AESNYSECogeneration Services & Small Power ProducersFiscal year ends December 31
AES CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 4, 2026
$14.96+0.01 (+0.07%)
Close on Oct 19, 2026
- Market cap
- $10.70B
- P/E (TTM)
- 11.9
- Dividend yield
- 4.70%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
18.1%−9.8 pts over 5 years
Net margin
7.4%+7.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -0.4% | -1.0% | +4.8% | +0.8% | |
| Gross profit | -4.5% | -4.6% | -3.9% | -1.8% | |
| Net income | -45.8% | – | +81.7% | +11.5% | |
| EPS, diluted | -46.6% | – | +78.3% | +11.1% | |
| Dividend per share | +1.5% | +3.2% | +3.9% | +5.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -38.0% | 1.6% | 23.6% | |
| Return on assets | -3.1% | 0.1% | 1.8% | |
| Current ratio | 1.22 | 1.01 | 0.77 | |
| Inventory turnover | 12.2× | 14.7× | 16.6× | |
| Capex to revenue | 22.8% | 19.7% | 48.5% | |
| Diluted shares | 660M | 668M | 714M |
Where the cash went
Fiscal 2021 to 2025, five years combined
AES generated $14.71B from operations and spent $29.96B on capital expenditure, dividends and share buybacks. 92% of that went back into the business.
Generated
$14.71B
Used
$29.96B
Capital expenditure$27.71B92%Dividends$2.25B8%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.4%
×Asset turnover0.25×
×Equity multiplier12.87×
=Return on equity, FY202523.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.4% | 0.25× | 12.87× | 23.6% |
| FY2024 | 13.7% | 0.27× | 15.04× | 54.8% |
| FY2023 | 2.0% | 0.30× | 16.89× | 10.1% |
| FY2022 | -4.3% | 0.35× | 13.62× | -20.9% |
| FY2021 | -3.7% | 0.33× | 12.44× | -15.1% |
| FY2020 | 0.5% | 0.28× | 12.12× | 1.6% |
| FY2019 | 3.0% | 0.31× | 10.67× | 9.8% |
| FY2018 | 11.2% | 0.33× | 11.57× | 42.4% |
| FY2017 | -11.0% | 0.30× | 13.17× | -44.2% |
| FY2016 | -11.0% | 0.28× | 12.23× | -38.0% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$910.00M
- Cash generatingOperating cash flow above zero$4.31B
- Return on assets improvedROA up on the prior year3.7% → 1.9%
- Earnings backed by cashOperating cash flow above net income$4.31B vs $910.00M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose0.80 → 0.77
- No dilutionShare count did not rise713M → 714M
- Gross margin improvedGross margin up on the prior year18.85% → 18.07%
- More efficientAsset turnover rose0.27 → 0.26