AES

AES · Independent Power Producers & Energy Traders

$15.00

0.2%

Talen Energy

TLN · Independent Power Producers & Energy Traders

$327.91

1.1%

The short version

AES is the larger business, with $12.2B of revenue in fiscal 2025 against $2.6B for Talen Energy, about 4.7 times as much.
Talen Energy grew revenue faster (22.0%, against −0.4%).
Talen Energy turned more of its sales into free cash flow (23.5% FCF margin, against −13.3% FCF margin).

Latest fiscal year	AES · FY25	TLN · FY25
Size
Market cap	$10.7B	$15.1B
Revenue	$12.2B	$2.6B
Free cash flow	−$1.6B	$606M
Net income	$910M	−$219M
Growth
Revenue growth	−0.4%	22.0%
5-year growth	4.8%	—
Share count change	0.1%	−19.1%
Profitability
Gross margin	18.1%	—
Operating margin	—	−3.5%
Net margin	7.4%	−8.5%
FCF margin	−13.3%	23.5%
Return on capital	—	−1.3%
Return on equity	23.6%	−17.7%
Balance sheet
Net debt	—	$6.1B
Net debt / EBITDA	—	32.4x
Dividends and buybacks	$501M	$103M
Valuation & quality
P/E	5.7x	—
Piotroski F-score	—	—

Revenue

FY16

AES $10.3B

TLN —

FY17

AES $10.5B

TLN —

FY18

AES $10.7B

TLN —

FY19

AES $10.2B

TLN —

FY20

AES $9.7B

TLN —

FY21

AES $11.1B

TLN —

FY22

AES $12.6B

TLN —

FY23

AES $12.7B

TLN —

FY24

AES $12.3B

TLN $2.1B

FY25

AES $12.2B

TLN $2.6B

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

AES TLN

Operating margin

FY16

AES —

TLN —

FY17

AES —

TLN —

FY18

AES —

TLN —

FY19

AES —

TLN —

FY20

AES —

TLN —

FY21

AES —

TLN —

FY22

AES —

TLN —

FY23

AES —

TLN —

FY24

AES —

TLN 10.7%

FY25

AES —

TLN −3.5%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

AES TLN

Free cash flow

FY16

AES $552M

TLN —

FY17

AES $327M

TLN —

FY18

AES $222M

TLN —

FY19

AES $61.0M

TLN —

FY20

AES $855M

TLN —

FY21

AES −$214M

TLN —

FY22

AES −$1.8B

TLN —

FY23

AES −$4.7B

TLN —

FY24

AES −$4.6B

TLN $171M

FY25

AES −$1.6B

TLN $606M

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

AES TLN

Return on capital

FY16

AES —

TLN —

FY17

AES —

TLN —

FY18

AES —

TLN —

FY19

AES —

TLN —

FY20

AES —

TLN —

FY21

AES —

TLN —

FY22

AES —

TLN —

FY23

AES —

TLN —

FY24

AES —

TLN —

FY25

AES —

TLN −1.3%

FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25

AES TLN

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