Ameren Corporation (AEE) 10-Year Financial Performance & Capital Metrics

AEE • • Utilities

UtilitiesElectric UtilitiesIntegrated Electric UtilitiesRegional Integrated Utilities

AboutAmeren 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 Ameren Transmission. The company engages in the rate-regulated electric generation, transmission, and distribution activities; and rate-regulated natural gas distribution and transmission businesses. It primarily generates electricity through coal, nuclear, and natural gas, as well as renewable sources, such as hydroelectric, wind, methane gas, and solar. The company serves residential, commercial, and industrial customers. Ameren Corporation was founded in 1881 and is headquartered in St. Louis, Missouri.Show more

Revenue $7.62B +1.6%
EBITDA $3.12B +2.1%
Net Income $1.18B +2.6%
Free Cash Flow -$1.65B -36.5%
EBITDA Margin 40.94% +0.4%
Net Margin 15.51% +0.9%
ROE 9.97% -4.3%
Interest Coverage 2.29 -16.9%
Debt/Equity 1.53 +6.3%
Net Debt/EBITDA 6.00 +11.3%
CapEx / Revenue 57.85% +15.1%
CapEx Coverage 0.63 -7.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓15 years of consecutive dividend growth
✓15 consecutive years of dividend growth
✓Healthy dividend yield of 2.6%
✓Trading near 52-week high

✗Weaknesses

✗High leverage: 6.0x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.33%

5Y5.22%

3Y6.04%

TTM22.71%

Profit (Net Income) CAGR

10Y7.27%

5Y7.38%

3Y6.09%

TTM24.54%

EPS CAGR

10Y6.3%

5Y5.7%

3Y4.8%

TTM22.35%

ROCE

10Y Avg5.06%

5Y Avg4.31%

3Y Avg4.22%

Latest3.85%

Peer Comparison

Regional Integrated Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AEEAmeren Corporation	27.93B	103.24	23.36	1.64%	15.75%	10.93%		1.53

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	6.1B	6.08B	6.17B	6.29B	5.91B	5.79B	6.39B	7.96B	7.5B	7.62B
Revenue Growth %	0.01%	-0%	0.02%	0.02%	-0.06%	-0.02%	0.1%	0.24%	-0.06%	0.02%
Cost of Revenue	3.5B	3.44B	3.39B	3.5B	3.17B	2.94B	3.4B	4.61B	4.03B	3.97B
Gross Profit+	2.6B	2.63B	2.78B	2.79B	2.74B	2.86B	2.99B	3.34B	3.47B	3.65B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.05%	0.01%	0.06%	0%	-0.02%	0.04%	0.05%	0.12%	0.04%	0.05%
Operating Expenses+	1.34B	1.31B	1.37B	1.44B	1.48B	1.56B	1.66B	1.83B	1.91B	2.14B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	2.13B	2.25B	2.36B	2.39B	2.35B	2.45B	2.61B	2.95B	3.06B	3.12B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.04%	0.05%	0.05%	0.01%	-0.02%	0.04%	0.06%	0.13%	0.04%	0.02%
Depreciation & Amortization+	874M	923M	952M	1.03B	1.08B	1.15B	1.28B	1.44B	1.5B	1.6B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	1.26B	1.32B	1.41B	1.36B	1.27B	1.3B	1.33B	1.51B	1.56B	1.52B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0%	0.05%	0.07%	-0.04%	-0.07%	0.03%	0.03%	0.14%	0.03%	-0.03%
Interest Expense+	355M	382M	391M	401M	381M	419M	383M	486M	566M	663M
Interest Coverage	3.55x	3.46x	3.61x	3.38x	3.33x	3.10x	3.48x	3.12x	2.75x	2.29x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	948M	1.04B	1.1B	1.06B	1.02B	1.03B	1.15B	1.25B	1.34B	1.27B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	363M	382M	576M	237M	182M	155M	157M	176M	183M	83M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	630M	653M	523M	815M	828M	871M	990M	1.07B	1.15B	1.18B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.08%	0.04%	-0.2%	0.56%	0.02%	0.05%	0.14%	0.08%	0.07%	0.03%
EPS (Diluted)+	2.59	2.68	2.14	3.32	3.35	3.50	3.84	4.14	4.38	4.42
EPS Growth %	0.08%	0.03%	-0.2%	0.55%	0.01%	0.04%	0.1%	0.08%	0.06%	0.01%
EPS (Basic)	2.60	2.69	2.16	3.34	3.37	3.53	3.86	4.16	4.38	4.43
Diluted Shares Outstanding	243.6M	243.4M	244.2M	245.8M	247.1M	248.7M	257.6M	259.5M	263.4M	267.4M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	23.64B	24.7B	25.95B	27.21B	28.93B	32.03B	35.73B	37.9B	40.83B	44.6B
Asset Growth %	0.06%	0.04%	0.05%	0.05%	0.06%	0.11%	0.12%	0.06%	0.08%	0.09%
PP&E (Net)+	18.8B	20.11B	21.47B	22.81B	24.38B	26.81B	29.26B	31.26B	33.78B	36.3B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	1.92B	1.59B	1.61B	1.53B	1.43B	1.65B	1.97B	2.67B	2.18B	2.26B
Cash & Equivalents	292M	9M	10M	16M	16M	139M	8M	10M	25M	7M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	538M	527M	522M	483M	494M	521M	592M	667M	733M	762M
Other Current Assets	362M	262M	242M	197M	187M	244M	532M	651M	491M	528M
Long-Term Investments	556M	607M	1.38B	1.45B	847M	982M	1.16B	958M	1.15B	1.34B
Goodwill	411M	411M	411M	411M	411M	411M	411M	411M	411M	411M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Other Assets	1.96B	1.98B	55M	-103M	1.87B	2.18B	2.94B	906M	3.31B	3.9B
Total Liabilities	16.55B	17.45B	18.62B	19.44B	20.73B	22.95B	25.91B	27.27B	29.35B	32.35B
Total Debt+	7.58B	7.83B	8.42B	9.04B	9.8B	11.58B	13.61B	15.1B	16.51B	18.72B
Net Debt	7.28B	7.83B	8.41B	9.02B	9.78B	11.44B	13.6B	15.09B	16.48B	18.71B
Long-Term Debt	6.88B	6.59B	7.09B	7.86B	8.91B	11.08B	12.56B	13.69B	15.12B	17.26B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	282M	276M	0	263M	29M	0	0	0	0	72M
Total Current Liabilities+	2.09B	2.67B	2.94B	2.69B	2.5B	2.18B	2.83B	3.37B	3.35B	3.41B
Accounts Payable	777M	805M	902M	817M	874M	958M	1.09B	1.16B	1.14B	1.06B
Accrued Expenses	94M	93M	105M	2M	94M	114M	2M	0	2M	0
Deferred Revenue	100M	107M	108M	0	0	0	0	0	0	223M
Other Current Liabilities	383M	384M	448M	638M	655M	610M	679M	797M	822M	671M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	3.63B	3.87B	6.03B	6.23B	6.39B	6.48B	7.02B	6.41B	6.71B	7.21B
Total Equity+	7.09B	7.25B	7.33B	7.77B	8.2B	9.08B	9.83B	10.64B	11.48B	12.24B
Equity Growth %	0.03%	0.02%	0.01%	0.06%	0.06%	0.11%	0.08%	0.08%	0.08%	0.07%
Shareholders Equity	6.95B	7.1B	7.18B	7.63B	8.06B	8.94B	9.7B	10.51B	11.35B	12.11B
Minority Interest	142M	142M	142M	142M	142M	142M	129M	129M	129M	129M
Common Stock	2M	2M	2M	2M	2M	3M	3M	3M	3M	3M
Additional Paid-in Capital	5.62B	5.56B	5.54B	5.63B	5.69B	6.18B	6.5B	6.86B	7.22B	7.51B
Retained Earnings	1.33B	1.57B	1.66B	2.02B	2.38B	2.76B	3.18B	3.65B	4.14B	4.6B
Accumulated OCI	-3M	-23M	-18M	-22M	-17M	-1M	13M	-1M	-6M	-6M
Return on Assets (ROA)	0.03%	0.03%	0.02%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
Return on Equity (ROE)	0.09%	0.09%	0.07%	0.11%	0.1%	0.1%	0.1%	0.1%	0.1%	0.1%
Debt / Equity	1.07x	1.08x	1.15x	1.16x	1.19x	1.27x	1.38x	1.42x	1.44x	1.53x
Debt / Assets	0.32%	0.32%	0.32%	0.33%	0.34%	0.36%	0.38%	0.4%	0.4%	0.42%
Net Debt / EBITDA	3.41x	3.49x	3.56x	3.77x	4.17x	4.66x	5.21x	5.11x	5.39x	6.00x
Book Value per Share	29.1	29.77	30	31.62	33.19	36.51	38.16	40.99	43.58	45.79

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.03B	2.12B	2.12B	2.17B	2.17B	1.73B	1.66B	2.26B	2.56B	2.76B
Operating CF Growth %	0.3%	0.04%	0%	0.02%	0%	-0.2%	-0.04%	0.36%	0.13%	0.08%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	585M	659M	529M	821M	834M	877M	995M	1.08B	1.16B	1.19B
Depreciation & Amortization	874M	923M	952M	1.03B	1.08B	1.15B	1.28B	1.44B	1.5B	1.6B
Deferred Taxes	369M	386M	539M	224M	167M	148M	156M	170M	229M	127M
Other Non-Cash Items	47M	-1M	-12M	28M	-23M	12M	-1M	46M	-22M	30M
Working Capital Changes	132M	133M	93M	44M	91M	-484M	-788M	-494M	-326M	-214M
Capital Expenditures+	-1.97B	-2.13B	-2.19B	-2.34B	-2.44B	-3.3B	-3.52B	-3.38B	-3.77B	-4.41B
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-1.98B	-2.16B	-2.2B	-2.34B	-2.44B	-3.33B	-3.53B	-3.37B	-3.8B	-4.46B
Acquisitions	0	0	0	0	0	0	0	0	0	0
Purchase of Investments	-363M	-322M	-321M	-315M	-463M	-224M	-452M	-229M	-266M	-584M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-1.91B	-2.08B	-2.13B	-2.27B	-2.41B	-3.22B	8M	23M	-1M	-26M
Cash from Financing+	232M	-258M	102M	205M	334M	1.73B	1.72B	1.17B	1.29B	1.75B
Dividends Paid	-402M	-416M	-431M	-451M	-472M	-494M	-565M	-610M	-662M	-714M
Dividend Payout Ratio %	0.64%	0.64%	0.82%	0.55%	0.57%	0.57%	0.57%	0.57%	0.57%	0.6%
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Stock Issued	0	0	0	74M	68M	476M	308M	333M	346M	273M
Share Repurchases	0	0	0	0	0	0	-13M	0	0	0
Other Financing	-30M	-100M	-57M	-41M	-52M	-46M	-53M	-39M	-56M	-59M
Net Change in Cash+	287M	-299M	16M	39M	69M	125M	-146M	61M	56M	56M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	5M	351M	52M	68M	107M	176M	301M	155M	216M	272M
Cash at End	292M	52M	68M	107M	176M	301M	155M	216M	272M	328M
Free Cash Flow+	62M	-14M	-77M	-168M	-272M	-1.57B	-1.86B	-1.12B	-1.21B	-1.65B
FCF Growth %	1.21%	-1.23%	-4.5%	-1.18%	-0.62%	-4.78%	-0.18%	0.4%	-0.08%	-0.36%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.04%	9.11%	7.18%	10.8%	10.37%	10.08%	10.47%	10.5%	10.42%	9.97%
EBITDA Margin	34.98%	36.95%	38.26%	37.99%	39.73%	42.34%	40.82%	37.11%	40.77%	40.94%
Net Debt / EBITDA	3.41x	3.49x	3.56x	3.77x	4.17x	4.66x	5.21x	5.11x	5.39x	6.00x
Interest Coverage	3.55x	3.46x	3.61x	3.38x	3.33x	3.10x	3.48x	3.12x	2.75x	2.29x
CapEx / Revenue	0.85%	0.91%	1.02%	0.83%	0.52%	1.14%	55.1%	42.48%	50.28%	57.85%
Dividend Payout Ratio	63.81%	63.71%	82.41%	55.34%	57%	56.72%	57.07%	56.8%	57.47%	60.41%
Debt / Equity	1.07x	1.08x	1.15x	1.16x	1.19x	1.27x	1.38x	1.42x	1.44x	1.53x
EPS Growth	7.92%	3.47%	-20.15%	55.14%	0.9%	4.48%	9.71%	7.81%	5.8%	0.91%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Electricity	-	-	-	5.34B	4.98B	4.91B	5.3B	6.58B	6.44B	6.54B
Electricity Growth	-	-	-	-	-6.71%	-1.41%	7.86%	24.24%	-2.16%	1.57%
Natural Gas	-	-	-	952M	929M	883M	1.1B	1.38B	1.06B	1.08B
Natural Gas Growth	-	-	-	-	-2.42%	-4.95%	24.24%	25.43%	-22.89%	2.07%
Ameren Illinois Electric Distribution	-	-	1.57B	-	-	-	-	-	-	-
Ameren Illinois Electric Distribution Growth	-	-	-	-	-	-	-	-	-	-
Ameren Illinois Gas	-	-	743M	-	-	-	-	-	-	-
Ameren Illinois Gas Growth	-	-	-	-	-	-	-	-	-	-
Ameren Illinois Transmission	-	-	216M	-	-	-	-	-	-	-
Ameren Illinois Transmission Growth	-	-	-	-	-	-	-	-	-	-
Continuing Operations	6.1B	6.08B	-	-	-	-	-	-	-	-
Continuing Operations Growth	-	-0.36%	-	-	-	-	-	-	-	-
Union Electric Company	3.57B	3.47B	-	-	-	-	-	-	-	-
Union Electric Company Growth	-	-2.72%	-	-	-	-	-	-	-	-
Ameren Transmission	-	309M	-	-	-	-	-	-	-	-
Ameren Transmission Growth	-	-	-	-	-	-	-	-	-	-
Other	70M	-	-	-	-	-	-	-	-	-
Other Growth	-	-	-	-	-	-	-	-	-	-
Ameren Illinois Company	2.46B	-	-	-	-	-	-	-	-	-
Ameren Illinois Company Growth	-	-	-	-	-	-	-	-	-	-
Intersegment Eliminations	-	-	-	-	-	-	-	-	-	-
Intersegment Eliminations Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Ameren Corporation (AEE) has a price-to-earnings (P/E) ratio of 23.4x. This is roughly in line with market averages.

Growth & Financials

Ameren Corporation (AEE) reported $8.96B in revenue for fiscal year 2024. This represents a 19% increase from $7.53B in 2011.

Ameren Corporation (AEE) grew revenue by 1.6% over the past year. Growth has been modest.

Yes, Ameren Corporation (AEE) is profitable, generating $1.41B in net income for fiscal year 2024 (15.5% net margin).

Dividend & Returns

Yes, Ameren Corporation (AEE) pays a dividend with a yield of 2.59%. This makes it attractive for income-focused investors.

Ameren Corporation (AEE) has a return on equity (ROE) of 10.0%. This is below average, suggesting room for improvement.

Ameren Corporation (AEE) had negative free cash flow of $1.23B in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

Ameren Corporation (AEE) has a dividend payout ratio of 60%. This suggests the dividend is well-covered and sustainable.

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