Ameren vs Sempra
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The short version
- Sempra is the larger business, with $13.7B of revenue in fiscal 2025 against $8.8B for Ameren, about 1.6 times as much.
- Ameren grew revenue faster (15.4%, against 3.9%).
- Ameren turned more of its sales into free cash flow (−8.8% FCF margin, against −44.1%).
- Ameren earned a higher return on the capital invested in it (5.7%, against 2.8%).
- Investors pay more for each dollar of Sempra’s earnings: a P/E of 28.5x against 19.0x for Ameren.
| Latest fiscal year | AEE · FY25 | SRE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $30.1B | $55.1B |
| Revenue | $8.8B | $13.7B |
| Free cash flow | −$775M | −$6.0B |
| Net income | $1.5B | $1.8B |
| Growth | ||
| Revenue growth | 15.4% | 3.9% |
| 5-year growth | 8.7% | 3.8% |
| Share count change | 1.8% | 2.5% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 23.0% | — |
| Net margin | 16.6% | 13.4% |
| FCF margin | −8.8% | −44.1% |
| Return on capital | 5.7% | 2.8% |
| Return on equity | 11.5% | 5.9% |
| Balance sheet | ||
| Net debt | $20.1B | $35.0B |
| Net debt / EBITDA | 5.5x | 6.0x |
| Dividends and buybacks | $768M | $1.7B |
| Valuation & quality | ||
| P/E | 19.0x | 28.5x |
| Piotroski F-score | 6 | 5 |
Revenue
FY16
AEE $6.1B
SRE $10.2B
FY17
AEE $6.2B
SRE $9.6B
FY18
AEE $6.3B
SRE $10.1B
FY19
AEE $5.9B
SRE $10.8B
FY20
AEE $5.8B
SRE $11.4B
FY21
AEE $6.4B
SRE $12.9B
FY22
AEE $8.0B
SRE $14.4B
FY23
AEE $7.5B
SRE $16.7B
FY24
AEE $7.6B
SRE $13.2B
FY25
AEE $8.8B
SRE $13.7B
AEE
SRE
Operating margin
FY16
AEE 21.8%
SRE —
FY17
AEE 22.8%
SRE —
FY18
AEE 21.6%
SRE —
FY19
AEE 21.4%
SRE —
FY20
AEE 22.4%
SRE —
FY21
AEE 20.9%
SRE —
FY22
AEE 19.0%
SRE —
FY23
AEE 20.8%
SRE —
FY24
AEE 19.9%
SRE —
FY25
AEE 23.0%
SRE —
AEE
SRE
Free cash flow
FY16
AEE $41.0M
SRE −$1.9B
FY17
AEE −$14.0M
SRE −$80.0M
FY18
AEE −$116M
SRE −$28.0M
FY19
AEE −$241M
SRE −$620M
FY20
AEE −$1.5B
SRE −$2.1B
FY21
AEE −$1.8B
SRE −$1.2B
FY22
AEE −$1.1B
SRE −$4.2B
FY23
AEE −$1.0B
SRE −$2.2B
FY24
AEE −$1.6B
SRE −$3.3B
FY25
AEE −$775M
SRE −$6.0B
AEE
SRE
Return on capital
FY16
AEE 5.7%
SRE 6.4%
FY17
AEE 4.6%
SRE 2.9%
FY18
AEE 6.5%
SRE 3.5%
FY19
AEE 6.0%
SRE 5.1%
FY20
AEE 5.7%
SRE 5.2%
FY21
AEE 5.2%
SRE 3.6%
FY22
AEE 5.3%
SRE 4.1%
FY23
AEE 5.0%
SRE 6.4%
FY24
AEE 4.8%
SRE 5.1%
FY25
AEE 5.7%
SRE 2.8%
AEE
SRE
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.