AES CORP
AES · Cogeneration Services & Small Power Producers · 713.2M shares · +2%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $77M (gross $79M, SBC $2M)
Reference price $21.00 · est. market cap ~$15.0B — last insider sale, 2026-05-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C66Leveraged independent power producer with strong ROE and operating cash flow but sharply lower earnings and deeply negative FCF.
Strengths
- High ROE 22.4% (81st pct) and OCF margin 35.2% (88th pct)
- Net margin 66th pct and ample cash balance (88th pct)
Risks
- Net income fell 45.8% and FCF deeply negative (1.1th pct) amid heavy capex/leverage
- Weak current/quick ratios (~0.7) and short ~3.8-quarter cash runway
Notable findings
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
18.1%
Net margin
7.4%
Return on equity
22.4%
Return on assets
1.8%
Revenue growth (QoQ)
2.5%
Net-income growth
-45.8%
Current ratio
0.8×
Free cash flow
-$1.6B
Tangible book value
$1.7B
Cash & investments
$1.6B
Cash runway
4q
Stock comp / revenue
0.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-15 | AES CORP | Conversion | 10.1M | — |
| 2026-05-15 | AES CORP | Sell | 10.1M | $21.00 |
| 2026-04-23 | Coughlin Stephen | Grant | 50K | — |
| 2026-04-23 | Rubiolo Juan Ignacio | Grant | 48K | — |
| 2026-04-23 | Mendoza Tish | Grant | 47K | — |
| 2026-04-23 | Freedman Paul L | Grant | 44K | — |
| 2026-02-24 | Rubiolo Juan Ignacio | Tax withheld | 4.0K | $16.27 |
| 2026-02-24 | Rubiolo Juan Ignacio | Tax withheld | 1.6K | $16.27 |
| 2026-02-24 | Coughlin Stephen | Tax withheld | 1.7K | $16.27 |
| 2026-02-24 | Mendoza Tish | Tax withheld | 1.5K | $16.27 |
| 2026-02-24 | Freedman Paul L | Tax withheld | 1.4K | $16.27 |
| 2026-02-24 | Da Santos Bernerd | Tax withheld | 1.5K | $16.27 |
| 2026-02-24 | Falu Ricardo Manuel | Tax withheld | 992 | $16.27 |
| 2026-02-24 | Gluski Andres | Tax withheld | 14K | $16.27 |
| 2026-02-24 | Kohan Sherry | Tax withheld | 483 | $16.27 |
| 2026-02-20 | Freedman Paul L | Tax withheld | 5.5K | $16.51 |
| 2026-02-20 | Rubiolo Juan Ignacio | Grant | 38K | — |
| 2026-02-20 | Rubiolo Juan Ignacio | Grant | 32K | — |
| 2026-02-20 | Rubiolo Juan Ignacio | Tax withheld | 15K | $16.51 |
| 2026-02-20 | Rubiolo Juan Ignacio | Tax withheld | 4.2K | $16.51 |
| 2026-02-20 | Rubiolo Juan Ignacio | Tax withheld | 6.4K | $16.51 |
| 2026-02-20 | Coughlin Stephen | Grant | 40K | — |
| 2026-02-20 | Coughlin Stephen | Grant | 36K | — |
| 2026-02-20 | Coughlin Stephen | Tax withheld | 15K | $16.51 |
| 2026-02-20 | Coughlin Stephen | Tax withheld | 4.7K | $16.51 |
| 2026-02-20 | Falu Ricardo Manuel | Grant | 128K | — |
| 2026-02-20 | Falu Ricardo Manuel | Grant | 20K | — |
| 2026-02-20 | Falu Ricardo Manuel | Tax withheld | 9.4K | $16.51 |
| 2026-02-20 | Falu Ricardo Manuel | Tax withheld | 4.2K | $16.51 |
| 2026-02-20 | Falu Ricardo Manuel | Tax withheld | 6.3K | $16.51 |
| 2026-02-20 | Gluski Andres | Grant | 144K | — |
| 2026-02-20 | Gluski Andres | Grant | 247K | — |
| 2026-02-20 | Gluski Andres | Tax withheld | 124K | $16.51 |
| 2026-02-20 | Gluski Andres | Tax withheld | 33K | $16.51 |
| 2026-02-20 | Da Santos Bernerd | Grant | 32K | — |
| 2026-02-20 | Da Santos Bernerd | Grant | 38K | — |
| 2026-02-20 | Da Santos Bernerd | Tax withheld | 14K | $16.51 |
| 2026-02-20 | Da Santos Bernerd | Tax withheld | 3.6K | $16.51 |
| 2026-02-20 | Da Santos Bernerd | Tax withheld | 5.4K | $16.51 |
| 2026-02-20 | Coughlin Stephen | Tax withheld | 7.1K | $16.51 |
| 2026-02-20 | Kohan Sherry | Grant | 10.0K | — |
| 2026-02-20 | Kohan Sherry | Grant | 11K | — |
| 2026-02-20 | Kohan Sherry | Tax withheld | 4.8K | $16.51 |
| 2026-02-20 | Kohan Sherry | Tax withheld | 1.2K | $16.51 |
| 2026-02-20 | Kohan Sherry | Tax withheld | 1.8K | $16.51 |
| 2026-02-20 | Mendoza Tish | Grant | 28K | — |
| 2026-02-20 | Mendoza Tish | Grant | 33K | — |
| 2026-02-20 | Mendoza Tish | Tax withheld | 14K | $16.51 |
| 2026-02-20 | Mendoza Tish | Tax withheld | 3.6K | $16.51 |
| 2026-02-20 | Mendoza Tish | Tax withheld | 5.5K | $16.51 |
| 2026-02-20 | Freedman Paul L | Grant | 26K | — |
| 2026-02-20 | Freedman Paul L | Grant | 28K | — |
| 2026-02-20 | Freedman Paul L | Tax withheld | 13K | $16.51 |
| 2026-02-20 | Freedman Paul L | Tax withheld | 3.6K | $16.51 |
| 2025-11-19 | Rubiolo Juan Ignacio | Tax withheld | 7.1K | $13.77 |
| 2025-11-19 | Falu Ricardo Manuel | Tax withheld | 9.2K | $13.77 |
| 2025-02-24 | Rubiolo Juan Ignacio | Tax withheld | 1.3K | $10.72 |
| 2025-02-24 | Rubiolo Juan Ignacio | Tax withheld | 3.1K | $10.72 |
| 2025-02-24 | Rubiolo Juan Ignacio | Tax withheld | 1.2K | $10.72 |
| 2025-02-24 | Mendoza Tish | Tax withheld | 1.9K | $10.72 |
| 2025-02-24 | Mendoza Tish | Tax withheld | 1.5K | $10.72 |
| 2025-02-24 | Kohan Sherry | Tax withheld | 355 | $10.72 |
| 2025-02-24 | Kohan Sherry | Tax withheld | 549 | $10.72 |
| 2025-02-24 | Freedman Paul L | Tax withheld | 1.7K | $10.72 |
| 2025-02-24 | Freedman Paul L | Tax withheld | 1.4K | $10.72 |
| 2025-02-24 | Falu Ricardo Manuel | Tax withheld | 1.1K | $10.72 |
| 2025-02-24 | Falu Ricardo Manuel | Tax withheld | 722 | $10.72 |
| 2025-02-24 | Da Santos Bernerd | Tax withheld | 2.1K | $10.72 |
| 2025-02-24 | Da Santos Bernerd | Tax withheld | 1.8K | $10.72 |
| 2025-02-24 | Coughlin Stephen | Tax withheld | 1.7K | $10.72 |
| 2025-02-24 | Coughlin Stephen | Tax withheld | 1.7K | $10.72 |
| 2025-02-24 | Gluski Andres | Tax withheld | 17K | $10.72 |
| 2025-02-24 | Gluski Andres | Tax withheld | 14K | $10.72 |
| 2025-02-21 | Rubiolo Juan Ignacio | Grant | 42K | — |
| 2025-02-21 | Rubiolo Juan Ignacio | Grant | 28K | — |
| 2025-02-21 | Rubiolo Juan Ignacio | Tax withheld | 10.0K | $10.59 |
| 2025-02-21 | Rubiolo Juan Ignacio | Tax withheld | 3.8K | $10.59 |
| 2025-02-21 | Mendoza Tish | Grant | 40K | — |
| 2025-02-21 | Mendoza Tish | Grant | 35K | — |
| 2025-02-21 | Mendoza Tish | Tax withheld | 14K | $10.59 |
| 2025-02-21 | Mendoza Tish | Tax withheld | 4.1K | $10.59 |
| 2025-02-21 | Kohan Sherry | Grant | 14K | — |
| 2025-02-21 | Kohan Sherry | Grant | 6.2K | — |
| 2025-02-21 | Kohan Sherry | Tax withheld | 2.7K | $10.59 |
| 2025-02-21 | Kohan Sherry | Tax withheld | 1.3K | $10.59 |
| 2025-02-21 | Freedman Paul L | Grant | 37K | — |
| 2025-02-21 | Freedman Paul L | Grant | 30K | — |
| 2025-02-21 | Freedman Paul L | Tax withheld | 13K | $10.59 |
| 2025-02-21 | Freedman Paul L | Tax withheld | 4.0K | $10.59 |
| 2025-02-21 | Falu Ricardo Manuel | Grant | 42K | — |
| 2025-02-21 | Falu Ricardo Manuel | Tax withheld | 3.6K | $10.59 |
| 2025-02-21 | Da Santos Bernerd | Grant | 45K | — |
| 2025-02-21 | Da Santos Bernerd | Grant | 39K | — |
| 2025-02-21 | Da Santos Bernerd | Tax withheld | 16K | $10.59 |
| 2025-02-21 | Da Santos Bernerd | Tax withheld | 4.7K | $10.59 |
| 2025-02-21 | Coughlin Stephen | Grant | 51K | — |
| 2025-02-21 | Coughlin Stephen | Grant | 32K | — |
| 2025-02-21 | Coughlin Stephen | Tax withheld | 13K | $10.59 |
| 2025-02-21 | Coughlin Stephen | Tax withheld | 5.3K | $10.59 |
| 2025-02-21 | Gluski Andres | Grant | 253K | — |
| 2025-02-21 | Gluski Andres | Tax withheld | 122K | $10.59 |
| 2025-02-21 | Gluski Andres | Tax withheld | 33K | $10.59 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-26 | Shareholder voteReg FDOtherExhibits | filing ↗ |
| 2026-06-16 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-06-12 | Other | filing ↗ |
| 2026-04-30 | Shareholder vote | filing ↗ |
| 2026-04-16 | Exec/director change | filing ↗ |
| 2026-03-19 | Material agreementExhibits | filing ↗ |
| 2026-03-02 | Material agreementExec/director changeReg FDExhibits | filing ↗ |
| 2026-01-16 | ImpairmentExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-26 | 2026-06-26 | 0001140361-26-026562 ↗ |
| 8-K | 2026-06-16 | 2026-06-11 | 0001193125-26-272726 ↗ |
| 8-K | 2026-06-12 | 2026-06-12 | 0001140361-26-025084 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0000874761-26-000120 ↗ |
| 8-K | 2026-04-30 | 2026-04-29 | 0000874761-26-000100 ↗ |
| 8-K | 2026-04-16 | 2026-04-14 | 0000874761-26-000075 ↗ |
| 8-K | 2026-03-19 | 2026-03-13 | 0001193125-26-116111 ↗ |
| 10-K | 2026-03-02 | 2025-12-31 | 0000874761-26-000063 ↗ |
| 8-K | 2026-03-02 | 2026-03-01 | 0001193125-26-084157 ↗ |
| 8-K | 2026-01-16 | 2026-01-16 | 0000874761-26-000006 ↗ |
| 8-K | 2025-11-04 | 2025-11-04 | 0000874761-25-000086 ↗ |
| 10-Q | 2025-11-04 | 2025-09-30 | 0000874761-25-000084 ↗ |