AEPAMERICAN ELECTRIC POWER CO INC

Electric Services

Revenue: $21.7B; 8.7% YoY
Operating margin: 24.5%; 14% YoY
EBITDA: $8.6B; 16% YoY
Market cap: $70.8B
Employees: 17,581; $1M revenue each
Net debt / EBITDA: 5.7×; $49.2B net debt
AI in 10-K: 0.6; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
469% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
29% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
82% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$1M · 45th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.6 per 10K words · 23rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$70.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$16.8B	$19.4B	$19.5B	$20.0B	$21.7B	8.7%
Operating income	$3.4B	$3.5B	$3.6B	$4.3B	$5.3B	24%
Operating cash flow	$3.8B	$5.3B	$5.0B	$6.8B	$6.9B	2.1%
Capex	—	—	$155M	$399M	$3.5B	765%
Stock-based comp	—	$63M	$51M	$53M	$53M	0.0%
Dividends	−$1.5B	$1.6B	$1.8B	$1.9B	$2.0B	5.8%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 5
Net: −$2M

Pay vs performance

No pay-versus-performance disclosure yet.