AES
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 55.9% | whyThe dividend is set against the allowed return on the rate base. |
| Operating cash flow | 11.6% | whyBefore the capital programme the regulator expects. |
| Free cash flow | negative | whyOCF fell $1,623m short of capex — normal for a utility funding its rate base. |
Spread between highest and lowest: 44.2 percentage points. Same filings, different denominators.
Coverage rating 64 / 100 — Adequate. ? Peer standing 34/50Direction 30/30Stability 0/20
GAAP earnings payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 55.9% |
| 2024-12-31 | 29.4% |
| 2023-12-31 | 191.5% |
| 2019-12-31 | 122.8% |
| 2018-12-31 | 29.3% |
| 2015-12-31 | 93.2% |
Coverage worsened sharply this year, 29.4% to 55.9%, after no clear trend before it. One year is not a trend, but it is worth knowing which direction the last one moved.
68% of the 57 utilities here pay out more.
The arithmetic
- GAAP earnings — dividends declared per share $0.704 ÷ diluted EPS $1.26
- Operating cash flow — dividends paid $501m ÷ operating cash flow $4,306m
- Free cash flow — dividends paid $501m ÷ (operating cash flow $4,306m − capex $5,929m)
Where the figures came from
- 10-K filed 2026-03-02 · accession 0000874761-26-000063
Every one is public at sec.gov and free to check. That is the point — you should not have to take our word for any of it.
Caveats on this company
- ebitda built from net income (no operating income reported)
Computed by an open pipeline reading SEC XBRL directly. If any number here looks wrong to you, tell us — that is more useful to us than agreement.
What the GAAP earnings payout ratio measures, and where every company here sits on it.
Who else looks like this
Every figure above is computed from AES’s own filing, and every company here is measured the same way. Screen all of them on any of these twelve measures, or on the rules two investors published — free, and nothing you screen leaves your browser.