AES (AES) stock
Utilities · Independent Power Producers & Energy Traders
AES (AES) is an Independent Power Producers & Energy Traders company in the Utilities sector, headquartered in Arlington, Virginia. As of October 23, 2026, AES closed at $15.00, a market capitalization of $10.70 billion, the 490th largest company in the S&P 500. Over the last twelve months it generated $13.05 billion in revenue (+20% year over year) and -$1.72 billion in free cash flow. The stock trades at 5.6x trailing earnings and 6.3x forward earnings.
- 1-year total return: +10.9% (dividends reinvested)
- 5-year return: -5.9% a year
- 52-week range: $13.21 – $17.65
- Gross margin 20.3%, operating margin 18.7%
- Dividend yield: 4.67%, 12 straight years of increases
- FI Handbook report card: C across 10 metrics
- 31st largest of 31 Utilities stocks in the S&P 500
AES price chart
1Y price change: +5.6% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| AES | +1.3% | +8.4% | +10.9% | +7.5% | -5.9% | +6.2% | +5.9% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1991.
AES key statistics
- Market cap
- $10.7B
- #490 in S&P 500
- P/E (TTM)
- 5.6x
- Forward P/E
- 6.3x
- EPS (TTM)
- $2.67
- Revenue (TTM)
- $13.1B
- +20%
- Free cash flow
- -$1.7B
- Gross margin
- 20.3%
- Operating margin
- 18.7%
- Return on equity
- 9.6%
- Dividend yield
- 4.67%
- 52-week range
- $13.21 – $17.65
- Beta
- 0.95
- Price / sales
- 0.8x
- EV / EBITDA
- 12.2x
- Debt / equity
- 2.57x
- Employees
- 8,336
AES report card
CTen fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth19.9%B
- Gross margin20.3%D
- Operating margin18.7%C
- FCF margin-13.2%F
- Return on equity9.6%D
- Net debt / EBITDA7.6xF
- Forward P/E6.3xA
- PEG ratio0.8xA
- Shareholder yield4.7%B
- Share count change / yr1.3%D
AES financials
Revenue went from $10.3B in fiscal 2016 to $12.2B in fiscal 2025, growing 2.0% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.3B | $10.5B | $10.7B | $10.2B | $9.7B | $11.1B | $12.6B | $12.7B | $12.3B | $12.2B |
| Gross profit | $2.4B | $2.5B | $2.6B | $2.3B | $2.7B | $2.7B | $2.5B | $2.5B | $2.3B | $2.2B |
| Net income | -$1.1B | -$1.2B | $1.2B | $303.0M | $46.0M | -$409.0M | -$546.0M | $249.0M | $1.7B | $910.0M |
| EPS (diluted) | $-1.72 | $-1.76 | $1.81 | $0.45 | $0.07 | $-0.61 | $-0.82 | $0.35 | $2.36 | $1.26 |
| Free cash flow | $552.0M | $327.0M | $222.0M | $61.0M | $855.0M | -$214.0M | -$1.8B | -$4.7B | -$4.6B | -$1.6B |
| Buybacks | $79.0M | $0 | $0 | — | — | — | — | — | — | — |
| Dividends paid | $290.0M | $317.0M | $344.0M | $362.0M | $381.0M | $401.0M | $422.0M | $444.0M | $483.0M | $501.0M |
| Diluted shares | 660.0M | 660.0M | 665.0M | 667.0M | 668.0M | 666.0M | 668.0M | 712.0M | 713.0M | 714.0M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into AES?
A reverse DCF asks what growth the current price requires. With an enterprise value of $41.8B and -$1.7B of trailing free cash flow, AES needs to grow free cash flow at a rate outside our model for ten years (fading to 3.0% terminal growth) to earn a 10% annual return.
P/E ratio history
Current 11.9x vs. median 30.2x (10th–90th percentile 9.0x–363.0x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
AES dividend
- Dividend yield
- 4.67%
- Annual dividend
- $0.70
- Years of increases
- 12
- 5-yr dividend growth
- 4.2%
- per year
- Payout ratio
- 26%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
AES analyst price targets
8 analysts' average 12-month target is $15.00 (0% vs. $15.00). Targets range from $15.00 to $15.00. 0% rate it a buy.
AES earnings
Next report: November 4, 2026. Last quarter's revenue was $3.4B (+20% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 4, 2026 | $0.47 | $0.44 | -6.0% |
| May 5, 2026 | $0.37 | $0.77 | +108.3% |
| Mar 2, 2026 | $0.61 | $0.81 | +33.0% |
| Nov 4, 2025 | $0.77 | $0.75 | -2.1% |
| Jul 31, 2025 | $0.40 | $0.51 | +29.0% |
| May 1, 2025 | $0.33 | $0.27 | -17.8% |
| Feb 28, 2025 | $0.35 | $0.54 | +56.5% |
| Oct 31, 2024 | $0.64 | $0.71 | +11.1% |
Stocks like AES
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 NRG NRG Energy | -2.19% | -43% | $19.4B | 24.2x | Compare |
 NEE NextEra Energy | +0.24% | +1% | $172.2B | 14.8x | Compare |
 SO Southern | -0.99% | -0% | $106.9B | 22.4x | Compare |
 DUK Duke Energy Corporation (Holdin | -0.33% | +2% | $97.4B | 18.8x | Compare |
 CEG Constellation Energy Corporatio | -0.69% | -30% | $89.8B | 24.8x | Compare |
 AEP American Electric Power | -0.73% | +15% | $70.6B | 22.5x | Compare |
 D Dominion Energy | -0.31% | +12% | $57.3B | 22.6x | Compare |
 SRE DBA Sempra | -0.84% | -6% | $55.0B | 24.3x | Compare |
AES news
- What to Expect From AES Corporation's Next Quarterly Earnings Report · Oct 16, 2026
- AES Announces Quarterly Dividend · Oct 9, 2026
- How Is AES Corporation's Stock Performance Compared to Other Utility Stocks · Sep 22, 2026
- Why Is AES (AES) Up 0.7% Since Last Earnings Report? · Sep 3, 2026
- Are Wall Street Analysts Predicting AES’ Stock Will Climb or Sink? · Jul 31, 2026
AES stock FAQ
What is AES's market cap?
AES's market capitalization is $10.70 billion as of October 23, 2026, ranking 490th in the S&P 500.
What is AES's P/E ratio?
AES trades at a trailing price-to-earnings ratio of 5.6x and a forward P/E of 6.3x. Its median P/E over the period we track is 30.2x.
Does AES pay a dividend?
Yes. AES pays $0.70 per share a year, a 4.67% yield. It has raised its dividend 12 years in a row. Dividends grew 4.2% a year over the last five years.
How much has AES stock returned?
Including reinvested dividends, AES returned +10.9% over one year, -5.9% a year over five years, +6.2% a year over ten years through October 23, 2026.
What is the AES price target?
8 analysts cover AES with an average 12-month price target of $15.00, +0% from the current price. 0% of them rate it a buy.
When does AES report earnings?
AES is expected to report earnings on November 4, 2026.
How many employees does AES have?
AES has about 8,336 full-time employees, or $1.6 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology