# Ameren Corporation (AEE)

> Source: Nexqual · https://nexqual.com/AEE · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ameren Corporation (AEE), nexqual.com/AEE" · informational, not investment advice.

**Price:** USD 108.94 (+2.31% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 106.48 · day 106.94–109.14 · 52w 96.57–118.32 · market cap $30.2B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $8.75B, net income $1.57B (17.9% margin), free cash flow -$1.40B (SEC filings).
- Valuation: P/E 19.2x (avg 18.4x at the last 3 fiscal year-ends), EV/EBITDA 13.2x, net debt $20.6B.
- Insider open-market sales, last ~7 months: 6 Form 4 filings, $1.8M; 2 not under a Rule 10b5-1 plan ($133K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.37 on a 1–5 scale) (19 analysts), mean target USD 114.62 (range 104–126).
- Total return with dividends: 1Y +7.4% vs S&P 500 +14.9%; 5Y +48.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 2.29, revenue estimate $2.83B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.39B | $7.96B | $7.50B | $7.62B | $8.80B | $8.75B |
| Operating income | $1.33B | $1.51B | $1.56B | $1.52B | $2.03B | $2.18B |
| Net income | $995M | $1.08B | $1.16B | $1.19B | $1.46B | $1.57B |
| EPS (diluted) | $3.84 | $4.14 | $4.38 | $4.42 | $5.35 | — |
| Free cash flow | -$1.82B | -$1.09B | -$1.03B | -$1.56B | -$775M | -$1.40B |
| Operating margin | 20.8% | 19.0% | 20.8% | 19.9% | 23.0% | 24.9% |
| Net margin | 15.6% | 13.6% | 15.4% | 15.6% | 16.6% | 17.9% |
| Revenue growth | +10.4% | +24.4% | -5.7% | +1.6% | +15.4% | — |
| Cash + short-term investments | $8.0M | $10.0M | $25.0M | $7.0M | $13.0M | — |
| Total debt | $13.2B | $14.1B | $16.1B | $17.8B | $19.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.2x · P/S 3.5x · EV/EBITDA 13.2x · EV/Sales 5.8x · P/B 2.2x · FCF yield -4.64% · Earnings yield 5.20% · Dividend yield (paid, TTM) 2.65% · Net debt $20.6B · EV $50.7B
P/E at fiscal year-ends: Dec 2025 18.6x, Dec 2024 20.1x, Dec 2023 16.5x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
4 of 6 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-11 | Flores Rafael | Director | 248 | $26K | 1.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-18…2026-08-20 | Martin Ryan J | SVP Finance | 971 | $107K | 3.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-14 | Shaw Theresa A | SVP and CATO | 325 | $35K | 1% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-03 | Moehn Michael L | Group President, Utilities | 6,500 | $708K | 3.1% | Yes | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-12…2026-05-14 | Shaw Theresa A | SVP and CATO | 1,825 | $199K | 5.2% | Yes | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-01 | Moehn Michael L | Group President, Utilities | 6,500 | $739K | 3% | Yes | Routine (sold in Nov each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.37 on a 1–5 scale), 19 analysts; mean target USD 114.62 (low 104, high 126).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | TD Cowen | Initiated | Hold | $114 |
| 2026-10-21 | Morgan Stanley | Target raised | Equal-Weight | $108 → $109 |
| 2026-10-20 | BMO Capital | Target lowered | Outperform | $119 → $113 |
| 2026-10-19 | Barclays | Target lowered | Equal-Weight | $117 → $109 |
| 2026-10-14 | Truist Securities | Target lowered | Buy | $120 → $116 |
| 2026-10-13 | Keybanc | Target raised | Overweight | $116 → $122 |
| 2026-09-30 | Mizuho | Target lowered | Outperform | $124 → $113 |
| 2026-09-29 | Scotiabank | Initiated | Sector Perform | $104 |
| 2026-09-25 | RBC Capital | Target lowered | Sector Perform | $114 → $107 |
| 2026-09-18 | Morgan Stanley | Target lowered | Equal-Weight | $114 → $108 |
| 2026-08-21 | Morgan Stanley | Target lowered | Equal-Weight | $118 → $114 |
| 2026-08-17 | Truist Securities | Target lowered | Buy | $124 → $120 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +7.4% | +48.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +7.4% | +8.1% |
| Volatility (annualized) | 17.7% | 19.4% |
| Max drawdown | -15.6% (Jun 2026→Sep 2026) | -26.2% (Aug 2022→Feb 2024) |

## Peers (Utilities - Regulated Electric)
FTS (Fortis Inc.) USD 57.88 +3.41% · DTE (DTE Energy Company) USD 133.06 +2.63% · CNP (CenterPoint Energy, Inc (Holdin) USD 41.2 +2.18% · FE (FirstEnergy Corp.) USD 46.49 +2.15% · PPL (PPL Corporation) USD 35.35 +2.23% · ES (Eversource Energy (D/B/A)) USD 67.84 +3.41%

## More
Full page: https://nexqual.com/AEE · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in AEE's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1002910/000100291026000009/aee-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Missouri | "•our ability to realize and support forecasted energy demand and capacity from new and potential new customers, including demand growth dependent on the addition of new data centers and other large primary service custom…" |
| Customer | Illinois | "•the impact of current environmental laws or their interpretation and new, more stringent, or changing requirements and environmental policies, including those related to NSR, CO2, NOx, SO2, and other emissions and disch…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Union Electric Company | $1.12B | 53.7% | -16.1% |
| Ameren Illinois Electric Distribution | $629.0M | 30.1% | +9.8% |
| Ameren Transmission | $229.0M | 10.9% | +10.1% |
| Ameren Illinois Natural Gas | $176.0M | 8.4% | +11.4% |
| Total revenue | $2.09B | 100% | — |
The lines above cover 103.2% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Electric | $1.09B | 52.3% | -16.8% |
| Natural gas | $30.0M | 1.4% | +20.0% |
| Total revenue | $2.09B | 100% | — |
The lines above cover 53.7% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.29 | $2.34 | -2.0% | $2.83B | 4 |
| Next quarter (ends 2026-12-31) | $0.73 | $0.69 | +5.5% | $1.96B | 5 |
| Current fiscal year (ends 2026-12-31) | $5.39 | $5.38 | +0.2% | $9.11B | 8 |
| Next fiscal year (ends 2027-12-31) | $5.81 | $5.84 | -0.5% | $9.69B | 7 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±4.6%; last 8 reports averaged ±1.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 20.1% | ±4.6% |
| 2026-12-18 | 56 | 18.6% | ±6.1% |
| 2027-03-19 | 147 | 18.9% | ±9.7% |
| 2027-06-17 | 237 | 19.3% | ±12.4% |