AES vs. NGG: AES vs. National Grid Stock Comparison

November 11, 2026

How do AES (AES) and National Grid (NGG) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

AES (AES) and National Grid (NGG) both fall under the Utilities industry group, but AES is classified in Independent Power and Renewable Electricity Producers while NGG is classified in Multi-Utilities.

AES (AES) trades as ordinary local shares, while National Grid (NGG) trades as an ADR — compare with FX exposure, depositary-program fees, and dividend-withholding-tax differences in mind.

Company profile comparison for AES (AES) and National Grid (NGG)
Profile Item	AES	NGG
Name	The AES Corporation	National Grid plc Sponsored ADR
Country/Region	United States	United Kingdom
GICS Sector	Utilities	Utilities
GICS Industry Group	Utilities	Utilities
GICS Industry	Independent Power and Renewable Electricity Producers	Multi-Utilities
GICS Sub-Industry	Independent Power Producers & Energy Traders	Multi-Utilities
Market Capitalization	10.61 billion USD	83.60 billion USD
Currency	USD	USD
Exchange	NYSE	NYSE
Listing Date	June 26, 1991	August 10, 2005
Security Type	Common Stock	ADR

Price Performance

Cumulative Growth

AES

NGG

GSPC

AES (AES) vs. National Grid (NGG), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for AES (AES) and National Grid (NGG). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for AES (AES) and National Grid (NGG). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for AES (AES) and National Grid (NGG)
Metric	AES	NGG
Total Return (1Y)	10.79%	13.00%
Total Return (3Y, Annualized)	3.44%	19.82%
Total Return (5Y, Annualized)	-5.12%	12.34%

Risk Profile

Drawdown History

AES

NGG

GSPC

AES (AES) vs. National Grid (NGG), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for AES (AES) and National Grid (NGG). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for AES (AES) and National Grid (NGG)
Metric	AES	NGG
Volatility (1Y, Annualized)	25.19%	22.32%
Beta (5Y)	0.93	0.73
Max Drawdown (5Y)	-63.43%	-39.20%
Avg. Volume (3M)	8.50M	911.70K

Risk-Adjusted Performance

Risk-Return Positioning

AES and NGG are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for AES (AES) and National Grid (NGG)
Metric	AES	NGG
Sharpe Ratio (1Y)	0.26	0.39
Sortino Ratio (1Y)	0.33	0.54

Profitability

ROE (TTM)

Both AES (AES) at 8.68% and National Grid (NGG) at 10.31% land near their industries’ usual ROE ranges, so capital efficiency looks broadly in line with peers on both sides.

AES

Utilities industry group

8.68%

Max: 17.99%
Q3: 12.01%
Median: 9.44%
AES: 8.68%
Q1: 7.56%
Min: 2.17%

NGG

Utilities industry group

10.31%

Max: 17.99%
Q3: 12.01%
NGG: 10.31%
Median: 9.44%
Q1: 7.56%
Min: 2.17%

AES (AES) vs. National Grid (NGG): A comparison of their ROE against the Utilities industry group benchmark.

Net Margin (TTM)

National Grid (NGG) at 21.15% retains a top-quartile share of revenue as profit, ahead of AES (AES) at 13.16%, which keeps about the industry-typical share.

AES

Utilities industry group

13.16%

Max: 28.78%
Q3: 17.30%
AES: 13.16%
Median: 12.73%
Q1: 9.18%
Min: -0.20%

NGG

Utilities industry group

21.15%

Max: 28.78%
NGG: 21.15%
Q3: 17.30%
Median: 12.73%
Q1: 9.18%
Min: -0.20%

AES (AES) vs. National Grid (NGG): A comparison of their net margin against the Utilities industry group benchmark.

Operating Margin (TTM)

Both AES (AES) at 23.89% and National Grid (NGG) at 28.64% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

AES

Utilities industry group

23.89%

Max: 53.83%
Q3: 31.12%
AES: 23.89%
Median: 23.62%
Q1: 15.45%
Min: -4.90%

NGG

Utilities industry group

28.64%

Max: 53.83%
Q3: 31.12%
NGG: 28.64%
Median: 23.62%
Q1: 15.45%
Min: -4.90%

AES (AES) vs. National Grid (NGG): A comparison of their operating margin against the Utilities industry group benchmark.

Profitability Metrics

Profitability metrics for AES (AES) and National Grid (NGG)
Metric	AES	NGG
ROE (TTM)	8.68%	10.31%
ROA (TTM)	3.13%	3.33%
Net Margin (TTM)	13.16%	21.15%
Operating Margin (TTM)	23.89%	28.64%
Gross Margin (TTM)	21.34%	100.00%

Growth

Revenue Growth

Both AES (AES) at -0.37% and National Grid (NGG) at -3.76% post bottom-quartile revenue growth versus peers, pointing to weaker demand or pricing momentum than typical rivals.

AES (AES) vs. National Grid (NGG): A comparison of their Revenue Growth across different time periods.

EPS Growth

Only one side can be read here: AES (AES) reports EPS growth of -46.61%, ranked against its industry; National Grid (NGG) has no EPS growth figure this period.

AES (AES) vs. National Grid (NGG): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for AES (AES) and National Grid (NGG)
Metric	AES	NGG
Revenue Growth (YoY)	-0.37%	-3.76%
Revenue Growth (3Y CAGR)	-1.03%	-6.53%
EPS Growth (YoY)	-46.61%	--
EPS Growth (3Y CAGR)	--	-30.59%

Financial Strength

Current Ratio (MRQ)

AES (AES) at 0.86 keeps current ratio within its industry’s typical mid-range, while National Grid (NGG) at 0.62 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for NGG.

AES

Utilities industry group

0.86

Max: 1.90
Q3: 1.17
Median: 0.88
AES: 0.86
Q1: 0.66
Min: 0.29

NGG

Utilities industry group

0.62

Max: 1.90
Q3: 1.17
Median: 0.88
Q1: 0.66
NGG: 0.62
Min: 0.29

AES (AES) vs. National Grid (NGG): A comparison of their current ratio against the Utilities industry group benchmark.

Debt / Equity (MRQ)

National Grid (NGG) at 1.32 carries an industry-typical debt-to-equity mix, while AES (AES) at 2.43 uses more debt funding than most peers.

AES

Utilities industry group

2.43

Max: 2.63
AES: 2.43
Q3: 1.77
Median: 1.35
Q1: 0.84
Min: 0.00

NGG

Utilities industry group

1.32

Max: 2.63
Q3: 1.77
Median: 1.35
NGG: 1.32
Q1: 0.84
Min: 0.00

AES (AES) vs. National Grid (NGG): A comparison of their debt-to-equity ratio against the Utilities industry group benchmark.

Financial Strength Metrics

Financial strength metrics for AES (AES) and National Grid (NGG)
Metric	AES	NGG
Current Ratio (MRQ)	0.86	0.62
Debt / Equity (MRQ)	2.43	1.32
Net Debt / EBITDA	7.28	6.32

Dividends

Dividend Yield (TTM)

AES (AES) at 4.73% offers top-quartile income, while National Grid (NGG) at 0.57% sits in the bottom quartile — a wide gap in cash returned to shareholders.

AES

Utilities industry group

4.73%

Max: 6.66%
AES: 4.73%
Q3: 3.58%
Median: 2.85%
Q1: 0.66%
Min: 0.00%

NGG

Utilities industry group

0.57%

Max: 6.66%
Q3: 3.58%
Median: 2.85%
Q1: 0.66%
NGG: 0.57%
Min: 0.00%

AES (AES) vs. National Grid (NGG): A comparison of their dividend yield against the Utilities industry group benchmark.

Dividend Payout Ratio (TTM)

AES (AES) at 28.27% retains more earnings than its industry usually does; National Grid (NGG) at 71.97% distributes an above-typical share — opposite departures from the band, with the risk sitting on NGG’s side.

AES

Utilities industry group

28.27%

Max: 113.04%
Q3: 68.72%
Median: 56.38%
Q1: 32.38%
AES: 28.27%
Min: 0.00%

NGG

Utilities industry group

71.97%

Max: 113.04%
NGG: 71.97%
Q3: 68.72%
Median: 56.38%
Q1: 32.38%
Min: 0.00%

AES (AES) vs. National Grid (NGG): A comparison of their payout ratio against the Utilities industry group benchmark.

Dividend Metrics

Dividend metrics for AES (AES) and National Grid (NGG)
Metric	AES	NGG
Dividend Yield (TTM)	4.73%	0.57%
Dividend Payout Ratio (TTM)	28.27%	71.97%

Valuation

P/E Ratio (TTM)

AES (AES) at 5.97 sits in the cheaper P/E ratio quartile, while National Grid (NGG) at 15.54 is closer to its industry’s usual earnings multiple — a discount for AES, though growth and earnings durability still matter.

AES

Utilities industry group

5.97

Max: 31.22
Q3: 23.30
Median: 19.64
Q1: 15.17
AES: 5.97
Min: 3.34

NGG

Utilities industry group

15.54

Max: 31.22
Q3: 23.30
Median: 19.64
NGG: 15.54
Q1: 15.17
Min: 3.34

AES (AES) vs. National Grid (NGG): A comparison of their P/E ratio against the Utilities industry group benchmark.

P/S Ratio (TTM)

AES (AES) at 0.78 looks cheap on sales in the lower P/S ratio quartile, while National Grid (NGG) at 4.46 looks rich in the upper quartile — a clear gap in price per dollar of revenue.

AES

Utilities industry group

0.78

Max: 6.35
Q3: 3.63
Median: 2.63
Q1: 1.52
AES: 0.78
Min: 0.00

NGG

Utilities industry group

4.46

Max: 6.35
NGG: 4.46
Q3: 3.63
Median: 2.63
Q1: 1.52
Min: 0.00

AES (AES) vs. National Grid (NGG): A comparison of their P/S ratio against the Utilities industry group benchmark.

P/B Ratio (MRQ)

AES (AES) at 1.86 sits near its industry’s typical P/B ratio, while National Grid (NGG) at 9.36 prices above its benchmark range — NGG looks rich relative to book.

AES

Utilities industry group

1.86

Max: 3.12
Q3: 2.21
AES: 1.86
Median: 1.83
Q1: 1.46
Min: 0.34

NGG

Utilities industry group

9.36

NGG: 9.36
Max: 3.12
Q3: 2.21
Median: 1.83
Q1: 1.46
Min: 0.34

AES (AES) vs. National Grid (NGG): A comparison of their P/B ratio against the Utilities industry group benchmark.

Valuation Metrics

Valuation metrics for AES (AES) and National Grid (NGG)
Metric	AES	NGG
P/E Ratio (TTM)	5.97	15.54
P/S Ratio (TTM)	0.78	4.46
P/B Ratio (MRQ)	1.86	9.36
Free Cash Flow Yield (TTM)	-30.54%	-5.94%