AE
The AES Corp
AES—
The AES Corp AI Insights
Informational only. Not investment advice.Snapshot
- Debt/Equity of 8.0x with 30.8B total debt vs 3.9B equity - interest expense (1.4B TTM) exceeds net income (1.1B TTM)[Debt to Equity]
- FCF negative (-2.2B TTM) despite 3.9B operating cash flow - capex of 6.1B consuming 51% of revenue for growth buildout[Free Cash Flow TTM]
- ROE of 29.5% TTM vs industry median 9.1% - driven by extreme leverage, not operational excellence[Return on Equity TTM]
Watch Triggers
- Free Cash Flow TTM: Turns positive (>0) — Signals capex cycle peaking and renewable projects generating returns - thesis validation
- Interest Expense TTM: Exceeds 1.5B or rises >10% — With 30.8B debt, refinancing costs could consume entire net income
- Capital Expenditure TTM: Drops below 4B — Would indicate transition from growth phase to harvest phase
Bull Case
P/E of 10.3x vs industry median 21x at half the multiple while generating 29.5% ROE - if capex normalizes, FCF yield could exceed 15%
PE RatioReturn on Equity TTMCapital Expenditure TTM
Operating margin 14.8% TTM near industry median 19% with 12.1B revenue - scale advantages intact despite transition costs
Operating Margin TTMTotal Revenue TTM
Bear Case
Interest expense of 1.4B TTM is 133% of net income - any rate increase or refinancing stress could eliminate profitability entirely
Interest Expense TTMNet Income TTMTotal Debt
Tangible book value only 1.5B vs 9.9B market cap (P/TBV 6.5x) - limited downside protection if asset values impaired
Tangible Book ValuePrice to Book Ratio
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
35%
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Forward Thesis
Heavy capex cycle (6.1B/yr) should convert to positive FCF as renewable projects reach commercial operation
1-3ymed
- PPE of 36.5B indicates massive asset base under construction
- Operating cash flow already strong at 3.9B TTM
- Capex intensity unsustainable at 51% of revenue
Capex 6.1B vs OCF 3.9B TTMPPE 72% of total assetsOperating margin 14.8% TTM
Valuation Context
Caveats
Public Strategies Rankings
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AES Fundamentals
Utilities → Utilities
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$10.13B | — | ||
$39.22B | — | ||
11 | — | ||
$12.09B | -1.5% | — | |
$1.34 | -49.9% | — | |
14.8% | -2.5% | — | |
8.74% | +0.4% | — | |
$-2.21B | — | ||
0.30 | -9.6% | — | |
Beta 5Y (Monthly) | unknown | — |
AES Dividend History
54 dividends
2026
$0.175901/30/26$0.1759
2025
$0.703810/31/25$0.1759
08/01/25$0.1759
05/01/25$0.1759
01/31/25$0.1759
2024
$0.690011/01/24$0.1725
08/01/24$0.1725
04/30/24$0.1725
01/31/24$0.1725
2023
$0.663610/31/23$0.1659
07/31/23$0.1659
04/28/23$0.1659
01/31/23$0.1659
2022
$0.632010/31/22$0.1580
07/29/22$0.1580
04/28/22$0.1580
01/31/22$0.1580
2021
$0.602011/01/21$0.1505
07/30/21$0.1505
04/29/21$0.1505
01/28/21$0.1505
2020
$0.573210/29/20$0.1433
07/31/20$0.1433
04/30/20$0.1433
01/30/20$0.1433
2019
$0.546010/31/19$0.1365
07/31/19$0.1365
04/30/19$0.1365
01/31/19$0.1365
2018
$0.520010/31/18$0.1300
08/02/18$0.1300
04/30/18$0.1300
01/31/18$0.1300
2017
$0.480010/31/17$0.1200
08/01/17$0.1200
04/27/17$0.1200
01/30/17$0.1200
2016
$0.440010/28/16$0.1100
07/28/16$0.1100
04/28/16$0.1100
01/29/16$0.1100
2015
$0.400010/29/15$0.1000
07/30/15$0.1000
05/01/15$0.1000
01/30/15$0.1000
2014
$0.200010/30/14$0.0500
07/30/14$0.0500
04/29/14$0.0500
01/30/14$0.0500
2013
$0.160010/30/13$0.0400
07/30/13$0.0400
04/29/13$0.0400
01/30/13$0.0400
2012
$0.040010/26/12$0.0400
AES Stock Splits
1 stock split
06/02/001:2 split
AES SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/04/25 | 09/30/25 | 10-Q | |
08/01/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
03/11/25 | 12/31/24 | Unknown | |
10/31/24 | 09/30/24 | 10-Q | |
08/01/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/26/24 | 12/31/23 | 10-K | |
11/02/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/04/23 | 03/31/23 | 10-Q | |
03/01/23 | 12/31/22 | 10-K | |
11/04/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
02/28/22 | 12/31/21 | 10-K | |
11/03/21 | 09/30/21 | 10-Q | |
08/04/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
02/25/21 | 12/31/20 | 10-K | |
11/06/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
02/28/20 | 12/31/19 | 10-K | |
11/06/19 | 09/30/19 | 10-Q | |
08/06/19 | 06/30/19 | 10-Q | |
05/07/19 | 03/31/19 | 10-Q | |
02/27/19 | 12/31/18 | 10-K | |
11/06/18 | 09/30/18 | 10-Q | |
08/07/18 | 06/30/18 | 10-Q | |
05/08/18 | 03/31/18 | 10-Q | |
02/27/18 | 12/31/17 | 10-K | |
11/02/17 | 09/30/17 | 10-Q | |
08/08/17 | 06/30/17 | 10-Q | |
05/08/17 | 03/31/17 | 10-Q | |
02/27/17 | 12/31/16 | 10-K | |
11/04/16 | 09/30/16 | 10-Q | |
08/05/16 | 06/30/16 | 10-Q | |
05/09/16 | 03/31/16 | 10-Q | |
02/24/16 | 12/31/15 | 10-K | |
11/05/15 | 09/30/15 | 10-Q | |
08/10/15 | 06/30/15 | 10-Q | |
05/11/15 | 03/31/15 | 10-Q | |
02/26/15 | 12/31/14 | 10-K | |
11/06/14 | 09/30/14 | 10-Q | |
08/07/14 | 06/30/14 | 10-Q | |
05/08/14 | 03/31/14 | 10-Q | |
02/26/14 | 12/31/13 | 10-K | |
11/07/13 | 09/30/13 | 10-Q | |
08/08/13 | 06/30/13 | 10-Q | |
05/09/13 | 03/31/13 | 10-Q | |
02/27/13 | 12/31/12 | 10-K | |
11/07/12 | 09/30/12 | 10-Q | |
08/06/12 | 06/30/12 | 10-Q | |
05/04/12 | 03/31/12 | 10-Q | |
02/27/12 | 12/31/11 | 10-K | |
11/04/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/09/11 | 03/31/11 | 10-Q | |
02/28/11 | 12/31/10 | 10-K | |
11/04/10 | 09/30/10 | 10-Q | |
08/06/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
02/26/10 | 12/31/09 | 10-K | |
11/06/09 | 09/30/09 | 10-Q | |
08/07/09 | 06/30/09 | 10-Q | |
05/08/09 | 03/31/09 | 10-Q | |
02/26/09 | 12/31/08 | 10-K | |
11/06/08 | 09/30/08 | 10-Q | |
08/07/08 | 06/30/08 | 10-Q | |
05/08/08 | 03/30/08 | Unknown | -- |
03/17/08 | 12/31/07 | 10-K | |
11/06/07 | 09/30/07 | 10-Q | |
08/09/07 | 06/30/07 | 10-Q | |
06/21/07 | 03/30/07 | Unknown | -- |
05/23/07 | 12/31/06 | NT 10-K | |
11/07/06 | 09/30/06 | 10-Q | |
08/07/06 | 06/30/06 | 10-Q | |
05/08/06 | 03/30/06 | Unknown | -- |
04/04/06 | 12/31/05 | NT 10-K | |
01/19/06 | 09/30/05 | NT 10-Q | |
01/19/06 | 06/30/05 | NT 10-Q | |
05/05/05 | 03/31/05 | 8-K | |
03/30/05 | 12/31/04 | NT 10-K | |
11/08/04 | 09/30/04 | 10-Q | |
08/06/04 | 06/30/04 | 10-Q | |
05/10/04 | 03/30/04 | Unknown | -- |
03/15/04 | 12/31/03 | 10-K | |
11/14/03 | 09/30/03 | 4 | |
08/13/03 | 06/30/03 | 8-K | |
05/15/03 | 03/30/03 | Unknown | -- |
03/26/03 | 12/31/02 | 10-K | |
11/12/02 | 09/30/02 | 10-Q | |
08/14/02 | 06/30/02 | 10-Q | |
05/15/02 | 03/30/02 | Unknown | -- |
03/25/02 | 12/31/01 | 10-K | |
11/14/01 | 09/30/01 | 10-Q | |
08/14/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/30/01 | Unknown | -- |
03/27/01 | 12/31/00 | 10-K | |
11/14/00 | 09/30/00 | 10-Q | |
08/11/00 | 06/30/00 | 10-Q | |
05/15/00 | 03/30/00 | Unknown | -- |