Ameren (AEE)
NYSE:AEE
Top Page
Ameren
(NYSE:AEE)
Select Model
Select Model
Rating:67Neutral
Price Target:
$122.00
▲(9.48% Upside)
Action:ReiteratedDate:03/05/26
The score is driven primarily by stable profitability and improving operating cash flow, but constrained by persistently negative free cash flow and elevated, rising leverage. Technicals are supportive with a clear uptrend and positive momentum, while valuation is middling due to a relatively high P/E despite a moderate dividend yield. Earnings call commentary adds support via affirmed guidance and visible rate-base growth plans, tempered by execution, financing, and regulatory risks.
Positive Factors
Strong Regulated Profitability
Consistently high net and EBITDA margins reflect the structural earnings stability of a regulated utility with recoverable costs and allowed returns. These durable margins support steady cash flow generation, rate-case economics, and the ability to fund reliability and capital programs over the medium term.
Negative Factors
Elevated and Rising Leverage
Substantially higher leverage limits financial flexibility and raises sensitivity to rising interest costs and capital‑markets conditions. Persistent high debt levels increase refinancing and coverage risk while the company scales capex, constraining maneuverability during adverse market or regulatory outcomes.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Regulated Profitability
Consistently high net and EBITDA margins reflect the structural earnings stability of a regulated utility with recoverable costs and allowed returns. These durable margins support steady cash flow generation, rate-case economics, and the ability to fund reliability and capital programs over the medium term.
Read all positive factors
Ameren (AEE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$30.80B
Dividend Yield2.86%
Average Volume (3M)1.74M
Price to Earnings (P/E)18.6
Beta (1Y)0.20
Revenue Growth22.71%
EPS Growth22.86%
CountryUS
Employees8,981
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)0.78
Shares Outstanding276,424,530
10 Day Avg. Volume1,588,989
30 Day Avg. Volume1,737,519
Financial Highlights & Ratios
PEG Ratio0.87
Price to Book (P/B)2.02
Price to Sales (P/S)3.07
P/FCF Ratio-34.85
Enterprise Value/Market Cap1.64
Enterprise Value/Revenue5.75
Enterprise Value/Gross Profit15.08
Enterprise Value/Ebitda12.94
Forecast
1Y Price Target
$115.20Price Target Upside3.37% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)5.36
Revenue Forecast (FY)$9.00B
Ameren Business Overview & Revenue Model
Company Description
Ameren Corporation, together with its subsidiaries, operates as a public utility holding company in the United States. It operates through four segments: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Amer...
How the Company Makes Money
Ameren generates revenue primarily through the sale of electricity and natural gas to residential, commercial, and industrial customers. The company operates under regulated frameworks that allow it to earn returns on its investments in infrastruc...
Ameren Key Performance Indicators (KPIs)
Any
Operating Revenue by Segment
Shows how much revenue each business segment generates, highlighting which areas drive growth and profitability, and indicating strategic focus.
Shows how much revenue each business segment generates, highlighting which areas drive growth and profitability, and indicating strategic focus.
Data provided by:
The Fly
The FlyAmeren Earnings Call Summary
Earnings Call Date:Feb 11, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
Overall the call emphasized strong operational execution, solid 2025 results (8.6% EPS growth), affirmed 2026 guidance, large new commercial wins (2.2 GW ESAs), a sizable and accelerated capital plan with supportive regulatory approvals, and continued customer and reliability progress. The primary negatives were execution, timing and financing risks tied to the materially larger capital program (equity issuance and debt plans), regulatory/legislative uncertainties, and the inherent uncertainties of converting ESAs into realized load. On balance, the positives (growth, approvals, ESAs, customer outcomes, dividend growth) materially outweigh the risks discussed.Positive Updates
Strong 2025 Adjusted Earnings Growth
2025 adjusted earnings per share of $5.03, up 8.6% versus 2024 ($4.63). Adjusted results included a net tax-related benefit of $86,000,000 (approximately $0.32 per share) referenced in the call.
Negative Updates
Large-Scale Capital Requirement and Increased Plan
Five-year capital plan increased to $31.8 billion (21% increase vs prior plan) and large ten-year pipeline (> $70 billion) imply substantial near-term spending that requires significant financing and could pressure rates if costs or timing deviate.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong 2025 Adjusted Earnings Growth
2025 adjusted earnings per share of $5.03, up 8.6% versus 2024 ($4.63). Adjusted results included a net tax-related benefit of $86,000,000 (approximately $0.32 per share) referenced in the call.
Read all positive updates
Company Guidance
Ameren affirmed 2026 diluted EPS guidance of $5.25–$5.45 (midpoint $5.35, ~8.1% growth vs. the original 2025 guidance midpoint), reiterated a 2026–2030 EPS CAGR target of 6%–8% (expecting results near the upper end), and rolled forward a five‑year capital plan of $31.8 billion (a 21% increase vs. last year) including approximately $5.5 billion of planned 2026 investment that drives a 10.6% rate‑base CAGR (2025–2030); the plan assumes 6.2% compound annual sales growth (2026–2030) with a base 1.2 GW of new load by 2030 (2.2 GW of ESAs signed this week as upside, 3.4 GW Missouri pipeline inclusive of ESAs, 850 MW Downstate Illinois pipeline), expects to fund investments with cash from operations plus roughly $4.0 billion of equity (2026–2030, including a $100 million forward sale in 2026) and ~$2.85 billion of debt in 2026 (hybrids possible), targets O&M growth below the rate of inflation and cited $20 million of recurring O&M savings and ~25% field productivity gains from recent improvements, recently reported 2025 adjusted EPS of $5.03 (up 8.6% vs. $4.63 in 2024, including an $86 million tax benefit = $0.32/sh), and raised the quarterly dividend 5.6% to an annualized $3.00 (current payout ~56%, target 50%–60%).Ameren Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
63
Positive
Cash Flow
49
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.80B | 7.62B | 7.50B | 7.96B | 6.39B |
| Gross Profit | 2.60B | 3.65B | 3.47B | 3.34B | 2.99B |
| EBITDA | 3.69B | 3.54B | 3.41B | 3.18B | 2.81B |
| Net Income | 1.46B | 1.18B | 1.15B | 1.07B | 990.00M |
Balance Sheet | |||||
| Total Assets | 48.48B | 44.60B | 40.83B | 37.90B | 35.73B |
| Cash, Cash Equivalents and Short-Term Investments | 13.00M | 7.00M | 25.00M | 250.00M | 16.00M |
| Total Debt | 19.83B | 18.72B | 16.51B | 15.10B | 13.61B |
| Total Liabilities | 34.95B | 32.35B | 29.35B | 27.27B | 25.91B |
| Stockholders Equity | 13.40B | 12.11B | 11.35B | 10.51B | 9.70B |
Cash Flow | |||||
| Free Cash Flow | -775.00M | -1.65B | -1.21B | -1.12B | -1.86B |
| Operating Cash Flow | 3.35B | 2.76B | 2.56B | 2.26B | 1.66B |
| Investing Cash Flow | -4.14B | -4.46B | -3.80B | -3.37B | -3.53B |
| Financing Cash Flow | 884.00M | 1.75B | 1.29B | 1.17B | 1.72B |
Ameren Technical Analysis
Positive
111.44
Price Trends
108.05
Positive
104.34
Positive
101.50
Positive
Market Momentum
0.41
Negative
60.28
Neutral
88.31
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AEE, the sentiment is Positive. The current price of 111.44 is above the 20-day moving average (MA) of 109.81, above the 50-day MA of 108.05, and above the 200-day MA of 101.50, indicating a bullish trend. The MACD of 0.41 indicates Negative momentum. The RSI at 60.28 is Neutral, neither overbought nor oversold. The STOCH value of 88.31 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AEE.
Ameren Risk Analysis
Ameren disclosed 20 risk factors in its most recent earnings report. Ameren reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ameren Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $30.80B | 18.55 | 11.48% | 2.86% | 22.71% | 22.86% | |
67 Neutral | $29.09B | 21.95 | 8.16% | 3.13% | 8.42% | 32.48% | |
66 Neutral | $24.00B | 19.63 | 12.33% | 3.10% | 10.96% | -0.77% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
64 Neutral | $29.49B | 25.33 | 8.04% | 3.94% | 7.64% | 48.61% | |
61 Neutral | $30.69B | 18.26 | 12.16% | 3.45% | 19.42% | -9.68% | |
56 Neutral | $26.07B | 14.75 | 10.71% | 4.54% | 13.12% | ― |
* Utilities Sector Average
AEE
Ameren
111.44
19.75
21.54%
CMS
CMS Energy
78.33
9.47
13.76%
DTE
DTE Energy
147.67
23.86
19.28%
FE
FirstEnergy
51.02
13.83
37.17%
ES
Eversource Energy
69.44
16.34
30.77%
PPL
PPL
38.72
6.23
19.19%
Ameren Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Ameren Issues $400 Million Senior Notes for Utilities
Positive
Mar 4, 2026
On March 4, 2026, Ameren Corporation issued $400 million of 5.00% Senior Notes due 2036, accessing long-term debt markets to support its regulated utility operations and capital needs. The notes were sold under an existing shelf registration, and ...
Business Operations and StrategyFinancial Disclosures
Ameren Highlights 2025 Earnings Strength and Long-Term Growth
Positive
Feb 11, 2026
Ameren reported strong 2025 results on Feb. 11, 2025, with GAAP diluted EPS rising to $5.35 from $4.42 in 2024 and adjusted EPS increasing to $5.03 from $4.63, reflecting higher earnings on infrastructure investments, new electric rates and weathe...
Business Operations and StrategyExecutive/Board Changes
Ameren Adds Veteran Nuclear Leader to Board of Directors
Positive
Feb 9, 2026
On February 6, 2026, Ameren Corporation’s board elected veteran nuclear executive Timothy S. Rausch as a director, with his term to begin on March 1, 2026 and run until the company’s 2026 annual shareholder meeting. He will join the Fi...
Business Operations and StrategyExecutive/Board Changes
Ameren Elects Jamie Engstrom to Board of Directors
Positive
Dec 15, 2025
On December 12, 2025, Ameren Corporation announced the election of Jamie L. Engstrom to its Board of Directors, effective January 1, 2026. Engstrom, currently the Global Chief Information Officer at Caterpillar Inc., will also join Ameren’s ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.