AES EV/EBITDA: current value, 10-year range and year-by-year history
Cash & Leverage
AES's ev/ebitda is lower than 65% of the last 10 years.
EV/EBITDA History
AES EV/EBITDA by year
Yearly range of AES’s ev/ebitda from 2016 to 2026. Over the full period it ranged from 6.7 to 42.5, averaging 14.0.
| Year | Low | Average | High | Year-end |
|---|---|---|---|---|
| 2026 | 10.3 | 10.8 | 12.0 | 10.4 |
| 2025 | 9.3 | 10.5 | 11.6 | 11.4 |
| 2024 | 9.9 | 14.4 | 16.5 | 9.9 |
| 2023 | 15.5 | 18.2 | 20.9 | 18.3 |
| 2022 | 28.9 | 33.6 | 42.5 | 33.1 |
| 2021 | 11.5 | 15.4 | 41.5 | 41.5 |
| 2020 | 8.3 | 12.0 | 18.4 | 14.0 |
| 2019 | 6.9 | 8.7 | 10.5 | 10.5 |
| 2018 | 6.7 | 7.4 | 8.6 | 6.9 |
| 2017 | 8.9 | 9.5 | 10.2 | 10.0 |
| 2016 | 9.3 | 9.5 | 9.7 | 9.5 |
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An acquisition-style valuation multiple: Enterprise Value (market cap + net debt) divided by operating earnings before accounting adjustments. Compares companies fairly regardless of their capital structure.
(Market Cap + Net Debt) / EBITDAUnlike P/E, this metric accounts for debt — two companies with identical operations but different leverage will show similar EV/EBITDA. Low vs history suggests the total business is modestly priced.
- EBITDA ignores capital expenditure. For asset-heavy businesses (airlines, mining, utilities), this understates the real cost — use EV/EBIT or EV/FCF instead.
- Large acquisitions temporarily spike net debt and can distort the ratio for 1–2 years during integration.
Is AES EV/EBITDA High or Low Right Now?
The AES Corporation's EV/EBITDA is currently 10.4, which is below average relative to its 10-year historical range. The 10-year median EV/EBITDA for AES is approximately 11.0. See all AES valuation metrics →
Unlock 10y, 15y, 20y, and 30y history with peer comparison and CSV export.