Aes Corp. (AES) intrinsic value & 10-year financials
Aes Corp. (AES) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 1.2% a year to $12.2B, with an average return on invested capital of 4.3%.
- Graham intrinsic value
- —
- Share price (Oct 17, 2026)
- $14.95
- Market cap
- $10.7B
- Revenue (FY2025)
- $12.2B
- Revenue growth (10-yr CAGR)
- -1.2%
- ROIC (10-yr avg)
- 4.3%
- Free cash flow (FY2025)
- -$1.6B
AES 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $12.2B | $910.0M | $1.26 | -$1.6B | — | 26.6% |
| FY2024 | $12.3B | $1.7B | $2.36 | -$4.6B | — | 74.4% |
| FY2023 | $12.7B | $249.0M | $0.35 | -$4.7B | — | 16.3% |
| FY2022 | $12.6B | -$546.0M | -$0.82 | -$1.8B | — | -28.1% |
| FY2021 | $11.1B | -$409.0M | -$0.61 | -$214.0M | — | -19.5% |
| FY2020 | $9.7B | $46.0M | $0.07 | $855.0M | — | 2.2% |
| FY2019 | $10.2B | $303.0M | $0.45 | $61.0M | — | 13.2% |
| FY2018 | $10.7B | $1.2B | $1.81 | $222.0M | — | 42.4% |
| FY2017 | $10.5B | -$1.2B | -$1.76 | $312.0M | — | -44.2% |
| FY2016 | $13.6B | -$1.1B | -$1.71 | $539.0M | — | -40.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
AES Corporation is facing top-line stagnation, with revenue contracting over the decade.
AES Corporation returns on capital have been average, hovering around 12.1% ROIC over the decade.
AES Corporation has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, AES Corporation is modeled at -5.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-1.72 per share.