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Ameren

AEE NYSE Multi-Utilities Financials FY2016–FY2025

Ameren's revenue rose 15.4% to $8.8 billion in fiscal 2025. Its operating margin was 23.0%, up from 19.9% a year earlier. Free cash flow was −$775 million. It paid out $768 million in dividends and buybacks. The diluted share count rose 1.8%.

Last close · Oct 23, 2026

$108.04

0.8%
Value it Compare
Revenue Total sales reported in the income statement.
$8.8B
15.4% vs prior year
Operating margin Operating income as a share of revenue.
23.0%
3.1 pts
Net income Profit after all expenses, interest and tax.
$1.5B
23.1%
Free cash flow Cash from operations minus capital spending.
−$775M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.7%
0.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$30.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
19.0x
On $5.68 EPS (TTM)

What Ameren does

No business description yet.

Legal name
AMEREN CORP
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001002910-26-000009
0001002910

Revenue and margins

Ameren had $8.8B of revenue in fiscal 2025, up 15.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 8.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$775M in fiscal 2025, −8.8% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Ameren returned $768M to shareholders in fiscal 2025. The diluted share count rose 1.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Ameren yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$20.1B and divides by 272.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 19.0x · peers 24.1x · sector 20.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Ameren can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $8.0M$10.0M$25.0M$7.0M$13.0M
Debt incl. finance leases $13.7B$15.2B$16.6B$18.9B$20.1B
Net debt / EBITDA 5.4x5.3x5.6x6.2x5.5x
Debt / equity 1.4x1.5x1.5x1.6x1.5x
Interest coverage 3.5x3.1x2.8x2.3x2.6x
Current ratio 0.7x0.8x0.7x0.7x0.7x
Quick ratio 0.5x0.6x0.4x0.4x0.5x
Total assets $35.7B$37.9B$40.8B$44.6B$48.5B
Total liabilities $25.9B$27.3B$29.4B$32.4B$34.9B
Shareholders' equity $9.7B$10.5B$11.3B$12.1B$13.4B
Net debt (− = net cash) $13.7B$15.2B$16.6B$18.9B$20.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$5.7M

7 insiders

Of sales under plans

95%

$5.5M

DateInsiderTradeSharesPriceValueFiling
Sep 11, 2026 Rafael FloresDirector Sold 248 $105.53 $0.0M Form 4
Aug 20, 2026 Ryan J MartinSVP Finance Sold 500 $109.88 $0.1M Form 4
Aug 18, 2026 Ryan J MartinSVP Finance Sold 471 $109.87 $0.1M Form 4
Aug 14, 2026 Theresa A ShawSVP and CATO Sold plan 325 $108.93 $0.0M Form 4
Aug 3, 2026 Michael L MoehnGroup President, Utilities Sold plan 6,500 $108.96 $0.7M Form 4
May 14, 2026 Theresa A ShawSVP and CATO Sold plan 325 $109.08 $0.0M Form 4
May 12, 2026 Theresa A ShawSVP and CATO Sold plan 1,500 $109.35 $0.2M Form 4
May 1, 2026 Michael L MoehnGroup President, Utilities Sold plan 6,500 $113.63 $0.7M Form 4
Mar 4, 2026 Ryan J MartinSVP Finance Sold 1,300 $113.31 $0.1M Form 4
Mar 3, 2026 Mark C LindgrenEVP & Chief HR Officer of Sub Sold plan 2,073 $111.84 $0.2M Form 4
Mar 3, 2026 Martin J LyonsChairman, President & CEO, Director Sold plan 26,818 $111.84 $3.0M Form 4
Mar 3, 2026 Shawn E SchukarChmn & President of Subsidiary Sold plan 4,975 $111.84 $0.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 4 / 84 / 86 / 8
Accruals ratio −3.6%−3.7%−4.1%
Altman Z'' 0.810.790.86

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Ameren AEE $30.1B 15.4% 23.0% −8.8% 5.7% 19.0x 6
CMS Energy CMS $21.6B 13.6% 20.2% — 5.2% 20.9x 5 Compare →
CenterPoint Energy CNP $27.1B 8.3% 22.6% −25.5% 5.7% 25.2x 4 Compare →
NiSource NI $20.8B 23.5% 28.1% −6.4% 5.8% 23.0x 6 Compare →
Sempra SRE $55.1B 3.9% — −44.1% 2.8% 28.5x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $6.1B $6.2B $6.3B $5.9B $5.8B $6.4B $8.0B $7.5B $7.6B $8.8B
Operating income $1.3B $1.4B $1.4B $1.3B $1.3B $1.3B $1.5B $1.6B $1.5B $2.0B
Interest expense $382M $391M $401M $381M $419M $383M $486M $566M $663M $776M
Pretax income $1.0B $1.1B $1.1B $1.0B $1.0B $1.2B $1.3B $1.3B $1.3B $1.6B
Income tax $382M $576M $237M $182M $155M $157M $176M $183M $83.0M $136M
Net income $653M $523M $821M $834M $877M $995M $1.1B $1.2B $1.2B $1.5B
Diluted EPS $2.68 $2.14 $3.32 $3.35 $3.50 $3.84 $4.14 $4.38 $4.42 $5.35
Diluted shares 0.24B 0.24B 0.25B 0.25B 0.25B 0.26B 0.26B 0.26B 0.27B 0.27B
Cash flow
Cash from operations $2.1B $2.1B $2.2B $2.2B $1.7B $1.7B $2.3B $2.6B $2.8B $3.4B
Capital expenditure $2.1B $2.1B $2.3B $2.4B $3.2B $3.5B $3.4B $3.6B $4.3B $4.1B
Free cash flow $41.0M −$14.0M −$116M −$241M −$1.5B −$1.8B −$1.1B −$1.0B −$1.6B −$775M
Depreciation and amortization $835M $876M $938M $1.0B $1.2B $1.2B $1.4B $1.4B $1.5B $1.6B
Stock-based compensation $17.0M $17.0M $20.0M $20.0M $21.0M $22.0M $24.0M $26.0M $28.0M $28.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $51.0M $24.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $416M $431M $451M $472M $494M $565M $610M $662M $714M $768M
Dividends and buybacks $467M $455M $451M $472M $494M $565M $610M $662M $714M $768M
Balance sheet
Cash and short-term investments $9.0M $10.0M $16.0M $16.0M $139M $8.0M $10.0M $25.0M $7.0M $13.0M
Total debt $7.9B $8.5B $9.1B $9.9B $11.7B $13.7B $15.2B $16.6B $18.9B $20.1B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.6B $1.6B $1.5B $1.4B $1.7B $2.0B $2.7B $2.2B $2.3B $2.6B
Current liabilities $2.7B $2.9B $2.7B $2.5B $2.2B $2.8B $3.4B $3.3B $3.4B $3.9B
Inventory $527M $522M $483M $494M $521M $592M $667M $733M $762M $774M
Property and equipment, net $20.1B $21.5B $22.8B $24.4B $26.8B $29.3B $31.3B $33.8B $36.3B $39.3B
Total assets $24.7B $25.9B $27.2B $28.9B $32.0B $35.7B $37.9B $40.8B $44.6B $48.5B
Total liabilities $17.5B $18.6B $19.4B $20.7B $23.0B $25.9B $27.3B $29.4B $32.4B $34.9B
Shareholders' equity $7.1B $7.2B $7.6B $8.1B $8.9B $9.7B $10.5B $11.3B $12.1B $13.4B
Margins
Operating margin 21.8% 22.8% 21.6% 21.4% 22.4% 20.9% 19.0% 20.8% 19.9% 23.0%
EBITDA margin 35.5% 37.0% 36.5% 38.4% 42.3% 39.9% 36.3% 39.9% 39.9% 41.4%
Net margin 10.8% 8.5% 13.1% 14.1% 15.1% 15.6% 13.6% 15.4% 15.6% 16.6%
FCF margin 0.7% −0.2% −1.8% −4.1% −26.0% −28.4% −13.7% −13.8% −20.4% −8.8%
Returns
Return on capital 5.7% 4.6% 6.5% 6.0% 5.7% 5.2% 5.3% 5.0% 4.8% 5.7%
Return on capital employed 6.1% 6.3% 5.7% 5.0% 4.6% 4.3% 4.5% 4.3% 3.9% 4.7%
Return on equity 9.3% 7.3% 11.1% 10.6% 10.3% 10.7% 10.7% 10.6% 10.1% 11.5%
Return on assets 2.7% 2.1% 3.1% 3.0% 2.9% 2.9% 2.9% 2.9% 2.8% 3.1%
Growth
Revenue growth −0.4% 1.6% 1.9% −6.1% −2.0% 10.4% 24.4% −5.7% 1.6% 15.4%
Net income growth 3.7% −19.9% 57.0% 1.6% 5.2% 13.5% 8.4% 7.2% 2.6% 23.1%
EPS growth 3.5% −20.2% 55.1% 0.9% 4.5% 9.7% 7.8% 5.8% 0.9% 21.0%
FCF growth −64.0% −134.2% — — — — — — — —
Share count change −0.1% 0.3% 0.7% 0.5% 0.7% 3.6% 0.7% 1.5% 1.5% 1.8%
Financial health
Net debt / EBITDA 3.7x 3.7x 4.0x 4.4x 4.7x 5.4x 5.3x 5.6x 6.2x 5.5x
Debt / equity 1.1x 1.2x 1.2x 1.2x 1.3x 1.4x 1.5x 1.5x 1.6x 1.5x
Interest coverage 3.5x 3.6x 3.4x 3.3x 3.1x 3.5x 3.1x 2.8x 2.3x 2.6x
Current ratio 0.6x 0.6x 0.6x 0.6x 0.8x 0.7x 0.8x 0.7x 0.7x 0.7x
Quick ratio 0.4x 0.4x 0.4x 0.4x 0.5x 0.5x 0.6x 0.4x 0.4x 0.5x
Capital allocation
Capex / revenue 34.2% 34.5% 36.3% 40.8% 55.8% 54.4% 42.1% 48.0% 56.7% 46.9%
Stock comp / revenue 0.3% 0.3% 0.3% 0.3% 0.4% 0.3% 0.3% 0.4% 0.4% 0.3%
Payouts / FCF 1,139.0% — — — — — — — — —
Quality scores
Piotroski F-score 5.0 3.0 5.0 4.0 4.0 4.0 5.0 4.0 4.0 6.0
Altman Z'' 0.7 0.7 0.7 0.7 0.9 0.8 0.9 0.8 0.8 0.9
Accruals ratio −6.1% −6.3% −5.1% −4.8% −2.8% −2.0% −3.2% −3.6% −3.7% −4.1%

Source: SEC EDGAR XBRL filings (CIK 0001002910). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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