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 $48.2B against $31.2B — 1.5× the size. Exelon Corporation trades at the lower P/E: 18.1× against 19.7×. Exelon Corporation grew revenue faster over the last twelve months: 6.68% against 3.76%. Ameren Corporation has the higher net margin (17.9% vs 10.2%) and the lower return on invested capital (3.95% vs 4.01%). Both pay a dividend; Exelon Corporation yields more (3.58% vs 2.62%). Across the 22 metrics below, Ameren Corporation leads on 11 and Exelon Corporation on 11.

Valuation

Metric AEE EXC Utilities Regulated Electric median
P/E 19.71 18.05 19.45
P/S 3.57 1.85 2.78
P/B 2.26 1.59 1.82
Price to free cash flow n/m n/m 45.34
EV/EBITDA 13.17 10.93 12.40
EV/Sales 5.92 3.79 4.95
Earnings yield 5.07% 5.54% 5.12%
Free cash flow yield (4.64%) (5.38%) (5.93%)

Profitability

Metric AEE EXC Utilities Regulated Electric median
Gross margin 73.71% 63.53% 62.00%
Operating margin 24.87% 19.85% 21.72%
Net margin 17.86% 10.17% 13.45%
Free cash flow margin (16.57%) (9.96%) (11.71%)
Return on equity 11.90% 9.06% 9.94%
Return on assets 3.19% 2.24% 2.85%
Return on invested capital 3.95% 4.01% 3.95%

Growth

Metric AEE EXC Utilities Regulated Electric median
Revenue growth (TTM) 3.76% 6.68% 7.78%
EPS growth (last fiscal year) 21.04% 11.43% 6.01%
Revenue growth, 5-year CAGR 8.72% 7.80% 6.72%
Net income growth, 5-year CAGR 10.82% 7.11% 6.50%

Health

Metric AEE EXC Utilities Regulated Electric median
Debt to equity 1.49 1.73 1.54
Current ratio 0.53 1.03 0.88
Net debt to EBITDA 5.16 5.50 5.27

Dividend

Metric AEE EXC Utilities Regulated Electric median
Dividend yield 2.62% 3.58% 3.16%
Payout ratio 0.52 0.65 0.63

Size

Metric AEE EXC Utilities Regulated Electric median
Market cap 31.23b 48.15b 26.54b

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