The AES Corporation (AES) Stock

The AES Corporation (AES) is a Utilities stock trading at $14.77 (as of 2026-08-21), with a market capitalization of $10.53B and a trailing P/E of 6.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

The AES Corporation operates as a diversified power generation and utility company. It owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries. The company also owns and/or operates utilities to generate or purchase, distribute, transmit, and sell electricity to end-user customers in the residential, commercial, industrial, and governmental sectors; and generates and sells electricity on the wholesale market. It uses a range of fuels and technologies to generate electricity, including coal, gas, hydro, wind, solar, and biomass; and renewables, such as energy storage and landfill gas. The company owns and/or operates a generation portfolio of approximately 31,459 megawatts. It has operations in the United States, Puerto Rico, El Salvador, Chile, Colombia, Argentina, Brazil, Mexico, Central America, the Caribbean, Europe, and Asia. The company was formerly known as Applied Energy Services, Inc. and changed its name to The AES Corporation in April 2000. The AES Corporation was incorporated in 1981 and is headquartered in Arlington, Virginia.

Understand The AES Corporation: how it makes money

AES owns and operates power plants and utilities, generating or purchasing electricity and selling it to utilities, businesses, households, governments, and wholesale markets.

AES's profit model is the spread between electricity sales and the costs of generating, purchasing, distributing, and transmitting that power.

Business quality (Mixed): Mixed: AES reports gross margin 20% and operating margin 13%, while its P/E is 6.1× vs Other industry 26× (76% below). That combination indicates an operating business with profitability but substantial market skepticism.

Valuation: At 6× earnings, AES trades 76% below the Other average (26×). Note: the low multiple may reflect one-time earnings items.

Bull case

Low multiple leaves room: AES trades at P/E 6.1× vs Other industry 26× (76% below), which leaves the market pricing in substantial skepticism and creates room for upside if earnings hold.
Operations generate profit: Operating margin 13% shows the asset base currently converts sales into operating profit, giving AES earnings capacity beyond simply passing electricity through to customers.

Bear case

Growth remains unproven: Quarterly revenue $3.4B is a scale measure, not proof of expansion; without demonstrated growth, AES may have to rely on existing assets and cost control rather than a growing earnings base.

Valuation — source: SEC EDGAR (first-party)
Price	$14.77
Market Cap	$10.53B
P/E Ratio	6.1
EV / EBITDA	3.4
Price / Book	1.08
Price / Sales	0.82
FCF Yield	2.3%
DCF Value (model)	$3.15
DCF Upside vs Price	-78.7%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$12.23B
Net Margin	7.4%
Revenue Growth (YoY)	19.9%
EPS Growth (YoY)	-500.0%
FCF Growth (YoY)	226.4%

Financial Health — source: SEC EDGAR
Altman Z-Score	0.36 (distress)

Valuation vs Sector & Industry
Stock P/E	6.1
Sector P/E (Utilities)	20.8
Industry P/E (Other)	26.0
vs Sector	-70.6%
vs Industry	-76.5%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($1.27B)
Institutional Holders Tracked	10
Congressional Trades (recent)	8

Company
Sector	Utilities
Industry	Other
CEO	Andres Ricardo Gluski Weilert
Employees	9,100
Country	US
IPO Date	1991-06-26

Related Companies (Business model: Regulated Utility (Electric / Gas); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.