Ameren Corporation (AEE) Stock

Ameren Corporation (AEE) is a Utilities stock trading at $106.14 (as of 2026-08-21), with a market capitalization of $29.37B and a trailing P/E of 22.9. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Ameren Corporation and its subsidiaries operate as a U.S. public utility holding company with segments including Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission. It provides rate-regulated electric generation, transmission, and distribution, and rate-regulated natural gas distribution and transmission services to residential, commercial, and industrial customers.

Understand Ameren Corporation: how it makes money

Ameren operates rate-regulated utilities that deliver electricity and natural gas in the United States, earning money by selling electric generation, transmission, and distribution service and by providing natural gas distribution and transmission under utility rates set through regulators.

Because Ameren’s key businesses are rate-regulated (electric delivery and natural gas delivery), profitability depends heavily on how regulators set, update, and approve the rates allowed to recover costs and earn returns, rather than on organic demand growth.

Revenue by segment (latest quarter)
Electric	$2.0B
Natural Gas	$0.2B

Business quality (Solid): Clear, regulation-driven business model with operating drivers available, but the provided data does not break out segment revenues for Ameren’s four official reportable segments.

Valuation: At 21× earnings, AEE trades in line with the Utilities average (22×). Note: one-time items can distort reported P/E.

Bull case

Rate-regulated electricity and natural gas delivery: Ameren earns from electric generation, transmission, and distribution and from natural gas distribution and transmission, which are described as rate-regulated activities.
Ongoing rate-setting process visible in filings: The provided data includes items such as rate review and annual revenue increase requests, consistent with continuous regulatory updates that can affect earnings power.

Bear case

Regulatory outcomes can change approved economics: Because the profit model is tied to rate-regulated service, disagreements or delays in rate reviews can impact the rates Ameren is allowed to charge.
Fuel and generation mix adds operational and regulatory complexity: Ameren primarily generates electricity through coal, nuclear, and natural gas, plus renewable sources, which can introduce variability and regulatory scrutiny across power generation and related costs.

Valuation — source: SEC EDGAR (first-party)
Price	$106.14
Market Cap	$29.37B
P/E Ratio	22.9
EV / EBITDA	13.9
Price / Book	2.13
Price / Sales	3.57
FCF Yield	-4.8%
DCF Value (model)	$18.16
DCF Upside vs Price	-82.9%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$8.80B
Net Margin	16.6%
Revenue Growth (YoY)	-5.8%
EPS Growth (YoY)	11.8%
FCF Growth (YoY)	51.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	0.94 (distress)

Valuation vs Sector & Industry
Stock P/E	22.9
Sector P/E (Utilities)	20.8
Industry P/E (Utilities)	20.1
vs Sector	9.7%
vs Industry	13.8%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($3.56B)
Institutional Holders Tracked	10
Congressional Trades (recent)	7

Company
Sector	Utilities
Industry	Utilities
CEO	Martin J. Lyons Jr.
Employees	8,981
Country	US
IPO Date	1998-01-02

Related Companies (Business model: Regulated Utility (Electric / Gas); 8 closest by market cap; US-domiciled)

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.