NYSE: AES
AES
Utilities · Cogeneration Services & Small Power Producers
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$10.5B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.66B |
| FY2017, ended Dec 31, 2017 | $7.15B |
| FY2018, ended Dec 31, 2018 | $9.58B |
| FY2019, ended Dec 31, 2019 | $13.2B |
| FY2020, ended Dec 31, 2020 | $15.6B |
| FY2021, ended Dec 31, 2021 | $16.2B |
| FY2022, ended Dec 31, 2022 | $19.2B |
| FY2023, ended Dec 31, 2023 | $13.7B |
| FY2024, ended Dec 31, 2024 | $9.16B |
| FY2025, ended Dec 31, 2025 | $10.2B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $10.5B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$13.1B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $10.3B |
| FY2017, ended Dec 31, 2017 | $10.5B |
| FY2018, ended Dec 31, 2018 | $10.7B |
| FY2019, ended Dec 31, 2019 | $10.2B |
| FY2020, ended Dec 31, 2020 | $9.66B |
| FY2021, ended Dec 31, 2021 | $11.1B |
| FY2022, ended Dec 31, 2022 | $12.6B |
| FY2023, ended Dec 31, 2023 | $12.7B |
| FY2024, ended Dec 31, 2024 | $12.3B |
| FY2025, ended Dec 31, 2025 | $12.2B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $13.1B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | −$1.13B | $552M |
| FY2017, ended Dec 31, 2017 | −$1.16B | $327M |
| FY2018, ended Dec 31, 2018 | $1.20B | $222M |
| FY2019, ended Dec 31, 2019 | $303M | $61.0M |
| FY2020, ended Dec 31, 2020 | $46.0M | $855M |
| FY2021, ended Dec 31, 2021 | −$409M | −$214M |
| FY2022, ended Dec 31, 2022 | −$546M | −$1.84B |
| FY2023, ended Dec 31, 2023 | $249M | −$4.69B |
| FY2024, ended Dec 31, 2024 | $1.68B | −$4.64B |
| FY2025, ended Dec 31, 2025 | $910M | −$1.62B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.87B | −$1.72B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$1.80B
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.24B |
| FY2017, ended Dec 31, 2017 | $949M |
| FY2018, ended Dec 31, 2018 | $1.17B |
| FY2019, ended Dec 31, 2019 | $1.03B |
| FY2020, ended Dec 31, 2020 | $1.09B |
| FY2021, ended Dec 31, 2021 | $943M |
| FY2022, ended Dec 31, 2022 | $1.37B |
| FY2023, ended Dec 31, 2023 | $1.43B |
| FY2024, ended Dec 31, 2024 | $1.52B |
| FY2025, ended Dec 31, 2025 | $1.38B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.80B |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.No figures for this period in the company’s filings.
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 8.2% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.713M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 659M |
| FY2017, ended Dec 31, 2017 | 660M |
| FY2018, ended Dec 31, 2018 | 662M |
| FY2019, ended Dec 31, 2019 | 664M |
| FY2020, ended Dec 31, 2020 | 665M |
| FY2021, ended Dec 31, 2021 | 667M |
| FY2022, ended Dec 31, 2022 | 669M |
| FY2023, ended Dec 31, 2023 | 710M |
| FY2024, ended Dec 31, 2024 | 712M |
| FY2025, ended Dec 31, 2025 | 713M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 713M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: —
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $79.0M | $10.0M |
| FY2017, ended Dec 31, 2017 | $0 | $8.00M |
| FY2018, ended Dec 31, 2018 | $0 | $20.0M |
| FY2019, ended Dec 31, 2019 | — | $22.0M |
| FY2020, ended Dec 31, 2020 | — | $21.0M |
| FY2021, ended Dec 31, 2021 | — | $14.0M |
| FY2022, ended Dec 31, 2022 | — | $23.0M |
| FY2023, ended Dec 31, 2023 | — | $2.00M |
| FY2024, ended Dec 31, 2024 | — | $12.0M |
| FY2025, ended Dec 31, 2025 | — | $14.0M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — | — |
Revenue (TTM)
$13.1B
+8.5% YoY
Net income (TTM)
$1.87B
+103% YoY
Cash
$1.80B
+33.3% YoY
Total debt
—
—
Valuation
At current price- Market Cap
- $10.6B
- P/E
- 5.7×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 0.8×
- Price / Book
- 2.1×
- EV / EBITDA
- —. (Market cap + debt − cash) / EBITDA (TTM)
Growth
Trailing 12 months- Revenue (TTM)
- $13.1B
- Revenue Growth YoY
- 8.5%
- Revenue CAGR 3Y
- −1.0%
- Revenue CAGR 5Y
- 4.8%
- EPS Growth YoY
- 103%
- Net Income Growth YoY
- 103%
Profitability
Trailing 12 months- Gross Margin
- 20.3%
- Operating Margin
- —
- Net Margin
- 14.3%
- FCF Margin
- −13.2%
- Return on Equity
- 45.0%
Earnings
Trailing 12 months- Net Income
- $1.87B
- EPS (diluted)
- $2.62
- EBITDA
- $550M
- Operating Income
- —
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $1.80B
- Total Debt
- —. Short- and long-term borrowings, excluding leases
- Net Cash
- —. Cash − total debt
- Total Assets
- $54.2B
- Total Liabilities
- $44.5B
- Shareholders' Equity
- $4.94B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $5.03B
- Capital Expenditure
- $6.75B
- Free Cash Flow
- −$1.72B
Dividends and risk
Last 12 months- Dividend Yield
- 5.9%
- Dividend / Share
- $0.88
- Beta (5Y)
- 0.98
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 8.5% year over year, at $13.1B.
Note
Net margin of 14.3% over the last 12 months.
Watch
Free cash flow was negative (−$1.72B) over the last year.
Note
Pays a 5.9% dividend yield.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Mar 2, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K24Serious concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Mar 11, 2025 · Read the filing on EDGAR
- Net income swung to $802 million from a $182 million loss, helped by lower write-downs, currency gains and the AES Brasil sale, while revenue fell 3%.
- Operating margin fell 8%, as record drought in Colombia, outages and lower Southland margins hurt the two largest segments; only Utilities improved meaningfully.
- AES disclosed an unremediated material weakness in financial controls tied to the AES Brasil sale, which overstated impairment expense in two 2024 quarters.
- AES now expects its coal exit efforts to continue beyond 2027, while new tariffs and possible changes to US renewable tax credits add uncertainty.
Business momentum
Mixed
“Operating margin decreased $190 million, or 8%, in 2024 compared to 2023”
Outlook
Cautious
“During 2025 and beyond, we expect to face the following challenges at certain of our businesses.”
Financial stress
Moderate
“We expect current maturities of non-recourse debt, recourse debt, and amounts due under supplier financing arrangements to be repaid from net cash provided by operating activities of the subsidiary to which the liability relates, through opportunistic refinancing activity”
Tone against the previous report
About the same
Red flags
- Serious
Weak internal controls
“our disclosure controls and procedures were not effective due to a material weakness in our internal control over financial reporting”
- Minor
Loan covenant breach
“on February 6, 2025, AES Dominican Renewable Energy failed to comply with a covenant on its debt of $354 million, resulting in a technical default”
- Minor
Investigation
“In general terms, the investigation seeks to determine whether the facts alleged in the complaint could be considered as an abuse of a dominant position by AES Andes.”
Positives
Return to net profit, though partly from one-off items
“Compared with last year, net income increased $984 million, from a net loss of $182 million in 2023 to net income of $802 million in 2024.”
Utilities profit rose on higher rates and demand
“Operating Margin increased $110 million mainly driven by $83 million due to higher transmission and rider revenues, $76 million due to higher retail rates as a result of the 2024 Base Rate Order, and $72 million due to higher demand primarily from the impact of weather.”
Large US renewables backlog and pipeline support future growth
“Our U.S. renewables business has a backlog of approximately 8.4 GW and 51 GW pipeline that we intend to utilize to continue to grow our business”
Concerns
Core earnings fell on drought and outages
“Adjusted EBITDA, a non-GAAP measure, decreased $189 million, from $2,828 million to $2,639 million, mainly driven by record-breaking drought conditions and outages in Colombia at the Renewables SBU”
Interest costs rose as debt grew
“Interest expense increased $166 million, or 13%, to $1,485 million in 2024, compared to $1,319 million in 2023.”
Heavy debt with some subsidiaries in default
“The total debt classified as current in our Consolidated Balance Sheets related to such defaults was $540 million as of December 31, 2024.”
New risks since the previous report
New US tariffs on Chinese imports could raise renewable project costs
“We expect that additional tariffs on imports from China will increase overall costs for materials and parts that are imported to build and maintain renewable energy plants for the U.S. industry.”
Congress could change or repeal the Inflation Reduction Act's clean energy support
“It remains uncertain whether Congress will modify or repeal the IRA in connection with the budget reconciliation process or otherwise.”
Faster grid connections for large power sources may delay AES's PJM renewables pipeline
“However, it will likely create uncertainty and delays in the time for interconnection approvals for our development pipeline of renewables projects in PJM.”
Chilean competition investigation into coal price declarations at AES Andes
“In May 2024, the Chilean competition agency (the Fiscalía Nacional Económica or “FNE”) opened an investigation regarding AES Andes’s declarations with respect to coal prices and coal blends used to generate electricity in Chile.”
Unfixed control weakness at Fluence could affect financial information AES relies on
“As of December 31, 2024, Fluence continues to report that a material weakness in its internal control over revenue recognition has not yet been remediated.”
Biggest risks named
- About $29 billion of debt, subsidiary defaults and reliance on capital markets and subsidiary cash
- US policy changes: possible IRA repeal, tariffs and paused federal permitting for renewables
- Unremediated material weakness in financial reporting controls
- Drought and weather swings reducing hydro output and earnings
- Foreign operations: Argentina currency and reform, Puerto Rico's PREPA bankruptcy, Bulgaria PPA review and Dominican coal ash lawsuits
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −3 | |
| Outlook | −2 | |
| Tone against the previous report | 0 | |
| Financial stress | −8 | |
| Red flags | −21 | |
| New risks | −2 | |
| Score | 24 | |
Written by AI (Claude Opus 5.5) from the report’s text. 17 of 17 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Mar 2, 2026 | Pro | |||
| 10-K | Mar 11, 2025 | 24 | Mixed | 1 serious2 minor | |
| 10-K | Feb 26, 2024 | 33 | Mixed | 3 medium2 minor | |
| 10-K | Mar 1, 2023 | 38 | Mixed | 2 medium2 minor | |
| 10-K | Feb 28, 2022 | 27 | Sharp deterioration | 2 medium1 minor | |
| 10-K | Feb 25, 2021 | 26 | Sharp deterioration | 3 medium | |
| 10-K | Feb 28, 2020 | 23 | Sharp deterioration | 2 medium1 minor | |
| 10-K | Feb 27, 2019 | 43 | Improving | 3 medium2 minor | |
| 10-K | Feb 27, 2018 | 33 | Improving | 3 medium | |
| 10-K | Feb 27, 2017 | 21 | Sharp deterioration | 3 medium1 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 4, 2026. View filings on SEC EDGAR