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Ameren
(NYSE:AEE)
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Rating:60Neutral
Price Target:
$106.00
â–¼(-1.62% Downside)
Action:Reiterated
Date:10/08/26
AEE scores as a stable but not momentum-supported regulated utility. The biggest driver is mixed financial performance—solid and improving profitability but persistently negative free cash flow and leverage/capital-funding dependence. Offsetting that, the earnings call was strongly positive with reaffirmed guidance and a sizable long-term investment and large-load growth pipeline, while technicals remain weak and valuation appears broadly fair with a moderate dividend.
Positive Factors
Regulated profitability
Ameren combines a regulated utility model with steady profitability and gradual earnings expansion. Revenue growth and improving net margins indicate that infrastructure investment and authorized returns are supporting durable earnings power, providing a stable foundation for continued investment over the next several quarters.
Negative Factors
Persistent negative free cash flow
Ameren’s capital program is currently larger than the cash generated internally, leaving recurring free-cash-flow deficits despite improving operating cash flow. Sustained investment needs therefore require external financing, increasing dependence on capital-market access and limiting flexibility if funding conditions become less favorable.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated profitability
Ameren combines a regulated utility model with steady profitability and gradual earnings expansion. Revenue growth and improving net margins indicate that infrastructure investment and authorized returns are supporting durable earnings power, providing a stable foundation for continued investment over the next several quarters.
Read all positive factors
Ameren Key Performance Indicators (KPIs)
Any
Operating Revenue by Segment
Shows how much revenue each business segment generates, highlighting which areas drive growth and profitability, and indicating strategic focus.
Shows how much revenue each business segment generates, highlighting which areas drive growth and profitability, and indicating strategic focus.
Data provided by:
The Fly
The FlyAmeren (AEE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$29.37B
Dividend Yield2.79%
Average Volume (3M)1.91M
Price to Earnings (P/E)18.5
Beta (1Y)0.16
Revenue Growth3.76%
EPS Growth25.15%
CountryUS
Employees8,913
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)5.73
Shares Outstanding276,843,260
10 Day Avg. Volume2,040,443
30 Day Avg. Volume1,906,306
Financial Highlights & Ratios
PEG Ratio0.87
Price to Book (P/B)2.02
Price to Sales (P/S)3.07
P/FCF Ratio-32.90
Enterprise Value/Market Cap1.82
Enterprise Value/Revenue6.10
Enterprise Value/Gross Profit14.86
Enterprise Value/Ebitda12.60
Forecast
1Y Price Target
$113.91Price Target Upside5.72% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)5.4
Revenue Forecast (FY)$9.05B
Ameren Business Overview & Revenue Model
Company Description
Operating across the United States, Ameren Corporation functions as a utility holding company. The enterprise organizes its operations into four primary divisions: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas...
How the Company Makes Money
Ameren makes money primarily by providing regulated utility services and earning authorized returns set through regulatory processes. The core revenue model is based on collecting customer bills for (1) electricity service and (2) natural gas dist...
Ameren Earnings Call Summary
Earnings Call Date:Jul 30, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 05, 2026
Earnings Call Sentiment Positive
The call was strongly positive. Ameren reported year-over-year EPS growth, reaffirmed 2026 guidance, highlighted more than $2.6 billion of first-half infrastructure investment, top-quartile reliability, a substantial economic-development pipeline, major Google and Amazon projects, expanding generation and transmission plans, stable credit ratings, and more than $71 billion of investment opportunity through 2035. The principal challenges were higher reliability-related operating costs, a nonrecurring investment gain, pending regulatory decisions and adjustments, and the inability to accelerate the 2.1-gigawatt combined-cycle project. Highlights significantly outweighed lowlights.Positive Updates
Second-Quarter Earnings Increased and 2026 Guidance Reaffirmed
Second-quarter 2026 earnings were $1.13 per share, compared with $1.10 per share in the second quarter of 2025. Ameren reaffirmed its 2026 earnings-per-share guidance range of $5.25 to $5.45 and remains focused on delivering earnings at or above the midpoint.
Negative Updates
Higher Reliability-Related Operating Costs
The year-over-year earnings increase was partially offset by the cost of increased tree trimming and energy-center maintenance intended to improve system reliability and resiliency. Ameren Missouri's higher maintenance and operating expense reflected these efforts.
Read all updates
Q2-2026 Updates
Positive
Negative
Second-Quarter Earnings Increased and 2026 Guidance Reaffirmed
Second-quarter 2026 earnings were $1.13 per share, compared with $1.10 per share in the second quarter of 2025. Ameren reaffirmed its 2026 earnings-per-share guidance range of $5.25 to $5.45 and remains focused on delivering earnings at or above the midpoint.
Read all positive updates
Company Guidance
Ameren reaffirmed 2026 earnings per share guidance of $5.25 to $5.45 and remains focused on delivering 2026 earnings at or above the midpoint of its guidance range; its 5 year growth plan calls for annual earnings per share growth consistently near the upper end of its 6% to 8% compound annual earnings growth rate from 2026 through 2030, with 10.6% compound annual rate base growth, while the planning assumption remains 1.2 gigawatts of additional sales by the end of 30 and a compound annual sales growth rate of 6.2% from 2026 through 2030, with annual electricity sales expected to increase by 60% from 2025 levels by the end of 29, sales from the 2.8 gigawatts of ESAs expected to begin materializing in the second half of 27, and an updated sales, capital investment forecast, financing plans, and long term earnings growth expectations planned for the third quarter earnings call; Ameren also expects a Missouri PSC order by May 2027 with new rates effective by June 2027, an ICC decision in December with rates effective in January 2027, and approximately $4 billion of equity needs from 2026 through 2030, including approximately $600 million of equity sold forward and approximately $1.2 billion of common stock sold forward year to date.Ameren Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
56
Neutral
Cash Flow
44
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 8.75B | 8.80B | 7.62B | 7.50B | 7.96B | 6.39B |
| Gross Profit | 3.59B | 2.60B | 3.65B | 3.47B | 3.34B | 2.99B |
| EBITDA | 4.24B | 4.04B | 3.54B | 3.41B | 3.18B | 2.81B |
| Net Income | 1.56B | 1.46B | 1.18B | 1.15B | 1.07B | 990.00M |
Balance Sheet | ||||||
| Total Assets | 51.22B | 48.48B | 44.60B | 40.83B | 37.90B | 35.73B |
| Cash, Cash Equivalents and Short-Term Investments | 12.00M | 13.00M | 7.00M | 25.00M | 250.00M | 16.00M |
| Total Debt | 21.81B | 19.83B | 18.72B | 16.51B | 15.10B | 13.61B |
| Total Liabilities | 37.40B | 34.95B | 32.35B | 29.35B | 27.27B | 25.91B |
| Stockholders Equity | 13.69B | 13.40B | 12.11B | 11.35B | 10.51B | 9.70B |
Cash Flow | ||||||
| Free Cash Flow | -1.41B | -821.00M | -1.65B | -1.21B | -1.12B | -1.86B |
| Operating Cash Flow | 3.25B | 3.35B | 2.76B | 2.56B | 2.26B | 1.66B |
| Investing Cash Flow | -4.74B | -4.14B | -4.46B | -3.80B | -3.37B | -3.53B |
| Financing Cash Flow | 1.56B | 884.00M | 1.75B | 1.29B | 1.17B | 1.72B |
Ameren Technical Analysis
Positive
107.75
Price Trends
104.25
Positive
107.06
Negative
106.79
Negative
Market Momentum
0.16
Negative
64.96
Neutral
85.11
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AEE, the sentiment is Positive. The current price of 107.75 is above the 20-day moving average (MA) of 101.46, above the 50-day MA of 104.25, and above the 200-day MA of 106.79, indicating a neutral trend. The MACD of 0.16 indicates Negative momentum. The RSI at 64.96 is Neutral, neither overbought nor oversold. The STOCH value of 85.11 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AEE.
Ameren Risk Analysis
Ameren disclosed 20 risk factors in its most recent earnings report. Ameren reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Ameren Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $35.42B | 20.91 | 12.19% | 3.45% | 8.93% | -0.59% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
64 Neutral | $35.63B | 17.70 | 11.73% | 3.69% | 17.78% | 1.50% | |
63 Neutral | $27.00B | 20.37 | 10.78% | 3.59% | 17.53% | -8.86% | |
62 Neutral | $21.54B | 20.33 | 11.02% | 3.28% | 9.93% | -1.74% | |
60 Neutral | $29.37B | 18.51 | 11.70% | 2.79% | 3.76% | 25.15% | |
60 Neutral | $47.67B | 20.79 | 9.64% | 3.08% | 4.57% | 1.46% |
* Utilities Sector Average
AEE
Ameren
106.08
3.31
3.22%
CMS
CMS Energy
68.70
-4.11
-5.65%
DTE
DTE Energy
129.73
-8.82
-6.36%
PEG
Public Service Enterprise
71.49
-10.53
-12.84%
WEC
WEC Energy Group
108.71
-4.91
-4.32%
XEL
Xcel Energy
76.31
-2.52
-3.20%
Ameren Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Ameren Raises Capital with Long-Dated Subordinated Notes
Positive
Sep 18, 2026
On September 18, 2026, Ameren Corporation completed the sale of $900 million in junior subordinated notes due 2057, a long-dated security that sits low in the capital structure and supports balance sheet flexibility. The offering, conducted under ...
Business Operations and StrategyPrivate Placements and Financing
Ameren Expands Equity Distribution Program for Future Financing
Positive
Aug 4, 2026
On July 31, 2026, Ameren Corporation expanded its existing equity distribution program, increasing the aggregate gross sales price authorized for offerings of common stock by $2 billion. After this change, common stock with an aggregate gross sale...
Business Operations and StrategyFinancial Disclosures
Ameren posts stronger second-quarter 2026 earnings growth
Positive
Jul 30, 2026
On July 30, 2026, Ameren reported second-quarter 2026 net income attributable to common shareholders of $314 million, or $1.13 per diluted share, up from $275 million, or $1.01 per diluted share, in the prior-year quarter. For the first six months...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.