Ameren Corporation (AEE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-219.2%

-$132.61

vs $111.24 price

Levered DCF

-$73.78

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.93

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	18.56×	20.12×	16.52×	21.38×	23.06×	22.11×	22.79×	19.53×
P/B	2.02×	1.96×	1.68×	2.19×	2.35×	2.16×	2.34×	2.08×
P/S	3.07×	3.12×	2.53×	2.89×	3.57×	3.33×	3.19×	2.53×
EV / EBITDA	11.59×	12.01×	10.42×	11.97×	12.95×	11.8×	11.56×	10×
Gross margin	29.6%	47.9%	46.2%	42.0%	46.8%	49.3%	46.4%	44.4%
Operating margin	23.0%	19.9%	20.8%	19.0%	20.8%	22.4%	21.4%	21.6%
Net margin	16.5%	15.5%	15.4%	13.5%	15.5%	15.0%	14.0%	13.0%
Current ratio	0.66×	0.66×	0.65×	0.79×	0.7×	0.76×	0.57×	0.57×
Debt / equity	1.48×	1.55×	1.45×	1.44×	1.4×	1.3×	1.22×	1.18×
Interest coverage	2.61×	2.29×	2.75×	3.12×	3.48×	3.1×	3.33×	3.38×
Dividend yield	2.8%	3.0%	3.5%	2.7%	2.5%	2.6%	2.5%	2.8%
Payout ratio	52.7%	60.4%	57.5%	56.8%	57.1%	56.7%	57.0%	55.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.9%	9.8%	10.2%	10.2%	10.2%	9.7%	10.3%	10.7%
Return on invested capital	4.0%	3.3%	3.5%	3.6%	3.4%	3.6%	3.8%	4.1%
Return on assets	3.0%	2.7%	2.8%	2.8%	2.8%	2.7%	2.9%	3.0%
Free cash flow yield	-3.0%	-6.9%	-6.3%	-4.9%	-8.2%	-8.2%	-1.4%	-1.1%
Earnings yield	5.4%	5.0%	6.1%	4.7%	4.3%	4.5%	4.4%	5.1%
Enterprise value	$46.8B	$42.5B	$35.5B	$38.1B	$36.4B	$30.7B	$28.6B	$24.9B
Net debt / EBITDA	4.9×	5.29×	4.84×	4.75×	4.84×	4.39×	3.95×	3.62×
Cash conversion cycle (days)	21	19	8	12	-7	-7	2	14