The AES Corporation (AES) Financial Ratios
30 years of historical data (1996–2025) · Utilities · Diversified Utilities
EV/EBITDA
↑
11.22
+1% vs avg
5yr avg: 11.10
30Y Low5.3·High26.8
P/FCF
N/A
—
5yr avg: N/A
30Y Low7.8·High43.3
P/B Ratio
↓
0.85
↓-65% vs avg
5yr avg: 2.43
30Y Low0.9·High4.6
ROE
↑
9.7%
↓+169% vs avg
5yr avg: 3.6%
30Y Low-94%·High36%
Debt/EBITDA
↑
8.85
+17% vs avg
5yr avg: 7.54
30Y Low2.5·High10.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
AES Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
The AES Corporation trades at 11.3x earnings, 53% below its 5-year average of 23.9x, sitting at the 15th percentile of its historical range. Compared to the Utilities sector median P/E of 19.5x, the stock trades at a discount of 42%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.2B | $10.2B | $9.2B | $13.7B | $19.2B | $16.2B | $15.7B | $13.3B | $9.6B | $7.1B | $7.7B |
| Enterprise Value | $38.4B | $38.5B | $36.7B | $39.2B | $41.3B | $33.9B | $34.5B | $32.4B | $27.7B | $26.2B | $26.8B |
| P/E Ratio → | 11.33 | 11.38 | 5.45 | 55.00 | — | — | 335.71 | 44.22 | 7.99 | — | — |
| P/S Ratio | 0.83 | 0.83 | 0.75 | 1.08 | 1.52 | 1.45 | 1.62 | 1.30 | 0.90 | 0.68 | 0.75 |
| P/B Ratio | 0.85 | 0.86 | 1.19 | 2.29 | 4.27 | 3.54 | 3.33 | 2.54 | 1.72 | 1.48 | 1.35 |
| P/FCF | — | — | — | — | — | — | 18.36 | 217.60 | 43.31 | 22.91 | 14.23 |
| P/OCF | 2.36 | 2.37 | 3.33 | 4.52 | 7.08 | 8.51 | 5.70 | 5.38 | 4.10 | 2.87 | 2.66 |
P/E links to full P/E history page with 30-year chart
AES EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
The AES Corporation's enterprise value stands at 11.2x EBITDA, roughly in line with its 5-year average of 11.1x. The Utilities sector median is 12.0x, placing the stock at a 6% discount on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.14 | 2.99 | 3.09 | 3.28 | 3.05 | 3.57 | 3.18 | 2.58 | 2.49 | 2.64 |
| EV / EBITDA | 11.22 | 11.22 | 11.14 | 11.56 | 12.18 | 9.42 | 9.59 | 10.10 | 8.18 | 7.68 | 8.11 |
| EV / EBIT | 19.51 | 25.95 | 15.21 | 27.85 | 46.44 | — | 23.53 | 16.01 | 9.17 | 14.05 | 22.10 |
| EV / FCF | — | — | — | — | — | — | 40.34 | 531.43 | 124.98 | 83.86 | 49.77 |
AES Profitability
Margins and return-on-capital ratios measuring operating efficiency
The AES Corporation earns an operating margin of 16.1%, below the Utilities sector average of 19.8%. Operating margins have compressed from 17.8% to 16.1% over the past 3 years, signaling potential cost pressures or competitive headwinds. ROE of 9.7% is modest. ROIC of 3.9% represents below-average returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 18.1% | 18.1% | 18.9% | 19.8% | 20.2% | 24.3% | 27.9% | 23.2% | 24.0% | 23.3% | 22.9% |
| Operating Margin | 16.1% | 16.1% | 16.5% | 17.8% | 18.6% | 22.9% | 26.2% | 21.3% | 22.2% | 21.3% | 21.0% |
| Net Profit Margin | 7.8% | 7.8% | 13.7% | 1.9% | -4.3% | -3.7% | 0.4% | 3.0% | 9.3% | -5.2% | -0.1% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.7% | 9.7% | 24.6% | 4.6% | -12.0% | -8.9% | 0.9% | 5.6% | 19.2% | -10.4% | -0.2% |
| ROA | 1.9% | 1.9% | 3.7% | 0.6% | -1.5% | -1.2% | 0.1% | 0.9% | 3.1% | -1.6% | -0.0% |
| ROIC | 3.9% | 3.9% | 4.6% | 5.8% | 7.2% | 8.3% | 7.9% | 6.8% | 7.5% | 7.0% | 6.5% |
| ROCE | 4.8% | 4.8% | 5.5% | 6.8% | 7.8% | 8.9% | 8.8% | 7.6% | 8.7% | 7.7% | 7.0% |
AES Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
The AES Corporation carries a Debt/EBITDA ratio of 8.8x, which is highly leveraged (74% above the sector average of 5.1x). Net debt stands at $28.3B ($30.3B total debt minus $2.1B cash). Interest coverage of just 1.0x is concerning — the company has limited headroom to absorb earnings volatility before struggling with debt service.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.54 | 2.54 | 3.77 | 4.49 | 5.22 | 4.09 | 4.21 | 3.86 | 3.44 | 4.12 | 3.41 |
| Debt / EBITDA | 8.85 | 8.85 | 8.81 | 7.93 | 6.92 | 5.19 | 5.53 | 6.28 | 5.69 | 5.86 | 5.88 |
| Net Debt / Equity | — | 2.37 | 3.57 | 4.25 | 4.91 | 3.89 | 3.98 | 3.66 | 3.24 | 3.92 | 3.36 |
| Net Debt / EBITDA | 8.24 | 8.24 | 8.35 | 7.51 | 6.52 | 4.93 | 5.22 | 5.96 | 5.34 | 5.58 | 5.79 |
| Debt / FCF | — | — | — | — | — | — | 21.98 | 313.84 | 81.66 | 60.95 | 35.54 |
| Interest Coverage | 1.05 | 1.05 | 1.59 | 1.08 | 0.84 | -0.29 | 1.50 | 1.98 | 3.00 | 1.71 | 1.18 |
AES Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.77x is below 1.0, meaning current liabilities exceed current assets — though the company's $2.1B cash position helps mitigate short-term liquidity concerns. The current ratio has improved from 0.68x to 0.77x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.77 | 0.77 | 0.80 | 0.68 | 1.18 | 1.13 | 1.01 | 1.03 | 1.14 | 1.06 | 1.22 |
| Quick Ratio | 0.69 | 0.69 | 0.73 | 0.61 | 1.01 | 1.00 | 0.92 | 0.93 | 1.01 | 0.97 | 1.10 |
| Cash Ratio | 0.26 | 0.26 | 0.19 | 0.19 | 0.32 | 0.25 | 0.27 | 0.28 | 0.34 | 0.23 | 0.40 |
| Asset Turnover | — | 0.24 | 0.26 | 0.28 | 0.33 | 0.34 | 0.28 | 0.30 | 0.33 | 0.32 | 0.28 |
| Inventory Turnover | 16.38 | 16.38 | 16.80 | 14.28 | 9.54 | 13.96 | 15.11 | 16.10 | 14.15 | 14.31 | 12.54 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
AES Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
The AES Corporation returns 4.9% to shareholders annually primarily through dividends. A payout ratio of 52.8% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 8.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.9% | 4.9% | 5.3% | 3.2% | 2.2% | 2.5% | 2.4% | 2.7% | 3.6% | 4.4% | 3.8% |
| Payout Ratio | 52.8% | 52.8% | 28.6% | 183.5% | — | — | 886.0% | 119.9% | 34.3% | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 8.8% | 8.8% | 18.3% | 1.8% | — | — | 0.3% | 2.3% | 12.5% | — | — |
| FCF Yield | — | — | — | — | — | — | 5.4% | 0.5% | 2.3% | 4.4% | 7.0% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.0% |
| Total Shareholder Yield | 4.9% | 4.9% | 5.3% | 3.2% | 2.2% | 2.5% | 2.4% | 2.7% | 3.6% | 4.4% | 4.8% |
| Shares Outstanding | — | $712M | $713M | $712M | $668M | $666M | $668M | $667M | $665M | $660M | $660M |
Peer Comparison
Compare AES with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 AESYou | $10B | 11.3 | 11.2 | — | 18.1% | 16.1% | 9.7% | 3.9% | 8.8 |
 NRG | $30B | 35.3 | 11.2 | 39.7 | 21.8% | 6.0% | 41.5% | 10.6% | 4.4 |
 VST | $52B | 69.7 | 16.7 | 404.3 | 17.5% | 7.9% | 17.7% | 4.3% | 4.8 |
 GEN | $12B | 12.9 | 9.4 | 8.0 | 78.5% | 42.4% | 39.9% | 15.9% | 3.9 |
 NEE | $195B | 28.4 | 18.7 | — | 62.8% | 30.1% | 10.7% | 4.1% | 6.2 |
 D | $54B | 17.9 | 15.1 | — | 49.0% | 26.7% | 9.4% | 4.3% | 7.2 |
 DUK | $97B | 19.8 | 12.6 | — | 31.6% | 26.6% | 9.5% | 4.6% | 6.1 |
 SO | $104B | 23.6 | 12.7 | — | 29.8% | 24.6% | 11.5% | 5.3% | 4.9 |
 AEP | $72B | 19.8 | 13.8 | — | 31.8% | 24.3% | 12.1% | 5.1% | 5.7 |
 EXC | $45B | 16.2 | 10.8 | — | 27.9% | 21.2% | 9.9% | 5.1% | 5.8 |
 ETR | $51B | 28.7 | 14.7 | — | 29.9% | 23.6% | 10.9% | 5.0% | 5.5 |
| Utilities Median | — | 19.5 | 12.0 | 16.2 | 39.6% | 19.8% | 9.3% | 4.8% | 5.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonAES — Frequently Asked Questions
Quick answers to the most common questions about buying AES stock.
What is The AES Corporation's P/E ratio?
The AES Corporation's current P/E ratio is 11.3x. The historical average is 39.7x. This places it at the 15th percentile of its historical range.
What is The AES Corporation's EV/EBITDA?
The AES Corporation's current EV/EBITDA is 11.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.9x.
What is The AES Corporation's ROE?
The AES Corporation's return on equity (ROE) is 9.7%. The historical average is 4.1%.
Is AES stock overvalued?
Based on historical data, The AES Corporation is trading at a P/E of 11.3x. This is at the 15th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is The AES Corporation's dividend yield?
The AES Corporation's current dividend yield is 4.93% with a payout ratio of 52.8%.
What are The AES Corporation's profit margins?
The AES Corporation has 18.1% gross margin and 16.1% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does The AES Corporation have?
The AES Corporation's Debt/EBITDA ratio is 8.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.