The AES Corporation Financial Ratios — AES Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	8.83	- -	- -	- -	91.21	- -	- -	- -	- -	- -	- -	- -	- -	- -	191.18
Return on Assets (%)	0.14	-2.09	0.28	1.94	0.81	-3.11	-3.35	3.67	0.92	0.13	-1.21	-1.53	0.6	3.64	1.84
Return on Capital (%)	-1.32	-18.12	2.83	6.04	2.17	-2.44	-9.09	7.49	3.81	2.41	- -	- -	-4.8	12.47	- -
Return on Invested Capital (%)	8.68	-22	7.19	7.32	5.31	6.91	-2.55	6.14	5.5	5.58	- -	- -	-11.06	5.4	- -
Gross Margin (%)	25.1	20.88	20.43	18.48	23.65	23.18	23.41	23.97	23.05	27.88	24.33	20.19	19.77	18.85	18.07
EBITDA Margin (%)	30.79	27.4	27.19	25.04	32.07	32.22	32.47	31.45	31.39	37.23	32.32	27.05	26.81	26.8	28.01
Operating Margin (%)	22.95	19.28	19.05	17.32	21.91	20.79	21.37	22.11	21.13	26.17	22.84	18.55	17.75	16.5	16.1
Incremental Operating Margin (%)	40.46	-36.12	22.15	-100.43	6.7	33.71	45.38	60.19	40.4	-70.89	1.15	-13.82	-180.39	57.18	124.44
Pretax Margin (%)	14.04	1.34	6.59	8.95	8.78	1.82	7.32	18.8	9.82	5.05	-9.55	-1.34	0.82	7.28	0.61
Profit Margin (%)	0.36	-5.31	0.72	4.77	2.72	-10.99	-11.03	11.21	2.97	0.48	-3.67	-4.33	1.97	13.67	7.44
Net Income to Common Margin (%)	0.36	-5.31	0.72	4.77	2.72	-10.99	-11.03	11.21	2.97	0.48	-3.67	-4.33	1.97	13.67	7.44
Effective Tax Rate (%)	29.03	297.83	32.73	25.71	41.66	17.11	128.4	35.08	35.16	44.26	- -	- -	250.96	6.6	- -
Dvd Payout Ratio (%)	- -	22.22	10.2	9.8	24.25	53.31	134.32	20.11	55.52	149.41	-26.79	-90.95	-71.61	-710.29	-91.59
Sustainable Growth Rate (%)	8.83	- -	- -	- -	69.09	- -	- -	- -	- -	- -	- -	- -	- -	- -	366.28

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	22,020	20,721	21,049	20,858	20,081	19,454	19,965	19,295	20,173	19,881	18,699	23,498	26,878	29,018	29,897
ST Debt	2,428	2,505	2,180	2,133	2,172	1,052	2,164	1,659	1,868	1,430	1,367	1,758	4,132	3,587	3,111
LT Debt	19,592	18,216	18,869	18,725	17,909	18,402	17,801	17,636	18,305	18,451	17,332	21,740	22,746	25,431	26,786
Total Debt/EBITDA	4.44	4.41	4.87	5.17	5.56	5.87	5.84	5.71	6.31	5.53	5.19	6.88	7.91	8.82	8.72
Net Debt/EBITDA	4.1	4	4.49	4.78	5.21	5.5	5.56	5.37	5.99	5.23	4.93	6.48	7.49	8.36	8.32
Total Debt/EBIT	5.96	6.26	6.95	7.47	8.14	9.1	8.87	8.13	9.37	7.86	7.35	10.04	11.95	14.32	15.18
Net Debt/EBIT	5.5	5.69	6.41	6.92	7.63	8.52	8.45	7.64	8.89	7.43	6.98	9.45	11.32	13.57	14.47
EBITDA to Interest Expense	3.24	3.05	2.92	2.78	3.15	2.92	2.92	3.2	3.05	3.46	3.95	3.06	2.57	2.22	2.44
EBITDA-CapEx/Interest Expense	3.24	3.05	2.92	2.78	3.15	2.92	2.92	3.2	3.05	3.46	3.95	3.06	2.57	2.22	2.44
EBIT to Interest Expense	2.41	2.14	2.04	1.92	2.15	1.88	1.92	2.25	2.05	2.44	2.79	2.1	1.71	1.36	1.4
Interest Expense	1,530	1,544	1,482	1,451	1,145	1,134	1,170	1,056	1,050	1,038	911	1,117	1,319	1,485	1,407
Common Equity/Total Assets	1.51	-0.61	-0.35	1.33	0.41	-3.15	-6.85	-3.07	-2.03	-1.94	-3.28	-4.24	-3.08	0.64	1.26
Long-Term Debt/Equity (%)	201.38	242.43	246.62	255.63	290.21	322.84	367.41	314.7	350.07	390.91	379.51	482.68	380.05	330.1	294.19
Long-Term Debt/Capital (%)	73.96	77.81	77.88	76.64	77.01	86.71	88.66	85.22	84.27	86.64	85.7	87.75	76.24	76.19	75.26
Long-Term Debt/Total Assets (%)	43.21	43.55	46.69	48.05	49.11	50.94	53.76	54.23	54.4	53.32	52.58	56.67	50.77	53.65	51.74
Total Debt/Equity (%)	226.33	275.77	275.11	284.75	325.41	341.3	412.07	344.31	385.79	421.21	409.44	521.71	449.09	376.66	328.36
Total Debt/Capital (%)	83.13	88.51	86.88	85.38	86.36	91.67	99.44	93.24	92.87	93.36	92.45	94.84	90.09	86.93	84.01
Total Debt/Total Assets (%)	48.56	49.54	52.09	53.53	55.06	53.85	60.3	59.33	59.95	57.45	56.73	61.25	60	61.21	57.75
Net Debt to Equity	208.91	250.48	253.65	263.74	305.04	319.47	392.49	323.5	366.11	398.14	388.79	491.21	425.26	356.88	313.18
Net Debt/Capital (%)	81.98	87.5	85.92	84.39	85.58	91.15	99.41	92.84	92.51	93	92.09	94.54	89.59	86.31	83.36
EBITDA	4,956	4,703	4,321	4,038	3,611	3,313	3,419	3,377	3,198	3,596	3,601	3,413	3,396	3,290	3,427
EBITDA-CapEx	4,956	4,703	4,321	4,038	3,611	3,313	3,419	3,377	3,198	3,596	3,601	3,413	3,396	3,290	3,427
Operating Income (Loss)	3,694	3,309	3,027	2,793	2,467	2,137	2,250	2,374	2,153	2,528	2,545	2,341	2,249	2,026	1,970

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.36	0.31	0.3	0.32	0.25	0.34	0.23	0.34	0.28	0.27	0.25	0.32	0.19	0.19	0.18
Current Ratio	1.09	1.02	1.01	1.12	0.99	1.22	1.06	1.14	1.03	1.01	1.13	1.18	0.68	0.8	0.77
Quick Ratio	0.66	0.62	0.61	0.71	0.58	0.61	0.47	0.7	0.57	0.51	0.55	0.6	0.33	0.38	0.38
CFO/Avg Current Liab	0.35	0.35	0.34	0.24	0.31	0.47	0.44	0.45	0.52	0.53	0.38	0.48	0.37	0.3	0.5
Common Equity/Total Assets	1.51	-0.61	-0.35	1.33	0.41	-3.15	-6.85	-3.07	-2.03	-1.94	-3.28	-4.24	-3.08	0.64	1.26
Long-Term Debt/Equity (%)	201.38	242.43	246.62	255.63	290.21	322.84	367.41	314.7	350.07	390.91	379.51	482.68	380.05	330.1	294.19
Long-Term Debt/Capital (%)	73.96	77.81	77.88	76.64	77.01	86.71	88.66	85.22	84.27	86.64	85.7	87.75	76.24	76.19	75.26
Long-Term Debt/Total Assets (%)	43.21	43.55	46.69	48.05	49.11	50.94	53.76	54.23	54.4	53.32	52.58	56.67	50.77	53.65	51.74
Total Debt/Equity (%)	226.33	275.77	275.11	284.75	325.41	341.3	412.07	344.31	385.79	421.21	409.44	521.71	449.09	376.66	328.36
Total Debt/Capital (%)	83.13	88.51	86.88	85.38	86.36	91.67	99.44	93.24	92.87	93.36	92.45	94.84	90.09	86.93	84.01
Total Debt/Total Assets (%)	48.56	49.54	52.09	53.53	55.06	53.85	60.3	59.33	59.95	57.45	56.73	61.25	60	61.21	57.75
CFO/Total Liabilities	8.1	8.45	8.29	5.66	7.04	9.52	8.86	8.7	8.68	9.22	6.7	8.02	7.82	6.93	10.09
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.89	0.85	0.87	0.91	0.69	0.64	0.63	0.79	0.79	0.83	0.96	0.88	0.54	0.52	0.49

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	6.74	6.78	6.48	6.36	4.49	5.52	7.3	7.02	6.63	6.95	8.2	7.84	7.87	8.01	7.35
Days Sales Outstanding	54.17	53.81	56.3	57.41	81.22	66.09	49.98	51.98	55.06	52.5	44.52	46.53	46.37	45.57	49.66
Inventory Turnover	18.17	18.18	18.02	18.97	12.52	12.22	13.62	14.33	14.74	14.7	15.83	12.14	11.5	15.27	16.63
Days Inventory Outstanding	20.08	20.08	20.25	19.24	29.15	29.88	26.79	25.46	24.77	24.83	23.06	30.07	31.73	23.9	21.94
Accounts Payable Turnover	6.15	5.94	5.25	5.8	4.45	5.59	6.14	6.06	5.87	5.63	7.43	5.94	3.53	3.43	3.89
Accounts Payable Turnover Days	59.38	61.44	69.53	62.91	82	65.31	59.48	60.25	62.17	64.86	49.15	61.5	103.41	106.48	93.91
Cash Conversion Cycle	14.87	12.45	7.02	13.74	28.36	30.65	17.3	17.19	17.66	12.47	18.43	15.1	-25.31	-37	-22.31
Inventory to Cash Days	34.08	33.74	36.05	38.16	52.07	36.21	23.19	26.52	30.29	27.67	21.47	16.46	14.65	21.67	27.72
Inventories	775	719	684	702	671	622	562	577	487	461	604	1,055	712	593	612
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	775	719	684	702	671	622	562	577	487	461	604	1,055	712	593	612

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	9,212	8,078	10,781	9,896	6,508	7,634	7,148	9,558	13,273	15,443	16,293	19,150	12,878	9,079	10,210
- Cash & Cash Equivalents	1,695	1,900	1,642	1,539	1,257	1,244	949	1,166	1,029	1,089	943	1,374	1,426	1,524	1,382
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	838	838	838	- -	- -
+ Minority/Non Controlling Interest	3,783	2,945	3,321	3,053	3,022	2,906	2,380	2,396	2,233	2,086	1,769	2,067	3,497	4,060	5,042
+ Total Debt	22,020	20,721	21,049	20,858	20,081	19,454	19,965	19,295	20,173	19,881	18,699	23,498	26,878	29,018	29,897
Enterprise Value	31,964	29,152	32,841	31,559	27,885	28,220	28,120	29,770	34,250	35,986	36,424	43,449	42,270	40,554	43,593
Total Capital	26,489	23,410	24,228	24,431	23,254	21,222	20,077	20,694	21,722	21,295	20,225	24,776	29,835	33,380	35,589
Total Debt/Capital (%)	83.13	88.51	86.88	85.38	86.36	91.67	99.44	93.24	92.87	93.36	92.45	94.84	90.09	86.93	84.01
Total Debt / EV	0.69	0.71	0.64	0.66	0.72	0.69	0.71	0.65	0.59	0.55	0.51	0.54	0.64	0.72	0.69
EV/Sales	1.99	1.7	2.07	1.96	2.48	2.74	2.67	2.77	3.36	3.73	3.27	3.44	3.34	3.3	3.56
EV/EBITDA	6.45	6.2	7.6	7.82	7.72	8.52	8.22	8.82	10.71	10.01	10.11	12.73	12.45	12.33	12.72
EV/EBIT	8.65	8.81	10.85	11.3	11.3	13.21	12.5	12.54	15.91	14.23	14.31	18.56	18.8	20.02	22.13
EV/Cash Flow to Firm	8.05	- -	8.85	11	9.95	7.35	12.95	9.83	10.88	10.8	13.49	7.78	40.53	9.8	4.79
EV/Free Cash Flow to Firm	8.05	- -	8.85	11	9.95	7.35	12.95	9.83	10.88	10.8	13.49	7.78	40.53	9.8	4.79
Diluted Market Cap	9,271	8,078	10,853	9,990	6,655	7,634	7,148	9,611	13,273	15,698	16,293	19,150	13,706	9,156	10,239
Diluted Enterprise Value	33,379	29,844	33,581	32,362	28,501	28,750	28,544	30,136	34,650	36,576	36,656	44,179	43,493	40,710	43,796
EV per Share	41.08	38.61	44.2	43.91	41.01	42.95	42.61	45.04	51.35	54.76	54.32	65.25	63.18	57.49	61.23
TTM Sales	16,098	17,164	15,891	16,124	11,260	10,281	10,530	10,736	10,189	9,660	11,141	12,617	12,668	12,278	12,233
TTM EBITDA	4,956	4,703	4,321	4,038	3,611	3,313	3,419	3,377	3,198	3,596	3,601	3,413	3,396	3,290	3,427
TTM Operating Income	3,694	3,309	3,027	2,793	2,467	2,137	2,250	2,374	2,153	2,528	2,545	2,341	2,249	2,026	1,970
TTM Cash Flow to Firm	3,970	-153	3,712	2,869	2,802	3,837	2,172	3,029	3,147	3,334	2,699	5,584	1,043	4,139	9,109
TTM Free Cash Flow to Firm	3,970	-153	3,712	2,869	2,802	3,837	2,172	3,029	3,147	3,334	2,699	5,584	1,043	4,139	9,109

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	3.21	2.78	4	5.58	3.12	2.64	2.85	4.1	5.38	5.7	8.57	7.05	4.52	3.33	2.38
EV/EBIT	8.65	8.81	10.85	11.3	11.3	13.21	12.5	12.54	15.91	14.23	14.31	18.56	18.8	20.02	22.13
Enterprise Value	31,964	29,152	32,841	31,559	27,885	28,220	28,120	29,770	34,250	35,986	36,424	43,449	42,270	40,554	43,593
Low Price	9	9.52	10.66	12.38	8.76	8.22	10	9.87	13.97	8.11	22.6	18.62	11.43	12.24	9.46
EV/Sales	1.99	1.7	2.07	1.96	2.48	2.74	2.67	2.77	3.36	3.73	3.27	3.44	3.34	3.3	3.56
EV/EBITDA	6.45	6.2	7.6	7.82	7.72	8.52	8.22	8.82	10.71	10.01	10.11	12.73	12.45	12.33	12.72
Price/Earnings	158.82	- -	94.57	12.87	21.27	- -	- -	7.95	43.81	335.71	- -	- -	51.72	5.41	11.22
Price/Earnings Average	160.63	-9.9	83.72	13.32	26.66	-6.61	-6.38	7.1	37.29	244.96	-41.61	-29	55.51	7.18	9.67
Price/Earnings High	181.09	-11.6	101.28	14.63	31.16	-7.74	-6.86	8.95	44.29	337.43	-47.66	-36.45	78.21	9.33	12.14
Price/Earnings Low	120.72	-7.88	69.48	11.57	19.47	-4.78	-5.68	5.42	30.75	115.86	-37.05	-22.71	30.71	5.14	7.4
Price/Book Value	13.43	-31.56	-75.92	19.03	43.1	-6.71	-3.15	-9.59	-19.41	-22.98	-15.07	-11.77	-9.35	30.06	15.71
Price/Book Value Average	13.58	-35.26	-67.21	19.7	54.03	-6.56	-3.27	-8.57	-16.52	-16.77	-15.74	-9.73	-10.03	39.91	13.54
Price/Book Value High	15.31	-41.32	-81.31	21.63	63.14	-7.69	-3.51	-10.79	-19.62	-23.1	-18.03	-12.23	-14.13	51.88	16.99
Price/Book Value Low	10.21	-28.08	-55.78	17.11	39.45	-4.75	-2.91	-6.54	-13.62	-7.93	-14.02	-7.62	-5.55	28.59	10.36
Price/Tangible Book Value	1.72	1.56	1.88	1.77	1.39	1.79	2.09	2.33	3.59	5.45	14.78	13.09	5.04	1.68	1.52
Price/Tangible Book Value Average	1.74	1.74	1.67	1.83	1.75	1.76	2.17	2.08	3.05	3.98	15.44	10.82	5.41	2.23	1.31
Price/Tangible Book Value High	1.96	2.04	2.01	2.01	2.04	2.06	2.33	2.62	3.63	5.48	17.69	13.6	7.62	2.9	1.64
Price/Tangible Book Value Low	1.31	1.38	1.38	1.59	1.27	1.27	1.93	1.59	2.52	1.88	13.75	8.47	2.99	1.6	1
Price/Sales	0.57	0.47	0.68	0.61	0.58	0.74	0.68	0.89	1.3	1.6	1.46	1.52	1.02	0.74	0.83
Price/Sales Average	0.58	0.53	0.6	0.64	0.72	0.73	0.7	0.8	1.11	1.17	1.53	1.26	1.09	0.98	0.72
Price/Sales High	0.65	0.62	0.73	0.7	0.85	0.85	0.76	1	1.32	1.61	1.75	1.58	1.54	1.28	0.9
Price/Sales Low	0.43	0.42	0.5	0.55	0.53	0.53	0.63	0.61	0.91	0.55	1.36	0.98	0.6	0.7	0.55
Price/Cash Flow	3.19	2.78	3.97	5.53	3.05	2.64	2.85	4.08	5.38	5.61	8.57	7.05	4.24	3.3	2.37
Price/Cash Flow Average	3.23	3.11	3.52	5.72	3.82	2.58	2.96	3.65	4.58	4.09	8.95	5.83	4.56	4.38	2.04
Price/Cash Flow High	3.64	3.65	4.25	6.28	4.47	3.02	3.18	4.59	5.44	5.63	10.25	7.33	6.42	5.69	2.56
Price/Cash Flow Low	2.43	2.48	2.92	4.97	2.79	1.86	2.64	2.78	3.78	1.93	7.97	4.57	2.52	3.14	1.56
Price/Free Cash Flow Average	3.25	3.11	3.54	5.77	3.91	2.58	2.96	3.67	4.58	4.16	8.95	5.83	4.85	4.42	2.05
Price/Free Cash Flow High	3.67	3.65	4.28	6.34	4.57	3.02	3.18	4.62	5.44	5.73	10.25	7.33	6.83	5.74	2.57
Price/Free Cash Flow Low	2.44	2.48	2.94	5.01	2.85	1.86	2.64	2.8	3.78	1.97	7.97	4.57	2.68	3.16	1.57
EV/Sales Average	2.08	1.79	2.03	2.02	2.66	2.78	2.74	2.71	3.21	3.33	3.36	3.24	3.44	3.55	3.46
EV/Sales High	2.15	1.88	2.16	2.09	2.79	2.91	2.79	2.91	3.42	3.77	3.58	3.56	3.89	3.85	3.65
EV/Sales Low	1.93	1.69	1.93	1.94	2.47	2.58	2.66	2.52	3.01	2.71	3.19	2.97	2.95	3.27	3.29
EV/EBITDA Average	6.74	6.55	7.47	8.08	8.31	8.63	8.42	8.61	10.22	8.94	10.38	11.97	12.84	13.25	12.36
EV/EBITDA High	6.98	6.88	7.93	8.33	8.69	9.02	8.59	9.26	10.88	10.12	11.07	13.16	14.51	14.35	13.01
EV/EBITDA Low	6.28	6.16	7.09	7.74	7.7	8	8.19	8.01	9.6	7.29	9.86	10.97	11.02	12.22	11.76
EV/EBIT Average	9.05	9.31	10.66	11.68	12.16	13.38	12.8	12.25	15.18	12.72	14.69	17.46	19.39	21.52	21.5
EV/EBIT High	9.37	9.77	11.32	12.04	12.72	13.98	13.05	13.18	16.16	14.4	15.66	19.19	21.9	23.31	22.64
EV/EBIT Low	8.42	8.75	10.13	11.2	11.27	12.41	12.44	11.39	14.26	10.37	13.96	15.99	16.64	19.84	20.45
Last Price	11.84	10.7	14.51	13.77	9.57	11.62	10.83	14.46	19.9	23.5	24.3	28.76	19.25	12.87	14.34
High Price	13.5	14.01	15.54	15.65	14.02	13.32	12.06	16.28	20.12	23.62	29.07	29.89	29.11	22.21	15.51
Enterprise Value Average	33,425	30,792	32,272	32,614	30,005	28,586	28,801	29,072	32,676	32,146	37,382	40,865	43,610	43,606	42,361
Enterprise Value High	34,611	32,344	34,274	33,620	31,380	29,867	29,356	31,286	34,797	36,400	39,854	44,931	49,262	47,222	44,600
Enterprise Value Low	31,110	28,954	30,648	31,269	27,803	26,516	27,996	27,049	30,695	26,207	35,516	37,427	37,434	40,189	40,293

Shares Outstanding	765	744	723	704	667	659	660	662	664	665	667	669	670	711	712
Diluted Weighted Avg Shares	783	755	748	725	695	657	660	665	667	668	670	666	712	711	714
Basic Weighted Avg Shares	778	755	743	719	680	657	660	661	667	657	670	666	669	705	712
Revenue per Share	20.69	22.73	21.39	22.44	16.56	15.65	15.95	16.24	15.28	14.7	16.62	18.95	18.94	17.4	17.18
EBITDA per Share	6.37	6.23	5.82	5.62	5.31	5.04	5.18	5.11	4.79	5.47	5.37	5.13	5.08	4.66	4.81
Operating Income per Share	4.75	4.38	4.07	3.89	3.63	3.25	3.41	3.59	3.23	3.85	3.8	3.52	3.36	2.87	2.77
Basic EPS, GAAP	0.07	-1.21	0.15	1.07	0.45	-1.72	-1.76	1.82	0.45	0.07	-0.61	-0.82	0.37	2.38	1.28
Basic EPS from Cont Ops	2.06	-0.56	0.98	1.52	1	0.29	-0.22	2.04	0.72	0.23	-1.42	-0.76	-0.28	1.15	0.28
Diluted EPS, GAAP	0.07	-1.21	0.15	1.06	0.44	-1.72	-1.76	1.81	0.45	0.07	-0.61	-0.82	0.35	2.36	1.27
Diluted EPS from Cont Ops	2.05	-0.56	0.98	1.5	0.98	0.29	-0.22	2.03	0.72	0.22	-1.42	-0.76	-0.27	1.14	0.28
Dividend per Share	- -	0.04	0.16	0.2	0.41	0.44	0.48	0.52	0.54	0.58	0.6	0.63	0.66	0.68	0.7
Cash Flow per Share	3.71	3.84	3.65	2.49	3.14	4.41	3.79	3.54	3.7	4.19	2.84	4.08	4.54	3.9	6.05
Free Cash Flow per Basic Share	3.71	3.84	3.65	2.49	3.14	4.41	3.79	3.54	3.7	4.19	2.84	4.08	4.54	3.9	6.05
Cash & Equivalents per Share	3.92	3.43	3.11	3.13	2.54	2.7	2.08	2.24	2.14	2.17	1.75	3.16	2.72	2.27	2.19
Book Value per Share	0.88	-0.34	-0.19	0.72	0.22	-1.73	-3.44	-1.51	-1.03	-1.02	-1.61	-2.44	-2.06	0.43	0.91
Tangible Book Value per Share	6.89	6.88	7.71	7.77	6.87	6.48	5.18	6.22	5.55	4.31	1.64	2.2	3.82	7.67	9.44

The AES Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)