Ameren Corporation (AEE) Stock

Ameren Corporation (AEE) is a Utilities stock trading at $103.01 (as of 2026-09-15), with a market capitalization of $28.52B and a trailing P/E of 18.2. 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 is a rate-regulated utility that generates, transmits, and delivers electricity and natural gas to ratepayers in Missouri and Illinois, earning returns set by state PUCs. Electric sales drive roughly 79% of revenue, and a $71 billion capex pipeline through 2035, fueled by data-center demand, defines the growth story.

Ameren earns a regulator-approved return on every dollar of infrastructure it builds, so the size of the capex program mechanically drives earnings while PUCs cap both the return rate and the customer-rate CAGR.

Revenue by segment (latest quarter)
Electric Operating Revenues$1.7B
Natural Gas Operating Revenues$0.5B

Business quality (Mixed): Regulated monopoly with a decade-long capex tailwind, but trading at 23.1x earnings versus a 20x utility median (14% above), and the 22% operating margin is typical for the group rather than exceptional.

Valuation: At 23× earnings, AEE trades 14% above the Utilities average (20×).

Bull case

  • Capex compounds the rate base: The investment pipeline exceeds $71 billion through 2035, meaning the asset base on which Ameren earns its PUC-approved return keeps expanding for a decade, driving mechanical earnings growth as long as construction stays on schedule.
  • Data centers exceed prior plan: Google and Amazon announced $25 billion of combined planned Missouri investment, and management projects 60% electricity-sales growth from 2025 levels by 2029, a pace well above the organic growth typical of regulated utilities.
  • Premium is growth-justified: At 23.1x earnings the stock trades 14% above the 20x utilities median, but a projected 60% revenue expansion over four years supports a structural re-rating relative to slower-growth regulated peers.

Bear case

  • Equity dilution funds the buildout: Funding a $71+ billion capex program requires substantial future equity issuance, which will dilute existing shareholders and cap the return on equity that regulators are willing to allow.
  • Illinois regulators push back: Illinois intervenors proposed $50 million to $220 million of project adjustments, signaling that the second-state rate base may not recover on the timeline management assumes, adding execution uncertainty to the growth thesis.
  • New gas capacity delayed to 2031: The 2.1-gigawatt combined-cycle plant is not expected to accelerate before 2031, creating a near-term supply gap that could force expensive interim power purchases or heavy reliability spending (already rising through tree-trimming and energy-center maintenance) before the asset generates regulated returns.
Valuation — source: SEC EDGAR (first-party)
Price$103.01
Market Cap$28.52B
P/E Ratio18.2
EV / EBITDA12.7
Price / Book2.06
Price / Sales3.26
Dividend Yield2.8%
FCF Yield-4.9%
DCF Value (model)$15.51
DCF Upside vs Price-84.9%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$8.80B
Net Margin16.6%
Return on Equity11.3%
Debt / Equity1.47
Current Ratio0.53
Revenue Growth (YoY)-5.8%
EPS Growth (YoY)11.8%
FCF Growth (YoY)51.5%
Financial Health — source: SEC EDGAR
Altman Z-Score0.93 (distress)
Valuation vs Sector & Industry
Stock P/E18.2
Sector P/E (Utilities)20.6
Industry P/E (Utilities)20.4
vs Sector-11.8%
vs Industry-11.0%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($3.56B)
Institutional Holders Tracked10
Congressional Trades (recent)7
Company
SectorUtilities
IndustryUtilities
CEOMartin J. Lyons Jr.
Employees8,981
CountryUS
IPO Date1998-01-02

Ameren Corporation earnings call transcripts

  • AEE Q2 FY26 earnings call transcript (reported 2026-07-30) · analysis
  • AEE Q1 FY26 earnings call transcript (reported 2026-05-05) · analysis
  • AEE Q4 FY25 earnings call transcript (reported 2026-02-11) · analysis
  • AEE Q3 FY25 earnings call transcript (reported 2025-11-05) · analysis
  • AEE Q2 FY25 earnings call transcript (reported 2025-07-31) · analysis
  • AEE Q3 FY24 earnings call transcript (reported 2024-11-06) · analysis

All AEE earnings calls

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AEE earnings history · AEE institutional & insider holders · AEE KPIs & operating metrics · AEE financials · AEE filings, presentations & press releases · AEE investor presentations & press releases · AEE SEC filings · AEE peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-15.

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