AESAES CORP

Cogeneration Services & Small Power Producers

Revenue: $12.2B; 0.4% YoY
Operating margin: —
EBITDA: —
Market cap: $10.6B
Employees: 982,000; $12K revenue each
Net debt / EBITDA: —
AI in 10-K: 1.2; mentions per 10K words

Takeover score 2 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
473% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
12% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$12K · 3rd pct
Bottom quartile of its SIC industry
Quiet on AINo
1.2 per 10K words · 37th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$10.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$211M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$11.1B	$12.6B	$12.7B	$12.3B	$12.2B	0.4%
Net income	−$409M	−$546M	$249M	$1.7B	$910M	46%
Operating cash flow	$1.9B	$2.7B	$3.0B	$2.8B	$4.3B	56%
Capex	$2.1B	$4.6B	$7.7B	$7.4B	$5.9B	20%
Stock-based comp	$14M	$23M	$2M	$12M	$14M	17%
Dividends	$401M	$422M	$444M	$483M	$501M	3.7%

Deal filings

Filed	Form	Acquirer	Price	Premium
May 15, 2026	DEFM14A	Global Infrastructure Management, LLC and EQT Infrastructure VI fund	$15.00	35.5%
May 4, 2026	PREM14A	Global Infrastructure Management, LLC	$15.00	35.5%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $211M · 1
Net: −$211M

Pay vs performance

No pay-versus-performance disclosure yet.