AES
The AES Corporation
AES's fundamentals are mixed: revenue grew 12%, but free cash flow was negative. Its PE isn't a useful guide right now because of how its recent earnings were reported.
AES Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Under pressure | |
| Strong |
AES's revenue and balance sheet are currently healthy, and its profitability is stable, but its cash flow is under pressure.
AES PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 6x | $14.91 | — |
| Forward | 6.8x | $14.91 | — |
| Cheap | 7.3x | $18.13 | +22% |
| Fair | 14x | $35.58 | +139% |
| Expensive | 33x | $82.41 | +453% |
Historical ranges are pointers, not guarantees.
AES's PE is 6.0x, but its earnings don't support one, so it isn't a reliable read right now.
AES Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Growth | |
| Growth | |
| Weakening | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for AES, but weaker profitability.
AES Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.18 | -12% |
| Q3 2026 | $2.49 | +69% |
| Q2 2026 | $2.62 | +103% |
| Q1 2026 | $1.87 | +9.4% |
| Q4 2025 | $1.26 | -44% |
| Q3 2025 | $1.47 | +0.7% |
| Q2 2025 | $1.29 | +21% |
| Q1 2025 | $1.71 | +131% |
| Q4 2024 | $2.24 | +540% |
AES earned $2.49 per share over the past year, up 69% from the year before. Its recent earnings include one-off gains.
AES Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $3.9B | +16% |
| Q2 2026 | $3.4B | +20% |
| Q1 2026 | $3.2B | +8.7% |
| Q4 2025 | $3.1B | +4.7% |
| Q3 2025 | $3.4B | +1.9% |
| Q2 2025 | $2.9B | -3% |
| Q1 2025 | $2.9B | -5.2% |
| Q4 2024 | $3B | -0.2% |
AES's revenue has grown year over year for five quarters in a row: $3.9B last quarter, up 16% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 13% | +3.3 points |
| Q2 2026 | 13% | +12 points |
| Q1 2026 | 7.6% | +8.4 points |
| Q4 2025 | -8.7% | -14 points |
| Q3 2025 | 9.8% | -0.2 points |
| Q2 2025 | 1.4% | +4 points |
| Q1 2025 | -0.8% | -9.7 points |
| Q4 2024 | 5.7% | +25 points |
AES's operating margin was 13% last quarter, up 3.3 points from the same quarter a year ago, near the top of its range since 2019.
AES Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$307M | +$204M |
| Q2 2026 | -$597M | -$241M |
| Q1 2026 | -$565M | +$144M |
| Q4 2025 | -$47M | +$592M |
| Q3 2025 | -$511M | +$336M |
| Q2 2025 | -$356M | +$937M |
| Q1 2025 | -$709M | +$1.2B |
| Q4 2024 | -$639M | +$1.1B |
AES has burned cash in most quarters: −$1.5B over the past year, against −$2.2B the year before.
AES Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +0.1% | +1M shares |
| 3 years | +0.4% | +3M shares |
| 5 years | +0.7% | +5M shares |
| Available history | +7.2% | +48M shares |
AES has 715M diluted shares, about the same as a year ago.
AES Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.8x | Net Cash |
| Q2 2026 | -0.8x | Net Cash |
| Q1 2026 | -0.9x | Net Cash |
| Q4 2025 | -0.9x | Net Cash |
| Q3 2025 | -0.9x | Net Cash |
| Q2 2025 | -0.7x | Net Cash |
| Q1 2025 | -1.0x | Net Cash |
| Q4 2024 | -0.8x | Net Cash |
AES has more cash than debt.
AES Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 55.6 | Neutral |
| Stochastic | 52.9 | Neutral |
AES's weekly RSI is 56 (neutral) and its Stochastic is 53 (neutral).
AES PE vs Utilities Sector
| Metric | AES | Sector median | Relative |
|---|---|---|---|
| PE | 6x | 20x | 71% below |
| PE % | 12 | 44 | 32 pts below |
AES is trading at 6.0x earnings, a 71% discount to the Utilities sector's median of 20x, though its earnings don't support one.
AES Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $14.9 | 0% above |
| 20 week MA | $14.8 | 0.7% above |
| 50 week MA | $14.7 | 1.4% above |
| 100 week MA | $13.5 | 11% above |
| 200 week MA | $16.2 | 7.7% below |
AES's trend is mixed: it's above three of its five weekly moving averages, and 7.7% below its 200-week average.
AES Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $20.0 | $23.3 | +16% |
| 2021 | $23.3 | $23.6 | +1.2% |
| 2022 | $23.6 | $28.7 | +22% |
| 2023 | $28.7 | $19.3 | -33% |
| 2024 | $19.3 | $12.8 | -34% |
| 2025 | $12.8 | $14.1 | +10% |
| 2026 YTD | $14.1 | $14.9 | +6% |
AES has finished higher in four of the last six years. It's up 6% so far in 2026.