A Business at a Glance
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AMEREN CORP
AEE
$31.0B
Mkt Cap
$113.78
+0.45%
AMEREN CORP (AEE) has a current P/E ratio of 21.3, compared to its historical median P/E of 19.1. The stock is currently considered Expensive based on its historical valuation range.
AMEREN CORP (AEE) has a 5-year average return on invested capital (ROIC) of 5.3%. This is below average and may indicate limited pricing power.
AMEREN CORP (AEE) has a market capitalization of $31.5B. It is classified as a large-cap stock.
Yes, AMEREN CORP (AEE) pays a dividend with a trailing twelve-month yield of 2.49%.
Based on historical P/E analysis, AMEREN CORP (AEE) appears expensive. The current P/E of 21.3 is 12% above its historical median of 19.1. The estimated fair value CAGR (P/E method) is 6.1%.
AMEREN CORP (AEE) operates in the Electric & Other Services Combined industry, within the Utilities sector.
AMEREN CORP (AEE) reported annual revenue of $8.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
Ameren is a public utility holding company headquartered in St. Louis, Missouri, whose primary assets are equity interests in three principal subsidiaries: Ameren Missouri, Ameren Illinois, and ATXI. Ameren Missouri operates rate-regulated electric generation, transmission, and distribution businesses alongside a rate-regulated natural gas distribution business in Missouri. Ameren Illinois operates rate-regulated electric transmission, electric distribution, and natural gas distribution businesses in Illinois. ATXI operates a FERC rate-regulated electric transmission business within the MISO region. The company earns revenue through regulated utility rates set by governmental entities including the Missouri Public Service Commission, Illinois Commerce Commission, and the Federal Energy Regulatory Commission, with regulatory lag mitigated through mechanisms such as annual revenue requirement reconciliations, decoupling, and tracker riders. Ameren's integrated transmission system connects with 15 other balancing authority areas and operates two MISO balancing authority areas with combined peak demand of approximately 15,500 MWs. The company's competitive moat derives from its regulated utility status, essential infrastructure assets, and long-term rate-base growth opportunities driven by infrastructure investment and economic development, particularly from large-load customers such as data center operators in Missouri and Illinois.
【Strategic infrastructure expansion】 Management expects significant transmission and generation investment will be needed to support new large-load customers and connect new generation resources required to serve the territory reliably as regional demand grows. The company anticipates these investments will be incorporated into plans as opportunities mature, with a transmission project pipeline exceeding $70 billion through 2035 expected to continue supporting strong growth opportunities. Management remains focused on executing awarded long-range transmission projects from the first two MISO tranches and advancing competitive opportunities, with bids for two Illinois-based competitive projects submitted in January 2026 and MISO expected to select developers by mid-2026. The company expects to file additional Certificate of Convenience and Necessity requests by the third quarter for approximately 3 GW of new generation, primarily including a 2.1 GW West Alton combined cycle facility and additional battery storage, with updated generation strategy to be provided in the Missouri Integrated Resource Plan targeted for late September 2026.
| Metric | Target | Period |
|---|---|---|
| Diluted earnings per share | $5.25–$5.45 | FY2026 |
| Compound annual earnings per share growth | 6%–8% | 2026–2030 |
| Compound annual rate base growth | 10.6% | 2025–2030 |
| Planned infrastructure investment | $31.8 billion | 2025–2030 |
| Equity issuances | approximately $4 billion | 2026–2030 |
| Debt issuances | approximately $2.85 billion | FY2026 |
| Planned infrastructure investment | approximately $5.5 billion | FY2025 |
Diluted earnings per share (FY2026): “we reaffirmed our 2026 earnings per share growth guidance range of $5.25-$5.45”
Compound annual earnings per share growth (2026–2030): “we updated our five-year growth plan, which included our expectation to deliver annual earnings per share growth consistently near the upper end of our 6%-8% compound annual earnings growth rate from 2026 through 2030”
Compound annual rate base growth (2025–2030): “we expect to grow our rate base at a 10.6% compound annual rate from 2025 through 2030”
“we expect to grow our rate base at a 10.6% compound annual rate from 2025 through 2030. This strong expected rate base growth will be driven by $31.8 billion of planned infrastructure investment”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 8.9B | 8.8B | 7.6B | 7.5B | 8.0B | 6.4B |
| Net Income | 1.5B | 1.5B | 1.2B | 1.2B | 1.1B | 990M |
| EPS | $5.58 | $5.35 | $4.42 | $4.38 | $4.14 | $3.84 |
| Free Cash Flow | -1.3B | -775M | -1.6B | -1.0B | -1.1B | -1.8B |
| ROIC | 5.6% | 5.9% | 4.9% | 5.1% | 5.4% | 5.3% |
| Gross Margin | - | - | - | - | 39.1% | 43.1% |
| Debt/Equity | 1.57 | 1.49 | 1.55 | 1.45 | 1.44 | 1.40 |
| Dividends/Share | $2.84 | $2.84 | $2.68 | $2.52 | $2.36 | $2.20 |
| Operating Income | 2.1B | 2.0B | 1.5B | 1.6B | 1.5B | 1.3B |
| Operating Margin | 24.0% | 23.0% | 19.9% | 20.8% | 19.0% | 20.8% |
| ROE | 11.2% | 11.4% | 10.1% | 10.5% | 10.6% | 10.6% |
| Shares Outstanding | 277M | 272M | 267M | 263M | 259M | 258M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 6.1B | 6.1B | 6.1B | 6.2B | 6.3B | 5.9B | 5.8B | 6.4B | 8.0B | 7.5B | 7.6B | 8.8B | 8.9B |
| Gross Margin | 33.4% | 34.1% | 37.2% | 38.4% | 38.1% | 40.6% | 44.9% | 43.1% | 39.1% | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 12M | 15M | 16M | 13M | 12M | 15M | 14M | 17M | 22M | 18M | 20M | 23M | 22M |
| EBIT | 1.3B | 1.3B | 1.3B | 1.4B | 1.4B | 1.3B | 1.3B | 1.3B | 1.5B | 1.6B | 1.5B | 2.0B | 2.1B |
| Op. Margin | 20.7% | 20.6% | 21.8% | 22.8% | 21.6% | 21.4% | 22.4% | 20.8% | 19.0% | 20.8% | 19.9% | 23.0% | 24.0% |
| Net Income | 586M | 630M | 653M | 523M | 815M | 828M | 871M | 990M | 1.1B | 1.2B | 1.2B | 1.5B | 1.5B |
| Net Margin | 9.7% | 10.3% | 10.7% | 8.5% | 13.0% | 14.0% | 15.0% | 15.5% | 13.5% | 15.4% | 15.5% | 16.5% | 17.2% |
| Non-Recurring | 0 | 69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 5.9% | 5.7% | 5.8% | 5.6% | 6.6% | 6.1% | 5.9% | 5.3% | 5.4% | 5.1% | 4.9% | 5.9% | 5.6% |
| ROE | 8.8% | 9.2% | 9.3% | 7.3% | 11.0% | 10.6% | 10.2% | 10.6% | 10.6% | 10.5% | 10.1% | 11.4% | 11.2% |
| ROA | 2.7% | 2.7% | 2.7% | 2.1% | 3.1% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 2.8% | 3.1% | 3.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.6B | 2.0B | 2.1B | 2.1B | 2.2B | 2.2B | 1.7B | 1.7B | 2.3B | 2.6B | 2.8B | 3.4B | 3.3B |
| Free Cash Flow | -220M | 114M | 41M | -14M | -116M | -241M | -1.5B | -1.8B | -1.1B | -1.0B | -1.6B | -775M | -1.3B |
| Owner Earnings | 795M | 1.2B | 1.3B | 1.2B | 1.2B | 1.1B | 553M | 420M | 866M | 1.1B | 1.2B | 1.7B | -13.3B |
| CapEx | 1.8B | 1.9B | 2.1B | 2.1B | 2.3B | 2.4B | 3.2B | 3.5B | 3.4B | 3.6B | 4.3B | 4.1B | 4.6B |
| Maint. CapEx | 745M | 796M | 845M | 896M | 938M | 1.0B | 1.2B | 1.2B | 1.4B | 1.4B | 1.5B | 1.6B | 16.6B |
| Growth CapEx | 1.0B | 1.1B | 1.2B | 1.2B | 1.3B | 1.4B | 2.1B | 2.3B | 2.0B | 2.2B | 2.8B | 2.5B | 0 |
| D&A | 745M | 796M | 845M | 896M | 938M | 1.0B | 1.2B | 1.2B | 1.4B | 1.4B | 1.5B | 1.6B | 16.6B |
| CapEx/OCF | 115.1% | 94.4% | 97.8% | 100.7% | 105.3% | 111.1% | 154.5% | 209.5% | 148.1% | 140.3% | 156.3% | 123.1% | 138.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 390M | 402M | 416M | 431M | 451M | 472M | 494M | 565M | 610M | 662M | 714M | 768M | 785M |
| Dividend Yield | 5.7% | 5.4% | 4.6% | 4.0% | 3.8% | 3.1% | 3.0% | 3.1% | 3.0% | 3.3% | 3.6% | 2.9% | 2.5% |
| Share Buybacks | 0 | 0 | 51M | 24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | 0.2% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 25M | 24M | 17M | 17M | 20M | 20M | 21M | 22M | 24M | 26M | 28M | 28M | 29M |
| Debt Repayment | 346M | 413M | 257M | 74M | 112M | 157M | 50M | 55M | 522M | 533M | 607M | 499M | 499M |
| Balance Sheet | |||||||||||||
| Net Debt | 6.7B | 7.1B | 7.6B | 8.2B | 8.8B | 9.5B | 11.1B | 13.3B | 14.8B | 16.1B | 18.4B | 19.4B | 21.3B |
| Cash & Equiv. | 5.0M | 292M | 9.0M | 10M | 16M | 16M | 139M | 8.0M | 10M | 25M | 7.0M | 13M | 13M |
| Long-Term Debt | 6.1B | 6.9B | 6.6B | 7.1B | 7.9B | 8.9B | 11.1B | 12.6B | 13.7B | 15.1B | 17.3B | 18.2B | 19.0B |
| Debt/Equity | 1.03 | 1.09 | 1.10 | 1.17 | 1.18 | 1.22 | 1.30 | 1.40 | 1.44 | 1.45 | 1.55 | 1.49 | 1.57 |
| Interest Coverage | 3.7 | 3.5 | 3.5 | 3.6 | 3.4 | 3.3 | 3.1 | 3.5 | 3.1 | 2.8 | 2.3 | 2.6 | 2.6 |
| Equity | 6.7B | 6.9B | 7.1B | 7.2B | 7.6B | 8.1B | 8.9B | 9.7B | 10.5B | 11.3B | 12.1B | 13.4B | 13.6B |
| Total Assets | 22.3B | 23.6B | 24.7B | 25.9B | 27.2B | 28.9B | 32.0B | 35.7B | 37.9B | 40.8B | 44.6B | 48.5B | 49.8B |
| Total Liabilities | 3.6B | 3.9B | 4.3B | 18.6B | 19.4B | 20.7B | 22.9B | 25.9B | 27.3B | 29.4B | 32.4B | 34.9B | -308M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | 1.1B | 1.3B | 1.6B | 1.7B | 2.0B | 2.4B | 2.8B | 3.2B | 3.6B | 4.1B | 4.6B | 5.3B | 5.4B |
| Working Capital | -555M | -176M | -1.1B | -1.3B | -1.2B | -1.1B | -527M | -858M | -698M | -1.2B | -1.1B | -1.3B | -1.6B |
| Current Assets | 1.7B | 1.9B | 1.6B | 1.6B | 1.5B | 1.4B | 1.7B | 2.0B | 2.7B | 2.2B | 2.3B | 2.6B | 2.6B |
| Current Liabilities | 2.2B | 2.1B | 2.7B | 2.9B | 2.7B | 2.5B | 2.2B | 2.8B | 3.4B | 3.3B | 3.4B | 3.9B | 4.1B |
| Per Share Data | |||||||||||||
| EPS | 2.40 | 2.59 | 2.68 | 2.14 | 3.32 | 3.35 | 3.50 | 3.84 | 4.14 | 4.38 | 4.42 | 5.35 | 5.58 |
| Owner EPS | 3.26 | 4.98 | 5.15 | 4.93 | 4.94 | 4.64 | 2.22 | 1.63 | 3.34 | 4.21 | 4.53 | 6.29 | -48.02 |
| Book Value | 27.49 | 28.56 | 29.15 | 29.40 | 31.09 | 32.61 | 35.92 | 37.62 | 40.51 | 43.15 | 45.30 | 49.24 | 48.99 |
| Cash Flow/Share | 6.41 | 8.35 | 8.69 | 8.67 | 8.84 | 8.78 | 6.94 | 6.44 | 8.72 | 9.75 | 10.33 | 12.32 | 65.50 |
| Dividends/Share | 1.61 | 1.66 | 1.72 | 1.78 | 1.85 | 1.92 | 2.00 | 2.20 | 2.36 | 2.52 | 2.68 | 2.84 | 2.84 |
| Shares Out. | 244.2M | 243.2M | 243.7M | 244.4M | 245.5M | 247.2M | 248.9M | 257.8M | 259.4M | 263.0M | 267.4M | 272.1M | 276.7M |
| Valuation | |||||||||||||
| P/E Ratio | 14.2 | 12.7 | 14.9 | 22.0 | 16.0 | 19.2 | 18.9 | 20.4 | 19.7 | 15.5 | 19.8 | 18.7 | 20.4 |
| P/FCF | N/A | 70.0 | 237.7 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | 12.1 | 11.9 | 12.7 | 14.1 | 16.3 | 20.2 | 21.4 | 25.4 | 23.9 | 22.0 | 27.8 | 23.2 | 24.8 |
| Price/Book | 1.2 | 1.1 | 1.4 | 1.6 | 1.7 | 2.0 | 1.8 | 2.1 | 2.0 | 1.6 | 1.9 | 2.0 | 2.3 |
| Price/Sales | 1.1 | 1.2 | 1.5 | 1.8 | 1.9 | 2.6 | 2.8 | 2.9 | 2.6 | 2.7 | 2.6 | 3.0 | 3.5 |
| FCF Yield | -2.7% | 1.4% | 0.4% | -0.1% | -0.9% | -1.5% | -9.1% | -9.0% | -5.2% | -5.8% | -6.6% | -2.9% | -4.1% |
| Market Cap | 8.3B | 8.0B | 9.7B | 11.5B | 13.1B | 15.9B | 16.5B | 20.2B | 21.1B | 17.9B | 23.4B | 27.2B | 31.5B |
| Avg. Price | 27.92 | 30.48 | 37.05 | 44.64 | 48.95 | 61.41 | 66.05 | 71.82 | 79.70 | 75.87 | 74.82 | 97.31 | 113.78 |
| Year-End Price | 33.97 | 32.83 | 40.01 | 47.08 | 53.28 | 64.24 | 66.28 | 78.41 | 81.36 | 67.90 | 87.55 | 99.81 | 113.78 |
AMEREN CORP passes 4 of 9 quality checks, suggesting mixed fundamentals.
AMEREN CORP trades at 21.3x trailing earnings, compared to its 15-year median P/E of 19.1x, suggesting it is currently Expensive relative to its historical range. The company's 5-year average ROIC is 5.3% with a gross margin of 41.1%. Total shareholder yield (dividends) is 2.5%. At current prices, the estimated annualized return to fair value is +6.1%.
AMEREN CORP (AEE) has a net profit margin of 16.5%. This is a healthy margin.
AMEREN CORP (AEE) generated $-775 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
AMEREN CORP (AEE) has a debt-to-equity ratio of 1.49. This indicates moderate leverage.
AMEREN CORP (AEE) reported earnings per share (EPS) of $5.35 in its most recent fiscal year.
AMEREN CORP (AEE) has a return on equity (ROE) of 11.4%. This indicates moderate shareholder returns.
AMEREN CORP (AEE) has a 5-year average gross margin of 41.1%. This indicates decent pricing power.
The Ledger Terminal provides 19 years of financial data for AMEREN CORP (AEE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
AMEREN CORP (AEE) has a book value per share of $49.24, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects significant transmission and generation investment will be needed to support new large-load customers and connect new generation resources required to serve the territory reliably as regional demand grows. The company anticipates these investments will be incorporated into plans as opportunities mature, with a transmission project pipeline exceeding $70 billion through 2035 expected to continue supporting strong growth opportunities. Management remains focused on executing awarded long-range transmission projects from the first two MISO tranches and advancing competitive opportunities, with bids for two Illinois-based competitive projects submitted in January 2026 and MISO expected to select developers by mid-2026. The company expects to file additional Certificate of Convenience and Necessity requests by the third quarter for approximately 3 GW of new generation, primarily including a 2.1 GW West Alton combined cycle facility and additional battery storage, with updated generation strategy to be provided in the Missouri Integrated Resource Plan targeted for late September 2026.
Based on recent SEC filings and earnings calls, AMEREN CORP (AEE) has provided the following forward guidance: Diluted earnings per share: $5.25–$5.45 (FY2026); Compound annual earnings per share growth: 6%–8% (2026–2030); Compound annual rate base growth: 10.6% (2025–2030); Planned infrastructure investment: $31.8 billion (2025–2030); Equity issuances: approximately $4 billion (2026–2030), plus 2 additional metrics.
Equity issuances (2026–2030): “we continue to make progress against our expected equity issuances of approximately $4 billion from 2026 through 2030”
Debt issuances (FY2026): “we expect debt issuances totaling approximately $2.85 billion in 2026”
Planned infrastructure investment (FY2025): “This year, we plan to invest approximately $5.5 billion in electric, natural gas, and transmission infrastructure”