AMEREN CORP (AEE)

Price—Loading quote

AI: Fair-priced

Price checkThe price reasonably reflects Ameren’s dependable growth, leaving little obvious bargain or excess.

The latest available close was $109.74 on August 14. Against Ameren’s unchanged 2026 earnings guidance midpoint of $5.35 per share, buyers pay about 20.5 times expected earnings, while the $3.00 annualized dividend yields roughly 2.7%. If earnings grow at management’s projected 6%–8% yearly rate, 2030 earnings would reach about $6.75–$7.28 per share. That growth supports today’s price, but the required investment, debt, and share issuance leave insufficient safety for an undervalued verdict.

Big pictureProfits and operating cash are rising, but construction consistently consumes more cash than operations provide.

Net income increased from $877 million in 2020 to $1.46 billion in 2025, while earnings per share rose from $3.50 to $5.35 despite more shares. Operating cash increased from $1.73 billion to $3.35 billion. However, 2025 construction spending exceeded operating cash by $775 million before $768 million of dividends. During the first half of 2026, that shortfall widened to $1.46 billion before dividends. Regulated rates make earnings relatively durable, although weather still changes customer use; warmer winter conditions reduced first-quarter Missouri sales.

Business strengthRegulated assets support dependable earnings, but debt and new shares fund much of the expansion.

At June 30, Ameren had $21.81 billion of debt and only $12 million of cash; current liabilities exceeded current assets by $2.33 billion. Debt was roughly six times 2025 earnings before interest, tax, depreciation, and amortization, a heavy load supported by regulated assets and investment-grade credit access. The trade-off is dilution: shares rose 9.3% from 2020 to 276.8 million, and Ameren plans about $4 billion of equity financing through 2030. The 2025 dividend used 53% of net income, while no buybacks were reported.

What could change the storySuccessful rate recovery and new power demand could lift growth, while financing or regulatory setbacks could erase it.

The bull case rests on $31.8 billion of planned infrastructure investment, projected 10.6% annual growth in the asset base regulators permit Ameren to earn on, and contracted large-customer demand. Management targets 6%–8% yearly earnings growth through 2030. The bear case is that regulators trim or delay cost recovery while debt, interest expense, and dilution continue rising. Evidence would strengthen if 2026 earnings reach $5.25–$5.45 and debt growth slows; falling below guidance or issuing equity faster than earnings grow would weaken it.

$109.74 price considered

AI: News

Second-quarter earnings riseProfit rose and guidance held, supporting confidence while heavy investment and maintenance costs remained visible.

On July 30, Ameren reported second-quarter net income of $314 million, up from $275 million, and earnings of $1.13 per share versus $1.01. Revenue fell 5.8% to $2.09 billion, but infrastructure investment supported profit growth, partly offset by tree-trimming and power-plant maintenance costs. Management retained its $5.25–$5.45 full-year earnings range. Shares gained 0.79% the next trading day on elevated volume; that timing shows relevance but does not prove the report caused the move.

West Alton plant proposalAmeren proposed a large gas plant that could expand earnings but deepen financing and approval risks.

On July 28, Missouri regulators disclosed Ameren’s request to construct a 2,100-megawatt natural-gas plant at its existing Sioux Energy Center site. The three-unit West Alton facility would begin operating by the end of 2031, subject to approval. Ameren also requested permission to include some construction spending in customer rates before completion. Approval could add a large regulated asset and dependable generating capacity; rejection, cost escalation, or unfavorable recovery terms would reduce expected returns and increase financing pressure.

Amazon campus announcedAmazon’s planned campus could add major electricity demand without shifting connection costs to ordinary customers.

Amazon announced a $10 billion Missouri data-center campus on June 26, expected to create 400 permanent jobs. Ameren said the project falls under its Powering Missouri Growth Plan, requiring the customer to pay 100% of grid-connection costs upfront. That protection reduces the risk that unused connection assets burden existing customers, while sustained electricity purchases could expand Ameren’s earnings base. The precise demand level, service start date, and ultimate operating scale were not disclosed, so the value remains uncertain.

Missouri rate requestA proposed bill increase would recover recent investments, but regulators and customers still must approve it.

On June 26, Ameren Missouri requested new electric rates beginning in mid-2027 to recover grid and generation investments. If approved, an average residential customer using 1,011 kilowatt-hours would pay about $13 more monthly. Ameren also projected $21 million of base-rate savings over two years from future large customers. AEE rose 3.31% that day to $118.32, but the Amazon announcement and wider market trading occurred simultaneously, so attributing the move specifically to the rate filing would be uncertain.

Revenue

2018

2019

2020

2021

2022

2023

2024

2025

Net income

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$8.80B	$7.62B	$7.50B	$7.96B	$6.39B	$5.79B	$5.91B	$6.29B	$6.17B	$6.08B	$6.10B	$6.05B	$5.84B	$5.78B	$6.15B	$7.64B	$7.13B	$7.87B	$7.56B
Operating expenses	$6.77B	$6.11B	$5.94B	$6.44B	$5.06B	$4.49B	$4.64B	$4.93B	$4.76B	$4.75B	$4.84B	$4.80B	$4.65B	$4.59B	$5.12B	$6.72B	$5.72B	$6.51B	$6.20B
Operating income	$2.03B	$1.52B	$1.56B	$1.51B	$1.33B	$1.30B	$1.27B	$1.36B	$1.41B	$1.32B	$1.26B	$1.25B	$1.18B	$1.19B	$1.03B	$916.0M	$1.42B	$1.36B	$1.36B
EBITDAderived	$3.64B	$3.04B	$2.99B	$2.89B	$2.55B	$2.45B	$2.27B	$2.29B	$2.29B	$2.16B	$2.04B	$1.96B	$1.85B	$1.82B	$1.64B	$1.66B	$2.12B	$2.07B	$2.09B
Net income	$1.46B	$1.19B	$1.16B	$1.08B	$995.0M	$877.0M	$834.0M	$821.0M	$523.0M	$653.0M	$630.0M	$586.0M	$289.0M	−$974.0M	$519.0M	$139.0M	$612.0M	$605.0M	$618.0M
Basic EPSper diluted share	$5.38	$4.43	$4.39	$4.16	$3.86	$3.53	$3.37	$3.34	$2.16	$2.69	$2.60	$2.42	$1.19	-$4.01	$2.15	$0.58	$2.78	—	—
Diluted EPSper diluted share	$5.35	$4.42	$4.38	$4.14	$3.84	$3.50	$3.35	$3.32	$2.14	$2.68	$2.59	$2.40	$1.18	-$4.01	$2.15	$0.58	$2.78	—	—

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)34$14.94M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 14, 2026Form 4 · 10b5-1	Shaw Theresa ASVP and CATO	SellCommon Stock, $.01 Par Value	325	$109.08	$35.5K	32.6K
May 12, 2026Form 4 · 10b5-1	Shaw Theresa ASVP and CATO	SellCommon Stock, $.01 Par Value	1.5K	$109.35	$164.0K	32.9K
May 1, 2026Form 4 · 10b5-1	MOEHN MICHAEL LGroup President, Utilities	SellCommon Stock, $.01 Par Value	6.5K	$113.63	$738.6K	205.6K
Mar 4, 2026Form 4	Martin Ryan JSVP Finance	SellCommon Stock, $.01 Par Value	1.3K	$113.31	$147.3K	26.5K
Mar 3, 2026Form 4 · 10b5-1	Lindgren Mark COther	SellCommon Stock, $.01 Par Value	2.1K	$111.84	$231.8K	45.0K

Review ownership filings at SEC.gov ↗

AMEREN CORP (AEE)

Financial charts

Financial statements

Insider buys & sells