AES
The AES Corporation

The AES CorporationAES

Utilities · Utilities - Diversified
14.85USD
+0.27%
Sep 25, 2026
AES overview ready
Provider of long-duration electricity and capacity for large commercial customers
AES owns and operates a diversified generation fleet, develops renewable-plus-storage projects, and operates regulated utilities.
Strong narrative exposure
Exposed to the Dispatchable Power for Large Loads narrative through Independent Power Producers and Power Contracts — infrastructure supplier.
No clear price read
Longer-term context reads early recovery, with a near-term setup of daily advance.
Fair valuation
The price broadly reflects how durable its demand is through a cycle, with upside and risk reasonably balanced.
Fundamentals under pressure
Free cash flow yield is weak.
Primary risk
Regulatory and policy changes impacting utility operations.
Market Sep 24Filing Jun 30Price action Sep 24Research Jul 28

Conviction Level

NarrativeHeat9.1ThemeHeat7.6PriceAction9.1Valuation3.5CompanyPosition7.3
Price
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Price Action

No clear price read
Longer-term context reads early recovery, with a near-term setup of daily advance.
EntryReset + recovery

The stock is still rebuilding below its long-term weekly base, and the recent reset toward the daily SMA200 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location.

Key Financials

Market Cap
$10.6B
Avg Volume (60D)
7.3M
60 sessions
Revenue Growth YoY
-0.4%
FY2025 vs FY2024
Gross Margin
+20.3%
Trailing twelve months
Operating Margin
+18.7%
Trailing twelve months
Free Cash Flow Yield
-16.2%
Distance from 200DMA
+3.2%
Next Earnings
2026-11-04
P/E
5.7x
Market metrics as of Sep 24, 2026
Financial results for the period ended Jun 30, 2026
Filed balance-sheet data as of Jun 30, 2026

Fundamentals & Valuation

The available comparisons disagreed; the peers comparison is the more reliable method for this business and the others are published as dissent.
The AES Corporation has a Fair valuation stance because the price broadly reflects how durable its demand is through a cycle, with upside and risk reasonably balanced.

Company Research

Thesis
AES owns and operates a diversified generation fleet, develops renewable-plus-storage projects, and operates regulated utilities. It can provide long-duration electricity supply arrangements and supporting capacity for large commercial and technology customers, while its utility operations invest to serve rising load.
Opportunity
Moderate opportunity
Large power users' need for dependable, contracted electricity and capacity amid data-center-driven load growth and constrained regional power systems.
Key risk
Regulatory and policy changes impacting utility operations.

Narrative & Theme

Dispatchable Power for Large Loads
Part of Independent Power Producers and Power Contracts, with moderate fit.
AES is a genuine, though diversified, beneficiary of the large-load power-supply theme: its generation, renewable development, storage, natural-gas assets, and utility platforms give it avenues to serve data-center and other large-load demand through contracted power solutions.
Narrative HeatHot9.1 / 10
Theme HeatHeating up7.6 / 10
This reading is no longer current (last measured 2026-07-27). It is kept until the next scheduled measurement replaces it.

Business & Markets

Utilities · Utilities - Diversified
What they do

The AES Corporation operates power generation and utility businesses through four segments: Renewables, Utilities, Energy Infrastructure, and New Energy Technologies, owning and operating power plants and utilities to generate, distribute, transmit, and sell electricity.

How it earns

The company generates revenue primarily through the sale of electricity and related energy services to utilities, industrial users, and end customers.

Products & services
Power generation
Electricity distribution and transmission
Customers & end markets
Utilities
Industrial users
Residential customers
Commercial customers
Governmental customers
Market position

Leader in diversified utilities with significant renewable energy operations.

Demand drivers
Medium cyclicality

Demand for electricity is relatively stable but capital investment cycles and regulatory changes introduce variability.

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