Utilities · Multi-Utilities · US stock · price as of 22 Oct 2026
Key indicators
Price
$108.94
52-week range
$96.57 – $118.32
Market cap
$30.4B
P/E (trailing)
19.1×
EV / EBITDA
13.6×
Free-cash-flow yield
−4.6%
Dividend yield
2.7%
Revenue (last 12 months)
$8.7B
Revenue growth (3y a year)
3.4%
Operating margin
24.9%
Return on invested capital
5.5%
Net debt / EBITDA
5.7×
Fair value
Fair value (average of valid models)$98.69 middle half of models $86 – $109
Versus priceFair−9% to fair value
P/E multiple
$109.55
P/B multiple
$106.52
P/S multiple
$97.92
EV/EBITDA multiple
$106.58
EV/EBIT multiple
$110.09
EV/revenue multiple
$92.71
5-year DCF, EBITDA exit
$71.28
5-year DCF, revenue exit
$68.75
Dividend discount, stable
$140.29
Earnings power value
$83.18
Model uncertainty
Medium
X-Ray Score
54/ 100 · Medium confidence · ahead of 68% of sector peers
Valuation38
Growth54
Profitability67
Financial health58
Dividends55
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives Ameren Corp an X-Ray Score of 54 out of 100 (medium confidence), ahead of 68% of the S&P 500 stocks in its sector. Its strongest lens is profitability (67) and its weakest is valuation (38).
Our fair value (the average of the valid models) is $98.69 (range $85.57 to $108.81). At $108.94 the stock trades 10% above that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Ameren Corp (AEE)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$77.30
$79.27
$66.54
$84.81
$97.80
$108.94
Market cap
$19.9B
$20.6B
$17.5B
$22.7B
$26.6B
$30.4B
P/E
20.1×
19.1×
15.2×
19.2×
18.3×
19.1×
EV / revenue
5.3×
4.5×
4.6×
5.4×
5.3×
6.0×
EV / EBITDA
13.2×
12.4×
11.4×
13.7×
12.8×
13.6×
Price / free cash flow
–
–
–
–
–
–
Free-cash-flow yield
−9.1%
−5.3%
−5.9%
−6.9%
−2.9%
−4.6%
Price / book
2.1×
2.0×
1.5×
1.9×
2.0×
2.2×
Dividend yield
2.85%
2.98%
3.79%
3.16%
2.90%
2.72%
Fundamentals checklist ● 2 Good · ● 8 Average · ● 4 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.3%Average
Free-cash-flow yield−4.6%Average
Risk models
Altman Z score0.7×Bad
Piotroski F-Score7 of 9Good
Growth
EPS growth (3y)8.9%Average
Revenue growth (3y)3.4%Average
Growth consistency60%Bad
Balance sheet
Current ratio0.5×Bad
Net debt / EBITDA5.7×Average
Interest cover2.6×Average
Valuation
Fair value vs price0.9×Bad
EBIT / EV yield4.2%Average
Profitability
Return on invested capital5.5%Average
Operating margin24.9%Good
XStocksXray
Ameren Corp (AEE)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
6,394
7,957
7,500
7,623
8,799
8,749
Gross profit
–
–
–
–
–
–
Operating income
1,333
1,515
1,558
1,516
2,026
2,176
Net income
995
1,079
1,157
1,187
1,461
1,568
Diluted EPS ($)
3.84
4.14
4.38
4.42
5.35
5.69
Free cash flow
-1,818
-1,088
-1,033
-1,556
-775
-1,400
Gross margin
–
–
–
–
–
–
Operating margin
20.8%
19.0%
20.8%
19.9%
23.0%
24.9%
Net margin
15.6%
13.6%
15.4%
15.6%
16.6%
17.9%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
35,735
37,904
40,830
44,598
48,476
51,216
Cash
8
10
25
7
13
12
Total debt
13,612
15,095
16,506
18,722
19,830
21,808
Equity
9,700
10,508
11,349
12,114
13,401
13,687
Dividend per share ($)
2.20
2.36
2.52
2.68
2.84
2.92
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
