The AES Corporation
- Open
- 14.64
- Day high
- 14.65
- Day low
- 14.64
- Prev close
- 14.66
- Volume
- 253K
- Mkt cap
- $10.4B
- P/E (TTM)
- 7.8
- EPS (TTM)
- $1.88
- P/B
- 2.4
- P/S
- 0.8
- Yield
- 4.80%
- Per share
- $0.70
The AES Corporation (AES) is a Utilities company listed on NYSE. The stock is up 36% over the past year. Drillr has 1 published research article covering AES.
The AES Corporation (AES) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AES earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.50 | $0.68 | +36.0% | $3.2B | +2.4% |
| Nov 5, 2025 | $0.71 | $0.75 | +5.3% | $3.4B | -0.5% |
| Jul 31, 2025 | $0.39 | $0.51 | +30.8% | $2.9B | -15.2% |
| May 1, 2025 | $0.37 | $0.27 | -27.0% | $2.9B | -4.0% |
| Feb 28, 2025 | $0.35 | $0.54 | +54.3% | $3.0B | -3.5% |
| Oct 31, 2024 | $0.64 | $0.71 | +10.9% | $3.3B | -5.0% |
| Aug 1, 2024 | $0.36 | $0.38 | +5.6% | $2.9B | -7.7% |
| May 2, 2024 | $0.34 | $0.50 | +47.1% | $3.1B | -3.5% |
| Nov 2, 2023 | $0.55 | $0.60 | +9.1% | $3.4B | +5.6% |
| Aug 3, 2023 | $0.25 | $0.21 | -16.0% | $3.0B | -14.3% |
| May 4, 2023 | $0.23 | $0.22 | -4.3% | $3.2B | +14.1% |
| Feb 27, 2023 | $0.46 | $0.49 | +6.5% | $3.1B | +30.5% |
AES insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 1, 2026 | Bhandari Inderpal Sdirector | Grant | 12,111 | — |
| May 1, 2026 | ANDERSON GERARD Mdirector | Grant | 12,111 | — |
| May 1, 2026 | Sebastian Teresa Mosleydirector | Grant | 12,111 | — |
| May 1, 2026 | ANDERSON GERARD Mdirector | Grant | 6,920 | — |
| May 1, 2026 | Naim Moisesdirector | Grant | 6,920 | — |
| May 1, 2026 | DAVIDSON JANETdirector | Grant | 12,111 | — |
| May 1, 2026 | KOEPPEL HOLLY Kdirector | Grant | 12,111 | — |
| May 1, 2026 | DAVIDSON JANETdirector | Grant | 2,076 | — |
| May 1, 2026 | Naim Moisesdirector | Grant | 12,111 | — |
| May 1, 2026 | MONIE ALAINdirector | Grant | 12,111 | — |
| May 1, 2026 | Laulis Julia M.director | Grant | 12,111 | — |
| Apr 24, 2026 | Rubiolo Juan Ignacioofficer: EVP, COO, Pres., Energy Infra. | Grant | 48,276 | — |
| Apr 24, 2026 | Freedman Paul Lofficer: EVP, GC and Corp. Secretary | Grant | 44,483 | — |
| Apr 24, 2026 | Coughlin Stephenofficer: EVP and CFO | Grant | 50,345 | — |
| Apr 24, 2026 | Mendoza Tishofficer: EVP & Chief HR Officer | Grant | 46,552 | — |
Source: AES SEC Form 4 filings, latest May 1, 2026. For informational purposes only — not investment advice.
See the full AES insider & 13F page →The AES Corporation company profile
Overview
The AES Corporation (NYSE:AES) is a diversified power generation and utility company founded in 1981 and headquartered in Arlington, Virginia. Originally incorporated as Applied Energy Services, Inc., the company changed its name to The AES Corporation in April 2000 and went public in 1991. AES has evolved from a traditional power generator into a global energy company focused on renewable energy development, utility operations, and energy infrastructure. The company operates across multiple continents including the United States, Puerto Rico, Latin America, Europe, and Asia, with a generation portfolio of approximately 31,459 megawatts spanning various fuel sources and technologies.
Business
AES operates in the electric power industry, which involves generating, transmitting, and distributing electricity to end customers. The company's business is organized into four main strategic business units that collectively serve the entire electricity value chain. The Renewables segment represents AES's growth engine, developing and operating renewable energy projects including solar, wind, hydroelectric, and energy storage facilities. This division focuses on signing long-term Power Purchase Agreements (PPAs) with corporate customers, particularly technology companies and data centers that require clean energy to meet sustainability goals. The renewables business has been rapidly expanding, with the company maintaining a backlog of over 11 gigawatts of signed PPAs and targeting aggressive growth in clean energy capacity. The Utilities segment operates regulated electric utilities in key U.S. markets, primarily AES Ohio and AES Indiana. These utilities generate or purchase electricity and distribute it directly to residential, commercial, industrial, and governmental customers. The utilities business benefits from regulated rate structures that allow recovery of investments in grid infrastructure and generation assets. This segment has been experiencing significant growth driven by data center demand, with over 2 gigawatts of new data center connections signed. The Energy Infrastructure segment includes traditional power generation assets that sell electricity into wholesale markets or under long-term contracts. This portfolio includes coal, natural gas, and other conventional generation facilities. AES has been strategically reducing its coal exposure, transitioning from 22 gigawatts to 7 gigawatts of coal capacity as part of its decarbonization strategy. The New Energy Technologies segment encompasses emerging energy solutions including Fluence (energy storage systems), green hydrogen production, and AI-powered energy solutions. This division represents AES's investment in next-generation energy technologies that support grid modernization and the energy transition. Revenue distribution varies by segment, with Renewables and Utilities representing the fastest-growing portions of the business, while Energy Infrastructure provides stable cash flows during the portfolio transition.
Revenue model
AES generates revenue through multiple business models across its diversified portfolio. The company primarily makes money through long-term contracted revenue streams, regulated utility operations, and wholesale power sales. In the Renewables segment, AES develops renewable energy projects and enters into long-term Power Purchase Agreements (PPAs) with corporate customers, utilities, and other off-takers. These contracts typically span 15-25 years and provide predictable cash flows with inflation escalation clauses. The company benefits from federal tax credits including Production Tax Credits (PTCs) and Investment Tax Credits (ITCs), which enhance project returns. Revenue growth in this segment is driven by the company's ability to sign new PPAs and bring projects online. The Utilities segment operates under regulated rate structures where AES earns returns on invested capital in grid infrastructure and generation assets. Utilities make money by charging customers for electricity delivery and generation services at rates approved by state regulators. This segment benefits from growing electricity demand, particularly from data centers, and earns higher returns through rate base growth from infrastructure investments. The Energy Infrastructure segment generates revenue by selling electricity into wholesale markets or under bilateral contracts. These facilities earn revenue based on electricity prices, capacity payments, and ancillary services. Coal plants provide stable cash flows but face declining economics, while natural gas plants benefit from higher utilization during peak demand periods. Several factors influence AES's profit margins. Positive margin drivers include growing renewable energy demand from corporate customers seeking clean energy, expanding data center electricity consumption driving utility growth, federal tax incentives supporting renewable project economics, and the company's focus on domestic manufacturing reducing supply chain risks. Negative margin pressures include commodity price volatility affecting fuel costs, weather variability impacting hydroelectric generation, potential changes to federal tax policy affecting renewable incentives, transmission constraints limiting project development, and competition from other renewable developers. The company's strategic shift toward contracted renewables and regulated utilities helps mitigate commodity price exposure while positioning for long-term growth in clean energy demand.
Competitive moat
AES possesses a moderate competitive moat built primarily around its scale, integrated capabilities, and strategic positioning in high-growth markets, though the moat faces ongoing challenges from industry competition and technological disruption. The company's strongest competitive advantages include its scale and development expertise in renewable energy projects, with over 11 gigawatts of signed PPAs providing visibility into future cash flows. AES has built substantial capabilities in project development, construction management, and operations across multiple technologies and geographies. The company's regulated utility operations in Ohio and Indiana provide stable, predictable returns with natural monopoly characteristics, particularly valuable given the surge in data center demand in these markets. AES also benefits from its early positioning in emerging markets like green hydrogen and energy storage through its Fluence joint venture. However, the moat faces several limitations. The renewable energy development business is highly competitive with numerous well-capitalized players including traditional utilities, independent power producers, and technology companies developing their own projects. Barriers to entry in renewable development are relatively low, as the core technologies (solar panels, wind turbines) are commoditized and available from multiple suppliers. The company's Energy Infrastructure segment, comprising traditional generation assets, faces secular decline as the industry transitions away from fossil fuels. Competitive threats come from multiple directions. Large technology companies like Google, Amazon, and Microsoft are increasingly developing their own renewable energy projects or signing direct PPAs with developers, potentially bypassing intermediaries like AES. Traditional utilities are expanding their renewable development capabilities, while private equity and infrastructure funds are deploying significant capital into clean energy projects. The regulated utility business, while more defensible, faces potential disruption from distributed energy resources and changing regulatory frameworks. The sustainability of AES's moat depends largely on its ability to maintain competitive project development costs, secure attractive sites and transmission access, and continue winning large corporate customers through superior execution and time-to-market capabilities. The company's focus on domestic manufacturing and AI-powered solutions represents attempts to differentiate its offerings, but these advantages may prove temporary as competitors adopt similar strategies.
Risks & safety
AES presents moderate financial risk with mixed safety indicators reflecting the capital-intensive nature of its business and ongoing portfolio transformation. **Overall Assessment:** The company maintains adequate liquidity but faces ongoing cash flow pressures from heavy capital investment requirements, elevated debt levels, and negative free cash flow generation. **Cash and Debt Position:** - Cash and short-term investments: $1.75 billion (Q1 2025) - Debt-to-equity ratio: 8.8x, indicating high financial leverage - Current ratio: 0.84, below 1.0 suggesting potential short-term liquidity pressure - Negative free cash flow: -$709 million (Q1 2025), reflecting heavy capital investment phase **Valuation Metrics:** - Price-to-earnings ratio: 48.0x (elevated due to recent losses) - Price-to-book ratio: 2.5x - EV/EBITDA: Not meaningful due to EBITDA calculation issues in recent quarter **Other Considerations:** - The company is in a heavy capital investment phase with significant renewable project construction - Asset sale program targeting $3.5 billion provides additional liquidity cushion - Regulated utility operations provide stable cash flow base - High debt levels create vulnerability to interest rate changes and credit market conditions
Recent development
Over the past few years, AES has undergone a significant strategic transformation focused on three key areas: aggressive renewable energy expansion, portfolio simplification through asset sales, and operational efficiency improvements. The company's renewable energy strategy has accelerated dramatically, with AES signing record levels of new PPAs - 5.6 gigawatts in 2023 and 4.4 gigawatts in 2024. The company has shifted focus toward higher-quality projects with better returns, raising its U.S. renewable return expectations to 12-15%. AES has also made substantial investments in domestic manufacturing capabilities to comply with domestic content requirements and reduce supply chain risks, with commitments to source solar panels domestically by 2026 and batteries by 2025. Portfolio transformation has been another major focus, with AES systematically divesting international assets and reducing coal exposure. The company has completed over $2.2 billion in asset sales as part of a $3.5 billion program, including the sale of AES Brazil and a 30% stake in AES Ohio to CDPQ. The coal portfolio has been reduced from 22 gigawatts to 7 gigawatts as part of the decarbonization strategy. The utility business has experienced explosive growth driven by data center demand, with AES signing agreements for 2.1 gigawatts of new data center connections across its Ohio and Indiana operations. This represents potential peak load increases of over 50% at both utilities, driving significant rate base investment opportunities. Operational efficiency initiatives launched in 2024 target $150 million in cost savings for 2025, ramping to over $300 million annually by 2026. These measures include a 10% workforce reduction, elimination of management layers, and resizing of the development program to focus on higher-return projects. The company has also invested in AI-powered solutions, including the "Maximo" solar installation robot and partnerships with AI Fund to accelerate technology adoption. Technology and innovation efforts have expanded beyond traditional renewable development to include green hydrogen projects, with AES partnering with Air Products on what would be the largest U.S. green hydrogen production facility. The company's Fluence energy storage joint venture continues to develop grid-scale battery storage solutions, though it has faced margin pressures in recent quarters.
AES company profile · for informational purposes only — not investment advice.
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