Utilities · Independent Power Producers & Energy Traders · US stock · price as of 22 Oct 2026
Key indicators
Price
$14.97
52-week range
$13.21 – $17.65
Market cap
$10.7B
P/E (trailing)
5.7×
EV / EBITDA
2.3×
Free-cash-flow yield
−16.1%
Dividend yield
4.7%
Revenue (last 12 months)
$13.1B
Revenue growth (3y a year)
−1.0%
Operating margin
16.7%
Return on invested capital
63.6%
Net debt / EBITDA
–
Fair value
Fair value (average of valid models)$21.01 middle half of models $20 – $25
Versus priceUndervalued+40% to fair value
P/E multiple
$16.68
P/B multiple
$23.16
P/S multiple
$22.35
EV/EBITDA multiple
$25.54
EV/EBIT multiple
$23.57
EV/revenue multiple
$25.92
5-year DCF, growth exit
$9.83
Model uncertainty
Medium
X-Ray Score
41/ 100 · Medium confidence · ahead of 19% of sector peers
Valuation69
Growth7
Profitability57
Financial health7
Dividends67
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Aes Corp an X-Ray Score of 41 out of 100 (medium confidence), ahead of 19% of the S&P 500 stocks in its sector. Its strongest lens is valuation (69) and its weakest is growth (7).
Our fair value (the average of the valid models) is $21.01 (range $19.51 to $24.55). At $14.97 the stock trades 29% below that value, so the label is "Undervalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Aes Corp (AES)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$19.98
$24.31
$16.80
$11.70
$13.83
$14.97
Market cap
$13.3B
$16.2B
$12.0B
$8.3B
$9.9B
$10.7B
P/E
–
–
48.0×
5.0×
11.0×
5.7×
EV / revenue
1.2×
1.3×
1.1×
0.9×
1.1×
1.0×
EV / EBITDA
5.3×
7.2×
5.3×
3.0×
4.5×
3.6×
Price / free cash flow
–
–
–
–
–
–
Free-cash-flow yield
−1.6%
−11.3%
−39.2%
−55.6%
−16.4%
−16.1%
Price / book
4.8×
6.7×
4.8×
2.3×
2.4×
2.2×
Dividend yield
3.05%
2.63%
3.99%
5.93%
5.09%
4.70%
Fundamentals checklist ● 4 Good · ● 1 Average · ● 8 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.8%Good
Free-cash-flow yield−16.1%Bad
Risk models
Altman Z score0.2×Bad
Piotroski F-Score3 of 9Bad
Growth
Revenue growth (3y)−1.0%Bad
Growth consistency40%Bad
Balance sheet
Current ratio0.7×Average
Interest cover1.5×Bad
Valuation
Fair value vs price1.4×Good
EBIT / EV yield16.0%Good
Profitability
Return on invested capital63.6%Good
Operating margin16.7%Bad
Gross profitability4.9%Bad
XStocksXray
Aes Corp (AES)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
11,141
12,617
12,668
12,278
12,233
13,054
Gross profit
2,711
2,548
2,504
2,314
2,211
2,649
Operating income
1,555
1,213
1,423
2,379
1,482
2,183
Net income
-409
-546
249
1,679
910
1,872
Diluted EPS ($)
-0.61
-0.82
0.35
2.36
1.26
2.62
Free cash flow
-214
-1,836
-4,690
-4,640
-1,623
-1,720
Gross margin
24.3%
20.2%
19.8%
18.8%
18.1%
20.3%
Operating margin
14.0%
9.6%
11.2%
19.4%
12.1%
16.7%
Net margin
−3.7%
−4.3%
2.0%
13.7%
7.4%
14.3%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
32,963
38,363
44,799
47,406
51,768
54,238
Cash
943
1,374
1,426
1,524
1,382
1,800
Total debt
–
–
–
–
–
–
Equity
2,798
2,437
2,488
3,644
4,063
4,942
Dividend per share ($)
0.61
0.64
0.67
0.69
0.70
0.70
Revenue and net income US$ billions: navy revenue, teal net income
Margins blue gross, teal operating, brown net
Latest quarters
Mar 2025
Jun 2025
Sep 2025
Dec 2025
Mar 2026
Jun 2026
Revenue ($M)
2,926
2,855
3,351
3,101
3,180
3,422
Growth vs a year earlier
−5.2%
−3.0%
+1.9%
+4.7%
+8.7%
+19.9%
Net income ($M)
46
-95
639
320
487
426
Diluted EPS ($)
0.07
-0.15
0.89
–
0.68
0.60
XStocksXray
Aes Corp (AES)
Peers in Independent Power Producers & Energy Traders
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
