AEE Utilities - Regulated Electric
Ameren Corporation
Ameren is a St. Louis-based utility holding company whose subsidiaries deliver electricity and natural gas in Missouri and Illinois under rates set by regulators: Ameren Missouri generates, transmits, and distributes electricity (including the Callaway nuclear plant) and distributes gas; Ameren Illinois distributes electricity and gas and owns transmission; and ATXI builds transmission. FY2025 revenue was $8.8 billion and net income attributable to common shareholders $1.46 billion. Because regulators set rates to cover costs plus an allowed return on invested capital, earnings grow mainly by investing — Ameren plans $30.5–33.1 billion of capital spending from 2026 to 2030, funded partly with new debt and stock.
Last updated
Analysis last edited: October 4, 2026 · Financial data fetched: October 3, 2026 15:22 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
Company profile
- Legal name
- AMEREN CORP
- Headquarters
- ST LOUIS, MO
- Incorporated in
- Missouri
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: AEE
- Industry
- Utilities - Regulated Electric
- CIK
- 1002910
- Website
- https://www.ameren.com/ ↗
Workforce (as of FY2025 year-end)
Employees
8,913
Source: Form 10-K (FY2025) cover page and business description
02
Earnings calendar
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q3 FY2026
Quarter end: September 2026. In past years, Q3 results were released 36–39 days after quarter end (Nov 5, 2025; Nov 6, 2024; Nov 8, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 30–53 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q2 FY2026 | Jun 30, 2026 | Jul 30, 2026 (+30 days) | Aug 3, 2026 10-Q (+34 days) |
| Q1 FY2026 | Mar 31, 2026 | May 5, 2026 (+35 days) | May 8, 2026 10-Q (+38 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 11, 2026 (+42 days) | Feb 18, 2026 10-K (+49 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 5, 2025 (+36 days) | Nov 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 30, 2025 | Jul 31, 2025 (+31 days) | Aug 4, 2025 10-Q (+35 days) |
| Q1 FY2025 | Mar 31, 2025 | May 1, 2025 (+31 days) | May 5, 2025 10-Q (+35 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 13, 2025 (+44 days) | Feb 18, 2025 10-K (+49 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 6, 2024 (+37 days) | Nov 7, 2024 10-Q (+38 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 1, 2024 (+32 days) | Aug 5, 2024 10-Q (+36 days) |
| Q1 FY2024 | Mar 31, 2024 | May 2, 2024 (+32 days) | May 6, 2024 10-Q (+36 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 22, 2024 (+53 days) | Feb 29, 2024 10-K (+60 days) |
| Q3 FY2023 | Sep 30, 2023 | Nov 8, 2023 (+39 days) | Nov 9, 2023 10-Q (+40 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. Fiscal years are labeled by the calendar year in which they end.
03
Flagship products & services
Ameren Missouri
Electric generation and delivery
Examples: Callaway nuclear, Osage hydro, Taum Sauk pumped storage
Vertically integrated in Missouri.
Ameren Illinois
Electric and gas delivery
Examples: Distribution networks in Illinois
Delivery only; customers may buy power from alternative suppliers.
Ameren Transmission
High-voltage transmission
Examples: Ameren Illinois and ATXI transmission assets
Operates within the MISO grid.
Business descriptions are from the FY2025 Form 10-K's Item 1.
04
Recent strategic focus
FY2025 regulatory and investment developments, from the 10-K.
New Missouri electric rates
An April 2025 MoPSC order raised Ameren Missouri base rates effective June 1, 2025, the main driver of its $188M increase in net income.
Source: Form 10-K (FY2025) MD&A
Preparing for large loads
In November 2025 the MoPSC approved changes requiring customers seeking 75 MW or more at transmission voltage to meet additional requirements.
Source: Form 10-K (FY2025) rate and regulatory matters
Capex ÷ D&A (FY2025)
2.56x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$4,128M ÷ $1,612M = 2.56x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $3.48B in FY2021 to $4.13B in FY2025
- Capex
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
05
Key figures at a glance
FY2021–FY2025, 5 years.
Revenue (FY2025)
$8.8B
As reported in the 10-K
Revenue CAGR (4 years)
+8.3%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($8,799M ÷ $6,394M) ^ (1÷4) − 1 = 8.3%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
23.0%▲favorable
+2.2pt vs. 4 years ago
formulaoperating income ÷ revenue × 100
e.g.$2,026M ÷ $8,799M × 100 = 23.0%
ROE (FY2025)
11.5%▲favorable
5-year average: 10.6%
As reported in the 10-K
P/B (FY2025 end)
2.06x
formulaP/E × EPS ÷ BVPS (= period-end share price ÷ book value per share)
e.g.18.7x × $5.35 ÷ $48.48 = 2.06x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
13.0x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($27,277M + $20,074M − $13M) ÷ ($2,026M + $1,612M) = 13.0x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +8.3% a year over 4 years (strong growth)
From $6.39B in FY2021 to $8.8B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 20.8% → 23.0%
How much operating profit is left per $100 of revenue. It moved +2.2 points over 4 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 27.6% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 0 of 5 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 10.6% over 5 years (latest: 11.5%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
06
Business model
Ameren Missouri
A vertically integrated, rate-regulated electric utility (generation, transmission, distribution) and a natural gas distribution business in Missouri, regulated by the Missouri Public Service Commission (MoPSC). Owns the Callaway nuclear energy center, whose license runs to 2044, plus hydro and pumped-storage plants.
01 what it draws on
Inputs & resources
- Power plants including Callaway (nuclear), Osage (hydro), and Taum Sauk (pumped storage)
- About 3,767 employees
- Capital from debt and Ameren equity
02 what it does
Activities
- Generating, transmitting, and distributing electricity
- Distributing natural gas
- Investing under its Smart Energy Plan
03 who it serves
Customers
- Residential, commercial, and industrial customers in Missouri, including prospective data center and manufacturing loads
04 how money comes in
How it earns
- Regulated rates approved by the MoPSC, set to recover costs and earn an allowed return
Ameren Missouri: how it makes money
- Revenue about $4.8B and net income $747M in FY2025, up $188M on new base rates effective June 1, 2025 and higher sales.
- Projected 2026–2030 capital spending of $20.4–22.2B, about two-thirds of Ameren's plan.
- In 2025 it adjusted its resource plan for new load growth from data centers and manufacturers considering its territory.
Ameren Illinois (electric distribution and natural gas)
Rate-regulated electric and natural gas distribution in Illinois, regulated by the Illinois Commerce Commission (ICC). Illinois customers can buy power from other suppliers, so Ameren Illinois earns on delivery rather than generation.
01 what it draws on
Inputs & resources
- Electric and gas distribution networks
- About 3,168 employees
02 what it does
Activities
- Delivering electricity and natural gas
03 who it serves
Customers
- Residential, commercial, and industrial customers in Illinois
04 how money comes in
How it earns
- Delivery rates under a multi-year rate plan; purchased power and gas costs passed through
Ameren Illinois (electric distribution and natural gas): how it makes money
- Electric Distribution: $2.4B revenue and $281M net income in FY2025.
- Natural Gas: $968M revenue and $158M net income.
- The ICC approved electric distribution rate base of $4.2B to $4.8B for 2024–2027 under a multi-year rate plan.
Ameren Transmission
FERC-regulated electric transmission owned by Ameren Illinois and ATXI, with rates updated annually under a forward-looking formula.
01 what it draws on
Inputs & resources
- Integrated transmission system across Missouri and Illinois
02 what it does
Activities
- Building and operating high-voltage transmission
03 who it serves
Customers
- Utilities and generators connected through the MISO grid
04 how money comes in
How it earns
- Formula rates with a 10.48% allowed return (including a 50-basis-point RTO adder)
Ameren Transmission: how it makes money
- $862M revenue and $415M net income in FY2025 — the highest profit relative to revenue of the four segments.
- Projected 2026–2030 capital spending of $4.8–5.3B.
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue, margin = segment profit ÷ segment revenue × 100
Ameren Missouri
4,795 (53%)profit 747 · margin 15.6%
Ameren Illinois Electric Distribution
2,399 (27%)profit 281 · margin 11.7%
Ameren Illinois Natural Gas
968 (11%)profit 158 · margin 16.3%
Ameren Transmission
862 (10%)profit 415 · margin 48.1%
Source: Form 10-K (FY2025) — Note on segment information Profit is net income attributable to Ameren common shareholders by segment; Ameren Missouri revenue combines its electric ($4,631M) and gas ($164M) revenue. Intersegment eliminations and parent-company activity (a $145M net loss) aren't shown.
07
Where it earns
Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.
Largest market (FY2025)
Missouri (Ameren Missouri) — 53% of revenue
Revenue by country / region (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Missouri (Ameren Missouri)
4,795 (53%)Illinois (distribution)
3,367 (37%)Transmission (Missouri and Illinois)
862 (10%)
Source: Form 10-K (FY2025) — segment note Ameren operates only in Missouri and Illinois; this regroups segment revenue by state (before intersegment eliminations of $225M).
08
Contract structure
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
Customers pay regulated rates set by the MoPSC, the ICC, and FERC. The rates are designed to recover operating costs and give the utilities a chance to earn an allowed return on their rate base, so revenue depends on rate decisions, weather-driven sales, and how much capital the utilities invest. Many fuel, purchased power, and gas costs pass through to customers.
- Multi-year / recurring
Regulated electric and gas rates (Missouri, Illinois)
Most of FY2025 revenue
Typical term: Set in rate reviews; Illinois electric distribution under a multi-year rate plan for 2024–2027
Cost-recovery mechanisms pass through fuel, purchased power, and gas costs.
- Annual contract
FERC formula transmission rates
About 10% of segment revenue ($862M)
Typical term: Updated each January from forecasted information
Allowed return of 10.48%.
Source: Form 10-K (FY2025) — Item 1, rate and regulatory matters
09
Customers & suppliers
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Residential, commercial, and industrial electric and gas customers in Missouri and Illinois, plus transmission customers on the MISO grid.
Named by the company
None named.
What the filings disclose
- Illinois electric customers may buy power from alternative retail suppliers; Ameren Illinois delivers it. (Form 10-K (FY2025), Item 1)
Suppliers
Fuel (coal, nuclear fuel, natural gas) and purchased power, mostly passed through to customers under cost-recovery mechanisms. The 10-K excerpts reviewed don't name suppliers.
Named by the company
None named in the 10-K or the company’s press releases.
What the filings disclose
- Fuel and purchased power cost $2.3B and gas for resale $348M in FY2025. (Form 10-K (FY2025), segment note)
10
Competitors & peers
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Ameren's 10-K points to increasing competition among utilities, independent power producers, and non-traditional market entrants to provide generation for projected data center load growth, without naming companies.
Competitors named in the 10-K
Ameren's 10-K doesn't name competitors.
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Regulated utility companies in a revenue range around Ameren's, used to develop 2025 pay opportunities.
- Edison Internationalsite ↗
- NiSourcesite ↗
- OGE Energysite ↗
- PG&Esite ↗
- Portland General Electricsite ↗
- PSEGsite ↗
- Semprasite ↗
- Alliant Energysite ↗
- American Electric Powersite ↗
- CenterPoint Energysite ↗
- CMS Energysite ↗
- Consolidated Edisonsite ↗
- Dominion Energysite ↗
- DTE Energysite ↗
- Duke Energysite ↗
- Entergysite ↗
- Eversource Energysite ↗
- FirstEnergysite ↗
- Pinnacle West Capitalsite ↗
- WEC Energy Groupsite ↗
- Xcel Energysite ↗
A separate 19-company TSR peer group, which overlaps on 14 companies, is used for performance share awards.
Source: Proxy statement (DEF 14A, filed 2026-03-31) — Executive Compensation, compensation peer group (graphic)Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
11
Five years of financials
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
| Line item | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|
| Income statement ($M) | |||||
| Revenue | 6,394 | 7,957 | 7,500 | 7,623 | 8,799 |
| Operating income | 1,333 | 1,515 | 1,558 | 1,516 | 2,026 |
| Pretax income | 1,152 | 1,255 | 1,340 | 1,270 | 1,597 |
| Net income (attributable) | 995 | 1,079 | 1,157 | 1,187 | 1,461 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 24.4% | -5.7% | 1.6% | 15.4% |
| Operating margincalcoperating income ÷ revenue × 100 | 20.8% | 19.0% | 20.8% | 19.9% | 23.0% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 15.6% | 13.6% | 15.4% | 15.6% | 16.6% |
| Balance sheet ($M) | |||||
| Total assets | 35,735 | 37,904 | 40,830 | 44,598 | 48,476 |
| Total equity | 9,829 | 10,637 | 11,478 | 12,243 | 13,530 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 13,727 | 15,217 | 16,643 | 18,942 | 20,074 |
| Equity ratio | 27.1% | 27.7% | 27.8% | 27.2% | 27.6% |
| ROE | 10.3% | 10.7% | 10.6% | 10.1% | 11.5% |
| Cash flow ($M) | |||||
| Operating CF | 1,661 | 2,263 | 2,564 | 2,763 | 3,353 |
| Investing CF | -3,528 | -3,370 | -3,798 | -4,456 | -4,145 |
| Financing CF | 1,721 | 1,168 | 1,290 | 1,749 | 884 |
| Free cash flowcalccash flow from operations − capital expenditures | -1,818 | -1,088 | -1,033 | -1,556 | -775 |
| Cash and equivalents | 8 | 10 | 25 | 7 | 13 |
| Per share & other | |||||
| EPS ($) | 3.84 | 4.14 | 4.38 | 4.42 | 5.35 |
| BVPS ($) | 37.64 | 40.11 | 42.62 | 44.88 | 48.48 |
| Dividend per share ($) | 2.20 | 2.36 | 2.52 | 2.68 | 2.84 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 57.3% | 57.0% | 57.5% | 60.6% | 53.1% |
| P/E (x) | 23.2 | 21.5 | 16.5 | 20.2 | 18.7 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 14.4 | 13.3 | 12.0 | 14.1 | 13.0 |
| P/B (x)calcP/E × EPS ÷ BVPS (= period-end share price ÷ book value per share) | 2.36 | 2.22 | 1.70 | 1.99 | 2.06 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (five-year selected financial data and the consolidated financial statements), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
12
Is ROIC above WACC?
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
4.9%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$2,026M × (1 − 21%) ÷ $32,395M × 100 = 4.9%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
4.87%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $27.28B ÷ ($27.28B + $20.07B) = 57.6%
e.g.Debt weight: $20.07B ÷ ($27.28B + $20.07B) = 42.4%
e.g.WACC: 6.2% × 57.6% + 3.9% × (1 − 21%) × 42.4% = 4.87%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
WACC 4.87% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4%
- β
- 0.40 (price-derived adjusted beta, but correlation with the market is low (R² 0.01), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 6.20%
- Cost of debt
- 3.87%
- Effective tax rate
- 21%
- Capital structure (equity : debt)
- 58% : 42%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 4.87%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The defaults reflect 2026-09.
Initial β: 0.40 (price-derived adjusted beta. Raw β 0.10, R² 0.01, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.099 + 0.33 = 0.396
termsβ (beta)
Period 2024-04-05–2026-10-02, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.4.0% + 0.4 × 5.5% = 6.2%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulaP/E × net income ≈ period-end share price × shares outstanding (= market cap)
termsP/E · Net income (attributable to the company) · Market capitalization · Market value of equity
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
13
What the price implies (DCF)
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Not enough data for this calculation (FY2025): it needs positive free cash flow, a fiscal year-end P/E, and a positive enterprise value.
14
Earnings quality
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.12x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.1%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 127%
Most profit comes from core operations.
- ✓
Days sales outstanding: 25 → 28 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-18
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaperiod-end receivables ÷ revenue × 365
formulaperiod-end inventory ÷ revenue × 365
termsInventory · Revenue (net sales)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$3,353M ÷ $1,461M = 2.30x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$2,026M ÷ $1,597M × 100 = 127%
termsOperating income · Income before income taxes (pretax income)
formulaperiod-end receivables ÷ revenue × 365
e.g.$665M ÷ $8,799M × 365 = 28 days
15
Strengths & weaknesses
Strengths
1. Regulated, visible earnings growth
Rates are set to recover costs plus an allowed return on invested capital, and Ameren plans $30.5–33.1B of investment in 2026–2030, which expands the base on which it earns.
Evidence: Form 10-K (FY2025) Item 1 and MD&A
2. Earnings rose in every segment in 2025
Net income attributable to common shareholders rose $274M to $1.46B, with increases at all four segments.
Evidence: Form 10-K (FY2025) MD&A
3. Steady dividend growth
The dividend per share rose every year from $2.20 (FY2021) to $2.84 (FY2025).
Evidence: SEC EDGAR XBRL
Weaknesses
1. Capital spending exceeds cash flow
Capex of $4.1B exceeded operating cash flow of $3.4B in FY2025, so Ameren relies on new debt (total debt rose from $13.7B to $20.1B over five years) and new shares.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025) MD&A
2. Shareholder dilution
Shares outstanding rose from about 258M (FY2021) to 276M (FY2025), and Ameren had $1.5B of stock remaining under its at-the-market program plus forward sales of 6.4M shares to settle in 2026.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025) MD&A
3. Earnings depend on regulators
The 10-K lists political, regulatory, and customer resistance to higher rates and the need to maintain affordability among industry issues.
Evidence: Form 10-K (FY2025) Item 1
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What draws investors to it
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
18.7x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
2.84%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
53%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
-2.8%
(Operating CF − capex) ÷ market cap
1. Regulated growth
Earnings grow with the rate base: EPS rose from $3.84 (FY2021) to $5.35 (FY2025), and the 2026–2030 capital plan is larger still.
- What has to hold
- Regulators keep approving investment recovery and reasonable allowed returns.
- The other side
- Rate increases face political and customer resistance, which the 10-K lists as an industry issue.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025)
2. Reliable, rising dividend
The dividend rose every year from $2.20 to $2.84 per share over FY2021–FY2025.
- What has to hold
- Earnings keep growing.
- The other side
- Dividends are paid while free cash flow is negative (capex above operating cash flow), so the growth plan depends on outside financing.
Evidence: SEC EDGAR XBRL
3. Low market sensitivity
Ameren's beta against the S&P 500 is low (0.10 over 2.5 years of weekly data, with R² of 0.01).
- What has to hold
- Utility shares stay defensive.
- The other side
- With R² of 0.01 the beta estimate is unreliable, and a low beta doesn't remove the regulatory and financing risks the 10-K describes.
Evidence: This site's beta calculation
Dividend yield, payout ratio, and P/E above use the fiscal year-end share price. FCF yield is negative because capital spending exceeds operating cash flow.
17
Resilience
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.0x
$13M vs. $1.62B
Interest coverage (operating income ÷ interest expense)
2.6x
$2.03B vs. $776M
Free cash flow ÷ dividends paid
-1.0x
−$775M vs. $768M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -5.7% in FY2023 ($7.96B → $7.5B) | Yes, by FY2025 |
| Operating income | -2.7% in FY2024 ($1.56B → $1.52B) | Yes, by FY2025 |
Covers only the 5 fiscal years on record (FY2021–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Liquidity
Available liquidity of $2.5B in cash and credit agreement capacity at FY2025 year-end.
Source: Form 10-K (FY2025), MD&A Liquidity
Cost pass-through
Cost-recovery mechanisms pass fuel, purchased power, and gas costs to customers, shielding earnings from commodity swings.
Source: Form 10-K (FY2025), MD&A · See Contract structure
Dependence on capital markets
With capex above operating cash flow, Ameren needs continued access to debt and equity markets.
Source: SEC EDGAR XBRL; Form 10-K (FY2025) MD&A
Stable workforce
8,913 employees with average tenure of 13 years and 6% attrition.
Source: Form 10-K (FY2025), Item 1
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Risks (including geopolitical)
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring).
- 1Law & regulation
Rate decisions and affordability
- Company disclosure (summarized from the 10-K)
- Rates are set by the MoPSC, ICC, and FERC; the 10-K notes political, regulatory, and customer resistance to higher rates as an industry issue.
- Company’s stated mitigation
- Multi-year rate plans and formula rates in Illinois and transmission.
- This site’s assessment
- Impact High / Likelihood Med
- 2FX & interest rates
Funding a large capital plan
- Company disclosure (summarized from the 10-K)
- Planned investment of $30.5–33.1B through 2030 requires continued debt and equity issuance; interest charges were $776M in FY2025.
- Company’s stated mitigation
- $2.5B of available liquidity and an ATM equity program.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Demand & macro
Load growth assumptions
- Company disclosure (summarized from the 10-K)
- Ameren Missouri changed its resource plan for potential data center and manufacturing loads; new large-load tariffs (75 MW or more) were approved in 2025, but whether those customers arrive is uncertain.
- Company’s stated mitigation
- Tariff terms requiring large customers to meet additional requirements.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Disaster
Weather
- Company disclosure (summarized from the 10-K)
- Sales volumes move with temperatures; warmer July and colder winter weather helped 2025 results.
- Company’s stated mitigation
- Not stated in the 10-K.
- This site’s assessment
- Impact Med / Likelihood High
- 5Governance & quality
Cybersecurity and reliability
- Company disclosure (summarized from the 10-K)
- The utilities must meet mandatory NERC reliability and cybersecurity standards, and the 10-K lists cyberattacks, including ransomware, among industry issues.
- Company’s stated mitigation
- Compliance with NERC standards.
- This site’s assessment
- Impact Med / Likelihood Low
- 6Law & regulation
Environmental rules for coal and gas plants
- Company disclosure (summarized from the 10-K)
- The 10-K says investment needs depend partly on environmental regulation of coal-fired and natural gas generation.
- Company’s stated mitigation
- Not stated in the 10-K.
- This site’s assessment
- Impact Med / Likelihood Med
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What to watch going forward
- Rate case outcomes in Missouri and Illinois.
- Whether large data center and manufacturing loads materialize in Ameren Missouri's territory.
- Execution and funding of the $30.5–33.1B 2026–2030 capital plan.
- Equity issuance and its effect on earnings per share.
- Interest costs as debt grows.
20
Source documents
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 4, 2026 · Financial data fetched: October 3, 2026 15:22 (SEC EDGAR) · Source 10-K filed: February 18, 2026
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Ameren Corporation’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.