AES vs NRG Energy
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KIRAβs take AI analyst
I put AES and NRG Energy side by side, using each oneβs latest annual report. Here is what stands out:
- NRG Energy is the larger business, with $30.7B of revenue in fiscal 2025 against $12.2B for AES, about 2.5 times as much.
- NRG Energy grew revenue faster (9.2%, against β0.4%).
- NRG Energy turned more of its sales into free cash flow (2.5% FCF margin, against β13.3%).
- Investors pay more for each dollar of NRG Energyβs earnings: a P/E of 24.6x against 5.7x for AES.
Who comes out ahead
Of the 6 measures where higher (or lower) is clearly better, how many each company leads.
AES
AES
1/6
Net margin
NRG Energy
NRG
5/6
Revenue growth5-year growthFCF marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | AES FY25 | NRG FY25 |
|---|---|---|
| Size | ||
| Market cap | $10.7B | $19.8B |
| Revenue | $12.2B | $30.7B |
| Free cash flow | β$1.6B | $766M |
| Net income | $910M | $864M |
| Growth | ||
| Revenue growth | β0.4% | 9.2% |
| 5-year growth | 4.8% | 27.6% |
| Share count change | 0.1% | β6.1% |
| Profitability | ||
| Gross margin | 18.1% | β |
| Operating margin | β | 6.0% |
| Net margin | 7.4% | 2.8% |
| FCF margin | β13.3% | 2.5% |
| Return on capital | β | 10.9% |
| Return on equity | 23.6% | 41.6% |
| Balance sheet | ||
| Net debt | β | $11.7B |
| Net debt / EBITDA | β | 3.6x |
| Dividends and buybacks | $501M | $1.7B |
| Valuation & quality | ||
| P/E | 5.7x | 24.6x |
| Piotroski F-score | β | 6 |
Ten years
Revenue
FY16
AES $10.3B
NRG $8.9B
FY17
AES $10.5B
NRG $9.1B
FY18
AES $10.7B
NRG $9.5B
FY19
AES $10.2B
NRG $9.8B
FY20
AES $9.7B
NRG $9.1B
FY21
AES $11.1B
NRG $27.0B
FY22
AES $12.6B
NRG $31.5B
FY23
AES $12.7B
NRG $28.8B
FY24
AES $12.3B
NRG $28.1B
FY25
AES $12.2B
NRG $30.7B
AES
NRG
Operating margin
FY16
AES β
NRG 0.4%
FY17
AES β
NRG β8.2%
FY18
AES β
NRG 10.4%
FY19
AES β
NRG 13.1%
FY20
AES β
NRG 12.2%
FY21
AES β
NRG 12.4%
FY22
AES β
NRG 6.4%
FY23
AES β
NRG 1.3%
FY24
AES β
NRG 8.6%
FY25
AES β
NRG 6.0%
AES
NRG
Free cash flow
FY16
AES $552M
NRG $1.4B
FY17
AES $327M
NRG $1.4B
FY18
AES $222M
NRG $989M
FY19
AES $61.0M
NRG $1.2B
FY20
AES $855M
NRG $1.6B
FY21
AES β$214M
NRG $224M
FY22
AES β$1.8B
NRG β$7.0M
FY23
AES β$4.7B
NRG β$819M
FY24
AES β$4.6B
NRG $1.8B
FY25
AES β$1.6B
NRG $766M
AES
NRG
Return on capital
FY16
AES β
NRG 0.1%
FY17
AES β
NRG β3.8%
FY18
AES β
NRG 12.4%
FY19
AES β
NRG 21.1%
FY20
AES β
NRG 10.6%
FY21
AES β
NRG 28.2%
FY22
AES β
NRG 12.9%
FY23
AES β
NRG 2.4%
FY24
AES β
NRG 14.6%
FY25
AES β
NRG 10.9%
AES
NRG
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.