cash flow reconciliationreview2025-12-31
Operating, investing and financing flows differ from the reported change in cash by 79000000, beyond tolerance 62100000.00.
Revenue
$12.23B
Fiscal year ended 2025-12-31Operating income
Unavailable
Fiscal year ended 2025-12-31Free cash flow
-$1.62B
Fiscal year ended 2025-12-31Valuation, from the filing
| Public float | $7.49B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $10.51 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 8.2× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 0.6× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 0.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
8.2× earnings today, against a median of 9.0× across 5 years on record. In line with its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $7.49B | 8.2× | |
| 2024-06-30 | $12.49B | 7.4× | |
| 2023-06-30 | $13.88B | 55.7× | |
| 2020-06-30 | $9.42B | 204.8× | |
| 2018-06-30 | $10.87B | 9.0× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
AES CORP (AES) reported revenue of $12.23B and net income of $910.00M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from AES CORP’s SEC filings, each linked to the filing it came from.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.23B | $12.28B | $12.67B | $12.62B | $11.14B | $9.66B | $10.19B | $10.74B | $10.53B | $10.28B |
| Cost of revenue | $10.02B | $9.96B | $10.16B | $10.07B | $8.43B | $6.97B | $7.84B | $8.16B | $8.06B | $7.90B |
| Gross profit | $2.21B | $2.31B | $2.50B | $2.55B | $2.71B | $2.69B | $2.35B | $2.57B | $2.46B | $2.38B |
| Operating income | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Net income | $910.00M | $1.68B | $249.00M | -$546.00M | -$409.00M | $46.00M | $303.00M | $1.20B | -$1.16B | -$1.13B |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 714.00M | shares 713.00M | shares 712.00M | shares 668.00M | shares 666.00M | shares 668.00M | shares 667.00M | shares 665.00M | shares 660.00M | shares 660.00M |
| Pretax income | $75.00M | $894.00M | $104.00M | -$169.00M | -$1.06B | -$192.00M | -$277.00M | -$509.00M | -$521.00M | -$354.00M |
| Income tax expense | -$181.00M | $59.00M | $261.00M | $265.00M | -$133.00M | $216.00M | $352.00M | $708.00M | $990.00M | $32.00M |
| Diluted EPS | $1.26 | $2.36 | $0.35 | $-0.82 | $-0.61 | $0.07 | $0.45 | $1.81 | $-1.76 | $-1.72 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | $241.00M | $288.00M | $255.00M | $207.00M | $166.00M | $165.00M | $196.00M | $192.00M | $215.00M | $194.00M |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $1.38B | $1.52B | $1.43B | $1.37B | $943.00M | $1.09B | $1.03B | $1.17B | $949.00M | $1.24B |
| Total assets | $51.77B | $47.41B | $44.80B | $38.36B | $32.96B | $34.60B | $33.65B | $32.52B | $33.11B | $36.12B |
| Current assets | $6.50B | $6.83B | $6.65B | $7.64B | $5.36B | $5.41B | $5.23B | $5.02B | $6.40B | $6.42B |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $8.49B | $8.57B | $9.73B | $6.49B | $4.73B | $5.36B | $5.10B | $4.40B | $6.03B | $5.28B |
| Total equity incl. NCI | $9.10B | $7.70B | $5.98B | $4.50B | $4.57B | $4.72B | $5.23B | $5.60B | $4.84B | $5.70B |
| Temporary (mezzanine) equity | $2.82B | $938.00M | $1.46B | $1.32B | $1.26B | $872.00M | $888.00M | $879.00M | $837.00M | $782.00M |
| Inventory | $612.00M | $593.00M | $712.00M | $1.06B | $604.00M | $461.00M | $487.00M | $577.00M | $562.00M | $622.00M |
| Accounts receivable | $1.68B | $1.65B | $1.42B | $1.80B | $1.42B | $1.30B | $1.48B | $1.60B | $1.46B | $1.42B |
| Goodwill | $342.00M | $345.00M | $348.00M | $362.00M | $1.18B | $1.06B | $1.06B | $1.06B | $1.06B | $1.16B |
| Long-term debt | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Accounts payable | $1.98B | $1.65B | $2.20B | $1.73B | $1.15B | $1.16B | $1.31B | $1.33B | $1.37B | $1.24B |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.31B | $2.75B | $3.03B | $2.72B | $1.90B | $2.76B | $2.47B | $2.34B | $2.50B | $2.90B |
| Capital expenditures | $5.93B | $7.39B | $7.72B | $4.55B | $2.12B | $1.90B | $2.40B | $2.12B | $2.18B | $2.34B |
| Investing cash flow | -$6.21B | -$7.70B | -$8.19B | -$5.84B | -$3.05B | -$2.30B | -$2.72B | -$505.00M | -$2.60B | -$2.14B |
| Financing cash flow | $1.98B | $4.96B | $5.40B | $3.76B | $797.00M | -$78.00M | -$86.00M | -$1.64B | $43.00M | -$747.00M |
| Net change in cash | $123.00M | $49.00M | -$97.00M | $603.00M | -$343.00M | $255.00M | -$431.00M | $215.00M | -$172.00M | $9.00M |
| Stock-based compensation | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Common dividends paid | $501.00M | $483.00M | $444.00M | $422.00M | $401.00M | $381.00M | $362.00M | $344.00M | $317.00M | $290.00M |
| Common share repurchases | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $0 | $0 | $79.00M |
| Depreciation & amortization | $1.46B | $1.26B | $1.15B | $1.07B | $1.06B | $1.07B | $1.04B | $1.00B | $1.17B | $1.18B |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | -$1.62B | -$4.64B | -$4.69B | -$1.84B | -$214.00M | $855.00M | $61.00M | $222.00M | $327.00M | $552.00M |
| Gross margin | 18.1% | 18.8% | 19.8% | 20.2% | 24.3% | 27.9% | 23.1% | 24.0% | 23.4% | 23.2% |
| Operating margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| FCF margin | -13.3% | -37.8% | -37.0% | -14.6% | -1.9% | 8.9% | 0.6% | 2.1% | 3.1% | 5.4% |
| SBC / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current ratio | 0.77x | 0.80x | Unavailable | Unavailable | Unavailable | 1.01x | 1.03x | 1.14x | 1.06x | 1.22x |
| Revenue YoY growth | -0.4% | -3.1% | 0.4% | 13.2% | 15.3% | -5.2% | -5.1% | 2.0% | 2.4% | Unavailable |
| Net margin | 7.4% | 13.7% | 2.0% | -4.3% | -3.7% | 0.5% | 3.0% | 11.2% | -11.0% | -11.0% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 48.5% | 60.2% | 61.0% | 36.1% | 19.0% | 19.7% | 23.6% | 19.8% | 20.7% | 22.8% |
| Long-term debt / equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | -241.3% | 6.6% | 251.0% | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open AES in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-04View SEC filing
10-Q · Filed 2026-05-05View SEC filing
10-K · Filed 2026-03-02View SEC filing
10-Q · Filed 2025-11-04View SEC filing
10-Q · Filed 2025-08-01View SEC filing
10-Q · Filed 2025-05-01View SEC filing
Reconciliation checks needing review
8 periods on this page do not reconcile under this site’s normalization. Read that as a limitation here before an observation about the company: the figures are the filer’s own, the filings linked above are authoritative, and a difference usually means the concepts this site selected do not match how this filer presents its statements. Nothing is adjusted to make a check pass.
cash flow reconciliationreview2024-12-31
Operating, investing and financing flows differ from the reported change in cash by 97000000, beyond tolerance 77000000.00.
cash flow reconciliationreview2021-12-31
Operating, investing and financing flows differ from the reported change in cash by 55000000, beyond tolerance 30510000.00.
cash flow reconciliationreview2020-12-31
Operating, investing and financing flows differ from the reported change in cash by 103000000, beyond tolerance 27550000.00.
cash flow reconciliationreview2019-12-31
Operating, investing and financing flows differ from the reported change in cash by 72000000, beyond tolerance 27210000.00.
cash flow reconciliationreview2018-12-31
Operating, investing and financing flows differ from the reported change in cash by 74000000, beyond tolerance 23430000.00.
cash flow reconciliationreview2017-12-31
Operating, investing and financing flows differ from the reported change in cash by 128000000, beyond tolerance 25990000.00.
cash flow reconciliationreview2016-12-31
Operating, investing and financing flows differ from the reported change in cash by 42000000, beyond tolerance 28970000.00.