Ameren (AEE)

NYSEUtilitiesRegulated ElectricSnapshot 2026-10-15

$106.08+2.24%

Close 2026-10-16 · 1-day change

Read the published Living FV report summary

Investment OutlookAs of Oct 15, 2026

What could strengthen or challenge Ameren’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-0.1%

+10% or more+5%0%−5%−10% or less

5.81 → 5.81 EPS · FY ending Dec 31, 2027 · 6 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 15, 2026 to Oct 15, 2026: (new ÷ prior − 1). Contributor count changed from 6 to 6; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Living FV™

Living Fair Value by QuarterlyIQ

A valuation that evolves as the business changes.

A published Living FV snapshot is not available yet. The valuation workflow remains discoverable; a market target cannot supply the missing evidence.

View Living FV report and workflow

What the Thesis Depends On

Three key conditions need to be met for the investment thesis to play out.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Debt issuance supports infrastructure investments	The company actively funds infrastructure with debt issuance.	Intact	Debt issuance falls significantly below $400 million in 2026	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
EPS growth to at least $5.25 per share in 2026	Profit per share is guided to about $5.35 in 2026.	Broken	EPS falls below $5.25 in FY26	Diluted EPS: $1.13 per share FY2026-Q2; GAAP. Published target: >=5.25 USD per share. Target period is not explicitly aligned with this observation. Source published Aug 3, 20261.13 USD/share · source valueSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: a19b85ff-d316-438d-ae02-fba74000e2ba. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Stable leadership and execution	Management has a clear plan and stable execution.	Intact	Significant leadership disruption or strategy shift in 2026	Qualitative condition This condition has no defined numerical measure. Context reviewed through Oct 15, 2026Last status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$5.81

$5.84 → $5.81 · observed estimates

FY2027 revenue$9.61B

$9.81B → $9.61B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$5.84	$9,809,899,930	6 / 11
2026-07-25	$5.84	$9,809,288,110	6 / 11
2026-07-26	$5.84	$9,809,288,110	6 / 11
2026-07-27	$5.84	$9,809,288,110	6 / 11
2026-07-28	$5.84	$9,809,288,110	6 / 11
2026-07-29	$5.84	$9,809,288,110	6 / 11
2026-07-30	$5.84	$9,809,288,110	6 / 11
2026-07-31	$5.84	$9,809,288,110	6 / 11
2026-08-01	$5.84	$9,809,288,110	6 / 11
2026-08-02	$5.84	$9,820,180,770	6 / 12
2026-08-03	$5.84	$9,820,180,770	6 / 12
2026-08-04	$5.84	$9,820,180,770	6 / 12
2026-08-05	$5.84	$9,822,030,770	7 / 12
2026-08-06	$5.84	$9,822,030,770	7 / 12
2026-08-07	$5.84	$9,822,030,770	7 / 12
2026-08-08	$5.84	$9,799,259,270	7 / 12
2026-08-09	$5.84	$9,799,259,270	7 / 12
2026-08-10	$5.84	$9,799,259,270	7 / 12
2026-08-11	$5.81	$9,700,536,068	6 / 9
2026-08-12	$5.84	$9,799,259,270	7 / 12
2026-08-13	$5.84	$9,799,259,270	7 / 12
2026-08-14	$5.81	$9,700,536,068	6 / 9
2026-08-15	$5.81	$9,700,536,068	6 / 9
2026-08-16	$5.81	$9,700,536,068	6 / 8
2026-08-17	$5.81	$9,700,536,068	6 / 8
2026-08-18	$5.81	$9,700,536,068	6 / 8
2026-08-19	$5.81	$9,700,536,068	6 / 9
2026-08-20	$5.81	$9,598,786,089	6 / 9
2026-08-21	$5.81	$9,598,786,089	6 / 9
2026-08-22	$5.81	$9,598,786,089	6 / 9
2026-08-23	$5.81	$9,598,786,089	6 / 9
2026-08-24	$5.81	$9,598,786,089	6 / 9
2026-08-25	$5.81	$9,598,786,089	6 / 9
2026-08-26	$5.81	$9,598,786,089	6 / 9
2026-08-27	$5.81	$9,598,786,089	6 / 9
2026-08-28	$5.81	$9,598,786,089	6 / 9
2026-08-29	$5.81	$9,598,786,089	6 / 9
2026-08-30	$5.81	$9,598,786,089	6 / 9
2026-08-31	$5.81	$9,598,786,089	6 / 9
2026-09-01	$5.81	$9,598,786,089	6 / 9
2026-09-02	$5.81	$9,598,786,089	6 / 9
2026-09-03	$5.81	$9,598,786,089	6 / 9
2026-09-04	$5.81	$9,598,786,089	6 / 9
2026-09-05	$5.81	$9,598,786,089	6 / 9
2026-09-06	$5.81	$9,598,786,089	6 / 9
2026-09-07	$5.81	$9,598,786,089	6 / 9
2026-09-08	$5.81	$9,598,786,089	6 / 9
2026-09-09	$5.81	$9,598,786,089	6 / 9
2026-09-10	$5.81	$9,598,786,089	6 / 9
2026-09-11	$5.81	$9,598,786,089	6 / 9
2026-09-12	$5.81	$9,598,786,089	6 / 9
2026-09-13	$5.81	$9,598,786,089	6 / 9
2026-09-14	$5.81	$9,598,786,089	6 / 9
2026-09-15	$5.81	$9,598,786,089	6 / 9
2026-09-16	$5.81	$9,598,786,089	6 / 9
2026-09-17	$5.81	$9,598,786,089	6 / 9
2026-09-18	$5.81	$9,598,786,089	6 / 9
2026-09-19	$5.81	$9,598,786,089	6 / 9
2026-09-20	$5.82	$9,577,090,292	6 / 9
2026-09-21	$5.82	$9,577,090,292	6 / 9
2026-09-22	$5.82	$9,577,090,292	6 / 9
2026-09-23	$5.82	$9,577,090,292	6 / 9
2026-09-24	$5.82	$9,577,090,292	6 / 9
2026-09-25	$5.82	$9,577,090,292	6 / 9
2026-09-26	$5.81	$9,580,817,565	6 / 9
2026-09-27	$5.81	$9,580,817,565	6 / 9
2026-09-28	$5.81	$9,580,817,565	6 / 9
2026-09-29	$5.81	$9,580,817,565	6 / 9
2026-09-30	$5.81	$9,580,817,565	6 / 9
2026-10-01	$5.80	$9,604,908,474	6 / 9
2026-10-02	$5.80	$9,604,908,474	6 / 9
2026-10-03	$5.80	$9,604,908,474	6 / 9
2026-10-04	$5.80	$9,604,908,474	6 / 9
2026-10-05	$5.80	$9,604,908,474	6 / 9
2026-10-06	$5.80	$9,605,157,237	6 / 9
2026-10-07	$5.80	$9,605,157,237	6 / 9
2026-10-08	$5.80	$9,605,157,237	6 / 9
2026-10-09	$5.80	$9,605,157,237	6 / 9
2026-10-10	$5.80	$9,605,157,237	6 / 9
2026-10-11	$5.80	$9,605,157,237	5 / 9
2026-10-12	$5.80	$9,605,157,237	5 / 9
2026-10-13	$5.80	$9,605,157,237	5 / 9
2026-10-14	$5.81	$9,607,329,965	5 / 9
2026-10-15	$5.81	$9,611,577,351	6 / 9

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	10	8	1
2026-06-01	10	7	1
2026-07-01	11	7	1
2026-08-01	11	6	0
2026-09-01	11	6	0
2026-10-01	11	6	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 11 Buy / Strong Buy · 6 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades5 maintains

Recent actions · Sep 16–Oct 15 · 5 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Truist FinancialOct 14 · prior Aug 17

$120.00 → $116.00-3.3%

KeyBancOct 13 · prior Jul 23

$122.00 → $116.00-4.9%

Mizuho SecuritiesSep 30 · prior Aug 3

$124.00 → $113.00-8.9%

ScotiabankSep 29

$104.00New observation · no comparable prior

RBC CapitalSep 25

$107.00New observation · no comparable prior

$0$68.20$136.40

0 raises · 3 cuts · 0 unchanged · 2 without a comparable prior

How this is measured

Sep 16, 2026–Oct 15, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Debt issuance supports infrastructure investmentsDirect metric needs a verified mapping
EPS growth to at least $5.25 per share in 2026Published status: Broken
Stable leadership and executionQualitative condition

Next proof point

Nov 4, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

0.8%Typical daily move · historical

Downside history

-16.2%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Ameren outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 10, 2026

What kind of bet this is

This is a utility investment with a focus on stable earnings and infrastructure investment. The current thesis state is mixed, as management has reaffirmed earnings guidance but faces challenges in execution quality.

What's priced into Ameren

The market appears to have priced in a neutral valuation with low expectations for significant growth. AEE is trading at a slight premium compared to peers, indicating that investors are not overly optimistic about its near-term performance.

What the fundamentals likely do

Fundamentals are expected to remain stable, with a low probability of missing earnings guidance in the near term. However, the recent history of misses in the industry raises some caution.

What Ameren hinges on

The thesis hinges on management's ability to execute on its reaffirmed earnings guidance and the overall performance of the utilities sector. Key factors include potential interest rate cuts and the performance of sector bellwethers.