AEEAMEREN CORP

Electric & Other Services Combined

Revenue: $8.8B; 15% YoY
Operating margin: 23.0%; 16% YoY
EBITDA: $2.0B; 34% YoY
Market cap: $30.6B
Employees: —
Net debt / EBITDA: 9.6×; $19.4B net debt
AI in 10-K: 0.5; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
641% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
23% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
1% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
—
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 20th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
9.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$30.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.4B	$8.0B	$7.5B	$7.6B	$8.8B	15%
Operating income	$1.3B	$1.5B	$1.6B	$1.5B	$2.0B	34%
Operating cash flow	$1.7B	$2.3B	$2.6B	$2.8B	$3.4B	21%
Capex	$3.5B	$3.4B	$3.6B	$4.3B	$4.1B	4.4%
Stock-based comp	$22M	$24M	$26M	$28M	$28M	0.0%
Dividends	$565M	$610M	$662M	$714M	$768M	7.6%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $9M · 22
Net: −$9M

Pay vs performance

No pay-versus-performance disclosure yet.