The Aes's Competitiveness
A competitive positioning analysis and financial ratio benchmarking of The Aes (AES) against its publicly traded competitors: sales growth, net income, profitability, valuation and market share, plus each peer's market capitalization, revenue, income and employees. Free below: the top 5 peers. Subscriber access adds the full competitor list and CSV downloads.
Key Findings: The Aes vs Its Competitors
- TTM: Trailing 12-month revenue of 13,054M vs 564,398M combined for tracked competitors (2.3% combined share).
- Trending: Latest-quarter revenue run-rate is accelerating (+4.9% annualized vs trailing 12 months), vs holding steady (+1.2%) for its tracked peer group.
- Growth: The Aes generated 19.9% revenue growth year over year in Q2 2026, vs 8.5% for its tracked competitors combined.
- Profitability: Its 11.3% net margin compares with 21.3% for the peer group.
- Scale: The Aes ranks #2 of 6 companies by market capitalization in the Renewable Energy Services & Equipment industry, holding 41.2% of industry market cap.
- Peer revenue share: The Aes accounted for 2.3% of combined revenue among its tracked peer group, up from 2.1% a year earlier.
Every figure above is sourced and cited in detail further down this page (Market Structure, Profitability & Cost Structure, Productivity vs Peers).
AES Sales vs. its Competitors, Q2 2026
The Aes reported revenue growth of 19.86 % year on year in Q2 2026, above its competitors' combined revenue growth of 8.48 %.
With a net margin of 11.31 %, The Aes reported lower profitability than its competitors (21.33 %).
The Aes generated 2.34 % of the combined sales of its peer group, up from 2.12 % a year earlier.
The Aes vs. its Competitors, Q2 2026
Revenue growth, year on year
Net margin
Revenue run-rate vs trailing 12 months
TTM net margin
TTM = trailing twelve months. Run-rate annualizes the latest quarter (×4) and compares it to TTM. In millions of $. High-Confidence Competitors are named as a competitor directly in an SEC filing; Similar-Size Competitors are the closest peers by market-cap rank within the same industry; Similar Growth & Profitability Competitors are the closest peers by combined revenue growth, operating margin and ROIC, all independent of the competitor list.
TTM revenue, latest-quarter run-rate and net income/margin benchmarked across The Aes and its 4 competitor groupings. Available under Commercial License.
| Entity | TTM Revenue | Rev Run-rate vs TTM |
|---|---|---|
| The Aes Corporation | $12,345M | +12.3% · Accelerating |
| Competitors combined | $12,345M | +12.3% · Accelerating |
| High-Confidence Competitors (1) | $12,345M | +12.3% · Accelerating |
| Similar-Size Competitors (3) | $12,345M | +12.3% · Accelerating |
TTM revenue, run-rate and net margin benchmarking across The Aes's competitor groups requires a Commercial License.
For context: the Renewable Energy Services & Equipment industry grew revenue 24.2% year over year, combined, vs 19.9% for The Aes. The Aes's share of combined industry revenue moved from 12.08% to 11.66%, a loss of 0.42 percentage points.
The Aes's Competitor Quality Breadth
Share of each group, trailing 12 months: profitable (net margin > 0), expanding (revenue growth > 0), growing faster than the industry's own median, and financially distressed (Piotroski F-Score of 2 or below).
| Entity | Profitable | Expanding | Above Industry Growth | Distressed |
|---|---|---|---|---|
| The Aes Corporation | Yes | Yes | Yes | No |
| Competitors combined (31) | ||||
| High-Confidence Competitors (1) | ||||
| Similar-Size Competitors (4) |
Source: CSIMarket API, trailing 12 months. Altman Z-Score is not shown here: it is not populated in the underlying data for any company. Percentages are of companies in each group that report the relevant metric, not of the full group size.
AES Stock Performance relative to its Competitors
AES Stock Performance relative to High-Confidence Competitors
AES Stock Performance relative to Similar-Size Competitors
5 Best-Performing Tracked Competitors, Trailing 12 Months
| # | Competitor | TTM Share Price Return | vs U.S.A. 500 |
|---|---|---|---|
| 1 | Oneok Inc | 282.9% | Outperformed |
| 2 | American Electric Power Co Inc | 282.9% | Outperformed |
| 3 | Entergy Corporation | 282.9% | Outperformed |
| 4 | Williams companies inc | 282.9% | Outperformed |
| 5 | Pinnacle West Capital Corporation | 282.9% | Outperformed |
TTM share price return and U.S.A. 500 outperformance for The Aes's best-performing tracked competitors requires a Commercial License.
Source: CSIMarket API, trailing 12 months.
The Aes's Comment on Competition and Industry Peers
For our businesses with medium- or long-term contracts, there is limited competition during the term of the contract. For short-term sales, plant dispatch and the price of electricity are determined by market competition and local dispatch and reliability rules.
Our integrated utilities, such as IPL and The Dayton Power & Light Company
(“DP&L”), operate as the sole distributor of electricity within
their respective jurisdictions. Our businesses own and operate all of the businesses
and facilities necessary to generate, transmit and distribute electricity. Competition
in the regulated electric business is primarily from the on-site generation
of industrial customers; however, in Ohio, customers in our service territory
have the ability to switch to alternative suppliers for their generation service.
Our integrated utilities, particularly DP&L, are exposed to the volatility
in wholesale prices to the extent our generating capacity exceeds the native
load served under the regulated tariff and short-term contracts. See the full
discussion under the US SBU.
At our pure transmission and distribution businesses, such as those in Brazil
and El Salvador, we face relatively limited competition due to significant barriers
to entry. At many of these businesses, large customers, as defined by the relevant
regulator, can leave and choose to return to regulated service.
Publicly Traded Peers of The Aes Corporation
Revenue and income for trailing 12 months, in millions of $, except employees| Company | Market Cap | Revenues |
|---|---|---|
| The Aes Corporation | 10,632.05 | 13,054.00 |
| Nextera Energy Inc | 157,955.28 | 27,866.00 |
| The Southern Company | 92,890.80 | 30,174.00 |
| Constellation Energy Corporation | 92,192.22 | 29,867.00 |
| Duke Energy Corporation | 88,346.39 | 33,166.00 |
| Williams companies inc | 84,500.50 | 12,204.00 |
| SUBTOTAL | 1,332,836.67 | 935,967.09 |
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Sources: The Aes Corporation's official press releases and regulatory filings; CSIMarket.com's market research; and the financial filings and press releases of the other companies cited.
Updated on:
Focus of this report: publicly traded companies. Ten additional tables on The Aes Corporation versus competitors, including market share analysis, are in the navigation menu under Competition. To download the tables, please subscribe.
The Aes's Competitors Named by the Company
Competitive relationships identified from SEC filings and corroborating sources, each with a basis and confidence.| Competitor | Basis | Confidence |
|---|---|---|
| Light Company | Named by the company | 85% |
Filing basis, confidence, active dates and source counts for The Aes's named competitors require a Commercial License.
Methodology: relationships are extracted from SEC filings (named-competitor disclosures) and corroborating sources. Named by the company = explicitly disclosed as a competitor; Inferred = derived from corroborating signals. Confidence reflects evidence strength.
The Aes's Business Segment Mix vs Peers
Revenue by operating segment or division, as named and reported by each company. Segment names are the filer's own and are not standardized across companies. Do not assume a same-named or similarly-named segment is defined identically between two companies. Shares are of each company's own total revenue and are not required to sum to 100% (intersegment revenue, unallocated items).| Company | Largest Segment |
|---|---|
| The Aes Corporation | Energy Infrastructure 43.72 % |
| Williams companies inc | Transmission And Gulf Of Mexico 44.10 % |
| American Electric Power Co Inc | Vertically Integrated Utilities 57.14 % |
| Oneok Inc | Refined Products and Crude Oil 59.21 % |
| Entergy Corporation | Utility 99.46 % |
| Xcel Energy Inc | Regulated Electric 42.53 % |
Source: operating segment revenue as reported in each company's SEC filings (10-K/10-Q), via the CSIMarket API, leaf-level reportable segments only (parent roll-up segments are excluded where sub-segments are separately disclosed).
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The Aes's Productivity vs Peers Comparison
Revenue and income per employee, trailing 12 months, in $; market cap in millions of $| Company | Market Cap | Revenue / Employee | Income / Employee |
|---|---|---|---|
| The Aes Corporation | 10,632 | - | - |
| Nextera Energy Inc | 157,955 | 1,601,494 | 376,782 |
| The Southern Company | 92,891 | 1,012,550 | 142,248 |
| Constellation Energy Corporation | 92,192 | 1,947,128 | 247,539 |
| Duke Energy Corporation | 88,346 | 1,254,340 | 198,328 |
| Williams companies inc | 84,501 | 2,038,417 | 541,841 |
| PEERS TOTAL | 1,322,205 | 1,082,116 | 186,876 |
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The Aes's Position in Industry Market Structure
Market-capitalization share and concentration across all 5 companies in The Aes's industry classification, broader than the peer set above. Market cap in millions of $.The Aes ranks #2 of 5 companies by market capitalization in its industry, holding 41.23 % of total industry market cap. The industry's Herfindahl-Hirschman Index (HHI) is 4,648, indicating a highly concentrated market structure (U.S. antitrust guidance: below 1,500 unconcentrated, 1,500 to 2,500 moderately concentrated, above 2,500 highly concentrated).
| Rank | Company | Market Cap | Industry Share |
|---|---|---|---|
| 1 | Masco Corporation | 13,964 | 54.17 % |
| 2 | The Aes Corporation | 10,628 | 41.23 % |
| 3 | Babcock and Wilcox Enterprises Inc | 1,234 | 5.2% |
| 4 | Omega Flex Inc | 1,234 | 5.2% |
| 5 | Fgi Industries Ltd | 1,234 | 5.2% |
| 0 | Slr Investment Corp | 1,234 | 5.2% |
Market cap and industry share for the rest of The Aes's industry peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation) across CSIMarket's industry classification, market capitalization as of 2026-09-28.
The Aes's Same-Size Peers & Stock Performance
Peers chosen by closeness in market-cap rank within the same industry classification (not the named-competitor list above). Trailing 12-month total return, 3-month price momentum, beta and Sharpe ratio vs the broad U.S. market.| Rank | Company | Market Cap | TTM Return |
|---|---|---|---|
| 1 | Masco Corporation | 13,964 | -2.88 % |
| 2 | The Aes Corporation | 10,628 | 14.08 % |
| 3 | Babcock and Wilcox Enterprises Inc | 1,234 | 12.3% |
| 4 | Omega Flex Inc | 1,234 | 12.3% |
| 5 | Fgi Industries Ltd | 1,234 | 12.3% |
Market cap, return, momentum, beta and Sharpe ratio for the rest of The Aes's same-size peers requires a Commercial License.
Source: CSIMarket API (daily market-structure computation); returns and risk metrics as of 2026-09-28. Beta and Sharpe ratio are versus the broad U.S. equity market, not this industry.
The Aes's Profitability & Cost Structure
Trailing 12-month margins from SEC-filed financials. Operating margin is compared to the Renewable Energy Services & Equipment industry median; gross margin, EBITDA margin and capital intensity are compared to the live industry average (13 companies).| Metric | Company | Industry | Difference |
|---|---|---|---|
| Gross Margin | 20.29 % | 23.11 % (avg) | -2.8 pp |
| Operating Margin | - | industry median | - |
| EBITDA Margin | 23.09 % | -0.24 % (avg) | +23.3 pp |
| Capital Intensity (Capex / Revenue) | 51.72 % | 7.96 % (avg) | +43.8 pp |
Source: CSIMarket API, trailing 12 months. SG&A and R&D as a share of revenue have limited coverage as this data is backfilled and appear only where reported. Higher capital intensity is not inherently negative; it reflects the industry's asset requirements.
The Aes's Valuation vs Competitive Position
Valuation multiples vs the Renewable Energy Services & Equipment industry average (13 companies, excluding loss-making/negative-equity outliers), alongside returns on capital for context on whether a premium or discount lines up with measurably stronger or weaker returns.| Metric | Company | Industry Average | Difference |
|---|---|---|---|
| P/E | 5.6x | 39.7x | -34.2x |
| EV / EBITDA | 5.2x | 11.8x | -6.6x |
| P/B | 1.1x | 3.6x | -2.5x |
| Return on Equity | 11.43 % | industry aggregate | 0.10 % |
| Return on Invested Capital | - | 5.31 % (avg) | - |
Source: CSIMarket API, trailing 12 months. A valuation premium or discount is not, by itself, a judgment of over- or under-valuation. Compare it against the return and growth context shown elsewhere on this page.
The Aes's Multi-Year Financial Trajectory
Fiscal-year revenue growth, operating margin, return on invested capital and P/E, as reported in SEC filings.| Metric | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth | -18.89 % | -5.10 % | -5.19 % | 15.33 % | 13.25 % | 0.40 % | -3.08 % | -0.37 % |
| Operating Margin | 29.41 % | 19.59 % | 16.24 % | -6.40 % | 12.44 % | 10.39 % | 16.31 % | 14.75 % |
| Return on Invested Capital | 9.10 % | 5.68 % | 4.40 % | -1.91 % | 4.76 % | 4.70 % | 7.60 % | 6.19 % |
| P/E | 8.4x | 42.8x | 325.2x | - | - | 51.2x | 5.5x | 11.1x |
Source: CSIMarket API, fiscal-year figures. P/E is this company's own historical ratio at each fiscal year end and can swing sharply around an earnings trough: that is real, not a data error.
The Aes's BCG Growth-Share Matrix
Relative market share (vs The Aes's largest competitor by market cap) against industry revenue growth, using the standard textbook thresholds (1.0x share, 10% growth) a common framework, not a precision instrument.
The Aes falls in the Dog quadrant: relative market share of 0.76x vs its largest competitor, in an industry growing revenue 7.2% (median, trailing 12 months).
Source: CSIMarket API (market-cap share and industry revenue growth). The 10% growth and 1.0x share lines are standard textbook thresholds, not derived from this industry's own distribution. A caveat worth reading alongside this chart: Masco Corporation alone holds 54% of this industry's market cap. In an industry this dominated by one leader, the framework will place nearly every OTHER company in "Dog" or "Question Mark" purely because relative share is measured against that leader, regardless of how strong those other companies actually are on their own fundamentals. Check the Profitability, Valuation and Financial Strength sections above before treating this quadrant label as a verdict.
The Aes's Competitive Forces (Porter's Five Forces)
Only the forces this data can support honestly are shown; the other three are marked as such rather than guessed.| Force | Assessment | Basis |
|---|---|---|
| Competitive Rivalry | Low | Industry HHI of 4,648 (see Industry Market Structure & Concentration above) |
| Barriers to Entry | High (capital intensive) | Capital intensity (capex / revenue) of 51.72 % vs industry average 7.96 % (see Profitability & Cost Structure above) |
| Supplier Power | Not covered on this page | See The Aes's dedicated suppliers page for concentration and dependency data |
| Buyer Power | Not covered on this page | See The Aes's dedicated customers page for concentration and dependency data |
| Threat of Substitutes | - | No systematic data source for cross-product substitution exists in this system; not estimated |
Note: this is a partial, data-grounded application of the framework, not a complete strategic assessment. Rivalry and barriers-to-entry readings are mechanical translations of the HHI and capital-intensity figures shown elsewhere on this page, not independent judgments.
The Aes's Industry Attractiveness & Competitive Strength
A CSIMarket composite, not a standard field: each axis is an equal-weighted average of three factors already shown elsewhere on this page (industry growth, industry profitability and rivalry for attractiveness; relative market share, profitability and growth vs industry for strength). Disclosed as a designed methodology, not a precision measurement.
The Aes falls in the Medium attractiveness / High strength cell: Invest / Grow.
Source: CSIMarket API, trailing 12 months. Each axis score is a simple 1(low)/2(medium)/3(high) average across its three inputs -- a transparent, disclosed simplification, not a validated academic scoring model.
The Aes's SWOT
Every point below is a fixed rule applied to a metric already shown elsewhere on this page (Market Structure, Profitability, Valuation, Run-Rate, Stock Performance, Quality Breadth) not an independent strategic assessment. A blank quadrant means no rule was met, not that none apply.Strengths
- Latest-quarter revenue run-rate is accelerating (+4.9% annualized vs trailing 12 months).
Weaknesses
- Underperforming the U.S.A. 500 over the trailing 12 months.
Opportunities
No rule matched.
Threats
- Industry dominated by Masco Corporation, holding 54.17 % of industry market cap.
- High capital intensity requires continuous reinvestment just to keep pace with the industry.
Methodology: mechanical, rule-based SWOT. Each bullet reuses a figure already sourced and cited elsewhere on this page; nothing here is generated narrative or independent analyst judgment.
The Aes's Financial Strength vs Peers Comparison
Quick ratio, working capital, debt to equity and asset turnover, trailing 12 months| Company | Quick Ratio | Working Capital | Debt / Equity |
|---|---|---|---|
| The Aes Corporation | 0.26 | 0.74 | 0.82 |
| Nextera Energy Inc | 0.09 | 0.56 | 1.42 |
| The Southern Company | 0.11 | 0.70 | 1.86 |
| Constellation Energy Corporation | 0.32 | 1.46 | 0.63 |
| Duke Energy Corporation | 0.04 | 0.62 | 1.66 |
| Williams companies inc | - | 0.54 | 1.94 |
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Quick ratio = cash / current liabilities; working capital ratio = current assets / current liabilities; asset turnover = revenue / total assets. Peers in the Blank Checks industry are excluded.
The Aes's Revenue and Income Growth vs Peers
Quarterly revenue and net income growth, year over year and quarter over quarter| Company | Period | Revenue Y/Y | Income Y/Y |
|---|---|---|---|
| The Aes Corporation | Q2 2026 | +19.9 % | - |
| Nextera Energy Inc | Q1 2026 | +7.3 % | +263.8 % |
| The Southern Company | Q1 2026 | +8.0 % | +0.3 % |
| Constellation Energy Corporation | Q1 2026 | +63.8 % | +1,142.6 % |
| Duke Energy Corporation | Q1 2026 | +11.3 % | +12.3 % |
| Williams companies inc | Q2 2026 | +9.8 % | +50.3 % |
| PEERS TOTAL | +12.9 % | +68.0 % |
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Growth is shown only where both periods are positive. Peers in the Blank Checks industry are excluded.
The Aes's Peers' Costs of Sales and Capital Expenditures
Context for revenue growth: peer costs and capex, year over year and quarter over quarter| Company | Period | Costs Y/Y | Capex Y/Y |
|---|---|---|---|
| The Aes Corporation | Q2 2026 | +13.7 % | +23.3 % |
| Nextera Energy Inc | Q1 2026 | +21.2 % | - |
| The Southern Company | Q1 2026 | +2.1 % | +20.8 % |
| Constellation Energy Corporation | Q1 2026 | +15.2 % | +58.2 % |
| Duke Energy Corporation | Q1 2026 | +16.9 % | +29.9 % |
| Williams companies inc | Q2 2026 | - | +88.7 % |
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The Aes's Returns and Turnover vs Peers
ROA, ROI and ROE (trailing 12 months), receivables and inventory turnover| Company | ROA | ROI | ROE |
|---|---|---|---|
| The Aes Corporation | 2.00% | 3.59% | 11.43% |
| Nextera Energy Inc | 3.13% | 3.18% | 10.14% |
| The Southern Company | 2.76% | 2.74% | 10.98% |
| Constellation Energy Corporation | 5.77% | 5.64% | 19.68% |
| Duke Energy Corporation | 2.70% | 3.54% | 9.79% |
| Williams companies inc | 5.53% | 6.55% | 21.49% |
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ROA = net income / total assets; ROI = net income / investments; ROE = net income / equity; turnover ratios use trailing 12 month revenue (receivables) and cost of sales (inventory).
The Aes's Valuation vs Peers
P/E, price to sales, PEG, price to cash flow and price to book| Company | P/E | Price / Sales |
|---|---|---|
| The Aes Corporation | 5.65 | 0.81 |
| Nextera Energy Inc | 19.16 | 5.67 |
| The Southern Company | 21.06 | 3.08 |
| Constellation Energy Corporation | 22.63 | 3.09 |
| Duke Energy Corporation | 17.38 | 2.66 |
| Williams companies inc | 27.48 | 6.92 |
| PEERS AVERAGE | 8.31 | 1.42 |
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P/E = price / diluted EPS (trailing 12 months); PEG = P/E divided by EPS growth; the average row divides the peers' combined market cap by their combined income, sales, cash flow and equity.