AES vs AQN: The AES and Algonquin Power & Utilities compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- The AES is the larger company, worth $10.7B, about 2.8 times Algonquin Power & Utilities.
- The AES grew revenue faster over the last year (+19.9% vs +4.9%).
- On earnings, The AES is the cheaper stock (7.8x vs 23.2x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AES | AQN |
|---|---|---|
| Market cap | $10.7B | $3.9B |
| Share price | $14.94 | $5.11 |
| Revenue (last fiscal year) | $12.2B | $2.4B |
| Free cash flow (last fiscal year) | -$1.6B | -$178M |
| Revenue growth, last year | +19.9% | +4.9% |
| Revenue growth per year, last 5 fiscal years | +2.4% | +1.7% |
| Operating margin | — | 20.7% |
| Net margin | 14.3% | 7.4% |
| Return on equity | 37.9% | 3.9% |
| P/E (trailing) | 7.80x | 23.2x |
| Price / free cash flow | — | — |
| EV / EBITDA | 10.2x | 12.2x |
| FCF growth the price implies | — | — |
| Dividend yield | 4.7% | 5.2% |
| Debt / equity | 9.00x | 1.83x |
| Fundamental grade | C | D |
| Superinvestors holding it | 3 | 4 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
The AES
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $11.1B | -$214M | — |
| 2022 | $12.6B | -$1.8B | — |
| 2023 | $12.7B | -$4.7B | — |
| 2024 | $12.3B | -$4.6B | — |
| 2025 | $12.2B | -$1.6B | — |
Algonquin Power & Utilities
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.3B | -$1.2B | 18.2% |
| 2022 | $2.8B | -$470M | 14.5% |
| 2023 | $2.4B | -$398M | 19.4% |
| 2024 | $2.3B | -$391M | 19.2% |
| 2025 | $2.4B | -$178M | 20.7% |
Where the revenue comes from
The AES · by segments, 2025
Energy Infrastructure$5.4B43%
Utilities$4.1B33%
Renewables$2.9B23%
Corporate and Other$149M1%
New Energy Technologies$1M0%
Algonquin Power & Utilities · by segments, 2020
Regulated Services Group$1.4B84%
Renewable Energy Group$270M16%
Corporate$2M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AES in InvestinglyQuestions
Which is bigger, The AES or Algonquin Power & Utilities?
The AES (AES), at $10.7B against $3.9B.
Is AES or AQN cheaper?
By trailing P/E, The AES (7.80x) is cheaper than Algonquin Power & Utilities (23.2x). A lower multiple can also mean the market expects less growth.
Which grows faster, AES or AQN?
The AES: revenue grew +19.9% over the last year, against +4.9%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.