undamentalytics Newsletter
Sign in

Ameren (AEE) stock

Add to watchlist

Add holding +

NYSE: AEE NYSE Multi-Utilities Next results ~November 5, 2026

C+ Fundamentals grade

Ameren is a US-listed company in the multi-utilities industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$99

Valuation models combined (5)

Base case. Range ~$77–$120. Weighted average of 5 models (utility earnings model, forward price-to-earnings vs peers, justified price-to-book, residual income, dividend discount (two-stage)), the utility earnings model counting double.

Price vs value

Modestly overvalued

The price is inside our value range, 13% above our base value.

Price used: $111.42, November 2, 2026

Ameren valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 11 selling0 purchases and 23 sales by directors and officers, last 12 monthsInsider trades
  • Funds495 adding, 324 cuttingOf 67 active managers that changed their stake, 33 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Ameren files

Where Ameren stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $8.75bn, up 3.8% on a year earlier, slower than 12.3% a quarter earlier. That puts it 10 of 11 for growth among the multi-utilities companies we cover. Free-cash-flow margin rose to -16.0% from -18.4% a year earlier. Operating margin widened to 24.9% from 19.3%. The diluted share count is up 2.2% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 0 of our 6 financial-health checks. Our valuation models combined value is $98.08 a share, against a share price of $106.

Source: 10-Q filed August 3, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Ameren's trailing-twelve-month revenue grew 3.8% year on year, with a free-cash-flow margin of -16.0%. Where it stands out: days sales outstanding of 25 days ranks 1 of 14 multi-utilities companies we cover. Where it lags: change in growth rate of -8.6pp ranks 17 of 17 multi-utilities companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 9.7% while net income grew 27.4%: a 18pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 5.6 points on a year ago.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Growth slowing. The growth rate is 8.6 points lower than a quarter earlier.
  • Burning cash. Free cash flow was -16.0% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 2.2% in a year.
  • High debt. Long-term debt exceeds cash by $19.1bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was -90% of net income over the last 12 months.
  • Below peers: revenue growth. Revenue growth of 3.8% ranks 13 of 17 multi-utilities companies we cover (median 7.8%).

Latest results: FY2026 Q2

Filed August 3, 2026
Earnings per share
$1.13 against an average estimate of $1.08: beat by 4.2%
Revenue
$2.09bn, down 5.8% on a year earlier
Share reaction
-0.3% in the first session after the results on July 30, 2026, against +2.4% for the S&P 500
Guidance given
2026 earnings guidance $5.25 to $5.45 (2026)
Next report
November 5, 2026; average EPS estimate $2.29

Ameren's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.8%
  • 1 week+3.1%
  • 1 month+11.5%
  • This year+13.9%
  • 1 year+12.3%
  • 5 years+53.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$8.7B
Operating margin
24.9%
Net margin
17.9%
EPS (TTM, diluted)
$5.67

Growth

Revenue growth
+3.8%
Change in growth rate
−8.6 pts
Share count change
+2.2%

Cash

Free cash flow (TTM)
-$1.4B
FCF margin
-16.0%
Stock pay % of revenue
0.3%

Earnings

Last results
July 30, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Dividend
  3. Announcement
  4. Announcement
  5. Announcement
  6. Financing
  7. Announcement
  8. Financing
  9. Announcement
  10. Results
  11. Guidance
  12. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Ameren valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$99
Price used
$110.42close November 3, 2026
Implied change
▼ 11%
Uncertainty
Low

How we got here: the combined value of 5 valuation models built for a business like Ameren (see the models table below and how they are combined) , with a 7% cost of equity. The models span ~$77–~$120; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Ameren as an utility or power producer, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.43 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$120 ~$96–$150 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$90 ~$89–$110 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$97 ~$77–$130 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$77 ~$54–$110 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$96 ~$76–$130 Included
Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$99 ~$77–$120 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Ameren with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$31.56$39.66$45.98$52.42$63.33$66.02$77.31$79.27$66.54$84.81$97.80$111.42
Market value$7.7bn$9.7bn$11.2bn$12.9bn$15.6bn$16.4bn$19.9bn$20.6bn$17.5bn$22.7bn$26.6bn$30.7bn
+ Net debt (− = net cash)$7.3bn$7.9bn$8.5bn$9.1bn$9.9bn$11.5bn$13.7bn$15.2bn$16.6bn$18.9bn$20.1bn$21.8bn
Enterprise value$15.0bn$17.5bn$19.7bn$22.0bn$25.5bn$28.0bn$33.6bn$35.8bn$34.1bn$41.6bn$46.7bn$52.5bn
Multiples
Price / sales 1.3x1.6x1.8x2.0x2.6x2.8x3.1x2.6x2.3x3.0x3.0x3.5x
Price / earnings 12.2x14.8x21.5x15.8x18.9x18.9x20.1x19.2x15.2x19.2x18.3x19.7x
Price / free cash flow 67.4xn/m——————————
EV / EBITDA 7.4x8.1x8.6x9.6x11.2x11.4x13.2x12.4x11.4x13.7x12.8x13.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

41 /100

Weak moat

How hard Ameren's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 2 / 20

    Net income has been a median 2.7% of total assets over 10 years.

  • Durability 17 / 20

    Operating margin has been a median 22.1%; its worst year was 19.0%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 10 years, at a median -14.9% of revenue.

  • Discipline 14 / 20

    The diluted share count rose 9.0% over five years; stock-based pay has been a median 0.3% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, after the close. Analysts expect revenue of $2.8bn and EPS of $2.29 (range $2.22 to $2.33) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.39 +1% $9.1bn +4%
Next $5.81 +8% $9.7bn +6%

Next year's EPS estimate has moved −0.5% in 90 days, across 7 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.2% on 90 days ago. In the last 30 days, 1 analyst raised Ameren's forecast and 1 cut it.

Consensus EPS forecast Ameren, last 90 days
$5.20 $5.40 $5.60 $5.80 $6.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.38 Current fiscal year, 60 days ago: $5.40 Current fiscal year, 30 days ago: $5.40 Current fiscal year, 7 days ago: $5.40 Current fiscal year, Now: $5.39 $5.39 Next fiscal year, 90 days ago: $5.84 Next fiscal year, 60 days ago: $5.83 Next fiscal year, 30 days ago: $5.83 Next fiscal year, 7 days ago: $5.83 Next fiscal year, Now: $5.81 $5.81

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.38$5.84
60 days ago $5.40$5.83
30 days ago $5.40$5.83
7 days ago $5.40$5.83
Now $5.39$5.81

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.08 $1.13 +4.2%
Mar 2026 $1.17 $1.28 +9.1%
Dec 2025 $0.69 $0.92 +32.7%
Sept 2025 $2.12 $2.35 +10.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • 2026 earnings guidance 2026 $5.25 to $5.45 Maintained
    “Today, Ameren reaffirmed its 2026 earnings guidance range of $5.25 to $5.45 per share.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

19 analysts, Oct 2026
Buy1158%
Hold842%
Sell00%

Monthly trend

  1. Oct 202610819
  2. Sep 202629617
  3. Aug 20269616
  4. Jul 202610617

Counts of recommendations published by analysts covering Ameren, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.3%
of tradable shares
Days to cover
7.44
at average volume
Short interest, 1 month
+26%
to October 15, 2026
Held by institutions
90%
of shares
Held by insiders
0.3%
of shares
Employees
8,913
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +12.3%

$99.20 on October 31, 2025 to $111.42

ThenNowEffect
Revenue (last 12 months) $8.4bn $8.7bn +3.8%
Net margin 14.6% 17.9% +22.8%
P/E multiple 21.8x 19.7x −9.9%
Share count 270m 276m −2.2%

Biggest factor: net margin.

Last 3 years +55.5%

$71.63 on November 3, 2023 to $111.42

ThenNowEffect
Revenue (last 12 months) $8.2bn $8.7bn +7.0%
Net margin 13.7% 17.9% +30.8%
P/E multiple 16.8x 19.7x +17.1%
Share count 261m 276m −5.2%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
AEE+17%+3%−16%+28%+15%+14%
Industry peers (median)+10%+3%−2%+14%+12%+8%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
AEE50%50%50%50%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
AEE−10%−23%−20%−9%−9%−16%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 29% from March 4, 2020 to March 23, 2020. Getting back needed a 41% gain, reached on April 20, 2021, 393 days after the low.

Price behaviour

52-week range
$95.24 – $117.49
From 52-week high
−5.2%
vs 50-day average
+6.8%
vs 200-day average
+3.8%
Volatility (1 year)
18%
Beta vs S&P 500
-0.12

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±1.5%
After a week
7 up, 5 down
typical move ±2.0%
After a month
5 up, 7 down
typical move ±2.9%
Results releasedNext dayS&P 500 next day5 days21 days
July 30, 2026 −0.3% +2.4% −1.5% −3.5%
May 5, 2026 −2.5% +2.2% −2.6% −4.8%
February 11, 2026 +3.4% −1.6% +3.8% +6.6%
November 5, 2025 +0.1% −0.7% +3.7% −2.0%
July 31, 2025 +2.3% −2.0% +2.5% −0.1%
May 1, 2025 +0.2% +2.2% −1.6% −2.1%
February 13, 2025 +0.8% +1.1% +1.3% +4.3%
November 6, 2024 −1.3% +3.3% +4.3% +4.7%
August 1, 2024 +4.1% −3.3% +1.2% +4.1%
May 2, 2024 −0.5% +2.2% +0.4% −1.0%
February 22, 2024 +0.3% +2.1% −0.3% +1.3%
November 8, 2023 −2.4% −0.7% −0.4% 0.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Ameren’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.52× the last 60 days’ realised volatility , richer than 94% of the 229 stocks we screen today.
  • Why: implied is 1.52x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

AEE Ameren Grade C+ $111.44

Own 100 shares, sell the $115 call expiring December 18, 2026 (46 days) for $1.45 a share — $145 per contract.

Previous session · Bid $1.45, ask $1.90, quoted Mon 2 Nov, 17:13 New York time with AEE at $111.44. Option prices move with the shares: check the live chain at your broker before trading.

  • If AEE ends below $115: you keep your shares and the $145 — 1.3% extra on the position, 10.3% a year at that pace.
  • If it ends above $115: your shares are sold at $115, a total return of 4.5% including the premium — at or above our value of ~$99.
$501 $0 −$2.2k Our value $99.00 Break-even $109.99 Price $111.44
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$145
Annualised
10.3%
Break-even
$109.99
Max gain
$501
Chance of selling
~38%

Results are expected around November 1, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Ameren in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Ameren
$7B $7.5B $8B $8.5B $9B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $7.9B Revenue (TTM), FY23 Q4: $7.5B Revenue (TTM), FY24 Q1: $7.3B Revenue (TTM), FY24 Q2: $7.2B Revenue (TTM), FY24 Q3: $7.3B Revenue (TTM), FY24 Q4: $7.6B Revenue (TTM), FY25 Q1: $7.9B Revenue (TTM), FY25 Q2: $8.4B Revenue (TTM), FY25 Q3: $9B Revenue (TTM), FY25 Q4: $8.8B Revenue (TTM), FY26 Q1: $8.9B Revenue (TTM), FY26 Q2: $8.7B $8.7B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $7.9B
FY23 Q4 $7.5B
FY24 Q1 $7.3B
FY24 Q2 $7.2B
FY24 Q3 $7.3B
FY24 Q4 $7.6B
FY25 Q1 $7.9B
FY25 Q2 $8.4B
FY25 Q3 $9B
FY25 Q4 $8.8B
FY26 Q1 $8.9B
FY26 Q2 $8.7B
Revenue growth, TTM YoY Ameren
-20% -10% 0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 6.3% Revenue growth, TTM YoY, FY23 Q4: -5.7% Revenue growth, TTM YoY, FY24 Q1: -10.9% Revenue growth, TTM YoY, FY24 Q2: -12.1% Revenue growth, TTM YoY, FY24 Q3: -7.9% Revenue growth, TTM YoY, FY24 Q4: 1.6% Revenue growth, TTM YoY, FY25 Q1: 9.0% Revenue growth, TTM YoY, FY25 Q2: 17.3% Revenue growth, TTM YoY, FY25 Q3: 22.7% Revenue growth, TTM YoY, FY25 Q4: 15.4% Revenue growth, TTM YoY, FY26 Q1: 12.3% Revenue growth, TTM YoY, FY26 Q2: 3.8% 3.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 6.3%
FY23 Q4 -5.7%
FY24 Q1 -10.9%
FY24 Q2 -12.1%
FY24 Q3 -7.9%
FY24 Q4 1.6%
FY25 Q1 9.0%
FY25 Q2 17.3%
FY25 Q3 22.7%
FY25 Q4 15.4%
FY26 Q1 12.3%
FY26 Q2 3.8%
Operating margin (TTM) Ameren
18% 20% 22% 24% 26% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 19.8% Operating margin (TTM), FY23 Q4: 20.8% Operating margin (TTM), FY24 Q1: 21.8% Operating margin (TTM), FY24 Q2: 22.4% Operating margin (TTM), FY24 Q3: 21.7% Operating margin (TTM), FY24 Q4: 19.9% Operating margin (TTM), FY25 Q1: 19.9% Operating margin (TTM), FY25 Q2: 19.3% Operating margin (TTM), FY25 Q3: 20.8% Operating margin (TTM), FY25 Q4: 23.0% Operating margin (TTM), FY26 Q1: 24.0% Operating margin (TTM), FY26 Q2: 24.9% 24.9%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 19.8%
FY23 Q4 20.8%
FY24 Q1 21.8%
FY24 Q2 22.4%
FY24 Q3 21.7%
FY24 Q4 19.9%
FY25 Q1 19.9%
FY25 Q2 19.3%
FY25 Q3 20.8%
FY25 Q4 23.0%
FY26 Q1 24.0%
FY26 Q2 24.9%
FCF margin (TTM) Ameren
-30% -20% -10% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -10.0% FCF margin (TTM), FY23 Q4: -13.8% FCF margin (TTM), FY24 Q1: -13.7% FCF margin (TTM), FY24 Q2: -16.2% FCF margin (TTM), FY24 Q3: -21.6% FCF margin (TTM), FY24 Q4: -20.4% FCF margin (TTM), FY25 Q1: -22.7% FCF margin (TTM), FY25 Q2: -18.4% FCF margin (TTM), FY25 Q3: -13.3% FCF margin (TTM), FY25 Q4: -8.8% FCF margin (TTM), FY26 Q1: -14.6% FCF margin (TTM), FY26 Q2: -16.0% -16.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -10.0%
FY23 Q4 -13.8%
FY24 Q1 -13.7%
FY24 Q2 -16.2%
FY24 Q3 -21.6%
FY24 Q4 -20.4%
FY25 Q1 -22.7%
FY25 Q2 -18.4%
FY25 Q3 -13.3%
FY25 Q4 -8.8%
FY26 Q1 -14.6%
FY26 Q2 -16.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Ameren took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $8.8B
  2. Other operating costs $6.8B · 77.0%
  3. Operating income $2B · 23.0%
  4. Income tax $136M · 1.5%
  5. Interest and other $434M · 4.9%
  6. Net income $1.5B · 16.5%

Shares of revenue. Source: Ameren's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 7.1 7.6 6.1 5.8 5.8 6.1 6.1 6.1 6.2 6.3 5.9 5.8 6.4 8.0 7.5 7.6 8.8 8.7
EBITDA 2.1 1.7 1.6 1.8 1.9 2.0 2.0 2.2 2.3 2.3 2.3 2.5 2.6 2.9 3.0 3.0 3.6 3.8
Operating income 1.4 0.9 1.0 1.2 1.2 1.3 1.3 1.3 1.4 1.4 1.3 1.3 1.3 1.5 1.6 1.5 2.0 2.2
Net income 0.6 0.1 0.5 −1.0 0.3 0.6 0.6 0.7 0.5 0.8 0.8 0.9 1.0 1.1 1.2 1.2 1.5 1.6
Diluted EPS $2.78 $0.58 $2.15 −$4.01 $1.18 $2.40 $2.59 $2.68 $2.14 $3.32 $3.35 $3.50 $3.84 $4.14 $4.38 $4.42 $5.35 $5.67
Growth (year on year)
Revenue −9.3% +7.0% −19.5% −6.0% +1.0% +3.7% +0.7% −0.4% +1.6% +1.9% −6.1% −2.0% +10.4% +24.4% −5.7% +1.6% +15.4% +3.8%
EBITDA +2.8% −21.8% −1.6% +11.4% +1.6% +6.2% +3.7% +5.9% +6.0% +0.4% −1.1% +8.1% +4.0% +13.2% +3.5% +1.7% +19.7% +20.6%
Operating income +4.0% −35.3% +12.8% +15.0% −0.3% +5.9% +0.4% +5.0% +6.7% −3.8% −6.6% +2.6% +2.5% +13.7% +2.8% −2.7% +33.6% +33.9%
Net income +1.2% −77.3% — −287.7% — +102.8% +7.5% +3.7% −19.9% +55.8% +1.6% +5.2% +13.7% +8.5% +7.3% +2.6% +23.2% +27.4%
Diluted EPS — −79.1% — −286.5% — +103.4% +7.9% +3.5% −20.1% +55.1% +0.9% +4.5% +9.7% +7.8% +5.8% +0.9% +21.0% +24.6%
Margins
EBITDA margin 29.8% 21.8% 26.6% 31.5% 31.7% 32.4% 33.4% 35.5% 37.0% 36.5% 38.4% 42.3% 39.9% 36.3% 39.9% 39.9% 41.3% 43.8%
Operating margin 19.8% 12.0% 16.8% 20.6% 20.3% 20.7% 20.6% 21.8% 22.8% 21.6% 21.4% 22.4% 20.8% 19.0% 20.8% 19.9% 23.0% 24.9%
Net margin 8.6% 1.8% 8.4% −16.8% 5.0% 9.7% 10.3% 10.7% 8.5% 13.0% 14.0% 15.0% 15.5% 13.5% 15.4% 15.5% 16.5% 17.9%
Free-cash-flow margin 3.6% 10.2% 16.2% 10.8% 5.4% −3.6% 1.9% 0.7% −0.2% −1.8% −4.1% −26.0% −28.4% −13.7% −13.8% −20.4% −8.8% −16.0%
Cash flow
Cash from operations 2.0 1.8 1.9 1.7 1.7 1.6 2.0 2.1 2.1 2.2 2.2 1.7 1.7 2.3 2.6 2.8 3.4 3.3
Capital spending 1.7 1.0 0.9 1.1 1.4 1.8 1.9 2.1 2.1 2.3 2.4 3.2 3.5 3.4 3.6 4.3 4.1 4.7
Free cash flow 0.3 0.8 1.0 0.6 0.3 −0.2 0.1 0.0 −0.0 −0.1 −0.2 −1.5 −1.8 −1.1 −1.0 −1.6 −0.8 −1.4
Stock-based pay — 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Free cash flow after stock pay — 0.8 1.0 0.6 0.3 −0.2 0.1 0.0 −0.0 −0.1 −0.3 −1.5 −1.8 −1.1 −1.1 −1.6 −0.8 −1.4
Balance sheet
Cash 0.6 0.5 0.2 0.2 0.0 0.0 0.3 0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0
Total debt 7.3 7.3 7.0 7.0 6.4 7.0 7.6 7.9 8.5 9.1 9.9 11.7 13.7 15.2 16.6 18.9 20.1 21.8
Net debt (negative = net cash) 6.7 6.7 6.8 6.8 6.4 7.0 7.3 7.9 8.5 9.1 9.9 11.5 13.7 15.2 16.6 18.9 20.1 21.8
Diluted shares 220m 239m 242m 243m 245m 244m 244m 243m 244m 246m 247m 249m 258m 260m 263m 267m 272m 276m
Returned to shareholders
Dividends 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.6 0.6 0.7 0.7 0.8 0.8
Buybacks — — — — — — — 0.1 0.0 0.0 0.0 — — — — — — —
Total returned 0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.7 0.7 0.8 0.8

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 6 checks passed · June 30, 2026
What it owns · $51.2bn
Short-term assets $2.6bnLonger-term assets $48.6bn
What it owes, and who funded it · $18.7bn
Short-term liabilities $5.0bnShareholders' equity $13.7bn
  • Short-term assets cover short-term liabilities $2.6bn of assets due within a year against $5.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $12m of cash against $20.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 150% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 130% to 150% over five years.
  • A year's operating cash flow covers at least 20% of debt $3.3bn of operating cash flow against $20.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $2.2bn against $827m of interest.

From Ameren's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$798M
Diluted share count
+2.2%
year over year
Total shareholder yield
2.6%
dividends 2.6% + buybacks 0.0% of market value
Dividend payout ratio
51%
of net income paid out
Days sales outstanding
25 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in multi-utilities
Last 12 months unless stated AEE CMS CNP NI SRE PNW Median
Revenue, last 12 months $8.7bn $9.0bn $9.8bn $6.8bn $13.6bn $5.6bn $9.0bn
Revenue growth, last 12 months 3.8% 8.2% 7.8% 12.3% 1.6% 5.7% 7.8%
Revenue growth, 3-year average 2.3% 4.8% 2.1% 6.2% −7.2% 6.9% 2.3%
Revenue growth, latest quarter −5.8% 8.0% 10.2% 4.7% −0.1% 7.1% 6.6%
Gross margin — — 100.0% 100.0% — 70.5% 100.0%
Operating margin 24.9% 13.8% 24.4% 28.0% — 20.5% 20.4%
Operating margin, 3-year average 22.2% 18.0% 22.8% 28.0% — 19.8% 20.4%
Net margin 17.9% 9.7% 11.8% 13.8% 16.8% 11.5% 11.8%
Cash from operations / revenue 37.2% 25.4% 28.8% 35.0% 40.0% 31.9% 28.8%
Free-cash-flow margin −16.0% 10.2% −28.8% −23.0% −38.7% −15.8% −13.3%
Free-cash-flow margin, 3-year average −16.9% 12.0% −25.8% −16.8% −31.1% −14.9% −7.6%
Stock pay / revenue 0.3% — — 0.7% 0.7% 0.5% 0.5%
Change in share count 2.2% 3.3% 1.3% 1.8% 1.3% 3.9% 2.2%

Median of all 17 companies we cover in multi-utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 multi-utilities companies
Measure Company Peer median Rank
Revenue growth Growth 3.8% 7.8% 13 of 17
Change in growth rate Growth -8.6pp -0.2pp 17 of 17
Operating margin Profitability 24.9% 20.5% 3 of 16
Net margin Profitability 17.9% 11.8% 3 of 17
Free-cash-flow margin Cash generation -16.0% -13.3% 11 of 17
Stock pay as % of revenue Cash generation 0.3% 0.5% 2 of 8
Long-term debt as % of assets Balance sheet 37.2% 39.5% 7 of 16
Change in share count Balance sheet 2.2% 2.2% 9 of 17
Days sales outstanding Balance sheet 25 days 39 days 1 of 14

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Electricity $7.7B 87.1% ▲ 17.2%
Natural Gas Reserves $1.1B 12.9% ▲ 4.4%

From Ameren's 10-K filed February 18, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$27.7B
Institutions reporting
948
Shares held vs prior quarter
▲ 4.7%
Positions opened / closed
93 / 77

Top buyers and sellers, Q2 2026: 495 institutions bought and 324 sold ; the biggest buyer was T. Rowe Price Investment Management, Inc (+4.6M shares) and the biggest seller Qube Research & Technologies Ltd (−1.1M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $2.9B 25.8M 10.5% ▲ 8.5%
Price T Rowe Associates Inc $2.3B 20.6M 8.4% ▼ 3.4%
Vanguard Capital Management LLC $2B 18.1M 7.4% ▲ 0.7%
Vanguard Portfolio Management LLC $1.8B 16.0M 6.5% ▲ 1.1%
State Street Corp $1.7B 15.2M 6.2% ▲ 1.6%
T. Rowe Price Investment Management, Inc. $1.4B 12.1M 5.0% ▲ 61.0%
Geode Capital Management, LLC $881M 7.8M 3.2% ▲ 2.1%
Franklin Resources Inc $689M 6.1M 2.5% ▲ 7.3%
Ameriprise Financial Inc $671M 5.9M 2.4% ▼ 5.4%
Jupiter Topco LLC $578M 5.1M 2.1% —
FMR LLC $541M 4.8M 2.0% ▼ 4.6%
Invesco Ltd. $510M 4.5M 1.8% ▼ 1.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Ameren's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $8.7M 23 trades by 11 insiders · 79% under pre-set plans
Net ▼ $8.7M net selling
Insider Date Trade Shares Price Value
Flores Rafael Director September 11, 2026 Sell 248 $105.53 $26,171
Martin Ryan J SVP Finance August 20, 2026 Sell 500 $109.88 $54,940
Martin Ryan J SVP Finance August 18, 2026 Sell 471 $109.87 $51,749
Shaw Theresa A SVP and CATO August 14, 2026 Sell pre-set plan 325 $108.93 $35,402
Moehn Michael L Group President, Utilities August 3, 2026 Sell pre-set plan 6,500 $108.96 $708,240
Shaw Theresa A SVP and CATO May 14, 2026 Sell pre-set plan 325 $109.08 $35,451
Shaw Theresa A SVP and CATO May 12, 2026 Sell pre-set plan 1,500 $109.35 $164,025
Moehn Michael L Group President, Utilities May 1, 2026 Sell pre-set plan 6,500 $113.63 $738,595
Martin Ryan J SVP Finance March 4, 2026 Sell 1,300 $113.31 $147,303
Lindgren Mark C 10% owner March 3, 2026 Sell pre-set plan 2,073 $111.84 $231,844
Schukar Shawn E 10% owner March 3, 2026 Sell pre-set plan 4,975 $111.84 $556,404
Lyons Martin J Chairman, President & CEO March 3, 2026 Sell pre-set plan 26,818 $111.84 $3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 8 trades and filings

No trades in Ameren disclosed in the last 12 months; 8 earlier trades on record.

  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded September 25, 2025, filed October 7, 2025
  • Julie Johnson(D-TX 32):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed August 5, 2026
  • Julie Johnson(D-TX 32):Purchase, $1,001 - $15,000, traded September 23, 2025, filed August 5, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 1, 2026 estimated from the company's past filing pattern, not announced

  • July 30, 2026
  • May 5, 2026
  • February 11, 2026
  • November 5, 2025
  • July 31, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on Ameren was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Ameren in brief

What does Ameren do?
Ameren is a US-listed company in the multi-utilities industry. Its financial year ends in December.
What is Ameren's stock ticker?
Ameren trades under the ticker AEE on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ameren's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ameren reported revenue of $8.7B, 3.8% higher than a year earlier, according to its SEC filings.
What is Ameren's free cash flow?
Ameren's free-cash-flow margin is -16.0% of revenue over the trailing twelve months, ranking 11 of the 17 multi-utilities companies we cover.
Who are Ameren's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Price T Rowe Associates Inc and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Ameren's market cap?
On November 2, 2026, Ameren's market capitalisation was about $30.7B, with a price-to-earnings ratio of 19.7 and net debt of $21.8B. Market figures come from third-party market data and may be delayed.
Does Ameren pay a dividend?
Yes: Ameren paid $798M in dividends over the trailing twelve months, a dividend yield of 2.59% and a payout ratio of 51.1%.
How much debt does Ameren have?
Ameren's debt-to-equity ratio is 150.4%, from its latest balance sheet (129.5% five years earlier). The financial health section below sets out its other solvency checks.
Who are Ameren's competitors?
In our Multi-Utilities peer group, the companies closest to Ameren are CMS Energy, CenterPoint Energy, NiSource, Sempra and Pinnacle West Capital. The side-by-side comparison below sets their revenue, margins and growth against Ameren's.
Are insiders buying or selling Ameren stock?
Over the last 12 months, Ameren's directors and officers reported 0 open-market purchases and 23 sales on Form 4. The insider trading page charts every trade.
When is Ameren's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ameren announces its own schedule.