American Electric Power

Utilities Electric Utilities Columbus, Ohio Last filing Feb 12, 2026 · FY2025

                    Revenue
                    FY2025
                
$21.9B
                    3y CAGR +3.7%
                    
                    P57
                    
                    +10.9%
                    
                    Net income
                    FY2025
                
$3.7B
                    Net margin +16.9%
                    
                    P77
                    
                    +24.2%
                    
                    Total assets
                    FY2025
                
$114.5B
                    ROA +3.2%
                    
                    P84
                    
                    +11.0%
                    
                    Operating cash flow
                    FY2025
                
$6.9B
                    FCF margin -22.7%
                    
                    P24
                    
                    +2.1%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

23 accounts · 5 years

Total assets $114.5B

Total liabilities $82.2B

Shareholders equity $31.1B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	2.2%	2.3%	3.1%	3.8%	2.0%
Accounts Receivable	13.1%	13.3%	12.9%	13.6%	5.8%
Other Current Assets	12.3%	13.7%	16.0%	17.1%	15.5%
Total Current Assets	27.7%	29.4%	32.0%	34.5%	23.3%
Property,Plant and Equipment	422.3%	417.9%	404.0%	373.4%	196.5%
Regulatory Assets	26.2%	28.8%	28.6%	26.5%	14.0%
Other Noncurrent Assets	47.1%	46.6%	44.7%	22.0%	14.2%
Total Assets	523.2%	522.7%	509.3%	475.6%	261.0%
Liabilities
Current Portion of Long Term Debt	21.5%	29.7%	28.0%	33.6%	14.2%
Other Current Liabilities	39.4%	36.3%	33.0%	34.0%	22.8%
Total Current Liabilities	60.9%	66.0%	61.0%	67.5%	37.0%
Long Term Debt	201.7%	199.3%	198.4%	174.7%	93.2%
Regulatory Liabilities	38.2%	42.3%	43.1%	41.3%	25.9%
Other Noncurrent Liabilities	75.0%	78.1%	73.4%	68.9%	37.3%
Total Liabilities	375.8%	385.6%	375.9%	352.5%	193.4%
Equity
Total Stockholders Equity	142.3%	136.6%	133.0%	121.7%	66.8%
Common Stock	16.1%	17.6%	18.1%	17.4%	10.1%
Additional Paid In Capital	55.5%	48.7%	47.8%	41.0%	21.4%
Retained Earnings	70.6%	70.3%	67.4%	62.9%	34.7%
Accumulated Other Comprehensive Income	0.2%	-0.0%	-0.3%	0.4%	0.6%
Noncontrolling Interest	4.9%	0.2%	0.2%	1.2%	0.7%
Temporary Equity and Other	0.2%	0.2%	0.2%	0.2%	0.1%
Total Liabilitiesand Equity	523.2%	522.7%	509.3%	475.6%	261.0%

Income Statement

Revenue, expense, and profitability

15 accounts · 5 years

Revenue $21.9B

Operating income $5.3B

Net income $3.7B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	32.1%	30.1%	34.7%	36.1%	—
Expenses Selling,General and Administrative	6.9%	6.7%	6.7%	6.4%	3.3%
Expenses Depreciation and Amortization	15.5%	16.7%	16.3%	16.3%	—
Expenses Other Operating Expenses	21.2%	24.7%	23.6%	23.5%	11.8%
Other Income Expense Operating Income	24.3%	21.8%	18.7%	17.7%	10.2%
Other Income Expense Interest Expense	9.3%	9.4%	9.5%	7.1%	3.6%
Other Income Expense Other Income/expense	2.0%	2.0%	2.4%	1.7%	0.9%
Other Income Expense Income Before Tax	17.0%	14.4%	11.6%	12.3%	7.5%
Income Tax Income Tax Expense	0.6%	-0.2%	0.3%	0.0%	0.3%
net Income Other Items Below Tax	0.5%	0.5%	0.3%	-0.5%	-8.2%
net Income net Income	16.9%	15.1%	11.7%	11.7%	7.4%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	2.4%	2.7%	2.7%	2.6%	1.5%
Earnings Per Share Weighted Average Shares Diluted	2.5%	2.7%	2.7%	2.6%	1.5%

Cash Flow Statement

Operating, investing, and financing flows

13 accounts · 5 years

Operating cash flow $6.9B

Investing cash flow $-11.9B

Financing cash flow $5.0B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	31.7%	34.5%	26.4%	26.9%	11.4%
Operating Activities net Income	16.9%	15.1%	11.7%	11.7%	7.4%
Operating Activities Depreciation and Amortization	15.9%	17.2%	16.8%	16.7%	9.1%
Operating Activities Other Non Cash Items	-1.1%	2.2%	-2.0%	-1.5%	-5.0%
Investing Activities Capital Expenditures	-54.4%	-40.7%	-39.7%	-40.1%	-16.9%
Investing Activities Other Investing Activities	-0.2%	2.2%	6.7%	0.6%	-0.0%
Investing Activities net Cash From Investing Activities	-54.6%	-38.5%	-33.0%	-39.5%	-19.2%
Financing Activities Proceeds From Debt	39.2%	29.6%	34.4%	27.9%	23.5%
Financing Activities Repayment of Debt	-20.0%	-18.4%	-17.9%	-18.5%	-11.4%
Financing Activities Dividends Paid	-9.2%	-9.6%	-9.2%	-8.4%	4.5%
Financing Activities Other Financing Activities	12.9%	1.7%	-1.6%	12.1%	0.2%
Financing Activities net Cash From Financing Activities	22.9%	3.3%	5.7%	13.1%	7.8%
Cash Reconciliation net Change In Cash	0.1%	-0.7%	-0.9%	0.5%	0.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+67.9%	+69.9%	+65.3%	+63.9%	—
Operating margin	+24.3%	+21.8%	+18.7%	+17.7%	+10.2%
Net margin	+16.9%	+15.1%	+11.7%	+11.7%	+7.4%
FCF margin	-22.7%	-6.2%	-13.3%	-13.2%	-5.4%
Growth
Revenue CAGR (3y)	+3.7%	-16.3%	-14.0%	-14.2%	+1.2%
Returns
ROE	+11.9%	+11.0%	+8.8%	+9.6%	+11.1%
ROA	+3.2%	+2.9%	+2.3%	+2.5%	+2.8%
ROIC	+6.5%	+6.0%	+5.1%	+5.4%	+5.6%
Liquidity
Current ratio	0.45x	0.44x	0.53x	0.51x	0.63x
Quick ratio	0.25x	0.24x	0.26x	0.26x	0.21x
Leverage
D/E	2.64x	2.82x	2.83x	2.90x	2.90x
Interest coverage	2.63x	2.31x	1.97x	2.49x	2.84x
Efficiency
Asset turnover	0.19x	0.19x	0.20x	0.21x	0.38x
Cash conversion cycle	—	—	—	—	—

Valuation

Price against fundamentals

AEP $133 · 2026-04-02 · 212d old · FY2025

Market cap $71.3B

P/E 19.29x

P/S 3.26x

P/B 2.29x

EV $119.7B

EV/EBITDA 13.75x

FCF yield -7.0%

Dividend yield +2.8%

Notes

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