Touchstone
Last syncOct 31, 2026, 6:54 PM ET

AES

Aes Corp Utilities Cogeneration Services & Small Power Producers S&P 500Russell 3000
$14.83Close $10.6BMarket cap $12.97 – $16.8752-week range Nov 3, 2026Next report

Highlights

Cautions

  • Not in an uptrend 5 of 8 trend conditions
  • Results soon Nov 3, 2026, in 2 days
  • Financial distress Altman Z″ in the distress zone

Price

Filing Results Screen pick 52-week high and low Adjusted prices

Key figures

FY to Dec 31, 2025 · filed Aug 4, 2026
Off 12-month high 12%
1wk 0.0% price change
1mo up 0.7% price change
12-month return up 11% market up 11% · its own down 3%
F-score 4 / 9 Weak
Altman Z″ 0.07 Elevated risk
P/E 11.6× price / earnings
PEG — P/E / EPS growth
P/B 2.6× price / book
Earnings yield up 16.1% EBIT / enterprise value
Cheaper than 54% of the market · around average
Revenue growth 0% year on year
EPS growth — latest quarter
Sales growth up 20% latest quarter · +11 pts
ROE up 24% return on equity
Free cash margin down 13% -$1.6B FCF
D/E — long-term debt / equity
Net debt / EBITDA -55.3× net cash
Interest cover 1.1×EBIT / interest
Piotroski tests
  • profitability slipped from last year
  • short-term liquidity weakened
  • issued more shares
  • gross margin narrowed
  • assets working less efficiently
  • profitable on its assets
  • generating cash from operations
  • profits backed by cash
  • reduced long-term debt

Trade setup

ATR% 0.4% $0.06 a day · 2×ATR $14.71
RS 50 / 99 vs the universe
Trend 5 / 8 150-day under the 200-day, under 30% off the low, RS under 70
Relative volume 1.0× vs 50-day average
Up/down volume 0.96 50 sessions
Implied move 1.1% by Nov 20, 2026 · report Nov 3, 2026
Trend template · 5 of 8
  • Price above the 150 and 200-day averages: passes
  • 150-day average above the 200-day: fails
  • 200-day average rising for a month: passes
  • 50-day average above the 150 and 200-day: passes
  • Price above the 50-day average: passes
  • At least 30% above the 52-week low: fails
  • Within 25% of the 52-week high: passes
  • RS rank 70 or higher: fails

Screen verdict

Did not qualify for any screen.

Warning signs

4 flagged
  • Material impairment The company disclosed a material impairment - an asset written down below the value the balance sheet had been carrying.
  • Bankruptcy model reads distressed The Altman score sits inside the range historically associated with financial distress. It is used here only to exclude, never to rank, and it is a statistical band rather than a prediction about this company.
  • Interest is covered, but thinly Earnings before interest cover the interest bill 1.1 times, leaving little room if profits fall.
  • Revenue shrinking Revenue fell 0.4% over the year, from $12.3B to $12.2B.
Last reported Nov 4, 2025
Options $11,4503.9% IV · activity

Financials

6 fiscal years · from filings
Revenue What customers paid the company over its fiscal year, before any cost, as filed in its annual report. The change is against the year before. Methodology $12.2B -0.4% on FY2024
$0 $20B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $9.7B FY2021 · $11.1B FY2022 · $12.6B FY2023 · $12.7B FY2024 · $12.3B FY2025 · $12.2B
Net income Profit left after every cost, interest and tax for the year. A column below the line is a loss. Methodology $910.0M -46% on FY2024
-$1B $0 $2B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $46.0M FY2021 · -$409.0M FY2022 · -$546.0M FY2023 · $249.0M FY2024 · $1.7B FY2025 · $910.0M
Free cash flow Cash from running the business less what it spent on equipment and buildings: the cash a year actually left behind, which profit alone does not show. Not shown for banks and insurers, whose cash moves with their loans. Methodology -$1.6B
-$5B $0 $1B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $855.0M FY2021 · -$214.0M FY2022 · -$1.8B FY2023 · -$4.7B FY2024 · -$4.6B FY2025 · -$1.6B
Margins Each as a share of revenue. Gross: left after the direct cost of what was sold. Net: left after every cost. Free cash: free cash flow over revenue. A margin rising over years means the business keeps more of each dollar it sells. Methodology
  • Gross 18%
  • Net 7%
  • Free cash -13%
-50% 0% 50% FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · Gross 28% · Net 0% · Free cash 9% FY2021 · Gross 24% · Net -4% · Free cash -2% FY2022 · Gross 20% · Net -4% · Free cash -15% FY2023 · Gross 20% · Net 2% · Free cash -37% FY2024 · Gross 19% · Net 14% · Free cash -38% FY2025 · Gross 18% · Net 7% · Free cash -13%
Cash and long-term debt Cash on the balance sheet at the year's end beside debt due after a year. Net cash is cash less that debt; net debt is the shortfall. Debt some filers do not tag shows as a gap, not as zero. Methodology
  • Cash
  • Long-term debt
$0 $2B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · Cash $1.1B FY2021 · Cash $943.0M FY2022 · Cash $1.4B FY2023 · Cash $1.4B FY2024 · Cash $1.5B FY2025 · Cash $1.4B
Shares outstanding Shares in issue at the year's end. A rising count means each share owns a smaller slice of the company (stock pay, share sales); a falling one, buybacks. The chart's scale is fitted to the count, so a small change looks large: read the percentage. Methodology 712.20m +7.0% since FY2020
712.20m 665.37m FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · 665.37m FY2021 · 666.79m FY2022 · 668.74m FY2023 · 669.69m FY2024 · 711.07m FY2025 · 712.20m
  FY2020Dec 31, 2020 FY2021Dec 31, 2021 FY2022Dec 31, 2022 FY2023Dec 31, 2023 FY2024Dec 31, 2024 FY2025Dec 31, 2025
Revenue $9.7B $11.1B $12.6B $12.7B $12.3B $12.2B
Gross margin 28% 24% 20% 20% 19% 18%
Net income $46.0M -$409.0M -$546.0M $249.0M $1.7B $910.0M
Net margin 0% -4% -4% 2% 14% 7%
Earnings per share $0.07 -$0.61 -$0.82 $0.35 $2.35 $1.27
Free cash flow $855.0M -$214.0M -$1.8B -$4.7B -$4.6B -$1.6B
Free cash margin 9% -2% -15% -37% -38% -13%
Cash $1.1B $943.0M $1.4B $1.4B $1.5B $1.4B
Shareholders' equity $2.6B $2.8B $2.4B $2.5B $3.6B $4.1B
Shares outstanding 665.37m 666.79m 668.74m 669.69m 711.07m 712.20m

Next report

Nov 3, 2026

Expected move The move, either way, the option market prices in through the next scheduled report: the at-the-money straddle for the first expiry that contains it, over the price. It includes the days around the report, so it slightly overstates the report alone. Methodology ±1.1% $15 – $15 by Nov 20, 2026
Usual move The median, over the company's last four reports, of how far the stock moved either way from the close before the filing to the close of the session after it. Methodology ±4.4% last 1: +4.4%
Expected against usual The move the options price through this report over the move the last four reports delivered. Above 1 the event is priced bigger than the company's own record; below 1, smaller. A price, not a forecast: it says what protection through the report costs, not which way the stock will go. Methodology Smaller than usual 0.2× the usual move

What options price now

Swings expected vs recent The daily swings the options are priced for (implied volatility) against the swings the stock actually had over the last 20 sessions (realised volatility). Bigger means options charge for more movement than the stock has been delivering; smaller, less. On a contract row, that contract's own implied volatility over the stock's realised. Methodology
Bigger 3.9% priced · 3.0% recent
Next month vs later At-the-money implied volatility for 8-45 day expiries over 46-90 day ones: whether options price the coming month as choppier or calmer than the two after it. Ahead of a report it usually reads choppier, and the extra comes out once the report is out. Methodology
Choppier
Positioning
Premium traded
$11,450 calls $10,332 · puts $1,118 · latest session
Puts against calls, by premium Money spent on puts divided by money spent on calls. Measured in dollars rather than contracts on purpose: counting contracts treats a hundred cheap lottery tickets as more meaningful than one large position, which is backwards. Methodology
0.11× -0.19 over the week
Open interest added The change over five sessions in option positions left open overnight, calls and puts. A rise means positions were added. It cannot say whether they were bought or sold, so more calls is not a vote for a rise: a call is as often sold against shares already held. Methodology
calls -758 · puts +2.26k past week

For options traders: ATM IV 3.9% (+0.3% 1w) · 1m ÷ 3m IV 1.27 · 25Δ skew — pts · Net GEX $1.5M

Most traded contracts

No contract passed the liquidity filters this week.

Filings

SEC EDGAR
FiledReportPeriod to Lag
Aug 4, 2026 Quarterly ↗ Jun 30, 2026 35d
May 5, 2026 Quarterly ↗ Mar 31, 2026 35d
Mar 2, 2026 Annual ↗ Dec 31, 2025 61d
Nov 4, 2025 Quarterly ↗ Sep 30, 2025 35d
Aug 1, 2025 Quarterly ↗ Jun 30, 2025 32d
May 1, 2025 Quarterly ↗ Sep 30, 2025 -152d
Mar 11, 2025 Annual ↗ Dec 31, 2024 70d
Oct 31, 2024 Quarterly ↗ Sep 30, 2024 31d
Aug 1, 2024 Quarterly ↗ Jun 30, 2024 32d
May 2, 2024 Quarterly ↗ Mar 31, 2024 32d
Feb 26, 2024 Annual ↗ Dec 31, 2023 57d
Nov 2, 2023 Quarterly ↗ Sep 30, 2023 33d

Current reports

FiledDisclosed
Oct 28, 2026 Other events ↗
Oct 19, 2026 Other events ↗
Sep 17, 2026 Other events ↗
Sep 16, 2026 Director or officer change ↗
Aug 27, 2026 Other events ↗
Aug 5, 2026 Material agreement ↗
Jul 27, 2026 Auditor change ↗
Jun 26, 2026 Shareholder vote · Regulation FD · Other events ↗
Jun 16, 2026 Material agreement · New obligation ↗
Jun 12, 2026 Other events ↗
Apr 30, 2026 Shareholder vote ↗
Apr 16, 2026 Director or officer change ↗