Forensic Analysis · Utilities · as of Aug 11, 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.

C · Mixed — selective

Forensic grade

Grey Zone

Financial health

1.3

Distress distance

Clean

Earnings quality

Forensic signals

19.3

P / E (ttm)

10.9%

ROE

$29.6B

Market cap

2.77%

Dividend yield

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 (red flags, auditor quality, say on pay, board independence). 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 C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.3, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.

What the filings flag

+1.6%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +5% over the last 3 years to FY2025 (+1.6%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.6% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~5%.

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. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.

4.0%

FY2025

Return on invested capital. Return on invested capital is 4.0% in the latest fiscal year and steady — slightly below its ~6% cost of capital — reinvestment is roughly a wash.

Key fundamentals

Latest Revenue$8.80B

Revenue Growth YoY+15.4%

Revenue CAGR (3yr)+3.4%

Net Margin16.5%

Free Cash Flow-$775.0M

Return on Equity10.9%

Debt / Equity1.43x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.