NYSE: AEE
Ameren
Utilities · Electric & Other Services Combined
52-week range
$96.57$118.32
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$31.3B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $12.7B |
| FY2017, ended Dec 31, 2017 | $14.3B |
| FY2018, ended Dec 31, 2018 | $16.0B |
| FY2019, ended Dec 31, 2019 | $18.9B |
| FY2020, ended Dec 31, 2020 | $19.8B |
| FY2021, ended Dec 31, 2021 | $22.9B |
| FY2022, ended Dec 31, 2022 | $23.3B |
| FY2023, ended Dec 31, 2023 | $19.3B |
| FY2024, ended Dec 31, 2024 | $24.1B |
| FY2025, ended Dec 31, 2025 | $27.6B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $31.3B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$8.75B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $6.08B |
| FY2017, ended Dec 31, 2017 | $6.17B |
| FY2018, ended Dec 31, 2018 | $6.29B |
| FY2019, ended Dec 31, 2019 | $5.91B |
| FY2020, ended Dec 31, 2020 | $5.79B |
| FY2021, ended Dec 31, 2021 | $6.39B |
| FY2022, ended Dec 31, 2022 | $7.96B |
| FY2023, ended Dec 31, 2023 | $7.50B |
| FY2024, ended Dec 31, 2024 | $7.62B |
| FY2025, ended Dec 31, 2025 | $8.80B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $8.75B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $653M | $41.0M |
| FY2017, ended Dec 31, 2017 | $523M | −$14.0M |
| FY2018, ended Dec 31, 2018 | $815M | −$116M |
| FY2019, ended Dec 31, 2019 | $828M | −$241M |
| FY2020, ended Dec 31, 2020 | $871M | −$1.51B |
| FY2021, ended Dec 31, 2021 | $990M | −$1.82B |
| FY2022, ended Dec 31, 2022 | $1.07B | −$1.09B |
| FY2023, ended Dec 31, 2023 | $1.15B | −$1.03B |
| FY2024, ended Dec 31, 2024 | $1.18B | −$1.56B |
| FY2025, ended Dec 31, 2025 | $1.46B | −$775M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $1.56B | −$1.40B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$12.0M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $9.00M |
| FY2017, ended Dec 31, 2017 | $10.0M |
| FY2018, ended Dec 31, 2018 | $16.0M |
| FY2019, ended Dec 31, 2019 | $16.0M |
| FY2020, ended Dec 31, 2020 | $139M |
| FY2021, ended Dec 31, 2021 | $8.00M |
| FY2022, ended Dec 31, 2022 | $10.0M |
| FY2023, ended Dec 31, 2023 | $25.0M |
| FY2024, ended Dec 31, 2024 | $7.00M |
| FY2025, ended Dec 31, 2025 | $13.0M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $12.0M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$21.8B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.88B |
| FY2017, ended Dec 31, 2017 | $8.48B |
| FY2018, ended Dec 31, 2018 | $9.11B |
| FY2019, ended Dec 31, 2019 | $9.88B |
| FY2020, ended Dec 31, 2020 | $11.7B |
| FY2021, ended Dec 31, 2021 | $13.7B |
| FY2022, ended Dec 31, 2022 | $15.2B |
| FY2023, ended Dec 31, 2023 | $16.6B |
| FY2024, ended Dec 31, 2024 | $18.9B |
| FY2025, ended Dec 31, 2025 | $20.1B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $21.8B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 14.1% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.277M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 243M |
| FY2017, ended Dec 31, 2017 | 243M |
| FY2018, ended Dec 31, 2018 | 245M |
| FY2019, ended Dec 31, 2019 | 246M |
| FY2020, ended Dec 31, 2020 | 253M |
| FY2021, ended Dec 31, 2021 | 258M |
| FY2022, ended Dec 31, 2022 | 262M |
| FY2023, ended Dec 31, 2023 | 266M |
| FY2024, ended Dec 31, 2024 | 270M |
| FY2025, ended Dec 31, 2025 | 276M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 277M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $601M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $51.0M | $17.0M | $0 |
| FY2017, ended Dec 31, 2017 | $24.0M | $17.0M | $0 |
| FY2018, ended Dec 31, 2018 | $0 | $20.0M | $74.0M |
| FY2019, ended Dec 31, 2019 | $0 | $20.0M | $68.0M |
| FY2020, ended Dec 31, 2020 | — | $21.0M | $476M |
| FY2021, ended Dec 31, 2021 | — | $22.0M | $308M |
| FY2022, ended Dec 31, 2022 | — | $24.0M | $333M |
| FY2023, ended Dec 31, 2023 | — | $26.0M | $346M |
| FY2024, ended Dec 31, 2024 | — | $28.0M | $273M |
| FY2025, ended Dec 31, 2025 | — | $28.0M | $574M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — | $30.0M | $571M |
Revenue (TTM)
$8.75B
+3.8% YoY
Net income (TTM)
$1.56B
+27.4% YoY
Cash
$12.0M
+9.1% YoY
Total debt
$21.8B
+9.1% YoY
Valuation
At current price- Market Cap
- $30.6B
- P/E
- 19.6×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.5×
- Price / Book
- 2.2×
- EV / EBITDA
- 13.7×
Growth
Trailing 12 months- Revenue (TTM)
- $8.75B
- Revenue Growth YoY
- 3.8%
- Revenue CAGR 3Y
- 3.4%
- Revenue CAGR 5Y
- 8.7%
- EPS Growth YoY
- 24.8%
- Net Income Growth YoY
- 27.4%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 24.9%
- Net Margin
- 17.9%
- FCF Margin
- −16.0%
- Return on Equity
- 12.0%
Earnings
Trailing 12 months- Net Income
- $1.56B
- EPS (diluted)
- $5.68
- EBITDA
- $3.84B
- Operating Income
- $2.18B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $12.0M
- Total Debt
- $21.8B
- Net Debt
- $21.8B
- Total Assets
- $51.2B
- Total Liabilities
- $37.4B
- Shareholders' Equity
- $13.7B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.25B
- Capital Expenditure
- $4.65B
- Free Cash Flow
- −$1.40B
Dividends and risk
Last 12 months- Dividend Yield
- 2.7%
- Dividend / Share
- $2.96
- Beta (5Y)
- 0.44
Every ratio is calculated from the company’s reported figures.
Note
Revenue is roughly flat year over year at $8.75B.
Strength
Operating margin widened 5.6 pts in a year, to 24.9%.
Watch
Net debt is 5.7× EBITDA ($21.8B), a heavy load.
Watch
Free cash flow was negative (−$1.40B) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 18, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K61Nothing notable
61Nothing notable
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 18, 2025 · Read the filing on EDGAR
- Profit rose about 3% to $1,182 million, or $4.42 a share, and revenue rose about 2% to roughly $7.6 billion.
- Planned 2025–2029 spending rises to as much as $27.4 billion, up from $22.8 billion, supported by about $600 million of new shares each year.
- The Rush Island coal plant retired and the lawsuit ended, with a $59 million charge and $476 million of bonds financing the retirement costs.
- A new 250-MW data center is expected from 2026, and Illinois regulators approved a revised grid plan, though Ameren Illinois still plans to appeal its allowed return.
Business momentum
Stable
“Net income attributable to Ameren common shareholders in 2024 increased $30 million, and $0.04 per diluted share, from 2023.”
Outlook
Positive
“We expect a net increase in demand resulting from the electrification of the economy, including in the transportation sector.”
Financial stress
Low
“Ameren, Ameren Missouri, and Ameren Illinois each believe that their liquidity is adequate given their respective expected operating cash flows, capital expenditures, and financing plans”
Tone against the previous report
More positive
Red flags
- Minor
Major lawsuit
“As of December 31, 2024, Ameren and Ameren Missouri recorded liabilities of $64 million and charges of $59 million in 2024 related to the cost of these programs.”
- Minor
Other
“pending the results of an ongoing investigation, approximately 90% of the turbines of the High Prairie Energy Center remain idle and the timing and costs necessary to return the energy center to full capacity are uncertain”
Positives
Larger investment plan to grow the regulated business
“For 2025 through 2029, Ameren’s cumulative capital expenditures are projected to range from $25.2 billion to $27.4 billion.”
New data center and other large customers may lift demand
“a new 250-MW data center is expected to be constructed in Ameren Missouri’s service territory with electric service starting in 2026”
Rush Island lawsuit resolved and dividend raised
“In December 2024, the United States District Court for the Eastern District of Missouri issued an order resolving all outstanding claims in this case.”
Concerns
Spending and dividends exceed operating cash, requiring outside funding
“Ameren expects its cash used for currently planned capital expenditures and dividends to exceed cash provided by operating activities over the next several years.”
Higher debt and interest rates are raising financing costs
“increased financing costs primarily at Ameren Missouri and Ameren (parent), largely due to higher long-term debt balances and interest rates, partially offset by lower levels of short-term borrowings (17 cents per share)”
Lower allowed return hurt Illinois electric profit
“lower revenue at Ameren Illinois Electric Distribution due to a lower recognized ROE under the MYRP (9 cents per share)”
New risks since the previous report
Data center demand may not arrive as forecast
“Future demand from these customers may not be realized at the current projected pace as a result of increased efficiency in computing, and these new customers may be transitory and exit our service territory.”
High Prairie wind farm mostly idle after turbine collapses
“pending the results of an ongoing investigation, approximately 90% of the turbines of the High Prairie Energy Center remain idle and the timing and costs necessary to return the energy center to full capacity are uncertain”
Federal order cut transmission returns and required refunds
“As a result of the October 2024 order, Ameren and Ameren Illinois recognized reductions to electric revenues of $10 million and $7 million, respectively”
Federal energy policy shift under the new administration
“the current federal administration’s approach to United States energy policy and resultant changes in regulatory enforcement priorities, and/or evolving interpretations of existing regulatory requirements, could require changes to our business planning”
Share price swings tied to AI and crypto companies
“volatility in stock prices of perceived significant energy consumers, such as technology companies involved with artificial intelligence or cryptocurrency, or other significant developments with such companies, could cause increased volatility in stock prices”
Biggest risks named
- Regulatory rate decisions, cost recovery limits and the Illinois appeals
- Reliance on debt and share sales to fund up to $27.4 billion of spending
- Environmental and climate rules affecting coal and gas plants
- Uncertain data center demand and the ability to serve it on time
- Possible Missouri revenue reductions tied to past Rush Island actions
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | 0 | |
| Outlook | +3 | |
| Tone against the previous report | +2 | |
| Financial stress | 0 | |
| Red flags | −2.1 | |
| New risks | −2 | |
| Score | 61 | |
Written by AI (Claude Opus 5.5) from the report’s text. 16 of 16 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 18, 2026 | Pro | |||
| 10-K | Feb 18, 2025 | 61 | Stable | 2 minor | |
| 10-K | Feb 29, 2024 | 49 | Mixed | 2 medium | |
| 10-K | Feb 22, 2023 | 67 | Improving | None | |
| 10-K | Feb 23, 2022 | 65 | Improving | 1 medium | |
| 10-K | Feb 22, 2021 | 66 | Improving | 1 minor | |
| 10-K | Feb 28, 2020 | 56 | Mixed | 1 medium | |
| 10-K | Feb 26, 2019 | 75 | Strong improvement | None | |
| 10-K | Feb 28, 2018 | 56 | Mixed | 1 medium1 minor | |
| 10-K | Feb 28, 2017 | 67 | Improving | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 3, 2026. View filings on SEC EDGAR