Explain this page
Arphra AIPlain-English read on The AES Corporation’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
CMixed
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin18.1%
Operating margin16.1%
Net margin7.8%
ROE8.0%
ROA1.8%
ROIC49.3%
Liquidity & leverage
Current ratio0.77×
Quick ratio0.69×
Debt / equity2.54×
Net debt / EBITDA9.61×
Interest coverage1×
Efficiency & per-share
Asset turnover0.24×
Inventory days22
Days sales out.52
FCF / share$-2.28
Book value / share$16.75
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Headline | ||||||||
| Market cap | — | — | — | $9.08B | $10.21B | — | — | — |
| Enterprise value | — | — | — | $36.57B | $38.46B | — | — | — |
| Multiples | ||||||||
| P / E | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 2.98 | 3.14 | — | — | — |
| EV / FCF | — | — | — | -7.88 | -23.70 | — | — | — |
| Yields | ||||||||
| Earnings yield | — | — | — | +18.57% | +9.29% | — | — | — |
| Free cash flow yield | — | — | — | -51.11% | -15.90% | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Margins | ||||||||
| Gross margin | +24.35% | +20.19% | +19.84% | +18.86% | +18.07% | +18.62% | +18.73% | +18.56% |
| Operating margin | +22.86% | +18.55% | +17.83% | +16.52% | +16.10% | +16.43% | +16.65% | +16.69% |
| EBITDA margin | +7.34% | +15.40% | +19.99% | +29.93% | +24.03% | +25.26% | +23.91% | +24.86% |
| EBIT margin | -2.14% | +7.05% | +11.09% | +19.64% | +12.11% | +14.25% | +14.38% | +14.50% |
| Pre-tax margin | -9.76% | -1.90% | +0.57% | +7.07% | +0.16% | +2.62% | +2.60% | +2.57% |
| Net margin | -3.71% | -4.33% | +1.91% | +13.73% | +7.76% | +7.94% | +7.73% | +7.69% |
| Cost structure | ||||||||
| Cost of revenue / sales | +75.66% | +79.80% | +80.18% | +81.15% | +81.93% | +82.32% | +79.92% | +81.05% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
| SG&A intensity | +1.49% | +1.64% | +2.01% | +2.35% | +1.97% | +2.08% | +2.09% | +2.09% |
| Effective tax rate | — | — | +362.50% | +6.80% | -905.00% | +6.72% | +6.80% | +6.74% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||
| Return on equity (ROE) | -9.04% | -12.12% | +4.04% | +21.88% | +7.96% | +11.38% | +11.39% | +11.32% |
| Return on assets (ROA) | -1.25% | -1.42% | +0.54% | +3.56% | +1.83% | +2.07% | +2.00% | +2.01% |
| Return on capital (ROC) | +10.95% | +8.36% | +6.88% | +5.52% | +4.66% | +5.51% | +5.47% | +5.52% |
| Return on invested capital (ROIC) | +8.21% | +6.27% | +0.74% | +4.59% | +2.25% | +2.66% | +2.54% | +2.54% |
| Asset turnover | +33.80% | +32.89% | +28.30% | +25.90% | +23.63% | +26.05% | +25.83% | +26.11% |
| DuPont · ROE decomposition | ||||||||
| Net margin | -3.71% | -4.33% | +1.91% | +13.73% | +7.76% | +7.94% | +7.73% | +7.69% |
| Asset turnover (× revenue / assets) | +33.80% | +32.89% | +28.30% | +25.90% | +23.63% | +26.05% | +25.83% | +26.11% |
| Equity multiplier (× assets / equity) | +721.76% | +851.75% | +748.52% | +615.34% | +433.97% | +550.48% | +570.50% | +563.77% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Turnover | ||||||||
| Asset turnover | 0.34 | 0.33 | 0.28 | 0.26 | 0.24 | 0.26 | 0.26 | 0.26 |
| Fixed-asset turnover | 0.56 | 0.55 | 0.42 | 0.37 | 0.32 | — | — | — |
| Inventory turnover | 13.96 | 9.54 | 14.28 | 16.80 | 16.38 | — | — | — |
| Receivables turnover | 7.86 | 7.01 | 8.93 | 7.46 | 6.98 | — | — | — |
| Payables turnover | 7.31 | 4.21 | 3.20 | 3.88 | 5.06 | — | — | — |
| Days outstanding | ||||||||
| Days sales outstanding (DSO) | 46.45 | 52.04 | 40.89 | 48.93 | 52.27 | — | — | — |
| Days inventory outstanding (DIO) | 26.15 | 38.24 | 25.57 | 21.72 | 22.29 | — | — | — |
| Days payables outstanding (DPO) | 49.92 | 86.71 | 113.95 | 94.18 | 72.11 | — | — | — |
| Cash conversion cycle | 22.68 | 3.57 | -47.49 | -23.53 | 2.45 | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | -4.61 | -4.97 | 12.54 | 1.63 | 4.54 | 3.44 | 3.56 | 3.56 |
| FCF / Net income | 0.52 | 3.36 | -19.38 | -2.75 | -1.71 | -3.66 | -3.85 | -3.78 |
| FCF margin | -1.92% | -14.55% | -37.00% | -37.79% | -13.27% | -29.04% | -29.78% | -29.05% |
| OCF margin | +17.07% | +21.52% | +23.93% | +22.41% | +35.20% | +27.30% | +27.55% | +27.39% |
| CapEx / Revenue | +18.99% | +36.07% | +60.93% | +60.21% | +48.47% | +55.94% | +55.05% | +57.90% |
| CapEx / D&A | 2.00 | 4.32 | 6.85 | 5.85 | 4.07 | — | — | — |
| Stock-based comp / Revenue | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| EPS · diluted | -0.61 | -0.82 | 0.35 | 2.36 | 1.26 | 2.33 | 2.45 | 2.56 |
| EPS · basic | -0.61 | -0.82 | 0.37 | 2.38 | 1.26 | 2.41 | 2.48 | 2.65 |
| Book value / share | 6.86 | 6.74 | 8.41 | 10.81 | 16.75 | 12.63 | 12.76 | 13.22 |
| Tangible BV / share | 2.91 | 3.44 | 4.77 | 7.59 | 13.41 | 12.63 | 12.76 | 13.22 |
| Sales / share | 16.73 | 18.89 | 17.80 | 17.22 | 17.18 | 18.12 | 18.80 | 19.45 |
| Operating CF / share | 2.86 | 4.06 | 4.26 | 3.86 | 6.05 | 4.95 | 5.18 | 5.33 |
| Free cash flow / share | -0.32 | -2.75 | -6.59 | -6.51 | -2.28 | -5.26 | -5.60 | -5.65 |
| Dividends / share | 0.60 | 0.63 | 0.62 | 0.68 | 0.70 | 0.69 | 0.73 | 0.76 |
| Payout ratio | -97.09% | -77.29% | +183.47% | +28.65% | +52.79% | +47.92% | +50.30% | +50.70% |
| Retention ratio | +197.09% | +177.29% | -83.47% | +71.35% | +47.21% | +52.08% | +49.70% | +49.30% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 7y CAGR |
|---|---|---|---|---|---|---|---|---|---|
| Top-line | |||||||||
| Revenue · YoY | — | +13.25% | +0.46% | -3.14% | -0.37% | +4.83% | +5.34% | +3.04% | +3.23% |
| Gross profit · YoY | — | -6.08% | -1.30% | -7.91% | -4.53% | +7.98% | +6.00% | +2.08% | -0.70% |
| Profit | |||||||||
| Operating income · YoY | — | -8.09% | -3.46% | -10.27% | -2.86% | +6.99% | +6.71% | +3.29% | -1.31% |
| EBITDA · YoY | — | +137.53% | +30.42% | +45.03% | -20.03% | +10.24% | -0.30% | +7.13% | +22.88% |
| Net income · YoY | — | -32.20% | +144.32% | +596.69% | -43.71% | +7.27% | +2.58% | +2.52% | — |
| Operating | |||||||||
| EBIT · YoY | — | +473.95% | +57.98% | +71.48% | -38.53% | +23.31% | +6.32% | +3.88% | — |
| R&D · YoY | — | — | — | — | — | — | — | — | — |
| Per-share | |||||||||
| EPS · diluted · YoY | — | -34.43% | +142.68% | +574.29% | -46.61% | +85.32% | +4.93% | +4.49% | — |
| EPS · basic · YoY | — | -34.43% | +145.12% | +543.24% | -47.06% | +90.90% | +3.13% | +6.87% | — |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E |
|---|---|---|---|---|---|---|---|---|
| Leverage | ||||||||
| Total debt | $18.7B | $23.5B | $26.88B | $29.02B | $30.33B | $29.33B | $31.95B | $32.66B |
| Net debt | $17.76B | $22.12B | $25.45B | $27.49B | $28.25B | $27.56B | $30.11B | $30.73B |
| Net debt / EBITDA | 21.71 | 11.39 | 10.04 | 7.48 | 9.61 | 8.51 | 9.32 | 8.88 |
| Debt / equity | 4.09 | 5.22 | 4.49 | 3.77 | 2.54 | 3.28 | 3.49 | 3.45 |
| Debt / assets | +56.73% | +61.25% | +60.00% | +61.21% | +58.58% | +59.58% | +61.09% | +61.25% |
| Equity / assets | +13.85% | +11.74% | +13.36% | +16.25% | +23.04% | +18.17% | +17.53% | +17.74% |
| Coverage | ||||||||
| EBITDA / interest expense | 0.99 | 1.83 | 1.95 | 2.42 | 2.08 | 2.26 | 2.10 | 2.14 |
| Operating income / interest | 3.08 | 2.21 | 1.74 | 1.34 | 1.39 | 1.47 | 1.46 | 1.43 |
| Interest expense | $826M | $1.06B | $1.3B | $1.52B | $1.42B | $1.43B | $1.54B | $1.62B |
| Liquidity | ||||||||
| Current ratio | 1.13 | 1.18 | 0.68 | 0.80 | 0.77 | — | — | — |
| Quick ratio | 0.55 | 0.60 | 0.33 | 0.38 | 0.47 | — | — | — |
| Cash ratio | 0.20 | 0.21 | 0.15 | 0.18 | 0.24 | — | — | — |
| Working capital | $624M | $1.15B | -$3.08B | -$1.74B | -$1.99B | — | — | — |
| Working capital / revenue | +5.60% | +9.13% | -24.31% | -14.17% | -16.27% | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 3.14x | 2.98x |
| Earnings yield | 9.3% | 18.6% |
| FCF yield | -15.9% | -51.1% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 13.8% | 46.3% |
| ROA | 1.8% | 3.6% |
| ROIC | 4.2% | 4.5% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 9.61 | 7.48 |
| Interest coverage | — | — |
| Current ratio | 0.77x | 0.80x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).