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Ameren Corporation

AEE Utilities Utilities Regulated Electric

Ameren Corporation’s revenue for fiscal 2025 (year ended December 2025) was $8.8 billion, up 15.4% from fiscal 2024.

Revenue
−5.81%
EPS
+11.8%
Free cash flow
−51.2%
Total debt
+9.28%

Quarter to June 2026, against a year earlier

112.91 0.17 −0.15%
Market cap
$31.2B
P/E
19.7×
Fwd P/E
20.5×
Dividend yield
2.62%
F-score
6/9
Altman Z
0.90
Beneish M
−2.39
Dividend safety
46/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Union Electric Company
  • Ameren Illinois Electric Distribution
  • Ameren Illinois Natural Gas
  • Ameren Transmission

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 8.09
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 5 4 — 2 — — 3 1 — 1
Insider Ownership 0.36%

Capital & Financial Ratios $m

Size
Market Cap 31,230.00
Revenue ttm 8,749.00
Net income ttm 1,568.00
Free cash flow ttm (1,450.00)
Net debt Q 20,576.00
Valuation
P/E 19.71
Forward P/E 20.50
Price / sales 3.57
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.26
Financial health
Current ratio Q 0.53 (below 1: weak)
Debt / equity Q 1.49
Interest coverage Q 2.20
Growth
Revenue growth Q −5.81% (below 0%: shrinking)
Operating income growth Q +11.68% (above 0%: growing)
EPS, this year +7.38%
EPS, next year A +7.48%
Revenue, next year A +3.59%
EPS, past 5 yrs +8.86%
EPS, next 5 yrs A +7.88%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.9×, against a ten-year median of 4.8×; over the ten years it ranged from 2.9× in 2016 to 5.9× in 2026.
P/E against its own 10 years 28.24%
10-year low 10-year high
P/S against its own 10 years 93.40%
10-year low 10-year high
P/B against its own 10 years 78.22%
10-year low 10-year high
EV/Sales against its own 10 years 99.49%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.62%
Annual rate
2.96
Payout ratio
52.1%
Growth, 2017–25
+6.03%/yr
  1. 1.78 ’17
  2. 1.85 ’18 +4
  3. 1.92 ’19 +4
  4. 2.00 ’20 +4
  5. 2.20 ’21 +10
  6. 2.36 ’22 +7
  7. 2.52 ’23 +7
  8. 2.68 ’24 +6
  9. 2.84 ’25 +6
  10. 3.01 ’26e +6
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 25 7 13 12
Receivables 600 621 772 799
Inventory 733 762 774 800
Other 823 874 1,012 1,033
2,181 2,264 2,571 2,644
2023 2024 2025 Q'26
Payables 1,136 1,059 1,254 998
ST’ Debt 849 317 973 1,524
Other 677 698 808 990
3,345 3,413 3,907 4,978

Compound Annual Growth %

10y 5y 3y
Sales 3.73% 8.72% 3.41%
Cash Flow 5.14% 14.19% 14.00%
Earnings 8.74% 10.82% 10.68%
Book Value 6.68% 8.30% 8.35%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 1.08 Actual 1.13

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 2.10 2.17 Beat by 0.07
Q4 FY25 0.77 0.78 Beat by 0.01
Q1 FY26 1.17 1.28 Beat by 0.11
Q2 FY26 1.08 1.13 Beat by 0.05
Q3 FY26 2.29 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.28 1.13 — — —
’25 1.07 1.01 2.35 0.92 5.35
’24 0.98 0.97 1.70 0.77 4.42
’23 1.00 0.90 1.87 0.60 4.38
’22 0.97 0.80 1.74 0.63 4.14
’21 0.91 0.80 1.65 0.48 3.84
’20 0.59 0.98 1.47 0.46 3.50
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 2,176 2,092 — — —
’25 2,097 2,221 2,699 1,782 8,799
’24 1,816 1,693 2,173 1,941 7,623
’23 2,062 1,760 2,060 1,618 7,500
’22 1,879 1,726 2,306 2,046 7,957
’21 1,566 1,472 1,811 1,545 6,394
’20 1,440 1,398 1,628 1,328 5,794
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 421 770 — — —
’25 431 862 1,104 956 3,353
’24 492 557 897 817 2,763
’23 496 615 920 533 2,564
’22 388 484 727 664 2,263
’21 (35) 471 756 469 1,661
’20 290 404 635 398 1,727
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (1,175) (310) — — —
’25 (651) (205) 115 (80) (821)
’24 (410) (470) (260) (507) (1,647)
’23 (455) (306) 158 (604) (1,207)
’22 (402) (286) (172) (257) (1,117)
’21 (923) (408) (109) (422) (1,862)
’20 (381) (209) (26) (956) (1,572)
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 24.1% a year for ten years.

Implied
24.1%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 6,076 6,174 6,291 5,910 5,794 6,394 7,957 7,500 7,623 8,799 8,749 +4.2% 9,115 9,698 10,370 +5.6%
Gross margin, % 71.87 72.69 72.60 75.94 77.99 74.52 66.36 71.11 73.75 69.84 73.71 (2.0) pt
EBT 1,041 1,105 1,058 1,016 1,032 1,152 1,255 1,340 1,270 1,597 1,723 +4.9%
EBT margin, % 17.13 17.90 16.82 17.19 17.81 18.02 15.77 17.87 16.66 18.15 19.69 +1.0 pt
Net income 659 529 821 834 877 995 1,079 1,157 1,187 1,461 1,568 +9.2%
Per share, $
Per share, $ Revenue 25.05 25.45 25.80 24.06 23.46 24.95 30.79 28.54 28.57 32.53 31.61 +2.9%
Earnings 2.69 2.16 3.34 3.37 3.53 3.86 4.16 4.39 4.43 5.38 5.73 +8.0%
Cash flow 8.73 8.73 8.90 8.84 6.99 6.48 8.76 9.76 10.36 12.40 11.74 +4.0%
Capex (8.78) (9.05) (9.59) (9.94) (13.36) (13.75) (13.08) (14.35) (16.53) (15.43) (16.98) +6.5%
Free cash flow (0.06) (0.32) (0.69) (1.11) (6.36) (7.26) (4.32) (4.59) (6.17) (3.04) (5.24) +55.3%
Book value 29.86 30.20 31.88 33.39 36.76 38.35 41.16 43.68 45.89 50.02 49.91 +5.9%
Shares, m 243 243 244 246 247 256 258 263 267 271 274 +1.2%
Valuation, ×
Valuation, × P/E 19.47 26.91 19.53 22.79 22.11 23.00 21.27 16.86 20.12 18.53 19.71 21.1
P/S 2.09 2.29 2.53 3.19 3.33 3.57 2.87 2.59 3.12 3.07 3.57 2.9
P/B 1.75 1.93 2.05 2.30 2.12 2.32 2.15 1.69 1.94 2.00 2.26 2.0
EV/Sales 3.29 3.58 3.87 4.77 5.22 5.61 4.60 4.72 5.43 5.25 5.92 4.6
EV/FCF (1,426.74) (286.89) (144.80) (103.69) (19.23) (19.26) (32.80) (29.32) (25.11) (56.26) (35.74) (214.4)
Cash, $m
Cash, $m Operating cash flow 2,117 2,118 2,170 2,170 1,727 1,661 2,263 2,564 2,763 3,353 3,251 +5.2%
Capex (2,131) (2,195) (2,338) (2,442) (3,299) (3,523) (3,380) (3,771) (4,410) (4,174) (4,701) +7.8%
Free cash flow (14) (77) (168) (272) (1,572) (1,862) (1,117) (1,207) (1,647) (821) (1,450) +57.2%
Balance, $m
Balance, $m Working capital (1,081) (1,328) (1,154) (1,074) (527) (858) (698) (1,164) (1,149) (1,336) (2,334) +2.4%
Net debt 7,267 7,925 8,423 9,341 10,947 13,051 13,775 15,945 17,572 19,174 20,576 +11.4%
Shareholders’ equity 7,245 7,326 7,773 8,201 9,080 9,829 10,637 11,478 12,243 13,530 13,816 +7.2%
Returns, %
Returns, % ROA 2.70 2.07 3.07 2.95 2.86 2.92 2.92 2.93 2.77 3.13 3.19 +0.4 pt
ROIC 5.69 5.78 5.24 4.51 4.06 3.64 3.88 3.55 3.18 3.87 3.95 (1.8) pt
ROE 9.11 7.18 10.80 10.37 10.08 10.47 10.50 10.42 9.97 11.30 11.90 +2.2 pt
People
People Employees 8,629 8,615 8,838 9,323 9,183 9,116 9,244 9,372 8,981 8,913 — +0.4%
Revenue/emp, $m 0.70 0.72 0.71 0.63 0.63 0.70 0.86 0.80 0.85 0.99 — +3.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Business profile

Updated

Ameren is a public utility holding company headquartered in St. Louis, Missouri. Its main assets are stakes in separately incorporated utility subsidiaries, and the parent’s dividends and expenses depend on distributions from those subsidiaries. Martin J. Lyons, Jr. is Chairman, President and Chief Executive Officer.

Ameren Missouri generates electricity, moves it over high-voltage lines, delivers it locally to homes and businesses, and distributes natural gas in Missouri. Ameren Illinois operates electric transmission and distribution networks and a natural-gas distribution business in Illinois. ATXI owns a federally regulated electricity-transmission business within the Midcontinent Independent System Operator, or MISO.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Union Electric Company 4,795 54.49%
Ameren Illinois Electric Distribution 2,399 27.26%
Ameren Illinois Natural Gas 968 11.00%
Ameren Transmission 862 9.80%
Gross margin 69.84%
Operating margin 23.03%
Pre-tax margin 18.15%

Revenue by segment since 2009

Ameren Corporation vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PEG Public Service Enterprise Group Incorporated $36.4B 20.7× 17.6× −6.39% (below 0%: shrinking) −39.11% (below 0%: shrinking) −139.44% (below 0%: shrinking) 62.75% 20.60% Compare
FTS Fortis $31.3B 23.2× 22.6× +4.39% (above 0%: growing) +28.66% (above 0%: growing) −10.20% (below 0%: shrinking) 47.83% 30.08% Compare
AEE Ameren Corporation $31.2B 19.7× 20.5× −5.81% (below 0%: shrinking) +11.76% (above 0%: growing) −51.22% (below 0%: shrinking) 73.90% 21.94%
PCG Pacific Gas & Electric Co. $29.1B 9.8× 11.2× −0.99% (below 0%: shrinking) −8.11% (below 0%: shrinking) −892.50% (below 0%: shrinking) 83.63% 20.18% Compare
DTE DTE Energy Company $28.1B 20.5× 18.8× +5.67% (above 0%: growing) +11.88% (above 0%: growing) +230.17% (above 0%: growing) 0.00% 16.18% Compare
FE FirstEnergy Corporation $27.3B 22.6× 17.1× +9.86% (above 0%: growing) +26.32% (above 0%: growing) −44.47% (below 0%: shrinking) 63.57% 20.52% Compare
PPL PPL Corporation $27.1B 21.2× 18.7× +4.25% (above 0%: growing) +24.00% (above 0%: growing) −112.80% (below 0%: shrinking) 71.67% 22.50% Compare
ES Eversource Energy $27.1B 18.6× 15.6× +2.29% (above 0%: growing) −85.42% (below 0%: shrinking) +398.93% (above 0%: growing) 67.64% 18.63% Compare
CNP CenterPoint Energy, Inc. $26.5B 22.8× 23.3× +10.21% (above 0%: growing) +11.29% (above 0%: growing) −27.29% (below 0%: shrinking) 91.42% 30.44% Compare
Median of peers $27.7B 20.9× 18.2× +4.32% +11.59% −35.88% 65.61% 20.56%

All 39 Utilities Regulated Electric stocks →

From the latest earnings call

Updated

  • CEO Marty Lyons said Ameren Missouri had signed 2.8 gigawatts of electric service agreements and expected electricity sales to rise by 60% by the end of 2029.
  • CFO Lenny Singh said Ameren requested a $343 million Missouri electric revenue increase to recover infrastructure costs and expected a regulatory decision by May 2027.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 88.08%
Held by the ten largest 52.43%
Holder Shares Stake Change
Vanguard 37.11m 13.41% +382.44k
T. Rowe Price 32.77m 11.84% +3.87m
BlackRock 25.82m 9.33% +2.02m
State Street 15.17m 5.48% +242.24k
Geode Capital Management 7.82m 2.83% +162.56k
Franklin Templeton 6.10m 2.20% +416.77k
Ameriprise (Columbia Threadneedle) 5.94m 2.14% −336.61k
Jupiter Topco 5.12m 1.85% +5.12m
Fidelity (FMR) 4.79m 1.73% −229.99k
Invesco 4.51m 1.63% −45.50k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 31 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 14.06m 17.25m 148.20
2024 9.73m 18.16m 134.00
2023 9.01m 2.81m 105.10
2022 7.36m 8.43m 125.20
2021 9.81m 13.57m 122.10

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 12.28%
T. Rowe Price Associates, Inc. 8.10%
BlackRock, Inc. 8.10%
T. Rowe Price Investment Management, Inc. 5.20%
State Street Corporation One Congress Street, Suite 5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Ameren Corporation (AEE) Latest News

5 Nov

Impact 3 · · Simply Wall St.
Impact 3 · · PR Newswire

29 Oct

Impact 3 · · Zacks

28 Oct

Impact 4 · · PR Newswire

26 Oct

Impact 3 · · Zacks

25 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.

24 Oct

Impact 3 · · Barchart

22 Oct

Impact 4 · · PR Newswire

21 Oct

Impact 3 · · MT Newswires

19 Oct

Impact 3 · · Insider Monkey

9 Oct

Impact 3 · · Zacks

8 Oct

Impact 3 · · Zacks

6 Oct

Impact 3 · · Insider Monkey

29 Sep

Impact 3 · · Zacks

28 Sep

Impact 4 · · PR Newswire

25 Sep

Impact 4 ·

24 Sep

Impact 3 ·

23 Sep

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

22 Sep

Impact 4 ·

2 Aug

Impact 4 ·

31 Jul

Impact 4 ·
Impact 3 · · MarketBeat transcript

30 Jul

Impact 4 ·

29 Jul

Impact 3 ·

28 Jul

Impact 4 · · energymonitor.ai
Impact 4 · · power-technology.com

27 Jul

Impact 4 ·

23 Jul

Impact 3 ·

AEE metrics, ten years each

stockrow.com/AEE · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com