Latest Ratios: P/E Ratio 21.4x · EV/EBITDA 13.9x · ROE 11.3%. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $31.7B | $27.2B | $23.8B | $19.1B | $23.1B | $22.9B | $19.4B | $19.0B | $16.0B | $14.4B | $12.8B |
| Enterprise Value | $51.5B | $47.0B | $42.6B | $35.5B | $38.2B | $36.5B | $30.9B | $28.8B | $25.1B | $22.8B | $20.6B |
| P/E Ratio → | 21.39 | 18.67 | 20.17 | 16.52 | 21.48 | 23.18 | 22.30 | 22.93 | 19.65 | 27.57 | 19.57 |
| P/S Ratio | 3.60 | 3.09 | 3.13 | 2.54 | 2.90 | 3.59 | 3.35 | 3.21 | 2.55 | 2.33 | 2.10 |
| P/B Ratio | 2.30 | 2.01 | 1.95 | 1.66 | 2.17 | 2.33 | 2.14 | 2.31 | 2.06 | 1.97 | 1.76 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 9.44 | 8.11 | 8.63 | 7.43 | 10.20 | 13.80 | 11.24 | 8.75 | 7.39 | 6.80 | 6.03 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.34 | 5.58 | 4.74 | 4.80 | 5.71 | 5.32 | 4.87 | 3.98 | 3.70 | 3.39 |
| EV / EBITDA | 13.93 | 12.72 | 13.63 | 11.62 | 12.92 | 14.00 | 12.58 | 12.25 | 10.48 | 9.66 | 9.17 |
| EV / EBIT | 25.41 | 23.20 | 22.01 | 18.64 | 21.92 | 23.80 | 21.26 | 20.59 | 17.17 | 15.25 | 14.47 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.6% | 29.6% | 47.9% | 46.2% | 42.0% | 46.8% | 49.3% | 46.4% | 44.4% | 45.1% | 43.4% |
| Operating Margin | 23.0% | 23.0% | 19.9% | 20.8% | 19.0% | 20.8% | 22.4% | 21.4% | 21.6% | 22.8% | 21.8% |
| Net Profit Margin | 16.5% | 16.5% | 15.5% | 15.4% | 13.5% | 15.5% | 15.0% | 14.0% | 13.0% | 8.5% | 10.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.3% | 11.3% | 10.0% | 10.4% | 10.5% | 10.5% | 10.1% | 10.4% | 10.8% | 7.2% | 9.1% |
| ROA | 3.1% | 3.1% | 2.8% | 2.9% | 2.9% | 2.9% | 2.9% | 2.9% | 3.1% | 2.1% | 2.7% |
| ROIC | 4.7% | 4.7% | 3.9% | 4.4% | 4.6% | 4.5% | 5.1% | 5.5% | 6.3% | 6.9% | 6.7% |
| ROCE | 4.7% | 4.7% | 3.9% | 4.3% | 4.5% | 4.2% | 4.6% | 5.0% | 5.7% | 6.3% | 6.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.47 | 1.47 | 1.53 | 1.44 | 1.42 | 1.38 | 1.27 | 1.19 | 1.16 | 1.15 | 1.08 |
| Debt / EBITDA | 5.37 | 5.37 | 6.00 | 5.40 | 5.11 | 5.22 | 4.72 | 4.17 | 3.78 | 3.56 | 3.49 |
| Net Debt / Equity | — | 1.46 | 1.53 | 1.44 | 1.42 | 1.38 | 1.26 | 1.19 | 1.16 | 1.15 | 1.08 |
| Net Debt / EBITDA | 5.36 | 5.36 | 6.00 | 5.39 | 5.11 | 5.21 | 4.66 | 4.17 | 3.77 | 3.56 | 3.49 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 2.61 | 2.61 | 2.92 | 3.37 | 3.58 | 4.01 | 3.46 | 3.67 | 3.64 | 3.83 | 3.73 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.66 | 0.66 | 0.66 | 0.65 | 0.79 | 0.70 | 0.76 | 0.57 | 0.57 | 0.55 | 0.60 |
| Quick Ratio | 0.46 | 0.46 | 0.44 | 0.43 | 0.59 | 0.49 | 0.52 | 0.37 | 0.39 | 0.37 | 0.40 |
| Cash Ratio | 0.00 | 0.00 | 0.00 | 0.01 | 0.07 | 0.01 | 0.06 | 0.01 | 0.01 | 0.00 | 0.00 |
| Asset Turnover | — | 0.18 | 0.17 | 0.18 | 0.21 | 0.18 | 0.18 | 0.20 | 0.23 | 0.24 | 0.25 |
| Inventory Turnover | 8.01 | 8.01 | 5.21 | 5.50 | 6.92 | 5.75 | 5.64 | 6.41 | 7.24 | 6.50 | 6.53 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.5% | 2.8% | 3.0% | 3.5% | 2.6% | 2.5% | 2.5% | 2.5% | 2.8% | 3.0% | 3.3% |
| Payout Ratio | 52.7% | 52.7% | 60.4% | 57.5% | 56.8% | 57.1% | 56.7% | 57.0% | 55.3% | 82.4% | 63.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.7% | 5.4% | 5.0% | 6.1% | 4.7% | 4.3% | 4.5% | 4.4% | 5.1% | 3.6% | 5.1% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.5% | 2.8% | 3.0% | 3.5% | 2.6% | 2.5% | 2.5% | 2.5% | 2.8% | 3.0% | 3.3% |
| Shares Outstanding | — | $272M | $267M | $263M | $260M | $258M | $249M | $247M | $246M | $244M | $243M |
Regulatory lag and leverage
According to current market data, Ameren trades at a forward P/E of 21.64, which appears to command a premium relative to regional peers, likely reflecting investor confidence in the company's FERC-regulated transmission assets and its predictable, rate-base-driven earnings growth profile within the MISO hub.
The valuation multiple suggests that the market is pricing in the stability of formula-based rate recovery rather than pure earnings growth. Investors should monitor whether this premium holds if regulatory outcomes in Missouri become more adversarial or if interest rates pressure the utility's status as a bond proxy.
Based on the reported quarterly figures, Ameren's ROE has fluctuated significantly between 1.4% and 5.0%, which suggests that seasonal earnings noise and the timing of rate case implementation may be temporarily obscuring the underlying earned return relative to the authorized regulatory levels.
The wide variance in quarterly ROE warrants further investigation into whether these figures are being impacted by non-recurring regulatory adjustments or weather-related volume volatility. A sustained ROE at the lower end of this range would indicate that regulatory lag is effectively eroding the company's ability to earn its allowed return on invested capital.
As reported in recent financial statements, the debt-to-capital ratio has shown extreme volatility, dropping to 0.08 in 2026Q1, a figure that appears highly inconsistent with standard utility capital structures and suggests a potential reporting discrepancy that complicates a clear assessment of the company's true financial risk.
If the reported leverage is accurate, it would imply a radical and unusual deleveraging event that contradicts the company's ongoing, capital-intensive infrastructure program. Analysts should treat these leverage figures with extreme caution until management provides clarity on the accounting treatment of long-term debt and regulatory assets.
According to the provided financial data, Ameren's dividend payout ratio has exhibited significant swings, ranging from 30.0% to over 100% in recent quarters, which indicates that the company's ability to fund its massive CAPEX program while maintaining shareholder distributions remains highly sensitive to operating cash flow volatility.
While the dividend appears supported by operating cash flows on a long-term basis, the high payout ratios in certain quarters suggest that the company is relying on external financing to bridge the gap between infrastructure investment and shareholder returns. Investors should monitor whether this reliance on external capital markets persists as the transition to renewable generation accelerates.
As noted in institutional research, the most commonly misapplied metric for Ameren is the standard P/E ratio, which fails to account for the significant portion of earnings derived from FERC-regulated transmission assets that operate under different risk and return profiles than traditional retail electric distribution.
Comparing Ameren's P/E directly to non-utility industrials or even to utilities with lower transmission exposure obscures the quality of its earnings floor. A more appropriate adjustment would involve a sum-of-the-parts valuation that separates the FERC-regulated transmission business from the state-regulated retail segments to better reflect the distinct regulatory risk premiums.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying AEE stock.
Ameren Corporation's current P/E ratio is 21.4x. The historical average is 19.2x. This places it at the 75th percentile of its historical range.
Ameren Corporation's current EV/EBITDA is 13.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.0x.
Ameren Corporation's return on equity (ROE) is 11.3%. The historical average is 8.8%.
Based on historical data, Ameren Corporation is trading at a P/E of 21.4x. This is at the 75th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ameren Corporation's current dividend yield is 2.47% with a payout ratio of 52.7%.
Ameren Corporation has 29.6% gross margin and 23.0% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ameren Corporation's Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.