% |
| EBITDA Growth | +137.5% | +30.4% | +45.0% | -20.0% |
Dividend History (Last 20)
Last updated: Jun 23, 2026 11:01pm (3d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-01 | $0.18 | 2026-02-19 | 2026-05-01 | 2026-05-15 |
| 2026-01-30 | $0.18 | 2025-12-05 | 2026-01-30 | 2026-02-13 |
| 2025-10-31 | $0.18 | 2025-10-10 | 2025-10-31 | 2025-11-14 |
| 2025-08-01 | $0.18 | 2025-07-11 | 2025-08-01 | 2025-08-15 |
| 2025-05-01 | $0.18 | 2025-02-21 | 2025-05-01 | 2025-05-15 |
| 2025-01-31 | $0.18 | 2024-12-06 | 2025-01-31 | 2025-02-14 |
| 2024-11-01 | $0.17 | 2024-10-11 | 2024-11-01 | 2024-11-15 |
| 2024-08-01 | $0.17 | 2024-07-12 | 2024-08-01 | 2024-08-15 |
| 2024-04-30 | $0.17 | 2024-02-23 | 2024-05-01 | 2024-05-15 |
| 2024-01-31 | $0.17 | 2023-12-08 | 2024-02-01 | 2024-02-15 |
| 2023-10-31 | $0.17 | 2023-10-06 | 2023-11-01 | 2023-11-15 |
| 2023-07-31 | $0.17 | 2023-07-14 | 2023-08-01 | 2023-08-15 |
| 2023-04-28 | $0.17 | 2023-02-24 | 2023-05-01 | 2023-05-15 |
| 2023-01-31 | $0.17 | 2022-12-02 | 2023-02-01 | 2023-02-15 |
| 2022-10-31 | $0.16 | 2022-10-07 | 2022-11-01 | 2022-11-15 |
| 2022-07-29 | $0.16 | 2022-07-15 | 2022-08-01 | 2022-08-15 |
| 2022-04-28 | $0.16 | 2022-02-25 | 2022-04-29 | 2022-05-13 |
| 2022-01-31 | $0.16 | 2021-12-03 | 2022-02-01 | 2022-02-15 |
| 2021-11-01 | $0.15 | 2021-10-15 | 2021-11-02 | 2021-11-15 |
| 2021-07-30 | $0.15 | 2021-07-19 | 2021-08-02 | 2021-08-16 |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for AES — it's generated by the pipeline (
market-narrative step).
No community reviews yet for AES.
Be the first — hit How to Contribute, have any AI review this page, and paste its take back here.
My Notes
personal — only you see this
Sign in to save personal notes and rate your interest in this stock.
Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30