FirmAtlas
Company handbook · AEE · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
AEE · CIK 1002910 · LATEST FILING: 10-Q JUN '26 · FILED AUG 3, 2026
Ameren Corporation
$106.08
+2.32 (+2.24%)
Close, Oct 16, 2026 · 52-week $97–118
Last fiscal year
Ameren Corporation reported revenue of $8.8B for the year ended Dec 31, 2025 (FY25), up 15.4% from FY24. Net income was $1.5B, operating cash flow $3.4B and free cash flow −$775M. Source: 10-K filed Feb 18, 2026.
Market cap
$29.3B
P/E
18.8
EV/EBITDA
13.5x
P/B
2.1
Div yield
2.79%
ROIC
5.8%
Revenue 1Y
15.4%/yr
EPS 1Y
21.0%/yr
Shares 1Y
+2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMartin J. Lyons, Jr.
HQSt Louis, MO
AuditorPricewaterhouseCoopers LLP
Year endsDecember
Revenue by segment · FY25
Union Electric Company54%
Ameren Illinois Electric Distribution27%
Ameren Illinois Gas11%
Ameren Transmission8%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
8.2%
5.0%
10.6%
0.8%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$9.9B deployed
Capex
$8.4B
85.1%
Dividends
$1.5B
14.9%
Operating cash flow over the period: $6.1B. Total debt changed by +$1.1B.
Capex was more than operating cash flow in FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
7,623
8,799+15.4%
8,749
YoY
+15.4%
Operating income
1,516
2,026+33.6%
2,176
Operating margin
19.9%
23.0%+3.1 pp
—
EBITDA
3,040
3,638+19.7%
—
EBITDA margin
39.9%
41.3%+1.5 pp
—
Interest expense
663
776+17.0%
—
Interest coverage
4.59x
4.69x+0.10x
—
Net income
1,182
1,456+23.2%
1,563
YoY
+23.2%
Net margin
15.5%
16.5%+1.0 pp
—
EPS (diluted, $)
4.42
5.35+21.0%
5.67
YoY
+21.0%
Balance sheet
Total assets
44,598
48,476+8.7%
51,216
Cash & short-term investments
328
420+28.0%
—
Accounts receivable
525
665+26.7%
—
Inventory
762
774+1.6%
—
Net PP&E
36,304
39,313+8.3%
—
Other assets
6,679
7,304+9.4%
—
Total liabilities
32,484
35,075+8.0%
37,529
Accounts payable
1,059
1,254+18.4%
—
Total debt
18,942
20,074+6.0%
20,284
Other liabilities
12,483
13,747+10.1%
—
Shareholders’ equity
12,114
13,401+10.6%
13,687
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
2,763
3,353+21.4%
3,251
Net income
1,187
1,461+23.1%
—
Depreciation & amortization
1,524
1,612+5.8%
—
Stock-based compensation
28
28+0.0%
—
Working capital & other
24
252+950.0%
—
Cash from investing
(4,456)
(4,145)n/m
—
Capex
(4,319)
(4,128)n/m
—
Other investing
(137)
(17)n/m
—
Cash from financing
1,749
884−49.5%
—
Debt raised
2,535
1,960−22.7%
—
Dividends
(714)
(768)n/m
—
Shares issued
273
574+110.3%
—
Other financing
(345)
(882)n/m
—
Net change in cash
56
92+64.3%
—
Free cash flow (OCF − capex)
(1,556)
(775)n/m
(1,400)
Where the cash went
Operating cash flow
2,763
3,353+21.4%
3,251
Reinvested in the business
4,319
4,128−4.4%
—
% of operating cash flow
156.3%
123.1%
Capex
4,319
4,128−4.4%
4,651
Free cash flow
(1,556)
(775)n/m
(1,400)
YoY
n/m
Returned to shareholders
714
768+7.6%
—
% of free cash flow
—
—
Dividends
714
768+7.6%
—
Change in total debt
—
1,132
—
Cash left over
—
(411)
—
FCF conversion (FCF ÷ net income)
−131.6%
−53.2%+78.4 pp
—
Owner earnings
—
(1,017)
—
Owner earnings margin
—
−11.6%
—
Returns & ratios
ROIC (all capital)
4.6%
5.8%+1.2 pp
—
ROIC (operating)
3.9%
4.9%+1.0 pp
—
Net debt / EBITDA
6.12x
5.40x−0.72x
—
Debt / equity
1.56x
1.50x−0.07x
—
ROE
9.8%
10.9%+1.1 pp
—
ROA
2.7%
3.0%+0.4 pp
—
ROCE
3.7%
4.5%+0.9 pp
—
NOPAT
1,417
1,853+30.8%
—
Invested capital (operating)
36,532
39,498+8.1%
—
Invested capital (all)
30,728
33,055+7.6%
—
Reinvestment rate
—
160.0%
—
Net debt is 5.4x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
2,699
1,782
2,176
2,092
vs year-ago quarter
Operating income
825
360
532
459
Net income
640
252
357
314
vs year-ago quarter
Net margin
23.7%
14.1%
16.4%
15.0%
EPS (diluted, $)
2.35
0.91
1.28
1.13
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
47,416
48,476
49,846
51,216
Cash & equivalents
435
420
485
470
Total debt
20,075
20,074
20,181
20,284
Shareholders’ equity
12,780
13,401
13,556
13,687
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
1,104
956
421
770
Capex
988
1,010
1,574
1,079
Free cash flow
116
(54)
(1,153)
(309)
vs year-ago quarter