Latest revenue
$2.18B
as of 2026-03-31
Latest net income
—
as of 2026-03-31
Net margin
—
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $27.50B
- Enterprise value
- $47.59B
- P/E (trailing)
- 18.5×
- Forward P/E
- —
- P/B
- 2.15×
- Dividend yield
- 2.6%
- 52-wk high
- $115.58
- 52-wk low
- $93.50
- Beta
- —
- Shares out
- 247.1M
5-year trend
What this company does
Ameren is a regulated utility holding company that delivers electricity and natural gas to customers across Missouri and Illinois through subsidiaries including Ameren Missouri. The company earns nearly all its revenue from regulated electric service, which generated $6.2 billion of its $7.0 billion in nine-month 2025 sales, with natural gas distribution a small remainder. Ameren is in the middle of a heavy capital investment cycle, spending $3.1 billion year-to-date on grid and generation infrastructure while growing rate base, pushing earnings up 23% and long-term debt to $19.2 billion.
Generated from AEE's filing dated 2026-02-18
Key risks
- Heavy capex burden: $3.1B nine-month capital spend drove long-term debt up to $19.2B from $17.3B, with interest charges rising 16% to $570M.
- Regulatory dependence: $2.9B in regulatory assets and pending rate cases mean earnings hinge on MO/IL commission decisions on cost recovery.
- Fuel cost exposure: fuel and purchased power surged 79% YoY to $2.06B for nine months, pressuring margins absent timely rate riders.
Generated from AEE's filing dated 2026-02-18
Profitability
Operating margin
23.0%
15.8%Net margin
16.9%
8.8%Return on equity
11.1%
13.5%Return on assets
3.1%
15.5%Leverage
Debt / equity
2.62×
2.4%Long-term debt / equity
1.36×
4.6%Debt / assets
72.4%
0.7%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $2.18B | +3.8% | — | — | — |
Q4 2025 2025-12-31 | $1.78B | -8.2% | — | — | — |
Q3 2025 2025-09-30 | $2.70B | +24.2% | — | — | — |
Q2 2025 2025-06-30 | $2.22B | +31.2% | — | — | — |
Q1 2025 2025-03-31 | $2.10B | +15.5% | $279.0M | +16.3% | 13.3% |
Q4 2024 2024-12-31 | $1.94B | — | $197.0M | — | 10.1% |
Q3 2024 2024-09-30 | $2.17B | +5.5% | $495.0M | -7.6% | 22.8% |
Q2 2024 2024-06-30 | $1.69B | -3.8% | $252.0M | +9.1% | 14.9% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Electric & Other Services Combined · SIC 4931
Your notes
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Insider activity
Insider buying
$0
Insider selling
$9.1M
Net activity
−$9.1M
Distinct insiders
11
Open-market trades over the last 365 days.
Recent transactions
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns AEE
Institutional value
$12.45B
Total shares held
117.4M
Distinct holders
664
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 23.8M | $2.62B | — | New |
| 2 | VANGUARD CAPITAL MANAGEMENT LLC | 17.9M | $1.97B | — | New |
| 3 | VANGUARD PORTFOLIO MANAGEMENT LLC | 15.8M | $1.74B | — | New |
| 4 | FRANKLIN RESOURCES INC | 5.7M | $624.6M | — | New |
| 5 | Invesco Ltd. | 4.6M | $500.8M | — | New |
| 6 | WELLS FARGO & COMPANY/MN | 3.0M | $325.4M | — | New |
| 7 | Pictet Asset Management Holding SA | 2.3M | $249.3M | — | New |
| 8 | Nuveen, LLC | 2.2M | $246.8M | — | New |
| 9 | Legal & General Group Plc | 2.0M | $214.5M | — | New |
| 10 | VANGUARD FIDUCIARY TRUST CO | 1.6M | $170.9M | — | New |
| 11 | Bank of New York Mellon Corp | 1.5M | $167.7M | — | New |
| 12 | DEUTSCHE BANK AG\ | 1.4M | $155.2M | — | New |
| 13 | JENNISON ASSOCIATES LLC | 1.4M | $154.9M | — | New |
| 14 | JPMORGAN CHASE & CO | 1.3M | $142.4M | — | New |
| 15 | ANTIPODES PARTNERS Ltd | 1.3M | $139.8M | — | New |
| 16 | DUFF & PHELPS INVESTMENT MANAGEMENT CO | 1.2M | $127.5M | — | New |
| 17 | DIMENSIONAL FUND ADVISORS LP | 1.2M | $126.6M | — | New |
| 18 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 1.1M | $120.8M | — | New |
| 19 | REAVES W H & CO INC | 1.1M | $117.9M | — | New |
| 20 | UBS Group AG | 1.0M | $111.8M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Ameren Missouri fuel and purchased power jumped 108% YTD to $1.43B versus revenue up only 33%—what's driving this margin compression and is recovery via FAC at risk?
- 2
With capex running $3.1B YTD and long-term debt up $1.9B to $19.2B, when do you need a major equity raise to defend the balance sheet?
- 3
Interest charges rose 16% to $570M YTD—what's your weighted average new-issue coupon and how much of the 2026 capex plan is unhedged against rates?
Refreshed when AEE files a new report · last from 2026-02-18