Ameren Corporation AEE

UtilitiesMultiline UtilitiesUnited States of America

Last close 110.54 USD on Nov 1, 2026, +13.0% year to date

Quant rating

Quant rating B Rank 23 of 90 in Utilities

Growth B 33 of 90
Valuation C 39 of 90
Quality C 37 of 90
Revisions C 46 of 90
Momentum B 21 of 90

Wall Street consensus Buy (2.20)Average target 114.59 USD +3.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 30.6B
Enterprise value: 52.5B
52-week range: 96.57 – 118.32
3-year range: 67.92 – 118.32
Dividend yield: 2.71%
Beta (5 years): 0.45
Shares outstanding: 277M
Next earnings: Nov 5, 2026

About the company

Ameren Corporation is a public utility holding company. The Company operates through four segments: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission. The Ameren Missouri segment includes all the operations of Ameren Missouri. Ameren Missouri operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri. The Ameren Illinois Electric Distribution segment consists of the electric distribution business of Ameren Illinois. The Ameren Illinois Natural Gas segment consists of the natural gas business of Ameren Illinois. The Ameren Transmission segment primarily consists of the aggregated electric transmission businesses of Ameren Illinois and Ameren Transmission Company of Illinois (ATXI). The Company owns an integrated transmission system that is composed of the transmission assets of Ameren Missouri, Ameren Illinois and ATXI.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	8,799	7,623	7,500	7,957	6,394	–
Revenue growth	15.4%	1.6%	−5.7%	24.4%	10.4%	8.7%
EPS (basic, normalized)	5.03	4.63	4.38	4.14	3.84	–
EPS growth	8.6%	5.7%	5.8%	7.8%	–	–
Gross margin	–	–	–	–	–	–
Net margin	16.5%	15.5%	15.4%	13.5%	15.5%	15.3%
ROE	11.4%	10.1%	10.5%	10.6%	10.6%	10.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	12.0
Current ratio	0.53x
Long-term debt (mil)	19,064
Net debt (mil)	21,925
Total equity (mil)	13,687
Net debt / equity	1.60x
Net debt / EBITDA	6.03x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	8,799	+15.4%	6.0x	3,638	+11.0%	14.4x	5.03	+8.6%	22.0x
2026	9,104	+3.5%	5.8x	4,060	+11.6%	12.9x	5.40	+7.3%	20.5x
2027	9,669	+6.2%	5.4x	4,503	+10.9%	11.7x	5.80	+7.5%	19.1x
2028	10,313	+6.7%	5.1x	5,028	+11.7%	10.4x	6.31	+8.8%	17.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	9,104	+0.2%	−1.2%	+0.6%	5.40	+0.1%	+0.3%	+0.5%
2027	9,669	+0.3%	−0.8%	0.0%	5.80	−0.1%	−0.1%	+0.1%
2028	10,313	+0.3%	−0.8%	+0.6%	6.31	+0.1%	0.0%	+0.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,816	1,693	2,173	1,941	2,097	2,221	2,699	1,782	2,176	2,092
Sales mean (mil)	2,227	1,874	2,172	1,899	1,915	1,782	2,483	1,601	2,257	2,272
Surprise	−18.4%	−9.7%	+0.1%	+2.2%	+9.5%	+24.6%	+8.7%	+11.3%	−3.6%	−7.9%
EPS reported	0.98	0.97	1.87	0.77	1.07	1.01	2.17	0.78	1.28	1.13
EPS mean	1.06	0.93	1.91	0.79	1.06	0.98	2.11	0.77	1.18	1.09
Surprise	−8.0%	+4.2%	−1.9%	−3.1%	+0.5%	+2.7%	+3.0%	+1.0%	+8.4%	+4.0%

Peer comparison Multiline Utilities

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
AEE Ameren Corporation	30.6B	6.03x	16.5%	2.24x	20.5x	19.1x	12.9x	11.7x
NG National Grid PLC	84.3B	–	–	1.54x	14.0x	12.8x	11.4x	10.1x
SRE Sempra	56.3B	8.39x	13.1%	1.72x	16.7x	15.5x	16.8x	16.6x
PEG Public Service Enterprise Group Incorporated	37.0B	5.86x	17.3%	2.13x	17.0x	16.0x	12.7x	11.6x
CNP CenterPoint Energy, Inc.	28.1B	6.54x	11.2%	2.40x	22.2x	20.3x	12.6x	11.3x
PPL PPL Corp	26.8B	5.38x	13.0%	1.78x	18.3x	16.8x	11.5x	10.2x
Mean		6.44x	14.3%	1.97x	18.1x	16.8x	13.0x	11.9x
Median		6.03x	13.1%	1.96x	17.6x	16.4x	12.6x	11.5x

Technical analysis

1M+11.2%
3M−1.1%
1Y+10.0%
3Y+60.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ameren Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	8,799	7,623	7,500	7,957	6,394	5,794
Cost of revenue	348	320	1,653	2,204	1,048	785
Gross profit	8,451	7,303	5,847	5,753	5,346	5,009
Selling, general & administrative expenses	–	–	–	–	–	–
Research & development	–	–	–	–	–	–
Depreciation/amortization	1,568	1,590	1,387	1,289	1,146	1,075
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	−8.0	−16.0	–	–	–	–
Other operating expenses	4,857	4,197	2,902	2,949	2,867	2,634
Operating income	2,034	1,532	1,558	1,515	1,333	1,300
Net interest income (expense)	−754	−626	−532	−449	−356	−390
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	317	364	314	189	175	122
Net income before taxes	1,597	1,270	1,340	1,255	1,152	1,032
Provision for taxes	136	83.0	183	176	157	155
Minority interest	−5.0	−5.0	−5.0	−5.0	−5.0	−6.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	1,456	1,182	1,152	1,074	990	871
Extraordinary items	–	–	–	–	–	–
Net income	1,456	1,182	1,152	1,074	990	871
EBIT, normalized	2,026	1,516	1,558	1,515	1,333	1,300
EBITDA, normalized	3,638	3,106	2,990	2,953	2,552	2,385
Basic EPS, normalized	5.03	4.63	4.38	4.14	3.84	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ameren Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	13.0	7.0	25.0	250	8.0	139
Receivables	772	621	600	654	519	480
Total inventory	774	762	733	667	592	521
Prepaid expenses	–	–	–	–	–	–
Other current assets	1,012	874	823	1,097	849	513
Total current assets	2,571	2,264	2,181	2,668	1,968	1,653
Property, plant & equipment	39,313	36,304	33,776	31,262	29,261	26,807
Goodwill	411	411	411	411	411	411
Intangibles	–	–	–	–	–	–
Long-term investments	1,518	1,332	1,145	950	1,155	978
Note receivable	–	–	–	–	–	–
Other long-term assets	4,663	4,287	3,317	2,613	2,940	2,181
Total assets	48,476	44,598	40,830	37,904	35,735	32,030
Liabilities
Accounts payable	1,254	1,059	1,136	1,159	1,095	958
Payable/accrued	–	–	–	–	–	–
Accrued expenses	229	196	–	–	123	114
Short-term debt	643	1,143	536	1,070	545	490
Current portion of long-term debt	973	317	849	340	505	8.0
Other current liabilities	808	698	824	797	558	610
Total current liabilities	3,907	3,413	3,345	3,366	2,826	2,180
Long-term debt	18,214	17,262	15,121	13,685	12,562	11,078
Minority interest	129	129	129	129	129	142
Other liabilities	12,825	11,680	10,886	10,216	10,518	9,692
Total liabilities	35,075	32,484	29,481	27,396	26,035	23,092
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3.0	3.0	3.0	3.0	3.0	3.0
Additional paid-in capital	8,106	7,513	7,216	6,860	6,502	6,179
Retained earnings (accumulated deficit)	5,292	4,604	4,136	3,646	3,182	2,757
Treasury stock	–	–	–	–	–	–
Other equity	0	−6.0	−6.0	−1.0	13.0	−1.0
Total equity	13,401	12,114	11,349	10,508	9,700	8,938
Total liabilities & shareholders' equity	48,476	44,598	40,830	37,904	35,735	32,030

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ameren Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	1,461	1,187	1,157	1,079	995	877
Depreciation, depletion & amortization	1,612	1,524	1,432	1,438	1,219	1,085
Deferred taxes	253	127	229	170	156	148
Non-cash items	78.0	139	72.0	70.0	79.0	79.0
Changes in working capital	−51.0	−214	−326	−494	−788	−462
Cash from operations	3,353	2,763	2,564	2,263	1,661	1,727
Investing activities
Capital expenditures	−4,174	−4,410	−3,771	−3,380	−3,523	−3,299
Other investing cash flows	29.0	−46.0	−27.0	10.0	−5.0	−30.0
Cash from investing	−4,145	−4,456	−3,798	−3,370	−3,528	−3,329
Financing activities
Financing cash flow items	−42.0	−59.0	−56.0	−39.0	−66.0	−46.0
Cash dividends paid	−768	−714	−662	−610	−565	−494
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,694	2,522	2,008	1,817	2,352	2,267
Cash from financing	884	1,749	1,290	1,168	1,721	1,727
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	92.0	56.0	56.0	61.0	−146	125
Free cash flow	−821	−1,647	−1,207	−1,117	−1,862	−1,572

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.