The AES CorporationAES
NYSE•Utilities•Utilities - Diversified
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.
The AES Corporation (AES) reported trailing twelve months revenue of $12.49B as of March 2026, a 3.0% increase year-over-year. Quarterly revenue reached $3.18B, reflecting continued top-line momentum.
The AES Corporation generated $1.35B in TTM net income, with quarterly EBITDA of $527.00M. The operating margin expanded from -0.9% to 3.0%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (3.0%) and net margin (15.3%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 1.6% a year ago, signaling stronger bottom-line efficiency.
AES trades at a P/E of 7.4x (below the broader market average) and a P/S of 0.8x. The price-to-book ratio of 2.3x reflects a moderate premium to book value.
The company reported negative free cash flow of $-565.00M, indicating cash consumption over the period. The balance sheet shows $52.82B in total assets with no in long-term debt against $4.42B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 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 21 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.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation