The AES Corporation (AES) Key Metrics
AES valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $10.67B
- Enterprise value
- $40.83B
- P/E (TTM)
- 5.6 10-yr median 27.4
- Forward P/E
- 6.6
- PEG ratio
- 1.09
- Price / sales
- 0.8 10-yr median 1.0
- Price / book
- 2.1 10-yr median 3.7
- EV / EBITDA
- 10.7 10-yr median 11.7
- Dividend yield
- 4.68% $0.70 a year
- Beta
- 0.95
AES key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsAES valuation Price multiples at each fiscal year-end price.
AES returns How much profit the business earns on the capital it uses.
AES per-share figures Results divided by the shares outstanding at year-end.
AES financial health Debt, liquidity and how easily interest is covered.
AES efficiency & capital use Working capital cycle and where the cash goes.
AES valuation history
AES returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
AES debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
AES cash returned to shareholders
AES price vs earnings per share
AES key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $10.21B | $9.18B | $13.71B | $19.21B | $16.18B | $15.70B | $13.27B | $9.62B | $7.15B | $7.67B |
| Enterprise value | $38.29B | $36.59B | $38.76B | $40.61B | $33.71B | $34.16B | $32.02B | $27.43B | $25.74B | $25.02B |
| P/E ratio | 10.8 | 5.4 | 56.6 | — | — | 365.1 | 44.0 | 9.6 | — | — |
| Price / sales | 0.8 | 0.7 | 1.1 | 1.5 | 1.5 | 1.6 | 1.3 | 0.9 | 0.7 | 0.8 |
| Price / book | 1.5 | 2.5 | 5.5 | 7.9 | 5.8 | 6.0 | 4.4 | 3.0 | 2.9 | 2.7 |
| Price / free cash flow | — | — | — | — | — | 18.4 | 217.6 | 43.3 | 22.9 | 14.2 |
| Price / operating cash flow | 2.4 | 3.3 | 4.5 | 7.1 | 8.5 | 5.7 | 5.4 | 4.1 | 2.9 | 2.7 |
| EV / sales | 3.1 | 3.0 | 3.1 | 3.2 | 3.0 | 3.5 | 3.1 | 2.6 | 2.5 | 2.5 |
| EV / EBITDA | 13.0 | 10.0 | 15.3 | 20.9 | 41.2 | 13.5 | 10.4 | 6.8 | 8.5 | 10.5 |
| EV / free cash flow | — | — | — | — | — | 39.9 | 524.9 | 123.6 | 82.5 | 46.4 |
| Earnings yield | 9.3% | 18.4% | 1.8% | −2.8% | −2.6% | 0.3% | 2.3% | 10.4% | −7.7% | −0.1% |
| Free cash flow yield | −15.9% | −50.6% | −34.2% | −9.6% | −1.3% | 5.4% | 0.5% | 2.3% | 4.4% | 7.0% |
| Dividend yield | 4.9% | 5.3% | 3.2% | 2.2% | 2.5% | 2.4% | 2.7% | 3.6% | 4.4% | 3.8% |
| Shareholder yield (dividends + buybacks) | 4.9% | 5.3% | 3.2% | 2.2% | 8.7% | 5.1% | 5.8% | 6.7% | 9.3% | 4.8% |
| Share price at fiscal year-end | $14.34 | $12.87 | $19.25 | $28.76 | $24.30 | $23.50 | $19.90 | $14.46 | $10.83 | $11.62 |
| Per share | ||||||||||
| Revenue per share | $17.18 | $17.22 | $17.80 | $18.89 | $16.73 | $14.46 | $15.28 | $16.15 | $15.92 | $15.41 |
| Earnings per share | $1.33 | $2.36 | $0.34 | −$0.82 | −$0.62 | $0.06 | $0.45 | $1.51 | −$0.83 | −$0.02 |
| Operating cash flow per share | $6.05 | $3.86 | $4.26 | $4.06 | $2.86 | $4.12 | $3.70 | $3.52 | $3.77 | $4.37 |
| Free cash flow per share | −$2.28 | −$6.51 | −$6.59 | −$2.75 | −$0.32 | $1.28 | $0.09 | $0.33 | $0.47 | $0.82 |
| Cash per share | $3.16 | $2.25 | $2.56 | $3.15 | $1.76 | $2.13 | $2.14 | $2.22 | $2.08 | $3.19 |
| Book value per share | $9.67 | $5.11 | $3.49 | $3.65 | $4.20 | $3.94 | $4.49 | $4.82 | $3.73 | $4.23 |
| Tangible book value per share | $6.33 | $1.90 | −$0.14 | $0.35 | $0.26 | $1.12 | $2.20 | $2.58 | $1.58 | $1.94 |
| Dividends per share | $0.70 | $0.68 | $0.62 | $0.63 | $0.60 | $0.57 | $0.54 | $0.52 | $0.48 | $0.44 |
| Capex per share | $8.33 | $10.37 | $10.85 | $6.81 | $3.18 | $2.84 | $3.61 | $3.19 | $3.30 | $3.55 |
| Debt per share | $42.59 | $40.70 | $37.75 | $35.18 | $28.08 | $29.76 | $30.24 | $29.02 | $30.25 | $29.48 |
| Shares outstanding | 712.0M | 713.0M | 712.0M | 668.0M | 666.0M | 668.0M | 667.0M | 665.0M | 660.0M | 660.0M |
| Change in shares outstanding | −0.1% | +0.1% | +6.6% | +0.3% | −0.3% | +0.1% | +0.3% | +0.8% | 0.0% | −4.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 18.0% | 55.0% | 9.8% | −20.9% | −15.2% | 1.5% | 9.7% | 35.4% | −20.9% | −0.4% |
| Return on invested capital (ROIC) | 6.0% | 6.5% | 4.4% | 8.4% | 9.7% | 5.9% | 5.8% | 7.4% | 5.4% | 8.8% |
| Return on assets (ROA) | 1.9% | 3.7% | 0.6% | −1.5% | −1.2% | 0.1% | 0.9% | 3.1% | −1.6% | −0.0% |
| Return on tangible assets | 1.9% | 3.7% | 0.6% | −1.5% | −1.4% | 0.1% | 0.9% | 3.2% | −1.7% | −0.0% |
| Free cash flow margin | −13.3% | −37.8% | −37.0% | −14.6% | −1.9% | 8.9% | 0.6% | 2.1% | 3.0% | 5.3% |
| Income quality (OCF / net income) | 4.54 | 1.63 | 12.54 | — | — | 64.07 | 8.17 | 2.33 | — | — |
| Financial health | ||||||||||
| Total debt | $30.33B | $29.02B | $26.88B | $23.50B | $18.70B | $19.88B | $20.17B | $19.30B | $19.96B | $19.45B |
| Cash & short-term investments | $2.25B | $1.60B | $1.82B | $2.10B | $1.18B | $1.42B | $1.43B | $1.48B | $1.37B | $2.10B |
| Net debt | $28.08B | $27.41B | $25.06B | $21.39B | $17.52B | $18.46B | $18.74B | $17.82B | $18.59B | $17.35B |
| Debt / equity | 4.40 | 7.96 | 10.80 | 9.64 | 6.68 | 7.55 | 6.73 | 6.01 | 8.10 | 6.96 |
| Debt / assets | 0.59 | 0.61 | 0.60 | 0.61 | 0.57 | 0.57 | 0.60 | 0.59 | 0.60 | 0.54 |
| Net debt / EBITDA | 9.55 | 7.46 | 9.89 | 11.01 | 21.42 | 7.28 | 6.11 | 4.42 | 6.13 | 7.26 |
| Current ratio | 0.77 | 0.80 | 0.68 | 1.18 | 1.13 | 1.01 | 1.03 | 1.14 | 1.06 | 1.22 |
| Quick ratio | 0.69 | 0.73 | 0.61 | 1.01 | 1.00 | 0.92 | 0.93 | 1.01 | 0.97 | 1.10 |
| Interest coverage | 1.4 | 1.3 | 1.7 | 2.2 | 3.1 | 2.6 | 2.1 | 2.4 | 2.0 | 2.1 |
| Working capital | −$1.99B | −$1.74B | −$3.08B | $1.15B | $624.0M | $52.0M | $135.0M | $616.0M | $370.0M | $1.14B |
| Invested capital | $34.97B | $31.06B | $27.55B | $23.83B | $20.32B | $21.09B | $21.74B | $21.02B | $21.06B | $20.14B |
| Tangible asset value | $9.55B | $5.41B | $3.39B | $2.30B | $1.94B | $2.83B | $3.70B | $4.11B | $3.42B | $4.18B |
| Net current asset value | −$33.34B | −$32.87B | −$32.16B | −$26.22B | −$23.04B | −$24.47B | −$23.19B | −$21.90B | −$21.87B | −$24.01B |
| Graham number | $17.03 | $16.49 | $5.17 | — | — | $2.39 | $6.76 | $12.80 | — | — |
| Graham net-net per share | −$50.52 | −$51.29 | −$49.96 | −$44.73 | −$38.82 | −$40.80 | −$38.44 | −$36.02 | −$38.66 | −$40.66 |
| Capital allocation | ||||||||||
| Dividends paid | $501.0M | $483.0M | $444.0M | $422.0M | $401.0M | $381.0M | $362.0M | $344.0M | $317.0M | $290.0M |
| Share buybacks (net) | $0 | $0 | $0 | $0 | $1.01B | $422.0M | $410.0M | $297.0M | $351.0M | $79.0M |
| Dividend payout ratio | 52.8% | 28.6% | 183.5% | — | — | 886.0% | 119.9% | 34.3% | — | — |
| Dividends + buybacks / free cash flow | — | — | — | — | — | 93.9% | — | 288.7% | 214.1% | 68.5% |
| Capex / revenue | 48.5% | 60.2% | 60.9% | 36.1% | 19.0% | 19.7% | 23.6% | 19.7% | 20.7% | 23.1% |
| Capex / operating cash flow | 137.7% | 268.6% | 254.6% | 167.6% | 111.3% | 69.0% | 97.5% | 90.5% | 87.5% | 81.3% |
| Capex / depreciation | 4.07 | 5.85 | 6.85 | 4.32 | 2.00 | 1.78 | 2.30 | 2.11 | 1.86 | 1.99 |
| Stock-based compensation / revenue | — | — | 0.1% | 0.3% | 33.2% | 13.1% | 6.5% | 0.3% | 0.2% | 0.2% |
| SG&A / revenue | 2.0% | 2.3% | 2.0% | 1.6% | 1.5% | 1.7% | 1.9% | 1.8% | 2.1% | 1.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 50.7 | 45.6 | 46.3 | 46.5 | 44.5 | 52.5 | 55.1 | 52.0 | 52.5 | 72.2 |
| Days of inventory on hand | 21.9 | 23.9 | 31.7 | 30.1 | 23.1 | 24.8 | 24.8 | 25.5 | 27.0 | 30.2 |
| Days payables outstanding | 82.9 | 105.2 | 99.9 | 64.3 | 50.0 | 64.6 | 61.5 | 60.4 | 59.2 | 64.9 |
| Cash conversion cycle (days) | -10.2 | -35.7 | -21.9 | 12.3 | 17.6 | 12.7 | 18.4 | 17.1 | 20.3 | 37.5 |
| Receivables turnover | 7.20 | 8.01 | 7.88 | 7.84 | 8.20 | 6.95 | 6.63 | 7.03 | 6.96 | 5.05 |
| Payables turnover | 4.40 | 3.47 | 3.65 | 5.68 | 7.30 | 5.65 | 5.94 | 6.05 | 6.17 | 5.62 |
| Inventory turnover | 16.63 | 15.27 | 11.50 | 12.14 | 15.83 | 14.70 | 14.74 | 14.33 | 13.49 | 12.10 |
| Asset turnover | 0.25 | 0.27 | 0.30 | 0.35 | 0.33 | 0.28 | 0.31 | 0.33 | 0.30 | 0.28 |
| Average receivables | $1.70B | $1.53B | $1.61B | $1.61B | $1.36B | $1.39B | $1.54B | $1.53B | $1.51B | $2.01B |
| Average payables | $2.28B | $2.87B | $2.78B | $1.77B | $1.15B | $1.23B | $1.32B | $1.35B | $1.30B | $1.40B |
| Average inventory | $602.5M | $652.5M | $883.5M | $829.5M | $532.5M | $474.0M | $532.0M | $569.5M | $596.0M | $652.5M |
| Intangibles / total assets | 4.6% | 4.8% | 5.8% | 5.7% | 8.0% | 5.5% | 4.5% | 4.6% | 4.3% | 4.2% |
Computed from AES's annual financial statements (latest annual report filed March 2, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
AES valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), AES traded at 10.8 times earnings, against a 10-year median of 27.4. Based on the latest twelve months, the trailing P/E is 5.6 and the forward P/E is 6.6. AES earned a return on equity of 18.0% and a return on invested capital of 6.0% in fiscal 2025. It ended the year with $30.3 billion of debt and $2.2 billion in cash and short-term investments, net debt of $28.1 billion. It returned $501.0 million to shareholders: $501.0 million in dividends and $0 in share buybacks. The share count rose 7.9% from 660.0M to 712.0M over 9 years.
See the AES income statement, the AES chart for price history, or the AES stock overview for the latest quote and news.
AES key metrics FAQ
What is AES's P/E ratio?
AES's trailing P/E ratio is 5.6 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 6.6. At the end of fiscal 2025 it was 10.8, compared with a 10-year median of 27.4.
What is AES's EV/EBITDA?
AES's enterprise value was 13.0 times EBITDA at the end of fiscal 2025 (enterprise value $38.3 billion, EBITDA $2.9 billion); the current EV/EBITDA is 10.7.
What is AES's return on equity?
AES's return on equity (ROE) was 18.0% in fiscal 2025: net income of $949.0 million on average shareholders' equity of $5.3 billion.
What is AES's ROIC?
AES's return on invested capital was 6.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does AES have?
AES had total debt of $30.3 billion at the end of fiscal 2025, a debt-to-equity ratio of 4.40 and $28.1 billion of net debt (9.55 times EBITDA).
What is AES's dividend yield?
AES's forward dividend yield is 4.68%. AES paid $501.0 million in dividends in fiscal 2025 ($0.70 per share), a payout ratio of 52.8%.
What is AES's free cash flow yield?
AES generated -$1.6 billion of free cash flow in fiscal 2025, a free cash flow yield of −15.9% on its market value at year-end ($10.2 billion).
What is AES's current ratio?
AES's current ratio was 0.77 at the end of fiscal 2025: current assets were 0.77 times current liabilities.
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