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ValueScreener company report

The AES Corporation (AES)

NYSE / Utilities / Diversified Utilities

Share price

14.96 USD Market dataClose of Oct 14, 2026

Market capitalisation

10.67B USD Market dataClose of Oct 14, 2026
Market data
Oct 14, 2026
Filed accounts
FY2025, filed Mar 2, 2026
Ratios computed
Oct 14, 2026
Filed years
18, FY2007 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on equity

22.4% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

11.87x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-15.2% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 10.28B USDFY2016 Net income: -1.13B USDFY2017 Revenue: 10.53B USDFY2017 Net income: -1.16B USDFY2018 Revenue: 10.74B USDFY2018 Net income: 1.20B USDFY2019 Revenue: 10.19B USDFY2019 Net income: 303.0M USDFY2020 Revenue: 9.66B USDFY2020 Net income: 46.0M USDFY2021 Revenue: 11.14B USDFY2021 Net income: -409.0M USDFY2022 Revenue: 12.62B USDFY2022 Net income: -546.0M USDFY2023 Revenue: 12.67B USDFY2023 Net income: 249.0M USDFY2024 Revenue: 12.28B USDFY2024 Net income: 1.68B USDFY2025 Revenue: 12.23B USDFY2025 Net income: 910.0M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 11.87x at the close of 2026-10-14 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 10.00x and 15.00x.

Today, against the Utilities sector (87 companies), 11.87x sits at the 14th percentile; the middle half of that group runs from 15.80x to 24.66x.

Is it good

Return on equity was 22.4% in FY2025, in the band labelled "Strong" (15.0% to 25.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting high returns on shareholders' money, which leverage can also produce.

Today, against the Utilities sector (101 companies), 22.4% sits at the 95th percentile; the middle half of that group runs from 3.9% to 10.5%.

Is it safe

Current ratio was 0.77 in FY2025, in the band labelled "Short-term liabilities exceed short-term assets" (below 1.00), on lines anchored on Graham's defensive-investor criteria, suggesting short-term obligations above short-term assets.

Today, against the Utilities sector (107 companies), 0.77 sits at the 45th percentile; the middle half of that group runs from 0.62 to 1.20.

Year by year against peers
Whether The AES Corporation's return on equity stayed above the median of the Utilities sector, year by year. (FY2023 to FY2025, 3 fiscal years of The AES Corporation with a comparable figure)
The direction
Which way The AES Corporation's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of The AES Corporation)
What could explain it
What in The AES Corporation's filed statements could explain the movements. (6 readings drawn from the statement lines The AES Corporation filed)
What to check next
What to check next on The AES Corporation, and where in its filings. (7 questions for The AES Corporation)
In one paragraph
One paragraph on The AES Corporation's returns, cash, balance sheet and price. (10 of sixteen figures read for The AES Corporation)

These are AES’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research AESPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Mar 2, 2026, accession 0000874761-26-000063.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

The AES Corporation: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Return on equity22.4% ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Return on capital employed, pre-tax
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Return on assets1.8% ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Gross margin18.1% ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Operating margin
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Net margin7.4% ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
AES 7.4%
BIP 11.0%EMA 12.4%PNW 11.8%TLN -8.5%KEP 3.8%
-8.5%12.4%
Net margin: AES against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

The AES Corporation: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity
Why n/a

The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.

n/a ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Current ratio0.77 ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Quick ratio0.69 ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Interest coverage
Why n/a

No operating income line is filed for this year.

n/a ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Altman Z-score
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Net debt
Why n/a

The FY2025 balance sheet carries no net debt we could read.

n/a ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Total assets 51.77BTotal liabilities 42.66BShareholders' equity 4.06BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What The AES Corporation owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Mar 2, 2026, 0000874761-26-000063).

The AES Corporation: balance sheet position
Total assets51.77B FiledFY2025 10-K, filed Mar 2, 2026
Total liabilities42.66B FiledFY2025 10-K, filed Mar 2, 2026
Shareholders' equity4.06B FiledFY2025 10-K, filed Mar 2, 2026
Cash1.56B FiledFY2025 10-K, filed Mar 2, 2026
Total debtn/a FiledFY2025 10-K, filed Mar 2, 2026
Net debtn/a
Current ratio0.77
Debt to equityn/a
  • Debt to equity: FY2025: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Interest cover: FY2025: No operating income line is filed for this year.

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

The AES Corporation: what the market charges, each with its source
FigureValue, source and document
Price to earnings11.87x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
P/E on trailing twelve months5.72x ComputedClose of Oct 14, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book2.63x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Price to sales0.87x ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Enterprise value to EBIT
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Enterprise value to EBITDA
Why n/a

We do not hold this figure for this company, so there is nothing to show.

n/a ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Price to earnings over growth0.15 ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Diluted earnings per share1.26 USD FiledFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Graham number12.70 USD ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063

We publish no fair value or price target of our own. Value AES on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for The AES Corporation today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

The AES Corporation: valuation
Share price14.96 USD
Market capitalisation10.67B USD
Enterprise value to EBITDAn/a
Graham number12.70 USD
Diluted earnings per share, FY20251.26 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 5.60x, median 14.39x, high 409.00x, latest 5.72x. 1,109 trading days with a meaningful ratio, 1,412 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like The AES Corporation

  1. Brookfield Infrastructure Partners L.P. (BIP)Market cap 16.74B USD
  2. Emera Incorporated (EMA)Market cap 14.42B USD
  3. Pinnacle West Capital Corporation (PNW)Market cap 12.37B USD
  4. Talen Energy Corporation (TLN)Market cap 16.27B USD
  5. Korea Electric Power Corporation (KEP)Market cap 13.69B USD

Same sector (Utilities) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

The AES Corporation: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield-15.2% ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Free cash flow-1.62B USD ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Free cash flow margin-13.3% ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Dividend yield4.7% ComputedClose of Oct 14, 2026 · FY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Payout ratio55.0% ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
FY2016 Free cash flow: 552.0M USDFY2016 Net income: -1.13B USDFY2017 Free cash flow: 327.0M USDFY2017 Net income: -1.16B USDFY2018 Free cash flow: 222.0M USDFY2018 Net income: 1.20B USDFY2019 Free cash flow: 61.0M USDFY2019 Net income: 303.0M USDFY2020 Free cash flow: 855.0M USDFY2020 Net income: 46.0M USDFY2021 Free cash flow: -214.0M USDFY2021 Net income: -409.0M USDFY2022 Free cash flow: -1.84B USDFY2022 Net income: -546.0M USDFY2023 Free cash flow: -4.69B USDFY2023 Net income: 249.0M USDFY2024 Free cash flow: -4.64B USDFY2024 Net income: 1.68B USDFY2025 Free cash flow: -1.62B USDFY2025 Net income: 910.0M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

The AES Corporation: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
11.87xFY2025Oct 14, 2026
2.63xFY2025Oct 14, 2026
n/aFY2025Oct 14, 2026
n/a Enterprise value is the market value plus total debt less cash, and the filed balance sheet reports no debt total or no cash.
-15.2%FY2025Oct 14, 2026
n/aFY2025Mar 2, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
4.7%FY2025Oct 14, 2026
n/aFY2025Mar 2, 2026
n/a The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
0.77FY2025Mar 2, 2026
0.87xFY2025Oct 14, 2026
0.15FY2025Oct 14, 2026
n/aFY2025Oct 14, 2026
n/a We hold no figure here and no stored reason for its absence. The gap is ours, not the company's.
-2.55FY2025Mar 2, 2026
3/9FY2025Mar 2, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 18 filed fiscal years on record, FY2007 to FY2025, from SEC EDGAR. Prices as of Oct 14, 2026. Ratios recomputed Oct 14, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports The AES Corporation filed with the SEC. Each year names its filing. Amounts in USD, as filed.

The AES Corporation: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202512.23B1.48B910.0M1.26-1.62Bn/a22.4%10-K, Mar 2, 20260000874761-26-000063
FY202412.28B2.38B1.68B2.36-4.64Bn/a46.1%10-K, Mar 11, 20250000874761-25-000013
FY202312.67B1.42B249.0M0.35-4.69Bn/a10.0%10-K, Feb 26, 20240000874761-24-000011
FY202212.62B1.21B-546.0M-0.82-1.84Bn/a-22.4%10-K, Mar 1, 20230000874761-23-000010
FY202111.14B1.55B-409.0M-0.61-214.0Mn/a-14.6%10-K, Feb 28, 20220000874761-22-000022
FY20209.66B846.0M46.0M0.07855.0Mn/a1.8%10-K, Feb 25, 20210000874761-21-000015
FY201910.19B773.0M303.0M0.4561.0Mn/a10.1%10-K, Feb 28, 20200000874761-20-000012
FY201810.74B547.0M1.20B1.81222.0Mn/a37.5%10-K, Feb 27, 20190000874761-19-000012
FY201710.53B649.0M-1.16B-1.76327.0Mn/a-47.1%10-K, Feb 27, 20180000874761-18-000014
FY201610.28B780.0M-1.13B-1.72552.0Mn/a-40.4%10-K, Feb 27, 20170000874761-17-000003
  • Revenue, compound annual growth FY2016 to FY2025: 2.0%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share: Earnings per share was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

The AES Corporation: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.55 ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Piotroski F-score3/9 ComputedFY2025 10-K, filed Mar 2, 2026, 0000874761-26-000063
Named tests met2 of 30 Computed
Beta0.59 ComputedClose of Oct 14, 2026

The named tests

Of 30 tests value investors published: 2 met, 23 not met, 5 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff)
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); High yield, low payout; Dividends and buybacks; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured
Earnings yield and ROIC (Joel Greenblatt); Low PEG, low debt (Peter Lynch); EV/EBITDA and coverage; Low beta, profitable; ROIC at or above WACC. A test with a figure we could not read is incomplete, never met and never failed.
Figures we could not read(8)
  • Current Ratio: Graham set this test for industrial companies; for utilities he tested debt against equity.
  • Debt to Equity: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • EV/EBIT: We do not hold this figure for this company, so there is nothing to show.
  • Return on Invested Capital: The filed borrowings do not add up to a total we can stand behind: the filer's own liability subtotals leave room for debt we did not read.
  • Altman Z-Score: We do not hold this figure for this company, so there is nothing to show.
  • EV/EBITDA: We do not hold this figure for this company, so there is nothing to show.
  • Interest Coverage: No operating income line is filed for this year.
  • ROIC-WACC Spread: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 8 figures could not be read on this company, among them Current Ratio, Debt to Equity, EV/EBIT. Each blank in the table above names the rest, with its reason. 5 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Margin Notes

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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