olivLaw · US equity research
Ameren Corporation AEE
Electric & Other Services Combined · SIC 4931 · Vertical: Electric & Other Services Combined (SIC 4931)
Ameren Corporation (NYSE: AEE) is a utility holding company based in St. Louis whose earnings come mainly from rate-regulated electric transmission and distribution and natural gas delivery in Missouri and Illinois. In the first six months of 2026, net income attributable to common shareholders was $671 million, and the company reaffirmed 2026 earnings guidance of $5.25 to $5.45 per diluted share. Investments in regulated businesses of $2.7 billion in the first six months underpin this growth.
At the close of 04 Nov 2026, Ameren Corporation (AEE) stock was 113.08 USD (+2.46% on the day), with market capitalisation 31.3 bn USD, P/E 19.9 on diluted EPS of 5.68 USD over the last 12 months, dividend yield 2.58%, beta 0.14, 52-week range 97.25–118.32 USD. Latest reported quarter (Q2 2026): revenue of 2.1 bn USD (−5.8% YoY), net income of 316.0 m USD (+14.1% YoY), diluted EPS 1.13 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 71.6
- overbought (≥ 70)
- Bollinger (20, 2)
- 100.70 – 113.31
- in the upper half of the band · %B 0.98 · band width 11.8%
- SMA 50 / 200
- 104.68 / 108.52
- mixed trend
- MACD (12, 26, 9)
- 2.19 / 1.57
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +13.4% | −1.1% | +14.5 pp | — |
| 3 months | +3.8% | −0.5% | +4.2 pp | — |
| 6 months | +3.2% | +4.4% | −1.2 pp | — |
| Year to date | +13.2% | +12.3% | +0.9 pp | — |
| 1 year | +11.0% | +13.5% | −2.6 pp | +2.6% |
| 3 years | +44.0% | +76.4% | −32.4 pp | +33.5% |
| 5 years | +32.3% | +63.7% | −31.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.2 bn | 1.9 bn | 2.1 bn | 2.2 bn | 2.7 bn | 1.8 bn | 2.2 bn | 2.1 bn |
| Operating income | 586.0 m | 198.0 m | 430.0 m | 411.0 m | 825.0 m | 360.0 m | 532.0 m | 459.0 m |
| Depreciation & amortisation | 382.0 m ≈ | 382.0 m | 395.0 m | 398.0 m ≈ | 406.0 m ≈ | 413.0 m | 417.0 m | 424.0 m ≈ |
| Interest expense | 173.0 m | 171.0 m | 175.0 m | 187.0 m | 208.0 m | 206.0 m | 204.0 m | 209.0 m |
| Pre-tax income | 514.0 m | 151.0 m | 340.0 m | 320.0 m | 693.0 m | 244.0 m | 418.0 m | 368.0 m |
| Income tax | 57.0 m | -57.0 m | 50.0 m | 43.0 m | 52.0 m | -9.0 m | 60.0 m | 52.0 m |
| Net income | 457.0 m | 208.0 m | 290.0 m | 277.0 m | 641.0 m | 253.0 m | 358.0 m | 316.0 m |
| Diluted EPS | 1.70 | 0.77 ≈ | 1.07 | 1.01 | 2.35 | 0.92 ≈ | 1.28 | 1.13 |
| Operating cash flow | 897.0 m ≈ | 817.0 m | 431.0 m | 862.0 m ≈ | 1.1 bn ≈ | 956.0 m | 421.0 m | 770.0 m ≈ |
| Capex | 1.1 bn | 1.3 bn | 1.1 bn | 1.1 bn | 988.0 m | 1.0 bn | 1.6 bn | 1.1 bn ≈ |
| Dividends paid | 179.0 m ≈ | 179.0 m | 191.0 m | 193.0 m ≈ | 192.0 m ≈ | 192.0 m | 208.0 m | 206.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 33 percentile of its own 43-quarter history (min 16.1, median 20.8, max 27.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.3 bn | 5.9 bn | 5.8 bn | 6.4 bn | 8.0 bn | 7.5 bn | 7.6 bn | 8.8 bn |
| Revenue YoY | +1.9% | −6.1% | −2.0% | +10.4% | +24.4% | −5.7% | +1.6% | +15.4% |
| Net income | 821.0 m | 834.0 m | 877.0 m | 995.0 m | 1.1 bn | 1.2 bn | 1.2 bn | 1.5 bn |
| Net income YoY | +57.0% | +1.6% | +5.2% | +13.5% | +8.4% | +7.2% | +2.6% | +23.1% |
| Diluted EPS | 3.32 | 3.35 | 3.50 | 3.84 | 4.14 | 4.38 | 4.42 | 5.35 |
| Diluted EPS YoY | +55.1% | +0.9% | +4.5% | +9.7% | +7.8% | +5.8% | +0.9% | +21.0% |
| net % | 13.1% | 14.1% | 15.1% | 15.6% | 13.6% | 15.4% | 15.6% | 16.6% |
| Free cash flow | -116.0 m | -241.0 m | -1.5 bn | -1.8 bn | -1.1 bn | -1.0 bn | -1.6 bn | -775.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.0 m USD
- Financial debt
- 18.9 bn USD
- Net debt
- 18.8 bn USD
- Equity
- 13.5 bn USD
- Total assets
- 48.5 bn USD
- Debt / equity
- 1.39x
- Current ratio
- 0.66x
- ROE
- 11.3%
- ROA
- 3.1%
- FCF margin
- -8.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.8 bn | 6.4 bn | 8.0 bn | 7.5 bn | 7.6 bn | 8.8 bn | SEC (XBRL)· 18 Feb 2026verified |
| Operating income | 1.3 bn | 1.3 bn | 1.5 bn | 1.6 bn | 1.5 bn | 2.0 bn | SEC (XBRL)· 18 Feb 2026verified |
| Depreciation & amortisation | 1.2 bn | 1.2 bn | 1.4 bn | 1.4 bn | 1.5 bn | 1.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| EBITDA | 2.5 bn ≈ | 2.6 bn ≈ | 2.9 bn ≈ | 3.0 bn ≈ | 3.0 bn ≈ | 3.6 bn ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Interest expense | 419.0 m | 383.0 m | 486.0 m | 566.0 m | 663.0 m | 776.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Pre-tax income | 1.0 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.3 bn | 1.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Income tax | 155.0 m | 157.0 m | 176.0 m | 183.0 m | 83.0 m | 136.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Net income | 877.0 m | 995.0 m | 1.1 bn | 1.2 bn | 1.2 bn | 1.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| Diluted EPS | 3.50 | 3.84 | 4.14 | 4.38 | 4.42 | 5.35 | SEC (XBRL)· 18 Feb 2026verified |
| Weighted average diluted shares | 248.7 m | 257.6 m | 259.5 m | 263.4 m | 267.4 m | 272.2 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividend per share | 2.00 | 2.20 | 2.36 | 2.52 | 2.68 | 2.84 | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 139.0 m | 8.0 m | 10.0 m | 25.0 m | 7.0 m | 13.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Receivables | 415.0 m | 434.0 m | 600.0 m | 494.0 m | 525.0 m | 665.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Inventories | 521.0 m | 592.0 m | 667.0 m | 733.0 m | 762.0 m | 774.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Current assets | 1.7 bn | 2.0 bn | 2.7 bn | 2.2 bn | 2.3 bn | 2.6 bn | SEC (XBRL)· 18 Feb 2026verified |
| Property, plant & equipment, net | 26.8 bn | 29.3 bn | 31.3 bn | 33.8 bn | 36.3 bn | 39.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Goodwill | 411.0 m | 411.0 m | 411.0 m | 411.0 m | 411.0 m | 411.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Total assets | 32.0 bn | 35.7 bn | 37.9 bn | 40.8 bn | 44.6 bn | 48.5 bn | SEC (XBRL)· 18 Feb 2026verified |
| Accounts payable | 958.0 m | 1.1 bn | 1.2 bn | 1.1 bn | 1.1 bn | 1.3 bn | SEC (XBRL)· 18 Feb 2026verified |
| Short-term debt | 490.0 m | 545.0 m | 1.1 bn | 536.0 m | 1.1 bn | 643.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Long-term debt | 11.1 bn | 12.6 bn | 13.7 bn | 15.1 bn | 17.3 bn | 18.2 bn | SEC (XBRL)· 18 Feb 2026verified |
| Current liabilities | 2.2 bn | 2.8 bn | 3.4 bn | 3.3 bn | 3.4 bn | 3.9 bn | SEC (XBRL)· 18 Feb 2026verified |
| Equity | 9.1 bn | 9.8 bn | 10.6 bn | 11.5 bn | 12.2 bn | 13.5 bn | SEC (XBRL)· 18 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.7 bn | 1.7 bn | 2.3 bn | 2.6 bn | 2.8 bn | 3.4 bn | SEC (XBRL)· 18 Feb 2026verified |
| Capex | 3.2 bn | 3.5 bn | 3.4 bn | 3.6 bn | 4.3 bn | 4.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Free cash flow | -1.5 bn ≈ | -1.8 bn ≈ | -1.1 bn ≈ | -1.0 bn ≈ | -1.6 bn ≈ | -775.0 m ≈ | SEC (XBRL)· 18 Feb 2026derived |
| Investing cash flow | -3.3 bn | -3.5 bn | -3.4 bn | -3.8 bn | -4.5 bn | -4.1 bn | SEC (XBRL)· 18 Feb 2026verified |
| Financing cash flow | 1.7 bn | 1.7 bn | 1.2 bn | 1.3 bn | 1.7 bn | 884.0 m | SEC (XBRL)· 18 Feb 2026verified |
| Dividends paid | 494.0 m | 565.0 m | 610.0 m | 662.0 m | 714.0 m | 768.0 m | SEC (XBRL)· 18 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
3 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 31.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation52
- Balance sheet41
- Quality75
- Growth74
- Returns36
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 37.32 – 129.43 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Dividend discount (DDM)37.32 – 50.19 (Mid 42.81)
- Peers: EV/EBITDA75.49 – 129.43 (Mid 105.33)8 companies used · median multiple 12.9x · quartiles 10.7x – 14.6xCMS, DUK, EVRG, EXC, LNT, NI, WEC, XEL
- Peers: P/E108.04 – 127.98 (Mid 118.04)10 companies used · median multiple 20.8x · quartiles 19.0x – 22.5xCMS, DUK, ED, EVRG, EXC, LNT, NI, PEG, WEC, XEL
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 6.0% | 60 (vs peers) | 6% |
| Net margin · Quality | 17.9% | 90 (vs peers) | 6% |
| Revenue CAGR 3Y · Growth | 3.4% | 54 (on a fixed band) | 6% |
| EPS CAGR 3Y · Growth | 8.9% | 89 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 5.3x | 63 (vs peers) | 13% |
| Interest coverage · Balance sheet | 2.6x | 32 (on a fixed band) | 11% |
| Current ratio · Balance sheet | 0.5x | 0 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 19.9x | 55 (vs peers) | 13% |
| EV/EBITDA · Valuation | 13.4x | 50 (vs peers) | 11% |
| Dividend yield · Returns | 2.6% | 9 (vs peers) | 15% |
| Payout ratio (EPS) · Returns | 51.4% | 98 (on a fixed band) | 6% |
Score groups
- Balance sheet41/100 · 3/3 factors with a value
- Growth74/100 · 2/2 factors with a value
- Quality75/100 · 2/2 factors with a value
- Returns36/100 · 2/2 factors with a value
- Valuation52/100 · 2/2 factors with a value
Memo
AMEREN CORP (AEE). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 8.8 bn USD in 2025; YoY growth 15.4%; net margin 17.9%; ROE 12.1%; net debt/EBITDA 5.3x.
The estimated value range is 75.49–127.98 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 105.33 USD, the price of 113.08 USD leaves a potential of -6.9% (value / price − 1) and a margin of safety of -7.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 17.9%
- EPS CAGR 3Y: 8.9%
- Payout ratio (EPS): 51.4%
What contradicts it
- Current ratio: 0.5x
- Dividend yield: 2.6%
Versus the vertical median
Electric & Other Services Combined (SIC 4931) · same industry (4-digit SIC) · compared with 11 companies
Only companies with a capitalisation between 3.8 bn and 241.3 bn (within 8× of the company's); 6 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| DUKDuke Energy CORP | 101.0 bn | 19.8 | 9.8% | 15.8% | +5.6% | +5% / +40% |
| XELXcel Energy Inc | 51.7 bn | 18.8 | 11.4% | — | +1.2% | −2% / +32% |
| EXCExelon Corporation | 47.3 bn | 16.9 | 9.8% | 11.2% | +5.3% | −2% / +20% |
| EDConsolidated Edison Inc | 44.3 bn | 20.3 | 8.7% | 12.5% | +10.9% | +20% / +34% |
| WECWec Energy Group, Inc. | 38.9 bn | 21.4 | 12.5% | 17.6% | +14.0% | +5% / +41% |
| PEGPublic Service Enterprise Group Incorporated | 36.5 bn | 18.2 | 11.8% | 16.0% | +18.3% | −12% / +17% |
| PCGPg&E Corp | 35.9 bn | 9.6 | 9.7% | 12.3% | +2.1% | −17% / −22% |
| AEEAmeren Corp | 31.3 bn | 19.9 | 12.1% | 17.9% | +15.4% | +11% / +44% |
| CMSCms Energy Corp | 22.3 bn | 21.3 | 11.3% | 11.6% | +13.6% | −6% / +25% |
| NINiSource Inc. | 21.7 bn | 23.1 | 10.1% | 8.2% | +23.5% | +3% / +77% |
| EVRGEvergy, Inc. | 19.9 bn | 22.9 | 8.8% | 14.6% | +2.0% | +11% / +69% |
| LNTAlliant Energy Corp | 19.1 bn | 23.1 | 11.3% | 18.6% | +9.6% | +6% / +46% |
1- and 3-year price returns: for AEE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 65.87 Total return -40% · Per year -40% | 116.51 Total return 6% · Per year 6% | 175.59 Total return 58% · Per year 58% |
| 3 years | 62.53 Total return -39% · Per year -15% | 124.59 Total return 18% · Per year 6% | 206.36 Total return 93% · Per year 24% |
| 5 years | 59.37 Total return -38% · Per year -9% | 133.23 Total return 32% · Per year 6% | 242.53 Total return 133% · Per year 18% |
- Exit P/E± 31.15
- Net margin± 21.80
- Annual revenue growth± 18.09
- Annual dilution± 1.83
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Ameren Corporation (NYSE: AEE) is a utility holding company based in St. Louis whose earnings come mainly from rate-regulated electric transmission and distribution and natural gas delivery in Missouri and Illinois. In the first six months of 2026, net income attributable to common shareholders was $671 million 2, and the company reaffirmed 2026 earnings guidance of $5.25 to $5.45 per diluted share 3. Investments in regulated businesses of $2.7 billion in the first six months 2 underpin this growth.
SWOT
Strengths
- Regulated businesses with rates set by authorities, giving relatively predictable revenues and a large investment base 1.
- Large investment program with recovery through mechanisms such as PISA and annual reconciliation 12.
- Geographic spread across Missouri and Illinois, with several segments contributing earnings 3.
Weaknesses
Opportunities
Risks
- Regulatory and rate riskhigh
Authority decisions on rates can delay or limit cost and return recovery, and appeals can prolong uncertainty 1.
- Environmental and compliance riskhigh
Compliance requirements for coal and gas plants may require large investment or early closure of assets 1.
- Project execution riskmedium
New generation projects depend on CCN approvals, permits and contracts, and delays can affect the recovery timeline 2.
- Weather and demand riskmedium
Sales can fall with mild temperatures or efficiency gains, and guidance assumes normal weather for the rest of the year 23.
- Cost of capital risklow
Higher borrowing costs, reflected in higher interest expense, can reduce earnings per share 3.
Investment thesis
What would need to be true (bull case)
- Large regulated investment programs backed by recovery mechanisms could lead to steady growth in the asset base and earnings 12.
- Reaffirmed 2026 earnings guidance suggests operational stability, and large customer contracts could add new demand 23.
- Diversification across generation, transmission and distribution in two states reduces dependence on a single regulatory framework 1.
What would break the thesis
- Dependence on regulatory decisions could limit gains if approved rates fall short of the investment being recovered 1.
- Higher maintenance and interest costs could absorb part of the earnings gained from investment 3.
- If data center demand is delayed, the growth plan built on new load could proceed more slowly than expected 2.
What to watch
- MoPSC decision on Ameren Missouri's electric service rate increase requestMay 2027
- ICC decision on Ameren Illinois' 2025 electric distribution reconciliation adjustmentDecember 2026
- ICC decision on the 2027-2029 electric energy-efficiency planNovember 2026
- Quarterly results and any change to 2026 earnings guidanceQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Ameren's strategy rests on three pillars: investing in rate-regulated infrastructure, enhancing regulatory frameworks and optimizing operating performance 1. Revenue exposure is concentrated: in 2025 Ameren Missouri's electric service accounted for 52% of operating revenues, while Ameren Illinois electric distribution accounted for 26%, natural gas 11% and electric transmission 6% 1. Revenues therefore depend heavily on rates set by regulators such as the MoPSC, ICC and FERC 1.
On supply, Ameren Missouri generates most of its power at its own energy centers, and its resource plan calls for adding gas, solar, battery and nuclear capacity through 2040 1. In 2026 Ameren Missouri executed electric service agreements with large load customers representing 2.8 gigawatts of demand, which could begin materializing in the second half of 2027 2.
Market context
Ameren operates in rate-regulated markets where rates are set by the MoPSC, ICC and FERC and demand is influenced by economic conditions and weather 1. New demand from data centers and large industrial users is an important factor, but quarterly results also swing with weather: in the first half of 2026 retail electric sales fell mainly because of milder temperatures 2.
Trends
- Heavy infrastructure investmenttailwind
Rising investment in grid and generation supports earnings through regulated rates; the company invested $2.7 billion in regulated businesses in the first half of 2026 2. If these investments are recovered on time, they could sustain earnings growth.
- Demand from data centers and large loadstailwind
Large customer contracts, including data centers, could add significant load from 2027, but the timing and size of this demand depend on projects actually proceeding 2.
- Pressure from rates and maintenance costsheadwind
Higher maintenance and tree-trimming expenses reduced earnings in 2026, and cumulative rate increases could draw criticism if customer bills rise 23. Regulatory lag may limit cost recovery.
- Energy transition and federal policymixed
The plan to retire coal plants and add solar, batteries and gas depends on approvals and on federal and state energy policy, which could change 13. The net effect is uncertain and depends on policy.
Competitive position
Ameren operates as a regulated monopoly in its distribution territories, where direct competition is limited. Real competition comes from alternatives such as customer-owned solar generation and wholesale markets in the MISO area, where the company participates as a transmission owner 1. For large customers, self-generation alternatives can affect long-term demand 12.
Ameren is a MISO member, the regional operator that runs transmission and capacity markets, and capacity prices and requirements are set within that framework 1. Competition for transmission investment also comes from other regulated utilities pursuing similar projects 1.
- EntergyETR
Southern regulated utility holding company, cited as an alternative in the MISO context, though the source does not detail a direct relationship.
- EvergyEVRG
Midwest regulated utility, comparable to Ameren Missouri in terms of operating territory.
- MISO regional transmission organization
Regional body that sets the capacity and transmission rules in which Ameren operates.
- Private renewable power developers
Solar and storage projects, including large customers' self-generation, that could reduce demand for utility-supplied energy.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report28 Sept 2026Other events
- Current report18 Sept 2026Other events · Financial statements and exhibits
- Current report24 Aug 2026Other events · Financial statements and exhibits
- Current report04 Aug 2026Other events · Financial statements and exhibits
- Quarterly report03 Aug 2026
- Current report30 Jul 2026Results of operations · Other events · Financial statements and exhibits
- Current report29 Jun 2026Other events · Financial statements and exhibits
- Current report26 Jun 2026Other events
- Current report18 May 2026Shareholder vote
- Quarterly report08 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Ameren Corporation · 18 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Ameren Corporation · 03 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Ameren Corporation · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.