— Know what they know.
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Not Investment Advice

AES

NYSE · USD
The AES Corporation
Utilities · Diversified Utilities
CEO Andres Ricardo Gluski Weilert Employees 8,336 R&D / revenue 0.0%
Last price
$14.95−0.13%last session
Market cap
$10.7B
P/E (TTM)
5.7x
From 52w high
−15.3%
From 52w low
+13.2%
1-year return
+6.0%
RSI 14 · vs SMA200
63.4 · +3.0%
IS score
44.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

AES   SPY   XLU (sector ETF) · weekly closes
90100110120Jan 26Apr 26Jul 26Oct 26SPY 116AES 106XLU 92

Score DNA

Each bar is a 0-100 score within the scored universe
52
Profitability
68
Growth
78
Value
90
Momentum
15
Risk (safety)
56
Quality
20
Balance sheet
73
Earnings quality

Flags

Strengths
None of the computed strength flags fires.
Warnings
▲ Altman distress zone▲ Negative free cash flow▲ Share count rising
Observations
Moat model: Weak, Efficient ScalePiotroski 7 / 9Altman Z 0.5Beta 0.952 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
No open-market sales on file
No Form 144 notices in 12 months
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−47
81 new holders, 115 closed
704 filers hold 90.8% · 268 added, 246 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+84
497 funds adding shares
413 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
35.9%
20-day avg 38.9%, 50-day avg 33.4%
Latest 3.0 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$12.2B
Revenue growth YoY−0.4%
Gross margin18.1%
Operating income$2.0B
Operating margin16.1%
Net income$949.0M
Net margin7.8%
EPS (diluted)$1.26
Cash flow
Operating cash flow$4.3B
Capital expenditure$5.9B
Free cash flow−$1.6B
FCF conversion (FCF / OCF)-37.7%
Stock-based compensation$0
FCF less SBC−$1.6B
Buybacks$0
Dividends$501.0M
Balance sheet & returns
Cash & short-term investments$2.2B
Total debt$29.2B
Net debt$27.0B
Shareholders' equity$11.9B
Goodwill & intangibles$2.4B
Debt / equity6.50
ROE (TTM)37.9%
ROIC (TTM)4.4%
Operating margin by fiscal year
22.9%FY202118.6%FY202217.8%FY202316.5%FY202415.0%FY2025
Revenue $11.1B (FY2021) to $12.2B (FY2025), a 2.4% CAGR.

Valuation

P/E (TTM)5.7x
EV / EBITDA10.3x
Price / sales0.82x
Price / FCFn/m
FCF yield-16.13%
Buyback yield0.00%
SBC / revenue0.0%
Price / book2.16x
Forward P/E FY20266.5x
Forward P/E FY20276.1x
Forward P/E FY20285.6x
Forward multiples divide today's price by Street EPS estimates.

AES vs industry median

38 companies in Diversified Utilities
Gross margin 20.3% 32.1% Operating margin 17.5% 16.9% Net margin 14.6% 7.9% ROIC 4.4% 6.4%
AES (TTM)Industry median Asset turnover 0.24 vs industry 0.29 · financial leverage 10.97

Earnings delivery

Next report 2026-11-03 · consensus EPS $0.53
83%
beat rate, 10 of 12 quarters
+10.0%
median EPS surprise
6
longest beat streak
+9+6+47+6+11+54-27+31+5+31+34-2
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-02 to 2026-08-04. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
AES The AES Corporation $10.7B5.7x37.9%14.6%−0.4% +6.0%
BIP Brookfield Infrastructure Pa $17.2B52.2x7.8%1.0%+16.4% +11.6%
AQN Algonquin Power & Utilities $4.0B28.9x3.2%0.7%+7.2% −11.9%
ALE ALLETE, Inc. $3.9B66.6x5.8%7.2%−4.3% +7.9%
AVA Avista Corporation $3.1B13.2x8.3%8.5%−1.8% −3.3%
SRE Sempra $54.5B24.0x7.1%26.6%+2.8% —
RXN Rexnord Corporation $11.4B39.8x16.8%23.1%+19.3% —
WTRG Essential Utilities, Inc. $11.6B20.8x8.1%19.9%+9.9% —
12-month window: SPY +15.9%, sector ETF XLU −8.1%. Past returns describe history only.

Recent 8-K filings

2026-09-17Other Events
2026-09-16Officer/Director Change
2026-08-27Other Events
2026-08-05Material Agreement; Exhibits
2026-07-27Accountant Change; Exhibits
2026-06-26Shareholder Vote; Regulation FD; Other Events; Exhibits

Context

Shares outstanding713,438,630
Free float99.4%
Institutional ownership90.8%
Beta0.95
Dividend yield4.71%
Last dividend$0.18 on 2026-10-30
50 / 200-day average$14.82 / $14.74
Large-cap Utilities median P/E20.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where AES sits among 9 scored companies in Diversified Utilities (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureAESIndustry medianIndustry percentileSector median
P/E (TTM) 5.6x 20.7x
14th		 20.7x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 0.8x 1.6x
25th		 2.4x
Price / book 2.2x 1.5x
75th		 1.9x
Price / tangible book 4.1x 1.5x
83rd		 2.1x
Price / free cash flow —
Price / operating cash flow 2.1x 5.6x
12th		 9.2x
Enterprise value $40.9B $40.9B
50th		 $25.7B
EV / sales 3.1x 3.3x
12th		 4.5x
EV / EBITDA 10.3x 9.6x
62nd		 11.9x
EV / EBIT 17.6x 16.8x
62nd		 19.6x
EV / free cash flow —
Earnings yield 17.9% 4.2%
88th		 4.8%
FCF yield -16.1% -4.6%
12th		 -4.2%
Operating cash flow yield 47.2% 17.8%
88th		 10.3%
Graham number (per share) $20.37 $33.02
43rd		 $48.77

Profitability (TTM)

MeasureAESIndustry medianIndustry percentileSector median
Gross margin 20.3% 41.7%
0th		 43.4%
EBITDA margin 30.3% 36.9%
0th		 38.7%
Operating margin 17.5% 19.9%
0th		 20.9%
EBIT margin 17.8% 20.8%
0th		 23.2%
Net margin 14.6% 9.5%
75th		 12.4%
NOPAT margin 16.5% 16.5%
50th		 18.1%
FCF margin -13.2% -5.4%
25th		 -7.6%
Operating cash flow margin 38.5% 25.3%
75th		 28.3%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 1.8% 1.8%
50th		 4.2%
Stock comp / revenue 0.0% 0.3%
0th		 0.0%
Effective tax rate 5.8% 24.2%
12th		 18.4%

Returns on capital

MeasureAESIndustry medianIndustry percentileSector median
ROE (on average equity) 45.9% 7.4%
100th		 9.5%
ROA 3.7% 2.1%
100th		 2.6%
ROIC 6.1% 5.4%
88th		 5.5%
ROCE 5.1% 4.8%
62nd		 5.1%
Return on tangible assets 4.5% 4.5%
50th		 4.7%
Cash ROIC (OCF / invested capital) 14.3% 7.8%
100th		 8.0%
Gross profitability (GP / assets) 4.9% 6.8%
0th		 8.6%
ROIC, 3-yr average 4.3% 3.2%
100th		 4.2%
ROIC, 5-yr average 2.0% 2.6%
38th		 4.2%
ROE, 5-yr average 13.9% 7.0%
100th		 9.1%
Incremental ROIC 35.1% 26.0%
75th		 20.6%

Growth

MeasureAESIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 8.5% 8.5%
50th		 7.2%
Revenue growth (QoQ) 7.6% -18.0%
100th		 -16.9%
Revenue CAGR, 3 yr 0.2% 0.1%
62nd		 3.0%
Revenue CAGR, 5 yr 4.6% 5.5%
29th		 6.3%
Gross profit CAGR, 3 yr 1.2% 16.2%
25th		 7.9%
Operating income CAGR, 3 yr -0.5% 10.3%
12th		 9.4%
Net income growth (TTM YoY) 88.9% 15.4%
100th		 8.6%
Net income CAGR, 3 yr —
EPS growth (TTM YoY) 88.1% 10.1%
100th		 4.2%
EPS CAGR, 3 yr —
EPS CAGR, 5 yr —
FCF growth (TTM YoY) —
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr 18.3% 18.3%
50th		 12.7%
Book value CAGR, 3 yr 22.9% 2.5%
100th		 4.7%
Dividend CAGR, 3 yr -1.7% -1.7%
50th		 0.3%
Sustainable growth rate 33.8% 2.1%
100th		 3.7%

Margin history & stability

MeasureAESIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 19.3% 31.8%
0th		 42.6%
Operating margin, 3-yr average 16.9% 19.6%
0th		 20.0%
Net margin, 3-yr average 9.9% 9.5%
62nd		 12.5%
FCF margin, 3-yr average -26.6% -11.1%
25th		 -7.9%
Revenue stability (0-1) 0.55 0.45
62nd		 0.75
Earnings stability (0-1) 0.81 0.54
88th		 0.51
Margin stability (0-1) 0.78 0.81
38th		 0.84

Liquidity (latest quarter)

MeasureAESIndustry medianIndustry percentileSector median
Cash & short-term investments $1.9B $55.0M
75th		 $215.5M
Net cash (− = net debt) −$30.3B −$30.3B
50th		 −$12.1B
Working capital −$2.2B −$123.9M
25th		 −$284.5M
Current ratio 0.75 0.88
38th		 0.82
Quick ratio 0.67 0.69
38th		 0.69
Cash ratio (cash + ST investments / current liabilities) 0.22 0.05
75th		 0.08
Defensive interval (days) 3,766 days 346 days
75th		 314 days

Leverage & solvency (latest quarter)

MeasureAESIndustry medianIndustry percentileSector median
Total debt $32.1B $32.1B
50th		 $12.5B
Debt / equity 6.50 1.44
75th		 1.61
Net debt / equity 6.12 1.43
75th		 1.60
Debt / assets 59.2% 47.7%
100th		 43.4%
Debt / capital 86.7% 59.0%
75th		 61.8%
Debt / EBITDA 8.11 6.28
100th		 5.59
Net debt / EBITDA 7.64 6.28
100th		 5.53
Interest coverage (EBIT / interest) 1.6x 2.0x
12th		 2.4x
Cash interest coverage 3.5x 3.2x
62nd		 3.0x
Debt payback (years of OCF) 6.4 yrs 6.8 yrs
12th		 7.5 yrs
Liabilities / assets 76.4% 66.9%
100th		 70.8%
IS credit model rating CCC — —
Implied credit spread (bps) 1,200 750
75th		 750

Efficiency

MeasureAESIndustry medianIndustry percentileSector median
Asset turnover 0.25 0.21
88th		 0.20
Fixed asset turnover 0.32 0.31
62nd		 0.27
Inventory turnover 16.5 12.0
57th		 8.7
Receivables turnover 6.9 6.9
50th		 8.4
Days sales outstanding 53 days 53 days
50th		 43 days
Days inventory outstanding 22 days 36 days
43rd		 42 days
Days payables outstanding 93 days 79 days
75th		 75 days
Cash conversion cycle (days) −17 days −15 days
38th		 14 days
Capex / revenue 51.7% 31.6%
75th		 35.1%
Capex / depreciation 4.13 2.03
75th		 2.40
Operating expense ratio 1.8% 20.2%
38th		 30.7%

Cash flow & earnings quality

MeasureAESIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.64 2.58
57th		 2.20
FCF / net income −0.90 −0.85
43rd		 −0.74
FCF / operating cash flow -34.2% -19.0%
25th		 -33.3%
Capex / operating cash flow 134.2% 119.0%
75th		 133.3%
Accruals ratio -6.1% -3.8%
0th		 -3.2%
Sloan accruals ratio -4.8% -4.5%
38th		 -3.7%
Earnings quality score (0-1) 0.75 1.00
0th		 1.00

Dividends & buybacks

MeasureAESIndustry medianIndustry percentileSector median
Dividend yield 4.7% 4.8%
38th		 3.3%
Dividend per share (TTM) $0.70 $1.79
25th		 $1.87
Payout ratio (dividends / net income) 26.3% 71.1%
14th		 63.9%
Dividends / FCF —
Dividend growth (YoY) 1.0% 1.0%
50th		 3.9%
Buyback yield 0.0% 0.0%
0th		 0.0%
Shareholder yield (dividends + buybacks) 4.7% 4.7%
38th		 3.3%
Share count change (YoY) 0.4% 0.4%
50th		 2.5%
Buybacks, last 5 years $0 $0
0th		 $0

Scores & forensic checks

MeasureAESIndustry medianIndustry percentileSector median
IS score 45 40
88th		 40
IS profitability 52 33
75th		 44
IS growth 68 59
88th		 50
IS value 78 60
75th		 56
IS momentum 90 86
75th		 78
IS risk (safety) 15 15
0th		 15
IS quality 56 62
25th		 64
IS balance sheet 20 30
25th		 28
IS earnings quality 73 79
38th		 79
IS cash flow 35 35
25th		 35
Piotroski F-score (0-9) 7 6
75th		 6
Altman Z-score 0.5 0.7
38th		 0.9
Beneish M-score −2.84 −2.55
25th		 −2.64
Ohlson O-score −7.08 −7.15
62nd		 −7.04
IS credit score 16 28
25th		 29

Per share

MeasureAESIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $2.67 $2.67
50th		 $3.13
Book value per share $6.91 $11.24
25th		 $32.52
Tangible book per share $14.65 $14.65
50th		 $32.45
Revenue per share $18.26 $20.74
25th		 $24.86
FCF per share −$2.41 −$1.71
38th		 −$1.64
Operating cash flow per share $7.04 $7.98
38th		 $7.00
Cash per share $2.59 $0.30
75th		 $0.83

Size (TTM)

MeasureAESIndustry medianIndustry percentileSector median
Market cap $10.7B $10.7B
50th		 $8.5B
Revenue $13.1B $13.1B
50th		 $5.4B
EBITDA $4.0B $4.0B
50th		 $2.7B
Net income $1.9B $227.0M
75th		 $559.7M
Free cash flow −$1.7B −$576.0M
25th		 −$190.6M
Total assets $54.2B $54.2B
50th		 $34.0B
Shareholders' equity $4.9B $4.9B
50th		 $5.1B
Employees 8,336 3,233
62nd		 5,870

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-04-29Sebastian Teresa Mosley
Director
 Award / grant 12,111——64,612
2026-04-29Naim Moises
Director
 Award / grant 12,111——230,849
2026-04-29Naim Moises
Director
 Award / grant 6,920——218,738
2026-04-29Monie Alain
Director
 Award / grant 12,111——131,814
2026-04-29Laulis Julia M.
Director
 Award / grant 12,111——109,189
2026-04-29Koeppel Holly K
Director
 Award / grant 12,111——195,412
2026-04-29Davidson Janet
Director
 Award / grant 12,111——105,358
2026-04-29Davidson Janet
Director
 Award / grant 2,076——93,247
2026-04-29Bhandari Inderpal S
Director
 Award / grant 12,111——59,433
2026-04-29Anderson Gerard M
Director
 Award / grant 12,111——62,037
2026-04-29Anderson Gerard M
Director
 Award / grant 6,920——49,926
2026-04-23Mendoza Tish
EVP & Chief HR Officer
 Award / grant 46,552——334,972

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
AprMay

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired15302,460—
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

FiledFilerShares proposedEst. proceeds
2024-06-06Kohan Sherry15,000$305,234
2024-05-20Da Santos Bernerd66,250$1.4M
2024-05-20Mendoza Tish66,250$1.4M
2023-12-13Mendoza Tish21,678$410,765
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 0 trades (0 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2025-02-25Rob BresnahanHousePurchase$1,001 - $15,0002025-03-28
2025-02-24Robert P. BresnahanHousePurchase$1,001 - $15,0002025-03-28
2025-02-12Julie JohnsonHouseSale$1,001 - $15,0002025-03-13
2025-02-11Julie JohnsonHouseSale (Full)$1,001 - $15,0002025-03-13
2024-01-17Thomas R. CarperSenatePurchase$1,001 - $15,0002024-02-02
2024-01-17Thomas R. CarperSenatePurchase$1,001 - $15,0002024-02-01
2024-01-17Thomas Richard CarperSenatePurchase$1,001 - $15,0002024-02-01
2023-10-05John BoozmanSenateSale (Full)$1,001 - $15,0002023-11-07
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.49,278,892$722.4M6.91%
VANGUARD CAPITAL MANAGEMENT LLC46,504,987$681.8M6.52%
STATE STREET CORP42,891,937$628.8M6.01%
VANGUARD PORTFOLIO MANAGEMENT LLC35,374,898$518.6M4.96%
BALYASNY ASSET MANAGEMENT L.P.34,633,491$507.7M4.85%
GEODE CAPITAL MANAGEMENT, LLC25,120,280$367.8M3.52%
Invesco Ltd.18,548,188$271.9M2.60%
GOLDMAN SACHS GROUP INC14,647,897$214.7M2.05%
CITADEL ADVISORS LLC13,701,040$200.9M1.92%
HBK INVESTMENTS L P11,070,839$162.3M1.55%
Qube Research & Technologies Ltd10,935,897$160.3M1.53%
UBS Group AG9,548,943$140.0M1.34%
DIMENSIONAL FUND ADVISORS LP7,888,298$115.6M1.11%
Sixth Street Partners Management Company, L.P.7,745,013$113.5M1.09%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC7,745,013$113.5M1.09%

Institutional ownership by quarter

2023-092026-0690.8%
% of shares held by 13F filers
2023-092026-06704
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3070490.8%81268246115
2026-03-3175188.5%135247271113
2025-12-3174484.9%12526625067
2025-09-3070086.5%10626224477
2025-06-3068590.5%110287210112
2025-03-3169888.3%117274230117
2024-12-3171192.2%124266248107
2024-09-3070697.2%9828323884
2024-06-3069796.8%11430819560
2024-03-3165494.4%10927318675
2023-12-3162992.0%10523121482
2023-09-3061488.3%7224521078

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-02-17SCHEDULE 13G/AAmeriprise Financial, Inc.4.9%34,959,555
2025-11-14SCHEDULE 13GAmeriprise Financial, Inc.5.0%35,331,084
2025-08-11SCHEDULE 13GSTATE STREET CORPORATION6.1%43,744,635
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.01%$337.5M
VSMPX0.01%$337.5M
VTSAX0.01%$337.5M
VTI0.01%$337.5M
VFFSX0.02%$279.2M
VOO0.02%$279.2M

Share structure

Shares outstanding713,438,630
Float708,808,413
Free float99.4%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
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
R&D$0$0$0$0$0
SG&A$166.0M$207.0M$255.0M$288.0M$241.0M
Operating income$2.5B$2.3B$2.3B$2.0B$2.0B
EBITDA$818.0M$1.9B$2.5B$3.7B$2.9B
Pretax income−$1.1B−$240.0M$72.0M$868.0M$20.0M
Income tax−$133.0M$265.0M$261.0M$59.0M−$181.0M
Net income−$413.0M−$546.0M$242.0M$1.7B$949.0M
EPS, diluted$-0.61$-0.82$0.35$2.36$1.26
Diluted shares666.0M668.0M712.0M713.0M712.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.2B$2.1B$1.8B$1.6B$2.2B
Receivables$1.4B$1.8B$1.4B$1.6B$1.8B
Inventory$604.0M$1.1B$712.0M$593.0M$612.0M
Total current assets$5.4B$7.6B$6.6B$6.8B$6.5B
PP&E, net$19.9B$23.0B$30.0B$33.2B$38.2B
Goodwill & intangibles$2.6B$2.2B$2.6B$2.3B$2.4B
Total assets$33.0B$38.4B$44.8B$47.4B$51.8B
Accounts payable$1.2B$2.4B$3.2B$2.6B$2.0B
Total 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
Shareholders' equity$4.6B$4.5B$6.0B$7.7B$11.9B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income−$413.0M−$546.0M$242.0M$1.7B$939.0M
Depreciation & amortization$1.1B$1.1B$1.1B$1.3B$1.5B
Stock-based compensation$0$0$0$0$0
Change in working capital−$1.4B−$289.0M$310.0M−$92.0M$199.0M
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
Investing cash flow−$3.0B−$5.7B−$6.3B−$6.2B−$3.8B
Net debt issued / repaid−$37.0M$4.0B$4.0B$4.6B$130.0M
Buybacks$0$0$0$0$0
Dividends paid−$401.0M−$422.0M−$444.0M−$483.0M−$501.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin24.3%20.2%19.8%18.8%18.1%
Operating margin22.9%18.6%17.8%16.5%15.0%
Net margin-3.7%-4.3%1.9%14.5%7.3%
FCF margin-1.9%-14.6%-37.0%-37.8%-13.3%
ROE-15.2%-20.9%9.8%58.2%17.0%
ROIC9.9%7.8%-21.5%6.1%2.2%
ROA-1.2%-1.5%0.6%3.9%1.8%
Debt / equity6.689.6410.807.964.40
Interest coveragen/m0.8x1.1x1.7x1.4x
Current ratio1.131.180.680.800.77
Revenue growth+15.3%+13.2%+0.5%−3.1%−0.4%
EPS growth−1,063.3%−31.8%+144.2%+592.3%−49.8%
P/E at year endn/mn/m48.3x4.9x11.4x
EV / EBITDA at year end38.3x19.5x14.5x9.7x11.4x
FCF yield at year end-1.55%-10.88%-40.14%-53.65%-15.85%
Dividend payout——183.5%27.1%55.9%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Electricity, Generation$8.3B$9.1B———
Energy Infrastructure——$6.8B$6.2B—
Utilities——$3.5B$3.6B$4.0B
Electric Distribution$2.9B$3.5B———
Renewables——$2.3B$2.5B—
New Energy Technologies——$76.0M$1.0M—

Revenue by region · FY2024

UNITED STATES$4.7B · 37%
CHILE$1.5B · 12%
DOMINICAN REPUBLIC$1.5B · 11%
EL SALVADOR$1.0B · 8%
COLOMBIA$686.0M · 5%
PANAMA$666.0M · 5%
BRAZIL$616.0M · 5%
BULGARIA$478.0M · 4%
MEXICO$462.0M · 4%
PUERTO RICO$426.0M · 3%
ARGENTINA$318.0M · 3%
VIET NAM$312.0M · 2%
JORDAN$28.0M · 0%

Street estimates by fiscal year

Next report 2026-11-03 · consensus EPS $0.53 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$12.2B$11.6B – $12.8B$2.28$1.95 – $2.6526.5x
2027$11.9B$10.9B – $12.8B$2.46$2.23 – $2.6746.1x
2028$12.4B$10.2B – $15.1B$2.67$2.42 – $2.9235.6x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-08-04$0.45$0.44−2.2%$3.1B$3.4B+10.0%
2026-05-05$0.50$0.67+34.0%$3.1B$3.2B+2.4%
2026-03-02$0.62$0.81+30.6%$3.0B$3.1B+2.3%
2025-11-05$0.71$0.75+5.3%$3.4B$3.4B−0.5%
2025-07-31$0.39$0.51+30.8%$3.4B$2.9B−15.2%
2025-05-01$0.37$0.27−27.0%$3.0B$2.9B−4.0%
2025-02-28$0.35$0.54+54.3%$3.1B$3.0B−3.5%
2024-10-31$0.64$0.71+10.9%$3.5B$3.3B−5.0%
2024-08-01$0.36$0.38+5.6%$3.2B$2.9B−7.7%
2024-05-02$0.34$0.50+47.1%$3.2B$3.1B−3.5%
2024-02-26$0.69$0.73+5.8%$3.1B$3.0B−5.5%
2023-11-02$0.55$0.60+9.1%$3.3B$3.4B+5.6%
2023-08-03$0.25$0.21−16.0%$3.5B$3.0B−14.3%
2023-05-04$0.23$0.22−4.3%$2.8B$3.2B+14.1%
2023-02-27$0.46$0.49+6.5%$2.3B$3.1B+30.5%
2022-11-04$0.53$0.63+18.9%$2.9B$3.6B+23.8%
2022-08-04$0.31$0.34+9.7%$2.5B$3.1B+22.1%
2022-05-05$0.28$0.21−25.0%$2.4B$2.9B+19.7%
2022-02-24$0.43$0.45+4.7%$2.6B$2.8B+4.8%
2021-11-03$0.43$0.50+16.3%$2.7B$3.0B+12.5%
2021-08-04$0.29$0.31+6.9%$2.7B$2.7B0.0%
2021-05-06$0.30$0.28−6.7%$2.4B$2.6B+10.2%
2021-02-25$0.44$0.48+9.1%$2.3B$2.6B+10.0%
2020-11-06$0.43$0.42−2.3%$2.6B$2.5B−2.3%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.106-150.106-220.206-290.207-060.107-130.107-200.107-270.108-030.108-100.108-170.108-240.108-31
Week ofNotionalSharesTrades
2026-08-31$98.8M6,690,48344,982
2026-08-24$129.7M8,804,41547,729
2026-08-17$93.8M6,358,37143,945
2026-08-10$59.7M4,055,02839,458
2026-08-03$102.7M6,982,88746,094
2026-07-27$107.5M7,266,69245,812

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1535.9%
DateShort shareShort volumeTotal volume
2026-10-1535.9%1,773,6204,940,111
2026-10-1427.0%2,679,0189,922,180
2026-10-1342.7%1,319,5793,093,589
2026-10-1240.7%2,499,9356,139,550
2026-10-0941.6%1,316,6913,163,101
2026-10-0833.1%1,695,3295,126,148
2026-10-0738.5%1,250,2593,247,163
2026-10-0634.9%2,188,8146,272,160
2026-10-0542.7%1,855,4624,343,680
2026-10-0239.7%1,851,3794,669,029
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-2.3Jan-1.4Feb+2.2Mar+0.5Apr+1.1May+1.7Jun+1.0Jul-1.0Aug-0.9Sep+1.3Oct+1.1Nov+2.5Dec
MonthAvg returnUp yearsYears
Jan−2.3%30%20
Feb−1.4%50%20
Mar+2.2%57%21
Apr+0.5%65%20
May+1.1%50%20
Jun+1.7%55%20
Jul+1.0%65%20
Aug−1.0%45%20
Sep−0.9%45%20
Oct+1.3%60%20
Nov+1.1%60%20
Dec+2.5%70%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1463.4
MFI52.1
ADX56.4
Stochastic %K / %D73.3 / 83.0
Williams %R-33.3
CCI77
TSI / signal38.1 / 35.5
Chaikin money flow-0.07
ATR$0.05
Bollinger width1.4%
Volume vs 20-day avg1.39x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$14.91 (+0.3%)
SMA 50$14.82 (+0.9%)
SMA 200$14.52 (+3.0%)
EMA 21$14.91 (+0.3%)
EMA 50$14.82 (+0.9%)
EMA 200$14.35 (+4.2%)
Bollinger upper$15.01 (−0.4%)
Bollinger lower$14.80 (+1.0%)
Parabolic SAR$14.91 (+0.3%)
Open the live chart, 110+ indicators

About The AES Corporation

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.

https://www.aes.com

Key executives

NameTitlePayBorn
Andres Ricardo Gluski WeilertCEO & Director$4.1M1958
Juan Ignacio RubioloExecutive Vice President & Chief Operating Officer$2.2M1977
Stephen CoughlinExecutive Vice President & Chief Financial Officer$1.7M1971
Ricardo Manuel FaluPresident$1.5M1980
Letitia D. MendozaExecutive Vice President & Chief Human Resources Officer$1.4M1976
Gustavo GaravagliaVice President & Chief Financial Officer of US Utilities—1987
Paul L. FreedmanExecutive Vice President, General Counsel & Corporate Secretary—1970
Sherry L. KohanChief Financial Officer of AES' U.S. Utilities Business—1970

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Andrés Gluski President & Chief Executive Officer2023$1.2M$8.8M$2.4M$12.7M
Juan Ignacio Rubiolo EVP & President, Energy Infrastructure2023$530,000$1.8M$673,100$3.2M
Juan Ignacio Rubiolo EVP & President, Energy Infrastructure Bernerd Da Santos EVP & President, Renewables2023$644,000$1.4M$817,880$3.2M
Stephen Coughlin EVP & Chief Financial Officer2023$597,000$1.3M$1.2M$3.1M
Bernerd Da Santos EVP & President, Renewables Tish Mendoza EVP & Chief Human Resources Officer2023$577,000$1.2M$732,790$2.6M

Employees

2,400k20180k20198k20208k20219k202210k20239k20248k2025

Dividends

Ex-dateAmountPaid
2026-10-30$0.17592026-11-13
2026-07-31$0.17592026-08-14
2026-05-01$0.17592026-05-15
2026-01-30$0.17592026-02-13
2025-10-31$0.17592025-11-14
2025-08-01$0.17592025-08-15
2025-05-01$0.17592025-05-15
2025-01-31$0.17592025-02-14

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage52
Intangibles31
Switching costs34
Network effect40
Efficient scale75
Our component scores (0-100) and overall 43.9; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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