• AES average return on tangible equity for 2023 was -13.15, a 8.11% decline from 2022.
• AES average return on tangible equity for 2022 was -14.31, a 498.74% decline from 2021.
• AES average return on tangible equity for 2021 was -2.39, a 351.58% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.