At a glance
Ameren Corp is worth $30.85B, about 21 times its fiscal 2025 earnings. Revenue grew 15.4% to $8.80B in fiscal 2025, with 16.5% kept as profit; over 5 years it has grown 8.7% a year. It pays a 2.66% dividend yield, raised every year for at least 9 years, and returned $3.32B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +12.3% over the past year with dividends reinvested and +8.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 29.1% in the 2020 crash (S&P 500: 33.7%) and 23.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 13 months and 25 months after the lows.
The business in plain English
Ameren is a utility holding company based in St. Louis, Missouri. A holding company is a parent whose main assets are its stakes in separate businesses, which it calls subsidiaries. Ameren's subsidiaries generate and deliver electricity and deliver natural gas in Missouri and Illinois. Ameren's dividend depends on the cash those subsidiaries pass up to it. In fiscal 2025 (the year ended December 31, 2025), revenue was $8.8 billion: 87.1% from electricity and 12.9% from natural gas.
Ameren cannot set its own prices. Three regulators approve its rates: the Missouri Public Service Commission, the Illinois Commerce Commission and the Federal Energy Regulatory Commission (FERC). Rates are meant to cover costs plus a return on rate base, which is the money invested in plants, wires and pipes. The allowed return on equity (ROE) is the profit rate regulators allow on shareholders' stake in that investment. As of January 1, 2026, it was 8.72% for Illinois electric delivery and 10.48% for transmission. Profit growth depends mainly on investing more and winning approval to charge for it.
Ameren Missouri is the largest piece, with revenue equal to 54.5% of the fiscal 2025 total. It owns power plants, including the Callaway nuclear plant, coal-fired plants and hydroelectric centers, plus local electric and gas networks. Ameren Illinois Electric Distribution added 27.3% and Ameren Illinois Natural Gas 11%. Ameren Transmission, at 9.8%, runs high-voltage lines under rates set by FERC.
Price history
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AEE +12.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Electric | $7.67B | 87.1% |
| Natural gas | $1.13B | 12.9% |
By business segment
| Ameren Missouri | $4.79B | 54.5% |
| Ameren Illinois Electric Distribution | $2.40B | 27.3% |
| Ameren Illinois Gas | $968.0M | 11% |
| Ameren Transmission | $862.0M | 9.8% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $2.09B, down 5.8% from a year earlier, and net income was $314.0M (+14.2%).
- For fiscal 2025, revenue was $8.80B (+15.4% year over year; +8.7% a year from FY2020 to FY2025) with a 16.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +8.7% good |
|---|---|
| Operating margin | 23% good |
| Free cash flow margin | -8.8% weak |
| Return on equity (FY2025) | 10.9% watch |
| Return on assets (FY2025) | 3% watch |
| Net cash (cash minus debt) | $-21.80B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.79B | $871.0M | $-1.51B |
| FY2021 | $6.39B | $990.0M | $-1.82B |
| FY2022 | $7.96B | $1.07B | $-1.09B |
| FY2023 | $7.50B | $1.15B | $-1.03B |
| FY2024 | $7.62B | $1.18B | $-1.56B |
| FY2025 | $8.80B | $1.46B | $-775.0M |
Valuation snapshot
| Market value | $30.85B |
|---|---|
| P/E ratio | 20.8 |
| Dividend yield | 2.66% |
Rank among 1514 US companies
Market value at each year end
Ameren’s market value went from $12.73B at the end of 2016 to $30.85B on Nov 2, 2026, about 2.4 times as much; since the end of 2025 it is up 14%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $30.85B | +14.2% |
| 2025 | $27.01B | +13.5% |
| 2024 | $23.79B | +25.1% |
| 2023 | $19.02B | -17.3% |
| 2022 | $22.99B | +0.3% |
| 2021 | $22.93B | +18.8% |
| 2020 | $19.30B | +2.1% |
| 2019 | $18.90B | +18.6% |
| 2018 | $15.94B | +11.3% |
| 2017 | $14.31B | +12.4% |
| 2016 | $12.73B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| AEE price data to Nov 2, 2026 | +13.9% | +12.3% | +16.1% | +8.9% | +11.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +13.9% |
| 2025 | +15.3% |
| 2024 | +27.5% |
| 2023 | -16.1% |
| 2022 | +2.5% |
| 2021 | +17.1% |
| 2020 | +4.3% |
| 2019 | +20.9% |
| 2018 | +14.0% |
| 2017 | +16.0% |
| 2016 | +26.8% |
| 2015 | -2.4% |
| 2014 | +32.7% |
| 2013 | +23.3% |
| 2012 | -2.5% |
| 2011 | +24.0% |
| 2010 | +7.0% |
| 2009 | -10.4% |
| 2008 | -34.6% |
| 2007 | +5.9% |
| 2006 | +10.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 59.9% over that stretch · deepest drop along the way 60.6%, back to its old high 59.4 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 28.1% over that stretch · deepest drop along the way 29.1%, back to its old high 12.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 13.7% over that stretch · deepest drop along the way 23%, back to its old high 25 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 0 open-market purchases and 12 sales ($5.7M), 8 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Mar 3, 2026 | Martin J Lyons Chairman, President & CEO, Director | sell (plan) | $3.0M |
| May 1, 2026 | Michael L Moehn Group President, Utilities | sell (plan) | $739K |
| Aug 3, 2026 | Michael L Moehn Group President, Utilities | sell (plan) | $708K |
| Mar 3, 2026 | Shawn E Schukar Chmn & President of Subsidiary | sell (plan) | $556K |
| Mar 3, 2026 | Mark C Lindgren EVP & Chief HR Officer of Sub | sell (plan) | $232K |
Who owns it
Large shareholders (13G filings)
| T. Rowe Price Associates, Inc. | 8.1% | Dec 31, 2025 |
| BlackRock, Inc. | 8.1% | Dec 31, 2025 |
| Vanguard Capital Management | 7.53% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.74% | Mar 31, 2026 |
| STATE STREET CORPORATION | 5.2% | Sep 30, 2025 |
| T. Rowe Price Investment Management, Inc. | 2.7% | Mar 31, 2026 |
ETFs with the most weight in AEE
| ZAP Global X U.S. Electrification ETF | 4.75% |
| RSPU Invesco S&P 500 Equal Weight Utilities ETF | 3.25% |
| FPWR First Trust EIP Power Solutions ETF | 2.76% |
| XLU Utilities Select Sector SPDR Fund | 2.23% |
| VPU Vanguard Utilities ETF | 2.04% |
| FUTY Fidelity MSCI Utilities Index ETF | 2.02% |
| IDU iShares U.S. Utilities ETF | 1.91% |
| TCAF T. Rowe Price Capital Appreciation Equity ETF | 1.86% |
What could go wrong
- Illinois rate plan caps cost recovery. Ameren Illinois' electric delivery rates follow a multi-year plan through at least 2027. Yearly adjustments for actual costs are capped at 105% of the approved amount, so some spending may never be recovered.
- Owns and runs a nuclear plant. Ameren Missouri operates the Callaway Energy Center, a nuclear plant licensed until 2044. Owning nuclear power adds business, financial and waste-disposal risks, plus strict oversight by the Nuclear Regulatory Commission.
- Big construction plans carry cost risk. Ameren Missouri's Smart Energy Plan and its 2025 change to a 2023 resource plan depend on large projects. Cost overruns, delays or permit problems could hurt results.
- Climate rules and coal supply. New climate laws or emission limits could raise costs or force changes at Ameren Missouri's plants. Its coal-fired energy centers also depend on steady coal deliveries, and shortages could limit how much they run.
- Regulators decide what it can charge. Missouri, Illinois and federal regulators set Ameren's prices. Rate reviews can take up to 11 months, and Missouri electric rates are based on past costs. Regulators can also refuse to let Ameren charge for spending they consider unwise.
- Depends on borrowing to fund growth. Capital spending outran cash from operations every year from 2020 to 2025, and total debt was about $21.8 billion as of June 30, 2026. Costly or scarce credit could squeeze results and delay projects.
Recent events
- Other company announcement
- Other company announcement
- Other company announcement
- Quarterly results released; Other company announcement
- Other company announcement
- Shareholder vote results
- Quarterly results released; Other company announcement
- Other company announcement
- Quarterly results released; Other company announcement
- Executive or board change; Investor presentation or announcement
For income and retirement investors
Ameren has raised its dividend for at least nine straight years through fiscal 2025, and the streak may be longer. Dividends per share grew from $2.00 in 2020 to $2.84 in 2025, about 7.3% a year, and took 52.7% of 2025 earnings. Free cash flow was negative every year from 2020 to 2025 because capital spending outran operating cash. So dividends relied partly on borrowing and new shares. Ameren made no buybacks from fiscal 2021 through 2025, and its share count rose 7.5% between October 2021 and July 2026. The yield was 2.74% as of October 28, 2026.
The stock has fallen hard in market slumps. It lost 60.6% in the 2008 financial crisis and took about 59 months from its low to recover. It dropped 29.1% in the 2020 COVID crash, recovering in about 13 months, and 23% in the 2022 bear market, recovering in 25 months. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Ameren make money?
Ameren makes money by generating and delivering electricity and delivering natural gas to customers in Missouri and Illinois. State and federal regulators approve its prices. Electricity brought in 87.1% of its $8.8 billion revenue in fiscal 2025 and natural gas 12.9%. Rates are set to cover costs and allow a return on the money invested in plants, lines and pipes. So earnings tend to rise as that investment grows and regulators approve it.
Does Ameren raise its dividend every year?
Yes, for at least nine straight years through fiscal 2025, and the streak may be longer. Dividends per share rose from $2.00 in 2020 to $2.84 in 2025, growth of about 7.3% a year. Ameren is a holding company, so its dividend depends on cash paid up by its utility subsidiaries. Future increases are not guaranteed.
What is Ameren's dividend yield?
Ameren's dividend yield was 2.74% as of October 28, 2026. That means a year of dividends equaled about 2.74% of the share price. The company paid $2.84 a share in fiscal 2025, which was 52.7% of earnings per share of $5.35. Free cash flow was negative that year, so cash left after capital spending did not cover the dividend. On the same date, the stock traded at about 20.2 times fiscal 2025 earnings.
Does Ameren own a nuclear power plant?
Yes. Ameren Missouri owns and operates the Callaway Energy Center, a nuclear plant whose license runs to 2044. It also runs coal-fired energy centers and hydroelectric centers, including Osage, Taum Sauk and Keokuk on the Mississippi River. Ameren Illinois delivers electricity and natural gas but does not generate power. Owning a nuclear plant adds business, financial and waste-disposal risks.
How much debt does Ameren have?
Ameren had about $21.8 billion of total debt as of June 30, 2026. That compares with $13.7 billion of shareholders' equity and $51.2 billion of total assets. Cash was only about $12 million. Utilities often borrow heavily to build long-lived assets, but this debt makes Ameren sensitive to interest rates and credit markets. Capital spending exceeded operating cash flow every year from 2020 to 2025, so the company has relied on raising outside money.