The AES
Financial ratios & Valuation

Forward Multiples (2025 – 2028)

2025202620272028
Price/Earnings ratio
6.606.255.784.82
Price/Sales ratio
0.660.630.610.52
Earnings per Share (EPS)
$2.03$2.14$2.31$2.78

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
14.1920.80-6.54-6.319.7744.22391.66-39.18-35.0751.719.4944.22
Price/Sales ratio
0.670.560.710.691.091.311.861.431.511.010.731.31
Price/Book Value ratio
2.552.022.642.973.664.476.845.727.855.172.754.47
Price/Cash Flow ratio
6.092.982.562.945.015.436.538.427.054.243.795.43
Price/Free Cash Flow ratio
-48.51-36.5813.7223.5152.94219.6621.07-74.89-10.43-2.74-1.58219.66
Price/Earnings Growth ratio
0.02-0.390.011.60-0.05-0.63-4.570.03-1.08-0.35-0.20-0.63
Dividend Yield
1.31%4.33%3.92%4.32%2.92%2.70%2.11%2.50%2.20%3.44%5.41%2.92%
Profitability Indicator Ratios
Gross Profit Margin
18.48%23.65%23.17%23.61%23.97%23.05%27.87%24.33%20.19%19.76%19.43%23.05%
Operating Profit Margin
17.32%21.90%21.26%21.56%22.09%20.96%26.16%23.03%18.59%17.75%17.26%20.96%
Pretax Profit Margin
9.06%9.71%2.16%7.99%19.15%8.13%3.77%-9.76%-1.90%0.82%-0.43%8.13%
Net Profit Margin
4.76%2.71%-10.99%-11.02%11.20%2.97%0.47%-3.67%-4.32%1.96%7.77%7.77%
Effective Tax Rate
25.37%37.66%14.34%117.57%34.41%42.46%59.17%-12.22%-110.41%250.96%-307.40%42.46%
Return on Assets
1.97%0.83%-3.12%-3.50%3.69%0.90%0.13%-1.24%-1.42%0.55%1.90%1.90%
Return On Equity
18.00%9.71%-40.44%-47.09%37.5%10.11%1.74%-14.61%-22.40%10.00%32.45%32.45%
Return on Capital Employed
8.73%8.25%7.08%8.38%8.43%7.48%8.64%9.08%7.36%6.41%5.62%7.48%
Liquidity Ratios
Current Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A0.85N/A
Quick Ratio
1.010.891.090.961.000.930.921.001.010.610.790.93
Cash ratio
0.210.180.240.150.260.200.200.190.210.140.150.20
Days of Sales Outstanding
61.3280.0055.2750.7154.2252.9849.1246.4552.0440.9155.5054.22
Days of Inventory outstanding
19.4928.6529.1125.5025.8022.6724.1526.1538.2425.5623.8222.67
Operating Cycle
80.81108.6684.3976.2180.0275.6573.2772.6090.2866.4879.3279.32
Days of Payables Outstanding
63.2566.6957.2162.2159.4361.0360.5649.9262.7178.9672.4659.43
Cash Conversion Cycle
17.5541.9627.1713.9920.5914.6112.7022.6827.57-12.486.8614.61
Debt Ratios
Debt Ratio
0.530.550.530.600.590.590.570.560.620.590.580.59
Debt Equity Ratio
4.886.496.968.096.016.707.546.689.9110.698.956.01
Long-term Debt to Capitalization
0.810.850.860.870.840.850.870.860.890.900.880.84
Total Debt to Capitalization
0.830.860.870.890.850.870.880.860.900.910.890.85
Interest Coverage Ratio
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/A1.43N/A
Cash Flow to Debt Ratio
0.080.100.140.120.120.120.130.100.110.110.080.12
Company Equity Multiplier
9.1211.7012.9213.4310.1311.2313.1311.7815.7418.0015.2210.13
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.110.180.280.230.210.240.280.170.210.230.190.24
Free Cash Flow / Operating Cash Flow Ratio
-0.12-0.080.180.120.090.020.31-0.11-0.67-1.54-2.380.02
Cash Flow Coverage Ratio
0.080.100.140.120.120.120.130.100.110.110.080.12
Short Term Coverage Ratio
0.830.982.741.151.411.321.921.391.120.730.481.32
Dividend Payout Ratio
18.72%90.19%-25.66%-27.30%28.59%119.47%828.26%-98.04%-77.28%178.31%49.42%28.59%