Ameren vs NiSource
Ameren is the larger business, with $8.80bn of revenue in fiscal 2025 against $6.52bn for NiSource (1.3 times as much). NiSource grew faster (23.5% against 15.4%). Ameren kept more of each dollar of sales as profit: a net margin of 16.5% against 14.3%. Ameren carries less debt relative to equity (149.8% against 171.6%).
| Latest fiscal year | AmerenAEE, 2025 | NiSourceNI, 2025 |
|---|---|---|
| Revenue | $8.80bn | $6.52bn |
| Revenue growth | 15.4% | 23.5% |
| Net income | $1.46bn | $930m |
| Operating margin | 23.0% | 28.1% |
| Net margin | 16.5% | 14.3% |
| Return on equity | 11.4% | 10.3% |
| Free cash flow | −$775m | −$420m |
| Cash | $13.0m | $110m |
| Total debt | $20.07bn | $16.21bn |
| Debt to equity | 149.8% | 171.6% |
| Dividend per share | $2.84 | $1.12 |
| Dividend yield | 2.6% | 2.7% |
| Share buybacks | — | — |
| Employees | — | — |
| Market value | $30.49bn | $21.38bn |
| Price vs our value range | — | — |
| Moat score | 41 (Weak) | 34 (Weak) |
| Insider trades, 12 months | 0 buys, 23 sales | 0 buys, 8 sales |