Health score, competitive moat, risk signals, and key metrics at a glance.
The AES Corporation, together with its subsidiaries, operates as a power generation and utility company. It operates through four segments: Renewables, Utilities, Energy Infrastructure, and New Energy Technologies. The company owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries; 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, as well as investments in technologies to support leading-edge greener energy solutions. It uses various fuels and technologies to generate electricity, such as solar, hydro, wind, coal, and gas, as well as renewables comprising energy storage and landfill gas. The company owns and/or operates a generation portfolio of approximately 34,740 megawatts and distributes power to 2.7 million customers. The company operates in the United States, Chile, Dominican Republic, El Salvador, Mexico, Bulgaria, Panama, Colombia, Argentina, Vietnam, Jordan, Puerto Rico, and internationally. 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 based in Arlington, Virginia.
Competitive analysis based on 67 quarters of fundamental data
Operating margins are under pressure, averaging 1.9%. The business may lack pricing power or face rising costs.'
Consistently high ROE averaging 31.5% suggests a durable competitive advantage and efficient capital allocation.
Only 0 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
Revenue has grown modestly overall (~0.5%) but trajectory is uneven, suggesting a competitive or cyclical business.
Data-driven red flags and warnings across 67 quarters
Operating margins dropped 63.5% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.
Free cash flow has been negative in 8 of the last 8 quarters — earnings are not translating to cash.
Limited debt-to-equity data available.
Revenue has softened, declining in 4 quarters. Monitor for further erosion.
The last 8 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Share count is stable — no significant dilution or buyback activity.
as of March 2026
Revenue, EBITDA, operating income, net income, EPS, and shares
Gross, EBITDA, operating, and net margin trends
P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield
Total assets, cash, debt, book value, and leverage
Operating cash flow, free cash flow, FCF margin, and earnings quality
