Reading the tape
NYSE: AES
The AES Corporation
Utilities · Diversified Utilities
Market Cap
$10.18B
52w High
$17.65
52w Low
$9.46
P/E
11.37
Volume
4.58M
Outstanding Shares
713.07M
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
Note: The most recent financial data is over 3 months old. Metrics shown may not reflect the latest reporting period.
1Y Price: 39.18%Revenue (TTM): -0.37%FCF (TTM): 65.02%P/E: 24th pct
What changed
The stock rose 39.18% over the last year. Revenue declined 0.37% over the trailing twelve months. Operating margin moved from 16.5% to 15%. Free cash flow grew 65.02% over the trailing twelve months.
What the market seems to be pricing
The stock has moved higher against modestly improving underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 15%. A decisive move in revenue — currently down 0.37% — would be the clearest signal to resolve the ambiguity.
Company profile
The AES Corporation operates as a diversified power generation and utility company.
CEOAndres Ricardo Gluski Weilert
SectorUtilities
IndustryDiversified Utilities
Employees9,100
IPO dateJun 26, 1991
Valuation
Forward P/E—
EV/EBITDA13.09
Enterprise value$38.46B
Stock splits
Jun 2, 2000↑ Forward
Every 1 shares became 2
Aug 29, 1997↑ Forward
Every 1 shares became 2
Mar 4, 1994↑ Forward
Every 100 shares became 103
Feb 1, 1994↑ Forward
Every 2 shares became 3
Profitability & growth
Revenue growth4.69%
Gross margin18.07%▼4.18%vs FY2024
Operating margin15%▼2.50%vs FY2024
ROE13.78%▼70.22%vs FY2024
Analyst consensus
RatingHold
Target price$18.25▲27.80%
10
Buy
11
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
May 7, 2026
Q2 FY26 · EPS est $0.38 · Revenue est $3.11B
View
Dividends
$0.70/shareQuarterlyDividend Achiever · 14yrAt RiskAES pays a dividend with a 4.93% dividend yield, 14 consecutive years of growth, growing at 3.67% annually, covered -3.2× by free cash flow.
Dividend Yield
4.93%
Annual Div / Share
$0.70
5yr CAGR
+3.67%
Doubles every ~19.2yr
Payout Ratio
55.85%
At Risk
Dividend Growth Rate
3yr CAGR
+2.8%
5yr CAGR
+3.67%
10yr CAGR
+5.3%
Dividend Safety
4/10At Risk
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$0.70+1.0%
2025$0.70+3.0%
2024$0.68+4.5%
2023$0.65+5.0%
2022$0.62+5.0%
2021$0.59+5.0%
2020$0.56+5.0%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$49/yr
$4/mo
In 5 yrs
$59/yr+20%
$5/mo
In 10 yrs
$71/yr+43%
$6/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$49/yr $4/mo | $59/yr+20% $5/mo | $71/yr+43% $6/mo |
Yield-on-cost grows from 4.93% → 7.07% over 10yr
Analysis
Dividend Strengths
Dividend Achiever
AES has raised its dividend for 14 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.
Risks to Watch
Dividend exceeds free cash flow
Free cash flow covers only -3.24× the dividend. The company is paying out more than it generates in cash, which is unsustainable without borrowing or asset sales.