The AES Corporation
The AES Corporation, together with its subsidiaries, operates as a power generation and utility company. It operates through four segments: Renewables, Utilities, Energy Infrastructure, and New Energy Technologies. The company owns and/or operates power plants to generate and sell power to customers, such as utilities, industrial users, and other intermediaries; owns and/or operates utilities to … Read more
The AES Corporation (AES) - Net Assets
Latest net assets as of December 2025: $11.93 Billion USD
Based on the latest financial reports, The AES Corporation (AES) has net assets worth $11.93 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($51.77 Billion) and total liabilities ($39.84 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $11.93 Billion |
| % of Total Assets | 23.04% |
| Annual Growth Rate | 10.22% |
| 5-Year Change | 161.2% |
| 10-Year Change | 109.46% |
| Growth Volatility | 47.43 |
The AES Corporation - Net Assets Trend (1994–2025)
This chart illustrates how The AES Corporation's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for The AES Corporation (1994–2025)
The table below shows the annual net assets of The AES Corporation from 1994 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $11.93 Billion | +54.84% |
| 2024-12-31 | $7.70 Billion | +28.72% |
| 2023-12-31 | $5.99 Billion | +32.88% |
| 2022-12-31 | $4.50 Billion | -1.38% |
| 2021-12-31 | $4.57 Billion | -3.24% |
| 2020-12-31 | $4.72 Billion | -9.73% |
| 2019-12-31 | $5.23 Billion | -6.69% |
| 2018-12-31 | $5.60 Billion | +15.67% |
| 2017-12-31 | $4.84 Billion | -14.93% |
| 2016-12-31 | $5.70 Billion | -13.07% |
| 2015-12-31 | $6.55 Billion | -10.57% |
| 2014-12-31 | $7.33 Billion | -4.26% |
| 2013-12-31 | $7.65 Billion | +1.82% |
| 2012-12-31 | $7.51 Billion | -23.38% |
| 2011-12-31 | $9.81 Billion | -5.82% |
| 2010-12-31 | $10.41 Billion | +17.26% |
| 2009-12-31 | $8.88 Billion | +26.37% |
| 2008-12-31 | $7.03 Billion | +122.09% |
| 2007-12-31 | $3.16 Billion | +10.32% |
| 2006-12-31 | $2.87 Billion | -22.99% |
| 2005-12-31 | $3.72 Billion | +21.30% |
| 2004-12-31 | $3.07 Billion | +81.55% |
| 2003-12-31 | $1.69 Billion | +428.35% |
| 2002-12-31 | $-515.00 Million | -107.36% |
| 2001-12-31 | $6.99 Billion | +40.45% |
| 2000-12-31 | $4.98 Billion | +31.55% |
| 1999-12-31 | $3.79 Billion | +23.05% |
| 1998-12-31 | $3.08 Billion | +20.34% |
| 1997-12-31 | $2.56 Billion | +173.66% |
| 1996-12-31 | $934.00 Million | +36.15% |
| 1995-12-31 | $686.00 Million | +17.29% |
| 1994-12-31 | $584.90 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to The AES Corporation's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 290.1% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $641.00 Million | 9.31% |
| Common Stock | $9.00 Million | 0.13% |
| Other Comprehensive Income | $-698.00 Million | -10.14% |
| Other Components | $6.93 Billion | 100.70% |
| Total Equity | $6.89 Billion | 100.00% |
The AES Corporation Competitors by Market Cap
The table below lists competitors of The AES Corporation ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
II-VI Inc.
LSE:0LHO
|
$10.06 Billion |
|
AES Corp.
LSE:0H6G
|
$10.07 Billion |
|
Intertek Group plc
PINK:IKTSF
|
$10.08 Billion |
|
New China Life Insurance Company Ltd
PINK:NWWCF
|
$10.11 Billion |
|
Plains All American Pipeline LP
NASDAQ:PAA
|
$10.05 Billion |
|
Encompass Health Corp
NYSE:EHC
|
$10.04 Billion |
|
Poste Italiane S.p.A.
LSE:0RC2
|
$10.03 Billion |
|
Danone PK
OTCQX:DANOY
|
$10.03 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in The AES Corporation's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 3,644,000,000 to 6,887,000,000, a change of 3,243,000,000 (89.0%).
- Net income of 949,000,000 contributed positively to equity growth.
- Dividend payments of 501,000,000 reduced retained earnings.
- New share issuances of 992,000,000 increased equity.
- Other comprehensive income increased equity by 68,000,000.
- Other factors increased equity by 1,735,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $949.00 Million | +13.78% |
| Dividends Paid | $501.00 Million | -7.27% |
| Share Issuances | $992.00 Million | +14.4% |
| Other Comprehensive Income | $68.00 Million | +0.99% |
| Other Changes | $1.74 Billion | +25.19% |
| Total Change | $- | 89.00% |
Book Value vs Market Value Analysis
This analysis compares The AES Corporation's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.47x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 10.35x to 1.47x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1994-12-31 | $1.37 | $14.20 | x |
| 1995-12-31 | $1.82 | $14.20 | x |
| 1996-12-31 | $2.31 | $14.20 | x |
| 1997-12-31 | $4.40 | $14.20 | x |
| 1998-12-31 | $4.87 | $14.20 | x |
| 1999-12-31 | $6.71 | $14.20 | x |
| 2000-12-31 | $10.23 | $14.20 | x |
| 2001-12-31 | $10.28 | $14.20 | x |
| 2002-12-31 | $-0.72 | $14.20 | x |
| 2003-12-31 | $1.10 | $14.20 | x |
| 2004-12-31 | $2.54 | $14.20 | x |
| 2005-12-31 | $2.48 | $14.20 | x |
| 2006-12-31 | $4.52 | $14.20 | x |
| 2007-12-31 | $4.67 | $14.20 | x |
| 2008-12-31 | $5.33 | $14.20 | x |
| 2009-12-31 | $6.98 | $14.20 | x |
| 2010-12-31 | $8.42 | $14.20 | x |
| 2011-12-31 | $7.69 | $14.20 | x |
| 2012-12-31 | $6.05 | $14.20 | x |
| 2013-12-31 | $5.79 | $14.20 | x |
| 2014-12-31 | $5.90 | $14.20 | x |
| 2015-12-31 | $4.57 | $14.20 | x |
| 2016-12-31 | $4.23 | $14.20 | x |
| 2017-12-31 | $3.73 | $14.20 | x |
| 2018-12-31 | $4.82 | $14.20 | x |
| 2019-12-31 | $4.49 | $14.20 | x |
| 2020-12-31 | $3.94 | $14.20 | x |
| 2021-12-31 | $4.20 | $14.20 | x |
| 2022-12-31 | $3.65 | $14.20 | x |
| 2023-12-31 | $3.49 | $14.20 | x |
| 2024-12-31 | $5.11 | $14.20 | x |
| 2025-12-31 | $9.67 | $14.20 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently The AES Corporation utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 13.78%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 7.76%
- • Asset Turnover: 0.24x
- • Equity Multiplier: 7.52x
- Recent ROE (13.78%) is above the historical average (10.75%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1994 | 24.94% | 18.76% | 0.28x | 4.78x | $59.90 Million |
| 1995 | 19.49% | 15.76% | 0.29x | 4.23x | $52.10 Million |
| 1996 | 17.34% | 14.97% | 0.23x | 5.02x | $52.90 Million |
| 1997 | 12.49% | 13.11% | 0.16x | 6.02x | $36.90 Million |
| 1998 | 17.34% | 12.97% | 0.22x | 6.01x | $131.60 Million |
| 1999 | 8.65% | 7.01% | 0.16x | 7.92x | $-35.70 Million |
| 2000 | 16.52% | 12.81% | 0.20x | 6.45x | $313.90 Million |
| 2001 | 4.93% | 4.33% | 0.17x | 6.63x | $-280.90 Million |
| 2002 | 0.00% | -48.22% | 0.22x | 0.00x | $-3.52 Billion |
| 2003 | 32.40% | 2.23% | 0.31x | 46.36x | $144.50 Million |
| 2004 | 12.71% | 2.23% | 0.32x | 18.07x | $44.50 Million |
| 2005 | 33.54% | 5.40% | 0.35x | 17.85x | $388.10 Million |
| 2006 | 8.60% | 2.12% | 0.39x | 10.26x | $-42.60 Million |
| 2007 | 17.89% | 4.17% | 0.39x | 10.89x | $249.60 Million |
| 2008 | 33.47% | 7.64% | 0.46x | 9.49x | $861.10 Million |
| 2009 | 17.28% | 5.80% | 0.35x | 8.46x | $340.50 Million |
| 2010 | -0.85% | -0.33% | 0.41x | 6.26x | $-702.30 Million |
| 2011 | -0.46% | -0.16% | 0.38x | 7.53x | $-630.40 Million |
| 2012 | -20.31% | -5.12% | 0.43x | 9.16x | $-1.38 Billion |
| 2013 | 6.14% | 1.67% | 0.39x | 9.33x | $-167.00 Million |
| 2014 | 19.31% | 4.82% | 0.44x | 9.12x | $397.80 Million |
| 2015 | 9.72% | 2.17% | 0.38x | 11.70x | $-8.90 Million |
| 2016 | -0.39% | -0.11% | 0.28x | 12.93x | $-290.40 Million |
| 2017 | -22.31% | -5.24% | 0.32x | 13.43x | $-796.50 Million |
| 2018 | 31.30% | 9.35% | 0.33x | 10.14x | $683.20 Million |
| 2019 | 10.08% | 2.96% | 0.30x | 11.23x | $2.40 Million |
| 2020 | 1.63% | 0.45% | 0.28x | 13.14x | $-220.40 Million |
| 2021 | -14.76% | -3.71% | 0.34x | 11.78x | $-692.80 Million |
| 2022 | -22.40% | -4.33% | 0.33x | 15.74x | $-789.70 Million |
| 2023 | 9.73% | 1.91% | 0.28x | 18.01x | $-6.80 Million |
| 2024 | 46.27% | 13.73% | 0.26x | 13.01x | $1.32 Billion |
| 2025 | 13.78% | 7.76% | 0.24x | 7.52x | $260.30 Million |
Industry Comparison
This section compares The AES Corporation's net assets metrics with peer companies in the Utilities - Diversified industry.
Industry Context
- Industry: Utilities - Diversified
- Average net assets among peers: $3,714,623,742
- Average return on equity (ROE) among peers: 7.44%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| The AES Corporation (AES) | $11.93 Billion | 24.94% | 3.34x | $10.06 Billion |
| ACEA S.p.A (ACEJF) | $1.90 Billion | 14.24% | 3.29x | $780.10 Million |
| Atco Ltd (ACLLF) | $2.57 Billion | 6.35% | 1.49x | $2.59 Billion |
| A2A S.p.A (AEMMF) | $3.52 Billion | 9.76% | 1.93x | $4.51 Billion |
| Allete Inc (ALE) | $673.20 Million | 11.48% | 1.28x | $3.93 Billion |
| Algonquin Power & Utilities Corp (AQN) | $1.41 Billion | 1.04% | 0.98x | $4.08 Billion |
| Avista Corporation (AVA) | $1.53 Billion | 8.06% | 2.21x | $3.23 Billion |
| Brookfield Infrastructure Partners LP (BIP) | $14.67 Billion | 1.31% | 1.49x | $16.66 Billion |
| Commerce Energy Group Inc (CMNR) | $93.62 Million | 5.79% | 0.34x | $0.94 |
| Canadian Utilities Limited (CUTLF) | $7.07 Billion | 8.94% | 2.11x | $4.62 Billion |