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Regulated electric utility serving 11 Midwest and South-Central US states, with one of the largest transmission grids.
Regulated electric utility serving 11 Midwest and South-Central US states, with one of the largest transmission grids.
Earns a regulated return on its power plants, wires and high-voltage lines. The transmission network is paid under rates set by federal regulators and earns more as it grows, while distribution depends on state rate cases, so allowed returns matter more than electricity volumes.
Moat: narrow (regulatory licence, scale). Owns one of the US's largest transmission systems plus regulated state monopoly territories.
Headquarters: Columbus, Ohio, US · Founded: 1906 · Employees: 17,581
Size American Electric Power (AEP) is a United States Utilities company (Electric Utilities) with a market value of $68.9B, the 195th largest of 3,117 United States companies the cockpit tracks. Shares closed at $126.53 on 6 Nov 2026.
Performance Over six months the shares fell 2.8%, against +1.7% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 9.8% over the last twelve months (peer median +6.4%); the operating margin is 23.7% (peer median 21.0%).
Valuation It trades at 18.5× forward earnings against a peer median of 18.3× (9th most expensive of 21).
Capital Return on invested capital runs 1.4 points below its cost of capital (6.4% WACC).
Backlog Backlog (remaining performance obligations) was $205M at 31 Mar 2026, down 26% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit American Electric Power has 51 bonds outstanding ($25.7B), rated BBB+ by the agencies and trading like BBB+ at a weighted spread of 88 bp.
Short interest Short interest is 5.0% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $23.5B | $21.8B | $19.9B | $19.4B | $19.3B |
| Revenue growth | — | +9% | +3% | 0% | — |
| Gross profit | $7.29B | $6.93B | $6.36B | $5.62B | $4.87B |
| EBITDA | $9.23B | $8.79B | $8.15B | $7.32B | $6.69B |
| Net income | $3.36B | $3.58B | $2.97B | $2.21B | $2.31B |
| Free cash flow | -$6.51B | -$1.64B | -$966M | -$2.49B | -$1.48B |
| Capital expenditure | $14.1B | $8.58B | $7.77B | $7.51B | $6.77B |
| Total debt | $55.1B | $49.7B | $45.9B | $43.8B | $41.8B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| American Electric Power AEP | $68.9B | -3% | +10% | 24% | 18.5× | n/a |
| Duke Energy DUK | $99.6B | +4% | +6% | 27% | 18.2× | n/a |
| Southern SO | $106B | +1% | +6% | 24% | 20.0× | n/a |
| Exelon EXC | $47.2B | +5% | +7% | 20% | 15.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AEP | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.4% | +8.1% | 5th lowest of 21 |
| 6-month return | -2.8% | +1.7% | 6th lowest of 21 |
| Distance from 52-week high | -10.0% | -6.8% | 7th lowest of 21 |
| Revenue growth (TTM) | +9.8% | +6.4% | 5th highest of 21 |
| Operating margin | 23.7% | 21.0% | 9th highest of 21 |
| Forward P/E | 18.5× | 18.3× | 9th most expensive of 21 |
| ROIC minus cost of capital | -1.4 pp | -1.1 pp | 8th lowest of 21 |
| EV / EBITDA | 13.5× | 13.4× | 10th most expensive of 20 |
| Net debt / EBITDA | 5.9× | 4.9× | 5th most indebted of 20 |
| Bond spread | 88 bp | 84 bp | 6th widest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| American Electric Power AEP | United States | $68.9B | -3% | +10% | 24% | 18.5× | n/a | n/a |
| Engie ENGI.PA | France | $69.0B | -11% | -5% | 13% | 11.7× | 5.8% | +10.2% |
| Dominion Energy D | United States | $60.3B | +12% | +23% | 29% | 18.7× | n/a | n/a |
| National Grid NG..L | United Kingdom | $84.5B | -2% | -4% | 29% | 13.8× | n/a | n/a |
| E.on EOAN.DE | Germany | $55.9B | +4% | -8% | 7% | 17.5× | n/a | n/a |
| Constellation Energy CEG | United States | $88.6B | -18% | +21% | 15% | 20.5× | 20.3% | +8.8% |
| Entergy ETR | United States | $52.8B | -1% | +11% | 24% | 22.8× | n/a | n/a |
| Xcel Energy XEL | United States | $51.1B | +1% | +4% | 22% | 18.1× | n/a | n/a |
| Endesa ELE.MC | Spain | $51.0B | +21% | +6% | 17% | 18.4× | 0.5% | +4.7% |
| Rwe RWE.DE | Germany | $50.4B | +2% | -34% | 0% | 18.6× | n/a | n/a |
| Duke Energy DUK | United States | $99.6B | +4% | +6% | 27% | 18.2× | n/a | n/a |
| Exelon EXC | United States | $47.2B | +5% | +7% | 20% | 15.2× | n/a | n/a |
| Southern SO | United States | $106B | +1% | +6% | 24% | 20.0× | n/a | n/a |
| Enel ENEL.MI | Italy | $108B | 0% | 0% | 16% | 13.4× | 6.2% | +3.8% |
| Consolidated Edison ED | United States | $43.7B | +12% | +10% | 18% | 18.5× | n/a | n/a |
| China Yangtze Power 600900.SS | China | $110B | +9% | 0% | 51% | 21.2× | 1.5% | +8.5% |
| Sse SSE.L | United Kingdom | $43.2B | +7% | +1% | 19% | 14.2× | n/a | n/a |
| Vistra VST | United States | $41.9B | -15% | +9% | 19% | 12.8× | 12.5% | +10.1% |
| Adani Power ADANIPOWER.NS | India | $41.6B | -11% | +8% | 23% | 29.4× | n/a | n/a |
| WEC Energy WEC | United States | $38.1B | +5% | +8% | 25% | 21.6× | n/a | n/a |
| Public Service Enterprise PEG | United States | $36.2B | -5% | +13% | 27% | 16.0× | n/a | n/a |
American Electric Power has 51 bonds outstanding with $25.7B face value. The agencies rate it BBB+; its bonds trade like BBB+. Weighted yield 5.79%, a spread of 88 bp over government bonds.
American Electric Power reported $205M of remaining performance obligations at 31 Mar 2026, down 26% from a year earlier and down 9% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 1.00.