Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| AES Corp.AES · other | |
|---|---|
| Grade | Nonecomputable_factors_below_threshold: 6 of 14 inputs computable; 7 are required |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $51.8B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | late filer, thin datanot computable: distress, fortress balance sheet |
| Inputs computable | 6 of 14 |
| Graded from | filings received through Mar 2, 2026221 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $14.932026-10-08; market equity $10.7B; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 2, 2026; the document on sec.gov.
of this Form 10-K, are subject to mortgages or other liens or encumbrances as part of the project's related finance facility. In addition, the majority of our facilities are located on land that is leased. However, in a few instances, no accompanying project financing exists for the facility, and in a few of these cases, the land interest may not be subject to any encumbrance and is owned outright by the subsidiary or affiliate. The Company is involved in certain claims, suits, and legal proceedings in the normal course of business. The Company has accrued for litigation and claims when it is probable that a liability has been incurred and the amount of loss can be reasonably estimated.
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 60.9 | |||||||
| Gross profitability | 4.3% | [1,3] | 27.1% | 88.5 | 289 | 2025-12-31 | |
| Return on invested capital | not computable | 10.0% | |||||
| one or more required annual facts are missing | |||||||
| Accruals ratio | (6.8%) | [1,4-6] | (5.9%) | 43.4 | 506 | 2025-12-31 | |
| Gross margin stability, five years | 2.2 pts | [2-3,7-14] | 2.2 pts | 50.7 | 204 | 2025-12-31 | |
| Solvency, sleeve percentile 78.2 | |||||||
| Twelve-month failure probability | not computable | 0.04% | |||||
| liabilities and a nearby cover-page share count are required at 2026-06-30 | |||||||
| Altman Z double-prime | not computable | 2.05 | |||||
| one or more required annual facts are missing | |||||||
| Net debt to EBITDA | not computable | 2.52x | |||||
| one or more required annual facts are missing | |||||||
| Interest coverage | not computable | 2.18x | |||||
| one or more required annual facts are missing | |||||||
| Current ratio | 0.77x | [15-16] | 1.32x | 78.2 | 506 | 2025-12-31 | |
| Growth and financing, sleeve percentile 60.8 | |||||||
| Revenue growth, three-year compound | (1.0%) | [2,8,10,12] | 5.1% | 71.6 | 403 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 8.7% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 11.9% | |||||
| one or more required annual facts are missing | |||||||
| Asset growth, three years | not computable | 4.1% | |||||
| four consecutive annual observations are required | |||||||
| Net share issuance, one year | 0.09% | [17-18] | (0.4%) | 49.9 | 356 | 2026-02-24 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | 17.5% | 2.0% | 64 | hotter than 64 of 100 peers |
| Distance from 52-week high | (13.6%) | (26.8%) | 73 | closer to its high than 73 of 100 peers |
| EBIT to enterprise value | not computable | 4.4% | required accounting or market input is missing | |
| Free cash flow yield | (15.2%) | 4.1% | 10 | pricier than 90 of 100 peers |
| Book value to price | 0.46 | 0.34 | 65 | pricier than 35 of 100 peers |
| Sales to price | 1.15 | 0.70 | 65 | pricier than 35 of 100 peers |
| Composite equity issuance, five years | (14.4%) | (8.8%) | 42 | more equity-funded than 42 of 100 peers |
| Relative strength against the sector, log excess return | 0.01 | (0.13) | 64 | ahead of 64 of 100 peers |
Inputs: market equity $10.7B; free cash flow -$1.6B; book equity $4.9B; sales $12.2B; cash $1.8B[19].
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | 1.9% | ✓ pass[4,6] |
| Operating cash flow above zero | $4.3B | ✓ pass[5] |
| Return on assets improved | n/a[4,6,20] | |
| Operating cash flow exceeds net income | $3.4B | ✓ pass[4-5] |
| Long-term leverage fell | n/a[1,6] | |
| Current ratio improved | (3.1 pts) | ✗ fail[15-16,21-22] |
| No new shares issued | 0.1% | ✗ fail[17-18] |
| Gross margin improved | (0.8 pts) | ✗ fail[2-3,7-8] |
| Asset turnover improved | n/a[2,6,8] | |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $1.8B[23] |
| Operating cash flow, four quarters | $5.0B[5,23-27] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 1 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 66 |
| 10-Q received Aug 4, 2026 | |
| Median daily dollar volume | $106.8M |
| 63 sessions | |
| Days since newest grade input | 221 |
|
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $51.8B | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:Revenues | $12.2B | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 3 | gross profit | us-gaap:GrossProfit | $2.2B | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 4 | net income | us-gaap:NetIncomeLoss | $910.0M | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 5 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $4.3B | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 6 | assets | us-gaap:Assets | $47.4B | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 7 | gross profit | us-gaap:GrossProfit | $2.3B | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 8 | revenue | us-gaap:Revenues | $12.3B | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 9 | gross profit | us-gaap:GrossProfit | $2.5B | 2023-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 10 | revenue | us-gaap:Revenues | $12.7B | 2023-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 11 | gross profit | us-gaap:GrossProfit | $2.5B | 2022-12-31 | 2025-03-11 | 10-K | filing · viewer · series |
| 12 | revenue | us-gaap:Revenues | $12.6B | 2022-12-31 | 2025-03-11 | 10-K | filing · viewer · series |
| 13 | gross profit | us-gaap:GrossProfit | $2.7B | 2021-12-31 | 2024-02-26 | 10-K | filing · viewer · series |
| 14 | revenue | us-gaap:Revenues | $11.1B | 2021-12-31 | 2024-02-26 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $6.5B | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $8.5B | 2025-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 17 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 712,558,860 | 2026-02-24 | 2026-03-02 | 10-K | filing · viewer · series |
| 18 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 711,908,057 | 2025-04-10 | 2025-04-11 | 10-K/A | filing · viewer · series |
| 19 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 713,438,630 | 2026-07-31 | 2026-08-04 | 10-Q | filing · viewer · series |
| 20 | net income | us-gaap:NetIncomeLoss | $1.7B | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 21 | current assets | us-gaap:AssetsCurrent | $6.8B | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 22 | current liabilities | us-gaap:LiabilitiesCurrent | $8.6B | 2024-12-31 | 2026-03-02 | 10-K | filing · viewer · series |
| 23 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $1.8B | 2026-06-30 | 2026-08-04 | 10-Q | filing · viewer · series |
| 24 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $2.2B | 2026-06-30 | 2026-08-04 | 10-Q | filing · viewer · series |
| 25 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $1.2B | 2026-03-31 | 2026-05-05 | 10-Q | filing · viewer · series |
| 26 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $2.8B | 2025-09-30 | 2025-11-04 | 10-Q | filing · viewer · series |
| 27 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $1.5B | 2025-06-30 | 2026-08-04 | 10-Q | filing · viewer · series |
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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