Ameren Corp (AEE)
Utilities · Multi-Utilities · US stock · S&P 500 component
$108.94
▲ +2.46 (2.31%)
Fair valueFair
$99 −9.4% to fair value
$49fair band $84–$120$148
Day's range
$106.94 – $109.14
52-week range
$96.57 – $118.32
About Ameren Corp
Ameren is a utility holding company that provides regulated electricity and natural gas service in Missouri and Illinois. Its utilities generate and purchase power, transmit it over high-voltage lines, and deliver it along with natural gas to homes and businesses. Revenue comes mostly from rates approved by state and federal regulators, which are designed to recover costs and permit a return on the capital invested in the system.
A dividend is paid, with a yield of 2.7%. Looking at the numbers, trailing revenue is $8.7 billion, and it grew 3.4% a year over the past three years. Operating margin is 24.9%, while return on invested capital is 6%. Net debt to EBITDA is 5.7 times. Taken together, these figures give an X-Ray Score of 54 out of 100.
Price chart
52-wk range $96.57 – $118.32Volume 1,609,945Daily, split-adjusted
Vitals
Market cap$30.4B
52-week range$96.57 – $118.32
Volume (last day)1,609,945
P/E (TTM)19.1
EBIT / EV yield4.2%
Free-cash-flow yield-4.6%
Dividend yield2.7%
Revenue (TTM)$8.7B
Net income (TTM)$1.6B
Operating margin24.9%
Return on capital5.5%
Debt incl. leases$21.8B
Cash & securities$12M
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$99middle half of models $86 – $109
Fair
−9.4% to fair value
Average of the 10 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $109
Undervalued < $84Fair $84 – $120Overvalued > $120
P/E multiple
$110
P/B multiple
$107
P/S multiple
$98
EV/EBITDA multiple
$107
EV/EBIT multiple
$110
EV/revenue multiple
$93
10-year DCF, EBITDA exit · not used
$32
5-year DCF, EBITDA exit
$71
10-year DCF, revenue exit · not used
$31
5-year DCF, revenue exit
$69
5-year DCF, growth exit · not used
$35
Dividend discount, stable
$140
Dividend discount, multi-stage · not used
$244
Earnings power value
$83
Growth the price implies
12.2%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Utilities peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
38/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield4.2%
Free-cash-flow yield-4.6%
Fair value vs price0.9×
Growth
Fair
54/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)3.4%
EPS growth (3y)8.9%
Growth consistency60%
Profitability
Fair
67/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital5.5%
Operating margin24.9%
Financial health
Fair
59/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score7 / 9
Net debt / EBITDA5.7×
Interest cover2.6×
Dividends
Fair
55/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.7%
Dividend growth8.0%
Quarterly results: last 6 quarters
+15.5%
Mar '25
+31.2%
Jun '25
+24.2%
Sep '25
-8.2%
Dec '25
+3.8%
Mar '26
-5.8%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.1B, diluted EPS $1.13.
Compare with peers
ED Consolidated Edison In...70 NI Nisource Inc.54 DTB Dte Energy Co54 D Dominion Energy, Inc53Other Multi-Utilities companies by X-Ray Score.
SWOT analysis: Ameren Corp
Strengthsinside the company
- Passes 7 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Return on invested capital is only 5.5% (median 4.8% for industry peers), so the business earns little above its cost of capital.
- Free cash flow is negative, so spending or debt has to be financed from outside.
- Net debt is 5.7x EBITDA, above the 3x level that lenders usually watch.
- Operating profit covers interest only 2.6x.
Opportunitiesvaluation and setting
- Revenue growth picked up to 15.4% last year from 3.4% a year over three years.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Our Market Compass rates the backdrop for Utilities as unfavourable.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare AEE with peers and sector
Medians of 11 Multi-Utilities peers and of 30 Utilities stocks in our universe.
Largest peers (X-Ray Score): NEE 45, D 53, SRE 33, XEL 27, ED 70, PCG 39.
| Metric | AEE | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 54 | 45 | 50 |
| Valuation | 38 | 51 | 50 |
| Growth | 54 | 50 | 53 |
| Profitability | 67 | 40 | 49 |
| Financial health | 58 | 46 | 51 |
| Dividends | 55 | 48 | 53 |
Sector leaders: highest X-Ray Score in Utilities
AEE ranks #10 of 31 in Utilities and #3 of 12 in Multi-Utilities by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for AEE
Each factor is rated by where AEE stands among the 31 Utilities stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 7 Good · 10 Average · 3 Bad of 20
Growth: 1 · 2 · 0
Profitability: 3 · 1 · 0
Financial strength: 1 · 2 · 1
Valuation: 1 · 3 · 1
Cash flow: 0 · 2 · 1
Efficiency: 1 · 0 · 0
| Factor | AEE | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +3.4% | Average beats 52% | +3.4% | – | – |
| Revenue growth, last year | +15.4% | Good beats 92% | +9.6% | +10.4% | ▲ Better |
| EPS growth, 3 years a year | +8.9% | Average beats 57% | +8.1% | – | – |
| Profitability | |||||
| Operating margin | 24.9% | Good beats 68% | 22.9% | 20.8% | ▲ Better |
| Net margin | 17.9% | Good beats 78% | 14.4% | 15.6% | ▲ Better |
| Return on invested capital | 5.5% | Average beats 63% | 5.5% | – | – |
| Return on equity | 11.5% | Good beats 73% | 10.1% | 10.3% | ≈ In line |
| Financial strength | |||||
| Net debt / EBITDA | 5.7x | Average beats 55% | 5.8x | 5.4x | ≈ In line |
| Interest cover | 2.6x | Average beats 66% | 2.5x | 2.8x | ≈ In line |
| Current ratio | 0.53 | Bad beats 18% | 0.78 | 0.66 | ▼ Worse |
| Piotroski F-score | 7 / 9 | Good beats 87% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 19.4x | Good beats 73% | 21.8x | 20.1x | ≈ In line |
| Price / book | 2.2x | Average beats 40% | 2.1x | 2.0x | ≈ In line |
| Price / sales | 3.5x | Bad beats 32% | 2.9x | 3.1x | ▼ Worse |
| EV / EBITDA | 13.6x | Average beats 56% | 14.0x | 13.2x | ≈ In line |
| Free cash flow yield | -4.6% | Average beats 56% | -4.9% | -5.4% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | -16.0% | Bad beats 28% | -9.1% | -13.8% | ▼ Worse |
| Cash from operations / net income | 2.07 | Average beats 34% | 2.20 | 2.22 | ≈ In line |
| Accruals (lower is better) | −3.3% | Average beats 50% | −3.3% | – | – |
| Efficiency | |||||
| Days sales outstanding | 25 days | Good beats 94% | 44 days | 25 days | ≈ In line |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 2 Good · ● 8 Average · ● 4 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Bad
Piotroski F-ScoreGood
Growth
EPS growth (3y)Average
Revenue growth (3y)Average
Growth consistencyBad
Balance sheet
Current ratioBad
Net debt / EBITDAAverage
Interest coverAverage
Valuation
Fair value vs priceBad
EBIT / EV yieldAverage
Profitability
Return on invested capitalAverage
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 49/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $6.4B | $8.0B | $7.5B | $7.6B | $8.8B |
| Operating income | $1.3B | $1.5B | $1.6B | $1.5B | $2.0B |
| Net income | $995M | $1.1B | $1.2B | $1.2B | $1.5B |
| Operating cash flow | $1.7B | $2.3B | $2.6B | $2.8B | $3.4B |
| Operating margin | 20.8% | 19.0% | 20.8% | 19.9% | 23.0% |
| Free cash flow | −$1.8B | −$1.1B | −$1.0B | −$1.6B | −$775M |
| Diluted EPS | $3.84 | $4.14 | $4.38 | $4.42 | $5.35 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
10 bullish · 1 neutral · 1 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 105.0 | Bullish |
| EMA 10 | 105.2 | Bullish |
| SMA 20 | 102.6 | Bullish |
| EMA 20 | 104.0 | Bullish |
| SMA 50 | 104.2 | Bullish |
| EMA 50 | 104.5 | Bullish |
| SMA 100 | 107.1 | Bullish |
| EMA 100 | 105.6 | Bullish |
| SMA 200 | 107.0 | Bullish |
| EMA 200 | 105.1 | Bullish |
Oscillators (daily)
| RSI (14) | 68.64 | Neutral |
| MACD (12, 26) | 0.97 | Bullish |
| Momentum (12) | 7.14 | Bullish |
| Stochastic %K (14) | 97.99 | Bearish |
| Williams %R (14) | -2.01 | Bearish |
| CCI (20) | 165.1 | Bearish |
Pivot points (classic, last session)
S3 105.3 | S2 106.1 | S1 107.5 | Pivot 108.3 | R1 109.7 | R2 110.5 | R3 111.9 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
2.96 USD
Yield on today's price
2.72%
Frequency
Quarterly
Next ex-dividend date
8 Dec 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 0.7500 |
| 0.7500 | |
| 0.7500 | |
| 0.7500 | |
| 0.7100 | |
| 0.7100 | |
| 0.7100 | |
| 0.7100 | |
| 0.6700 | |
| 0.6700 | |
| 0.6700 | |
| 0.6700 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold AEE
| ETF | Share of the fund |
|---|---|
| XLU Utilities Select Sector SPDR | 2.20% |
| FUTY Fidelity MSCI Utilities Index | 1.98% |
| VPU Vanguard Utilities | 1.92% |
| IDU iShares U.S. Utilities | 1.87% |
| TCAF T. Rowe Price Capital Appreciation Equ... | 1.69% |
| SPLV Invesco S&P 500 Low Volatility | 1.24% |
| EMLP First Trust North American Energy Infr... | 0.97% |
| IFRA iShares U.S. Infrastructure | 0.84% |
The eight funds with the largest weight in AEE among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
AEE SEC filings
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Other events
8-KSEC EDGAR
Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.