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The AES Corporation (AES) 10-Year Financial Performance & Capital Metrics

AES • • Utilities
UtilitiesDiversified UtilitiesInternational Diversified UtilitiesGlobal Infrastructure & Utilities
AboutThe AES Corporation operates as a diversified power generation and utility company. It owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries. The company also owns and/or operates utilities to generate or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market. It uses a range of fuels and technologies to generate electricity, including coal, gas, hydro, wind, solar, and biomass; and renewables, such as energy storage and landfill gas. The company owns and/or operates a generation portfolio of approximately 31,459 megawatts. It has operations in the United States, Puerto Rico, El Salvador, Chile, Colombia, Argentina, Brazil, Mexico, Central America, the Caribbean, Europe, and Asia. The company was formerly known as Applied Energy Services, Inc. and changed its name to The AES Corporation in April 2000. The AES Corporation was incorporated in 1981 and is headquartered in Arlington, Virginia.Show more
  • Revenue $12.28B -3.1%
  • EBITDA $3.29B -2.8%
  • Net Income $1.69B +596.7%
  • Free Cash Flow -$4.64B +1.1%
  • EBITDA Margin 26.81% +0.3%
  • Net Margin 13.73% +619.3%
  • ROE 24.63% +433.8%
  • Interest Coverage 1.34 -23.0%
  • Debt/Equity 3.77 -16.1%
  • Net Debt/EBITDA 8.35 +11.2%
  • CapEx / Revenue 60.21% -1.2%
  • CapEx Coverage 0.37 -5.2%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 41.0%
  • ✓Healthy dividend yield of 4.7%
  • ✓Trading at only 1.3x book value

✗Weaknesses

  • ✗High debt to equity ratio of 3.8x
  • ✗High leverage: 8.8x Debt/EBITDA
  • ✗Weak interest coverage of 1.3x

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-3.26%
5Y3.8%
3Y3.29%
TTM-1.55%

Profit (Net Income) CAGR

10Y7.41%
5Y41.05%
3Y-
TTM1.16%

EPS CAGR

10Y8.33%
5Y39.3%
3Y-
TTM11.89%

ROCE

10Y Avg7.71%
5Y Avg7.53%
3Y Avg6.68%
Latest5.49%

Peer Comparison

Global Infrastructure & Utilities
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Size & Scale
Valuation
Per Share
Growth
Profitability
Quality & Returns
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TTM Growth
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Momentum & Returns
Total Return (DRIP)
Technical
Volume & Trading
Shares & Dilution
Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
BIPBrookfield Infrastructure Partners L.P.16.07B34.83290.2517.33%3.62%2.34%1.89
AESThe AES Corporation10.28B14.446.12-3.14%9.38%10.78%3.77

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Revenue+14.11B10.17B10.51B10.74B10.19B9.66B11.14B12.62B12.68B12.28B
Revenue Growth %-0.18%-0.28%0.03%0.02%-0.05%-0.05%0.15%0.13%0%-0.03%
Cost of Revenue8.6B7.9B8.04B8.16B7.84B6.97B8.43B10.07B10.16B9.96B
Gross Profit+2.8B2.33B2.45B2.58B2.36B2.69B2.71B2.55B2.52B2.32B
Gross Margin %----------
Gross Profit Growth %-0.09%-0.17%0.05%0.05%-0.09%0.14%0.01%-0.06%-0.01%-0.08%
Operating Expenses+196M194M215M192M196M165M166M207M255M288M
Other Operating Expenses----------
EBITDA+3.75B3.31B3.4B3.39B3.21B3.6B3.6B3.39B3.39B3.29B
EBITDA Margin %----------
EBITDA Growth %-0.09%-0.12%0.03%-0%-0.05%0.12%0%-0.06%-0%-0.03%
Depreciation & Amortization+1.14B1.18B1.17B1B1.04B1.07B1.06B1.05B1.13B1.26B
D&A / Revenue %----------
Operating Income (EBIT)+2.6B2.13B2.24B2.39B2.17B2.53B2.55B2.34B2.26B2.03B
Operating Margin %----------
Operating Income Growth %-0.1%-0.18%0.05%0.07%-0.09%0.17%0.01%-0.08%-0.03%-0.1%
Interest Expense+1.23B1.03B1.09B1.01B1.02B978M826M1.06B1.3B1.52B
Interest Coverage2.11x2.08x2.05x2.37x2.12x2.59x3.08x2.21x1.74x1.34x
Interest / Revenue %----------
Non-Operating Income-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K-1000K
Pretax Income+1.26B223M842M2.06B829M365M-1.09B-240M72M868M
Pretax Margin %----------
Income Tax+412M32M990M708M352M216M-133M265M261M59M
Effective Tax Rate %----------
Net Income+306M-11M-550M1B302M43M-413M-546M242M1.69B
Net Margin %----------
Net Income Growth %-0.63%-1.04%-49%2.83%-0.7%-0.86%-10.6%-0.32%1.44%5.97%
EPS (Diluted)+0.44-1.72-1.761.810.450.07-0.61-0.820.352.36
EPS Growth %-0.58%-4.91%-0.02%2.03%-0.75%-0.84%-9.71%-0.34%1.43%5.74%
EPS (Basic)0.45-1.72-1.761.820.460.07-0.61-0.820.372.38
Diluted Shares Outstanding689M660M660M665M667M668M666M668M712M713M

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Assets+36.85B36.12B33.11B32.52B33.65B34.6B32.96B38.36B44.8B47.41B
Asset Growth %-0.05%-0.02%-0.08%-0.02%0.03%0.03%-0.05%0.16%0.17%0.06%
PP&E (Net)+22.82B22.85B20.3B21.4B22.57B22.83B19.91B23.04B29.96B33.17B
PP&E / Total Assets %----------
Total Current Assets+6.87B6.41B6.4B5.01B5.23B5.41B5.36B7.64B6.65B6.83B
Cash & Equivalents1.26B1.3B949M1.17B1.03B1.09B943M1.37B1.43B1.52B
Receivables1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Inventory675M630M562M577M487M461M604M1.05B712M593M
Other Current Assets2.04B2.53B2.94B1.23B1.76B2.13B2.02B2.59B2.52B2.83B
Long-Term Investments610M621M1.2B1.11B966M835M1.08B952M941M1.12B
Goodwill1.16B1.16B1.06B1.06B1.06B1.06B1.18B362M348M345M
Intangible Assets214M359M366M436M469M827M1.45B1.84B2.24B1.95B
Other Assets4.64B3.94B3.67B3.4B3.19B3.35B3.58B4.21B4.26B3.63B
Total Liabilities30.3B30.42B28.27B26.92B28.42B29.88B28.4B33.86B38.81B39.7B
Total Debt+20.08B19.45B19.96B19.3B20.17B19.88B18.7B23.5B26.88B29.02B
Net Debt19.55B19.16B19.02B18.13B19.14B18.79B17.76B22.12B25.45B27.49B
Long-Term Debt17.91B18.4B17.8B17.64B18.3B18.45B17.33B21.74B22.75B25.43B
Short-Term Borrowings1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Capital Lease Obligations0000328M370M422M543M694M989M
Total Current Liabilities+6.95B5.27B6.03B4.4B5.1B5.36B4.73B6.49B9.73B8.57B
Accounts Payable1.57B1.24B1.37B1.33B1.31B1.16B1.15B2.39B3.17B2.57B
Accrued Expenses2.52B1.33B1.21B1.15B1.19B1.41B1.39B1.74B1.65B1.5B
Deferred Revenue000034M438M85M000
Other Current Liabilities661M1.65B1.03B8M442M667M474M354M499M662M
Deferred Taxes1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Liabilities4.37B5.94B3.43B3.6B3.81B4.97B5.36B4.49B5.09B4.21B
Total Equity+6.17B5.7B4.84B5.6B5.23B4.72B4.57B4.5B5.99B7.7B
Equity Growth %-0.16%-0.08%-0.15%0.16%-0.07%-0.1%-0.03%-0.01%0.33%0.29%
Shareholders Equity3.15B2.79B2.46B3.21B3B2.63B2.8B2.44B2.49B3.64B
Minority Interest3.02B2.91B2.38B2.4B2.23B2.09B1.77B2.07B3.5B4.06B
Common Stock8M8M8M8M8M8M8M8M8M9M
Additional Paid-in Capital8.72B8.59B8.5B8.15B7.78B7.56B7.12B6.69B6.36B5.91B
Retained Earnings143M-1.15B-2.28B-1B-692M-680M-1.09B-1.64B-1.39B293M
Accumulated OCI-3.88B-2.76B-1.88B-2.07B-2.23B-2.4B-2.22B-1.64B-1.51B-766M
Return on Assets (ROA)0.01%-0%-0.02%0.03%0.01%0%-0.01%-0.02%0.01%0.04%
Return on Equity (ROE)0.05%-0%-0.1%0.19%0.06%0.01%-0.09%-0.12%0.05%0.25%
Debt / Equity3.25x3.41x4.12x3.44x3.86x4.21x4.09x5.22x4.49x3.77x
Debt / Assets0.54%0.54%0.6%0.59%0.6%0.57%0.57%0.61%0.6%0.61%
Net Debt / EBITDA5.21x5.79x5.58x5.34x5.96x5.22x4.93x6.52x7.51x8.35x
Book Value per Share8.968.647.348.437.847.076.866.748.4110.81

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+2.13B2.88B2.49B2.34B2.47B2.75B1.9B2.71B3.03B2.75B
Operating CF Growth %0.19%0.35%-0.14%-0.06%0.05%0.12%-0.31%0.43%0.12%-0.09%
Operating CF / Revenue %----------
Net Income331M-20M-507M985M302M43M-413M-546M242M1.69B
Depreciation & Amortization1.14B1.18B1.17B1B1.04B1.07B1.06B1.05B1.13B1.26B
Deferred Taxes-50M-793M672M313M-8M-233M-406M4M-54M111M
Other Non-Cash Items1.15B1.97B1.22B228M1.17B1.59B3.03B2.49B1.41B-217M
Working Capital Changes-437M553M-66M-186M-39M290M-1.36B-289M310M-92M
Capital Expenditures+-2.31B-2.35B-2.18B-2.12B-2.4B-1.9B-2.12B-4.55B-7.72B-7.39B
CapEx / Revenue %----------
CapEx / D&A----------
CapEx Coverage (OCF/CapEx)----------
Cash from Investing+-2.24B-2.11B-2.65B-462M-2.7B-2B-3B-5.7B-6.28B-6.23B
Acquisitions247M-55M-531M2B3M327M-507M-102M1.63B1.65B
Purchase of Investments-4.8B-5.16B-3.4B-1.56B-1.09B-985M-946M-1.72B-1.11B-921M
Sale of Investments1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Investing-229M545M-88M-84M126M-70M-42M-368M-379M-360M
Cash from Financing+-98M-747M-51M-1.69B-103M-372M741M3.62B3.49B3.49B
Dividends Paid-276M-290M-317M-344M-362M-381M-401M-422M-444M-483M
Dividend Payout Ratio %0.9%--0.34%1.2%8.86%--1.83%0.29%
Debt Issuance (Net)1000K-1000K1000K-1000K1000K1000K-1000K1000K1000K1000K
Stock Issued00000112M1.17B60M421M0
Share Repurchases-482M-79M00000000
Other Financing132M-309M-582M-514M-453M-534M12M-62M-454M-666M
Net Change in Cash+-270M-31M-298M313M-171M21M-139M663M-114M165M
Exchange Rate Effect-1000K-1000K-1000K1000K1000K-1000K1000K1000K-1000K1000K
Cash at Beginning1.82B1.55B1.52B1.22B1.54B1.36B1.39B1.25B1.91B1.8B
Cash at End1.55B1.52B1.22B1.54B1.36B1.39B1.25B1.91B1.8B1.96B
Free Cash Flow+-174M539M312M222M61M855M-214M-1.84B-4.69B-4.64B
FCF Growth %0.23%4.1%-0.42%-0.29%-0.73%13.02%-1.25%-7.58%-1.55%0.01%
FCF Margin %----------
FCF / Net Income %----------

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)4.53%-0.19%-10.43%19.22%5.58%0.86%-8.89%-12.04%4.61%24.63%
EBITDA Margin26.57%32.53%32.41%31.59%31.51%37.23%32.34%26.9%26.73%26.81%
Net Debt / EBITDA5.21x5.79x5.58x5.34x5.96x5.22x4.93x6.52x7.51x8.35x
Interest Coverage2.11x2.08x2.05x2.37x2.12x2.59x3.08x2.21x1.74x1.34x
CapEx / Revenue16.35%23.06%20.72%19.74%23.6%19.67%18.99%36.07%60.93%60.21%
Dividend Payout Ratio90.2%--34.26%119.87%886.05%--183.47%28.65%
Debt / Equity3.25x3.41x4.12x3.44x3.86x4.21x4.09x5.22x4.49x3.77x
EPS Growth-58.49%-490.91%-2.33%202.84%-75.14%-84.44%-971.43%-34.43%142.68%574.29%

Revenue by Segment

2015201620172018201920202021202220232024
Energy Infrastructure--------6.84B6.24B
Energy Infrastructure Growth----------8.75%
Utilities--------3.5B3.61B
Utilities Growth---------3.23%
Renewables--------2.34B2.51B
Renewables Growth---------7.31%
New Energy Technologies--------76M1M
New Energy Technologies Growth----------98.68%
Electricity, Generation---7.8B7.16B7B8.27B9.08B--
Electricity, Generation Growth-----8.16%-2.26%18.20%9.74%--
Electric Distribution---2.94B3.03B2.66B2.87B3.54B--
Electric Distribution Growth----3.03%-12.12%7.78%23.36%--
UNITED STATES--3.23B-------
UNITED STATES Growth----------
ANDES--2.71B-------
ANDES Growth----------
MCAC--2.45B-------
MCAC Growth----------
EURASIA--1.59B-------
EURASIA Growth----------
Corporate Other And Other Eliminations34M77M35M-------
Corporate Other And Other Eliminations Growth-126.47%-54.55%-------
Brazil - Generation9.33B3.75B--------
Brazil - Generation Growth--59.76%--------
US - Generation7.19B3.43B--------
US - Generation Growth--52.28%--------
Andes - Generation4.97B2.51B--------
Andes - Generation Growth--49.56%--------
MCAC - Generation4.7B2.17B--------
MCAC - Generation Growth--53.83%--------

Revenue by Geography

2015201620172018201920202021202220232024
UNITED STATES3.6B3.49B3.24B3.46B3.23B3.24B3.53B4.09B4.44B4.69B
UNITED STATES Growth--3.00%-7.14%6.85%-6.70%0.40%8.88%15.92%8.45%5.63%
CHILE1.52B1.71B1.94B2.09B1.84B2.09B2.3B2.06B1.93B1.53B
CHILE Growth-12.08%13.88%7.36%-11.88%13.76%9.80%-10.14%-6.40%-20.60%
DOMINICAN REPUBLIC632M614M826M884M877M896M1.09B1.59B1.4B1.45B
DOMINICAN REPUBLIC Growth--2.85%34.53%7.02%-0.79%2.17%21.32%46.37%-12.01%3.64%
EL SALVADOR736M601M686M768M824M666M792M902M935M1.04B
EL SALVADOR Growth--18.34%14.14%11.95%7.29%-19.17%18.92%13.89%3.66%10.80%
COLOMBIA557M437M332M428M472M358M383M417M706M686M
COLOMBIA Growth--21.54%-24.03%28.92%10.28%-24.15%6.98%8.88%69.30%-2.83%
PANAMA297M312M338M438M601M519M595M678M644M666M
PANAMA Growth-5.05%8.33%29.59%37.21%-13.64%14.64%13.95%-5.01%3.42%
BRAZIL4.67B3.75B541M527M525M401M471M560M697M616M
BRAZIL Growth--19.52%-85.59%-2.59%-0.38%-23.62%17.46%18.90%24.46%-11.62%
BULGARIA382M334M367M426M459M444M700M790M528M478M
BULGARIA Growth--12.57%9.88%16.08%7.75%-3.27%57.66%12.86%-33.16%-9.47%
MEXICO383M342M352M399M402M349M471M595M536M462M
MEXICO Growth--10.70%2.92%13.35%0.75%-13.18%34.96%26.33%-9.92%-13.81%
PUERTO RICO302M301M247M257M294M298M311M293M269M426M
PUERTO RICO Growth--0.33%-17.94%4.05%14.40%1.36%4.36%-5.79%-8.19%58.36%
ARGENTINA399M359M435M487M373M308M390M501M407M318M
ARGENTINA Growth--10.03%21.17%11.95%-23.41%-17.43%26.62%28.46%-18.76%-21.87%
VIET NAM-----285M320M323M344M312M
VIET NAM Growth------12.28%0.94%6.50%-9.30%
JORDAN248M136M95M95M95M96M98M102M97M28M
JORDAN Growth--45.16%-30.15%0.00%0.00%1.05%2.08%4.08%-4.90%-71.13%
UNITED KINGDOM396M337M328M390M147M-----
UNITED KINGDOM Growth--14.90%-2.67%18.90%-62.31%-----
Philippines406M401M449M93M------
Philippines Growth--1.23%11.97%-79.29%------
Vietnam233M340M278M245M343M-----
Vietnam Growth-45.92%-18.24%-11.87%40.00%-----
Kazakhstan155M103M67M-------
Kazakhstan Growth--33.55%-34.95%-------
SRI LANKA45M10M--------
SRI LANKA Growth--77.78%--------
Ukraine----------
Ukraine Growth----------
Cameroon----------
Cameroon Growth----------

Frequently Asked Questions

Valuation & Price

The AES Corporation (AES) has a price-to-earnings (P/E) ratio of 6.1x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

The AES Corporation (AES) reported $12.09B in revenue for fiscal year 2024. This represents a 30% decrease from $17.34B in 2011.

The AES Corporation (AES) saw revenue decline by 3.1% over the past year.

Yes, The AES Corporation (AES) is profitable, generating $1.14B in net income for fiscal year 2024 (13.7% net margin).

Dividend & Returns

Yes, The AES Corporation (AES) pays a dividend with a yield of 4.69%. This makes it attractive for income-focused investors.

The AES Corporation (AES) has a return on equity (ROE) of 24.6%. This is excellent, indicating efficient use of shareholder capital.

The AES Corporation (AES) had negative free cash flow of $2.21B in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

The AES Corporation (AES) has a dividend payout ratio of 29%. This suggests the dividend is well-covered and sustainable.

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