American Electric Power Company, Inc. (AEP)
NEUTRALファンダメンタル
57
株価
$123.02
時価総額
$66.41B
パート1 · 企業の価値
概要
American Electric Power is a regulated utility that generates, transmits and distributes electricity to 5.6 million customers across 11 U.S. states, mostly in the Midwest and South. It owns roughly 33,000 megawatts of generation and the nation's largest network of high-voltage transmission lines. Its business is split between utilities that both generate and sell power locally, and units that only move electricity — including AEP Transmission Holdco, which builds and operates transmission lines without ever selling power directly to a household.
収益の仕組み
AEP does not compete for customers in most of its territory: state regulators grant it an exclusive service area and, in exchange, set the prices it can charge based on its approved costs plus an allowed return on the capital it invests in poles, wires and power plants. Revenue therefore grows mainly by winning regulatory approval to spend more on the grid — new transmission lines, storm hardening, and the replacement of retiring coal plants — rather than by selling more electricity.
競争優位性（moat）
規模の経済 · 広いAEP owns the wires and power plants serving its territory, and state regulators do not grant competing utilities the right to build parallel infrastructure. A rival would need to replicate tens of thousands of miles of transmission and distribution lines from scratch to compete for the same customers — an investment no regulator would allow or reward.
需要を左右する要因
ディフェンシブElectricity demand from homes and businesses changes little with the economic cycle — people keep the lights on in a recession. AEP's growth increasingly comes from a different source: data centers and industrial customers signing long-term contracts for new capacity, which is more sensitive to how fast it can build than to the business cycle.
主なリスク
- Regulatory cost recovery is not guaranteed — AEP's returns depend on state regulators approving rate increases for its capital spending. A commission can disallow costs it judges imprudent, delay a rate case, or grant a lower return than requested.
- Wildfire liability — AEP identifies storms and wildfires linked to its power lines as a risk that could bring litigation and damages it may not be able to recover through rates, as has happened to utilities elsewhere in the country.
- Coal plant transition and stranded assets — Rising costs of operating older coal units, environmental rules and cheaper alternatives are pushing AEP to retire coal generation earlier than planned, risking assets that are not fully depreciated when they close.
- Physical exposure to extreme weather — AEP's generation, transmission and distribution assets are spread across regions increasingly exposed to storms and extreme temperatures, which can damage infrastructure and raise both repair costs and outage-related liability.
強気材料
Buyers argue that data center demand is driving the first sustained load growth U.S. utilities have seen in decades, and that AEP's regulated returns on the capital needed to serve it offer a predictable earnings path largely insulated from the wider economy.
弱気材料
Sellers worry that wildfire litigation, disallowed costs in rate cases, and the capital burden of replacing retiring coal plants could weigh on returns faster than data center growth can offset them.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年8月23日 with claude-opus-5 — shared with all users
In Virginia, AEP's Appalachian Power and Dominion Energy Virginia serve adjacent parts of the same state under the same commission and compete to attract and supply the state's data-center demand.
Exelon's regulated delivery utilities compete with AEP for large-load and data-center connections across the PJM region, while its ComEd default service is the direct alternative to AEP Energy's retail supply in Illinois.
OG&E and AEP's Public Service Company of Oklahoma divide Oklahoma between them under the same state commission, competing for the same commercial and industrial customers.
Both run regulated electricity networks in Ohio inside the PJM market, serving neighbouring territories under the same state commission and courting the same industrial and data-center load.
Duke's regulated utilities in Indiana, Ohio and Kentucky border AEP's Indiana Michigan Power, AEP Ohio and Kentucky Power, competing for the same industrial customers and the same rate-based grid investment.
Entergy's utilities in Arkansas, Louisiana and east Texas overlap the territory of AEP's Southwestern Electric Power Company, competing for the same industrial and data-center customers in the Gulf South.
貸借対照表と流動性
売上高
$21.99B
直近12か月（2026/3/31まで）
純利益
$3.80B
直近12か月（2026/3/31まで）
フリーキャッシュフロー
$3.49B
自己資本合計
$31.14B
負債合計
$82.20B
流動比率
0.53
利払い倍率
2.59
負債/EBITDA
6.07
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$172.03
現在株価
$123.02
安全マージン
+28.5%
適正価値レンジ
$111.82 - $232.24
推定方法
バリュエーション指標
P/E レシオ
18.04
ROE
11.9%
P/B レシオ
2.09
P/FCF
25.58
粗利益率
-
ROIC
4.0%
収益性レーダー
Value Creation (Economic Moat)
ROIC
4.0%
WACC
5.9%
ROIC − WACC
-1.8 pp
ROIC is below the cost of capital — the company is destroying value for every dollar invested.
ファンダメンタル分析基準
合格（17）
- EPS shows upward trend
- EPS CAGR 5.10%
- Price CAGR 6.75%
- P/FCF 25.58
- P/B Ratio 2.09
- Debt/Equity ratio
- Operating Margin 24.5%
- Positive Free Cash Flow
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 10.0%
- Revenue Growth 5Y 7.9%
- Analyst Consensus 52% Buy
- Earnings Quality (OCF/NI) 1.85
- Net Margin Trend 17.3% vs 13.5%
- Piotroski F-Score 6/9
不合格（9）
- ROIC 4.1%
- CapEx intensity
- Current Ratio
- Debt/EBITDA
- Price below Graham Number
- DCF valuation (Fairly valued)
- Earnings Surprise avg -1.3%
- PEG Ratio 2.55
- Share Dilution 4.1%
データなし（2）
- Gross Margin NaN%
- Dividend Payout NaN%
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
新株を発行しており、所有権を希薄化している
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. William J. Fehrman | Chairman, President & CEO | 65 |
| Mr. Trevor Ian Mihalik CPA | Executive VP & CFO | 58 |
| Mr. Robert B. Berntsen | Executive VP, General Counsel & Secretary | 55 |
| Ms. Alicia R. Knapp | President of Nuclear Development | 46 |
| Mr. Douglas A. Cannon | President of AEP Transmission | 49 |
| Ms. Kate Dixon | Senior VP, Controller & Chief Accounting Officer | 40 |
| Mr. Johannes G. Eckert | Executive VP and Chief Information & Technology Officer | 57 |
| Mr. Andy Gurgol | Vice President of Investor Relations | - |
| Mr. Chris Brathwaite | VP & Chief Communications Officer | - |
| Mr. Phillip R. Ulrich | Executive VP & Chief Human Resources Officer | 54 |
監査リスク
8
取締役会リスク
6
報酬リスク
7
株主権利リスク
6
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for AEP, sourced from Markets Gazette.
- 5/12/2026NEUTRALAmerican Electric Power Utility Offers $2.6 Billion in Shares
American Electric Power Co. announced plans to offer $2.6 billion in shares, a move driven by surging electricity demand fueled by artificial intelligence advancements. This capital raise aims to support infrastructure expansion necessary to meet the growing power needs of AI data centers and related technologies. While the share offering could dilute existing shareholders in the short term, it signals the company's strategic positioning to capitalize on a significant long-term growth opportunity in the energy sector.
- 5/5/2026NEGATIVEUS Utility Threatens to Quit Power Grids on Data Center Rift
American Electric Power Co. (AEP), a major US utility, has threatened to exit two of the nation's largest power grids. The company cites the protracted timelines required to connect new AI data centers as the primary reason for this drastic consideration. This move highlights the growing strain on existing infrastructure due to the exponential demand from AI and cloud computing facilities. Investors should monitor AEP's decision, as it could signal broader challenges for utilities in adapting to the rapid growth of data-intensive industries and potentially impact grid stability and energy costs.
- 5/5/2026NEUTRALAEP Weighs Break From Two of America’s Biggest Power Grids
American Electric Power Co. (AEP) is evaluating its participation in two major US power grids, citing concerns over the slow pace of connecting data center clients. This strategic review could lead to significant operational changes for AEP, potentially impacting its infrastructure investments and service delivery models. Investors will be watching for further details on the specific grids involved and the potential financial implications of any membership changes, as this could affect the company's future growth trajectory and operational efficiency.
- 4/21/2026POSITIVEThis American Electric Power Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Tuesday
Analysts have initiated coverage on American Electric Power (AEP) with a bullish stance, signaling positive sentiment for the utility company. While specific price targets and ratings are not detailed in this summary, the initiation of coverage on a positive note suggests analysts foresee growth or stability in AEP's future performance. This could be driven by factors such as regulatory stability, renewable energy investments, or strong operational execution. Investors often view new, positive analyst coverage as a catalyst for stock price appreciation.
via Markets Gazette