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Global power generation and utility company, increasingly focused on renewable energy and long-term corporate power contracts.
Global power generation and utility company, increasingly focused on renewable energy and long-term corporate power contracts.
Most generation is sold under long-term power purchase contracts, so cash flows are set by contract rather than spot prices, and regulated US utilities in Indiana and Ohio sell to ratepayers at approved rates. It has been selling coal plants and some foreign assets to fund wind, solar and battery build-outs, and signs many of its new contracts with large technology companies.
Moat: none (scale, installed base). Global generation scale, but merchant power and renewables are competitively priced businesses.
Headquarters: Arlington, Virginia, US · Founded: 1981 · Employees: 8,336
Size AES (AES) is a United States Utilities company (Electric Utilities) with a market value of $10.6B, the 746th largest of 3,117 United States companies the cockpit tracks. Shares closed at $14.87 on 6 Nov 2026.
Performance Over six months the shares gained 3.8%, against -5.1% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 12.0% over the last twelve months (peer median +6.7%); the operating margin is 19.9% (peer median 13.6%).
Valuation It trades at 6.8× forward earnings against a peer median of 17.3× (3rd cheapest of 19).
Capital Return on invested capital runs 1.9 points below its cost of capital (6.4% WACC).
Backlog Backlog (remaining performance obligations) was $195M at 30 Sep 2026, down 55% on a year earlier — 0.0 years of trailing revenue. Backlog detail →
Credit AES has 11 bonds outstanding ($7.85B), rated BBB- by the agencies and trading like BBB- at a weighted spread of 116 bp.
Short interest Short interest is 2.9% of the free float (15 Oct 2026).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $13.5B | $12.2B | $12.3B | $12.7B | $12.6B |
| Revenue growth | — | 0% | -3% | 0% | — |
| Gross profit | $2.90B | $2.26B | $2.32B | $2.52B | $2.55B |
| EBITDA | $4.37B | $3.49B | $3.29B | $3.39B | $3.39B |
| Net income | $1.79B | $939M | $1.69B | $242M | -$546M |
| Free cash flow | -$1.52B | -$1.62B | -$4.64B | -$4.69B | -$1.84B |
| Capital expenditure | $6.42B | $5.93B | $7.39B | $7.72B | $4.55B |
| Total debt | $33.3B | $30.9B | $29.4B | $27.1B | $23.9B |
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 |
|---|---|---|---|---|---|---|
| AES AES | $10.6B | +4% | +12% | 20% | 6.8× | n/a |
| NextEra Energy NEE | $182B | -6% | +13% | 30% | 21.0× | 18.8% |
| Brookfield Renewable Partners LP BEP-UN.TO | $9.41B | -7% | +7% | 11% | n/a | n/a |
| Vistra VST | $41.9B | -15% | +9% | 19% | 12.8× | 12.5% |
| Constellation Energy CEG | $88.6B | -18% | +21% | 15% | 20.5× | 20.3% |
| NRG Energy NRG | $18.6B | -36% | +13% | 5% | 9.0× | 15.4% |
| Clearway Energy CWEN | $7.00B | -11% | +8% | 13% | 56.4× | 33.1% |
| Enel ENEL.MI | $108B | 0% | 0% | 16% | 13.4× | 6.2% |
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 | AES | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.4% | +3.1% | 6th lowest of 21 |
| 6-month return | +3.8% | -5.1% | 7th highest of 21 |
| Distance from 52-week high | -14.7% | -15.9% | 10th highest of 21 |
| Revenue growth (TTM) | +12.0% | +6.7% | 7th highest of 21 |
| Operating margin | 19.9% | 13.6% | 9th highest of 21 |
| Forward P/E | 6.8× | 17.3× | 3rd cheapest of 19 |
| ROIC minus cost of capital | -1.9 pp | -1.2 pp | 10th lowest of 20 |
| EV / EBITDA | 11.3× | 12.0× | 6th cheapest of 15 |
| Net debt / EBITDA | 7.0× | 5.4× | 5th most indebted of 16 |
| Bond spread | 116 bp | 84 bp | 2nd widest of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| AES AES | United States | $10.6B | +4% | +12% | 20% | 6.8× | n/a | n/a |
| Guangxi Guiguan Electric Power 600236.SS | China | $10.7B | -10% | +26% | 48% | 20.7× | -2.8% | +3.0% |
| Datang International Power Generation 0991.HK | Hong Kong | $10.7B | -20% | +3% | 15% | 5.5× | 4.0% | +4.1% |
| OGE Energy OGE | United States | $10.5B | +7% | +2% | 26% | 21.6× | 8.1% | +9.0% |
| Zhejiang Zheneng Electric Power 600023.SS | China | $10.8B | -5% | -7% | -1% | 17.4× | 7.0% | +9.0% |
| Jiangsu Eastern Shenghong 000301.SZ | China | $10.3B | -22% | +4% | 7% | 12.4× | -2.1% | +28.4% |
| JSW Energy JSWENERGY.NS | India | $10.1B | -9% | +26% | 36% | 39.7× | n/a | n/a |
| Chubu Electric Power 9502.T | Japan | $11.2B | -13% | +3% | 0% | 10.3× | n/a | n/a |
| Hikari Tsushin 9435.T | Japan | $10.0B | -5% | +7% | 15% | 12.5× | 6.7% | +5.6% |
| Edison EDNR.MI | Italy | $9.87B | -12% | +6% | 3% | n/a | n/a | n/a |
| Redeia Corporacion RED.MC | Spain | $9.47B | +8% | +15% | 43% | 16.7× | n/a | n/a |
| Tata Power TATAPOWER.NS | India | $11.9B | -20% | -4% | 13% | 25.0× | n/a | n/a |
| Brookfield Renewable Partners LP BEP-UN.TO | Canada | $9.41B | -7% | +7% | 11% | n/a | n/a | n/a |
| PGE Polska Grupa Energetyczna PGE.WA | Poland | $9.02B | +47% | -2% | 12% | 5.5× | n/a | n/a |
| Pinnacle West Capital PNW | United States | $12.6B | +5% | +8% | 23% | 19.1× | n/a | n/a |
| Huadian Power International 1071.HK | Hong Kong | $8.73B | 0% | +13% | 8% | 9.6× | n/a | n/a |
| NHPC NHPC.NS | India | $8.72B | +1% | +12% | 30% | 19.4× | n/a | n/a |
| Keppel BN4.SI | Singapore | $13.0B | -13% | +11% | 11% | 18.9× | 14.8% | -1.9% |
| Sichuan Chuantou Energy 600674.SS | China | $13.0B | +16% | -1% | 29% | 17.2× | 32.3% | +10.0% |
| IDACORP IDA | United States | $8.63B | +2% | +4% | 23% | 21.7× | n/a | n/a |
| A2A A2A.MI | Italy | $8.55B | +4% | +14% | 8% | 11.9× | 2.8% | +15.6% |
AES has 11 bonds outstanding with $7.85B face value. The agencies rate it BBB-; its bonds trade like BBB-. Weighted yield 5.72%, a spread of 116 bp over government bonds.
AES reported $195M of remaining performance obligations at 30 Sep 2026, down 55% from a year earlier and down 24% from the previous quarter. That is 0.0 years of trailing revenue already under contract. Book-to-bill last quarter: 0.98.