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American Electric Power Company, Inc.

AEP Utilities Utilities Regulated Electric

American Electric Power Company, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $21.9 billion, up 10.9% from fiscal 2024.

Revenue
+13.7%
EPS
+22.9%
Free cash flow
−376.1%
Total debt
+15.1%

Quarter to September 2026, against a year earlier

126.78 2.46 −1.90%
Market cap
$69.0B
P/E
20.3×
Fwd P/E
20.1×
Dividend yield
3.00%
F-score
6/9
Altman Z
0.91
Beneish M
−2.50
Dividend safety
43/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2021

  • Vertically Integrated Utilities
  • T&D
  • G&M
  • AEPTHCo
  • AEPTHCo
  • Other Operating Segment
  • Corporate and Other

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 1.55
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 1 — 2 — — — — — — 1 — —
Insider Ownership 0.15%

Capital & Financial Ratios $m

Size
Market Cap 69,030.00
Revenue ttm 23,612.00
Net income ttm 3,473.00
Free cash flow ttm (4,092.00)
Net debt Q 53,657.00
Valuation
P/E 20.29
Forward P/E 20.10
Price / sales 2.92
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.03
Financial health
Current ratio Q 0.51 (below 1: weak)
Debt / equity Q 1.60
Interest coverage Q 2.99
Growth
Revenue growth Q +13.66% (above 0%: growing)
Operating income growth Q +19.05% (above 0%: growing)
EPS, this year +8.53%
EPS, next year A +6.75%
Revenue, next year A +8.57%
EPS, past 5 yrs +8.58%
EPS, next 5 yrs A +8.36%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.2×, against a ten-year median of 4.6×; over the ten years it ranged from 3.0× in 2016 to 5.6× in 2026.
P/E against its own 10 years 63.88%
10-year low 10-year high
P/S against its own 10 years 85.88%
10-year low 10-year high
P/B against its own 10 years 68.50%
10-year low 10-year high
EV/Sales against its own 10 years 93.40%
10-year low 10-year high

Dividends raised every year since 2018

Yield
3.00%
Annual rate
3.80
Payout ratio
61.1%
Growth, 2018–26
+5.29%/yr
  1. 2.53 ’18
  2. 2.71 ’19 +7
  3. 2.84 ’20 +5
  4. 3.00 ’21 +6
  5. 3.17 ’22 +6
  6. 3.37 ’23 +6
  7. 3.57 ’24 +6
  8. 3.74 ’25 +5
  9. 3.82 ’26 +2
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 593 461 488 759
Receivables 2,447 2,632 2,867 3,490
Inventory 1,880 1,715 1,622 1,793
Other 888 694 863 1,436
6,082 5,789 6,052 7,840
2023 2024 2025 Q'26
Payables 2,033 2,638 3,429 3,944
ST’ Debt 5,321 5,859 4,702 4,552
Other 1,904 2,045 2,537 4,613
11,584 13,009 13,314 15,286

Compound Annual Growth %

10y 5y 3y
Sales 2.89% 7.96% 3.66%
Cash Flow 3.87% 12.62% 9.51%
Earnings 5.75% 10.23% 15.77%
Book Value 6.05% 9.17% 10.13%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.04 Actual 2.23

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.15 1.19 Beat by 0.04
Q1 FY26 1.55 1.64 Beat by 0.09
Q2 FY26 1.49 1.36 Miss by 0.13
Q3 FY26 2.04 2.23 Beat by 0.19
Q4 FY26 1.36 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.61 1.31 2.21 — —
’25 1.50 2.29 1.82 1.09 6.70
’24 1.91 0.64 1.80 1.25 5.60
’23 0.77 1.01 1.83 0.64 4.26
’22 1.41 1.02 1.33 0.75 4.51
’21 1.16 1.16 1.59 1.07 4.97
’20 1.00 1.05 1.51 0.88 4.44
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 6,020 5,445 6,832 — —
’25 5,463 5,087 6,011 5,315 21,876
’24 5,026 4,579 5,420 4,696 19,721
’23 4,691 4,373 5,342 4,577 18,982
’22 4,593 4,640 5,526 4,881 19,640
’21 4,281 3,827 4,623 4,061 16,792
’20 3,748 3,494 4,066 3,611 14,919
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1,519 1,902 2,346 — —
’25 1,450 1,221 2,460 1,813 6,944
’24 1,442 1,462 2,173 1,727 6,804
’23 718 1,164 1,794 1,336 5,012
’22 1,622 1,369 1,743 555 5,288
’21 (117) 1,161 1,929 867 3,840
’20 616 1,131 1,176 911 3,833
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,324) (912) (1,201) — —
’25 (686) (708) 435 (655) (1,614)
’24 (353) (131) 659 (780) (605)
’23 (1,374) (868) 1,425 (336) (1,153)
’22 (95) 89 115 (1,375) (1,266)
’21 (1,666) (125) 631 (645) (1,805)
’20 (1,178) (358) (300) (575) (2,412)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 22.7% a year for ten years.

Implied
22.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 16,380 15,425 16,196 15,561 14,919 16,792 19,640 18,982 19,721 21,876 23,612 +3.3% 23,751 24,957 27,298 +7.7%
Gross margin, % 65.02 65.56 64.27 67.19 70.71 67.45 63.86 65.35 69.90 67.86 68.39 +2.8 pt
EBT 476 2,816 1,974 1,835 2,146 2,512 2,420 2,209 2,843 3,724 3,710 +25.7%
EBT margin, % 2.90 18.26 12.19 11.79 14.39 14.96 12.32 11.64 14.42 17.02 15.71 +14.1 pt
Net income 618 1,929 1,931 1,920 2,197 2,488 2,306 2,213 2,976 3,696 3,473 +22.0%
Per share, $
Per share, $ Revenue 33.33 31.36 32.87 31.52 30.09 33.55 38.37 36.58 37.20 40.93 43.37 +2.3%
Earnings 1.24 3.89 3.90 3.89 4.44 4.97 4.51 4.26 5.60 6.70 6.25 +20.6%
Cash flow 9.20 8.68 10.60 8.65 7.73 7.67 10.33 9.66 12.84 12.99 13.92 +3.9%
Capex (10.21) (7.40) (12.90) (12.44) (12.60) (11.28) (12.81) (11.88) (13.98) (16.01) (21.44) +5.1%
Free cash flow (1.01) 1.28 (2.30) (3.80) (4.87) (3.61) (2.47) (2.22) (1.14) (3.02) (7.52) +13.0%
Book value 35.44 37.24 38.68 40.34 41.91 45.31 47.13 48.73 50.91 60.27 62.53 +6.1%
Shares, m 491 492 493 494 496 501 512 519 530 535 541 +0.9%
Valuation, ×
Valuation, × P/E 50.61 18.66 19.16 24.30 18.75 17.87 21.04 19.57 16.47 17.21 20.29 22.4
P/S 1.88 2.31 2.27 3.00 2.77 2.65 2.47 2.27 2.48 2.82 2.92 2.5
P/B 1.77 1.94 1.93 2.34 1.99 1.96 2.01 1.71 1.81 1.91 2.03 1.9
EV/Sales 3.19 3.75 3.80 4.86 4.97 4.76 4.52 4.51 4.75 5.03 5.20 4.4
EV/FCF (105.45) 91.72 (54.23) (40.34) (30.76) (44.27) (70.06) (74.19) (154.70) (68.14) (29.98) (55.0)
Cash, $m
Cash, $m Operating cash flow 4,522 4,270 5,223 4,270 3,833 3,840 5,288 5,012 6,804 6,944 7,580 +4.9%
Capex (5,017) (3,640) (6,357) (6,144) (6,245) (5,645) (6,554) (6,165) (7,409) (8,558) (11,672) +6.1%
Free cash flow (496) 631 (1,134) (1,874) (2,412) (1,805) (1,266) (1,153) (605) (1,614) (4,092) +14.0%
Balance, $m
Balance, $m Working capital (3,464) (4,018) (4,535) (6,221) (5,575) (4,617) (6,491) (5,501) (7,220) (7,262) (7,446) +8.6%
Net debt 21,427 22,238 24,654 28,929 32,913 35,397 40,169 42,380 44,706 48,342 53,657 +9.5%
Shareholders’ equity 17,420 18,314 19,059 19,913 20,775 22,680 24,122 25,286 26,986 32,218 34,043 +7.1%
Returns, %
Returns, % ROA 0.98 2.98 2.88 2.66 2.81 2.95 2.55 2.32 2.97 3.29 2.84 +2.3 pt
ROIC 1.87 5.43 3.84 3.32 3.48 3.67 3.39 3.28 3.75 4.13 3.94 +2.3 pt
ROE 3.46 10.70 10.30 9.86 10.81 11.45 9.86 8.94 11.35 12.09 10.24 +8.6 pt
People
People Employees 17,634 17,666 17,582 17,408 16,787 16,688 16,974 17,250 16,330 17,581 — 0.0%
Revenue/emp, $m 0.93 0.87 0.92 0.89 0.89 1.01 1.16 1.10 1.21 1.24 — +3.3%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

American Electric Power Company, Inc. (AEP) is a public utility holding company headquartered in Columbus and founded in 1927. Its subsidiaries generate electricity, move it over high-voltage transmission lines and deliver it through local distribution networks. They serve households, businesses and other organizations, and also sell electricity and transmission services in wholesale markets.

AEP’s utilities traditionally combined all three activities: producing power, transmitting it over long distances and distributing it to customers. In parts of Michigan, Ohio and Texas, restructuring laws separated previously combined regulated rates. In Ohio, for example, customers can switch to a competitive electricity supplier while AEP’s subsidiary continues to provide delivery service.

Where the money comes from and where it goes Fiscal 2021

Fiscal 2021: revenue by segment, and margins
Vertically Integrated Utilities 9,999 59.54%
T&D 4,493 26.76%
G&M 2,164 12.89%
AEPTHCo 1,526 9.09%
AEPTHCo 1,526 9.09%
Other Operating Segment 72 0.43%
Corporate and Other 72 0.43%
Gross margin 67.45%
Operating margin 20.32%
Pre-tax margin 14.96%

Revenue by segment since 2009

American Electric Power Company, Inc. vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SO Southern Company (The) $107.4B 21.2× 21.3× +13.04% (above 0%: growing) +14.19% (above 0%: growing) +362.13% (above 0%: growing) 0.00% 33.93% Compare
DUK Duke Energy Corporation $101.4B 19.1× 18.9× +6.58% (above 0%: growing) +9.94% (above 0%: growing) −496.09% (below 0%: shrinking) 0.00% 30.17% Compare
NGG National Grid Transco, PLC $86.4B 23.5× 13.9× +10.37% (above 0%: growing) +115.14% (above 0%: growing) −2,663.95% (below 0%: shrinking) 23.34% 0.00% Compare
AEP American Electric Power Company, Inc. $69.0B 20.3× 20.1× +13.66% (above 0%: growing) +22.92% (above 0%: growing) −376.09% (below 0%: shrinking) 69.45% 26.52%
D Dominion Energy Inc. $61.3B 23.2× 22.5× +24.08% (above 0%: growing) +12.07% (above 0%: growing) +50.09% (above 0%: growing) 68.86% 32.79% Compare
ETR Entergy Corporation $52.7B 25.0× 25.0× +14.51% (above 0%: growing) +29.75% (above 0%: growing) −295.69% (below 0%: shrinking) 72.75% 33.93% Compare
XEL Xcel Energy Inc. $51.6B 18.6× 19.5× +6.56% (above 0%: growing) +71.48% (above 0%: growing) +5.89% (above 0%: growing) 72.99% 28.55% Compare
EXC Exelon Corporation $48.2B 18.1× 16.2× +9.16% (above 0%: growing) −18.60% (below 0%: shrinking) −410.43% (below 0%: shrinking) 60.14% 18.84% Compare
ED Consolidated Edison Inc $44.8B 19.4× 18.2× +8.45% (above 0%: growing) +8.38% (above 0%: growing) +237.96% (above 0%: growing) 0.00% 23.81% Compare
Median of peers $57.0B 20.3× 19.2× +9.77% +13.13% −144.90% 41.74% 29.36%

All 39 Utilities Regulated Electric stocks →

From the latest earnings call

Updated

  • CEO Bill Fuhrman said AEP expects demand on its system to more than triple by 2031, supported by contracted and committed load.
  • CFO Trevor Mihalik said AEP’s five-year capital plan includes transmission, generation and distribution investment, with operating cash flow funding more than half.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Raymond James Oct 26, 2026 Target raised Outperform 144.00
Citi Oct 26, 2026 Reiterated Hold 142.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 91.42%
Held by the ten largest 45.39%
Holder Shares Stake Change
Vanguard 65.02m 11.94% +8.44m
BlackRock 51.02m 9.37% +3.23m
State Street 30.78m 5.65% +495.01k
Invesco 19.53m 3.59% +474.58k
Morgan Stanley 18.98m 3.49% +4.49m
Geode Capital Management 14.40m 2.65% +181.51k
Wellington Management 13.87m 2.55% +715.61k
Bank of America 12.27m 2.25% +7.11m
Goldman Sachs 10.97m 2.01% +5.81m
GQG Partners LLC 10.26m 1.89% −4.76m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 18 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 36.61m 44.77m 166.24
2023 10.63m 7.51m 108.77
2022 16.38m 21.52m 122.17
2021 15.05m 18.72m 110.69
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

American Electric Power Company, Inc. (AEP) Latest News

5 Nov

Impact 3 · · 24/7 Wall St.
Impact 3 · · Bloomberg

3 Nov

Impact 3 · · constructiondive.com
Impact 3 · · PR Newswire

31 Oct

Impact 4 · · Trefis

29 Oct

Impact 4 · · Zacks
Impact 4 · · utilitydive.com
Impact 4 · · GlobeNewswire
Impact 4 · · Business Wire
Impact 3 · · Simply Wall St.

28 Oct

Impact 5 · · The Motley Fool transcript
Impact 4 · · MarketBeat
Impact 4 · · Moby transcript
Impact 4 · · PR Newswire
Impact 3 · · Associated Press
Impact 3 · · Zacks
Impact 3 · · Zacks

26 Oct

Impact 4 · · Barchart
Impact 3 · · Zacks
Impact 3 · · Trefis

24 Oct

Impact 4 · · Simply Wall St.

23 Oct

Impact 4 · · 24/7 Wall St.
Impact 4 · · Trefis
Impact 3 · · Zacks
Impact 3 ·

22 Oct

Impact 4 · · Barchart
Impact 3 · · Barchart
Impact 3 · · Zacks

21 Oct

Impact 3 · · Zacks
Impact 3 · · Zacks

AEP metrics, ten years each

stockrow.com/AEP · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com