TakeoverPE & activists

AESAES CORP

Cogeneration Services & Small Power Producers · $10.6B market cap · 982,000 employees

0.4×

Less likely than average to be taken private

Top 38% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • 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
  • 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
  • Recurring revenueNo
    6 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months

Deal filings

FiledFormAcquirerPricePremium
Jun 16, 20268-KGIP and EQT (via Horizon Parent, L.P.)——
May 15, 2026DEFM14AGlobal Infrastructure Management (GIP) and EQT Infrastructure VI$15.0035.5%
May 4, 2026PREM14AGlobal Infrastructure Management, LLC$15.0035.5%
Mar 19, 20268-KGlobal Infrastructure Management (GIP), EQT, Qatar Investment Authority via Horizon Parent, L.P.——
Mar 2, 20268-KHorizon Parent, L.P. (jointly controlled by Global Infrastructure Management and EQT Infrastructure VI)——

Key numbers

Revenue
$12.2BFY2021: $11.1BFY2022: $12.6BFY2023: $12.7BFY2024: $12.3BFY2025: $12.2B
0.4% YoY
Operating margin
—
EBITDA
—
Net debt / EBITDA
—

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$11.1B$12.6B$12.7B$12.3B$12.2B 0.4% FY2021: $11.1BFY2022: $12.6BFY2023: $12.7BFY2024: $12.3BFY2025: $12.2B
Net income−$409M−$546M$249M$1.7B$910M 46% FY2021: −$409MFY2022: −$546MFY2023: $249MFY2024: $1.7BFY2025: $910M
Operating cash flow$1.9B$2.7B$3.0B$2.8B$4.3B 56% FY2021: $1.9BFY2022: $2.7BFY2023: $3.0BFY2024: $2.8BFY2025: $4.3B
Capex$2.1B$4.6B$7.7B$7.4B$5.9B 20% FY2021: $2.1BFY2022: $4.6BFY2023: $7.7BFY2024: $7.4BFY2025: $5.9B
Stock-based comp$14M$23M$2M$12M$14M 17% FY2021: $14MFY2022: $23MFY2023: $2MFY2024: $12MFY2025: $14M
Dividends$401M$422M$444M$483M$501M 3.7% FY2021: $401MFY2022: $422MFY2023: $444MFY2024: $483MFY2025: $501M

13D filers

None on file.

Insider trading

−$211Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $211M · 1 trade

Pay vs performance

No pay-versus-performance disclosure yet.