AES Corporation management check
AES · Utilities · Independent Power Producers & Energy Traders
Filings as of
2 good · 1 to watch · 3 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $73, against $159 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.63 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
5.7% of net income$9.2m of reported pay in fiscal 2025, against $162.0m of net income.
- n/a
Do they own the stock?
No recent CEO filingNo open-market insider buying or selling in the last six months.
- Watch
Are owners being diluted?
Share count growingDiluted shares changed +0.1% a year over the last three fiscal years. Stock-based pay was 0.1% of revenue in the latest year.
- Good
Is leadership stable?
5 leadership filings in 3 years5 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Flag
Are the books clean?
Red flags on file1 restatement notice (8-K 4.02), 1 auditor change (8-K 4.01), 1 late-filing notice since 2021. 1 amended annual report.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Utilities.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 0 | 53 | |
| Pay for performance | 81 | 81 | |
| CEO cost | 0 | 50 | |
| Skin in the game | — | — | 45 |
| Dilution | 48 | 37 | |
| Stable leadership | 100 | 80 | |
| Clean books | 0 | 100 |
Closest peers
Others in Independent Power Producers & Energy Traders, by management score. AES Corporation is 30th of 30 in its sector.
Pay versus performance
From the proxy statement filed March 20, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | — | $9.2m | $13.4m | $3.0m | $73 | $159 | $162.0m |
| 2024 | — | $13.4m | $5.9m | $3.2m | $62 | $138 | $802.0m |
| 2023 | — | $12.7m | −$5.5m | $3.0m | $89 | $112 | −$182.0m |
| 2022 | — | $12.5m | $27.9m | $3.2m | $129 | $120 | −$505.0m |
| 2021 | — | $14.4m | $13.5m | $3.4m | $106 | $118 | −$409.0m |
Its other key measures: Parent Free Cash Flow, Adjusted Earnings Per Share (EPS), Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA), Relative TSR vs. S&P 500 Utilities Index, Relative TSR vs. S&P 500 Index, Relative TSR vs. Clean Energy Peer Group.
Insiders and the CEO's stake
No open-market insider buying or selling in the last six months.
Leadership and governance on file
- Sep 16, 2026Leadership change8-K 5.02
- Jul 27, 2026Auditor change8-K 4.01
- Apr 16, 2026Leadership change8-K 5.02
- Mar 2, 2026Leadership change8-K 5.02
- May 9, 2025Leadership change8-K 5.02
- Apr 11, 2025Annual report amended10-K/A
- Mar 11, 2025Restatement notice8-K 4.02
- Mar 3, 2025Late filing noticeNT 10-K
- Jan 19, 2024Leadership change8-K 5.02
- Jul 24, 2023Leadership change8-K 5.02
- Jun 20, 2023Leadership change8-K 5.02
- Feb 25, 2022Leadership change8-K/A 5.02
Latest shareholder vote results: Jun 26, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $2.3bn returned to owners in buybacks and dividends, 120% of net income, and $65.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $11.1bn | $12.6bn | $12.7bn | $12.3bn | $12.2bn |
| Net income | −$409.0m | −$546.0m | $249.0m | $1.7bn | $910.0m |
| Stock-based pay | $14.0m | $23.0m | $2.0m | $12.0m | $14.0m |
| Buybacks | — | — | — | — | — |
| Dividends | $401.0m | $422.0m | $444.0m | $483.0m | $501.0m |
| Diluted shares | 666m | 668m | 712m | 713m | 714m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.