Ameren Corporation

AEE · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Valuation
Market cap	$27,012	$23,794	$19,021	$22,988	$22,930	$20,109	$19,784	$16,804	$15,196	$13,514	$11,136	$11,191	$8,772	$7,453	$8,001	$6,732	$6,160	$6,988	$11,243	$11,047	$10,289	$9,357	$7,417	$6,084	$5,808	$6,357	$4,494	$5,858	$5,933
Enterprise value	$46,958	$42,638	$35,631	$37,962	$36,655	$31,688	$29,707	$25,966	$23,747	$21,481	$18,562	$18,247	$15,290	$14,413	$14,906	$14,085	$13,907	$15,216	$18,294	$17,279	$15,853	$15,163	$12,057	$9,514	$9,359	$9,228	$6,960	$8,334	$8,571
P/E (TTM) at period end	18.55×	20.13×	16.51×	21.40×	23.16×	23.09×	23.89×	20.62×	29.06×	20.70×	17.68×	19.10×	30.35×	–	15.42×	48.43×	10.07×	11.55×	18.19×	20.20×	16.98×	17.65×	14.15×	15.93×	12.38×	13.91×	11.67×	15.16×	17.73×
P/S (TTM) at period end	3.07×	3.12×	2.54×	2.89×	3.59×	3.47×	3.35×	2.67×	2.46×	2.22×	1.83×	1.85×	1.50×	1.29×	1.30×	1.07×	0.86×	0.89×	1.49×	1.61×	1.52×	1.81×	1.61×	1.58×	1.29×	1.65×	1.28×	1.77×	1.78×
P/B at period end	2.02×	1.96×	1.68×	2.19×	2.36×	2.25×	2.45×	2.20×	2.12×	1.90×	1.60×	1.67×	1.34×	1.13×	1.01×	0.87×	0.78×	1.00×	1.62×	1.68×	1.62×	1.56×	1.64×	1.51×	1.62×	1.85×	1.35×	1.78×	1.82×
EV / EBITDA (TTM)	12.91×	14.03×	11.92×	13.14×	14.36×	12.92×	13.09×	11.31×	10.39×	9.96×	9.12×	9.29×	8.27×	7.91×	9.12×	8.21×	6.55×	7.36×	8.74×	9.24×	8.15×	9.10×	7.30×	7.09×	6.75×	7.04×	5.81×	6.86×	–
EV / Sales (TTM)	5.34×	5.59×	4.75×	4.77×	5.73×	5.47×	5.03×	4.13×	3.85×	3.54×	3.04×	3.01×	2.62×	2.49×	2.42×	2.25×	1.95×	1.93×	2.42×	2.51×	2.34×	2.94×	2.62×	2.48×	2.08×	2.39×	1.98×	2.51×	2.58×
Returns
Return on equity	10.9%	9.8%	10.2%	10.2%	10.2%	9.7%	10.3%	10.7%	7.3%	9.2%	9.1%	8.7%	4.4%	(14.7%)	6.6%	1.8%	7.8%	8.7%	8.9%	8.3%	9.5%	8.8%	11.6%	9.5%	13.1%	13.3%	11.6%	11.7%	10.3%
Return on invested capital	5.6%	4.6%	4.8%	5.1%	4.9%	5.4%	5.8%	6.3%	4.3%	5.6%	5.4%	5.6%	5.7%	5.5%	4.4%	4.8%	5.9%	5.9%	6.5%	6.0%	6.9%	6.0%	7.4%	7.2%	8.2%	9.0%	8.5%	8.6%	8.6%
Dividend yield	2.8%	3.0%	3.5%	2.7%	2.5%	2.5%	2.4%	2.7%	2.8%	3.1%	3.6%	3.5%	4.4%	5.1%	4.7%	5.5%	5.5%	7.6%	4.7%	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.66×	0.66×	0.65×	0.79×	0.70×	0.76×	0.57×	0.57×	0.55×	0.60×	0.92×	0.75×	0.80×	1.34×	1.70×	1.53×	1.66×	0.85×	0.85×	0.85×	1.22×	0.81×	0.90×	1.21×	0.55×	0.78×	0.82×	0.81×	0.95×
Debt / equity	1.43×	1.45×	1.41×	1.33×	1.35×	1.24×	1.16×	1.11×	1.10×	1.02×	1.05×	0.92×	0.92×	0.93×	0.76×	0.91×	0.93×	1.00×	1.06×	0.97×	0.89×	0.98×	1.04×	1.00×	1.01×	0.87×	0.80×	0.77×	0.81×
Effective tax rate	8.5%	6.5%	13.7%	14.0%	13.6%	15.0%	17.9%	22.4%	52.1%	36.7%	38.3%	38.9%	37.5%	37.0%	36.8%	35.8%	34.7%	33.7%	33.5%	34.2%	36.2%	34.7%	37.3%	38.3%	39.1%	39.7%	40.2%	40.9%	37.7%
Share count
Diluted shares outstanding	272	267	263	260	258	249	247	246	244	243	244	244	244	243	242	239	220	210	207	206	201	187	161	146	138	137	137	137	137

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997
Revenue and gross profit
Revenue	$8,749	$8,799	$7,623	$7,500	$7,957	$6,394	$5,794	$5,910	$6,291	$6,174	$6,076	$6,098	$6,053	$5,838	$5,781	$6,148	$6,269	$7,135	$7,869	$7,562	$6,880	$6,780	$5,160	$4,593	$3,841	$4,506	$3,856	$3,524	$3,318	$3,327
Cost of revenue	($5,156)	($6,196)	($3,970)	($4,033)	($4,614)	($3,403)	($2,936)	($3,167)	($3,496)	($3,391)	($3,442)	($3,501)	($3,586)	($3,490)	($3,477)	($3,031)	–	($2,799)	($3,542)	($3,454)	($3,099)	($3,012)	($1,851)	($1,493)	($825)	–	($1,235)	($1,105)	($872)	($966)
Gross profit	$3,593	$2,603	$3,653	$3,467	$3,343	$2,991	$2,858	$2,743	$2,795	$2,783	$2,634	$2,597	$2,467	$2,348	$2,304	$3,117	–	$4,336	$4,327	$4,092	$3,781	$3,768	$3,284	$3,081	$3,016	–	$2,621	$2,419	$2,446	$2,361
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	–	–	$295	$184	$136	–	$90	$70	$44	$56	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($1,417)	($577)	($2,137)	($1,909)	($1,828)	($1,658)	($1,558)	($1,476)	($1,438)	($1,373)	($1,312)	($1,338)	($1,213)	($1,164)	($1,116)	($2,084)	–	($2,920)	($2,965)	($2,733)	($2,608)	($2,484)	($2,206)	($1,991)	($2,143)	–	($1,680)	($1,598)	($1,607)	($1,544)
Total costs and expenses	($6,573)	($6,773)	($6,107)	($5,942)	($6,442)	($5,061)	($4,494)	($4,643)	($4,934)	($4,764)	($4,754)	($4,839)	($4,799)	($4,654)	($4,593)	($5,115)	($5,144)	($5,719)	($6,507)	($6,203)	($5,707)	($5,496)	($4,082)	($3,503)	($2,968)	($3,541)	($2,914)	($2,702)	($2,479)	($2,510)
Operating income	$2,176	$2,026	$1,516	$1,558	$1,515	$1,333	$1,300	$1,267	$1,357	$1,410	$1,322	$1,259	$1,254	$1,184	$1,188	$1,033	$1,125	$1,416	$1,362	$1,359	$1,173	$1,284	$1,078	$1,090	$873	$965	$942	$821	$839	$816
Earnings
EBITDA	$3,836	$3,638	$3,040	$2,990	$2,888	$2,552	$2,453	$2,269	$2,295	$2,286	$2,157	$2,036	$1,964	$1,850	$1,821	$1,635	$1,715	$2,124	$2,067	$2,094	$1,870	$1,944	$1,666	$1,652	$1,342	$1,387	$1,311	$1,198	$1,214	–
Interest income	$36	$41	$41	$33	$35	$27	$29	$33	$33	$34	$40	$41	$37	$30	$33	$32	$33	$30	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($827)	($776)	($663)	($566)	($486)	($383)	($419)	($381)	($401)	($391)	($382)	($355)	($341)	($398)	($392)	($387)	($415)	($508)	($440)	($423)	($350)	($317)	–	($288)	–	–	($180)	–	–	–
Pre-tax income	$1,723	$1,597	$1,270	$1,340	$1,255	$1,152	$1,032	$1,016	$1,058	$1,105	$1,041	$948	$970	$829	$829	$691	$766	$956	$971	$986	$831	$984	$812	$807	$619	$781	$758	$644	$654	$621
Income tax expense	($155)	($136)	($83)	($183)	($176)	($157)	($155)	($182)	($237)	($576)	($382)	($363)	($377)	($311)	($307)	($254)	($274)	($332)	($327)	($330)	($284)	($356)	($282)	($301)	($237)	($305)	($301)	($259)	($268)	($234)
Net income	$1,563	$1,456	$1,182	$1,152	$1,074	$990	$871	$828	$815	$523	$653	$630	$586	$289	($974)	$519	$139	$612	$605	$618	$547	$606	$530	$524	$382	$469	$457	$385	$386	$335
Per share
Diluted EPS (GAAP)	$5.68	$5.35	$4.42	$4.38	$4.14	$3.84	$3.50	$3.35	$3.32	$2.14	$2.68	$2.59	$2.40	$1.18	($4.01)	$2.15	$0.58	$2.78	$2.88	$2.98	$2.66	$3.02	$2.84	$3.25	$2.61	$3.40	$3.33	$2.81	$2.82	$2.44
Basic EPS (GAAP)	$5.73	$5.38	$4.43	$4.39	$4.16	$3.86	$3.53	$3.37	$3.34	$2.16	$2.69	$2.60	$2.42	$1.19	($4.01)	$2.15	$0.58	$2.78	$2.88	$2.98	$2.66	$3.02	$2.84	$3.25	$2.61	$3.41	$3.33	$2.81	$2.82	$2.44
Basic shares outstanding	274	270	267	263	258	256	247	246	244	243	243	243	243	243	243	242	239	220	210	207	206	201	187	161	146	137	137	137	137	137
Margins
Gross margin	41.1%	29.6%	47.9%	46.2%	42.0%	46.8%	49.3%	46.4%	44.4%	45.1%	43.4%	42.6%	40.8%	40.2%	39.9%	50.7%	–	60.8%	55.0%	54.1%	55.0%	55.6%	63.6%	67.1%	78.5%	–	68.0%	68.6%	73.7%	71.0%
Operating margin	24.9%	23.0%	19.9%	20.8%	19.0%	20.8%	22.4%	21.4%	21.6%	22.8%	21.8%	20.6%	20.7%	20.3%	20.6%	16.8%	17.9%	19.8%	17.3%	18.0%	17.0%	18.9%	20.9%	23.7%	22.7%	21.4%	24.4%	23.3%	25.3%	24.5%
Net margin	17.9%	16.5%	15.5%	15.4%	13.5%	15.5%	15.0%	14.0%	13.0%	8.5%	10.7%	10.3%	9.7%	5.0%	(16.8%)	8.4%	2.2%	8.6%	7.7%	8.2%	8.0%	8.9%	10.3%	11.4%	9.9%	10.4%	11.9%	10.9%	11.6%	10.1%

Analyst consensus

Buy25 analysts

Bearish · 1 · Hold · 11 · Bullish · 13

Earnings history

	EPS	Estimate
Q3 2024	$1.87	$1.91	Miss
Q4 2024	$0.77	$0.80	Miss
Q1 2025	$1.07	$1.07	Match
Q2 2025	$1.01	$0.99	Beat
Q3 2025	$2.17	$2.11	Beat
Q4 2025	$0.78	$0.77	Beat
Q1 2026	$1.28	$1.18	Beat
Q2 2026	$1.13	$1.08	Beat

Peers

Company overview

IPO dateJan 2, 1998

CEOMartin J. Lyons Jr.

Employees8,913

SectorUtilities

IndustryRegulated Electric

CountryUS

ExchangeNew York Stock Exchange

Websitewww.amereninvestors.com

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.

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