What is AES's exchange offer (note 12)?

AES (AES) reported exchange offer (note 12) of $0 in Q4 2025.

What does exchange offer (note 12) mean?

Value of debt or other securities converted into equity.

How do you interpret exchange offer (note 12)?

High conversion activity may signal a reduction in debt obligations and a corresponding increase in equity, potentially improving the balance sheet.

How does exchange offer (note 12) compare across companies?

Comparable to other firms with convertible debt or complex equity structures.

AES AES Exchange Offer (Note 12)

Exchange Offer (Note 12) at other companies

Oscar HealthOSCR

$70.83M—

Knight-Swift Transportation Holdings Inc.KNX

$0—

Knight-Swift Transportation Holdings Inc.KNX

$0—

UDRUDR

$10.7M—

EquipmentShare.com, Inc. EQPT

$2.5M—

SynopsysSNPS

——

Other financials

Income statement

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Revenue$3.2B+8.7%

Gross profit$640.0M+45.1%

Net income$487.0M+959%

EPS (diluted)$0.68+871%

Balance sheet

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Cash & equivalents$2.3B-9.6%

Total debt$1.2B+17.8%

Total equity$4.4B+27.5%

Total assets$52.8B+8.6%

Cash flow

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Operating cash flow$1.2B+120%

CapEx$1.8B+40.8%

Free cash flow-$565.0M+20.3%

Valuation

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Market cap$10.43B+13.6%

P/E7.7×+0.6×

P/S0.8×+0.1×

Profitability

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Gross margin19.3%+1.7pp

Net margin10.8%+0.2pp

FCF margin-11.8%-4.4pp

Returns & leverage

See full

Return on equity34.3%-6.4pp

Debt / equity0.3×0.0×

Current ratio0.7×-0.1×

Where this comes from

Reported directly by AES in its filing.

Tagged under the XBRL concept us-gaap:ConversionOfStockAmountConverted1.

The official record: AES’s 10-K, filed March 2, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is AES's exchange offer (note 12)?: AES (AES) reported exchange offer (note 12) of $0 in Q4 2025.
What does exchange offer (note 12) mean?: Value of debt or other securities converted into equity.
How do you interpret exchange offer (note 12)?: High conversion activity may signal a reduction in debt obligations and a corresponding increase in equity, potentially improving the balance sheet.
How does exchange offer (note 12) compare across companies?: Comparable to other firms with convertible debt or complex equity structures.