Ameren (AEE)
Market Price (10/23/2025): $105.38 | Market Cap: $28.5 BilSector: Utilities | Industry: Multi-Utilities
Ameren (AEE)
Market Price (10/23/2025): $105.38Market Cap: $28.5 BilSector: UtilitiesIndustry: Multi-Utilities
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%, Dividend Yield is 2.6% | Trading close to highsDist 52W High is -0.3%, Dist 3Y High is -0.3% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 70% |
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17% | Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -33% | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -19% |
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 3.0 Bil | ||
Low stock price volatilityVol 12M is 18% |
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.9%, Dividend Yield is 2.6% |
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 17% |
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, CFO LTM is 3.0 Bil |
Low stock price volatilityVol 12M is 18% |
Trading close to highsDist 52W High is -0.3%, Dist 3Y High is -0.3% |
Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -33% |
Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 70% |
Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -19% |
Market Valuation & Key Metrics
AEE Stock
Return vs. Risk
Price Returns Compared
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
---|---|---|---|---|---|---|---|
Returns | |||||||
AEE Return | 4% | 17% | 3% | -16% | 27% | 21% | 62% |
Peers Return | 0% | 10% | 1% | -10% | 20% | 16% | 40% |
S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 14% | 106% |
Monthly Win Rates [3] | |||||||
AEE Win Rate | 50% | 50% | 50% | 50% | 50% | 44% | |
Peers Win Rate | 55% | 52% | 58% | 53% | 55% | 58% | |
S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 67% | |
Max Drawdowns [4] | |||||||
AEE Max Drawdown | -20% | -10% | -14% | -18% | -6% | -3% | |
Peers Max Drawdown | -33% | -9% | -15% | -22% | -8% | -10% | |
S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: SRE, DTE, PNW, NEE, D. See AEE Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 10/22/2025 (YTD)
How Low Can It Go
Event | AEE | S&P 500 |
---|---|---|
2022 Inflation Shock | ||
% Loss | -27.8% | -25.4% |
% Gain to Breakeven | 38.5% | 34.1% |
Time to Breakeven | 508 days | 464 days |
2020 Covid Pandemic | ||
% Loss | -29.5% | -33.9% |
% Gain to Breakeven | 41.9% | 51.3% |
Time to Breakeven | 504 days | 148 days |
2018 Correction | ||
% Loss | -18.5% | -19.8% |
% Gain to Breakeven | 22.7% | 24.7% |
Time to Breakeven | 190 days | 120 days |
2008 Global Financial Crisis | ||
% Loss | -63.7% | -56.8% |
% Gain to Breakeven | 175.6% | 131.3% |
Time to Breakeven | 2909 days | 1480 days |
Compare to SRE, DTE, PNW, NEE, D
In The Past
Ameren's stock fell -27.8% during the 2022 Inflation Shock from a high on 4/20/2022. A -27.8% loss requires a 38.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth over time.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Latest Trefis Analyses
Title | Topic | Date | |
---|---|---|---|
DASHBOARDS | |||
Ameren Earnings Notes | |||
How Low Can Ameren Stock Really Go? | Return | ||
Ameren vs Newmont: Which Is A Better Investment? | Counter-Intuitive Comparisons | ||
Ameren vs Chesapeake Utilities: Which Is A Better Investment? | Counter-Intuitive Comparisons | ||
How Does Ameren Stock Stack Up Against Its Peers? | Peer Comparison | ||
Better Bet Than AEE Stock: Pay Less Than Ameren To Get More From ADBE, MMC | |||
Better Bet Than AEE Stock: Pay Less Than Ameren To Get More From AWK, ES | |||
Better Bet Than AEE Stock: Pay Less Than Ameren To Get More From PNW | |||
Ameren Total Shareholder Return (TSR): 30.0% in 2024 and ...% 3-yr compounded annual returns (below peer average) | |||
Ameren vs. Large Cap Stocks: Which Is A Better Investment? | Investment Theme Comparisons | ||
ARTICLES | |||
Mid Cap Stocks Trading At 52-Week High | September 30th, 2025 |
Trade Ideas
Select past ideas related to AEE. For more, see Trefis Trade Ideas.
Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
---|---|---|---|---|---|---|---|
09302025 | AES | AES | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 8.8% | 8.8% | 0.0% |
05312025 | VST | Vistra | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 16.4% | 16.4% | 0.0% |
08312023 | AEE | Ameren | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -8.7% | 7.8% | -12.9% |
02282023 | AEE | Ameren | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.1% | -10.8% | -15.3% |
Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
---|---|---|---|---|---|---|---|
09302025 | AES | AES | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 8.8% | 8.8% | 0.0% |
05312025 | VST | Vistra | Quality | Q | Momentum | UpsideQuality Stocks with Momentum and UpsideBuying quality stocks with strong momentum but still having room to run | 16.4% | 16.4% | 0.0% |
08312023 | AEE | Ameren | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -8.7% | 7.8% | -12.9% |
02282023 | AEE | Ameren | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -1.1% | -10.8% | -15.3% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Ameren
Financials
Median | |
---|---|
Name | |
Mkt Price | 92.34 |
Mkt Cap | 40.7 |
Rev LTM | 13,768 |
Op Inc LTM | 2,646 |
FCF LTM | -1,208 |
FCF 3Y Avg | -1,133 |
CFO LTM | 4,090 |
CFO 3Y Avg | 3,600 |
Growth & Margins
Median | |
---|---|
Name | |
Rev Chg LTM | 6.4% |
Rev Chg 3Y Avg | 7.5% |
Rev Chg Q | 9.8% |
QoQ Delta Rev Chg LTM | 2.3% |
Op Mgn LTM | 21.0% |
Op Mgn 3Y Avg | 20.6% |
QoQ Delta Op Mgn LTM | -0.1% |
CFO/Rev LTM | 34.0% |
CFO/Rev 3Y Avg | 31.3% |
FCF/Rev LTM | -17.2% |
FCF/Rev 3Y Avg | -16.1% |
Valuation
Median | |
---|---|
Name | |
Mkt Cap | 40.7 |
P/S | 3.4 |
P/EBIT | 13.3 |
P/E | 22.4 |
P/CFO | 10.4 |
Total Yield | 7.4% |
Dividend Yield | 2.7% |
FCF Yield 3Y Avg | -6.9% |
D/E | 0.8 |
Net D/E | 0.8 |
Returns
Median | |
---|---|
Name | |
1M Rtn | 6.9% |
3M Rtn | 5.9% |
6M Rtn | 12.7% |
12M Rtn | 10.6% |
3Y Rtn | 44.9% |
1M Excs Rtn | 4.8% |
3M Excs Rtn | 0.2% |
6M Excs Rtn | -12.0% |
12M Excs Rtn | -4.1% |
3Y Excs Rtn | -38.2% |
Comparison Analyses
Segment Financials
Revenue by Segment
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Ameren Missouri | 3,859 | 4,046 | 3,353 | 3,109 | 3,243 |
Ameren Illinois Electric Distribution | 2,218 | 2,256 | 1,639 | 1,498 | 1,504 |
Ameren Illinois Natural Gas | 897 | 1,180 | 957 | 760 | 797 |
Ameren Transmission | 677 | 615 | 562 | 523 | 464 |
Other | 0 | 0 | 0 | 0 | 0 |
Intersegment Eliminations | -151 | -140 | -117 | -96 | -98 |
Total | 7,500 | 7,957 | 6,394 | 5,794 | 5,910 |
$ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
---|---|---|---|---|---|
Ameren Missouri | 545 | 562 | 518 | 436 | 426 |
Ameren Transmission | 296 | 263 | 230 | 216 | 185 |
Ameren Illinois Electric Distribution | 258 | 202 | 165 | 143 | 146 |
Ameren Illinois Natural Gas | 134 | 123 | 108 | 99 | 84 |
Intersegment Eliminations | 0 | 0 | 0 | 0 | 0 |
Other | -81 | -76 | -31 | -23 | -13 |
Total | 1,152 | 1,074 | 990 | 871 | 828 |
Returns Analyses
Earnings Returns History
Expand for MoreForward Returns | |||
---|---|---|---|
Earnings Date | 1D Returns | 5D Returns | 21D Returns |
7/31/2025 | 1.0% | 1.2% | -1.3% |
5/1/2025 | 1.4% | -0.4% | -1.0% |
2/13/2025 | -0.2% | 0.3% | 3.2% |
11/6/2024 | -1.4% | 4.1% | 4.6% |
8/1/2024 | 1.6% | -1.3% | 1.5% |
5/2/2024 | -1.5% | -0.6% | -2.0% |
2/22/2024 | 1.1% | 0.5% | 2.2% |
11/8/2023 | -1.9% | 0.1% | 0.6% |
... | |||
SUMMARY STATS | |||
# Positive | 11 | 13 | 14 |
# Negative | 13 | 11 | 10 |
Median Positive | 1.0% | 1.8% | 2.2% |
Median Negative | -1.4% | -1.0% | -2.3% |
Max Positive | 2.0% | 5.1% | 8.6% |
Max Negative | -2.9% | -4.0% | -18.7% |
SEC Filings
Expand for MoreReport Date | Filing Date | Filing |
---|---|---|
6302025 | 8042025 | 10-Q 6/30/2025 |
3312025 | 5052025 | 10-Q 3/31/2025 |
12312024 | 2182025 | 10-K 12/31/2024 |
9302024 | 11072024 | 10-Q 9/30/2024 |
6302024 | 8052024 | 10-Q 6/30/2024 |
3312024 | 5062024 | 10-Q 3/31/2024 |
12312023 | 2292024 | 10-K 12/31/2023 |
9302023 | 11092023 | 10-Q 9/30/2023 |
6302023 | 8032023 | 10-Q 6/30/2023 |
3312023 | 5052023 | 10-Q 3/31/2023 |
12312022 | 2222023 | 10-K 12/31/2022 |
9302022 | 11042022 | 10-Q 9/30/2022 |
6302022 | 8082022 | 10-Q 6/30/2022 |
3312022 | 5062022 | 10-Q 3/31/2022 |
12312021 | 2232022 | 10-K 12/31/2021 |
9302021 | 11042021 | 10-Q 9/30/2021 |
Insider Activity
Expand for MoreOwner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
---|---|---|---|---|---|---|---|---|---|
0 | Lindgren Mark C | 9152025 | Sell | 100.89 | 3,500 | 353,115 | 4,295,291 | Form | |
1 | Mizell Gwendolyn G | 9042025 | Sell | 99.50 | 1,500 | 149,250 | 759,086 | Form | |
2 | Mizell Gwendolyn G | 8262025 | Sell | 101.79 | 1,000 | 101,790 | 929,241 | Form | |
3 | MOEHN MICHAEL L | Sr Executive VP & CFO | 8052025 | Sell | 102.54 | 6,500 | 666,510 | 21,008,293 | Form |
4 | MOEHN MICHAEL L | Sr Executive VP & CFO | 5212025 | Sell | 98.62 | 6,500 | 641,030 | 20,785,940 | Form |
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