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Regulated electric and gas utility serving Missouri and Illinois.
Regulated electric and gas utility serving Missouri and Illinois.
Earns an allowed return on the plants, pipes and wires its regulators let it add to the rate base, so approved investment drives earnings. Ameren Missouri owns the generating plants, including the Callaway nuclear plant, while Ameren Illinois is mainly wires and pipes, plus electric transmission, which is regulated federally.
Moat: narrow (regulatory licence, scale). Regulated state monopoly territories under cost-of-service rate regulation.
Headquarters: St. Louis, Missouri, US · Founded: 1902 · Employees: 8,913
Size Ameren (AEE) is a United States Utilities company (Electric Utilities) with a market value of $31.2B, the 357th largest of 3,117 United States companies the cockpit tracks. Shares closed at $112.85 on 6 Nov 2026.
Performance Over six months the shares gained 4.2%, against -1.6% for the median peer and -1.1% for the United States market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 3.8% over the last twelve months (peer median +7.8%); the operating margin is 24.9% (peer median 23.8%).
Valuation It trades at 20.0× forward earnings against a peer median of 17.9× (9th most expensive of 20).
Capital Return on invested capital runs 1.5 points below its cost of capital (6.3% WACC).
Credit Ameren has 22 bonds outstanding ($11.4B), rated A by the agencies and trading like A at a weighted spread of 72 bp.
Short interest Short interest is 5.5% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $8.75B | $8.80B | $7.62B | $7.50B | $7.96B |
| Revenue growth | — | +15% | +2% | -6% | — |
| Gross profit | $2.77B | $2.60B | $2.06B | $2.08B | $2.05B |
| EBITDA | $3.88B | $3.69B | $3.12B | $3.06B | $2.95B |
| Net income | $1.56B | $1.46B | $1.18B | $1.15B | $1.07B |
| Free cash flow | -$1.45B | -$821M | -$1.65B | -$1.21B | -$1.12B |
| Capital expenditure | $4.70B | $4.17B | $4.41B | $3.77B | $3.38B |
| Total debt | $21.8B | $19.8B | $18.7B | $16.5B | $15.1B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ameren AEE | $31.2B | +4% | +4% | 25% | 20.0× | n/a |
| Evergy EVRG | $20.2B | +8% | +4% | 26% | 19.4× | n/a |
| CenterPoint Energy CNP | $27.0B | -2% | +8% | 24% | 19.9× | n/a |
| Exelon EXC | $47.2B | +5% | +7% | 20% | 15.2× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | AEE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.8% | +5.5% | 6th highest of 21 |
| 6-month return | +4.2% | -1.6% | 9th highest of 21 |
| Distance from 52-week high | -4.6% | -10.1% | 6th highest of 21 |
| Revenue growth (TTM) | +3.8% | +7.8% | 6th lowest of 21 |
| Operating margin | 24.9% | 23.8% | 7th highest of 21 |
| Forward P/E | 20.0× | 17.9× | 9th most expensive of 20 |
| ROIC minus cost of capital | -1.5 pp | -1.1 pp | 9th lowest of 21 |
| EV / EBITDA | 13.7× | 12.6× | 9th most expensive of 18 |
| Net debt / EBITDA | 5.6× | 5.2× | 8th most indebted of 18 |
| Bond spread | 72 bp | 79 bp | 5th tightest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ameren AEE | United States | $31.2B | +4% | +4% | 25% | 20.0× | n/a | n/a |
| Fortis FTS.TO | Canada | $31.0B | +11% | +4% | 28% | 22.5× | n/a | n/a |
| Huaneng Lancang River Hydropower 600025.SS | China | $30.7B | +15% | +4% | 48% | 23.1× | 3.8% | +6.6% |
| CGN Power 1816.HK | Hong Kong | $32.3B | -1% | -16% | 31% | 13.8× | n/a | n/a |
| China National Nuclear Power 601985.SS | China | $29.8B | +7% | -2% | 27% | 26.1× | n/a | n/a |
| Orsted ORSTED.CO | Denmark | $29.5B | -8% | +15% | 2% | 20.4× | n/a | n/a |
| NTPC NTPC.NS | India | $33.2B | -19% | +7% | 20% | 12.3× | n/a | n/a |
| PG&E PCG | United States | $28.6B | -19% | +4% | 20% | 7.4× | n/a | n/a |
| DTE Energy DTE | United States | $28.1B | -3% | +18% | 13% | 16.6× | n/a | n/a |
| Public Service Enterprise PEG | United States | $36.2B | -5% | +13% | 27% | 16.0× | n/a | n/a |
| CenterPoint Energy CNP | United States | $27.0B | -2% | +8% | 24% | 19.9× | n/a | n/a |
| PPL PPL | United States | $26.9B | 0% | +7% | 24% | 17.0× | n/a | n/a |
| FirstEnergy FE | United States | $26.9B | +5% | +12% | 19% | 16.1× | n/a | n/a |
| Eversource Energy ES | United States | $26.3B | +6% | +8% | 22% | 14.3× | -8.6% | +8.8% |
| Clp 0002.HK | Hong Kong | $26.1B | +7% | -2% | 16% | 17.9× | 1.6% | +2.0% |
| WEC Energy WEC | United States | $38.1B | +5% | +8% | 25% | 21.6× | n/a | n/a |
| Power Grid Corporation of India POWERGRID.NS | India | $25.6B | -17% | +3% | 55% | 14.4× | n/a | n/a |
| Hydro One H.TO | Canada | $24.7B | -2% | +9% | 24% | 24.5× | n/a | n/a |
| ENBW Energie Baden-Wuerttemberg EBK.DE | Germany | $24.2B | -3% | +9% | 5% | n/a | 5.2% | +11.8% |
| Adani Power ADANIPOWER.NS | India | $41.6B | -11% | +8% | 23% | 29.4× | n/a | n/a |
| Fortum FORTUM.HE | Finland | $23.3B | +15% | +14% | 17% | 23.4× | 9.2% | -36.7% |
Ameren has 22 bonds outstanding with $11.4B face value. The agencies rate it A; its bonds trade like A. Weighted yield 5.64%, a spread of 72 bp over government bonds.