AEE Utilities

Ameren Corporation

$110.37-0.94%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Utilities
Industry: Utilities - Regulated Electric
Country: United States
Market cap: 30.6B USD
Enterprise value: 51.2B USD
Full-time employees: 8,913

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.53 vs a peer median of 1.03) and more debt relative to equity (1.59× vs a peer median of 1.19×)higher risk: less liquidity (current ratio 0.53 vs peers 1.03) and more debt vs equity (1.59× vs peers 1.19×)
About average: profitability

Ranks #193 of 348 utilities companies (bottom 45%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Ameren reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Paying shareholders without free cash flow. Paid out $2.1B over the 3 fiscal years to 2025 with -$3.4B of free cash flow.
Ameren returned $2.1B in buybacks and dividends over three fiscal years while its free cash flow totalled -$3.4B. The money came from its cash pile or from borrowing.
Profits growing faster than sales. Since 2022: revenue +11%, operating profit +34%.
Since 2022, Ameren's revenue grew 11% while operating profit grew 34%: each extra dollar of sales is adding more profit.

StockQuotient Score

47/ 100

Oct 5 48 → Nov 4 47 (-1)

Valuation

Is the price right?

39/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield5.1%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.09Sector median: 0.0485 · MAD: 0.0319

EBITDA yield7.3%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.50Sector median: 0.0859 · MAD: 0.0250

Free cash flow yield-4.6%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield44.8%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.6310 · MAD: 0.2684

Growth

Is it growing?

66/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ EPS growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth24.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.26Sector median: 0.0172 · MAD: 0.1791

3-year revenue growth2.3%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.06Sector median: 0.0196 · MAD: 0.0523

Revenue growth3.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.18Sector median: 0.0254 · MAD: 0.0681

Profitability

Does it earn well?

58/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Helped by:

▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin24.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.72Sector median: 0.1864 · MAD: 0.0865

Return on assets3.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.33Sector median: 0.0266 · MAD: 0.0124

Return on invested capital4.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.16Sector median: 0.0524 · MAD: 0.0237

Other data (not scored)

Gross margin52.4%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.3581 · MAD: 0.1545

Return on equity11.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0807 · MAD: 0.0381

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Current ratio
▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.45

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score 0.05Sector median: 0.4590 · MAD: 0.1730

Current ratio0.53×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.39Sector median: 1.0330 · MAD: 0.3620

Debt / equity1.59×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.76Sector median: 1.1925 · MAD: 0.5265

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Ameren

Is Ameren getting weaker?: Its latest SEC filing (Aug 3, 2026) showed no major changes. Its overall score is unchanged at 47/100 since Oct 28, 2026.
How is Ameren valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 39/100 against 360 utilities peers. EBITDA yield 7.3% vs a peer median of 8.6% (weaker than 67% of peers).EBITDA yield 7.3% vs peers 8.6% (weaker than 67% of peers).
Is Ameren growing?: Yes, faster than most of its peers. Growth scores 66/100 against 360 utilities peers. Earnings per share growth 24.3% vs a peer median of 1.7% (stronger than 79% of peers).Earnings per share growth 24.3% vs peers 1.7% (stronger than 79% of peers).
How profitable is Ameren?: About as profitable as its peers. Profitability scores 58/100 against 360 utilities peers. Operating margin 24.9% vs a peer median of 18.6% (stronger than 72% of peers).Operating margin 24.9% vs peers 18.6% (stronger than 72% of peers).
How risky is Ameren?: Higher risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Current ratio 0.53× vs a peer median of 1.03× (weaker than 88% of peers).Current ratio 0.53× vs peers 1.03× (weaker than 88% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 3, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	8.9B USD	8.7B USD	−1.5%
Net income (12 months)	1.5B USD	1.6B USD	+2.6%
Operating margin	24.0%	24.9%	+0.9 pts
Free cash flow (12 months)	−1.3B USD	−1.4B USD	+8.1%
Debt	21.3B USD	21.8B USD	+2.4%
Cash	13.0M USD	12.0M USD	−7.7%
Shares outstanding	276.8M	276.8M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Utilities - Regulated Electric · 29 companies

Valuations in Utilities - Regulated Electric are above their usual range since 2016.

67% of months since 2016 were valued lower than now.
24% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +18% and earnings +20% (medians): prices and earnings moved broadly together.
Median price-to-sales is +1% vs the whole market, against a usual +1%.

2016Shaded: most expensive fifth of its range2026

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	20.8%	19.0%	20.8%	19.9%	23.0%	▲ 3.1 pts
Net margin	15.6%	13.6%	15.4%	15.6%	16.6%	▲ 1.0 pts
Return on assets (ROA)	2.8%	2.8%	2.8%	2.7%	3.0%	▲ 0.4 pts
Return on equity (ROE)	10.3%	10.3%	10.2%	9.8%	10.9%	▲ 1.1 pts
Free cash flow margin	-28.4%	-13.7%	-13.8%	-20.4%	-8.8%	▲ 12 pts
Current ratio	0.70×	0.79×	0.65×	0.66×	0.66×	▼ 0.8%
Quick ratio	0.49×	0.59×	0.43×	0.44×	0.46×	▲ 4.5%
Debt to equity	1.42×	1.45×	1.47×	1.56×	1.50×	▼ 4.2%
Interest coverage	3.48×	3.12×	2.75×	2.29×	2.61×	▲ 14%

AEE price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: less short-term liquidity (current ratio 0.53 vs a peer median of 1.03) and more debt relative to equity (1.59× vs a peer median of 1.19×)higher risk: less liquidity (current ratio 0.53 vs peers 1.03) and more debt vs equity (1.59× vs peers 1.19×)

About average: profitability

Ranks #193 of 348 utilities companies (bottom 45%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Ameren reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Paying shareholders without free cash flow. Paid out $2.1B over the 3 fiscal years to 2025 with -$3.4B of free cash flow.

Ameren returned $2.1B in buybacks and dividends over three fiscal years while its free cash flow totalled -$3.4B. The money came from its cash pile or from borrowing.

Profits growing faster than sales. Since 2022: revenue +11%, operating profit +34%.

Since 2022, Ameren's revenue grew 11% while operating profit grew 34%: each extra dollar of sales is adding more profit.

Questions investors ask about Ameren

Is Ameren getting weaker?

Its latest SEC filing (Aug 3, 2026) showed no major changes. Its overall score is unchanged at 47/100 since Oct 28, 2026.

How is Ameren valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 39/100 against 360 utilities peers. EBITDA yield 7.3% vs a peer median of 8.6% (weaker than 67% of peers).EBITDA yield 7.3% vs peers 8.6% (weaker than 67% of peers).

Is Ameren growing?

Yes, faster than most of its peers. Growth scores 66/100 against 360 utilities peers. Earnings per share growth 24.3% vs a peer median of 1.7% (stronger than 79% of peers).Earnings per share growth 24.3% vs peers 1.7% (stronger than 79% of peers).

How profitable is Ameren?

About as profitable as its peers. Profitability scores 58/100 against 360 utilities peers. Operating margin 24.9% vs a peer median of 18.6% (stronger than 72% of peers).Operating margin 24.9% vs peers 18.6% (stronger than 72% of peers).

How risky is Ameren?

Higher risk relative to 360 utilities peers, judged on debt, liquidity and share-price swings. Current ratio 0.53× vs a peer median of 1.03× (weaker than 88% of peers).Current ratio 0.53× vs peers 1.03× (weaker than 88% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

8.9B USD

8.7B USD

−1.5%

Net income (12 months)

1.5B USD

1.6B USD

+2.6%

Operating margin

24.0%

24.9%

+0.9 pts

Free cash flow (12 months)

−1.3B USD

−1.4B USD

+8.1%

Debt

21.3B USD

21.8B USD

+2.4%

Cash

13.0M USD

12.0M USD

−7.7%

Shares outstanding

276.8M

276.8M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

20.8%

19.0%

20.8%

19.9%

23.0%

▲ 3.1 pts

Net margin

15.6%

13.6%

15.4%

15.6%

16.6%

▲ 1.0 pts

Return on assets (ROA)

2.8%

2.7%

3.0%

▲ 0.4 pts

Return on equity (ROE)

10.3%

10.2%

9.8%

10.9%

▲ 1.1 pts

Free cash flow margin

-28.4%

-13.7%

-13.8%

-20.4%

-8.8%

▲ 12 pts

Current ratio

0.70×

0.79×

0.65×

0.66×

▼ 0.8%

Quick ratio

0.49×

0.59×

0.43×

0.44×

0.46×

▲ 4.5%

Debt to equity

1.42×

1.45×

1.47×

1.56×

1.50×

▼ 4.2%

Interest coverage

3.48×

3.12×

2.75×

2.29×

2.61×

▲ 14%