Forensic Analysis · Combined Electric & Other Services · as of Nov 9, 2026

Ameren Corp (AEE)

A forensic read on Ameren Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable

Forensic grade

Clean

Earnings quality

Forensic signals

11.4%

ROE

15.4%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Ameren Corp earns a B (Sound & dependable) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by shareholder returns.

What the filings flag

FCF ($775M)

FY2025

Shareholder returns. Returned $768M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($775M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $3.4B — 23% of that. Capex and the payout together ran $1.5B past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. New debt covered it: total debt rose $1.6B over FY2025, while cash rose $6M.

4.2%

FY2025

Return on invested capital. Return on invested capital is 4.2% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.8-point range. After-tax operating profit was $1.3B in FY2023 and $1.8B in FY2025, with operating income at 20.8% of revenue in FY2023, 19.9% in FY2024 and 23.0% in FY2025. The capital base behind it grew +14% across FY2023–FY2025, from $38.3B to $43.5B, and the return did not fall doing it, so the dollars added over that window earned at least the 3.5% the older base was already earning.

Key fundamentals

Latest Revenue$8.80B

Revenue Growth YoY+15.4%

Revenue CAGR (2yr)+8.3%

Net Margin16.5%

Free Cash Flow-$775.0M

Return on Equity11.4%

Debt / Equity1.43x

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.