Ameren Corporation
- Open
- 114.06
- Day high
- 115.01
- Day low
- 111.03
- Prev close
- 113.10
- Volume
- 2.0M
- Mkt cap
- $30.9B
- P/E (TTM)
- 19.9
- EPS (TTM)
- $5.61
- P/B
- 2.3
- P/S
- 3.5
- Yield
- 2.62%
- Per share
- $2.92
- ▼Insiders net selling -$938K over the last 3 months (0 open-market buys, 3 sales)
- 🏛Institutions accumulating (13F)
Ameren Corporation (AEE) is a Utilities company listed on NYSE. The stock is up 13% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 3 sales (SEC Form 4). Drillr has 1 published research article covering AEE.
Ameren Corporation (AEE) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
AEE earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 6, 2026 | $1.17 | $1.28 | +9.4% | $2.2B | -3.0% |
| Feb 11, 2026 | $0.77 | $0.78 | +1.3% | $1.8B | +4.0% |
| Nov 5, 2025 | $2.11 | $2.17 | +2.8% | $2.7B | +8.7% |
| Jul 31, 2025 | $0.99 | $1.01 | +2.3% | $2.2B | +24.7% |
| May 1, 2025 | $1.07 | $1.07 | +0.0% | $2.1B | +9.4% |
| Feb 13, 2025 | $0.80 | $0.77 | -3.1% | $1.9B | +2.2% |
| Aug 1, 2024 | $0.93 | $0.97 | +4.3% | $1.7B | -9.7% |
| May 2, 2024 | $1.06 | $0.98 | -7.5% | $1.8B | -17.0% |
| Feb 22, 2024 | $0.61 | $0.60 | -1.6% | $1.6B | +0.0% |
| Aug 2, 2023 | $0.80 | $0.90 | +12.5% | $1.8B | -23.0% |
| May 4, 2023 | $0.94 | $1.00 | +6.4% | $2.1B | +5.6% |
| Feb 15, 2023 | $0.56 | $0.63 | +12.5% | $2.0B | +56.3% |
AEE insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | Smith Patrick Eofficer: Chairman & President of Sub | Grant | 280 | — |
| Jul 6, 2026 | Melda Aaron Pofficer: Chairman & President of Sub | Grant | 2,520 | — |
| Jul 6, 2026 | Arora Ajay Kofficer: EVP of Subsidiary | Grant | 716 | — |
| May 14, 2026 | Shaw Theresa Aofficer: SVP and CATO | Sell | 325 | $109.08 |
| May 14, 2026 | Shaw Theresa Aofficer: SVP and CATO | Sell | 1,500 | $109.35 |
| May 5, 2026 | MOEHN MICHAEL Lofficer: Group President, Utilities | Sell | 6,500 | $113.63 |
| Mar 6, 2026 | Martin Ryan Jofficer: SVP Finance | Sell | 1,300 | $113.31 |
| Feb 19, 2026 | Arora Ajay Kofficer: SVP of Subsidiary | Sell | 3,000 | $111.44 |
| Feb 19, 2026 | Shaw Theresa Aofficer: SVP and CATO | Sell | 325 | $111.89 |
| Feb 19, 2026 | Flores Rafaeldirector | Sell | 1,600 | $111.52 |
| Feb 19, 2026 | Mizell Gwendolyn Gother: SVP & CSO of Subsidiary | Sell | 3,548 | $110.90 |
| Feb 9, 2026 | Mizell Gwendolyn Gother: SVP & CSO of Subsidiary | Grant | 2,276 | — |
| Feb 9, 2026 | Arora Ajay Kofficer: SVP of Subsidiary | Grant | 1,467 | — |
| Feb 9, 2026 | LYONS MARTIN Jdirector, officer: Chairman, President & CEO | Grant | 23,170 | — |
| Feb 9, 2026 | Shaw Theresa Aofficer: SVP and CATO | Grant | 1,333 | — |
Source: AEE SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full AEE insider & 13F page →Ameren Corporation company profile
Overview
Ameren Corporation (NYSE:AEE) is a major American electric and natural gas utility holding company founded in 1881 and headquartered in St. Louis, Missouri. The company has grown through mergers and acquisitions over more than 140 years to become one of the largest regulated utilities in the Midwest, serving approximately 2.4 million electric customers and 900,000 natural gas customers across Missouri and Illinois. Ameren went public in 1998 and operates as a traditional rate-regulated utility focused on reliable energy delivery, infrastructure modernization, and clean energy transition while maintaining its commitment to affordable service for residential, commercial, and industrial customers.
Business
Ameren operates as a rate-regulated public utility in the electric and natural gas sectors, meaning its rates and returns are overseen by state public service commissions rather than being set by competitive markets. The utility industry provides essential energy services through massive capital-intensive infrastructure including power plants, transmission lines, distribution networks, and natural gas pipelines that require decades-long investments and regulatory approval. The company operates through four main business segments. Ameren Missouri represents the largest segment, providing electric generation, transmission, and distribution services to customers in Missouri, while also operating natural gas distribution. This segment generates electricity through a diverse portfolio including coal, nuclear, natural gas, and renewable sources such as solar, wind, and hydroelectric facilities. Ameren Illinois Electric Distribution focuses solely on distributing electricity to customers in Illinois without owning generation assets. Ameren Illinois Natural Gas operates natural gas distribution and transmission systems serving Illinois customers. Finally, Ameren Transmission develops and operates high-voltage transmission infrastructure that moves electricity across regional grids, particularly within the Midcontinent Independent System Operator (MISO) territory. Based on recent financial data, Ameren Missouri accounts for approximately 65-70% of total revenues, while the Illinois electric and natural gas operations contribute roughly 25-30% combined, and transmission activities represent about 5-10% of revenues. The company is actively transitioning toward cleaner energy sources, planning to add 2,800 megawatts of renewable capacity by 2030 and targeting net-zero carbon emissions by 2045.
Revenue model
Ameren generates revenue through rate-regulated utility operations, where state regulators approve the rates customers pay for electricity and natural gas service. The company earns returns on its invested capital (rate base) plus recovery of operating expenses, creating a business model that rewards infrastructure investment. Customers include residential households, commercial businesses, and industrial facilities that pay monthly bills based on their energy consumption. The regulatory framework allows Ameren to earn predetermined returns on capital investments in generation, transmission, and distribution infrastructure. When the company invests in new power plants, grid modernization, or pipeline upgrades, these assets become part of the rate base on which regulators allow earning returns typically ranging from 9-11%. Revenue increases come from three primary sources: growth in customer demand, approval of new capital investments that expand the rate base, and periodic rate case proceedings that adjust base rates. Several factors influence Ameren's profitability margins. Positive margin drivers include economic growth in service territories leading to higher electricity demand, successful completion of large infrastructure projects that earn regulated returns, favorable regulatory decisions on rate cases and cost recovery mechanisms, and the ability to manage operating costs efficiently. The company benefits from Missouri's constructive regulatory environment, including Plant-in-Service Accounting (PISA) that allows earning returns on investments before rate cases conclude. Negative margin pressures stem from regulatory lag between making investments and earning returns, potential adverse regulatory decisions, rising costs for materials and labor that may not be immediately recoverable, extreme weather events requiring emergency repairs, and competitive pressure to keep rates affordable for customers. Additionally, the clean energy transition requires substantial capital investments that must be balanced against rate affordability concerns from regulators and customers.
Competitive moat
Ameren possesses a strong economic moat characteristic of regulated utilities, built primarily around natural monopoly status and regulatory barriers to entry. The company's most significant competitive advantage is its exclusive franchise rights to serve defined geographic territories in Missouri and Illinois, granted by state regulators. These territories cannot be served by competitors, creating a captive customer base that provides predictable revenue streams. The utility's moat is reinforced by massive capital requirements that create formidable barriers to entry. Building competing electric generation, transmission, and distribution infrastructure would require tens of billions of dollars and decades of development, making new competition economically impractical. Additionally, the regulatory approval process for new utility services creates procedural barriers that protect existing franchises. Moat strength factors include the essential nature of electricity and natural gas services that customers cannot easily substitute, long-term customer relationships spanning decades, and regulatory frameworks that generally protect utility returns while allowing recovery of prudent investments. The company's scale advantages in operations, maintenance, and capital deployment further strengthen its competitive position. However, the moat faces some potential challenges. Distributed energy resources like rooftop solar and battery storage could reduce customer dependence on the traditional grid over time, though this transition will likely take decades. Regulatory risk remains significant, as adverse commission decisions can materially impact returns and growth prospects. The company must also navigate the costly clean energy transition while maintaining rate affordability, creating potential tension with regulators and customers. Additionally, extreme weather events and aging infrastructure create operational risks that could strain the business model if not properly managed.
Risks & safety
Ameren demonstrates a moderate margin of safety typical of investment-grade utilities, with stable cash flows but significant capital intensity creating ongoing financing needs. • **Liquidity and Solvency**: Cash position remains minimal at $23 million as of Q1 2025, but the company maintains strong access to capital markets and credit facilities. Debt-to-equity ratio of approximately 1.54x reflects typical utility leverage levels that are manageable given regulated cash flows. • **Cash Flow Dynamics**: Operating cash flow of $431 million in Q1 2025 demonstrates strong underlying cash generation, but free cash flow remains negative at -$633 million due to heavy capital investment requirements of approximately $1 billion quarterly. • **Valuation Metrics**: Trading at 23.4x P/E ratio and 2.2x book value, representing reasonable valuations for a growing utility. EV/EBITDA of 7.7x appears reasonable given the capital-intensive nature and growth prospects. • **Credit Profile**: Investment-grade credit ratings supported by regulated cash flows, though the company expects to issue approximately $600 million in equity during 2025 to fund growth investments. • **Other Considerations**: Regulatory support through mechanisms like PISA in Missouri provides some earnings stability, while the $63 billion investment pipeline over the next decade creates both growth opportunity and financing risk.
Recent development
Over the past several years, Ameren has undergone significant strategic transformation focused on clean energy transition and load growth accommodation. The company has accelerated renewable energy investments, filing for multiple solar projects totaling over 1,000 megawatts and updating its Integrated Resource Plan to include 2,800 megawatts of renewable capacity by 2030. Major operational changes include retiring the Rush Island Energy Center coal plant and bringing online new solar facilities and natural gas generation. A pivotal development has been securing substantial new load growth, particularly from data centers. The company signed construction agreements for 2.3 gigawatts of new demand, representing unprecedented industrial expansion that is driving 5.5% expected compound annual sales growth in Missouri through 2029. This load growth is prompting significant generation expansion, including the approved 800-megawatt Castle Bluff natural gas energy center and additional renewable projects. Regulatory achievements have strengthened the company's investment framework. Missouri's extension of Plant-in-Service Accounting (PISA) through 2035 via Senate Bill 4 provides crucial regulatory support for ongoing infrastructure investments. The company has also secured favorable rate case settlements and continues winning transmission development opportunities through MISO's competitive processes. The capital investment strategy has expanded dramatically, with the investment pipeline growing from $40 billion to $63 billion over the next decade. This includes $26.3 billion planned for 2025-2029, driving expected 9.2% compound annual rate base growth. The company is also exploring potential nuclear generation additions by 2040 as part of its net-zero carbon emissions target, representing a significant strategic pivot toward advanced clean energy technologies.
AEE company profile · for informational purposes only — not investment advice.
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