Aes Corp (AES)
Utilities · Independent Power Producers & Energy Traders · US stock · S&P 500 component
$14.97
▲ +0.00 (0.00%)
Fair valueUndervalued
$21 +40.3% to fair value
$11fair band $18–$25$32
Day's range
$14.95 – $14.98
52-week range
$13.21 – $17.65
About Aes Corp
AES is a global power company that generates and distributes electricity. Its portfolio includes renewable energy such as solar, wind and battery storage, along with gas and coal plants, and regulated electric utilities in the United States, including in Indiana and Ohio. Customers are utilities, industrial users, large technology companies and households, usually under long-term power contracts.
Revenue comes from electricity sold under long-term contracts and from regulated utility charges. It totals $13.1 billion over the last twelve months, with revenue growth over three years of -1.0% a year. The operating margin is 16.7%, and the data sheet shows the business earning 64% on the capital invested in it. The dividend yield is 4.7%. On the site's X-Ray Score it receives 41 out of 100.
Price chart
52-wk range $13.21 – $17.65Volume 6,810,135Daily, split-adjusted
Vitals
Market cap$10.7B
52-week range$13.21 – $17.65
Volume (last day)6,810,135
P/E (TTM)5.7
EBIT / EV yield16.0%
Free-cash-flow yield-16.1%
Dividend yield4.7%
Revenue (TTM)$13.1B
Net income (TTM)$1.9B
Operating margin16.7%
Return on capital63.6%
Debt incl. leasesData missing
Cash & securities$1.9B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$21middle half of models $20 – $25
Undervalued
+40.3% to fair value
Average of the 7 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $15
Undervalued < $18Fair $18 – $25Overvalued > $25
P/E multiple
$17
P/B multiple
$23
P/S multiple
$22
EV/EBITDA multiple
$26
EV/EBIT multiple
$24
EV/revenue multiple
$26
5-year DCF, growth exit
$10
Dividend discount, stable · not used
$34
Dividend discount, multi-stage · not used
$60
Earnings power value · not used
$46
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, but the price is low
Our models put fair value above today's price, but models can be wrong, so check the business first. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Utilities peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
70/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield16.0%
Free-cash-flow yield-16.1%
Fair value vs price1.4×
Growth
Weak
7/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-1.0%
Growth consistency40%
Profitability
Fair
57/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital63.6%
Operating margin16.7%
Gross profitability4.9%
Financial health
Weak
7/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score3 / 9
Interest cover1.5×
Dividends
Fair
67/100
Dividend is typical for its sector.
See the numbers →
Dividend yield4.7%
Dividend growth5.9%
Quarterly results: last 6 quarters
-5.2%
Mar '25
-3.0%
Jun '25
+1.9%
Sep '25
+4.7%
Dec '25
+8.7%
Mar '26
+19.9%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $3.4B, diluted EPS $0.60.
Compare with peers
NRG Nrg Energy, Inc.46Other Independent Power Producers & Energy Traders companies by X-Ray Score.
SWOT analysis: Aes Corp
Strengthsinside the company
- Return on invested capital is 63.6%, against a median of 5.5% for sector peers.
Weaknessesinside the company
- Revenue has fallen 1.0% a year over three years while sector peers grew 3.4%.
- Free cash flow is negative, so spending or debt has to be financed from outside.
- Operating profit covers interest only 1.5x.
- Passes only 3 of the 9 Piotroski tests, which shows weak or worsening financial trends.
Opportunitiesvaluation and setting
- Trades at 5.7x earnings, 74% below the 21.9x median of sector peers.
- The price is 40% below our fair value estimate, with the gap larger than the margin we allow for error.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Our Market Compass rates the backdrop for Utilities as unfavourable.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare AES with peers and sector
Medians of 30 Utilities peers and of 30 Utilities stocks in our universe.
Largest peers (X-Ray Score): NEE 45, SO 45, DUK 58, CEG 49, AEP 58, D 53.
| Metric | AES | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 41 | 51 | 51 |
| Valuation | 69 | 49 | 49 |
| Growth | 7 | 53 | 53 |
| Profitability | 57 | 49 | 49 |
| Financial health | 7 | 52 | 52 |
| Dividends | 67 | 53 | 53 |
Sector leaders: highest X-Ray Score in Utilities
AES ranks #24 of 31 in Utilities by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for AES
Each factor is rated by where AES stands among the 31 Utilities stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 8 Good · 4 Average · 8 Bad of 20
Growth: 0 · 0 · 2
Profitability: 2 · 1 · 2
Financial strength: 0 · 1 · 2
Valuation: 3 · 1 · 1
Cash flow: 2 · 1 · 0
Efficiency: 1 · 0 · 1
| Factor | AES | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −1.0% | Bad beats 12% | +3.4% | – | – |
| Revenue growth, last year | −0.4% | Bad beats 2% | +9.6% | +0.4% | ≈ In line |
| Profitability | |||||
| Gross margin | 20.3% | Bad beats 14% | 47.1% | 19.8% | ≈ In line |
| Operating margin | 16.7% | Bad beats 15% | 22.9% | 12.1% | ▲ Better |
| Net margin | 14.3% | Average beats 48% | 14.4% | 2.0% | ▲ Better |
| Return on invested capital | 63.6% | Good beats 98% | 5.5% | – | – |
| Return on equity | 37.9% | Good beats 95% | 10.1% | 10.0% | ▲ Better |
| Financial strength | |||||
| Interest cover | 1.5x | Bad beats 2% | 2.5x | 1.1x | ≈ In line |
| Current ratio | 0.75 | Average beats 47% | 0.78 | 0.80 | ≈ In line |
| Piotroski F-score | 3 / 9 | Bad beats 2% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 5.7x | Good beats 95% | 21.8x | 11.3x | ▲ Better |
| Price / book | 2.2x | Average beats 47% | 2.1x | 5.5x | ▲ Better |
| Price / sales | 0.8x | Good beats 95% | 2.9x | 1.1x | ≈ In line |
| EV / EBITDA | 3.6x | Good beats 98% | 14.0x | – | – |
| Free cash flow yield | -16.1% | Bad beats 2% | -4.9% | -15.9% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | -13.2% | Average beats 35% | -9.1% | -14.6% | ≈ In line |
| Cash from operations / net income | 2.69 | Good beats 79% | 2.20 | 4.73 | ▼ Worse |
| Accruals (lower is better) | −5.8% | Good beats 95% | −3.3% | – | – |
| Efficiency | |||||
| Inventory turnover | 16.8x | Good beats 89% | 4.2x | 14.3x | ▲ Better |
| Days sales outstanding | 54 days | Bad beats 22% | 44 days | 49 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 4 Good · ● 1 Average · ● 8 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldBad
Risk models
Altman Z''Bad
Piotroski F-ScoreBad
Growth
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioAverage
Interest coverBad
Valuation
Fair value vs priceGood
EBIT / EV yieldGood
Profitability
Return on invested capitalGood
Operating marginBad
Gross profitabilityBad
Each check is graded against the company's sector, not a fixed number. Checklist score 40/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $11.1B | $12.6B | $12.7B | $12.3B | $12.2B |
| Operating income | $1.6B | $1.2B | $1.4B | $2.4B | $1.5B |
| Net income | −$409M | −$546M | $249M | $1.7B | $910M |
| Operating cash flow | $1.9B | $2.7B | $3.0B | $2.8B | $4.3B |
| Operating margin | 14.0% | 9.6% | 11.2% | 19.4% | 12.1% |
| Free cash flow | −$214M | −$1.8B | −$4.7B | −$4.6B | −$1.6B |
| Diluted EPS | $-0.61 | $-0.82 | $0.35 | $2.36 | $1.26 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 4 neutral · 0 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
6 bullish · 1 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 14.97 | Bullish |
| EMA 10 | 14.96 | Bullish |
| SMA 20 | 14.93 | Bullish |
| EMA 20 | 14.93 | Bullish |
| SMA 50 | 14.84 | Bullish |
| EMA 50 | 14.84 | Bullish |
| SMA 100 | 14.71 | Bullish |
| EMA 100 | 14.71 | Bullish |
| SMA 200 | 14.54 | Bullish |
| EMA 200 | 14.38 | Bullish |
Oscillators (daily)
| RSI (14) | 66.50 | Neutral |
| MACD (12, 26) | 0.04 | Bullish |
| Momentum (12) | 0.27 | Bullish |
| Stochastic %K (14) | 75.00 | Neutral |
| Williams %R (14) | -25.00 | Neutral |
| CCI (20) | 78.87 | Neutral |
Pivot points (classic, last session)
S3 14.92 | S2 14.94 | S1 14.95 | Pivot 14.97 | R1 14.98 | R2 15.00 | R3 15.01 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
0.70 USD
Yield on today's price
4.70%
Frequency
Quarterly
Next ex-dividend date
30 Oct 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 0.1760 |
| 0.1760 | |
| 0.1760 | |
| 0.1760 | |
| 0.1760 | |
| 0.1760 | |
| 0.1760 | |
| 0.1760 | |
| 0.1730 | |
| 0.1730 | |
| 0.1730 | |
| 0.1730 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold AES
| ETF | Share of the fund |
|---|---|
| PEY Invesco High Yield Equity Dividend Ach... | 1.83% |
| SPYD SPDR Portfolio S&P 500 High Dividend | 1.23% |
| FDVV Fidelity High Dividend | 0.89% |
| DON WisdomTree U.S. MidCap Dividend | 0.85% |
| XLU Utilities Select Sector SPDR | 0.74% |
| VPU Vanguard Utilities | 0.69% |
| FUTY Fidelity MSCI Utilities Index | 0.68% |
| IDU iShares U.S. Utilities | 0.64% |
The eight funds with the largest weight in AES among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
AES stock splits
AES has split its stock 3 times since 1994. The latest was a 2-for-1 split on 2 Jun 2000.
Full AES stock split history →AES SEC filings
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Entered a material agreement
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Change of auditor
8-KSEC EDGAR
Shareholder vote results; Regulation FD disclosure
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.