Ameren vs Pinnacle West Capital
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The short version
- Ameren is the larger business, with $8.8B of revenue in fiscal 2025 against $5.3B for Pinnacle West Capital, about 1.6 times as much.
- Ameren grew revenue faster (15.4%, against 4.2%).
- Ameren kept more of each dollar of sales as operating profit (23.0% operating margin, against 20.0%).
- Ameren turned more of its sales into free cash flow (−8.8% FCF margin, against −15.4%).
- Investors pay more for each dollar of Pinnacle West Capital’s earnings: a P/E of 20.3x against 19.0x for Ameren.
| Latest fiscal year | AEE · FY25 | PNW · FY25 |
|---|---|---|
| Size | ||
| Market cap | $30.1B | $13.2B |
| Revenue | $8.8B | $5.3B |
| Free cash flow | −$775M | −$820M |
| Net income | $1.5B | $632M |
| Growth | ||
| Revenue growth | 15.4% | 4.2% |
| 5-year growth | 8.7% | 8.3% |
| Share count change | 1.8% | 4.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 23.0% | 20.0% |
| Net margin | 16.6% | 11.8% |
| FCF margin | −8.8% | −15.4% |
| Return on capital | 5.7% | 5.4% |
| Return on equity | 11.5% | 9.2% |
| Balance sheet | ||
| Net debt | $20.1B | $10.6B |
| Net debt / EBITDA | 5.5x | 5.2x |
| Dividends and buybacks | $768M | $423M |
| Valuation & quality | ||
| P/E | 19.0x | 20.3x |
| Piotroski F-score | 6 | 3 |
Revenue
FY16
AEE $6.1B
PNW $3.5B
FY17
AEE $6.2B
PNW $3.6B
FY18
AEE $6.3B
PNW $3.7B
FY19
AEE $5.9B
PNW $3.5B
FY20
AEE $5.8B
PNW $3.6B
FY21
AEE $6.4B
PNW $3.8B
FY22
AEE $8.0B
PNW $4.3B
FY23
AEE $7.5B
PNW $4.7B
FY24
AEE $7.6B
PNW $5.1B
FY25
AEE $8.8B
PNW $5.3B
AEE
PNW
Operating margin
FY16
AEE 21.8%
PNW 23.9%
FY17
AEE 22.8%
PNW 25.5%
FY18
AEE 21.6%
PNW 21.0%
FY19
AEE 21.4%
PNW 19.4%
FY20
AEE 22.4%
PNW 22.0%
FY21
AEE 20.9%
PNW 21.2%
FY22
AEE 19.0%
PNW 16.9%
FY23
AEE 20.8%
PNW 17.6%
FY24
AEE 19.9%
PNW 19.8%
FY25
AEE 23.0%
PNW 20.0%
AEE
PNW
Free cash flow
FY16
AEE $41.0M
PNW −$252M
FY17
AEE −$14.0M
PNW −$291M
FY18
AEE −$116M
PNW $99.0M
FY19
AEE −$241M
PNW −$235M
FY20
AEE −$1.5B
PNW −$360M
FY21
AEE −$1.8B
PNW −$613M
FY22
AEE −$1.1B
PNW −$466M
FY23
AEE −$1.0B
PNW −$639M
FY24
AEE −$1.6B
PNW −$639M
FY25
AEE −$775M
PNW −$820M
AEE
PNW
Return on capital
FY16
AEE 5.7%
PNW 6.4%
FY17
AEE 4.6%
PNW 6.3%
FY18
AEE 6.5%
PNW 6.2%
FY19
AEE 6.0%
PNW 6.5%
FY20
AEE 5.7%
PNW 6.1%
FY21
AEE 5.2%
PNW 5.4%
FY22
AEE 5.3%
PNW 4.6%
FY23
AEE 5.0%
PNW 4.9%
FY24
AEE 4.8%
PNW 5.5%
FY25
AEE 5.7%
PNW 5.4%
AEE
PNW
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.