— Know what they know.
/
Not Investment Advice

AEE

NYSE · USD
Ameren Corporation
Utilities · Regulated Electric
CEO Martin J. Lyons Jr. Employees 8,913 R&D / revenue 0.0%
Last price
$106.08+2.24%last session
Market cap
$29.4B
P/E (TTM)
18.5x
From 52w high
−10.3%
From 52w low
+9.8%
1-year return
+1.5%
RSI 14 · vs SMA200
64.8 · −1.7%
IS score
43.0/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

AEE   SPY   XLU (sector ETF) · weekly closes
90100110120Jan 26Apr 26Jul 26Oct 26SPY 116AEE 102XLU 92

Score DNA

Each bar is a 0-100 score within the scored universe
53
Profitability
60
Growth
56
Value
87
Momentum
15
Risk (safety)
67
Quality
26
Balance sheet
79
Earnings quality

Flags

Strengths
None of the computed strength flags fires.
Warnings
▲ Altman distress zone▲ Negative free cash flow▲ Share count rising
Observations
Moat model: None, Cost AdvantagePiotroski 6 / 9Altman Z 0.9Beta 0.472 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
8 open-market sales, $1.8M
Form 144 notices (12m): 8, $6.2M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+23
111 new holders, 79 closed
956 filers hold 89.3% · 404 added, 250 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+274
889 funds adding shares
615 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
54.4%
20-day avg 42.6%, 50-day avg 45.6%
Latest 11.8 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$8.8B
Revenue growth YoY+15.4%
Gross margin29.6%
Operating income$2.0B
Operating margin23.0%
Net income$1.5B
Net margin16.5%
EPS (diluted)$5.35
Cash flow
Operating cash flow$3.4B
Capital expenditure$4.1B
Free cash flow−$775.0M
FCF conversion (FCF / OCF)-23.1%
Stock-based compensation$28.0M
FCF less SBC−$803.0M
Buybacks$0
Dividends$768.0M
Balance sheet & returns
Cash & short-term investments$13.0M
Total debt$19.8B
Net debt$19.8B
Shareholders' equity$13.5B
Goodwill & intangibles$411.0M
Debt / equity1.59
ROE (TTM)11.7%
ROIC (TTM)4.0%
Operating margin by fiscal year
20.8%FY202119.0%FY202220.8%FY202319.9%FY202423.0%FY2025
Revenue $6.4B (FY2021) to $8.8B (FY2025), a 8.3% CAGR.

Valuation

P/E (TTM)18.5x
EV / EBITDA12.1x
Price / sales3.36x
Price / FCFn/m
FCF yield-4.79%
Buyback yield0.00%
SBC / revenue0.3%
Price / book2.14x
Forward P/E FY202619.7x
Forward P/E FY202718.3x
Forward P/E FY202816.8x
Forward multiples divide today's price by Street EPS estimates. Street mean target $116.60 across 10 analysts last quarter is theirs, not ours.

AEE vs industry median

139 companies in Regulated Electric
Gross margin 41.1% 39.0% Operating margin 24.9% 19.1% Net margin 17.9% 13.0% ROIC 4.0% 5.7%
AEE (TTM)Industry median Asset turnover 0.17 vs industry 0.24 · financial leverage 3.74

Earnings delivery

Next report 2026-11-05 · consensus EPS $2.31
58%
beat rate, 7 of 12 quarters
+1.7%
median EPS surprise
5
longest beat streak
+3-2-8+4-2-3+0+2+3+1+8+5
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-08 to 2026-07-30. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
AEE Ameren Corporation $29.4B18.5x11.7%17.9%+15.4% +1.5%
DTE DTE Energy Company $27.0B20.4x11.1%8.5%+14.4% −7.5%
FE FirstEnergy Corp. $26.7B24.6x8.4%7.9%+12.6% −0.3%
CNP CenterPoint Energy, Inc. $26.7B23.9x9.8%11.3%+7.1% +2.8%
PPL PPL Corporation $26.5B27.6x8.6%10.9%+6.7% −2.7%
ES Eversource Energy $25.2B17.3x9.1%1.8%+7.8% —
PCG PG&E Corporation $35.1B9.5x9.7%12.9%+5.7% —
WEC WEC Energy Group, Inc. $35.4B20.9x12.4%14.5%+8.9% —
12-month window: SPY +15.9%, sector ETF XLU −8.1%. Past returns describe history only.

Recent 8-K filings

2026-09-28Other Events
2026-09-18Other Events; Exhibits
2026-08-24Other Events; Exhibits
2026-08-04Other Events; Exhibits
2026-07-30Earnings Release; Other Events; Exhibits
2026-06-29Other Events; Exhibits

Context

Shares outstanding276,843,000
Free float99.6%
Institutional ownership89.3%
Beta0.47
Dividend yield2.79%
Last dividend$0.75 on 2026-12-08
50 / 200-day average$104.61 / $108.00
Large-cap Utilities median P/E20.7x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (None).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where AEE sits among 45 scored companies in Regulated Electric (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureAEEIndustry medianIndustry percentileSector median
P/E (TTM) 18.8x 19.6x
48th		 20.7x
PEG (P/E ÷ 3-yr EPS CAGR) 1.92 1.94
45th		 2.20
Price / sales 3.4x 2.4x
80th		 2.4x
Price / book 2.1x 1.8x
70th		 1.9x
Price / tangible book 2.4x 2.0x
75th		 2.1x
Price / free cash flow —
Price / operating cash flow 9.0x 9.1x
49th		 9.2x
Enterprise value $51.2B $51.2B
50th		 $25.7B
EV / sales 5.8x 3.9x
80th		 4.5x
EV / EBITDA 12.2x 11.6x
55th		 11.9x
EV / EBIT 20.1x 19.5x
59th		 19.6x
EV / free cash flow —
Earnings yield 5.3% 5.1%
52nd		 4.8%
FCF yield -4.8% -1.8%
39th		 -4.2%
Operating cash flow yield 11.1% 10.7%
53rd		 10.3%
Graham number (per share) $78.75 $56.02
73rd		 $48.77

Profitability (TTM)

MeasureAEEIndustry medianIndustry percentileSector median
Gross margin 41.1% 43.4%
39th		 43.4%
EBITDA margin 48.1% 40.2%
89th		 38.7%
Operating margin 24.9% 22.2%
84th		 20.9%
EBIT margin 29.1% 23.8%
91st		 23.2%
Net margin 17.9% 13.5%
86th		 12.4%
NOPAT margin 22.6% 19.3%
80th		 18.1%
FCF margin -16.1% -5.6%
30th		 -7.6%
Operating cash flow margin 37.2% 29.1%
93rd		 28.3%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 0.0% 3.8%
0th		 4.2%
Stock comp / revenue 0.3% 0.0%
80th		 0.0%
Effective tax rate 9.1% 13.7%
27th		 18.4%

Returns on capital

MeasureAEEIndustry medianIndustry percentileSector median
ROE (on average equity) 12.0% 10.5%
75th		 9.5%
ROA 3.2% 2.7%
73rd		 2.6%
ROIC 5.6% 5.5%
52nd		 5.5%
ROCE 5.5% 5.3%
64th		 5.1%
Return on tangible assets 5.2% 4.9%
70th		 4.7%
Cash ROIC (OCF / invested capital) 9.2% 8.6%
66th		 8.0%
Gross profitability (GP / assets) 7.0% 9.1%
18th		 8.6%
ROIC, 3-yr average 4.5% 4.4%
64th		 4.2%
ROIC, 5-yr average 4.7% 4.3%
65th		 4.2%
ROE, 5-yr average 10.4% 10.7%
47th		 9.1%
Incremental ROIC 27.0% 21.9%
68th		 20.6%

Growth

MeasureAEEIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 3.8% 8.0%
9th		 7.2%
Revenue growth (QoQ) -3.9% -16.9%
73rd		 -16.9%
Revenue CAGR, 3 yr 2.3% 2.8%
32nd		 3.0%
Revenue CAGR, 5 yr 7.9% 5.6%
81st		 6.3%
Gross profit CAGR, 3 yr 1.8% 8.0%
30th		 7.9%
Operating income CAGR, 3 yr 11.9% 10.5%
55th		 9.4%
Net income growth (TTM YoY) 27.4% 8.5%
86th		 8.6%
Net income CAGR, 3 yr 11.9% 9.5%
66th		 8.8%
EPS growth (TTM YoY) 24.1% 2.3%
86th		 4.2%
EPS CAGR, 3 yr 9.8% 6.6%
66th		 6.6%
EPS CAGR, 5 yr 9.4% 4.1%
80th		 4.0%
FCF growth (TTM YoY) —
FCF CAGR, 3 yr —
Operating cash flow CAGR, 3 yr 9.1% 17.7%
33rd		 12.7%
Book value CAGR, 3 yr 6.5% 4.8%
59th		 4.7%
Dividend CAGR, 3 yr 0.5% 0.3%
56th		 0.3%
Sustainable growth rate 5.9% 3.8%
77th		 3.7%

Margin history & stability

MeasureAEEIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 45.4% 44.0%
57th		 42.6%
Operating margin, 3-yr average 22.2% 21.9%
55th		 20.0%
Net margin, 3-yr average 16.2% 13.0%
84th		 12.5%
FCF margin, 3-yr average -17.9% -4.3%
11th		 -7.9%
Revenue stability (0-1) 0.75 0.75
50th		 0.75
Earnings stability (0-1) 0.88 0.43
98th		 0.51
Margin stability (0-1) 0.91 0.83
86th		 0.84

Liquidity (latest quarter)

MeasureAEEIndustry medianIndustry percentileSector median
Cash & short-term investments $12.0M $241.0M
9th		 $215.5M
Net cash (− = net debt) −$21.8B −$24.6B
57th		 −$12.1B
Working capital −$2.3B −$794.4M
30th		 −$284.5M
Current ratio 0.53 0.80
9th		 0.82
Quick ratio 0.37 0.66
7th		 0.69
Cash ratio (cash + ST investments / current liabilities) 0.00 0.07
2nd		 0.08
Defensive interval (days) 332 days 286 days
62nd		 314 days

Leverage & solvency (latest quarter)

MeasureAEEIndustry medianIndustry percentileSector median
Total debt $21.8B $25.1B
43rd		 $12.5B
Debt / equity 1.59 1.68
30th		 1.61
Net debt / equity 1.59 1.67
32nd		 1.60
Debt / assets 42.6% 44.6%
32nd		 43.4%
Debt / capital 61.4% 62.7%
30th		 61.8%
Debt / EBITDA 5.18 5.59
30th		 5.59
Net debt / EBITDA 5.18 5.54
36th		 5.53
Interest coverage (EBIT / interest) 3.1x 2.4x
86th		 2.4x
Cash interest coverage 3.9x 3.1x
82nd		 3.0x
Debt payback (years of OCF) 6.7 yrs 7.5 yrs
28th		 7.5 yrs
Liabilities / assets 73.0% 73.0%
50th		 70.8%
IS credit model rating B — —
Implied credit spread (bps) 750 750
34th		 750

Efficiency

MeasureAEEIndustry medianIndustry percentileSector median
Asset turnover 0.18 0.21
16th		 0.20
Fixed asset turnover 0.21 0.27
9th		 0.27
Inventory turnover 6.7 6.7
50th		 8.7
Receivables turnover 8.3 8.7
39th		 8.4
Days sales outstanding 44 days 41 days
63rd		 43 days
Days inventory outstanding 54 days 54 days
51st		 42 days
Days payables outstanding 67 days 77 days
33rd		 75 days
Cash conversion cycle (days) 32 days 15 days
72nd		 14 days
Capex / revenue 53.2% 33.3%
83rd		 35.1%
Capex / depreciation 2.81 2.35
74th		 2.40
Operating expense ratio 27.1% 30.3%
48th		 30.7%

Cash flow & earnings quality

MeasureAEEIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.08 2.19
30th		 2.20
FCF / net income −0.90 −0.32
39th		 −0.74
FCF / operating cash flow -43.3% -20.3%
41st		 -33.3%
Capex / operating cash flow 143.3% 120.3%
59th		 133.3%
Accruals ratio -3.5% -3.3%
48th		 -3.2%
Sloan accruals ratio -6.9% -3.7%
5th		 -3.7%
Earnings quality score (0-1) 1.00 1.00
16th		 1.00

Dividends & buybacks

MeasureAEEIndustry medianIndustry percentileSector median
Dividend yield 2.8% 3.3%
18th		 3.3%
Dividend per share (TTM) $2.96 $2.56
61st		 $1.87
Payout ratio (dividends / net income) 51.1% 65.4%
20th		 63.9%
Dividends / FCF —
Dividend growth (YoY) 4.8% 3.9%
64th		 3.9%
Buyback yield 0.0% 0.0%
0th		 0.0%
Shareholder yield (dividends + buybacks) 2.7% 3.3%
23rd		 3.3%
Share count change (YoY) 2.6% 2.2%
61st		 2.5%
Buybacks, last 5 years $0 $0
0th		 $0

Scores & forensic checks

MeasureAEEIndustry medianIndustry percentileSector median
IS score 43 42
57th		 40
IS profitability 53 50
55th		 44
IS growth 60 49
80th		 50
IS value 56 58
43rd		 56
IS momentum 87 77
84th		 78
IS risk (safety) 15 15
0th		 15
IS quality 67 66
59th		 64
IS balance sheet 26 25
59th		 28
IS earnings quality 79 79
48th		 79
IS cash flow 35 35
20th		 35
Piotroski F-score (0-9) 6 6
32nd		 6
Altman Z-score 0.9 0.8
64th		 0.9
Beneish M-score −2.54 −2.60
56th		 −2.64
Ohlson O-score −7.04 −7.06
52nd		 −7.04
IS credit score 29 27
59th		 29

Per share

MeasureAEEIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $5.61 $3.90
80th		 $3.13
Book value per share $49.13 $34.68
75th		 $32.52
Tangible book per share $48.46 $34.58
82nd		 $32.45
Revenue per share $31.40 $27.50
70th		 $24.86
FCF per share −$5.05 −$1.01
27th		 −$1.64
Operating cash flow per share $11.67 $8.38
70th		 $7.00
Cash per share $0.04 $0.80
2nd		 $0.83

Size (TTM)

MeasureAEEIndustry medianIndustry percentileSector median
Market cap $29.4B $21.5B
68th		 $8.5B
Revenue $8.7B $12.5B
30th		 $5.4B
EBITDA $4.2B $4.3B
48th		 $2.7B
Net income $1.6B $1.3B
59th		 $559.7M
Free cash flow −$1.4B −$189.0M
25th		 −$190.6M
Total assets $51.2B $56.2B
45th		 $34.0B
Shareholders' equity $13.7B $12.5B
55th		 $5.1B
Employees 8,913 9,950
43rd		 5,870

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-11Flores Rafael
Director
 Open-market sale 248$105.53$26,17113,888
2026-08-20Martin Ryan J
SVP Finance
 Open-market sale 500$109.88$54,94025,595
2026-08-18Martin Ryan J
SVP Finance
 Open-market sale 471$109.87$51,74926,008
2026-08-14Shaw Theresa A
SVP and CATO
 Open-market sale 325$108.93$35,40232,340
2026-08-03Moehn Michael L
Group President, Utilities
 Open-market sale 6,500$108.96$708,240199,689
2026-07-01Smith Patrick E
Chairman & President of Sub
 Award / grant 280——20,275
2026-07-01Melda Aaron P
Chairman & President of Sub
 Award / grant 2,520——6,251
2026-07-01Arora Ajay K
EVP of Subsidiary
 Award / grant 716——23,119
2026-05-14Shaw Theresa A
SVP and CATO
 Open-market sale 325$109.08$35,45132,618
2026-05-12Shaw Theresa A
SVP and CATO
 Open-market sale 1,500$109.35$164,02532,943
2026-05-01Moehn Michael L
Group President, Utilities
 Open-market sale 6,500$113.63$738,595205,598

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarMayJunJulAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired33,516—
Open-market saleDisposed816,369$1.8M
—Disposed10—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 8 notices · 57,143 shares · $6.2M
FiledFilerShares proposedEst. proceeds
2026-08-03Moehn Michael L6,500$708,240
2026-05-01Moehn Michael L6,500$738,595
2026-03-03Lyons Martin J26,818$3.0M
2026-02-17Flores Rafael1,600$178,426
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 1 trades (0 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHouseSale$1,001 - $15,0002026-10-09
2025-09-25Julie JohnsonHouseSale$1,001 - $15,0002025-10-08
2025-09-24Julie JohnsonHouseSale (Full)$1,001 - $15,0002025-10-08
2025-09-23Julie JohnsonHouseSale$1,001 - $15,0002026-08-06
2016-06-24Thomas R. CarperSenateSale (Full)$1,001 - $15,0002016-07-01
2016-06-24Thomas R. CarperSenateSale (Full)$1,001 - $15,0002016-06-30
2016-06-24Thomas Richard CarperSenateSale (Full)$1,001 - $15,0002016-06-30
2015-08-25Thomas R. CarperSenatePurchase$1,001 - $15,0002015-09-01
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.25,818,527$2.9B9.33%
PRICE T ROWE ASSOCIATES INC /MD/20,636,717$2.3B7.45%
VANGUARD CAPITAL MANAGEMENT LLC18,050,825$2.0B6.52%
VANGUARD PORTFOLIO MANAGEMENT LLC16,011,790$1.8B5.78%
STATE STREET CORP15,171,626$1.7B5.48%
T. Rowe Price Investment Management, Inc.12,130,872$1.4B4.38%
GEODE CAPITAL MANAGEMENT, LLC7,820,813$880.8M2.82%
FRANKLIN RESOURCES INC6,098,981$689.4M2.20%
AMERIPRISE FINANCIAL INC5,936,910$671.1M2.14%
Jupiter Topco LLC5,115,469$578.3M1.85%
FMR LLC4,786,206$541.0M1.73%
Invesco Ltd.4,510,354$509.9M1.63%
GOLDMAN SACHS GROUP INC3,676,311$415.6M1.33%
WELLS FARGO & COMPANY/MN2,925,333$330.7M1.06%
MORGAN STANLEY2,744,072$310.2M0.99%

Institutional ownership by quarter

2023-092026-0689.3%
% of shares held by 13F filers
2023-092026-06956
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3095689.3%11140425079
2026-03-3193384.6%12837523361
2025-12-3188383.8%14333823868
2025-09-3082483.3%9733322763
2025-06-3080183.7%9734221890
2025-03-3180980.2%13631221356
2024-12-3174080.0%11929419753
2024-09-3068577.5%9025221063
2024-06-3066575.8%7223521761
2024-03-3166675.4%7021325175
2023-12-3168376.1%9820225170
2023-09-3066974.6%7621024669

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-28SCHEDULE 13GVanguard Portfolio Management5.7%15,870,763
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-02-17SCHEDULE 13G/AT. Rowe Price Associates, Inc.8.1%21,790,077
2026-01-21SCHEDULE 13G/ABlackRock, Inc.8.1%21,878,148
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.04%$875.9M
VTI0.04%$875.9M
VTSAX0.04%$875.9M
VSMPX0.04%$875.9M
VFIAX0.04%$722.5M
VFFSX0.04%$722.5M

Share structure

Shares outstanding276,843,000
Float275,808,438
Free float99.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$6.4B$8.0B$7.5B$7.6B$8.8B
Cost of revenue$3.4B$4.6B$4.0B$4.0B$6.2B
Gross profit$3.0B$3.3B$3.5B$3.7B$2.6B
R&D$0$0$0$0$0
SG&A−$136.0M−$184.0M−$295.0M$0$0
Operating income$1.3B$1.5B$1.6B$1.5B$2.0B
EBITDA$2.8B$3.2B$3.4B$3.5B$3.7B
Pretax income$1.2B$1.3B$1.3B$1.3B$1.6B
Income tax$157.0M$176.0M$183.0M$83.0M$136.0M
Net income$990.0M$1.1B$1.2B$1.2B$1.5B
EPS, diluted$3.84$4.14$4.38$4.42$5.35
Diluted shares257.6M259.5M263.4M267.4M272.2M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$16.0M$250.0M$25.0M$7.0M$13.0M
Receivables$820.0M$1.1B$919.0M$967.0M$1.2B
Inventory$592.0M$667.0M$733.0M$762.0M$774.0M
Total current assets$2.0B$2.7B$2.2B$2.3B$2.6B
PP&E, net$29.3B$31.3B$33.8B$36.3B$39.3B
Goodwill & intangibles$411.0M$411.0M$411.0M$411.0M$411.0M
Total assets$35.7B$37.9B$40.8B$44.6B$48.5B
Accounts payable$1.1B$1.2B$1.1B$1.1B$1.3B
Total current liabilities$2.8B$3.4B$3.3B$3.4B$3.9B
Long-term debt$12.6B$13.7B$15.1B$17.3B$18.2B
Total liabilities$25.9B$27.3B$29.4B$32.4B$34.9B
Shareholders' equity$9.8B$10.6B$11.5B$12.2B$13.5B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$995.0M$1.1B$1.2B$1.2B$1.5B
Depreciation & amortization$1.3B$1.4B$1.5B$1.6B$1.7B
Stock-based compensation$22.0M$24.0M$26.0M$28.0M$28.0M
Change in working capital−$788.0M−$494.0M−$326.0M−$214.0M−$51.0M
Operating cash flow$1.7B$2.3B$2.6B$2.8B$3.4B
Capital expenditure−$3.5B−$3.4B−$3.8B−$4.4B−$4.1B
Free cash flow−$1.9B−$1.1B−$1.2B−$1.6B−$775.0M
Investing cash flow−$3.5B−$3.4B−$3.8B−$4.5B−$4.1B
Net debt issued / repaid$2.0B$1.5B$1.7B$2.2B$1.1B
Buybacks−$13.0M$0$0$0$0
Dividends paid−$565.0M−$610.0M−$662.0M−$714.0M−$768.0M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin46.8%42.0%46.2%47.9%38.1%
Operating margin20.8%19.0%20.8%19.9%23.0%
Net margin15.5%13.5%15.4%15.5%16.5%
FCF margin-29.1%-14.0%-16.1%-21.6%-9.1%
ROE10.6%10.6%10.5%10.1%11.4%
ROIC4.9%5.1%4.8%4.6%5.6%
ROA2.9%2.9%2.9%2.8%3.1%
Debt / equity1.401.441.451.551.48
Interest coverage4.0x3.6x3.4x2.9x3.1x
Current ratio0.700.790.650.660.66
Revenue growth+10.4%+24.4%−5.7%+1.6%+15.4%
EPS growth+9.6%+7.9%+5.7%+0.7%+21.0%
P/E at year end20.6x19.6x15.6x19.7x18.8x
EV / EBITDA at year end12.1x11.3x10.1x11.7x11.8x
FCF yield at year end-9.11%-5.30%-6.73%-7.07%-2.93%
Dividend payout57.1%56.8%57.5%60.4%52.7%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Electricity$5.3B$6.6B$6.4B$6.5B$7.7B
Natural Gas$1.1B$1.4B$1.1B$1.1B$1.1B

Street estimates by fiscal year

Next report 2026-11-05 · consensus EPS $2.31 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$9.0B$8.8B – $9.5B$5.40$5.38 – $5.44619.7x
2027$9.6B$9.3B – $10.2B$5.80$5.70 – $5.87618.3x
2028$10.3B$9.4B – $11.1B$6.32$6.25 – $6.39416.8x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-30$1.08$1.13+4.6%$2.3B$2.1B−8.0%
2026-05-05$1.18$1.28+8.5%$2.2B$2.2B−3.0%
2026-02-11$0.77$0.78+1.2%$1.6B$1.8B+11.3%
2025-11-05$2.11$2.17+2.8%$2.5B$2.7B+8.7%
2025-07-31$0.99$1.01+2.3%$1.8B$2.2B+24.7%
2025-05-01$1.07$1.070.0%$1.9B$2.1B+9.4%
2025-02-13$0.80$0.77−3.1%$1.9B$1.9B+2.2%
2024-11-06$1.91$1.87−2.1%$2.2B$2.2B+0.1%
2024-08-01$0.93$0.97+4.3%$1.9B$1.7B−9.7%
2024-05-02$1.06$0.98−7.5%$2.2B$1.8B−17.0%
2024-02-22$0.61$0.60−1.6%$1.6B$1.6B0.0%
2023-11-08$1.82$1.87+2.7%$2.3B$2.1B−10.0%
2023-08-02$0.80$0.90+12.5%$2.3B$1.8B−23.0%
2023-05-04$0.94$1.00+6.4%$2.0B$2.1B+5.6%
2023-02-15$0.56$0.63+12.5%$1.3B$2.0B+56.3%
2022-11-03$1.74$1.740.0%$1.9B$2.3B+22.1%
2022-08-04$0.83$0.80−3.6%$1.5B$1.7B+13.3%
2022-05-05$0.98$0.97−1.0%$1.6B$1.9B+16.6%
2022-02-17$0.49$0.48−2.0%$1.4B$1.5B+10.1%
2021-11-03$1.61$1.65+2.5%$1.8B$1.8B+1.9%
2021-08-05$0.78$0.80+2.6%$1.4B$1.5B+2.7%
2021-05-10$0.74$0.91+23.0%$1.2B$1.6B+29.8%
2021-02-18$0.42$0.46+9.5%$1.2B$1.3B+10.5%
2020-11-04$1.47$1.470.0%$1.6B$1.6B0.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.206-150.306-220.206-290.207-060.207-130.207-200.207-270.208-030.208-100.208-170.108-240.108-31
Week ofNotionalSharesTrades
2026-08-31$145.6M1,371,28046,685
2026-08-24$134.5M1,257,63539,328
2026-08-17$204.1M1,872,09948,451
2026-08-10$211.8M1,953,15851,218
2026-08-03$244.5M2,248,65056,804
2026-07-27$231.1M2,093,22158,939

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1554.4%
DateShort shareShort volumeTotal volume
2026-10-1554.4%213,812392,869
2026-10-1448.2%192,460398,944
2026-10-1349.0%265,525541,907
2026-10-1240.5%129,948321,233
2026-10-0934.2%157,009459,153
2026-10-0860.4%680,4451,126,248
2026-10-0734.4%517,4091,505,113
2026-10-0655.9%551,243986,633
2026-10-0542.0%327,450779,732
2026-10-0237.5%316,929845,622
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
-0.4Jan-1.3Feb+3.2Mar+1.0Apr-0.9May+0.3Jun+2.4Jul+1.0Aug-0.1Sep+1.7Oct+2.0Nov+0.9Dec
MonthAvg returnUp yearsYears
Jan−0.4%50%20
Feb−1.3%45%20
Mar+3.2%76%21
Apr+1.0%65%20
May−0.9%35%20
Jun+0.3%50%20
Jul+2.4%75%20
Aug+1.0%60%20
Sep−0.1%50%20
Oct+1.7%70%20
Nov+2.0%60%20
Dec+0.9%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1464.8
MFI84.3
ADX24.2
Stochastic %K / %D87.1 / 90.3
Williams %R-3.3
CCI172
TSI / signal1.8 / -19.1
Chaikin money flow0.15
ATR$1.68
Bollinger width7.9%
Volume vs 20-day avg0.70x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$101.46 (+4.6%)
SMA 50$104.42 (+1.6%)
SMA 200$107.91 (−1.7%)
EMA 21$102.81 (+3.2%)
EMA 50$104.28 (+1.7%)
EMA 200$105.98 (+0.1%)
Bollinger upper$105.45 (+0.6%)
Bollinger lower$97.46 (+8.8%)
Parabolic SAR$101.67 (+4.3%)
Open the live chart, 110+ indicators

About Ameren Corporation

Operating across the United States, Ameren Corporation functions as a utility holding company. The enterprise organizes its operations into four primary divisions: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission. Its fundamental business involves the rate-regulated production, transmission, and supply of electricity, in addition to the rate-regulated distribution and transmission of natural gas. Ameren generates power using a variety of sources, including coal, nuclear energy, and natural gas, supplemented by renewable alternatives such as hydroelectric, wind, methane gas, and solar. Its customer base encompasses residential homes, commercial businesses, and industrial operations. Established in 1881, Ameren Corporation is headquartered in St. Louis, Missouri.

https://www.amereninvestors.com

Key executives

NameTitlePayBorn
Martin J. Lyons Jr.President, Chief Executive Officer & Chairman of the Board$5.3M1967
Michael L. MoehnGroup President, Ameren Utilities$2.6M1970
Leonard SinghExecutive VP & CFO$1.7M1970
Shawn E. SchukarChairman & President of Ameren Transmission Company of Illinois$1.3M1962
Mark C. LindgrenExecutive Vice President of Corporate Communications & Chief Human Resources Officer of Ameren Services$1.1M1968
Andrew KirkSenior Director of Investor Relations & Corporate Modeling——
Gwendolyn Goosby MizellSenior Vice President & Chief Sustainability Officer of Ameren Services—1962
Kent C. ScottSenior Vice President & Chief Nuclear Officer of Ameren Missouri Callaway Energy Center——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Martin J. Lyons, Jr. Chairman, President and Chief Executive Officer, Ameren2025$1.3M$8.2M$3.3M$14.1M
Michael L. Moehn Group President, Ameren Utilities, Ameren2025$895,000$3.5M$1.5M$6.4M
Leonard P. Singh Executive Vice President and Chief Financial Officer, Ameren2025$650,000$1.7M$879,700$3.6M
Fadi M. Diya Former Senior Vice President and Chief Nuclear Officer, Ameren Missouri2025$434,473$1.6M$0$3.4M
Mark C. Birk Former Chairman and President, Ameren Missouri2025$634,646$1.9M$0$2.9M
Shawn E. Schukar Chairman and President, Ameren Transmission Company of Illinois2025$545,000$1.0M$691,500$2.6M

Employees

9k20189k20199k20209k20219k20229k20239k20249k2025

Dividends

Ex-dateAmountPaid
2026-12-08$0.752026-12-31
2026-09-08$0.752026-09-30
2026-06-09$0.752026-06-30
2026-03-10$0.752026-03-31
2025-12-09$0.712025-12-31
2025-09-09$0.712025-09-30
2025-06-10$0.712025-06-30
2025-03-11$0.712025-03-31

Moat model

None · Cost Advantage · 2026-06-30
Cost advantage59
Intangibles31
Switching costs45
Network effect23
Efficient scale34
Our component scores (0-100) and overall 39.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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