The business behind the dividend
| Measure | AEE | Median | Formula |
|---|---|---|---|
| Return on equity | 10.9% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 6.2% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $-1.05bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $-775.00m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 23.0% | 15.0% | Operating income ÷ revenue |
| Net margin | 16.6% | 10.2% | Net income ÷ revenue |
| Debt to equity | 1.43x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 2.61x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.66x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 2.30x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Long-term debt to working capital — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 10.9% | 9.8% | 10.2% | 10.3% | 10.3% | 9.8% | 10.3% | 10.8% | 7.3% | 9.2% | 10.2% |
| Return on capital employed | 6.2% | 5.1% | 5.7% | 6.2% | 5.9% | 6.5% | 7.3% | 8.4% | 9.3% | 9.2% | 6.2% |
| Operating margin | 23.0% | 19.9% | 20.8% | 19.0% | 20.8% | 22.4% | 21.4% | 21.6% | 22.8% | 21.8% | 21.4% |
| Net margin | 16.6% | 15.6% | 15.4% | 13.6% | 15.6% | 15.1% | 14.1% | 13.1% | 8.5% | 10.7% | 14.1% |
| Debt to equity | 1.43x | 1.45x | 1.41x | 1.33x | 1.35x | 1.24x | 1.16x | 1.11x | 1.10x | 1.02x | 1.24x |
| Current ratio | 0.66x | 0.66x | 0.65x | 0.79x | 0.70x | 0.76x | 0.57x | 0.57x | 0.55x | 0.60x | 0.65x |
| Cash conversion | 2.30x | 2.33x | 2.22x | 2.10x | 1.67x | 1.97x | 2.60x | 2.64x | 4.05x | 3.24x | 2.30x |
How it compares in utilities
Among the 57 utilities companies here measured on GAAP earnings, Ameren pays out less than 42 of them. The median for that group is 61.5%, against this company’s 53.1%.
Closest on GAAP earnings
- New Jersey Resources (NJR) 54.8%
- Centerpoint Energy (CNP) 55.3%
- AES (AES) 55.9%
- American Electric Power (AEP) 56.2%
Same sector and same denominator, so the figures are comparable. All 58 in utilities →