Ameren
AEE · Multi-Utilities
$108.04
0.8%NiSource
NI · Multi-Utilities
$43.28
0.9%The short version
- Ameren is the larger business, with $8.8B of revenue in fiscal 2025 against $6.5B for NiSource.
- NiSource grew revenue faster (23.5%, against 15.4%).
- NiSource kept more of each dollar of sales as operating profit (28.1% operating margin, against 23.0% operating margin).
- NiSource turned more of its sales into free cash flow (−6.4% FCF margin, against −8.8% FCF margin).
- Investors pay more for each dollar of NiSource’s earnings: a P/E of 23.0x against 19.0x for Ameren.
| Latest fiscal year | AEE · FY25 | NI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $30.1B | $20.8B |
| Revenue | $8.8B | $6.5B |
| Free cash flow | −$775M | −$420M |
| Net income | $1.5B | $930M |
| Growth | ||
| Revenue growth | 15.4% | 23.5% |
| 5-year growth | 8.7% | 7.8% |
| Share count change | 1.8% | 4.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 23.0% | 28.1% |
| Net margin | 16.6% | 14.3% |
| FCF margin | −8.8% | −6.4% |
| Return on capital | 5.7% | 5.8% |
| Return on equity | 11.5% | 10.3% |
| Balance sheet | ||
| Net debt | $20.1B | $16.1B |
| Net debt / EBITDA | 5.5x | 5.4x |
| Dividends and buybacks | $768M | $530M |
| Valuation & quality | ||
| P/E | 19.0x | 23.0x |
| Piotroski F-score | 6 | 6 |
FY16
AEE $6.1B
NI $4.5B
FY17
AEE $6.2B
NI $4.9B
FY18
AEE $6.3B
NI $5.0B
FY19
AEE $5.9B
NI $5.1B
FY20
AEE $5.8B
NI $4.5B
FY21
AEE $6.4B
NI $4.7B
FY22
AEE $8.0B
NI $5.7B
FY23
AEE $7.5B
NI $5.3B
FY24
AEE $7.6B
NI $5.3B
FY25
AEE $8.8B
NI $6.5B
AEE
NI
FY16
AEE 21.8%
NI 19.3%
FY17
AEE 22.8%
NI 18.9%
FY18
AEE 21.6%
NI 2.5%
FY19
AEE 21.4%
NI 17.6%
FY20
AEE 22.4%
NI 12.3%
FY21
AEE 20.9%
NI 21.3%
FY22
AEE 19.0%
NI 22.1%
FY23
AEE 20.8%
NI 24.2%
FY24
AEE 19.9%
NI 27.6%
FY25
AEE 23.0%
NI 28.1%
AEE
NI
FY16
AEE $41.0M
NI −$672M
FY17
AEE −$14.0M
NI −$954M
FY18
AEE −$116M
NI −$1.3B
FY19
AEE −$241M
NI −$219M
FY20
AEE −$1.5B
NI −$654M
FY21
AEE −$1.8B
NI −$620M
FY22
AEE −$1.1B
NI −$794M
FY23
AEE −$1.0B
NI −$711M
FY24
AEE −$1.6B
NI −$833M
FY25
AEE −$775M
NI −$420M
AEE
NI
FY16
AEE 5.7%
NI 4.9%
FY17
AEE 4.6%
NI 3.7%
FY18
AEE 6.5%
NI 0.7%
FY19
AEE 6.0%
NI 4.5%
FY20
AEE 5.7%
NI 2.8%
FY21
AEE 5.2%
NI 5.2%
FY22
AEE 5.3%
NI 5.8%
FY23
AEE 5.0%
NI 5.3%
FY24
AEE 4.8%
NI 5.2%
FY25
AEE 5.7%
NI 5.8%
AEE
NI
Add another company
Compare up to four at once.
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.