AES (AES) Financials

$11.23 -0.48 (-4.10%)

As of 05/20/2025 03:58 PM Eastern

Annual Income Statements for AES

This table shows AES's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	1,679	249	-546	-951	152	303	1,349	-2,322	191	1,229
Consolidated Net Income / (Loss)	802	-182	-505	-951	152	478	1,349	-1,938	191	762
Net Income / (Loss) Continuing Operations	809	-189	-505	-955	149	477	1,349	-148	191	682
Total Pre-Tax Income	894	104	-169	-1,064	488	1,001	2,018	771	187	989
Total Operating Income	1,477	1,071	733	910	1,611	1,888	1,927	1,775	1,077	2,210
Total Gross Profit	2,314	2,504	2,548	2,711	2,693	2,349	2,573	2,465	2,383	2,663
Total Revenue	12,278	12,668	12,617	11,141	9,660	10,189	10,736	10,530	10,281	11,260
Operating Revenue	12,278	12,668	12,617	11,141	9,660	10,189	10,736	10,530	10,281	11,260
Total Cost of Revenue	9,964	10,164	10,069	8,430	6,967	7,840	8,163	8,065	7,898	8,597
Operating Cost of Revenue	9,964	10,164	10,069	8,430	6,967	7,840	8,163	8,065	7,898	8,597
Total Operating Expenses	837	1,433	1,815	1,801	1,082	461	646	690	1,306	453
Selling, General & Admin Expense	463	354	275	226	218	276	192	273	194	196
Impairment Charge	374	1,079	1,540	1,575	864	185	208	537	1,096	317
Total Other Income / (Expense), net	-583	-967	-902	-1,974	-1,123	-887	91	-1,004	-890	-754
Interest Expense	1,502	1,382	1,132	989	1,224	1,219	1,056	1,238	1,147	1,145
Interest & Investment Income	381	551	389	298	268	318	310	244	245	256
Other Income / (Expense), net	538	-136	-159	-1,283	-167	14	837	-10	12	135
Income Tax Expense	59	261	265	-133	216	352	708	990	32	412
Other Gains / (Losses), net	-26	-32	-71	-24	-123	-172	39	71	36	105
Net Income / (Loss) Discontinued Operations	-7.00	7.00	0.00	4.00	3.00	1.00	-	-1,283	-	80
Net Income / (Loss) Attributable to Noncontrolling Interest	-877	-431	41	-	0.00	175	-	384	0.00	0.00
Basic Earnings per Share	$2.38	$0.37	($0.82)	($0.61)	$0.07	$0.46	$1.82	($1.76)	-	$0.45
Weighted Average Basic Shares Outstanding	711.90M	710.29M	668.82M	667.40M	665.48M	-	662.36M	660M	660M	687M
Diluted Earnings per Share	$2.36	$0.35	($0.82)	($0.61)	$0.07	$0.45	$1.81	($1.76)	-	$0.44
Weighted Average Diluted Shares Outstanding	711.90M	710.29M	668.82M	667.40M	665.48M	-	662.36M	660M	660M	687M
Weighted Average Basic & Diluted Shares Outstanding	711.90M	710.29M	668.82M	667.40M	665.48M	-	662.36M	660M	660M	687M
Cash Dividends to Common per Share	$0.69	-	$0.64	$0.60	$0.57	-	$0.53	$0.49	$0.45	$0.41

This table shows AES's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	46	560	502	185	432	-94	231	-39	151	-903	421
Consolidated Net Income / (Loss)	-73	353	210	-39	278	-643	291	-19	189	-986	446
Net Income / (Loss) Continuing Operations	-73	353	217	-39	278	-650	291	-19	189	-1,122	446
Total Pre-Tax Income	-22	365	329	-77	277	-579	414	4.00	265	-890	617
Total Operating Income	315	205	555	257	460	-358	684	240	505	-519	781
Total Gross Profit	441	420	722	553	619	494	918	498	594	563	892
Total Revenue	2,926	2,962	3,289	2,942	3,085	2,968	3,434	3,027	3,239	3,060	3,627
Operating Revenue	2,926	2,962	3,289	2,942	3,085	2,968	3,434	3,027	3,239	3,060	3,627
Total Cost of Revenue	2,485	2,542	2,567	2,389	2,466	2,474	2,516	2,529	2,645	2,497	2,735
Operating Cost of Revenue	2,485	2,542	2,567	2,389	2,466	2,474	2,516	2,529	2,645	2,497	2,735
Total Operating Expenses	126	215	167	296	159	852	234	258	89	1,082	111
Selling, General & Admin Expense	77	196	88	66	113	125	76	84	69	87	61
Impairment Charge	49	19	79	230	46	727	158	174	20	1,007	50
Total Other Income / (Expense), net	-337	160	-226	-334	-183	-221	-270	-236	-240	-371	-164
Interest Expense	350	366	380	398	358	415	326	310	331	311	277
Interest & Investment Income	69	69	119	88	105	153	144	131	123	119	100
Other Income / (Expense), net	-56	457	35	-24	70	41	-88	-57	-32	-179	13
Income Tax Expense	17	7.00	103	-35	-16	82	109	-2.00	72	79	145
Other Gains / (Losses), net	-34	-5.00	-9.00	3.00	-15	11	-14	-25	-4.00	-17	-26
Net Income / (Loss) Attributable to Noncontrolling Interest	-119	-207	-292	-224	-154	-549	60	20	38	-83	25
Basic Earnings per Share	$0.07	$0.78	$0.71	$0.27	$0.62	($0.13)	$0.34	($0.06)	$0.22	-	$0.63
Weighted Average Basic Shares Outstanding	711.92M	711.90M	711.03M	710.92M	710.67M	710.29M	669.63M	669.63M	669.34M	668.82M	667.95M
Diluted Earnings per Share	$0.07	$0.78	$0.71	$0.27	$0.60	($0.12)	$0.32	($0.06)	$0.21	-	$0.59
Weighted Average Diluted Shares Outstanding	713M	711.90M	713M	713M	712M	710.29M	712M	669M	712M	668.82M	711M
Weighted Average Basic & Diluted Shares Outstanding	711.92M	711.90M	711.03M	710.92M	710.67M	710.29M	669.63M	669.63M	669.34M	668.82M	667.95M
Cash Dividends to Common per Share	$0.18	-	$0.17	$0.17	$0.17	-	$0.17	$0.17	$0.17	-	$0.16

This table details how cash moves in and out of AES's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	15	-3,543	-1,425	-479	255	-431	215	-172	9.00	-231
Net Cash From Operating Activities	2,752	3,034	2,715	1,902	2,755	2,466	2,343	2,504	2,897	2,134
Net Cash From Continuing Operating Activities	2,752	3,034	2,715	1,902	2,755	2,466	2,343	2,504	2,897	2,134
Net Income / (Loss) Continuing Operations	802	-182	-505	-951	152	478	1,565	-777	-777	762
Consolidated Net Income / (Loss)	802	-182	-505	-951	152	478	1,565	-777	-777	762
Depreciation Expense	1,264	1,147	1,072	1,056	1,068	1,045	1,003	1,169	1,176	1,144
Non-Cash Adjustments To Reconcile Net Income	667	1,813	2,433	3,565	1,292	990	-352	1,505	2,670	551
Changes in Operating Assets and Liabilities, net	19	256	-285	-1,768	243	-47	127	607	-172	-323
Net Cash From Investing Activities	-7,700	-8,188	-5,836	-3,051	-2,295	-2,721	-505	-2,599	-2,136	-2,366
Net Cash From Continuing Investing Activities	-7,700	-8,188	-5,836	-3,051	-2,295	-2,721	-505	-2,599	-2,136	-2,366
Purchase of Property, Plant & Equipment	-7,392	-7,724	-4,551	-2,116	-1,900	-2,405	-2,121	-2,177	-2,345	-2,308
Acquisitions	-246	-542	-243	-658	-136	-192	-66	-609	-52	-17
Purchase of Investments	-818	-937	-1,492	-519	-653	-770	-1,411	-3,310	-5,151	-4,801
Divestitures	423	254	1.00	95	169	178	2,020	108	538	138
Sale and/or Maturity of Investments	796	1,318	1,049	616	627	666	1,302	3,540	4,904	4,851
Other Investing Activities, net	-463	-557	-600	-469	-402	-198	-229	-151	-30	-229
Net Cash From Financing Activities	4,963	5,405	3,758	797	-78	-86	-1,643	43	-747	28
Net Cash From Continuing Financing Activities	4,963	1,689	1,674	615	-78	-86	-1,643	43	-747	28
Repayment of Debt	-12,744	-11,034	-8,409	-4,626	-10,213	-7,150	-5,621	-5,555	-5,056	-5,261
Repurchase of Preferred Equity	0.00	421	60	153	-	0.00	0.00	-	-	-
Payment of Dividends	-913	-767	-687	-685	-803	-789	-684	-741	-766	-602
Issuance of Debt	15,492	13,024	11,412	4,453	10,519	7,854	4,842	6,445	4,943	5,782
Issuance of Preferred Equity	0.00	0.00	0.00	1,014	112	0.00	-	-	134	461
Issuance of Common Equity	222	102	233	365	1.00	17	-	73	190	126
Other Financing Activities, net	2,906	-57	-935	-59	306	-18	-180	-179	-113	4.00
Cash Interest Paid	1,268	1,317	928	815	908	946	1,003	1,196	1,273	1,265
Cash Income Taxes Paid	345	301	271	459	333	363	370	377	487	388

This table details how cash moves in and out of AES's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023
Period end date	3/31/2025	12/31/2024	9/30/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Net Change in Cash & Equivalents	527	-554	411	-3,791	325	-85	8.00
Net Cash From Operating Activities	545	1,088	985	725	1,122	562	625
Net Cash From Continuing Operating Activities	545	1,088	985	725	1,122	562	625
Net Income / (Loss) Continuing Operations	-73	353	210	-643	291	-19	189
Consolidated Net Income / (Loss)	-73	353	210	-643	291	-19	189
Depreciation Expense	337	338	306	311	286	277	273
Non-Cash Adjustments To Reconcile Net Income	276	232	37	961	429	258	165
Changes in Operating Assets and Liabilities, net	5.00	165	432	96	116	46	-2.00
Net Cash From Investing Activities	-1,282	-1,611	-1,865	-2,515	-1,923	-2,126	-1,624
Net Cash From Continuing Investing Activities	-1,282	-1,611	-1,865	-2,515	-1,923	-2,126	-1,624
Purchase of Property, Plant & Equipment	-1,254	-1,727	-1,832	-2,429	-1,899	-1,845	-1,551
Acquisitions	-4.00	-167	-6.00	-231	-21	-290	0.00
Purchase of Investments	-18	-93	-121	-173	-144	-202	-418
Divestitures	5.00	412	-	156	-	-	98
Sale and/or Maturity of Investments	33	65	197	316	296	350	356
Other Investing Activities, net	-44	-101	-103	-154	-155	-139	-109
Net Cash From Financing Activities	1,317	-224	1,428	1,665	1,211	1,513	1,016
Net Cash From Continuing Financing Activities	1,317	-224	1,428	-2,051	1,211	1,513	1,016
Repayment of Debt	-2,637	-3,857	-2,462	-5,820	-1,199	-1,691	-2,324
Payment of Dividends	-209	-387	-160	-261	-137	-211	-158
Issuance of Debt	3,535	3,080	2,971	5,297	1,832	2,940	2,955
Issuance of Preferred Equity	0.00	-	-	-	-	-	0.00
Issuance of Common Equity	73	85	40	39	45	-	18
Other Financing Activities, net	555	855	1,039	-1,727	670	475	525
Effect of Exchange Rate Changes	-1.00	-	-4.00	-	-71	-	-
Other Net Changes in Cash	-52	-	-133	-58	-14	3.00	-9.00
Cash Interest Paid	267	165	338	582	223	260	252
Cash Income Taxes Paid	60	75	61	34	67	147	53

This table presents AES's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	47,406	44,799	38,363	32,963	34,603	33,648	32,521	33,112	36,124	36,470
Total Current Assets	6,831	6,649	7,643	5,356	5,414	5,231	5,015	6,398	6,416	6,842
Cash & Equivalents	1,524	1,426	1,374	943	1,089	1,029	1,166	949	1,244	1,257
Restricted Cash	437	370	536	304	297	336	370	274	277	295
Short-Term Investments	79	395	730	232	335	400	313	424	530	469
Accounts Receivable	1,646	1,420	1,799	1,418	1,300	1,479	1,595	1,463	1,421	2,302
Inventories, net	593	712	1,055	604	461	487	577	562	622	671
Prepaid Expenses	157	177	98	142	102	80	130	62	72	106
Other Current Assets	1,533	1,387	1,533	897	726	802	807	630	657	1,318
Other Current Nonoperating Assets	862	762	518	816	1,104	618	57	2,034	1,593	424
Plant, Property, & Equipment, net	33,166	29,958	23,039	19,906	22,826	22,574	21,396	20,296	20,415	22,022
Plant, Property & Equipment, gross	32,823	30,190	31,690	28,392	31,298	31,079	29,623	28,238	28,334	30,961
Accumulated Depreciation	8,701	8,602	8,651	8,486	8,472	8,505	8,227	7,942	7,919	8,939
Total Noncurrent Assets	7,409	8,192	7,681	7,701	6,363	5,843	6,110	6,418	9,293	7,606
Long-Term Investments	1,124	941	952	1,080	835	966	1,114	1,197	621	610
Noncurrent Note & Lease Receivables	0.00	0.00	0.00	0.00	0.00	1,351	1,423	0.00	-	-
Goodwill	345	348	362	1,177	1,061	1,059	1,059	1,059	1,157	1,157
Intangible Assets	1,947	2,243	1,841	1,450	827	469	436	366	287	340
Noncurrent Deferred & Refundable Income Taxes	365	396	319	409	288	156	97	130	227	410
Other Noncurrent Operating Assets	2,917	3,453	4,207	2,425	1,660	1,842	1,514	3,101	3,220	3,652
Other Noncurrent Nonoperating Assets	711	811	0.00	1,160	1,692	0.00	467	565	3,781	1,437
Total Liabilities & Shareholders' Equity	47,406	44,799	38,363	32,963	34,603	33,648	32,521	33,112	36,124	36,470
Total Liabilities	37,865	37,150	32,538	27,139	29,011	27,531	26,038	27,430	29,642	29,761
Total Current Liabilities	8,571	9,731	6,491	4,732	5,362	5,096	4,399	6,028	5,277	6,926
Short-Term Debt	2,688	3,932	1,758	1,367	1,430	1,868	1,659	2,164	1,052	2,172
Accounts Payable	1,654	2,199	1,730	1,153	1,156	1,311	1,329	1,371	1,238	1,571
Accrued Expenses	1,246	1,334	1,489	1,205	1,223	987	962	980	1,117	2,286
Other Taxes Payable	249	278	249	266	257	253	250	252	-	-
Other Current Liabilities	917	974	662	0.00	438	34	-	-	-	-
Other Current Nonoperating Liabilities	918	814	603	741	858	643	199	1,261	1,870	897
Total Noncurrent Liabilities	30,193	27,619	26,047	22,407	23,649	22,435	21,639	21,402	24,365	22,835
Long-Term Debt	25,431	22,746	21,740	17,332	18,451	18,305	17,636	17,801	18,402	17,909
Noncurrent Deferred & Payable Income Tax Liabilities	1,490	1,245	1,139	977	1,100	1,213	1,280	1,006	804	1,090
Other Noncurrent Operating Liabilities	2,881	3,114	3,168	3,358	3,241	2,917	2,723	2,595	2,327	2,794
Other Noncurrent Nonoperating Liabilities	391	514	0.00	740	857	0.00	0.00	0.00	2,595	123
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	938	1,464	1,321	1,257	872	888	879	837	782	538
Total Equity & Noncontrolling Interests	7,704	5,985	4,504	4,567	4,720	5,229	5,604	4,845	5,700	6,171
Total Preferred & Common Equity	3,644	2,488	2,437	2,798	2,634	2,996	3,208	2,465	2,794	0.00
Preferred Stock	0.00	838	838	838	0.00	-	-	-	-	-
Total Common Equity	3,644	1,650	1,599	1,960	2,634	2,996	3,208	2,465	2,794	-3,883
Common Stock	5,922	6,363	6,696	7,114	7,569	7,784	8,162	8,509	8,600	0.00
Retained Earnings	293	-1,386	-1,635	-1,089	-680	-692	-1,005	-2,276	-1,146	0.00
Treasury Stock	-1,805	-1,813	-1,822	-1,845	-1,858	-1,867	-1,878	-1,892	-1,904	0.00
Accumulated Other Comprehensive Income / (Loss)	-766	-1,514	-1,640	-2,220	-2,397	-2,229	-2,071	-1,876	-2,756	-3,883
Noncontrolling Interest	4,060	3,497	2,067	1,769	2,086	2,233	2,396	2,380	2,906	3,022

This table presents AES's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	48,615	47,406	50,079	47,738	47,045	44,799	41,505	39,357	38,363	37,775
Total Current Assets	7,878	6,831	10,526	9,555	7,170	6,649	7,205	7,643	7,643	7,628
Cash & Equivalents	1,753	1,524	1,919	1,773	1,994	1,426	1,322	1,441	1,374	1,553
Restricted Cash	735	437	563	299	362	370	517	456	536	314
Short-Term Investments	64	79	62	61	394	395	713	822	730	671
Accounts Receivable	1,719	1,646	1,868	1,507	1,624	1,420	1,710	1,859	1,799	1,787
Inventories, net	624	593	646	661	639	712	774	864	1,055	998
Prepaid Expenses	168	157	134	141	198	177	218	167	98	149
Other Current Assets	1,341	1,533	1,460	1,458	1,404	1,387	1,449	1,523	1,533	1,303
Other Current Nonoperating Assets	1,474	862	3,874	3,655	555	762	502	511	518	853
Plant, Property, & Equipment, net	33,995	33,166	32,354	30,732	31,906	29,958	26,077	24,213	23,039	21,597
Total Noncurrent Assets	6,742	7,409	7,199	7,451	7,969	8,192	8,223	7,501	7,681	8,550
Long-Term Investments	1,129	1,124	1,162	1,156	1,029	941	858	768	952	1,121
Goodwill	345	345	348	348	348	348	362	362	362	1,179
Intangible Assets	1,943	1,947	1,928	1,879	2,258	2,243	2,282	1,862	1,841	1,626
Noncurrent Deferred & Refundable Income Taxes	371	365	421	435	395	396	383	324	319	380
Other Noncurrent Operating Assets	2,876	2,917	2,593	2,845	3,191	3,453	3,320	3,141	4,207	2,964
Other Noncurrent Nonoperating Assets	78	711	747	788	748	811	0.00	0.00	0.00	1,280
Total Liabilities & Shareholders' Equity	48,615	47,406	50,079	47,738	47,045	44,799	41,505	39,357	38,363	37,775
Total Liabilities	39,991	37,865	43,898	42,230	41,637	37,150	35,458	33,611	32,538	31,113
Total Current Liabilities	9,344	8,571	12,375	9,823	9,211	9,731	7,628	6,776	6,491	5,902
Short-Term Debt	4,167	2,688	5,362	3,401	4,990	3,932	2,945	2,237	1,758	2,007
Accounts Payable	1,655	1,654	1,965	1,869	2,064	2,199	1,583	1,505	1,730	1,688
Accrued Expenses	1,315	1,246	1,182	1,043	1,273	1,334	2,232	2,103	1,489	1,212
Other Taxes Payable	288	249	257	229	268	278	228	289	249	244
Other Current Liabilities	605	917	698	553	875	974	0.00	0.00	662	-
Other Current Nonoperating Liabilities	1,314	918	3,327	3,063	498	814	640	642	603	751
Total Noncurrent Liabilities	30,647	30,193	31,107	32,072	31,669	27,619	27,830	26,835	26,047	25,211
Long-Term Debt	26,409	25,431	26,453	27,575	26,987	22,746	23,598	22,594	21,740	20,198
Noncurrent Deferred & Payable Income Tax Liabilities	1,475	1,490	1,696	1,588	1,507	1,245	1,104	1,110	1,139	1,169
Other Noncurrent Operating Liabilities	2,763	2,881	2,501	2,452	2,661	3,114	3,128	3,131	3,168	3,167
Other Noncurrent Nonoperating Liabilities	0.00	391	457	457	514	514	0.00	0.00	0.00	677
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	899	938	905	901	1,502	1,464	1,289	1,283	1,321	1,201
Total Equity & Noncontrolling Interests	7,725	7,704	7,639	7,029	6,280	5,985	4,758	4,463	4,504	5,461
Total Preferred & Common Equity	3,468	3,644	3,290	3,091	2,900	2,488	2,492	2,362	2,437	3,409
Preferred Stock	0.00	0.00	1.04	1.04	0.00	838	838	838	838	838
Total Common Equity	3,468	3,644	3,290	3,091	2,900	1,650	1,654	1,524	1,599	2,571
Common Stock	5,897	5,922	6,958	7,076	7,077	6,363	6,558	6,565	6,696	6,826
Retained Earnings	214	293	-267	-769	-954	-1,386	-1,523	-1,484	-1,635	-732
Treasury Stock	-1,795	-1,805	-1,806	-1,807	-1,809	-1,813	-1,814	-1,815	-1,822	-1,832
Accumulated Other Comprehensive Income / (Loss)	-848	-766	-1,595	-1,409	-1,414	-1,514	-1,567	-1,742	-1,640	-1,691
Noncontrolling Interest	4,257	4,060	4,349	3,938	3,380	3,497	2,266	2,101	2,067	2,052

This table displays calculated financial ratios and metrics derived from AES's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.08%	0.40%	13.25%	15.33%	-5.19%	-5.10%	1.96%	2.42%	-8.69%	-30.17%
EBITDA Growth	57.49%	26.49%	141.00%	-72.81%	-14.76%	-21.77%	28.39%	29.54%	-35.08%	-14.49%
EBIT Growth	115.51%	62.89%	253.89%	-125.83%	-24.08%	-31.19%	56.60%	62.08%	-53.56%	-17.28%
NOPAT Growth	185.32%	-415.10%	-19.45%	-29.06%	-26.64%	-2.15%	348.11%	-156.48%	-30.76%	-33.09%
Net Income Growth	540.66%	63.96%	46.90%	-725.66%	-68.20%	-64.57%	169.61%	-1,114.66%	-74.93%	-33.57%
EPS Growth	574.29%	142.68%	-34.43%	-971.43%	-84.44%	-75.14%	202.84%	0.00%	0.00%	-58.49%
Operating Cash Flow Growth	-9.29%	11.75%	42.74%	-30.96%	11.72%	5.25%	-6.43%	-13.57%	35.75%	19.15%
Free Cash Flow Firm Growth	71.82%	-76.08%	-481.86%	-62.06%	1,933.96%	-42.42%	-41.44%	-79.21%	-38.42%	93.15%
Invested Capital Growth	10.60%	19.89%	20.25%	-1.68%	-7.41%	4.86%	4.78%	-3.98%	-4.13%	-6.88%
Revenue Q/Q Growth	-0.05%	-0.72%	0.00%	-6.05%	1.35%	-1.84%	-16.00%	18.80%	39.35%	-21.10%
EBITDA Q/Q Growth	45.47%	275.81%	0.00%	-81.35%	28.49%	-4.90%	2.14%	18.98%	-22.70%	-1.39%
EBIT Q/Q Growth	94.50%	68.77%	0.00%	-114.34%	63.90%	-9.08%	4.98%	37.57%	-39.13%	-0.21%
NOPAT Q/Q Growth	115.62%	-353.81%	0.00%	-64.74%	111.59%	2.53%	131.92%	-154.58%	27.98%	-22.24%
Net Income Q/Q Growth	513.40%	65.33%	0.00%	-168.61%	133.63%	-15.10%	226.91%	-347.19%	544.19%	-25.22%
EPS Q/Q Growth	61.64%	0.00%	0.00%	-146.21%	113.46%	-40.79%	541.46%	0.00%	0.00%	-48.24%
Operating Cash Flow Q/Q Growth	15.19%	0.00%	0.00%	-7.08%	-0.83%	1.19%	-5.68%	3.64%	3.06%	2.60%
Free Cash Flow Firm Q/Q Growth	9.02%	0.00%	0.00%	-23.16%	132.51%	126.98%	-90.39%	-62.27%	568.62%	-28.22%
Invested Capital Q/Q Growth	2.33%	0.74%	0.00%	-9.11%	-5.56%	3.76%	6.82%	-6.13%	-2.66%	3.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.85%	19.77%	20.20%	24.33%	27.88%	23.05%	23.97%	23.41%	23.18%	23.65%
EBITDA Margin	26.71%	16.44%	13.05%	6.13%	26.00%	28.92%	35.09%	27.86%	22.03%	30.99%
Operating Margin	12.03%	8.45%	5.81%	8.17%	16.68%	18.53%	17.95%	16.86%	10.48%	19.63%
EBIT Margin	16.41%	7.38%	4.55%	-3.35%	14.95%	18.67%	25.75%	16.76%	10.59%	20.83%
Profit (Net Income) Margin	6.53%	-1.44%	-4.00%	-8.54%	1.57%	4.69%	12.57%	-18.40%	1.86%	6.77%
Tax Burden Percent	89.71%	-175.00%	298.82%	89.38%	31.15%	47.75%	66.85%	-251.36%	102.14%	77.05%
Interest Burden Percent	44.37%	11.12%	-29.44%	285.25%	33.80%	52.63%	73.01%	43.68%	17.17%	42.17%
Effective Tax Rate	6.60%	250.96%	0.00%	0.00%	44.26%	35.16%	35.08%	128.40%	17.11%	41.66%
Return on Invested Capital (ROIC)	4.23%	-5.70%	2.17%	2.94%	3.95%	5.31%	5.69%	-2.30%	3.91%	5.33%
ROIC Less NNEP Spread (ROIC-NNEP)	1.88%	0.90%	-3.54%	-7.02%	-0.47%	0.86%	6.31%	-11.36%	-0.41%	2.25%
Return on Net Nonoperating Assets (RNNOA)	5.74%	2.95%	-10.84%	-19.60%	-1.36%	2.27%	16.49%	-29.56%	-1.01%	5.47%
Return on Equity (ROE)	9.97%	-2.74%	-8.67%	-16.66%	2.60%	7.59%	22.18%	-31.86%	2.90%	10.80%
Cash Return on Invested Capital (CROIC)	-5.84%	-23.78%	-16.22%	4.64%	11.65%	0.56%	1.03%	1.76%	8.13%	12.46%
Operating Return on Assets (OROA)	4.37%	2.25%	1.61%	-1.10%	4.23%	5.75%	8.42%	5.10%	3.00%	6.22%
Return on Assets (ROA)	1.74%	-0.44%	-1.42%	-2.82%	0.45%	1.44%	4.11%	-5.60%	0.53%	2.02%
Return on Common Equity (ROCE)	3.28%	-0.67%	-2.65%	-6.70%	1.25%	3.74%	10.34%	-13.78%	-0.24%	0.30%
Return on Equity Simple (ROE_SIMPLE)	22.01%	-7.32%	-20.72%	-33.99%	5.77%	15.95%	42.05%	-78.62%	6.84%	0.00%
Net Operating Profit after Tax (NOPAT)	1,380	-1,617	513	637	898	1,224	1,251	-504	893	1,289
NOPAT Margin	11.24%	-12.76%	4.07%	5.72%	9.30%	12.01%	11.65%	-4.79%	8.68%	11.45%
Net Nonoperating Expense Percent (NNEP)	2.35%	-6.60%	5.71%	9.96%	4.43%	4.46%	-0.62%	9.06%	4.32%	3.08%
Return On Investment Capital (ROIC_SIMPLE)	3.85%	-4.95%	1.83%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	81.15%	80.23%	79.81%	75.67%	72.12%	76.95%	76.03%	76.59%	76.82%	76.35%
SG&A Expenses to Revenue	3.77%	2.79%	2.18%	2.03%	2.26%	2.71%	1.79%	2.59%	1.89%	1.74%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	6.82%	11.31%	14.39%	16.17%	11.20%	4.52%	6.02%	6.55%	12.70%	4.02%
Earnings before Interest and Taxes (EBIT)	2,015	935	574	-373	1,444	1,902	2,764	1,765	1,089	2,345
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,279	2,082	1,646	683	2,512	2,947	3,767	2,934	2,265	3,489
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.47	7.39	11.00	7.71	5.40	3.88	2.54	2.37	2.15	0.00
Price to Tangible Book Value (P/TBV)	6.66	0.00	0.00	0.00	19.07	7.92	4.76	5.63	4.44	0.00
Price to Revenue (P/Rev)	0.73	0.96	1.39	1.36	1.47	1.14	0.76	0.56	0.58	0.43
Price to Earnings (P/E)	5.37	48.95	0.00	0.00	93.57	38.35	6.05	0.00	31.42	3.94
Dividend Yield	5.45%	3.65%	2.40%	2.66%	2.68%	3.12%	4.22%	5.42%	4.83%	5.55%
Earnings Yield	18.64%	2.04%	0.00%	0.00%	1.07%	2.61%	16.54%	0.00%	3.18%	25.36%
Enterprise Value to Invested Capital (EV/IC)	1.14	1.34	1.62	1.64	1.58	1.36	1.23	1.22	1.18	1.11
Enterprise Value to Revenue (EV/Rev)	3.17	3.28	3.31	3.15	3.57	3.16	2.59	2.49	2.57	2.30
Enterprise Value to EBITDA (EV/EBITDA)	11.88	19.95	25.35	51.40	13.74	10.92	7.37	8.93	11.69	7.41
Enterprise Value to EBIT (EV/EBIT)	19.34	44.42	72.69	0.00	23.90	16.92	10.04	14.84	24.31	11.03
Enterprise Value to NOPAT (EV/NOPAT)	28.24	0.00	81.31	55.11	38.43	26.29	22.19	0.00	29.65	20.05
Enterprise Value to Operating Cash Flow (EV/OCF)	14.16	13.69	15.37	18.46	12.52	13.05	11.85	10.46	9.14	12.12
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	34.97	13.04	247.41	122.89	67.88	14.26	8.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.25	3.58	4.03	3.21	3.56	3.30	2.98	3.51	3.00	2.99
Long-Term Debt to Equity	2.94	3.05	3.73	2.98	3.30	2.99	2.72	3.13	2.84	2.67
Financial Leverage	3.05	3.28	3.06	2.79	2.88	2.66	2.61	2.60	2.46	2.43
Leverage Ratio	5.73	6.27	6.12	5.92	5.83	5.25	5.40	5.69	5.50	5.35
Compound Leverage Factor	2.54	0.70	-1.80	16.88	1.97	2.76	3.94	2.49	0.95	2.25
Debt to Total Capital	76.49%	78.17%	80.14%	76.25%	78.05%	76.73%	74.85%	77.85%	75.01%	74.96%
Short-Term Debt to Total Capital	7.31%	11.52%	6.00%	5.57%	5.61%	7.11%	6.44%	8.44%	4.06%	8.11%
Long-Term Debt to Total Capital	69.18%	66.65%	74.14%	70.68%	72.43%	69.63%	68.41%	69.41%	70.95%	66.85%
Preferred Equity to Total Capital	0.00%	2.46%	2.86%	3.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	13.60%	14.54%	11.55%	12.34%	11.61%	11.87%	12.70%	12.54%	14.22%	13.29%
Common Equity to Total Capital	9.91%	4.83%	5.45%	7.99%	10.34%	11.40%	12.44%	9.61%	10.77%	-14.49%
Debt to EBITDA	8.58	12.81	14.28	27.38	7.91	6.85	5.12	6.80	8.59	5.76
Net Debt to EBITDA	7.61	11.31	12.09	23.63	6.90	5.92	4.34	5.84	7.41	5.00
Long-Term Debt to EBITDA	7.76	10.93	13.21	25.38	7.35	6.21	4.68	6.07	8.12	5.13
Debt to NOPAT	20.38	-16.50	45.80	29.35	22.14	16.48	15.42	-39.60	21.79	15.57
Net Debt to NOPAT	18.09	-14.56	38.80	25.34	19.29	14.25	13.06	-33.96	18.80	13.53
Long-Term Debt to NOPAT	18.43	-14.07	42.37	27.21	20.55	14.95	14.10	-35.31	20.61	13.89
Altman Z-Score	0.51	0.42	0.68	0.61	0.69	0.72	0.78	0.54	0.50	0.62
Noncontrolling Interest Sharing Ratio	67.10%	75.52%	69.45%	59.76%	51.92%	50.76%	53.37%	56.77%	108.26%	97.24%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.80	0.68	1.18	1.13	1.01	1.03	1.14	1.06	1.22	0.99
Quick Ratio	0.38	0.33	0.60	0.55	0.51	0.57	0.70	0.47	0.61	0.58
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,902	-6,751	-3,834	1,004	2,646	130	226	386	1,856	3,013
Operating Cash Flow to CapEx	37.23%	39.28%	59.66%	89.89%	145.00%	102.54%	110.47%	115.02%	123.54%	92.46%
Free Cash Flow to Firm to Interest Expense	-1.27	-4.88	-3.39	1.02	2.16	0.11	0.21	0.31	1.62	2.63
Operating Cash Flow to Interest Expense	1.83	2.20	2.40	1.92	2.25	2.02	2.22	2.02	2.53	1.86
Operating Cash Flow Less CapEx to Interest Expense	-3.09	-3.39	-1.62	-0.22	0.70	0.05	0.21	0.26	0.48	-0.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.30	0.35	0.33	0.28	0.31	0.33	0.30	0.28	0.30
Accounts Receivable Turnover	8.01	7.87	7.84	8.20	6.95	6.63	7.02	7.30	5.52	4.49
Inventory Turnover	15.27	11.50	12.14	15.83	14.70	14.74	14.33	13.62	12.22	12.52
Fixed Asset Turnover	0.39	0.48	0.59	0.52	0.43	0.46	0.52	0.52	0.48	0.48
Accounts Payable Turnover	5.17	5.17	6.99	7.30	5.65	5.94	6.05	6.18	5.62	4.47
Days Sales Outstanding (DSO)	45.57	46.37	46.53	44.52	52.50	55.06	51.98	49.98	66.09	81.22
Days Inventory Outstanding (DIO)	23.90	31.73	30.07	23.06	24.83	24.77	25.46	26.79	29.88	29.15
Days Payable Outstanding (DPO)	70.57	70.55	52.25	49.99	64.62	61.45	60.36	59.04	64.91	81.71
Cash Conversion Cycle (CCC)	-1.10	7.55	24.35	17.59	12.71	18.37	17.08	17.74	31.06	28.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	34,232	30,950	25,816	21,469	21,836	23,584	22,490	21,465	22,355	23,318
Invested Capital Turnover	0.38	0.45	0.53	0.51	0.43	0.44	0.49	0.48	0.45	0.47
Increase / (Decrease) in Invested Capital	3,282	5,134	4,347	-367	-1,748	1,094	1,025	-890	-963	-1,724
Enterprise Value (EV)	38,961	41,534	41,722	35,107	34,506	32,184	27,763	26,188	26,471	25,856
Market Capitalization	9,008	12,189	17,590	15,103	14,223	11,621	8,156	5,850	6,001	4,846
Book Value per Share	$5.13	$2.46	$2.39	$2.94	$3.96	$4.51	$4.84	$3.73	$4.24	($5.77)
Tangible Book Value per Share	$1.90	($1.41)	($0.90)	($1.00)	$1.12	$2.21	$2.59	$1.57	$2.05	($8.00)
Total Capital	36,761	34,127	29,323	24,523	25,473	26,290	25,778	25,647	25,936	26,790
Total Debt	28,119	26,678	23,498	18,699	19,881	20,173	19,295	19,965	19,454	20,081
Total Long-Term Debt	25,431	22,746	21,740	17,332	18,451	18,305	17,636	17,801	18,402	17,909
Net Debt	24,955	23,546	19,906	16,140	17,325	17,442	16,332	17,121	16,782	17,450
Capital Expenditures (CapEx)	7,392	7,724	4,551	2,116	1,900	2,405	2,121	2,177	2,345	2,308
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,092	-1,341	270	512	-239	238	426	887	140	67
Debt-free Net Working Capital (DFNWC)	948	850	2,910	1,991	1,482	2,003	2,275	2,534	2,191	2,088
Net Working Capital (NWC)	-1,740	-3,082	1,152	624	52	135	616	370	1,139	-84
Net Nonoperating Expense (NNE)	578	-1,435	1,018	1,588	746	746	-98	1,434	702	527
Net Nonoperating Obligations (NNO)	25,590	23,501	19,991	15,645	16,244	17,467	16,007	15,783	15,873	16,609
Total Depreciation and Amortization (D&A)	1,264	1,147	1,072	1,056	1,068	1,045	1,003	1,169	1,176	1,144
Debt-free, Cash-free Net Working Capital to Revenue	-8.89%	-10.59%	2.14%	4.60%	-2.47%	2.34%	3.97%	8.42%	1.36%	0.60%
Debt-free Net Working Capital to Revenue	7.72%	6.71%	23.06%	17.87%	15.34%	19.66%	21.19%	24.06%	21.31%	18.54%
Net Working Capital to Revenue	-14.17%	-24.33%	9.13%	5.60%	0.54%	1.33%	5.74%	3.51%	11.08%	-0.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.38	$0.37	($0.82)	($0.61)	$0.07	$0.46	$0.00	($1.76)	($1.72)	$0.45
Adjusted Weighted Average Basic Shares Outstanding	711.90M	710.29M	668.82M	667.40M	665.48M	0.00	662.36M	660.45M	659.18M	659.73M
Adjusted Diluted Earnings per Share	$2.36	$0.35	($0.82)	($0.61)	$0.07	$0.45	$0.00	($1.76)	($1.71)	$0.44
Adjusted Weighted Average Diluted Shares Outstanding	711.90M	710.29M	668.82M	667.40M	665.48M	0.00	662.36M	660.45M	659.18M	659.73M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.07	$0.00	$0.00	($1.76)	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	711.90M	710.29M	668.82M	667.40M	665.48M	0.00	662.36M	660.45M	659.18M	659.73M
Normalized Net Operating Profit after Tax (NOPAT)	1,729	1,505	1,591	1,740	1,380	1,344	1,508	1,618	1,801	1,474
Normalized NOPAT Margin	14.08%	11.88%	12.61%	15.61%	14.28%	13.19%	14.05%	15.37%	17.52%	13.09%
Pre Tax Income Margin	7.28%	0.82%	-1.34%	-9.55%	5.05%	9.82%	18.80%	7.32%	1.82%	8.78%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	1.34	0.68	0.51	-0.38	1.18	1.56	2.62	1.43	0.95	2.05
NOPAT to Interest Expense	0.92	-1.17	0.45	0.64	0.73	1.00	1.18	-0.41	0.78	1.13
EBIT Less CapEx to Interest Expense	-3.58	-4.91	-3.51	-2.52	-0.37	-0.41	0.61	-0.33	-1.10	0.03
NOPAT Less CapEx to Interest Expense	-4.00	-6.76	-3.57	-1.50	-0.82	-0.97	-0.82	-2.17	-1.27	-0.89
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	113.84%	-421.43%	-136.04%	-72.03%	528.29%	165.06%	50.70%	-38.24%	401.05%	79.00%
Augmented Payout Ratio	113.84%	-421.43%	-136.04%	-72.03%	528.29%	165.06%	50.70%	-38.24%	442.41%	142.26%

This table displays calculated financial ratios and metrics derived from AES's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.15%	-0.20%	-4.22%	-2.81%	-3.01%	-5.32%	-1.66%	13.57%	66.03%	19.47%
EBITDA Growth	-29.72%	16,766.67%	1.59%	-49.35%	99.14%	0.00%	-42.07%	3.18%	61.59%	-23.36%
EBIT Growth	-51.13%	308.83%	-1.01%	27.32%	54.58%	0.00%	-65.47%	4.42%	66.41%	1.93%
NOPAT Growth	-58.14%	180.23%	-24.34%	-50.03%	31.02%	0.00%	-26.01%	2.36%	23.68%	11.93%
Net Income Growth	-126.26%	154.90%	-27.84%	-105.26%	34.79%	-34.75%	86.03%	10.53%	46.79%	-8.04%
EPS Growth	-88.33%	750.00%	121.88%	550.00%	0.00%	-45.76%	77.78%	0.00%	0.00%	22.92%
Operating Cash Flow Growth	89.90%	50.07%	-12.21%	0.00%	0.00%	0.00%	37.75%	36.76%	0.00%	0.00%
Free Cash Flow Firm Growth	68.65%	42.78%	0.00%	-163.67%	-14.32%	0.00%	146.18%	-807.10%	-4,221.38%	-939.17%
Invested Capital Growth	5.90%	10.60%	8.89%	10.08%	19.89%	0.00%	-12.00%	21.12%	20.25%	3.73%
Revenue Q/Q Growth	-1.22%	-9.94%	11.79%	-4.64%	-13.57%	13.45%	-6.55%	0.00%	-15.63%	5.62%
EBITDA Q/Q Growth	-40.40%	11.61%	284.55%	0.00%	-100.68%	91.74%	-38.34%	0.00%	0.00%	-7.67%
EBIT Q/Q Growth	-60.88%	12.20%	153.22%	0.00%	-153.19%	225.68%	-61.31%	0.00%	0.00%	33.22%
NOPAT Q/Q Growth	9.66%	-47.26%	111.92%	0.00%	-149.73%	39.98%	-2.12%	0.00%	0.00%	18.56%
Net Income Q/Q Growth	-120.68%	68.10%	638.46%	-114.03%	-320.96%	1,631.58%	-110.05%	0.00%	-321.08%	53.26%
EPS Q/Q Growth	-91.03%	9.86%	162.96%	-55.00%	-137.50%	633.33%	-128.57%	0.00%	0.00%	84.38%
Operating Cash Flow Q/Q Growth	-49.91%	10.46%	0.00%	0.00%	-35.38%	99.64%	-10.08%	0.00%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	43.35%	-31.12%	15.30%	0.00%	0.00%	-100.00%	199.49%	0.00%	0.00%	95.85%
Invested Capital Q/Q Growth	3.06%	2.33%	3.66%	0.00%	0.74%	4.79%	7.70%	0.00%	0.00%	-20.24%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	15.07%	14.18%	21.95%	18.80%	16.64%	26.73%	16.45%	18.34%	18.40%	24.59%
EBITDA Margin	20.37%	33.76%	27.24%	7.92%	-0.20%	25.68%	15.20%	23.03%	-22.81%	21.89%
Operating Margin	10.77%	6.92%	16.87%	8.74%	-12.06%	19.92%	7.93%	15.59%	-16.96%	21.53%
EBIT Margin	8.85%	22.35%	17.94%	7.92%	-10.68%	17.36%	6.05%	14.60%	-22.81%	21.89%
Profit (Net Income) Margin	-2.49%	11.92%	6.38%	-1.33%	-21.66%	8.47%	-0.63%	5.84%	-32.22%	12.30%
Tax Burden Percent	331.82%	96.71%	63.83%	50.65%	111.05%	70.29%	-475.00%	71.32%	110.79%	72.29%
Interest Burden Percent	-8.49%	55.14%	55.76%	-33.05%	182.65%	69.46%	2.19%	56.03%	127.51%	77.71%
Effective Tax Rate	0.00%	1.92%	31.31%	0.00%	0.00%	26.33%	-50.00%	27.17%	0.00%	23.50%
Return on Invested Capital (ROIC)	2.66%	2.56%	4.44%	2.47%	-3.77%	6.09%	4.92%	5.94%	-6.34%	8.68%
ROIC Less NNEP Spread (ROIC-NNEP)	1.54%	3.18%	3.74%	1.55%	-5.57%	5.21%	3.37%	5.00%	-9.83%	7.81%
Return on Net Nonoperating Assets (RNNOA)	4.89%	9.69%	12.02%	5.28%	-18.26%	18.75%	13.61%	16.45%	-30.07%	20.33%
Return on Equity (ROE)	7.56%	12.25%	16.46%	7.74%	-22.03%	24.85%	18.53%	22.39%	-36.41%	29.01%
Cash Return on Invested Capital (CROIC)	-2.54%	-5.84%	-6.52%	-19.75%	-23.78%	0.00%	15.01%	-16.93%	-16.22%	2.81%
Operating Return on Assets (OROA)	2.24%	5.95%	4.73%	2.21%	-3.25%	5.47%	2.02%	5.13%	-8.07%	7.63%
Return on Assets (ROA)	-0.63%	3.17%	1.68%	-0.37%	-6.60%	2.67%	-0.21%	2.05%	-11.40%	4.28%
Return on Common Equity (ROCE)	2.93%	4.03%	5.66%	2.63%	-5.39%	8.40%	5.85%	7.20%	-11.12%	10.88%
Return on Equity Simple (ROE_SIMPLE)	13.00%	0.00%	-5.90%	-3.66%	0.00%	-18.89%	-14.85%	-20.62%	0.00%	-12.38%
Net Operating Profit after Tax (NOPAT)	221	201	381	180	-251	504	360	368	-363	597
NOPAT Margin	7.54%	6.79%	11.59%	6.11%	-8.44%	14.67%	11.89%	11.36%	-11.87%	16.47%
Net Nonoperating Expense Percent (NNEP)	1.12%	-0.62%	0.70%	0.92%	1.80%	0.89%	1.55%	0.94%	3.49%	0.87%
Return On Investment Capital (ROIC_SIMPLE)	0.58%	0.56%	-	-	-0.77%	-	-	-	-1.30%	2.16%
Cost of Revenue to Revenue	84.93%	85.82%	78.05%	81.20%	83.36%	73.27%	83.55%	81.66%	81.60%	75.41%
SG&A Expenses to Revenue	2.63%	6.62%	2.68%	2.24%	4.21%	2.21%	2.78%	2.13%	2.84%	1.68%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	4.31%	7.26%	5.08%	10.06%	28.71%	6.81%	8.52%	2.75%	35.36%	3.06%
Earnings before Interest and Taxes (EBIT)	259	662	590	233	-317	596	183	473	-698	794
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	596	1,000	896	233	-6.00	882	460	746	-698	794
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.50	2.47	4.33	4.00	7.39	5.03	7.99	10.09	11.00	5.34
Price to Tangible Book Value (P/TBV)	7.36	6.66	14.06	14.31	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.72	0.73	1.16	0.99	0.96	0.77	1.02	1.18	1.39	1.08
Price to Earnings (P/E)	6.72	5.37	24.01	38.28	48.95	0.00	0.00	0.00	0.00	0.00
Dividend Yield	5.68%	5.45%	3.41%	3.89%	3.65%	4.49%	3.28%	2.78%	2.40%	3.04%
Earnings Yield	14.89%	18.64%	4.17%	2.61%	2.04%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.15	1.14	1.42	1.39	1.34	1.34	1.39	1.50	1.62	1.48
Enterprise Value to Revenue (EV/Rev)	3.36	3.17	3.88	3.61	3.28	3.22	3.15	3.15	3.31	2.87
Enterprise Value to EBITDA (EV/EBITDA)	13.46	11.88	21.13	20.04	19.95	74.25	22.37	24.82	25.35	71.75
Enterprise Value to EBIT (EV/EBIT)	23.36	19.34	45.97	43.08	44.42	74.25	54.18	68.94	72.69	71.75
Enterprise Value to NOPAT (EV/NOPAT)	37.24	28.24	74.44	0.00	0.00	64.57	57.80	75.68	81.31	23.37
Enterprise Value to Operating Cash Flow (EV/OCF)	13.53	14.16	19.94	17.77	13.69	0.00	13.42	14.20	15.37	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	8.67	0.00	0.00	53.83
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	3.55	3.25	3.72	3.91	3.58	4.52	4.39	4.32	4.03	3.33
Long-Term Debt to Equity	3.06	2.94	3.10	3.48	3.05	3.80	3.90	3.93	3.73	3.03
Financial Leverage	3.18	3.05	3.22	3.41	3.28	3.60	4.04	3.29	3.06	2.60
Leverage Ratio	5.83	5.73	6.12	6.39	6.27	6.07	6.43	6.38	6.12	5.45
Compound Leverage Factor	-0.50	3.16	3.42	-2.11	11.44	4.21	0.14	3.58	7.81	4.23
Debt to Total Capital	78.00%	76.49%	78.83%	79.62%	78.17%	81.88%	81.45%	81.21%	80.14%	76.92%
Short-Term Debt to Total Capital	10.63%	7.31%	13.29%	8.74%	11.52%	12.95%	9.04%	7.32%	6.00%	6.95%
Long-Term Debt to Total Capital	67.37%	69.18%	65.54%	70.88%	66.65%	68.93%	72.41%	73.89%	74.14%	69.97%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	2.46%	2.27%	2.57%	2.74%	2.86%	2.90%
Noncontrolling Interests to Total Capital	13.15%	13.60%	13.02%	12.44%	14.54%	10.58%	10.91%	11.07%	11.55%	11.27%
Common Equity to Total Capital	8.85%	9.91%	8.15%	7.94%	4.83%	5.27%	5.08%	4.98%	5.45%	8.91%
Debt to EBITDA	10.10	8.58	14.11	13.83	12.81	54.49	14.58	15.05	14.28	43.80
Net Debt to EBITDA	8.89	7.61	12.47	12.36	11.31	48.06	12.70	12.94	12.09	36.58
Long-Term Debt to EBITDA	8.72	7.76	11.74	12.31	10.93	45.87	12.96	13.69	13.21	39.84
Debt to NOPAT	27.95	20.38	49.73	-9.90	-16.50	47.39	37.66	45.89	45.80	14.26
Net Debt to NOPAT	24.59	18.09	43.93	-8.85	-14.56	41.80	32.82	39.45	38.80	11.91
Long-Term Debt to NOPAT	24.14	18.43	41.35	-8.81	-14.07	39.89	33.48	41.76	42.37	12.97
Altman Z-Score	0.37	0.41	0.43	0.42	0.33	0.41	0.49	0.62	0.57	0.70
Noncontrolling Interest Sharing Ratio	61.18%	67.10%	65.64%	66.05%	75.52%	66.18%	68.43%	67.83%	69.45%	62.50%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.84	0.80	0.85	0.97	0.68	0.83	0.94	1.13	1.18	1.29
Quick Ratio	0.38	0.38	0.31	0.34	0.33	0.46	0.49	0.61	0.60	0.68
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,746	-3,081	-2,350	-2,774	-5,385	0.00	4,357	-4,379	-4,710	-284
Operating Cash Flow to CapEx	43.46%	63.00%	53.77%	0.00%	29.85%	59.08%	30.46%	40.30%	0.00%	0.00%
Free Cash Flow to Firm to Interest Expense	-4.99	-8.42	-6.18	-6.97	-12.97	0.00	14.05	-13.23	-15.15	-1.02
Operating Cash Flow to Interest Expense	1.56	2.97	2.59	0.00	1.75	3.44	1.81	1.89	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	-2.03	-1.75	-2.23	0.00	-4.11	-2.38	-4.14	-2.80	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.25	0.27	0.26	0.28	0.30	0.32	0.33	0.35	0.35	0.35
Accounts Receivable Turnover	7.25	8.01	6.84	7.73	7.87	7.27	7.65	7.69	7.84	7.96
Inventory Turnover	15.81	15.27	13.71	13.72	11.50	11.34	12.65	13.39	12.14	12.42
Fixed Asset Turnover	0.37	0.39	0.41	0.44	0.48	0.52	0.55	0.58	0.59	0.57
Accounts Payable Turnover	5.37	5.17	5.49	5.70	5.17	6.12	6.37	7.44	6.99	7.24
Days Sales Outstanding (DSO)	50.34	45.57	53.38	47.24	46.37	50.23	47.69	47.46	46.53	45.86
Days Inventory Outstanding (DIO)	23.09	23.90	26.63	26.60	31.73	32.18	28.85	27.26	30.07	29.38
Days Payable Outstanding (DPO)	67.99	70.57	66.50	63.99	70.55	59.64	57.31	49.05	52.25	50.42
Cash Conversion Cycle (CCC)	5.44	-1.10	13.51	9.85	7.55	22.77	19.23	25.67	24.35	24.82
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	35,281	34,232	33,453	32,272	30,950	30,722	29,318	27,221	25,816	24,503
Invested Capital Turnover	0.35	0.38	0.38	0.40	0.45	0.42	0.41	0.52	0.53	0.53
Increase / (Decrease) in Invested Capital	1,966	3,282	2,731	2,954	5,134	0.00	-3,997	4,747	4,347	881
Enterprise Value (EV)	40,737	38,961	47,625	44,892	41,534	41,134	40,744	40,950	41,722	36,377
Market Capitalization	8,686	9,008	14,261	12,365	12,189	9,771	13,218	15,384	17,590	13,740
Book Value per Share	$4.87	$5.13	$4.63	$4.35	$2.46	$2.90	$2.47	$2.28	$2.39	$3.85
Tangible Book Value per Share	$1.66	$1.90	$1.43	$1.22	($1.41)	($1.06)	($1.48)	($1.05)	($0.90)	($0.35)
Total Capital	39,200	36,761	40,359	38,906	34,127	36,866	32,590	30,577	29,323	28,867
Total Debt	30,576	28,119	31,815	30,976	26,678	30,187	26,543	24,831	23,498	22,205
Total Long-Term Debt	26,409	25,431	26,453	27,575	22,746	25,412	23,598	22,594	21,740	20,198
Net Debt	26,895	24,955	28,109	27,687	23,546	26,625	23,133	21,344	19,906	18,546
Capital Expenditures (CapEx)	1,254	1,727	1,832	0.00	2,429	1,899	1,845	1,551	0.00	0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	149	-1,092	969	1,000	-1,341	605	-30	385	270	1,195
Debt-free Net Working Capital (DFNWC)	2,701	948	3,513	3,133	850	3,273	2,522	3,104	2,910	3,733
Net Working Capital (NWC)	-1,466	-1,740	-1,849	-268	-3,082	-1,502	-423	867	1,152	1,726
Net Nonoperating Expense (NNE)	294	-152	171	219	392	213	379	179	623	151
Net Nonoperating Obligations (NNO)	26,657	25,590	24,909	24,342	23,501	24,043	23,271	21,475	19,991	17,841
Total Depreciation and Amortization (D&A)	337	338	306	0.00	311	286	277	273	0.00	0.00
Debt-free, Cash-free Net Working Capital to Revenue	1.23%	-8.89%	7.89%	8.05%	-10.59%	4.74%	-0.23%	2.96%	2.14%	9.42%
Debt-free Net Working Capital to Revenue	22.29%	7.72%	28.60%	25.21%	6.71%	25.65%	19.47%	23.87%	23.06%	29.43%
Net Working Capital to Revenue	-12.10%	-14.17%	-15.05%	-2.16%	-24.33%	-11.77%	-3.27%	6.67%	9.13%	13.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.07	$0.78	$0.71	$0.27	($0.13)	$0.34	($0.06)	$0.22	$0.00	$0.63
Adjusted Weighted Average Basic Shares Outstanding	711.92M	711.90M	711.03M	710.92M	710.29M	669.63M	669.63M	669.34M	668.82M	667.95M
Adjusted Diluted Earnings per Share	$0.07	$0.78	$0.71	$0.27	($0.12)	$0.32	($0.06)	$0.21	$0.00	$0.59
Adjusted Weighted Average Diluted Shares Outstanding	713M	711.90M	713M	713M	710.29M	712M	669M	712M	668.82M	711M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	711.92M	711.90M	711.03M	710.92M	710.29M	669.63M	669.63M	669.34M	668.82M	667.95M
Normalized Net Operating Profit after Tax (NOPAT)	255	220	436	341	258	620	290	382	342	636
Normalized NOPAT Margin	8.71%	7.42%	13.24%	11.59%	8.70%	18.06%	9.57%	11.80%	11.16%	17.53%
Pre Tax Income Margin	-0.75%	12.32%	10.00%	-2.62%	-19.51%	12.06%	0.13%	8.18%	-29.09%	17.01%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.74	1.81	1.55	0.59	-0.76	1.83	0.59	1.43	-2.24	2.87
NOPAT to Interest Expense	0.63	0.55	1.00	0.45	-0.60	1.55	1.16	1.11	-1.17	2.16
EBIT Less CapEx to Interest Expense	-2.84	-2.91	-3.27	0.00	-6.62	-4.00	-5.36	-3.26	0.00	0.00
NOPAT Less CapEx to Interest Expense	-2.95	-4.17	-3.82	0.00	-6.46	-4.28	-4.79	-3.57	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	217.96%	113.84%	-405.67%	-676.11%	-421.43%	0.00%	-203.24%	-142.30%	-136.04%	0.00%
Augmented Payout Ratio	217.96%	113.84%	-405.67%	-676.11%	-421.43%	0.00%	-203.24%	-142.30%	-136.04%	0.00%

Frequently Asked Questions About AES's Financials

When does AES's fiscal year end?

According to the most recent income statement we have on file, AES's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has AES's net income changed over the last 9 years?

AES's net income appears to be on a downward trend, with a most recent value of $802 million in 2024, rising from $762 million in 2015. The previous period was -$182 million in 2023. See AES's forecast for analyst expectations on what’s next for the company.

What is AES's operating income?

AES's total operating income in 2024 was $1.48 billion, based on the following breakdown:

Total Gross Profit: $2.31 billion
Total Operating Expenses: $837 million

How has AES revenue changed over the last 9 years?

Over the last 9 years, AES's total revenue changed from $11.26 billion in 2015 to $12.28 billion in 2024, a change of 9.0%.

How much debt does AES have?

AES's total liabilities were at $37.87 billion at the end of 2024, a 1.9% increase from 2023, and a 27.2% increase since 2015.

How much cash does AES have?

In the past 9 years, AES's cash and equivalents has ranged from $943 million in 2021 to $1.52 billion in 2024, and is currently $1.52 billion as of their latest financial filing in 2024.

How has AES's book value per share changed over the last 9 years?

Over the last 9 years, AES's book value per share changed from -5.77 in 2015 to 5.13 in 2024, a change of -188.8%.

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This page (NYSE:AES) was last updated on 5/21/2025 by MarketBeat.com Staff

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AES (AES) Financials

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AES (AES) Financials

Annual Income Statements for AES

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Frequently Asked Questions About AES's Financials

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