Ameren Corporation (AEE) vs Exelon Corporation (EXC)

Ameren Corporation and Exelon Corporation are both Utilities Regulated Electric companies. Exelon Corporation is the larger, with a market value of $41.4B against $27.5B — 1.5× the size. Exelon Corporation trades at the lower P/E: 14.8× against 17.3×. Exelon Corporation grew revenue faster over the last twelve months: 6.57% against 3.76%. Ameren Corporation has the higher net margin (17.9% vs 11.0%) and the lower return on invested capital (3.95% vs 4.18%). Both pay a dividend; Exelon Corporation yields more (4.33% vs 3.70%). Across the 22 metrics below, Exelon Corporation leads on 12 and Ameren Corporation on 10.

Valuation

Metric AEE EXC Utilities Regulated Electric median
P/E 17.35 14.78 18.84
P/S 3.14 1.63 2.52
P/B 1.99 1.39 1.63
Price to free cash flow n/m n/m 36.22
EV/EBITDA 12.22 10.01 11.82
EV/Sales 5.50 3.57 4.58
Earnings yield 5.77% 6.77% 5.30%
Free cash flow yield (5.27%) (4.63%) (5.06%)

Profitability

Metric AEE EXC Utilities Regulated Electric median
Gross margin 73.71% 63.53% 66.28%
Operating margin 24.87% 20.80% 21.79%
Net margin 17.86% 10.99% 12.94%
Free cash flow margin (16.57%) (7.56%) (11.51%)
Return on equity 11.90% 9.71% 9.75%
Return on assets 3.19% 2.40% 2.75%
Return on invested capital 3.95% 4.18% 3.87%

Growth

Metric AEE EXC Utilities Regulated Electric median
Revenue growth (TTM) 3.76% 6.57% 7.43%
EPS growth (last fiscal year) 21.04% 11.43% —
Revenue growth, 5-year CAGR 8.72% 7.80% 6.75%
Net income growth, 5-year CAGR 10.82% 7.11% 6.44%

Health

Metric AEE EXC Utilities Regulated Electric median
Debt to equity 1.49 1.73 1.53
Current ratio 0.53 1.09 0.81
Net debt to EBITDA 5.16 5.50 5.25

Dividend

Metric AEE EXC Utilities Regulated Electric median
Dividend yield 3.70% 4.33% 4.33%
Payout ratio 0.57 0.65 0.66

Size

Metric AEE EXC Utilities Regulated Electric median
Market cap 27.46b 41.44b 22.90b

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