{"schemaVersion":1,"research":true,"symbol":"aes","name":"AES","topic":"moat","path":"/stock/aes/moat","status":"published","version":11,"updatedAt":"2026-10-18T01:07:10.968Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"AES has a narrow, localized infrastructure advantage: it operates the Dominican Republic's only LNG import terminal alongside substantial contracted generation. This supports an efficient-scale assessment, but does not establish a portfolio-wide cost advantage or unrestricted pricing power. Regulatory rate approvals and contractual inflation protection support pricing resilience in parts of the business; competitive generation markets, unindexed U.S. contracts, financing needs and counterparty exposure limit durability.","advantages":[{"mechanism":"efficient_scale","claim":"AES Dominicana's operating LNG terminal is the country's only import terminal, providing an existing infrastructure position alongside generation supplying approximately 16% of national energy demand. Contracted generation reinforces utilization visibility. The narrow advantage rests on this localized infrastructure position, rather than demonstrated superior generation costs.","durability":"Physical infrastructure and existing contracted demand support persistence, but terminal exclusivity is an operating fact, not a disclosed exclusive legal right. Contract expiration dates, terminal economics and competing infrastructure plans are absent, limiting confidence in duration.","risks":"Alternative import infrastructure or substitute energy supplies could weaken the terminal's position. Generation participates in a competitive market, and government-owned distribution counterparties create collection and enforcement exposure. These are erosion risks, not evidence that the advantage has already disappeared.","invalidation":"Reassess if another terminal begins operating and materially reduces AES terminal utilization or achievable terms, if substitute supplies remove customer dependence, or if generation contracts cannot be renewed or collected on economically viable terms.","competitors":[],"evidenceIds":["e1","e2","e3"],"counterEvidenceIds":["e4","e5"]}],"evidence":[{"id":"e1","sourceId":"filing-1","location":"AES Dominicana business description: operating generation and sole LNG import terminal","excerpt":"Andres owns and operates a combined cycle natural gas turbine and an energy storage facility with combined generation capacity of 329 MW, as well as the only LNG import terminal in the country, with 160,000 cubic meters of storage capacity."},{"id":"e2","sourceId":"filing-1","location":"AES Dominicana business description: installed capacity and national energy supply","excerpt":"With a total of 679 MW of installed thermal capacity, AES provides 9% of the country's capacity and supplies approximately 16% of the country's energy demand via these generation facilities."},{"id":"e3","sourceId":"filing-1","location":"AES Dominicana business description: contracted generation capacity","excerpt":"575 MW are contracted with government-owned distribution companies."},{"id":"e4","sourceId":"filing-1","location":"Dominican Republic market framework: PPAs and competitive wholesale generation","excerpt":"Generation companies can earn revenue through short-term and long-term PPAs, ancillary services, and a competitive wholesale generation market."},{"id":"e5","sourceId":"filing-1","location":"International operations risk factors: contractual enforcement, political and financing risks","excerpt":"International operations, particularly the operation, financing, and development of projects in developing countries, entail significant risks and uncertainties, including, without limitation: •economic, social, and political instability in any particular country or region; •inability to economically hedge energy prices; •volatility in commodity prices; •adverse changes in currency exchange rates; •government restrictions on converting currencies or repatriating funds; •unexpected changes in foreign laws, regulatory framework, or in trade, monetary or fiscal policies; •high inflation and monetary fluctuations; •restrictions on imports of solar panels, wind turbines, coal, oil, gas, or other raw materials required by our generation businesses to operate; •threatened or consummated expropriation or nationalization of our assets by foreign governments; •unwillingness of governments, government agencies, similar organizations, or other counterparties to honor their commitments; •unwillingness of governments, government agencies, courts, or similar bodies to enforce contracts that are economically advantageous to subsidiaries of the Company and economically unfavorable to counterparties, against such counterparties, whether such counterparties are governments or private parties; •inability to obtain access to fair and equitable political, regulatory, administrative, and legal systems; •adverse changes in government tax policy; •potentially adverse tax consequences of operating in multiple jurisdictions; •difficulties in enforcing our contractual rights, enforcing judgments, or obtaining a just result in local jurisdictions; and •inability to obtain financing on expected terms."},{"id":"e6","sourceId":"filing-1","location":"Glossary: Indiana and Ohio authorized annual basic-rate increases","excerpt":"EXHIBITS AND FINANCIAL STATEMENT SCHEDULE 207 SIGNATURES 210 1 | 2025 Annual Report Glossary of Terms The following is a list of frequently used terms and abbreviations that appear in the text of this report and have the definitions indicated below: 2024 Base Rate Order The order issued in April 2024 by the IURC authorizing AES Indiana to, among other things, increase its basic rates and charges by $71 million annually 2024 DRC Settlement The order issued in November 2025 by the PUCO authorizing AES Ohio to, among other things, increase its basic rates and charges by $168 million annually Adjusted EBITDA Adjusted earnings before interest income and expense, taxes, depreciation, amortization, and accretion of AROs, a non-GAAP measure of operating performance Adjusted EBITDA with Tax Attributes Adjusted earnings before interest income and expense, taxes, depreciation, amortization, and accretion of AROs, adding back the pre-tax effect of Production Tax Credits, Investment Tax Credits, and depreciation tax deductions allocated to tax equity investors, as well as the tax benefit recorded from tax credits retained or transferred to third parties, a non-GAAP measure Adjusted EPS Adjusted Earnings Per Share, a non-GAAP measure Adjusted PTC Adjusted Pre-tax Contribution, a non-GAAP measure of operating performance AES The Parent Company and its subsidiaries and affiliates AES Andes AES Andes S.A., formerly AES Gener AES Brasil AES Brasil Energia S.A."},{"id":"e7","sourceId":"filing-2","location":"Inflation discussion: international contract indexation and generally unindexed U.S. generation contracts","excerpt":"While most of our contracts in our international businesses are indexed to inflation, in general, our U.S.-based generation contracts are not indexed to inflation."},{"id":"e8","sourceId":"filing-2","location":"Inflation discussion: utility O&M recovery through regulatory proceedings","excerpt":"Our utility businesses allow for recovery of O&M costs through the regulatory process, which may have timing impacts on recovery."},{"id":"e9","sourceId":"filing-2","location":"Utility ratemaking discussion: new basic rates subject to refund","excerpt":"New basic rates and charges are subject to refund pending resolution of the regulatory petitions and legal appeal processes."},{"id":"e10","sourceId":"filing-2","location":"Interest-rate discussion: intended incorporation of financing costs into new PPA pricing","excerpt":"AES typically seeks to incorporate expected financing costs into our new PPA pricing such that we maintain our target investment returns, but higher financing costs may negatively impact our returns or the competitiveness of some of our development projects."},{"id":"e11","sourceId":"filing-2","location":"Puerto Rico discussion: long-term PPAs and financially challenged state-owned offtaker","excerpt":"Puerto Rico — As discussed in Item 7.—Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Trends and Uncertainties of the 2025 Form 10-K, our subsidiaries in Puerto Rico have long-term PPAs with state-owned PREPA, which has been facing economic challenges that could result in a material adverse effect on our business in Puerto Rico."},{"id":"e12","sourceId":"filing-2","location":"Monrovia project petition: executed customer agreements submitted for regulatory approval","excerpt":"The petition also includes AES Indiana's plan to develop and construct specific transmission network upgrades and enhancements required to serve the increasing demand, including seeking approval of a construction service agreement and an electric services agreement executed with the data center customer to provide high-voltage retail electric service to the new data center campus, which includes financial assurances, minimum demand commitments, and exit provisions as protections for existing customers."},{"id":"e13","sourceId":"filing-2","location":"Investing activities: increase in capital expenditures","excerpt":"•Capital expenditures increased $823 million, discussed further below."},{"id":"e14","sourceId":"filing-1","location":"Schedule I: parent-only balance sheets for 2025 and 2024","excerpt":"See Notes to Schedule I S-2 | 2025 Annual Report THE AES CORPORATION SCHEDULE I CONDENSED FINANCIAL INFORMATION OF PARENT BALANCE SHEETS DECEMBER 31, 2025 AND 2024 December 31, 2025 2024 (in millions) ASSETS Current Assets: Cash and cash equivalents $ 11 $ 265 Accounts and notes receivable from subsidiaries 266 446 Prepaid expenses and other current assets 81 95 Total current assets 358 806 Investment in and advances to subsidiaries and affiliates 11,520 9,786 Office Equipment: Cost 14 14 Accumulated depreciation (14) (13) Construction in progress 7 — Office equipment, net 7 1 Other Assets: Deferred financing costs, net of accumulated amortization of $14 and $12, respectively 3 5 Other assets 29 47 Total other assets 32 52 Total assets $ 11,917 $ 10,645 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 9 $ 20 Accounts and notes payable to subsidiaries 208 190 Accrued and other liabilities 339 312 Debt—current portion 879 899 Total current liabilities 1,435 1,421 Long-term Liabilities: Debt 5,105 4,805 Accounts and notes payable to subsidiaries 754 307 Other long-term liabilities 560 468 Total long-term liabilities 6,419 5,580 Stockholders' equity: Common stock 9 9 Additional paid-in capital 5,904 5,913 Retained earnings 641 293 Accumulated other comprehensive loss (698) (766) Treasury stock (1,793) (1,805) Total stockholders' equity 4,063 3,644 Total liabilities and equity $ 11,917 $ 10,645 See Notes to Schedule I."},{"id":"e15","sourceId":"filing-1","location":"Schedule I: cash dividends received from consolidated subsidiaries","excerpt":"Dividends from Subsidiaries and Affiliates Cash dividends received from consolidated subsidiaries were $1.4 billion, $1.6 billion, and $1.4 billion for the years ended December 31, 2025, 2024, and 2023, respectively."},{"id":"e16","sourceId":"filing-1","location":"Schedule I: absence of subsidiary dividends derived from business-interest sales in 2025","excerpt":"There were no dividends derived from the sale of business interests for the year ended December 31, 2025."},{"id":"e17","sourceId":"filing-1","location":"Schedule I: parent contingent obligations and commitments","excerpt":"These obligations and commitments, excluding those collateralized by letters of credit and other obligations discussed below, were limited as of December 31, 2025 by the terms of the agreements, to an aggregate of approximately $6.7 billion, representing 102 agreements with individual exposures ranging up to $1.1 billion."},{"id":"e18","sourceId":"filing-3","location":"Executive compensation: 2025 incentive allocation, performance metrics and vesting terms","excerpt":"Element CEO Other NEOs (Average) Purpose Key Characteristics Fixed 12% 22% Base Salary Maintain market competitiveness and retain our NEOs Reflects the NEOs’ scope of responsibility, experience and expertise Variable 88% 78% Annual Incentive Awards Provide performance-based compensation tied to the Company’s annual objectives Metrics •Safety (10%) •Financials (70%) •Green Growth (15%) •New Business Models (5%) Restricted Stock Units (“RSUs”) Recognize and reward NEOs’ contributions to the company's growth and success; settles in shares •30% of annual LTC grant for the NEOs (other than the CEO) •CEO’s 2025 grant did not include any RSUs •Three-year ratable vest Performance Stock Units (“PSUs”) Directly link NEOs’ interests with those of Stockholders and AES’ long-term financial performance; settles in shares •35% of annual LTC grant for the NEOs (other than the CEO) •50% of annual LTC grant for the CEO •Tied to Parent FCF metric •Three-year cliff vest Performance Cash Units (“PCUs”) Directly link NEOs’ interests with those of Stockholders and AES’ long-term share price performance; settles in cash •35% of annual LTC grant for the NEOs (other than the CEO) •50% of annual LTC grant for the CEO •Tied to Relative TSR metric –S&P 500 Index –S&P Utilities Index –Clean Energy Peer Group •Three-year cliff vest 2026 Proxy Statement | 46 Our CEO’s compensation is higher and more performance-based than the compensation paid to our other NEOs largely due to the scope of the position and his overall responsibility for the Company’s strategy and direction, as well as his overall influence on AES’ short and long-term performance."},{"id":"e19","sourceId":"filing-3","location":"Corporate governance summary: independent leadership, committee independence and annual elections","excerpt":"If properly presented, to vote on a non-binding stockholder proposal regarding stockholder ability to call a special meeting AGAINST 2026 Proxy Statement | 6 Corporate Governance Our Corporate Governance Policies Reflect Best Practices Annual Election of All Directors 96% Average Attendance of Directors at Board Meetings and 97% at Committee Meetings Non-Executive, Independent Chair Since 2003 Financial Audit, Compensation, Finance, and Governance Committee Members Are All Independent Supermajority of Our Director Nominees Are Independent Directors Are Subject to Rigorous Stock Ownership Requirements Annual Board and Committee Self-Evaluations and Review of Director Qualifications Director Compensation Reviewed Annually Executive Sessions of Independent Directors Directors Subject to Term Limits; Average Tenure of Director Nominees is 7.1 Years Board Oversight of Cybersecurity Programs, Policies, and Practices Governance Committee Oversight of Environmental and Safety Programs, Policies, and Practices Compensation Committee Oversight of Human Capital Management Matters Overboarding Policy: Non-Employee Directors should not Serve on More Than Four Public Boards and Executive Officers of Public Companies should not Serve on More Than Two Public Company Boards Director Nominee Statistics."},{"id":"e20","sourceId":"filing-3","location":"Board governance: actual 2025 board and committee attendance","excerpt":"In 2025, overall Board attendance averaged 96%, and committee meeting attendance averaged 97%."},{"id":"e21","sourceId":"filing-3","location":"Director biography: reported historical divestiture proceeds and geographic simplification","excerpt":"In 2011, he initiated an asset divestiture program that generated over $8 billion in proceeds and streamlined AES’ operations from 28 to 12 countries, enabling the Company to concentrate on markets where it holds a competitive advantage."},{"id":"e22","sourceId":"filing-2","location":"Ventanas environmental proceedings: execution of compliance program and submission of final report","excerpt":"AES Andes has completed the execution of the Compliance Program and filed a request for final compliance report in late 2025."},{"id":"e23","sourceId":"filing-2","location":"Separate Ventanas environmental proceeding: court confirmation of sanction","excerpt":"The appellate hearing occurred on April 3, 2025 and the Environmental Court subsequently upheld the sanction imposed by the SMA, confirming the fine."},{"id":"e24","sourceId":"filing-2","location":"Auditor independence disclosure: audit committee conclusion concerning KPMG","excerpt":"After taking into consideration the facts and circumstances of the above matters and KPMG’s determination, the Company’s Audit Committee also concluded that KPMG’s objectivity and ability to exercise impartial judgment has not been impaired."},{"id":"e25","sourceId":"filing-2","location":"Auditor independence disclosure: impermissible services to foreign affiliates","excerpt":"Additionally, these services were limited to foreign affiliates, the subject matters to which the services relate are not expected to be in-scope for the consolidated group audit of the Company, and the fees associated with the Impermissible Services are immaterial to each of the Company and KPMG."},{"id":"e26","sourceId":"filing-2","location":"Merger update: stockholder approval obtained June 26, 2026","excerpt":"Approval by the stockholders of the Company was obtained on June 26, 2026."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only the supplied passages. Filing dates remain filing dates: March 2, March 20 and August 4, 2026; they are not retrieval dates.","The narrow verdict is localized. The passages do not establish portfolio-wide market power, exclusive utility franchises, superior unit costs, network effects or differentiated technology.","No competing terminal operator or direct rival in the assessed Dominican business is named. Other named entities are not sufficient to establish competitor coverage.","Terminal throughput, profitability, access obligations, expansion alternatives and contract expiration schedules are missing. Sole-terminal status does not establish guaranteed exclusivity or monopoly pricing.","Rate authorizations establish approved pricing terms, but the passages do not quantify subsequent collections, realized price/mix or operating-margin resilience.","Operating and contractual disclosures support the assessment, but all sources are issuer filings. Promotional claims about leadership and competitive advantage are not treated as independent proof.","Actual executive beneficial ownership, detailed performance thresholds and full payout outcomes are absent from the supplied proxy passages. Disclosed 2025 grants support incentive-design assessment without implying that unvested awards have vested.","The latest supplied filing reports stockholder approval of the merger, not completed acquisition. Pending data-center investments and related regulatory requests are potential growth rather than demonstrated completed execution."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"The sole operating Dominican LNG import terminal and substantial existing generation establish a localized infrastructure advantage. Replication economics and portfolio-wide superiority remain unproven.","evidenceIds":["e1","e2","e4"]},{"criterion":"durability","grade":2,"rationale":"Operating infrastructure and 575 MW of contracted generation support persistence, but contract duration, terminal exclusivity rights and competitive expansion constraints are undisclosed.","evidenceIds":["e1","e3","e5"]},{"criterion":"customer_dependency","grade":2,"rationale":"National supply significance, the sole import terminal and contracted generation indicate dependency indirectly. They do not demonstrate customer-specific switching costs or renewal rates.","evidenceIds":["e1","e2","e3"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Existing infrastructure and contracts provide protection, while competitive generation and international contract-enforcement exposure limit it. Generic risks are not treated as realized competitive losses.","evidenceIds":["e1","e3","e4","e5"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Indiana and Ohio obtained concrete annual basic-rate authorizations, demonstrating regulatory pricing progress. Some new rates remain refundable, and the passages do not establish incremental billed revenue or collections.","evidenceIds":["e6","e9"]},{"criterion":"retention","grade":2,"rationale":"Contracted Dominican capacity and long-term Puerto Rico PPAs demonstrate committed demand and contractual persistence indirectly. Renewal rates are absent, and Puerto Rico counterparty financial challenges weaken the economic security of that demand.","evidenceIds":["e3","e11"]},{"criterion":"margin_resilience","grade":2,"rationale":"International inflation indexation and regulated utility O&M recovery provide contractual cost protection. Generally unindexed U.S. generation contracts and recovery timing make resilience mixed; actual margin stability is not demonstrated.","evidenceIds":["e7","e8"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Regulatory rate approvals and existing contract indexation limit unilateral repricing. Management seeks to incorporate financing costs into new PPAs, but that intention does not demonstrate successful pass-through or freedom to reset existing contracts.","evidenceIds":["e6","e7","e8","e10"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Subsidiaries delivered $1.4 billion of cash dividends in 2025 without dividends derived from business-interest sales. Historical divestitures show portfolio simplification, but rising parent debt, substantial contingent commitments and increased capital spending temper the assessment. Project returns and spending outcomes are incomplete.","evidenceIds":["e13","e14","e15","e16","e17","e21"]},{"criterion":"incentive_alignment","grade":3,"rationale":"The disclosed 2025 compensation structure links substantial variable pay to financial performance, parent free cash flow and relative shareholder returns, with three-year cliff vesting for performance units. This is strong evidence of alignment in plan design, not exceptional realized alignment; ownership levels, goal difficulty and complete payout outcomes are missing.","evidenceIds":["e18"]},{"criterion":"execution","grade":2,"rationale":"Actual national energy supply, subsidiary cash distributions and execution of the Ventanas compliance program support operating execution indirectly. A separately upheld environmental sanction is realized adverse evidence. Project completion against budget and schedule is not supplied, and the pending Monrovia plan is not counted as delivered capacity.","evidenceIds":["e2","e12","e15","e22","e23"]},{"criterion":"governance","grade":2,"rationale":"Independent board leadership, independent key committees, annual elections and high actual attendance support governance. Disclosed impermissible auditor services temper the assessment, although the audit committee concluded impartiality was unimpaired. These disclosures establish mixed oversight evidence rather than exceptional governance effectiveness.","evidenceIds":["e19","e20","e24","e25"]}]}],"qualityPolicy":"quality-scores-3","basisHash":"814323ad49c94a7209557b54a3e274e9758ed8feefb29ad649ee94277a85f671","updatedAt":"2026-10-18T01:07:10.968Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/874761/000087476126000063/aes-20251231.htm","publishedAt":"2026-03-02","sha256":"a3736c10505f2579145fe5b27578d263b4dea153a31028eff2dc21dd9033ed95","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/874761/000087476126000144/aes-20260630.htm","publishedAt":"2026-08-04","sha256":"bf478fbc2bc91c207f7e23c2a2386a7e931926e5f4873dae66cea1201b4f06a5","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/874761/000087476126000070/aes-20260320.htm","publishedAt":"2026-03-20","sha256":"b96f7d06d409ed233cad2865837a7d532dafb30eda8b241bac868ffd6f078a56","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:4b17eb56e30d3747185c87d634cac16998eca5cb19b747f928a832e47d9a5d1e","usage":{"input_tokens":52024,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3187,"reasoning_output_tokens":120},"basisSupplement":{"previousHash":"68de56a33291286a602175a8a6069579aeec36c1721bc53ff9f0e76677c88f36","checkedAt":"2026-10-19T10:12:32.566Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":24.33354276994884,"operating_margin":null,"roic":null,"fcf_margin":-1.9208329593393771,"sbc_revenue":null},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"Invested capital did not increase versus the prior year. ROIIC requires a positive increase.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":20.194975033684713,"operating_margin":null,"roic":null,"fcf_margin":-14.551795196956489,"sbc_revenue":null},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":19.76634038522261,"operating_margin":null,"roic":null,"fcf_margin":-37.02241869276918,"sbc_revenue":null},"issues":{"peg":"Prior-year TTM earnings per diluted share is zero or negative; a growth-adjusted multiple is undefined.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":18.84671770646685,"operating_margin":null,"roic":null,"fcf_margin":-37.791171200521255,"sbc_revenue":null},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"Operating income is unavailable in the extracted statements for this period.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":18.07406196354124,"operating_margin":null,"roic":null,"fcf_margin":-13.26739148205673,"sbc_revenue":null},"issues":{"peg":"TTM earnings per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","ev_ebitda":"Operating income is unavailable in the extracted statements for this period.","sbc":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","sbc_ocf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","operating_margin":"Operating income is unavailable in the extracted statements for this period.","ebitda_margin":"Operating income is unavailable in the extracted statements for this period.","sbc_revenue":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roce":"Operating income is unavailable in the extracted statements for this period.","roiic":"NOPAT is undefined under this method: pretax profit must be positive and the effective tax rate must be between 0 and 100%.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","net_debt_ebitda":"Operating income is unavailable in the extracted statements for this period.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","interest_coverage":"Operating income is unavailable in the extracted statements for this period.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/874761/000087476126000063/aes-20251231.htm","publishedAt":"2026-03-02","sha256":"a3736c10505f2579145fe5b27578d263b4dea153a31028eff2dc21dd9033ed95","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/874761/000087476126000144/aes-20260630.htm","publishedAt":"2026-08-04","sha256":"bf478fbc2bc91c207f7e23c2a2386a7e931926e5f4873dae66cea1201b4f06a5","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/874761/000087476126000070/aes-20260320.htm","publishedAt":"2026-03-20","sha256":"b96f7d06d409ed233cad2865837a7d532dafb30eda8b241bac868ffd6f078a56","dateKind":"filed"}],"history":[{"version":11,"updatedAt":"2026-10-31T09:03:21.651Z","verdict":"narrow","value":null},{"version":10,"updatedAt":"2026-10-28T04:32:09.967Z","verdict":"narrow","value":null},{"version":9,"updatedAt":"2026-10-24T08:13:09.931Z","verdict":"narrow","value":null},{"version":8,"updatedAt":"2026-10-23T23:21:09.227Z","verdict":"narrow","value":null},{"version":7,"updatedAt":"2026-10-22T23:15:14.849Z","verdict":"narrow","value":null},{"version":6,"updatedAt":"2026-10-19T13:57:15.039Z","verdict":"narrow","value":null},{"version":5,"updatedAt":"2026-10-19T13:54:22.947Z","verdict":"narrow","value":null},{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}