Ameren Corporation
AEEFinancial Snapshot
ticker: AEE step: 04 generated: 2026-05-12 source: quick-research
Ameren Corporation (AEE) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue | $7.96B | $7.50B | $7.62B | +1.6% |
| Operating Margin | ~16% | ~17% | ~17% | flat |
| Net Income | ~$1.1B | ~$1.17B | ~$1.18B | |
| GAAP EPS | $4.14 | $4.38 | $4.42 | +0.9% |
| Adj. EPS | ~$4.25 | ~$4.45 | $4.63 | +4.0% |
Note: Revenue decline in 2023 reflects lower fuel/commodity pass-through costs — earnings grew throughout. EPS growth tracks rate base expansion; capital investments compound at ~9% annually.
Cash Flow & Balance Sheet (FY2024)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$2.2B |
| Free Cash Flow | Negative (capex-intensive; ~$4-5B capex/year) |
| Cash & Equivalents | ~$0.2B |
| Total Debt | ~$12B |
| Annual Dividend | ~$2.73/share (~3.0% yield) |
Key Ratios (approximate)
- P/E: ~20x | EV/Rate Base: ~1.4x | Dividend Yield: ~3.0%
- Rate Base CAGR (2024–2029): ~9.2% | EPS CAGR Target: 6–8%
- Adj. EPS 2025 Guidance: $4.85–$5.05 (midpoint +7.1% vs. 2024)
Growth Profile
Ameren's earnings grow in lockstep with rate base, which is projected to compound at ~9.2% annually through 2029 — well above the utility sector average. Missouri's clean energy transition (replacing coal with solar, wind, and grid-scale batteries) and Illinois transmission grid upgrades are the two primary investment drivers. Illinois Formula Rates provide near-automatic annual recovery on transmission investments, reducing regulatory lag risk. EPS missed analyst estimates by 4.4% in 2024 but guidance for 2025 (midpoint +7%) is consistent with the long-term plan.
Forward Estimates
- FY2025 Adj. EPS: $4.85–$5.05 (+7% YoY midpoint)
- 2024–2029 EPS CAGR target: 6–8%
- 5-year capex plan: ~$24B (grid, clean energy, transmission)
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $AEE.