# Ameren Corporation (AEE) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/AEE/thesis · /stocks/AEE/memo

## Financial 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/AEE/fundamental

## Navigation

- Overview: /stocks/AEE
- Financials (this page): /stocks/AEE/financials
- Thesis: /stocks/AEE/thesis
- Investment Memo: /stocks/AEE/memo
- Coverage universe: /stocks