Latest revenue
$3.18B
as of 2026-03-31
Latest net income
$487.0M
as of 2026-03-31
Net margin
15.3%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $10.45B
- Enterprise value
- $39.54B
- P/E (trailing)
- 11.5×
- Forward P/E
- —
- P/B
- 2.70×
- Dividend yield
- 4.8%
- 52-wk high
- $17.65
- 52-wk low
- $9.58
- Beta
- —
- Shares out
- 712.1M
5-year trend
What this company does
AES is a global power company that owns and operates electricity generation plants and regulated utilities, with a growing focus on renewables and battery storage. It earns money primarily by selling electricity under long-term contracts (non-regulated segment, ~67% of revenue) and through rate-regulated utility operations in the US. The company is mid-transition from fossil generation toward renewables while carrying heavy leverage, with $30+ billion in debt against a $50.8 billion asset base and rising contributions from noncontrolling interest partners funding new projects.
Generated from AES's filing dated 2026-03-02
Key risks
- Heavy leverage: $30.8B total debt ($6.2B recourse, $24.6B non-recourse) against just $3.9B AES stockholders' equity, with $1.4B recourse debt due within 12 months.
- Operating margin compression: 9-month operating margin fell to $1.63B from $1.89B YoY; other expense ballooned to $373M vs $153M, pressuring earnings quality.
- Subsidiary minority claims rising: redeemable stock of subsidiaries more than doubled to $2.12B from $938M; YTD distributions to noncontrolling interests totaled $657M.
Generated from AES's filing dated 2026-03-02
Profitability
Gross margin
18.1%
4.1%Net margin
7.4%
45.6%Return on equity
22.4%
51.4%Return on assets
1.8%
50.4%Leverage
Debt / equity
11.74×
2.2%Debt / assets
92.2%
0.2%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $3.18B | +8.7% | $487.0M | +958.7% | 15.3% |
Q4 2025 2025-12-31 | $3.10B | +4.7% | $323.0M | -42.3% | 10.4% |
Q3 2025 2025-09-30 | $3.35B | +1.9% | $590.0M | +17.5% | 17.6% |
Q2 2025 2025-06-30 | $2.85B | -3.0% | $-49.0M | -126.5% | -1.7% |
Q1 2025 2025-03-31 | $2.93B | -5.2% | $46.0M | -89.4% | 1.6% |
Q4 2024 2024-12-31 | $2.96B | — | $560.0M | — | 18.9% |
Q3 2024 2024-09-30 | $3.29B | -4.2% | $502.0M | +117.3% | 15.3% |
Q2 2024 2024-06-30 | $2.94B | -2.8% | $185.0M | +574.4% | 6.3% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Cogeneration Services & Small Power Producers · SIC 4991
Your notes
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Insider activity
Insider buying
$0
Insider selling
$211.4M
Net activity
−$211.4M
Distinct insiders
1
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value | |
|---|---|---|---|---|---|---|
| 2026-05-15 | AES CORP / AES Grid Stability, LLC 10%+ owner | Sale | 10,066,414 | $21.00 | $211.4M |
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns AES
Institutional value
$3.95B
Total shares held
297.6M
Distinct holders
489
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 47.2M | $664.6M | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 46.3M | $652.1M | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 35.5M | $500.3M | — | New |
| 4 | Invesco Ltd. | 18.3M | $257.3M | — | New |
| 5 | UBS Group AG | 15.0M | $210.6M | — | New |
| 6 | DIMENSIONAL FUND ADVISORS LP | 7.4M | $104.4M | — | New |
| 7 | Bank of New York Mellon Corp | 6.8M | $95.5M | — | New |
| 8 | JPMORGAN CHASE & CO | 5.4M | $76.0M | — | New |
| 9 | Capital International Investors | 5.0M | $71.0M | — | New |
| 10 | CITIGROUP INC | 4.2M | $59.9M | — | New |
| 11 | VANGUARD FIDUCIARY TRUST CO | 4.0M | $56.5M | — | New |
| 12 | FIRST TRUST ADVISORS LP | 3.6M | $50.5M | — | New |
| 13 | DEUTSCHE BANK AG\ | 3.2M | $44.5M | — | New |
| 14 | Douglas Lane & Associates, LLC | 3.0M | $42.9M | — | New |
| 15 | Nuveen, LLC | 3.0M | $42.4M | — | New |
| 16 | HSBC HOLDINGS PLC | 2.4M | $33.4M | — | New |
| 17 | WELLS FARGO & COMPANY/MN | 2.3M | $32.8M | — | New |
| 18 | Allianz Asset Management GmbH | 2.2M | $31.6M | — | New |
| 19 | Ensign Peak Advisors, Inc | 2.2M | $31.2M | — | New |
| 20 | FRANKLIN RESOURCES INC | 2.0M | $28.7M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Nine-month operating margin fell to $1.63B from $1.89B despite higher regulated revenue—what's driving the non-regulated margin compression and is it structural?
- 2
Q3 pretax income of $327M generated a $226M tax benefit producing the $639M headline—what's the recurring tax rate beyond this one-time benefit?
- 3
Recourse debt rose to $6.25B and redeemable subsidiary stock more than doubled to $2.12B—what are the put/call triggers and refinancing needs in 2026?
Refreshed when AES files a new report · last from 2026-03-02