AES (AES) Financials

$10.43 +0.13 (+1.26%)

As of 04/14/2025 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	1,229	191	-2,322	1,349	303	152	-951	-546	249	1,679
Consolidated Net Income / (Loss)	762	191	-1,938	1,349	478	152	-951	-505	-182	802
Net Income / (Loss) Continuing Operations	682	191	-148	1,349	477	149	-955	-505	-189	809
Total Pre-Tax Income	989	187	771	2,018	1,001	488	-1,064	-169	104	894
Total Operating Income	2,210	1,077	1,775	1,927	1,888	1,611	910	733	1,071	1,477
Total Gross Profit	2,663	2,383	2,465	2,573	2,349	2,693	2,711	2,548	2,504	2,314
Total Revenue	11,260	10,281	10,530	10,736	10,189	9,660	11,141	12,617	12,668	12,278
Operating Revenue	11,260	10,281	10,530	10,736	10,189	9,660	11,141	12,617	12,668	12,278
Total Cost of Revenue	8,597	7,898	8,065	8,163	7,840	6,967	8,430	10,069	10,164	9,964
Operating Cost of Revenue	8,597	7,898	8,065	8,163	7,840	6,967	8,430	10,069	10,164	9,964
Total Operating Expenses	453	1,306	690	646	461	1,082	1,801	1,815	1,433	837
Selling, General & Admin Expense	196	194	273	192	276	218	226	275	354	463
Impairment Charge	317	1,096	537	208	185	864	1,575	1,540	1,079	374
Total Other Income / (Expense), net	-754	-890	-1,004	91	-887	-1,123	-1,974	-902	-967	-583
Interest Expense	1,145	1,147	1,238	1,056	1,219	1,224	989	1,132	1,382	1,502
Interest & Investment Income	256	245	244	310	318	268	298	389	551	381
Other Income / (Expense), net	135	12	-10	837	14	-167	-1,283	-159	-136	538
Income Tax Expense	412	32	990	708	352	216	-133	265	261	59
Other Gains / (Losses), net	105	36	71	39	-172	-123	-24	-71	-32	-26
Net Income / (Loss) Discontinued Operations	80	-	-1,283	-	1.00	3.00	4.00	0.00	7.00	-7.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	0.00	384	-	175	0.00	-	41	-431	-877
Basic Earnings per Share	$0.45	-	($1.76)	$1.82	$0.46	$0.07	($0.61)	($0.82)	$0.37	$2.38
Weighted Average Basic Shares Outstanding	687M	660M	660M	662.36M	-	665.48M	667.40M	668.82M	710.29M	711.90M
Diluted Earnings per Share	$0.44	-	($1.76)	$1.81	$0.45	$0.07	($0.61)	($0.82)	$0.35	$2.36
Weighted Average Diluted Shares Outstanding	687M	660M	660M	662.36M	-	665.48M	667.40M	668.82M	710.29M	711.90M
Weighted Average Basic & Diluted Shares Outstanding	687M	660M	660M	662.36M	-	665.48M	667.40M	668.82M	710.29M	711.90M
Cash Dividends to Common per Share	$0.41	$0.45	$0.49	$0.53	-	$0.57	$0.60	$0.64	-	$0.69

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

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

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

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

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

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	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	37,775	38,363	39,357	41,505	44,799	47,045	47,738	50,079	47,406
Total Current Assets	7,628	7,643	7,643	7,205	6,649	7,170	9,555	10,526	6,831
Cash & Equivalents	1,553	1,374	1,441	1,322	1,426	1,994	1,773	1,919	1,524
Restricted Cash	314	536	456	517	370	362	299	563	437
Short-Term Investments	671	730	822	713	395	394	61	62	79
Accounts Receivable	1,787	1,799	1,859	1,710	1,420	1,624	1,507	1,868	1,646
Inventories, net	998	1,055	864	774	712	639	661	646	593
Prepaid Expenses	149	98	167	218	177	198	141	134	157
Other Current Assets	1,303	1,533	1,523	1,449	1,387	1,404	1,458	1,460	1,533
Other Current Nonoperating Assets	853	518	511	502	762	555	3,655	3,874	862
Plant, Property, & Equipment, net	21,597	23,039	24,213	26,077	29,958	31,906	30,732	32,354	33,166
Plant, Property & Equipment, gross	30,129	31,690	33,095	34,490	30,190	40,710	39,002	-	32,823
Accumulated Depreciation	8,532	8,651	8,882	8,413	8,602	8,804	8,270	-	8,701
Total Noncurrent Assets	8,550	7,681	7,501	8,223	8,192	7,969	7,451	7,199	7,409
Long-Term Investments	1,121	952	768	858	941	1,029	1,156	1,162	1,124
Noncurrent Note & Lease Receivables	-	0.00	1,044	1,018	0.00	0.00	0.00	0.00	0.00
Goodwill	1,179	362	362	362	348	348	348	348	345
Intangible Assets	1,626	1,841	1,862	2,282	2,243	2,258	1,879	1,928	1,947
Noncurrent Deferred & Refundable Income Taxes	380	319	324	383	396	395	435	421	365
Other Noncurrent Operating Assets	2,964	4,207	3,141	3,320	3,453	3,191	2,845	2,593	2,917
Other Noncurrent Nonoperating Assets	1,280	0.00	0.00	0.00	811	748	788	747	711
Total Liabilities & Shareholders' Equity	37,775	38,363	39,357	41,505	44,799	47,045	47,738	50,079	47,406
Total Liabilities	31,113	32,538	33,611	35,458	37,150	41,637	42,230	43,898	37,865
Total Current Liabilities	5,902	6,491	6,776	7,628	9,731	9,211	9,823	12,375	8,571
Short-Term Debt	2,007	1,758	2,237	2,945	3,932	4,990	3,401	5,362	2,688
Accounts Payable	1,688	1,730	1,505	1,583	2,199	2,064	1,869	1,965	1,654
Accrued Expenses	1,212	1,489	2,103	2,232	1,334	1,273	1,043	1,182	1,246
Other Taxes Payable	244	249	289	228	278	268	229	257	249
Other Current Liabilities	-	662	0.00	0.00	974	875	553	698	917
Other Current Nonoperating Liabilities	751	603	642	640	814	498	3,063	3,327	918
Total Noncurrent Liabilities	25,211	26,047	26,835	27,830	27,619	31,669	32,072	31,107	30,193
Long-Term Debt	20,198	21,740	22,594	23,598	22,746	26,987	27,575	26,453	25,431
Noncurrent Deferred & Payable Income Tax Liabilities	1,169	1,139	1,110	1,104	1,245	1,507	1,588	1,696	1,490
Other Noncurrent Operating Liabilities	3,167	3,168	3,131	3,128	3,114	2,661	2,452	2,501	2,881
Other Noncurrent Nonoperating Liabilities	677	0.00	0.00	0.00	514	514	457	457	391
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	1,201	1,321	1,283	1,289	1,464	1,502	901	905	938
Total Equity & Noncontrolling Interests	5,461	4,504	4,463	4,758	5,985	6,280	7,029	7,639	7,704
Total Preferred & Common Equity	3,409	2,437	2,362	2,492	2,488	2,900	3,091	3,290	3,644
Preferred Stock	838	838	838	838	838	0.00	1.04	1.04	0.00
Total Common Equity	2,571	1,599	1,524	1,654	1,650	2,900	3,091	3,290	3,644
Common Stock	6,826	6,696	6,565	6,558	6,363	7,077	7,076	6,958	5,922
Retained Earnings	-732	-1,635	-1,484	-1,523	-1,386	-954	-769	-267	293
Treasury Stock	-1,832	-1,822	-1,815	-1,814	-1,813	-1,809	-1,807	-1,806	-1,805
Accumulated Other Comprehensive Income / (Loss)	-1,691	-1,640	-1,742	-1,567	-1,514	-1,414	-1,409	-1,595	-766
Noncontrolling Interest	2,052	2,067	2,101	2,266	3,497	3,380	3,938	4,349	4,060

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

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

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

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

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.

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 4/15/2025 by MarketBeat.com Staff

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AES (AES) Financials

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AES (AES) Financials

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