# Ameren Corporation (AEE) — Stock CV

Ameren Corporation is a $28.3B utility company. Revenue grew 2.1% over the last year, it keeps 18¢ of every dollar of sales as profit, and it carries $18.8B of net debt. It trades at 18.1× earnings — in the cheapest third of its own history.

> Ameren owns rate-regulated generation, transmission, and distribution networks that deliver electricity and natural gas through the company's two main subsidiaries, Ameren Missouri and Ameren Illinois. It serves 2.5 million electricity customers and 900,000 natural gas customers across its two service territories.

## Identity

- **Ticker**: AEE
- **Sector**: Utilities
- **Industry**: Electric & Other Services Combined
- **Headquarters**: ST LOUIS, MO
- **Employees**: 8 913
- **Website**: https://www.amereninvestors.com
- **Market cap**: $28.3B
- **Last price**: $102.19
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $8.75B
- **Net income**: $1.59B
- **Free cash flow**: -$1.40B
- **Net debt**: $18.8B
- **P/E**: 18.1
- **Revenue growth (YoY)**: 2.1%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 65 |
| Growth | 49 |
| Profitability | 57 |
| Health | 18 |
| Quality | 65 |
| Moat | 18 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +2.1% YoY
- [x] Profitable — $1.59B TTM
- [x] Profit growing — +8.9% YoY
- [ ] Generates cash — -$1.40B TTM
- [ ] Debt under control — current ratio 0.53
- [x] Established company — $28.3B market cap
- [x] Not printing shares — +9.4% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.7 — distress
- [x] Pays a dividend — yield 2.82%
- [x] Valuation not extreme — P/E 18.1

## Experience (career milestones)

- **FY2025** — Best year on record: $1.49B net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $6.08B in first reported year
- **2015** — Ameren became the first major energy company to open an Innovation Center at the Research Park, University…
- **2004** — Ameren acquired the third partner from the 1952 Midwest Power Pool system, Illinois Power Company, from…
- **2003** — Ameren acquired Peoria-based CILCORP, Inc. and its leading subsidiary, Central Illinois Light Company, from…
- **Feb 1, 2000** — Illinova became a wholly owned subsidiary of Dynegy Inc
- **1998** — Dynegy in turn had been created in June 1998, from the merger of Chevron's natural gas and natural gas liquids…
- **Dec 31, 1997** — The merger was completed on December 31, 1997, when the two public companies became one
- **1995** — Shareholders of both CIPSCO Inc. and of its neighboring utility of twice its size, the S&P 500-listed Union…
- **1991** — Illinois Power reorganized as a holding company, Illinova Corporation
- **1952** — Ameren's second major constituent, the Central Illinois Public Service Company, became a major pooled…
- **1929** — Prior to the formation of Ameren, the first major development in the history of its constituent parts occurred in 1929

## Strengths

- High gross margin (43.4%)

## Watch-outs

- Negative free cash flow (-$1.4B)
- Altman Z-Score 0.70 — elevated financial-distress risk

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $6.39B | $943M | -$1.29B |
| FY2022 | $7.96B | $1.07B | -$1.09B |
| FY2023 | $7.50B | $1.15B | -$1.03B |
| FY2024 | $7.62B | $1.18B | -$1.56B |
| FY2025 | $8.80B | $1.49B | -$775M |

---

Source: https://stockcv.com/AEE — derived from company filings; may be delayed or incomplete. Information, not investment advice.