Skip to content
stoqly

AES

AES NYSE Independent Power Producers & Energy Traders Financials FY2016–FY2025

AES's revenue fell 0.4% to $12.2 billion in fiscal 2025. Its net margin was 7.4%, down from 13.7% a year earlier. Free cash flow was −$1.6 billion. It paid out $501 million in dividends and buybacks. The diluted share count rose 0.1%.

Last close · Oct 23, 2026

$15.00

0.2%
Value it Compare
Revenue Total sales reported in the income statement.
$12.2B
0.4% vs prior year
Operating margin Operating income as a share of revenue.
—
Net income Profit after all expenses, interest and tax.
$910M
45.8%
Free cash flow Cash from operations minus capital spending.
−$1.6B
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$10.7B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
5.7x
On $2.62 EPS (TTM)

About these figures. AES reports its debt as recourse and non-recourse debt under its own labels, which the SEC's structured data leaves out, so debt and debt-based ratios are left blank.

What AES does

No business description yet.

Legal name
THE AES CORPORATION
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000874761-26-000063
0000874761

Revenue and margins

AES had $12.2B of revenue in fiscal 2025, down 0.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$1.6B in fiscal 2025, −13.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

AES returned $501M to shareholders in fiscal 2025. The diluted share count rose 0.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value AES yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of — and divides by 714.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 5.7x · peers 24.2x · sector 20.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably AES can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.2B$2.1B$1.8B$1.6B$1.6B
Interest coverage 1.7x1.1x1.1x1.6x1.1x
Current ratio 1.1x1.2x0.7x0.8x0.8x
Quick ratio 1.0x1.0x0.6x0.7x0.7x
Total assets $33.0B$38.4B$44.8B$47.4B$51.8B
Total liabilities $28.4B$33.9B$38.8B$39.7B$42.7B
Shareholders' equity $2.8B$2.4B$2.5B$3.6B$4.1B
Net debt (− = net cash) —————

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$0.0M

0 insiders

Of sales under plans

—

$0.0M

No open-market insider trades in the last 12 months.

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets — — —
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✕ ✕ ✕
F-score — / 9— / 9— / 9
Accruals ratio −6.7%−2.3%−6.9%
Altman Z'' −0.180.320.20

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
AES AES $10.7B −0.4% — −13.3% — 5.7x —
NRG Energy NRG $19.6B 9.2% 6.0% 2.5% 10.9% 24.2x 6 Compare →
Talen Energy TLN $15.1B 22.0% −3.5% 23.5% −1.3% — — Compare →
Public Service Enterprise Group PEG $35.9B 18.3% 24.5% 0.2% 6.7% 17.9x 7 Compare →
Entergy ETR $49.6B 9.0% 24.7% −19.6% 5.6% 27.4x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $10.3B $10.5B $10.7B $10.2B $9.7B $11.1B $12.6B $12.7B $12.3B $12.2B
Gross profit $2.4B $2.5B $2.6B $2.3B $2.7B $2.7B $2.5B $2.5B $2.3B $2.2B
Interest expense $1.1B $1.2B $1.1B $1.1B $1.0B $911M $1.1B $1.3B $1.5B $1.4B
Pretax income −$354M −$521M −$509M −$277M −$192M $644M $96.0M $104M $894M $75.0M
Income tax $32.0M $990M $708M $352M $216M −$133M $265M $261M $59.0M −$181M
Net income −$1.1B −$1.2B $1.2B $303M $46.0M −$409M −$546M $249M $1.7B $910M
Diluted EPS −$1.72 −$1.76 $1.81 $0.45 $0.07 −$0.61 −$0.82 $0.35 $2.36 $1.26
Diluted shares 0.66B 0.66B 0.67B 0.67B 0.67B 0.67B 0.67B 0.71B 0.71B 0.71B
Cash flow
Cash from operations $2.9B $2.5B $2.3B $2.5B $2.8B $1.9B $2.7B $3.0B $2.8B $4.3B
Capital expenditure $2.3B $2.2B $2.1B $2.4B $1.9B $2.1B $4.6B $7.7B $7.4B $5.9B
Free cash flow $552M $327M $222M $61.0M $855M −$214M −$1.8B −$4.7B −$4.6B −$1.6B
Depreciation and amortization $1.2B $1.2B $1.0B $1.0B $1.1B $1.1B $1.1B $1.1B $1.3B $1.5B
Stock-based compensation $10.0M $8.0M $20.0M $22.0M $21.0M $14.0M $23.0M $2.0M $12.0M $14.0M
Acquisitions $52.0M $609M $66.0M $192M $136M $658M $243M $542M $246M $108M
Share buybacks $79.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $290M $317M $344M $362M $381M $401M $422M $444M $483M $501M
Dividends and buybacks $369M $317M $344M $362M $381M $401M $422M $444M $483M $501M
Balance sheet
Cash and short-term investments $1.8B $1.4B $1.5B $1.4B $1.4B $1.2B $2.1B $1.8B $1.6B $1.6B
Finance lease liabilities $0.0M $0.0M $0.0M $70.0M $81.0M $134M $175M $270M $571M $735M
Current assets $6.4B $6.4B $5.0B $5.2B $5.4B $5.4B $7.6B $6.6B $6.8B $6.5B
Current liabilities $5.3B $6.0B $4.4B $5.1B $5.4B $4.7B $6.5B $9.7B $8.6B $8.5B
Inventory $622M $562M $577M $487M $461M $604M $1.1B $712M $593M $612M
Property and equipment, net $20.4B $20.3B $21.4B $22.6B $22.8B $19.9B $23.0B $30.0B $33.2B $37.8B
Total assets $36.1B $33.1B $32.5B $33.6B $34.6B $33.0B $38.4B $44.8B $47.4B $51.8B
Total liabilities $30.4B $28.3B $26.9B $28.4B $29.9B $28.4B $33.9B $38.8B $39.7B $42.7B
Shareholders' equity $2.8B $2.5B $3.2B $3.0B $2.6B $2.8B $2.4B $2.5B $3.6B $4.1B
Margins
Gross margin 23.2% 23.4% 24.0% 23.1% 27.9% 24.3% 20.2% 19.8% 18.9% 18.1%
EBITDA margin 19.0% 17.3% 14.4% 17.8% 19.8% 23.4% 18.1% 20.3% 29.7% 24.0%
Net margin −11.0% −11.0% 11.2% 3.0% 0.5% −3.7% −4.3% 2.0% 13.7% 7.4%
FCF margin 5.4% 3.1% 2.1% 0.6% 8.9% −1.9% −14.6% −37.0% −37.8% −13.3%
Returns
Return on capital employed 2.6% 2.2% 2.0% 2.7% 2.9% 5.4% 4.0% 4.3% 6.4% 3.6%
Return on equity −38.0% −44.2% 42.4% 9.8% 1.6% −15.1% −20.9% 10.1% 54.8% 23.6%
Return on assets −3.1% −3.4% 3.7% 0.9% 0.1% −1.2% −1.5% 0.6% 3.6% 1.8%
Growth
Revenue growth −8.7% 2.4% 2.0% −5.1% −5.2% 15.3% 13.3% 0.4% −3.1% −0.4%
Net income growth −469.3% — — −74.8% −84.8% −989.1% — — 574.3% −45.8%
EPS growth −490.9% — — −75.1% −84.4% −971.4% — — 574.3% −46.6%
FCF growth — −40.8% −32.1% −72.5% 1,301.6% −125.0% — — — —
Share count change −4.2% 0.0% 0.8% 0.3% 0.2% −0.3% 0.3% 6.6% 0.1% 0.1%
Financial health
Interest coverage 0.7x 0.6x 0.5x 0.7x 0.8x 1.7x 1.1x 1.1x 1.6x 1.1x
Current ratio 1.2x 1.1x 1.1x 1.0x 1.0x 1.1x 1.2x 0.7x 0.8x 0.8x
Quick ratio 1.1x 1.0x 1.0x 0.9x 0.9x 1.0x 1.0x 0.6x 0.7x 0.7x
Capital allocation
Capex / revenue 22.8% 20.7% 19.8% 23.6% 19.7% 19.0% 36.1% 61.0% 60.2% 48.5%
Stock comp / revenue 0.1% 0.1% 0.2% 0.2% 0.2% 0.1% 0.2% 0.0% 0.1% 0.1%
Payouts / FCF 66.9% 96.9% 155.0% 593.4% 44.6% — — — — —
Quality scores
Altman Z'' 0.5 0.2 0.4 0.3 0.3 0.5 0.4 −0.2 0.3 0.2
Accruals ratio −11.1% −10.6% −3.5% −6.5% −7.9% −6.8% −9.1% −6.7% −2.3% −6.9%

Source: SEC EDGAR XBRL filings (CIK 0000874761). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

↑ ↓ to move · ↵ to open