AMEREN CORP（AEE）の決算・業績分析
AMEREN CORPの2025年有価証券報告書をAI分析。売上高$8.8B(+15.4%)。営業利益$2.0B。Utilities。
目次
AMEREN CORPの2025年度 業績サマリー
AMEREN CORP（証券コード: AEE）の2025年度決算・業績分析。売上高は$8.8B（前年比+15.4%）。営業利益は$2.0B（前年比+33.6%）。純利益は$1.5B（前年比+23.1%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
AMEREN CORPの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue surged 24.4% YoY to $8.0B (XBRL), driven by rate-regulated utility operations in Missouri and Illinois.
- Operating income rose 13.7% to $1.5B (XBRL), but free cash flow turned negative at $-1.1B due to $3.4B in CapEx (XBRL).
- Net debt reached $15.1B (XBRL), with a current ratio of 0.65x (XBRL), signaling potential liquidity challenges.
- Net income grew 8.4% to $1.1B (XBRL), though ROA remains low at 2.6% (XBRL).
AMEREN CORPの売上高変化の要因
- •Revenue grew 24.4% YoY to $8.0B (XBRL), up from $6.4B in FY2023. The 5-year CAGR for revenue is 3.6% (XBRL). Segment-specific revenue data is not available in the XBRL or 10-K. Growth appears driven by rate adjustments and operational expansion, though specific drivers are not quantified in the provided data.
AMEREN CORPの営業利益変化の要因
- •Operating margin improved to 19.0% (XBRL), with operating income rising 13.7% YoY to $1.5B (XBRL). Net margin was 13.6% (XBRL), up 8.4% YoY to $1.1B (XBRL). Gross profit is not reported (XBRL). ROE of 9.5% (XBRL) and ROA of 2.6% (XBRL) reflect capital-intensive operations and high leverage.
AMEREN CORPの事業リスクと対応
Regulatory and legislative risks: Utility rates, costs, and operations are subject to regulation by MoPSC, ICC, and FERC, impacting profitability and liquidity (10-K).
Rate recovery uncertainty: Regulatory proceedings may delay or limit cost recovery, affecting financial results (10-K).
Regulatory lag and cost disallowances: Inflationary pressures and disallowances may reduce returns (10-K).
MYRP revenue reconciliation caps: Ameren Illinois' electric rates face potential under-recovery due to reconciliation limits (10-K).
Rate determination variability: Rates depend on external factors like regulatory decisions and economic conditions (10-K).
AMEREN CORPの事業内容
Ameren Corp operates as a public utility holding company, providing regulated electric generation, transmission, distribution, and natural gas distribution services in Missouri and Illinois (10-K). Key segments include Ameren Missouri (electric and natural gas utilities), Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission (10-K). Revenue is generated through rate-regulated services approved by regulatory bodies like MoPSC, ICC, and FERC (10-K). No significant customer concentration is reported (10-K). Competitive landscape details are not disclosed in the 10-K.
AMEREN CORPのAI業績分析レポート（2024年度）
Annual Report Analysis: AMEREN CORP (AEE) FY2024
Highlights
Business Overview
Ameren Corp operates as a public utility holding company, providing regulated electric generation, transmission, distribution, and natural gas distribution services in Missouri and Illinois (10-K). Key segments include Ameren Missouri (electric and natural gas utilities), Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission (10-K). Revenue is generated through rate-regulated services approved by regulatory bodies like MoPSC, ICC, and FERC (10-K). No significant customer concentration is reported (10-K). Competitive landscape details are not disclosed in the 10-K.
Revenue Analysis
Revenue grew 24.4% YoY to $8.0B (XBRL), up from $6.4B in FY2023. The 5-year CAGR for revenue is 3.6% (XBRL). Segment-specific revenue data is not available in the XBRL or 10-K. Growth appears driven by rate adjustments and operational expansion, though specific drivers are not quantified in the provided data.
Profitability Analysis
Operating margin improved to 19.0% (XBRL), with operating income rising 13.7% YoY to $1.5B (XBRL). Net margin was 13.6% (XBRL), up 8.4% YoY to $1.1B (XBRL). Gross profit is not reported (XBRL). ROE of 9.5% (XBRL) and ROA of 2.6% (XBRL) reflect capital-intensive operations and high leverage.
Balance Sheet Analysis
Total assets grew to $40.8B (XBRL) in FY2024, with long-term debt at $15.1B (XBRL). Equity ratio was 27.8% (XBRL), and cash reserves were $25M (XBRL). The current ratio of 0.65x (XBRL) indicates potential short-term liquidity constraints despite $1.2B in financing cash flow (XBRL).
Cash Flow Analysis
Operating cash flow reached $2.3B (XBRL), but free cash flow was negative at $-1.1B (XBRL) due to $3.4B in CapEx (XBRL). Dividends paid totaled $610M (XBRL), with a payout ratio of 56.5% (XBRL). CapEx intensity was 42.1% (XBRL), reflecting significant investment in infrastructure.
Working Capital Analysis
Receivables days were 23 (XBRL), inventory days 34 (XBRL), and asset turnover 0.19x (XBRL). Cash conversion cycle (CCC) is not quantified due to missing payables days data. Low asset turnover suggests inefficiencies in capital utilization.
Risks
Outlook
N/A. Management guidance and forward-looking trends are not explicitly mentioned in the 10-K or XBRL data.
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 6.3B | 5.9B | 5.8B | 6.4B | 8.0B | 7.5B |
| Operating Income | 1.4B | 1.3B | 1.3B | 1.3B | 1.5B | 1.6B |
| Net Income | 821M | 834M | 877M | 995M | 1.1B | 1.2B |
| Total Assets | 28.9B | 32.0B | 35.7B | 37.9B | 40.8B | 44.6B |
| Total Equity | 8.1B | 8.9B | 9.7B | 10.5B | 11.3B | 12.1B |
| Operating Cash Flow | 2.2B | 2.2B | 1.7B | 1.7B | 2.3B | 2.6B |
Utilitiesの企業一覧
AMEREN CORPと同じ「Utilities」セクターの企業