Question 1

What is AES's P/FCF ratio?

Accepted Answer

AES (AES) P/FCF ratio is 28.3× as of November 2, 2021. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for AES?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For AES specifically, the relevant sector benchmark is the current sector median of 32.9×.

Question 5

Is AES's P/FCF ratio high or low?

Accepted Answer

AES's P/FCF ratio of 28.3× is below its own 5-year average of 30.3× and below the sector median of 32.9×. That places the current reading at the 97th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is AES's historical P/FCF ratio range?

Accepted Answer

In the available daily series, AES (AES) P/FCF ratio has ranged from a low of 0.0× in 2017 to a high of 975.0× in 2016. The 5-year average is 30.3× and the 5-year median is 30.3×.

Question 7

What was AES's P/FCF ratio in 2020?

Accepted Answer

AES (AES) P/FCF ratio at the end of 2020 was 18.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does AES's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$10.24B	−$1.62B	—	—	Dec 31, 2025
2024	$9.12B	−$4.64B	—	—	Dec 31, 2024
2023	$12.89B	−$4.69B	—	—	Dec 31, 2023
2022	$19.24B	−$1.84B	—	—	Dec 31, 2022
2021	$16.17B	−$214.00M	—	—	Dec 31, 2021
2020	$15.57B	$855.00M	18.2×	-198.4×	Dec 31, 2020
2019	$13.21B	$61.00M	216.6×	+172.7×	Dec 31, 2019
2018	$9.74B	$222.00M	43.9×	+43.9×	Dec 31, 2018
2017	$0.00	$319.00M	0.0×	-14.2×	Dec 31, 2017
2016	$7.66B	$539.00M	14.2×	—	Dec 31, 2016
2015	$6.26B	−$174.00M	—	—	Dec 31, 2015
2014	$9.78B	−$225.00M	—	—	Dec 31, 2014
2013	$0.00	$727.00M	0.0×	0.0×	Dec 31, 2013
2012	$0.00	$665.00M	0.0×	0.0×	Dec 31, 2012
2011	$0.00	$454.00M	0.0×	0.0×	Dec 31, 2011
2010	$0.00	$1.20B	0.0×	—	Dec 31, 2010
2009	$0.00	−$307.00M	—	—	Dec 31, 2009
2008	$0.00	−$675.00M	—	—	Dec 31, 2008
2007	$0.00	−$68.00M	—	—	Dec 31, 2007
2006	$0.00	$951.00M	0.0×	0.0×	Dec 31, 2006
2005	$0.00	$1.02B	0.0×	0.0×	Dec 31, 2005
2004	$0.00	$680.00M	0.0×	0.0×	Dec 31, 2004
2003	$0.00	$414.00M	0.0×	—	Dec 31, 2003
2002	$0.00	−$608.00M	—	—	Dec 31, 2002
2001	$0.00	−$1.48B	—	—	Dec 31, 2001


Eversource Energy (ES)	110.1×
Constellation Energy (CEG)	86.9×
NextEra Energy (NEE)	82.1×
American States Water (AWR)	77.8×
Middlesex Water (MSEX)	63.1×
Vistra (VST)	52.9×
UGI (UGI)	32.9×
GE Vernova (GEV)	31.2×
FirstEnergy (FE)	16.3×
Duke Energy (DUK)	15.4×
Consolidated Edison (ED)	14.6×
American Electric Power Company (AEP)	11.5×
Avista (AVA)	7.9×

P/FCF Ratio for AES (AES)

P/FCF Ratio daily chart for AES (AES)

Historical P/FCF Ratio for AES (AES) from 2001 to 2025

About P/FCF Ratio at AES (AES)

AES P/FCF Ratio by Year

AES P/FCF Ratio 2020: 18.2×

AES P/FCF Ratio 2019: 216.6×

AES P/FCF Ratio 2018: 43.9×

AES P/FCF Ratio 2017: 0.0×

AES P/FCF Ratio 2016: 14.2×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

AES (AES) Key Financials

P/FCF Ratio daily chart for AES (AES)

Historical P/FCF Ratio for AES (AES) from 2001 to 2025

About P/FCF Ratio at AES (AES)

AES P/FCF Ratio by Year

AES P/FCF Ratio 2020: 18.2×

AES P/FCF Ratio 2019: 216.6×

AES P/FCF Ratio 2018: 43.9×

AES P/FCF Ratio 2017: 0.0×

AES P/FCF Ratio 2016: 14.2×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is AES's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for AES?

+Is AES's P/FCF ratio high or low?

+What is AES's historical P/FCF ratio range?

+What was AES's P/FCF ratio in 2020?

+Why does AES's P/FCF ratio change over time?

AES (AES) Key Financials