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Ameren (AEE) Financials

Ameren logo
$101.94 +0.44 (+0.43%)
Closing price 08/22/2025 03:59 PM Eastern
Extended Trading
$103.11 +1.17 (+1.15%)
As of 08/22/2025 05:01 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
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Annual Income Statements for Ameren

Annual Income Statements for Ameren

This table shows Ameren's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders		 586 630 653 523 815 828 871 990 1,074 1,152 1,182
Consolidated Net Income / (Loss)		 592 636 659 529 821 834 877 995 1,079 1,157 1,187
Net Income / (Loss) Continuing Operations		 593 585 659 529 821 834 877 995 1,079 1,157 1,187
Total Pre-Tax Income 		970 948 1,041 1,105 1,058 1,016 1,032 1,152 1,255 1,340 1,270
Total Operating Income		 1,254 1,259 1,322 1,410 1,357 1,267 1,300 1,333 1,515 1,558 1,516
Total Gross Profit		 2,467 2,597 2,634 2,783 2,795 2,743 2,858 2,991 3,343 3,467 3,653
Total Revenue		 6,053 6,098 6,076 6,174 6,291 5,910 5,794 6,394 7,957 7,500 7,623
Operating Revenue		 6,053 6,098 6,076 6,174 6,291 5,910 5,794 6,394 7,957 7,500 7,623
Total Cost of Revenue		 3,586 3,501 3,442 3,391 3,496 3,167 2,936 3,403 4,614 4,033 3,970
Operating Cost of Revenue		 3,586 3,501 3,442 3,391 3,496 3,167 2,936 3,403 4,614 4,033 3,970
Total Operating Expenses		 1,213 1,338 1,312 1,373 1,438 1,476 1,558 1,658 1,828 1,909 2,137
Depreciation Expense		 745 796 845 896 955 995 1,075 1,146 1,289 1,387 1,590
Other Operating Expenses / (Income)		 468 473 467 477 483 481 483 512 539 522 547
Total Other Income / (Expense), net		 -284 -311 -281 -305 -299 -251 -268 -181 -260 -218 -246
Interest Expense		 341 355 382 391 401 381 419 383 486 566 663
Other Income / (Expense), net		 57 44 101 86 102 130 151 202 226 348 417
Income Tax Expense		 377 363 382 576 237 182 155 157 176 183 83
Net Income / (Loss) Attributable to Noncontrolling Interest		 6.00 6.00 6.00 6.00 6.00 6.00 6.00 5.00 5.00 5.00 5.00
Basic Earnings per Share		 $2.42 $2.60 $2.69 $2.16 $3.34 $3.37 $3.53 $3.86 $4.16 $4.39 $4.43
Weighted Average Basic Shares Outstanding		 242.60M 242.60M 242.60M 242.60M 243.80M 245.60M 247M 256.30M 258.40M 262.80M 266.80M
Diluted Earnings per Share		 $2.40 $2.59 $2.68 $2.14 $3.32 $3.35 $3.50 $3.84 $4.14 $4.38 $4.42
Weighted Average Diluted Shares Outstanding		 244.40M 243.60M 243.40M 244.20M 245.80M 247.10M 248.70M 257.60M 259.50M 263.40M 267.40M
Weighted Average Basic & Diluted Shares Outstanding		 244.60M 244.60M 242.80M 370.21M 372.22M 373.81M 380.93M 385.30M 389.60M 393.87M 397.48M
Cash Dividends to Common per Share		 $1.61 $1.66 $1.72 $1.78 $1.85 $1.92 $2.00 $2.20 $2.36 $2.52 $2.68

Quarterly Income Statements for Ameren

This table shows Ameren's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 163 264 237 493 158 261 258 456 207 289 275
Consolidated Net Income / (Loss)		 164 265 239 494 159 262 260 457 208 290 277
Net Income / (Loss) Continuing Operations		 164 265 239 494 159 262 260 457 208 290 277
Total Pre-Tax Income 		192 302 277 563 198 306 299 514 151 340 320
Total Operating Income		 276 351 329 614 264 371 361 586 198 430 411
Total Gross Profit		 724 798 788 1,130 751 867 868 1,124 794 941 928
Total Revenue		 2,046 2,062 1,760 2,060 1,618 1,816 1,693 2,173 1,941 2,097 2,221
Operating Revenue		 2,046 2,062 1,760 2,060 1,618 1,816 1,693 2,173 1,941 2,097 2,221
Total Cost of Revenue		 1,322 1,264 972 930 867 949 825 1,049 1,147 1,156 1,293
Operating Cost of Revenue		 1,322 1,264 972 930 867 949 825 1,049 1,147 1,156 1,293
Total Operating Expenses		 448 447 459 516 487 496 507 538 596 511 517
Depreciation Expense		 324 320 335 369 363 361 376 388 465 367 386
Other Operating Expenses / (Income)		 124 127 124 147 124 135 131 150 131 144 131
Total Other Income / (Expense), net		 -84 -49 -52 -51 -66 -65 -62 -72 -47 -90 -91
Interest Expense		 130 127 134 152 153 154 165 173 171 175 187
Other Income / (Expense), net		 46 78 82 101 87 89 103 101 124 85 96
Income Tax Expense		 28 37 38 69 39 44 39 57 -57 50 43
Net Income / (Loss) Attributable to Noncontrolling Interest		 1.00 1.00 2.00 1.00 1.00 1.00 2.00 1.00 1.00 1.00 2.00
Basic Earnings per Share		 $0.63 $1.01 $0.90 $1.88 $0.60 $0.98 $0.97 $1.71 $0.77 $1.07 $1.02
Weighted Average Basic Shares Outstanding		 258.40M 262.20M 262.60M 262.80M 262.80M 266.40M 266.70M 266.80M 266.80M 270M 270.30M
Diluted Earnings per Share		 $0.63 $1.00 $0.90 $1.87 $0.61 $0.98 $0.97 $1.70 $0.77 $1.07 $1.01
Weighted Average Diluted Shares Outstanding		 259.50M 263.10M 263.20M 263.40M 263.40M 266.80M 266.80M 267.30M 267.40M 271.40M 271.60M
Weighted Average Basic & Diluted Shares Outstanding		 389.60M 390.19M 390.33M 390.52M 393.87M 394.25M 394.39M 394.50M 397.48M 397.86M 397.99M
Cash Dividends to Common per Share		 - $0.63 $0.63 $0.63 - $0.67 $0.67 $0.67 - $0.71 $0.71

Annual Cash Flow Statements for Ameren

This table details how cash moves in and out of Ameren's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents		 -25 287 -299 16 39 69 125 -297 61 56 56
Net Cash From Operating Activities		 1,565 2,031 2,117 2,118 2,170 2,170 1,727 3,252 2,263 2,564 2,763
Net Cash From Continuing Operating Activities		 1,571 2,035 2,117 2,118 2,170 2,170 1,727 3,252 2,263 2,564 2,763
Net Income / (Loss) Continuing Operations		 593 585 659 529 821 834 877 1,943 1,079 1,157 1,187
Consolidated Net Income / (Loss)		 592 636 659 529 821 834 877 1,943 1,079 1,157 1,187
Depreciation Expense		 710 777 835 876 938 1,002 1,153 2,394 1,373 1,432 1,524
Amortization Expense		 103 119 110 98 115 98 22 158 86 84 100
Non-Cash Adjustments To Reconcile Net Income		 -33 53 -6.00 -17 28 -22 11 -16 49 -12 39
Changes in Operating Assets and Liabilities, net		 198 501 519 632 268 258 -336 -1,227 -324 -97 -87
Net Cash From Investing Activities		 -1,717 -1,976 -2,158 -2,204 -2,336 -2,435 -3,329 -6,887 -3,370 -3,798 -4,456
Net Cash From Continuing Investing Activities		 -1,856 -1,951 -2,158 -2,204 -2,336 -2,435 -3,329 -6,887 -3,370 -3,798 -4,456
Purchase of Property, Plant & Equipment		 -1,785 -1,917 -2,076 -2,132 -2,286 -2,411 -3,233 -6,926 -3,351 -3,597 -4,319
Purchase of Investments		 -405 -363 -322 -321 -315 -463 -224 -904 -229 -266 -584
Sale and/or Maturity of Investments		 486 349 304 305 299 467 183 878 216 240 564
Other Investing Activities, net		 -152 -20 -64 -56 -34 -28 -55 65 -6.00 -175 -117
Net Cash From Financing Activities		 127 232 -258 102 205 334 1,727 3,338 1,168 1,290 1,749
Net Cash From Continuing Financing Activities		 141 232 -258 102 205 334 1,727 3,338 1,168 1,290 1,749
Repayment of Debt		 -351 -533 -397 -693 -857 -597 -462 -90 -523 -131 -939
Payment of Dividends		 -396 -408 -422 -437 -457 -478 -500 -599 -615 -667 -719
Issuance of Debt		 899 1,197 653 1,271 1,464 1,370 2,233 3,293 1,989 1,762 3,142
Issuance of Common Equity		 - - 0.00 0.00 74 68 476 308 333 346 273
Other Financing Activities, net		 0.00 -12 -32 -15 -19 -29 -20 452 -16 -20 -8.00
Cash Interest Paid		 646 335 358 370 387 367 383 779 476 546 611
Cash Income Taxes Paid		 -27 -15 -12 -19 21 13 13 -23 -8.00 -24 -92

Quarterly Cash Flow Statements for Ameren

This table details how cash moves in and out of Ameren's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 36 21 42 -33 26 83 -80 23 4.00 48 80
Net Cash From Operating Activities		 664 496 1,695 -160 533 492 -35 897 817 431 2,126
Net Cash From Continuing Operating Activities		 664 496 1,695 -160 533 492 -35 897 817 431 2,126
Net Income / (Loss) Continuing Operations		 164 265 699 34 159 262 19 457 208 290 845
Consolidated Net Income / (Loss)		 164 265 699 34 159 262 19 457 208 290 845
Depreciation Expense		 357 350 1,034 -321 369 379 16 382 382 395 1,163
Amortization Expense		 23 22 63 -17 16 23 3.00 26 27 25 31
Non-Cash Adjustments To Reconcile Net Income		 -1.00 -7.00 -51 52 -6.00 15 -26 56 -19 -2.00 -37
Changes in Operating Assets and Liabilities, net		 121 -134 -50 92 -5.00 -187 -47 -24 219 -277 124
Net Cash From Investing Activities		 -912 -964 -2,751 1,059 -1,142 -906 -172 -1,174 -1,350 -1,087 -3,090
Net Cash From Continuing Investing Activities		 -912 -964 -2,751 1,059 -1,142 -906 -172 -1,174 -1,350 -1,087 -3,090
Purchase of Property, Plant & Equipment		 -914 -931 -2,649 1,009 -1,026 -890 -163 -1,137 -1,290 -1,064 -3,133
Purchase of Investments		 -53 -29 -133 6.00 -110 -70 -183 -176 -85 -107 -381
Sale and/or Maturity of Investments		 53 17 113 6.00 104 66 177 171 84 93 353
Other Investing Activities, net		 2.00 -21 -82 38 -110 -12 -3.00 -32 -59 -9.00 71
Net Cash From Financing Activities		 284 489 1,098 -932 635 497 127 300 537 704 1,044
Net Cash From Continuing Financing Activities		 288 488 1,099 -932 635 497 127 300 537 704 1,044
Repayment of Debt		 -73 -3.00 -203 96 -21 0.00 37 -514 -75 -300 -361
Repurchase of Common Equity		 - -5.00 -13 6.00 - -5.00 -10 -1.00 - -11 -11
Payment of Dividends		 -150 -167 -169 -164 -167 -179 -179 -180 -180 -192 -323
Issuance of Debt		 196 678 1,473 -882 493 679 268 986 530 1,207 1,727
Issuance of Common Equity		 304 5.00 11 12 318 10 11 9.00 243 13 12

Annual Balance Sheets for Ameren

This table presents Ameren's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets		 22,289 23,640 24,699 25,945 27,215 28,933 32,030 35,735 37,904 40,830 44,598
Total Current Assets		 1,694 1,917 1,593 1,612 1,533 1,431 1,653 1,968 2,668 2,181 2,264
Cash & Equivalents		 5.00 292 9.00 10 16 16 139 8.00 10 25 7.00
Accounts Receivable		 769 725 795 838 837 734 749 820 1,100 813 967
Inventories, net		 524 538 527 522 483 494 521 592 667 733 762
Other Current Assets		 381 348 262 242 197 187 244 540 651 504 528
Plant, Property, & Equipment, net		 17,424 18,799 20,113 21,466 22,810 24,376 26,807 29,261 31,262 33,776 36,304
Plant, Property & Equipment, gross		 17,424 18,799 20,113 21,466 22,810 - - 29,261 - - 36,304
Total Noncurrent Assets		 3,171 2,924 2,993 2,867 2,872 3,126 3,159 4,506 3,974 4,873 6,030
Goodwill		 411 411 411 411 411 411 - 411 411 411 411
Employee Benefit Assets		 - - - - - - 288 756 411 581 757
Other Noncurrent Operating Assets		 2,760 2,513 2,582 2,456 2,461 2,715 2,871 3,339 3,152 3,881 4,862
Total Liabilities & Shareholders' Equity		 22,289 23,640 24,699 25,945 27,215 28,933 32,030 35,735 37,904 40,830 44,598
Total Liabilities		 15,434 16,552 17,454 18,619 19,442 20,732 22,889 25,906 27,267 29,352 32,355
Total Current Liabilities		 2,249 2,093 2,674 2,940 2,687 2,505 2,180 2,826 3,366 3,345 3,413
Short-Term Debt		 834 696 1,239 1,325 1,177 882 498 1,050 1,410 1,385 1,460
Accounts Payable		 711 777 805 902 817 874 958 1,095 1,159 1,136 1,059
Customer Deposits		 0.00 100 107 108 0.00 0.00 - - 115 176 223
Current Deferred & Payable Income Tax Liabilities		 46 43 46 52 - 0.00 0.00 - - - 60
Other Current Liabilities		 540 359 384 454 693 655 549 681 682 501 415
Other Current Nonoperating Liabilities		 118 118 93 99 - 94 114 - - 147 196
Total Noncurrent Liabilities		 13,185 14,459 14,780 15,679 16,755 18,227 20,770 23,080 23,901 26,007 28,942
Long-Term Debt		 6,085 6,880 6,595 7,094 7,859 8,915 11,078 12,562 13,685 15,121 17,262
Asset Retirement Reserve & Litigation Obligation		 2,246 2,523 2,620 5,025 5,264 5,525 5,978 6,605 6,072 6,284 6,719
Noncurrent Deferred & Payable Income Tax Liabilities		 3,635 3,945 4,319 2,555 2,666 2,919 3,211 3,499 3,804 4,176 4,474
Other Noncurrent Operating Liabilities		 514 531 477 460 408 467 503 414 340 426 487
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 6,855 7,088 7,245 7,326 7,773 8,201 8,938 9,829 10,637 11,478 12,243
Total Preferred & Common Equity		 6,713 6,946 7,103 7,184 7,631 8,059 8,938 9,700 10,508 11,349 12,114
Preferred Stock		 0.00 0.00 0.00 - 0.00 0.00 0.00 - - - 0.00
Total Common Equity		 6,713 6,946 7,103 7,184 7,631 8,059 8,939 9,700 10,508 11,349 12,114
Common Stock		 5,619 5,618 5,558 5,542 5,629 5,696 6,182 6,505 6,863 7,219 7,516
Retained Earnings		 1,103 1,331 1,568 1,660 2,024 2,380 2,757 3,182 3,646 4,136 4,604
Accumulated Other Comprehensive Income / (Loss)		 -9.00 -3.00 -23 -18 -22 -17 - 13 -1.00 -6.00 -6.00
Noncontrolling Interest		 - - - 142 142 142 - 129 129 129 129

Quarterly Balance Sheets for Ameren

This table presents Ameren's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets		 37,904 38,064 38,947 39,599 40,830 41,306 42,334 43,298 44,598 45,665 46,625
Total Current Assets		 2,668 2,062 2,019 2,084 2,181 2,084 2,217 2,257 2,264 2,455 2,474
Cash & Equivalents		 10 10 7.00 8.00 25 85 19 17 7.00 23 11
Accounts Receivable		 1,100 986 923 1,022 813 861 983 1,069 871 1,247 1,135
Inventories, net		 667 630 711 760 733 679 740 792 762 669 738
Other Current Assets		 651 436 378 294 504 459 475 379 528 516 590
Plant, Property, & Equipment, net		 31,262 31,735 32,351 32,938 33,776 34,114 34,873 35,720 36,304 37,010 37,816
Plant, Property & Equipment, gross		 - - - - - 34,114 34,873 - - 37,010 37,816
Total Noncurrent Assets		 3,974 4,267 4,577 4,577 4,873 5,108 5,244 5,321 6,030 6,200 6,335
Goodwill		 411 411 411 411 411 411 411 411 411 411 411
Employee Benefit Assets		 411 423 442 470 581 597 566 581 757 765 734
Other Noncurrent Operating Assets		 3,152 3,433 3,724 3,696 3,881 4,100 4,267 4,329 4,862 5,024 5,190
Total Liabilities & Shareholders' Equity		 37,904 38,064 38,947 39,599 40,830 41,306 42,334 43,298 44,598 45,665 46,625
Total Liabilities		 27,267 27,328 28,121 28,427 29,352 29,734 30,666 31,336 32,355 33,317 34,182
Total Current Liabilities		 3,366 2,757 3,243 4,017 3,345 3,505 3,293 3,567 3,413 2,863 3,087
Short-Term Debt		 1,410 1,348 1,679 2,189 1,385 2,017 1,490 1,839 1,460 1,269 1,170
Accounts Payable		 1,159 664 719 955 1,136 647 774 717 1,059 702 882
Customer Deposits		 115 - - - 176 190 197 205 223 223 240
Current Deferred & Payable Income Tax Liabilities		 - 0.00 0.00 209 - 0.00 0.00 206 - 0.00 155
Other Current Liabilities		 682 745 845 664 501 651 655 600 475 510 410
Other Current Nonoperating Liabilities		 - - - - 147 - 177 - 196 159 230
Total Noncurrent Liabilities		 23,901 24,571 24,878 24,410 26,007 26,229 27,373 27,769 28,942 30,454 31,095
Long-Term Debt		 13,685 14,181 14,328 13,829 15,121 15,167 16,280 16,422 17,262 18,354 18,811
Asset Retirement Reserve & Litigation Obligation		 6,072 6,164 6,220 6,097 6,284 6,372 6,322 6,360 6,719 6,783 6,852
Noncurrent Deferred & Payable Income Tax Liabilities		 3,804 3,856 3,913 4,068 4,176 4,251 4,325 4,477 4,474 4,782 4,881
Other Noncurrent Operating Liabilities		 340 370 417 416 426 439 446 510 487 535 551
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 10,637 10,736 10,826 11,172 11,478 11,572 11,668 11,962 12,243 12,348 12,443
Total Preferred & Common Equity		 10,508 10,607 10,697 11,043 11,349 11,443 11,539 11,833 12,114 12,219 12,314
Preferred Stock		 - - - - - 0.00 0.00 0.00 - 0.00 0.00
Total Common Equity		 10,508 10,607 10,697 11,043 11,349 11,443 11,539 11,833 12,114 12,219 12,314
Common Stock		 6,863 6,864 6,883 6,903 7,219 7,231 7,249 7,267 7,516 7,527 7,544
Retained Earnings		 3,646 3,745 3,817 4,144 4,136 4,219 4,299 4,576 4,604 4,702 4,784
Accumulated Other Comprehensive Income / (Loss)		 -1.00 -2.00 -3.00 -4.00 -6.00 -7.00 -9.00 -10 -6.00 -10 -14
Noncontrolling Interest		 129 129 129 129 129 129 129 129 129 129 129

Annual Metrics And Ratios for Ameren

This table displays calculated financial ratios and metrics derived from Ameren's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 3.68% 0.74% -0.36% 1.61% 1.90% -6.06% -1.96% 10.36% 24.44% -5.74% 1.64%
EBITDA Growth		 6.84% 3.53% 7.69% 4.31% 1.70% -0.60% 5.17% 55.64% -21.70% 6.94% 3.95%
EBIT Growth		 6.85% -0.61% 9.21% 5.13% -2.47% -4.25% 3.87% 5.79% 13.42% 9.48% 1.42%
NOPAT Growth		 3.62% 1.34% 7.72% -19.34% 56.00% -1.23% 6.22% 4.22% 13.13% 3.28% 5.33%
Net Income Growth		 100.68% 7.43% 3.62% -19.73% 55.20% 1.58% 5.16% 13.46% 8.44% 7.23% 2.59%
EPS Growth		 14.29% 7.92% 3.47% -20.15% 55.14% 0.90% 4.48% 9.71% 7.81% 5.80% 0.91%
Operating Cash Flow Growth		 -7.56% 29.78% 4.23% 0.05% 2.46% 0.00% -20.41% 88.30% -30.41% 13.30% 7.76%
Free Cash Flow Firm Growth		 -171.11% 323.46% -13.32% -97.32% 2,242.59% -358.41% -352.85% -81.11% 62.14% -55.44% -39.93%
Invested Capital Growth		 6.48% 4.35% 4.75% 4.43% 6.06% 7.64% 12.20% 15.50% 8.78% 9.88% 10.92%
Revenue Q/Q Growth		 0.80% -1.01% 0.80% 0.70% 0.32% -1.71% 0.21% 3.51% 6.72% -5.40% 4.42%
EBITDA Q/Q Growth		 -1.62% 1.66% 0.64% 3.22% 56.02% 69.98% -23.71% 112.53% -26.28% -28.72% -29.23%
EBIT Q/Q Growth		 -2.89% 0.77% 0.14% 5.87% -3.51% 1.90% 2.47% 0.20% 4.44% 1.55% -1.48%
NOPAT Q/Q Growth		 -3.37% -0.87% -3.45% -13.40% 20.65% 0.80% 3.21% -1.60% 6.13% -1.63% 3.65%
Net Income Q/Q Growth		 1.89% -2.90% 0.46% -14.81% 18.47% 3.22% 2.45% 1.02% 3.65% -0.43% 4.31%
EPS Q/Q Growth		 0.00% 0.00% 0.00% -14.74% 19.00% 3.08% 2.34% 0.52% 3.76% -0.45% 3.76%
Operating Cash Flow Q/Q Growth		 -1.07% 6.67% 3.37% -3.95% 92.89% -31.85% -43.47% 788.52% -38.15% -47.38% -43.82%
Free Cash Flow Firm Q/Q Growth		 73.56% 35.41% 6.48% -97.04% 221.76% -5,691.00% -71.76% 15.85% 30.44% -117.81% 0.96%
Invested Capital Q/Q Growth		 1.23% 0.81% 0.52% 0.67% 0.68% 2.04% 4.40% 2.01% 0.82% 3.01% 2.82%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 40.76% 42.59% 43.35% 45.08% 44.43% 46.41% 49.33% 46.78% 42.01% 46.23% 47.92%
EBITDA Margin		 35.09% 36.06% 38.97% 40.01% 39.93% 42.25% 45.32% 63.92% 40.22% 45.63% 46.66%
Operating Margin		 20.72% 20.65% 21.76% 22.84% 21.57% 21.44% 22.44% 20.85% 19.04% 20.77% 19.89%
EBIT Margin		 21.66% 21.37% 23.42% 24.23% 23.19% 23.64% 25.04% 24.01% 21.88% 25.41% 25.36%
Profit (Net Income) Margin		 9.78% 10.43% 10.85% 8.57% 13.05% 14.11% 15.14% 15.56% 13.56% 15.43% 15.57%
Tax Burden Percent		 61.03% 67.09% 63.30% 47.87% 77.60% 82.09% 84.98% 86.37% 85.98% 86.34% 93.46%
Interest Burden Percent		 73.99% 72.76% 73.16% 73.86% 72.52% 72.73% 71.12% 75.05% 72.09% 70.30% 65.70%
Effective Tax Rate		 38.87% 38.29% 36.70% 52.13% 22.40% 17.91% 15.02% 13.63% 14.02% 13.66% 6.54%
Return on Invested Capital (ROIC)		 5.70% 5.48% 5.65% 4.36% 6.45% 5.97% 5.76% 5.27% 5.33% 5.03% 4.80%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.09% 3.52% 3.32% 2.58% 3.81% 3.78% 3.61% 4.01% 3.75% 3.83% 3.50%
Return on Net Nonoperating Assets (RNNOA)		 3.04% 3.64% 3.55% 2.91% 4.42% 4.48% 4.47% 5.34% 5.22% 5.43% 5.21%
Return on Equity (ROE)		 8.74% 9.12% 9.20% 7.26% 10.87% 10.44% 10.23% 10.60% 10.54% 10.46% 10.01%
Cash Return on Invested Capital (CROIC)		 -0.58% 1.22% 1.01% 0.03% 0.58% -1.39% -5.74% -9.12% -3.09% -4.39% -5.56%
Operating Return on Assets (OROA)		 6.05% 5.67% 5.89% 5.91% 5.49% 4.98% 4.76% 4.53% 4.73% 4.84% 4.53%
Return on Assets (ROA)		 2.73% 2.77% 2.73% 2.09% 3.09% 2.97% 2.88% 2.94% 2.93% 2.94% 2.78%
Return on Common Equity (ROCE)		 8.56% 8.94% 9.01% 7.12% 10.67% 10.26% 10.15% 10.53% 10.41% 10.34% 9.90%
Return on Equity Simple (ROE_SIMPLE)		 8.82% 9.16% 9.28% 7.36% 10.76% 10.35% 9.81% 10.26% 10.27% 10.19% 9.80%
Net Operating Profit after Tax (NOPAT)		 767 777 837 675 1,053 1,040 1,105 1,151 1,303 1,345 1,417
NOPAT Margin		 12.67% 12.74% 13.77% 10.93% 16.74% 17.60% 19.07% 18.01% 16.37% 17.94% 18.59%
Net Nonoperating Expense Percent (NNEP)		 2.61% 1.96% 2.32% 1.78% 2.65% 2.18% 2.15% 1.25% 1.57% 1.20% 1.30%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - 5.06% 4.81% 4.58%
Cost of Revenue to Revenue		 59.24% 57.41% 56.65% 54.92% 55.57% 53.59% 50.67% 53.22% 57.99% 53.77% 52.08%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 20.04% 21.94% 21.59% 22.24% 22.86% 24.97% 26.89% 25.93% 22.97% 25.45% 28.03%
Earnings before Interest and Taxes (EBIT)		 1,311 1,303 1,423 1,496 1,459 1,397 1,451 1,535 1,741 1,906 1,933
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2,124 2,199 2,368 2,470 2,512 2,497 2,626 4,087 3,200 3,422 3,557
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.90 1.80 2.21 2.53 2.73 3.13 2.95 3.28 3.06 2.41 2.90
Price to Tangible Book Value (P/TBV)		 2.03 1.91 2.34 2.68 2.88 3.30 2.95 3.42 3.19 2.50 3.00
Price to Revenue (P/Rev)		 2.11 2.04 2.58 2.94 3.31 4.27 4.56 4.97 4.04 3.64 4.61
Price to Earnings (P/E)		 21.79 19.79 24.00 34.74 25.52 30.49 30.32 32.10 29.95 23.71 29.75
Dividend Yield		 4.67% 4.91% 4.05% 3.62% 3.30% 2.84% 2.84% 2.67% 2.83% 3.60% 3.01%
Earnings Yield		 4.59% 5.05% 4.17% 2.88% 3.92% 3.28% 3.30% 3.12% 3.34% 4.22% 3.36%
Enterprise Value to Invested Capital (EV/IC)		 1.42 1.36 1.55 1.69 1.78 1.95 1.87 1.94 1.86 1.57 1.74
Enterprise Value to Revenue (EV/Rev)		 3.25 3.24 3.87 4.33 4.76 5.95 6.53 7.12 5.95 5.86 7.09
Enterprise Value to EBITDA (EV/EBITDA)		 9.27 8.98 9.92 10.82 11.93 14.09 14.41 11.14 14.81 12.83 15.18
Enterprise Value to EBIT (EV/EBIT)		 15.01 15.16 16.51 17.86 20.54 25.18 26.08 29.65 27.22 23.04 27.94
Enterprise Value to NOPAT (EV/NOPAT)		 25.67 25.43 28.08 39.58 28.46 33.82 34.26 39.53 36.38 32.65 38.12
Enterprise Value to Operating Cash Flow (EV/OCF)		 12.58 9.73 11.10 12.62 13.81 16.21 21.91 14.00 20.94 17.13 19.55
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 114.24 156.76 6,657.06 318.69 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.01 1.07 1.08 1.15 1.16 1.19 1.30 1.38 1.42 1.44 1.53
Long-Term Debt to Equity		 0.89 0.97 0.91 0.97 1.01 1.09 1.24 1.28 1.29 1.32 1.41
Financial Leverage		 0.99 1.03 1.07 1.13 1.16 1.18 1.24 1.33 1.39 1.42 1.49
Leverage Ratio		 3.20 3.29 3.37 3.48 3.52 3.52 3.56 3.61 3.60 3.56 3.60
Compound Leverage Factor		 2.37 2.40 2.47 2.57 2.55 2.56 2.53 2.71 2.59 2.50 2.37
Debt to Total Capital		 50.23% 51.66% 51.95% 53.47% 53.76% 54.43% 56.43% 58.07% 58.66% 58.98% 60.46%
Short-Term Debt to Total Capital		 6.05% 4.75% 8.22% 8.42% 7.00% 4.90% 2.43% 4.48% 5.48% 4.95% 4.72%
Long-Term Debt to Total Capital		 44.18% 46.92% 43.74% 45.06% 46.75% 49.53% 54.00% 53.59% 53.18% 54.03% 55.75%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.90% 0.84% 0.79% 0.00% 0.55% 0.50% 0.46% 0.42%
Common Equity to Total Capital		 48.74% 47.37% 47.11% 45.63% 45.40% 44.78% 43.58% 41.38% 40.84% 40.56% 39.12%
Debt to EBITDA		 3.26 3.45 3.31 3.41 3.60 3.92 4.41 3.33 4.72 4.82 5.26
Net Debt to EBITDA		 3.26 3.31 3.30 3.40 3.59 3.92 4.36 3.33 4.71 4.82 5.26
Long-Term Debt to EBITDA		 2.86 3.13 2.79 2.87 3.13 3.57 4.22 3.07 4.28 4.42 4.85
Debt to NOPAT		 9.03 9.75 9.36 12.47 8.58 9.42 10.48 11.82 11.59 12.27 13.21
Net Debt to NOPAT		 9.02 9.38 9.35 12.46 8.57 9.40 10.35 11.82 11.58 12.25 13.21
Long-Term Debt to NOPAT		 7.94 8.86 7.88 10.51 7.46 8.57 10.03 10.91 10.51 11.24 12.18
Altman Z-Score		 1.00 0.96 1.01 1.04 1.10 1.17 1.12 1.15 1.18 1.00 1.08
Noncontrolling Interest Sharing Ratio		 2.10% 2.04% 1.98% 1.95% 1.88% 1.78% 0.82% 0.68% 1.26% 1.17% 1.09%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.75 0.92 0.60 0.55 0.57 0.57 0.76 0.70 0.79 0.65 0.66
Quick Ratio		 0.34 0.49 0.30 0.29 0.32 0.30 0.41 0.29 0.33 0.25 0.26
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -77 173 150 4.01 94 -243 -1,100 -1,993 -754 -1,173 -1,641
Operating Cash Flow to CapEx		 87.68% 105.95% 101.98% 99.34% 94.93% 90.00% 53.42% 46.95% 67.53% 71.28% 63.97%
Free Cash Flow to Firm to Interest Expense		 -0.23 0.49 0.39 0.01 0.23 -0.64 -2.63 -5.20 -1.55 -2.07 -2.48
Operating Cash Flow to Interest Expense		 4.59 5.72 5.54 5.42 5.41 5.70 4.12 8.49 4.66 4.53 4.17
Operating Cash Flow Less CapEx to Interest Expense		 -0.65 0.32 0.11 -0.04 -0.29 -0.63 -3.59 -9.59 -2.24 -1.83 -2.35
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.28 0.27 0.25 0.24 0.24 0.21 0.19 0.19 0.22 0.19 0.18
Accounts Receivable Turnover		 7.24 8.16 7.99 7.56 7.51 7.52 7.81 8.15 8.29 7.84 9.05
Inventory Turnover		 6.83 6.59 6.46 6.47 6.96 6.48 5.79 6.12 7.33 5.76 5.31
Fixed Asset Turnover		 0.36 0.34 0.31 0.30 0.28 0.25 0.23 0.23 0.26 0.23 0.22
Accounts Payable Turnover		 4.73 4.71 4.35 3.97 4.07 3.75 3.21 3.32 4.09 3.51 3.62
Days Sales Outstanding (DSO)		 50.44 44.71 45.66 48.27 48.59 48.51 46.71 44.78 44.04 46.55 40.32
Days Inventory Outstanding (DIO)		 53.44 55.36 56.47 56.46 52.46 56.30 63.09 59.69 49.80 63.35 68.72
Days Payable Outstanding (DPO)		 77.20 77.57 83.88 91.87 89.74 97.44 113.88 110.10 89.15 103.85 100.90
Cash Conversion Cycle (CCC)		 26.67 22.51 18.24 12.86 11.32 7.37 -4.07 -5.63 4.68 6.05 8.14
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 13,872 14,476 15,163 15,834 16,793 18,076 20,281 23,425 25,482 28,000 31,058
Invested Capital Turnover		 0.45 0.43 0.41 0.40 0.39 0.34 0.30 0.29 0.33 0.28 0.26
Increase / (Decrease) in Invested Capital		 844 604 687 671 959 1,283 2,205 3,144 2,057 2,518 3,058
Enterprise Value (EV)		 19,681 19,754 23,497 26,719 29,964 35,172 37,844 45,512 47,383 43,920 54,010
Market Capitalization		 12,767 12,470 15,672 18,168 20,802 25,249 26,407 31,779 32,169 27,310 35,166
Book Value per Share		 $18.13 $18.76 $19.19 $19.41 $20.52 $21.57 $23.85 $25.18 $27.22 $29.06 $30.71
Tangible Book Value per Share		 $17.02 $17.65 $18.08 $18.30 $19.42 $20.47 $23.85 $24.12 $26.15 $28.01 $29.67
Total Capital		 13,774 14,664 15,079 15,745 16,809 17,998 20,514 23,441 25,732 27,984 30,965
Total Debt		 6,919 7,576 7,834 8,419 9,036 9,797 11,576 13,612 15,095 16,506 18,722
Total Long-Term Debt		 6,085 6,880 6,595 7,094 7,859 8,915 11,078 12,562 13,685 15,121 17,262
Net Debt		 6,914 7,284 7,825 8,409 9,020 9,781 11,437 13,604 15,085 16,481 18,715
Capital Expenditures (CapEx)		 1,785 1,917 2,076 2,132 2,286 2,411 3,233 6,926 3,351 3,597 4,319
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 274 228 149 -13 7.00 -208 -168 184 702 196 304
Debt-free Net Working Capital (DFNWC)		 279 520 158 -3.00 23 -192 -29 192 712 221 311
Net Working Capital (NWC)		 -555 -176 -1,081 -1,328 -1,154 -1,074 -527 -858 -698 -1,164 -1,149
Net Nonoperating Expense (NNE)		 175 141 178 146 232 206 228 156 224 188 230
Net Nonoperating Obligations (NNO)		 7,017 7,388 7,918 8,508 9,020 9,875 11,343 13,596 14,845 16,522 18,815
Total Depreciation and Amortization (D&A)		 813 896 945 974 1,053 1,100 1,175 2,552 1,459 1,516 1,624
Debt-free, Cash-free Net Working Capital to Revenue		 4.53% 3.74% 2.45% -0.21% 0.11% -3.52% -2.90% 2.88% 8.82% 2.61% 3.99%
Debt-free Net Working Capital to Revenue		 4.61% 8.53% 2.60% -0.05% 0.37% -3.25% -0.50% 3.00% 8.95% 2.95% 4.08%
Net Working Capital to Revenue		 -9.17% -2.89% -17.79% -21.51% -18.34% -18.17% -9.10% -13.42% -8.77% -15.52% -15.07%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $2.42 $2.60 $2.69 $2.16 $3.34 $3.37 $3.53 $3.86 $4.16 $4.39 $4.43
Adjusted Weighted Average Basic Shares Outstanding		 242.60M 242.60M 242.60M 242.60M 243.80M 245.60M 247M 256.30M 258.40M 262.80M 266.80M
Adjusted Diluted Earnings per Share		 $2.40 $2.59 $2.68 $2.14 $3.32 $3.35 $3.50 $3.84 $4.14 $4.38 $4.42
Adjusted Weighted Average Diluted Shares Outstanding		 244.40M 243.60M 243.40M 244.20M 245.80M 247.10M 248.70M 257.60M 259.50M 263.40M 267.40M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 370.21M 370.21M 370.21M 370.21M 372.22M 373.81M 380.93M 385.30M 389.60M 393.87M 397.48M
Normalized Net Operating Profit after Tax (NOPAT)		 767 819 837 987 1,053 1,040 1,105 1,151 1,303 1,345 1,417
Normalized NOPAT Margin		 12.67% 13.44% 13.77% 15.99% 16.74% 17.60% 19.07% 18.01% 16.37% 17.94% 18.59%
Pre Tax Income Margin		 16.03% 15.55% 17.13% 17.90% 16.82% 17.19% 17.81% 18.02% 15.77% 17.87% 16.66%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 3.84 3.67 3.73 3.83 3.64 3.67 3.46 4.01 3.58 3.37 2.92
NOPAT to Interest Expense		 2.25 2.19 2.19 1.73 2.63 2.73 2.64 3.01 2.68 2.38 2.14
EBIT Less CapEx to Interest Expense		 -1.39 -1.73 -1.71 -1.63 -2.06 -2.66 -4.25 -14.08 -3.31 -2.99 -3.60
NOPAT Less CapEx to Interest Expense		 -2.99 -3.21 -3.24 -3.73 -3.07 -3.60 -5.08 -15.08 -4.21 -3.98 -4.38
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 66.89% 64.15% 64.04% 82.61% 55.66% 57.31% 57.01% 60.20% 57.00% 57.65% 60.57%
Augmented Payout Ratio		 68.75% 66.04% 73.14% 87.15% 55.66% 57.31% 57.01% 61.51% 57.00% 57.65% 60.57%

Quarterly Metrics And Ratios for Ameren

This table displays calculated financial ratios and metrics derived from Ameren's official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 32.43% 9.74% 1.97% -10.67% -20.92% -11.93% -3.81% 5.49% 19.96% 15.47% 31.19%
EBITDA Growth		 -61.91% 8.10% 7.18% 7.71% 4.84% 55.81% -67.97% 190.45% -0.68% 8.47% 95.74%
EBIT Growth		 29.84% 9.72% 10.78% 8.83% 9.01% 7.23% 12.90% -3.92% -8.26% 11.96% 9.27%
NOPAT Growth		 47.21% 5.56% 7.69% 5.43% -10.07% 3.14% 10.58% -3.29% 28.65% 15.46% 13.33%
Net Income Growth		 30.16% 4.74% 14.35% 9.05% -3.05% -1.13% 8.79% -7.49% 30.82% 10.69% 6.54%
EPS Growth		 31.25% 3.09% 12.50% 7.47% -3.17% -2.00% 7.78% -9.09% 26.23% 9.18% 4.12%
Operating Cash Flow Growth		 -67.77% 27.84% 26.49% -24.03% -19.73% 118.55% -102.06% 660.63% 53.28% -12.40% 281.69%
Free Cash Flow Firm Growth		 38.96% 14.36% 5.31% 24.08% -26.62% -13.42% -27.32% -83.07% -20.78% -46.27% -9.57%
Invested Capital Growth		 8.78% 8.96% 8.99% 7.54% 9.88% 9.20% 10.33% 11.13% 10.92% 11.98% 10.30%
Revenue Q/Q Growth		 -11.27% 0.78% -14.65% 17.05% -21.46% 12.24% -6.77% 28.35% -10.68% 8.04% 5.91%
EBITDA Q/Q Growth		 100.57% -62.13% 88.26% -75.00% 95.23% -43.27% -61.30% 126.71% -33.24% 27.91% 81.93%
EBIT Q/Q Growth		 -50.99% 33.23% -4.20% 73.97% -50.91% 31.05% 0.87% 48.06% -53.13% 59.94% -1.55%
NOPAT Q/Q Growth		 -53.87% 30.65% -7.83% 89.79% -60.65% 49.84% -1.18% 65.97% -47.65% 34.47% -3.00%
Net Income Q/Q Growth		 -63.80% 61.59% -9.81% 106.69% -67.81% 64.78% -0.76% 75.77% -54.49% 39.42% -4.48%
EPS Q/Q Growth		 -63.79% 58.73% -10.00% 107.78% -67.38% 60.66% -1.02% 75.26% -54.71% 38.96% -5.61%
Operating Cash Flow Q/Q Growth		 614.73% -82.55% 241.73% -109.44% 433.13% -63.53% -103.23% 2,662.86% -8.92% -47.25% 393.27%
Free Cash Flow Firm Q/Q Growth		 -1.13% -1.58% -4.28% 29.13% -68.66% 13.00% -17.05% -1.91% -11.28% -10.20% 12.32%
Invested Capital Q/Q Growth		 0.82% 3.03% 2.17% 1.33% 3.01% 2.01% 3.23% 2.06% 2.82% 3.38% 1.67%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 35.39% 38.70% 44.77% 54.85% 46.42% 47.74% 51.27% 51.73% 40.91% 44.87% 41.78%
EBITDA Margin		 34.31% 38.85% 85.68% 18.30% 45.49% 68.72% 28.53% 50.39% 37.66% 44.59% 76.59%
Operating Margin		 13.49% 17.02% 18.69% 29.81% 16.32% 20.43% 21.32% 26.97% 10.20% 20.51% 18.51%
EBIT Margin		 15.74% 20.81% 23.35% 34.71% 21.69% 25.33% 27.41% 31.62% 16.59% 24.56% 22.83%
Profit (Net Income) Margin		 8.02% 12.85% 13.58% 23.98% 9.83% 14.43% 15.36% 21.03% 10.72% 13.83% 12.47%
Tax Burden Percent		 85.42% 87.75% 86.28% 87.74% 80.30% 85.62% 86.96% 88.91% 137.75% 85.29% 86.56%
Interest Burden Percent		 59.63% 70.40% 67.40% 78.74% 56.41% 66.52% 64.44% 74.82% 46.89% 66.02% 63.12%
Effective Tax Rate		 14.58% 12.25% 13.72% 12.26% 19.70% 14.38% 13.04% 11.09% -37.75% 14.71% 13.44%
Return on Invested Capital (ROIC)		 3.75% 4.83% 5.13% 7.91% 3.67% 4.62% 4.72% 6.10% 3.63% 4.55% 4.34%
ROIC Less NNEP Spread (ROIC-NNEP)		 3.24% 4.54% 4.83% 7.62% 3.34% 4.28% 4.41% 5.73% 3.26% 4.13% 3.93%
Return on Net Nonoperating Assets (RNNOA)		 4.51% 6.52% 7.10% 10.96% 4.73% 6.26% 6.65% 8.48% 4.86% 6.37% 6.21%
Return on Equity (ROE)		 8.26% 11.35% 12.22% 18.87% 8.41% 10.88% 11.37% 14.58% 8.49% 10.92% 10.55%
Cash Return on Invested Capital (CROIC)		 -3.09% -3.33% -3.40% -2.05% -4.39% -3.86% -4.91% -5.77% -5.56% -6.48% -4.94%
Operating Return on Assets (OROA)		 3.40% 4.56% 5.02% 7.12% 4.13% 4.63% 4.85% 5.57% 2.96% 4.46% 4.33%
Return on Assets (ROA)		 1.73% 2.82% 2.92% 4.92% 1.87% 2.64% 2.72% 3.70% 1.91% 2.51% 2.36%
Return on Common Equity (ROCE)		 8.15% 11.21% 12.07% 18.64% 8.31% 10.75% 11.24% 14.42% 8.39% 10.80% 10.44%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 10.29% 10.48% 10.52% 0.00% 10.08% 10.18% 9.62% 0.00% 9.94% 0.00%
Net Operating Profit after Tax (NOPAT)		 236 308 284 539 212 318 314 521 273 367 356
NOPAT Margin		 11.52% 14.94% 16.13% 26.15% 13.10% 17.49% 18.54% 23.98% 14.05% 17.49% 16.02%
Net Nonoperating Expense Percent (NNEP)		 0.50% 0.29% 0.29% 0.29% 0.34% 0.34% 0.32% 0.37% 0.37% 0.42% 0.41%
Return On Investment Capital (ROIC_SIMPLE)		 0.92% - - - 0.76% - - - 0.88% 1.15% 1.10%
Cost of Revenue to Revenue		 64.61% 61.30% 55.23% 45.15% 53.58% 52.26% 48.73% 48.27% 59.09% 55.13% 58.22%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 21.90% 21.68% 26.08% 25.05% 30.10% 27.31% 29.95% 24.76% 30.71% 24.37% 23.28%
Earnings before Interest and Taxes (EBIT)		 322 429 411 715 351 460 464 687 322 515 507
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 702 801 1,508 377 736 1,248 483 1,095 731 935 1,701
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 3.06 3.04 2.88 2.56 2.41 2.52 2.43 2.92 2.90 3.27 3.10
Price to Tangible Book Value (P/TBV)		 3.19 3.16 2.99 2.65 2.50 2.62 2.52 3.02 3.00 3.38 3.21
Price to Revenue (P/Rev)		 4.04 3.96 3.77 3.56 3.64 3.98 3.90 4.73 4.61 5.05 4.53
Price to Earnings (P/E)		 29.95 29.71 27.58 24.39 23.71 25.12 23.96 30.44 29.75 32.98 31.14
Dividend Yield		 2.83% 2.90% 3.09% 3.43% 3.60% 3.49% 3.66% 3.02% 3.01% 2.71% 2.87%
Earnings Yield		 3.34% 3.37% 3.63% 4.10% 4.22% 3.98% 4.17% 3.28% 3.36% 3.03% 3.21%
Enterprise Value to Invested Capital (EV/IC)		 1.86 1.83 1.75 1.63 1.57 1.61 1.55 1.75 1.74 1.86 1.79
Enterprise Value to Revenue (EV/Rev)		 5.95 5.89 5.74 5.59 5.86 6.35 6.39 7.24 7.09 7.55 6.92
Enterprise Value to EBITDA (EV/EBITDA)		 14.81 10.25 9.83 9.24 12.83 8.64 10.66 10.52 15.18 16.43 13.07
Enterprise Value to EBIT (EV/EBIT)		 27.22 26.93 25.79 23.63 23.04 23.79 23.07 26.95 27.94 30.00 28.71
Enterprise Value to NOPAT (EV/NOPAT)		 36.38 36.34 35.04 32.43 32.65 34.01 33.15 38.67 38.12 40.64 38.59
Enterprise Value to Operating Cash Flow (EV/OCF)		 20.94 10.53 9.57 9.10 17.13 8.24 11.89 10.75 19.55 22.07 13.65
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.42 1.45 1.48 1.43 1.44 1.49 1.52 1.53 1.53 1.59 1.61
Long-Term Debt to Equity		 1.29 1.32 1.32 1.24 1.32 1.31 1.40 1.37 1.41 1.49 1.51
Financial Leverage		 1.39 1.44 1.47 1.44 1.42 1.46 1.51 1.48 1.49 1.54 1.58
Leverage Ratio		 3.60 3.59 3.65 3.59 3.56 3.56 3.61 3.58 3.60 3.64 3.69
Compound Leverage Factor		 2.15 2.53 2.46 2.83 2.01 2.37 2.33 2.68 1.69 2.40 2.33
Debt to Total Capital		 58.66% 59.12% 59.65% 58.91% 58.98% 59.76% 60.36% 60.42% 60.46% 61.38% 61.62%
Short-Term Debt to Total Capital		 5.48% 5.13% 6.26% 8.05% 4.95% 7.01% 5.06% 6.08% 4.72% 3.97% 3.61%
Long-Term Debt to Total Capital		 53.18% 53.99% 53.40% 50.86% 54.03% 52.74% 55.30% 54.34% 55.75% 57.41% 58.02%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.50% 0.49% 0.48% 0.47% 0.46% 0.45% 0.44% 0.43% 0.42% 0.40% 0.40%
Common Equity to Total Capital		 40.84% 40.38% 39.87% 40.61% 40.56% 39.79% 39.20% 39.15% 39.12% 38.22% 37.98%
Debt to EBITDA		 4.72 3.32 3.35 3.34 4.82 3.22 4.12 3.63 5.26 5.41 4.48
Net Debt to EBITDA		 4.71 3.32 3.35 3.33 4.82 3.21 4.12 3.63 5.26 5.40 4.48
Long-Term Debt to EBITDA		 4.28 3.03 3.00 2.88 4.42 2.84 3.78 3.27 4.85 5.06 4.22
Debt to NOPAT		 11.59 11.78 11.96 11.71 12.27 12.68 12.83 13.36 13.21 13.37 13.22
Net Debt to NOPAT		 11.58 11.77 11.95 11.71 12.25 12.62 12.82 13.35 13.21 13.36 13.22
Long-Term Debt to NOPAT		 10.51 10.75 10.70 10.11 11.24 11.19 11.76 12.01 12.18 12.51 12.45
Altman Z-Score		 1.06 1.08 1.00 0.94 0.88 0.90 0.87 0.99 0.96 1.06 1.02
Noncontrolling Interest Sharing Ratio		 1.26% 1.25% 1.24% 1.20% 1.17% 1.16% 1.15% 1.12% 1.09% 1.08% 1.07%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.79 0.75 0.62 0.52 0.65 0.59 0.67 0.63 0.66 0.86 0.80
Quick Ratio		 0.33 0.36 0.29 0.26 0.25 0.27 0.30 0.30 0.26 0.44 0.37
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,821 -1,850 -1,929 -1,367 -2,306 -2,098 -2,456 -2,503 -2,785 -3,069 -2,691
Operating Cash Flow to CapEx		 72.65% 53.28% 63.99% 0.00% 51.95% 62.70% -21.47% 78.89% 63.33% 40.51% 67.86%
Free Cash Flow to Firm to Interest Expense		 -14.01 -14.57 -14.40 -9.00 -15.07 -13.63 -14.89 -14.47 -16.29 -17.54 -14.39
Operating Cash Flow to Interest Expense		 5.11 3.91 12.65 -1.05 3.48 7.04 -0.21 5.19 4.78 2.46 11.37
Operating Cash Flow Less CapEx to Interest Expense		 -1.92 -3.43 -7.12 5.59 -3.22 -4.19 -1.20 -1.39 -2.77 -3.62 -5.39
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.22 0.22 0.21 0.21 0.19 0.18 0.18 0.18 0.18 0.18 0.19
Accounts Receivable Turnover		 8.29 8.50 8.50 7.50 7.84 7.85 7.54 6.98 9.05 7.50 7.96
Inventory Turnover		 7.33 8.30 7.28 6.17 5.76 5.68 4.92 4.76 5.31 6.20 6.29
Fixed Asset Turnover		 0.26 0.27 0.26 0.25 0.23 0.22 0.21 0.21 0.22 0.22 0.23
Accounts Payable Turnover		 4.09 7.05 5.90 5.06 3.51 5.67 4.78 4.41 3.62 6.19 5.61
Days Sales Outstanding (DSO)		 44.04 42.96 42.93 48.69 46.55 46.47 48.40 52.28 40.32 48.67 45.84
Days Inventory Outstanding (DIO)		 49.80 43.99 50.15 59.17 63.35 64.25 74.16 76.76 68.72 58.90 58.07
Days Payable Outstanding (DPO)		 89.15 51.79 61.82 72.18 103.85 64.35 76.30 82.69 100.90 58.94 65.06
Cash Conversion Cycle (CCC)		 4.68 35.15 31.27 35.67 6.05 46.37 46.25 46.34 8.14 48.63 38.85
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 25,482 26,255 26,826 27,182 28,000 28,671 29,596 30,206 31,058 32,107 32,643
Invested Capital Turnover		 0.33 0.32 0.32 0.30 0.28 0.26 0.25 0.25 0.26 0.26 0.27
Increase / (Decrease) in Invested Capital		 2,057 2,158 2,213 1,906 2,518 2,416 2,770 3,024 3,058 3,436 3,047
Enterprise Value (EV)		 47,383 47,915 46,911 44,355 43,920 46,085 45,915 52,867 54,010 59,636 58,309
Market Capitalization		 32,169 32,267 30,782 28,216 27,310 28,857 28,035 34,494 35,166 39,907 38,210
Book Value per Share		 $27.22 $27.23 $27.42 $28.29 $29.06 $29.05 $29.27 $30.00 $30.71 $30.74 $30.95
Tangible Book Value per Share		 $26.15 $26.17 $26.36 $27.24 $28.01 $28.01 $28.23 $28.96 $29.67 $29.71 $29.92
Total Capital		 25,732 26,265 26,833 27,190 27,984 28,756 29,438 30,223 30,965 31,971 32,424
Total Debt		 15,095 15,529 16,007 16,018 16,506 17,184 17,770 18,261 18,722 19,623 19,981
Total Long-Term Debt		 13,685 14,181 14,328 13,829 15,121 15,167 16,280 16,422 17,262 18,354 18,811
Net Debt		 15,085 15,519 16,000 16,010 16,481 17,099 17,751 18,244 18,715 19,600 19,970
Capital Expenditures (CapEx)		 914 931 2,649 -1,009 1,026 1,729 163 1,137 1,290 1,064 3,133
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 702 643 448 248 196 511 395 512 304 838 546
Debt-free Net Working Capital (DFNWC)		 712 653 455 256 221 596 414 529 311 861 557
Net Working Capital (NWC)		 -698 -695 -1,224 -1,933 -1,164 -1,421 -1,076 -1,310 -1,149 -408 -613
Net Nonoperating Expense (NNE)		 72 43 45 45 53 56 54 64 65 77 79
Net Nonoperating Obligations (NNO)		 14,845 15,519 16,000 16,010 16,522 17,099 17,928 18,244 18,815 19,759 20,200
Total Depreciation and Amortization (D&A)		 380 372 1,097 -338 385 788 19 408 409 420 1,194
Debt-free, Cash-free Net Working Capital to Revenue		 8.82% 7.90% 5.48% 3.13% 2.61% 7.04% 5.50% 7.01% 3.99% 10.60% 6.48%
Debt-free Net Working Capital to Revenue		 8.95% 8.02% 5.57% 3.23% 2.95% 8.22% 5.76% 7.25% 4.08% 10.89% 6.61%
Net Working Capital to Revenue		 -8.77% -8.54% -14.97% -24.38% -15.52% -19.59% -14.97% -17.95% -15.07% -5.16% -7.27%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.63 $1.01 $0.90 $1.88 $0.60 $0.98 $0.97 $1.71 $0.77 $1.07 $1.02
Adjusted Weighted Average Basic Shares Outstanding		 258.40M 262.20M 262.60M 262.80M 262.80M 266.40M 266.70M 266.80M 266.80M 270M 270.30M
Adjusted Diluted Earnings per Share		 $0.63 $1.00 $0.90 $1.87 $0.61 $0.98 $0.97 $1.70 $0.77 $1.07 $1.01
Adjusted Weighted Average Diluted Shares Outstanding		 259.50M 263.10M 263.20M 263.40M 263.40M 266.80M 266.80M 267.30M 267.40M 271.40M 271.60M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 389.60M 390.19M 390.33M 390.52M 393.87M 394.25M 394.39M 394.50M 397.48M 397.86M 397.99M
Normalized Net Operating Profit after Tax (NOPAT)		 236 308 284 539 212 318 314 521 139 367 356
Normalized NOPAT Margin		 11.52% 14.94% 16.13% 26.15% 13.10% 17.49% 18.54% 23.98% 7.14% 17.49% 16.02%
Pre Tax Income Margin		 9.38% 14.65% 15.74% 27.33% 12.24% 16.85% 17.66% 23.65% 7.78% 16.21% 14.41%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 2.48 3.38 3.07 4.70 2.29 2.99 2.81 3.97 1.88 2.94 2.71
NOPAT to Interest Expense		 1.81 2.43 2.12 3.54 1.39 2.06 1.90 3.01 1.60 2.10 1.90
EBIT Less CapEx to Interest Expense		 -4.55 -3.95 -16.70 11.34 -4.41 -8.24 1.82 -2.60 -5.66 -3.14 -14.04
NOPAT Less CapEx to Interest Expense		 -5.22 -4.91 -17.65 10.18 -5.32 -9.16 0.91 -3.56 -5.95 -3.98 -14.85
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 57.00% 62.33% 61.64% 60.33% 57.65% 63.69% 63.40% 66.87% 60.57% 60.25% 71.02%
Augmented Payout Ratio		 57.00% 62.79% 62.18% 60.41% 57.65% 63.95% 63.40% 67.49% 60.57% 60.25% 71.02%

Key Financial Trends

Ameren Corp (NYSE: AEE) has shown steady growth in revenues and net income over the past few years, supported by substantial capital expenditures and a solid balance sheet. Below is an analysis highlighting key financial trends from Q2 2022 through Q2 2025.

  • Steady revenue growth: Operating revenue increased from $1.76 billion in Q2 2023 to $2.22 billion in Q2 2025, demonstrating consistent top-line growth over the two years.
  • Improved net income: The consolidated net income rose notably from $19 million in Q2 2024 to $845 million in Q2 2025, reflecting better profitability and operational efficiency.
  • Robust cash from operations: Net cash from continuing operating activities climbed significantly to $2.13 billion in Q2 2025 compared to earlier periods (e.g., $431 million in Q1 2025), indicating strong operating cash flow generation.
  • Substantial capital investments: Purchases of property, plant, and equipment have been considerable, reaching $3.13 billion in Q2 2025. This investment supports future growth and infrastructure expansion.
  • Dividend consistency: Cash dividends per common share have steadily increased over recent quarters, reaching $0.71 in Q2 2025 from $0.67 in Q1 2025, reflecting shareholder return commitment.
  • Leverage management: Long-term debt increased moderately to $18.8 billion in Q2 2025 from $16.28 billion in Q2 2024, balancing growth funding with financial risk.
  • Asset growth: Total assets grew from $38 billion in Q1 2023 to $46.6 billion in Q2 2025, predominantly driven by investments in plant, property, and equipment.
  • Large investing cash outflows: Net cash used in investing activities was $3.09 billion in Q2 2025, up substantially from $1.09 billion in Q1 2025, which could pressure liquidity if sustained.
  • Rising short-term debt: Short-term debt measured $1.17 billion in Q2 2025, showing some increase from prior quarters and could add refinancing risk.
  • Negative net cash from operating activities in certain quarters: For example, in Q2 2024, net cash from operating activities was negative ($-35 million), signaling operational challenges in that period.

Summary: Ameren has demonstrated strong financial growth supported by increasing revenues, rising net income, and strong operating cash flow in recent quarters. Its ongoing investments in infrastructure likely support long-term growth, while dividend increases underline shareholder value focus. However, increasing capital expenditures and debt levels may require careful monitoring to manage liquidity risks. Overall, the financial trajectory appears positive for investors, with clear signs of operational improvement and strategic investment.

08/24/25 01:18 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Ameren's Financials

When does Ameren's fiscal year end?

According to the most recent income statement we have on file, Ameren's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Ameren's net income changed over the last 10 years?

Ameren's net income appears to be on an upward trend, with a most recent value of $1.19 billion in 2024, rising from $592 million in 2014. The previous period was $1.16 billion in 2023. View Ameren's forecast to see where analysts expect Ameren to go next.

What is Ameren's operating income?
Ameren's total operating income in 2024 was $1.52 billion, based on the following breakdown:
  • Total Gross Profit: $3.65 billion
  • Total Operating Expenses: $2.14 billion
How has Ameren's revenue changed over the last 10 years?

Over the last 10 years, Ameren's total revenue changed from $6.05 billion in 2014 to $7.62 billion in 2024, a change of 25.9%.

How much debt does Ameren have?

Ameren's total liabilities were at $32.36 billion at the end of 2024, a 10.2% increase from 2023, and a 109.6% increase since 2014.

How much cash does Ameren have?

In the past 10 years, Ameren's cash and equivalents has ranged from $5 million in 2014 to $292 million in 2015, and is currently $7 million as of their latest financial filing in 2024.

How has Ameren's book value per share changed over the last 10 years?

Over the last 10 years, Ameren's book value per share changed from 18.13 in 2014 to 30.71 in 2024, a change of 69.3%.


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This page (NYSE:AEE) was last updated on 8/24/2025 by MarketBeat.com Staff
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