Ameren CorporationAEE
NYSE•Utilities•Utilities - Regulated Electric
Ameren Corporation, together with its subsidiaries, operates as a public utility holding company in the United States. The company operates through four segments: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission. It engages in the rate-regulated electric generation, transmission, and distribution business and natural gas transmission and distribution business. The company also generates electricity through coal, nuclear, and natural gas, as well as renewable energy, including hydroelectric, wind, methane gas, and solar energy centers. It serves residential, commercial, and industrial customers. Ameren Corporation was founded in 1881 and is headquartered in Saint Louis, Missouri.
Ameren Corporation (AEE) reported trailing twelve months revenue of $8.88B as of March 2026, a 12.3% increase year-over-year. Quarterly revenue reached $2.18B, reflecting continued top-line momentum.
Ameren Corporation generated $1.53B in TTM net income, with quarterly EBITDA of $532.00M. The operating margin expanded from 20.5% to 24.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (24.4%) and net margin (16.5%) indicates moderate non-operating costs. Net margin has improved from 13.8% a year ago, signaling stronger bottom-line efficiency.
AEE trades at a P/E of 19.8x (in line with broad market averages) and a P/S of 3.4x. The price-to-book ratio of 2.2x reflects a moderate premium to book value.
The company reported negative free cash flow of $-1.15B, indicating cash consumption over the period. The balance sheet shows $49.85B in total assets with $19.00B in long-term debt against $13.56B in stockholders equity for a debt-to-equity ratio of 1.4. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~21.6%, suggesting durable pricing power and cost discipline.
ROE is positive at ~10.4% on average, adequate but below the threshold typically associated with wide moats.
Only 1 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (6 of 7 quarters up), with ~23.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~23.4% — no sign of cost or pricing stress.
Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.
D/E ratio is 1.4 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding rose 3.7% — mild dilution. Compare to earnings growth to assess net per-share impact.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation