Ameren Corp.
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+ FollowMarket Cap$31.77B
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Earnings Call Q3 2026
November 6, 2026 - AI Summary
Raised earnings outlook + issued 2027 guidance (strong near-term momentum):
- Q3 2026 EPS: $2.42 GAAP and $2.17 adjusted vs $2.35 GAAP / $2.17 adjusted in Q3 2025 (year/quarter comparisons also influenced by one-time tax benefit in prior year).
- 2026 EPS guidance raised to $5.35–$5.55 from $5.25–$5.45 (midpoint lifted due to favorable year-to-date results and weather, plus innovation/infrastructure earnings, partially offset by higher O&M reliability spending).
- 2027 EPS guidance: $5.70–$5.90 (midpoint $5.80, implying ~8.4% YoY vs the original 2026 midpoint).
Big multi-year growth plan (rate base + earnings):
- Long-term EPS growth outlook raised: expected 8%–10% compound annual EPS growth from 2027–2031.
- Capital investment plan: $38.1B over 2027–2031 (rolled forward and increased vs prior plan).
- Rate base growth expectation: 13.3% compound annual rate base growth (2026–2031)—a higher number than EPS growth due to financing/equity dilution effects.
- Earnings cadence expectation: management indicated EPS growth near the upper end of the range in 2028 and 2029, as large-load ramp accelerates.
Demand growth + “large load” opportunities underpin the plan (and are the key upside lever):
- Missouri sales growth assumption: 12.9% compound annual sales growth (2027–2031) based on ~2.9 GW new load by 2031.
- Signed electric service agreements (ESAs): 2.8 GW (includes existing signed capacity expected to reach full capacity by 2030); also noted 1.2 GW with construction agreements and 4.4 GW with completed interconnection studies.
- Strategic importance of cost allocation: under Missouri Senate Bill 4, large load customers pay power + infrastructure costs, reducing cost burden on other customers once sites are operating.
- Potential upside: additional ESAs beyond the signed/assumed pipeline could lift sales and associated investment/rate base.
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$-73.44
164% downside
Current Fair Value
164% downsideOvervalued by 164% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $31.77 Billion |
|---|---|
| Enterprise Value | $54.24 Billion |
| Annual dividend | $2.96 |
| Dividend yield | 2.58% |
| Earnings per Share | $5.38 |
| Beta | 0.43 |
| Outstanding Shares | 276,800,000 |
Return
| Return on Equity | 11.26% |
|---|---|
| Return on Assets | 3.03% |
| Return on Invested Capital | 5.11% |
Valuation & Multiples
| P/E Ratio | 19.79 |
|---|---|
| PEG | 351.79 |
| Price to Sales | 3.59 |
| Price to Book Ratio | 2.25 |
| Enterprise Value to Revenue | 6.07 |
| Enterprise Value to EBIT | 21.86 |
| Enterprise Value to Net Income | 33 |
| Total Debt to Enterprise | 0.42 |
| Debt to Equity | 1.58 |
Revenue Sources
No data
Last Earnings Call
Report Date
November 5, 2026
EPS
$2.42
Est. $2.29Revenue
$2.88 B
Est. $2.82 BNext Earnings Call
Expected Date
February 10, 2027
EPS Estimate
$0.71
Consensus analyst estimateRevenue Estimate
$1.97 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 26.00% |
|---|---|
| Total Calls | -▼ 100.00% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 12.17%▼ 77.12% |
|---|---|
| Total Invested | $3.34B▼ 88.01% |
| Investors Holding | 442▼ 523.00% |
About Ameren Corp.
8,615 employees
CEO: Warner Baxter
St. Louis-based Ameren Corporation powers the quality of life for 2.4 million electric customers and more than 900,000 natural gas customers in a 64,000-square-mile area through its Ameren Missouri and Ameren Illinois rate-regulated util...