AMEREN CORP (AEE): what the price assumes

boothcheck covers AMEREN CORP (AEE) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed 2026-07-25.

Generated: 2026-08-30 · Exported: 2026-08-31 · Source: https://boothcheck.com/report/AEE

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

The price sits below what even a 5%/yr operating-profit decline would warrant; the inversion reports a bound, not a solved growth path.

Solve inputs: computed at a 6% cost of capital with 4% terminal growth over a 5-year stage.

How unusual the bet is: within-range (limited comparison data)

Valuation X-Ray

The price is justified by relative-multiple and growth-DCF; asset-based/earnings-power land below the price.

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that justify the price: Relative, Growth Families that call it expensive: Asset, Earnings

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 5.8%); the inversion above states its own rate.

Per-Model Detail (n=12)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Bullet Takeaways

• Growth here arrives as steel in the ground rather than as market share, and the FY2025 10-K puts a size on what is coming: in February 2026 Ameren Missouri signed electric service agreements with large load customers "representing 2.2 gigawatts of demand. Construction agreements have been signed with developers representing 3.4 gigawatts of demand, which includes the executed electric service agreements."

• The largest risk is not operational. Borrowings sit close to ten times a year's operating profit and cover interest about 2.8 times, so the interest-rate environment moves this holding more than electricity demand does.

• Second-quarter results are presented on the morning of July 31, 2026, against a reaffirmed full-year 2026 range of $5.25 to $5.45 of diluted earnings per share and a stated 6% to 8% annual earnings growth target through 2030.

Bull Case

Only one group of methods reaches today's share price, and which group it is tells you what kind of company this is. The forward cash-flow methods land close, with the price about 11% above them. Everything anchored on what exists today sits well underneath: the price stands about 29% above the peer multiple methods, about 74% above the asset value methods, and about 89% above the earnings power methods. For most businesses that spread would be a warning. For a regulated utility it describes the accounting rather than the risk, because a utility's earnings do not come from selling more of something at a better margin. They come from putting capital into the ground and being allowed to earn a return on it. A method that values the rate base as it stands is answering a question about the past.

What is coming into the ground is unusually visible. The FY2025 10-K records that in February 2026 Ameren Missouri signed electric service agreements with large load customers "representing 2.2 gigawatts of demand. Construction agreements have been signed with developers representing 3.4 gigawatts of demand, which includes the executed electric service agreements." These are contracts, not projections. And the terms attached to them were tightened first: in November 2025 the Missouri commission approved a change to the large primary service tariff requiring customers asking for 75 megawatts or more at transmission voltage to accept additional terms, including "a service term of 12 years plus a ramp period". A twelve-year commitment from a data-centre developer is what turns a demand forecast into a financeable asset.

The regulatory machinery has been moving in the same direction. Ameren states that it works to advocate policies and "enhancing our regulatory frameworks is important to drive investment in our business segments, earn competitive returns on those investments, and realize timely recovery of our costs". In Illinois the mechanics are becoming formulaic: from 2027 the return component used in the distribution formula will be the commission-approved figure for that year, and returns on energy-efficiency investment can move up or down by as much as 200 basis points depending on whether savings targets are hit. Predictable rules are worth more to an owner of capital-intensive assets than a generous one-off decision.

Operationally the business sits comfortably in the middle of a large, well-documented peer set. Ameren converts 23.9% of revenue into operating profit on about $8.88B of sales. Duke (DUK) converts 27.2% on $33.17B, Evergy (EVRG) 25.9% on $6.03B, American Electric Power (AEP) 24.2% on $22.26B, and at the other end Xcel (XEL) 18.0% on $14.78B and Consolidated Edison (ED) 17.2% on $17.39B. Nothing here distinguishes Ameren as an operator, and it does not have to. Return on equity runs about 11.3% against book value of roughly $48.69 a share, which is the arithmetic of a regulated business earning close to its allowed return.

The funding model is the part that looks alarming and is not, provided one condition holds. The share count has grown about 1.8% a year over the four years to March 2026, and borrowings are heavy. That is how rate base gets financed, and the dilution is only destructive if the capital raised earns less than it costs. On the evidence of the returns being allowed and the demand now under contract, it currently earns more.

Bear Case

Here is the part a holder would rather not sit with. Almost nothing about owning these shares at $113.77 depends on how well Ameren runs a power system. The price capitalises company-wide operating income at about 24 times, and that multiple survives even if operating profit slips roughly 2.8% a year over the next several years, which sounds forgiving until you see what makes it forgiving: the whole calculation is discounted at a cost of capital near 6.2%. Move that number by a single percentage point and the tolerable trajectory swings by roughly 9.6 points of annual profit growth. This is a position in the rate environment wearing a utility's clothes.

Leverage sharpens the same exposure. Borrowings run close to 9.7 times a single year's operating profit, and that profit covers interest about 2.8 times. Those are ordinary numbers for a regulated utility and they are also the reason the rate environment is not an abstraction here. Higher rates raise the cost of the next bond and lower the value of the cash the existing assets produce, at the same time. Ameren's own first-quarter results already flagged higher interest expense as an offset to the earnings its infrastructure investment produced.

The allowed return, which is the entire engine of the bull case, is currently being argued in court. The 10-K discloses that "Ameren Illinois has filed an appeal of the ICC-determined ROE for 2024 through 2027 to the Illinois Appellate Court for the Fifth Judicial District." A company appealing the return it is permitted to earn on four years of investment is a company telling you that the regulator set it lower than the company thinks it deserves. Meanwhile the mechanics of recovery are slow by design. The filing defines the exposure as "Regulatory lag - The exposure to differences in costs incurred and actual sales volumes as compared with the associated amounts included in customer rates" and notes that rate increase requests in traditional reviews "can take up to 11 months to be acted upon by the MoPSC and the ICC". Costs move immediately; recovery does not.

The demand story is also not a signed cheque. Alongside the 2.2 gigawatts of executed agreements, the risk factors carry the qualifier directly: "The Ameren Companies may or may not experience the energy demand growth currently being forecasted depending on the decisions of potential new customers". Building generation and transmission for load that arrives late is the classic way a utility ends up with an asset the commission is reluctant to let it earn on, and the same risk section lists managing the impact on customer rates and the possibility that future data-centre demand may not be realised at the projected pace.

Against the peer set the multiple looks generous rather than earned. It sits at the very top of the peer distribution, well past the upper quartile, for a business whose operating conversion of 23.9% ranks in the middle. Edison International (EIX) converts 30.8% on $19.61B and grew 13.1%; WEC (WEC) converts 22.7% on $10.08B while growing 11.2%; Alliant (LNT) 23.0% on $4.42B growing 8.3%. Several of those are growing faster than Ameren on the revenue line and none of them is being priced this way.

The bull answer, that regulated utilities compound by adding rate base and that the contracts now signed make that addition visible, is a real argument and it is why the price is where it is. The bear response is narrower and harder to dismiss: that argument was equally true a year ago and two years ago, and what actually changed the value of the shares was the discount rate applied to it. Buying a regulated asset at the top of its cohort's valuation range is a bet that the rate applied stays where it is. Nothing in the operating business influences that.

Valuation

What $113.77 assumes is easier to state than to evaluate. The market capitalises company-wide operating income at roughly 24 times, and the price implies operating profit can decline about 2.8% a year through a five-year stage and still be supported. Settling thereafter at a 4% long-run pace is the tail assumption. A valuation that tolerates shrinkage is not usually described as demanding. The reason it can tolerate it is a cost of capital near 6.2%, low because the earnings stream is regulated and the equity moves less than the market does. Almost all of the work in this valuation is being done by that rate rather than by anything Ameren does.

The sensitivity is the number worth carrying away. Each additional percentage point of required return moves the profit trajectory the price can support by around 9.6 points. Few businesses are that geared to a single input. It is the mathematical statement of what a long-duration, heavily financed asset is.

The methods sort in the pattern that regulated utilities always produce, and it is worth reading rather than averaging. Of the four groups, the forward cash-flow methods are nearest, with the price about 11% above them. Beyond that the distances widen: the price sits about 29% above where the peer multiple methods land, about 74% above the asset value methods, and about 89% above the earnings power methods. One of that last group is instructive rather than dismissible. It averages operating profit over five years, adds back one-time charges, taxes the result and capitalises it with no growth at all, then nets off what the company owes. For a business financed the way this one is, that arithmetic leaves very little. It is not a verdict on the company. It is a measurement of how much of the equity value depends on the assets Ameren has not built yet, and the answer is most of it.

Three filing-reported inputs sit under the growth half of that calculation. The first is contracted demand: agreements "representing 2.2 gigawatts of demand", with construction agreements covering more. The second is the speed of recovery, which the filing defines plainly, noting that rate increase requests in traditional regulatory rate reviews "can take up to 11 months to be acted upon by the MoPSC and the ICC". The third is the allowed return itself, which for Illinois distribution service becomes a formula tied to the commission's annual determination from 2027, with efficiency-linked adjustments of up to 200 basis points either way. Revenue growth in this business is not sold. It is authorised.

Cohort position is the least comfortable part. Ameren converts 23.9% of about $8.88B of revenue into operating profit, which places it around the middle of a well-populated group. Southern (SO) converts 24.2% on $30.18B, PPL (PPL) 23.3% on $9.41B, Pinnacle West (PNW) 20.9% on $5.46B, Portland General (POR) 14.0% on $3.52B. What separates Ameren is not the conversion but the multiple, which sits at the very top of that distribution, beyond the upper quartile.

Solvency does not endanger the business and it does shape the outcome. Borrowings sit close to 9.7 times a year's operating profit, that profit covers interest about 2.8 times, and the share count has grown about 1.8% a year over the four years to March 2026 as new capital was raised to fund construction. None of that is unusual for a regulated utility, and all of it means the equity is the thin slice on top of a large financed asset. That is precisely why the discount rate, rather than the demand forecast, is the variable a holder should watch.

Catalysts

Second-quarter results are presented on the morning of Friday, July 31, 2026. For a regulated utility the release itself rarely surprises; what matters is whether the annual range is left alone.

The first quarter set that range's credibility. Diluted earnings per share came to $1.28 against $1.07 a year earlier, with net income attributable to common shareholders of $357 million versus $289 million. The company attributed the improvement to earnings on infrastructure investment made to improve reliability and service quality, partly offset by lower Ameren Missouri electric retail sales on a warmer than normal winter and by higher interest expense. Ameren reaffirmed full-year 2026 guidance of $5.25 to $5.45 per diluted share at the same time.

Two forward markers frame the rest of the year. Management has issued a compound annual earnings growth target of 6% to 8% for 2026 through 2030, measured from the midpoint of the 2026 range. That target is what the current multiple is being paid against, so any commentary that moves it matters more than a quarterly beat. The second marker is regulatory. The appeal Ameren Illinois has filed over the commission-determined return on equity for 2024 through 2027 is unresolved, and the large-load service agreements signed in February 2026 have to convert into construction, connection and rate base on schedule. Neither of those is a July event, but both are the substance behind the growth target the July call will reaffirm or qualify.

Peer Cohorts (Per Segment, With Filing Citations)

Ameren Missouri (reported)

• EVRG (EVERGY, INC.)
• FY2025 10-K: (FMBs) in December 2025 and Evergy Missouri West's $36.0 million of 3.49% Senior Notes in August 2025, partially offset by the reclassifications from long-term to current of Evergy Kansas Central's $350.0 million of 2.55% FMBs that mature in July 2026. • Evergy's commercial paper increased $186.4 million driven by…
• FY2025 10-K: …4(d) to Registration Statement on Form S-3 (File No. 333-68400) filed by Aquila, Inc. on August 27, 2001). Evergy 4.16 * Second Supplemental Indenture, dated July 3, 2002, between Missouri West, Inc. (formerly Aquila, Inc.) and BankOne Trust Company, N.A., as trustee (Exhibit 4(c) to Form S-4 (File No. 333-100204)…
• WEC (WEC ENERGY GROUP, INC.)
• FY2025 10-K: 2025 Form 10-K iv WEC Energy Group, Inc. Table of Contents AOC Audit and Oversight Committee of the Board of Directors AREP Amended Renewable Energy Plan ARR Auction Revenue Right Badger Hollow I Badger Hollow Solar Park I Badger Hollow II Badger Hollow Solar Park II BESS Battery Energy Storage System CABO Clean and…
• FY2025 10-K: 2025 Form 10-K 156 WEC Energy Group, Inc. Table of Contents Michigan Legislation In December 2016, Michigan enacted Act 342, which required 12.5 % of the state's electric energy to come from renewables for 2019 and 2020, and energy optimization (efficiency) targets up to 1 % annually. The renewable requirement…
• LNT (ALLIANT ENERGY CORP)
• FY2025 10-K: …lnt:WplMember lnt:AtcBillingsToWplMember 2023-01-01 2023-12-31 0000352541 us-gaap:EquityMethodInvestmentsMember lnt:AmericanTransmissionCompanyLlcAtcMember lnt:WplMember lnt:WplBillingsToAtcMember 2025-01-01 2025-12-31 0000352541 us-gaap:EquityMethodInvestmentsMember lnt:AmericanTransmissionCompanyLlcAtcMember…
• FY2025 10-K: …us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember us-gaap:DefinedBenefitPlanEquitySecuritiesMember 2025-12-31 0000352541 us-gaap:FairValueInputsLevel12And3Member us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember us-gaap:DefinedBenefitPlanEquitySecuritiesMember 2024-12-31 0000352541…
• AEP (AMERICAN ELECTRIC POWER CO INC.)
• FY2025 10-K: …aep:OtherPropertyClassMember 2025-01-01 2025-12-31 0000004904 us-gaap:RegulatedOperationMember aep:OhioPowerCompanyMember aep:OtherPropertyClassMember 2024-01-01 2024-12-31 0000004904 us-gaap:RegulatedOperationMember aep:OhioPowerCompanyMember aep:OtherPropertyClassMember 2023-01-01 2023-12-31 0000004904…
• FY2025 10-K: AReturnMember aep:RegulatoryLiabilityPendingFinalDeterminationIncludingNettingMember aep:PublicServiceCompanyOfOklahomaMember 2024-12-31 0000004904 aep:RegulatoryLiabilityPaysAReturnMember aep:RegulatoryLiabilityApprovedForPaymentMember aep:PublicServiceCompanyOfOklahomaMember aep:AssetRemovalCostsMember 2025-12-31…
• XEL (XCEL ENERGY INC)
• FY2025 10-K: …22 Table of Contents ITEM 2 - PROPERTIES Virtually all of the utility plant property of the utility subsidiaries is subject to the lien of their respective first mortgage bond indentures. NSP-Minnesota Station, Location and Unit at Dec. 31, 2025 Fuel Installed MW (a) Steam: A.S. King-Bayport, MN, 1 Unit Coal 1968 511…
• FY2025 10-K: …xel:NspMinnesotaMember us-gaap:BondsMember 2024-12-31 0000072903 xel:SeriesDueJune12052Member xel:NspMinnesotaMember us-gaap:BondsMember 2025-12-31 0000072903 xel:SeriesDueJune12052Member xel:NspMinnesotaMember us-gaap:BondsMember 2024-12-31 0000072903 xel:SeriesDueMay152053Member xel:NspMinnesotaMember…
• DUK (DUKE ENERGY CORPORATION)
• FY2025 10-K: …duk:DeferredCoalAshHandlingSystemCostsMember 2025-12-31 0001326160 duk:ProgressEnergyMember duk:DeferredCoalAshHandlingSystemCostsMember 2024-12-31 0001326160 duk:QualifyingFacilityBuyoutMember 2025-12-31 0001326160 duk:QualifyingFacilityBuyoutMember 2024-12-31 0001326160 duk:ProgressEnergyMember…
• FY2025 10-K: …2025-12-31 0001326160 duk:DukeEnergyOhioMember us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2025-12-31 0001326160 duk:DukeEnergyIndianaMember us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember 2025-12-31 0001326160 duk:PiedmontNaturalGasMember…
• SO (SOUTHERN CO)
• FY2025 10-K: …term and for providing service to transportation customers under its FERC-regulated tariff. The Registrants' proportionate share of their jointly-owned facility operating expenses is included in the corresponding operating expenses in the statements of income and each Registrant is responsible for providing its own…
• FY2025 10-K: …2024-05-01 2024-05-31 0000092122 so:MississippiPowerMember so:EnvironmentalComplianceOverviewPlanMember 2025-04-01 2025-04-30 0000092122 so:EnvironmentalComplianceOverviewPlanMember so:MississippiPowerMember us-gaap:SubsequentEventMember 2026-02-13 2026-02-13 0000092122 us-gaap:RetailMember so:MississippiPowerMember…

Ameren Illinois Electric Distribution (reported)

• ED (CONSOLIDATED EDISON INC)
• FY2025 10-K: …2025-01-01 2027-12-31 0001047862 srt:ScenarioForecastMember ed:RatePlanforYear3Member us-gaap:ElectricTransmissionMember srt:MaximumMember ed:OrangeAndRocklandUtilitiesIncMember 2025-01-01 2027-12-31 0001047862 us-gaap:ElectricTransmissionMember ed:OrangeAndRocklandUtilitiesIncMember 2022-01-01 2022-12-31 0001047862…
• FY2025 10-K: 2025 was supplied by the company's steam-only generating assets; 42 percent was produced by the company's steam-electric generating assets, where steam and electricity are primarily cogenerated; and 18 percent was purchased under an agreement with Brooklyn Navy Yard Cogeneration Partners L.P. O&R Electric Operations…
• EIX (EDISON INTERNATIONAL)
• FY2025 10-K: CE March 2025 to present February 2024 to March 2025 February 2019 to February 2024 Natalie K. Schilling Senior Vice President and Chief Human Resources Officer, Edison International and SCE Vice President, Human Resources, SCE March 2022 to present April 2020 to February 2022 Erica S. Bowman Vice President, Strategy,…
• FY2025 10-K: -gaap:UnsecuredDebtMember eix:TermLoanAgreementDueDecember2026Member eix:EdisonInternationalParentAndOtherMember 2025-01-01 2025-12-31 0000827052 us-gaap:UnsecuredDebtMember us-gaap:SecuredOvernightFinancingRateSofrMember eix:TermLoanAgreementDueDecember2026Member eix:EdisonInternationalParentAndOtherMember 2025-12-31…
• PNW (PINNACLE WEST CAPITAL CORP)
• FY2025 10-K: …Arizona with consolidated assets of approximately $30 billion. We derive essentially all of our revenues and earnings from our principal subsidiary, APS. Since 1886, APS and its affiliates have provided energy and energy-related products to people and businesses throughout Arizona. APS is Arizona's largest and…
• FY2025 10-K: …commercial operation as of the date of this report is provided in the table below. Capacity amounts are approximate and represent the maximum designed MW the site can provide for three hours, unless noted otherwise. Location Owned Capacity BESS: Paloma Gila Bend, AZ 17 Cotton Center Gila Bend, AZ 17 Hyder I Hyder, AZ…
• POR (PORTLAND GENERAL ELECTRIC COMPANY)
• FY2025 10-K: …ESS Electricity Service Supplier FERC Federal Energy Regulatory Commission FMB First Mortgage Bond FPA Federal Power Act GRC General Rate Case for a specified test year IRP Integrated Resource Plan ISFSI Independent Spent Fuel Storage Installation ITC Federal investment tax credit kV Kilovolt = one thousand volts of…
• FY2025 10-K: …County, Oregon 75 Coffee Creek BESS Washington County, Oregon 17 Other BESS facilities Various 9 Total Energy Storage Capacity 301 Transmission and Distribution PGE owns or has contractual rights associated with transmission lines that deliver electricity from its generation facilities to its distribution system in…
• EVRG (EVERGY, INC.)
• FY2025 10-K: …Kansas, is an integrated, regulated electric utility that engages in the generation, transmission, distribution and sale of electricity. Evergy Kansas Central serves approximately 751,000 customers located in central and eastern Kansas. Customers include approximately 651,100 residences, 94,800 commercial firms, and…
• FY2025 10-K: …with other electricity suppliers. Evergy has approximately 10,200 circuit miles of transmission lines, 44,600 circuit miles of overhead distribution lines and 16,700 circuit miles of underground distribution lines in Missouri and Kansas. Evergy has all material franchise rights necessary to sell electricity within…
• LNT (ALLIANT ENERGY CORP)
• FY2025 10-K: …supports its mission to deliver energy solutions and exceptional service that its customers and communities count on - affordably, safely, reliably and responsibly. 9 Table of Contents C. INFORMATION RELATING TO UTILITY OPERATIONS Alliant Energy's utility business (electric and gas) includes the operations of IPL and…
• FY2025 10-K: …steam from its Prairie Creek Generating Station to high-pressure steam customers in Iowa through 2025. IPL's and WPL's retail electric and gas revenues include sales to residential, commercial and industrial customers. IPL's and WPL's retail electric and gas customer prices are based on IPL's and WPL's cost of…
• PPL (PPL Corp)
• FY2025 10-K: …them or pursue other options. See Item 1. Business for a discussion related to LG&E's and KU's Solar Share program and 2022 and 2025 CPCN filings. Pennsylvania Regulated Segment (PPL and PPL Electric) For a description of PPL Electric's service area, see "Item 1. Business - General - Segment Information -…
• FY2025 10-K: Separation Agreement among PPL Corporation, Talen Energy Holdings, Inc., Talen Energy Corporation, PPL Energy Supply, LLC, Raven Power Holdings LLC, C/R Energy Jade, LLC and Sapphire Power Holdings LLC., dated as of June 9, 2014 (Exhibit 2.1 to PPL Energy Supply, LLC Form 8-K Report (File No. 1-32944) dated June 12,…

Ameren Illinois Natural Gas (reported)

• ATO (ATMOS ENERGY CORP)
• FY2025 10-K: …3.4 million residential, commercial, public-authority, and industrial customers through our six regulated distribution divisions in the service areas described below: Division Service Area Atmos Energy Colorado-Kansas Division Colorado, Kansas Atmos Energy Kentucky/Mid-States Division Kentucky, Tennessee, Virginia…
• FY2025 10-K: …residential, commercial, public authority, and industrial customers in eight states located primarily in the South. We also operate one of the largest intrastate pipelines in Texas based on miles of pipe. Atmos Energy's vision is to be the safest provider of natural gas services. We will be recognized for exceptional…
• NJR (NEW JERSEY RESOURCES CORPORATION)
• FY2025 10-K: …that natural gas is delivered and consumed by customers, including an estimate for unbilled revenue. Natural gas sales to individual customers are based on meter readings, which are performed on a systematic basis throughout the month. At the end of each month, the amount of natural gas delivered to each customer…
• FY2025 10-K: 309 us-gaap:EnergyRelatedDerivativeMember us-gaap:NondesignatedMember njr:NaturalGasPurchasesMember njr:EnergyServicesESSegmentMember 2022-10-01 2023-09-30 0000356309 us-gaap:EnergyRelatedDerivativeMember us-gaap:NondesignatedMember njr:NaturalGasPurchasesMember njr:EnergyServicesESSegmentMember 2023-10-01 2024-09-30…
• SWX (Southwest Gas Holdings, Inc.)
• FY2025 10-K: …Officer Fitch Fitch Ratings CFO Chief Financial Officer GAAP Accounting principles generally accepted in the United States CIO Chief Information Officer GCBA Gas Cost Balancing Account CNG Compressed natural gas GHG Greenhouse gases CODM Chief operating decision maker GRA General Revenues Adjustment COLI…
• FY2025 10-K: …operations, acquisitions and management's plans related thereto, the ability of management to successfully finance, close, and assimilate any acquired businesses, the impact on our stock price or our credit ratings due to 6 undertaking or failing to undertake acquisition or divestiture activities or other strategic…
• NFG (NATIONAL FUEL GAS CO)
• FY2025 10-K: …purchase price of $ 2.62 billion, subject to customary adjustments, as provided in the Purchase Agreement. Closing is expected to occur in the fourth quarter of calendar 2026, pending completion of a notice filing and review with the Public Utilities Commission of Ohio, Hart-Scott-Rodino review, and other customary…
• FY2025 10-K: …western New York and Pennsylvania, being used for, and benefiting from, the production and transportation of natural gas from the Appalachian Basin. Current natural gas production development activities are focused in the Marcellus and Utica shales, geological formations that are present nearly a mile or more below…
• SR (Spire Inc.)
• FY2025 10-K: Natural gas contracts Current Assets: Other 3.4 Current Liabilities: Other 13.6 Gasoline and heating oil contracts Current Assets: Other - - Gas Marketing: NYMEX / ICE natural gas contracts Current Assets: Other 6.2 Current Liabilities: Other 13.7 Deferred Charges and Other Assets: Other 0.8 Deferred Credits and Other…
• FY2025 10-K: LIABILITIES Gas Utility: NYMEX/ICE natural gas contracts $ 25.9 $ - $ - $ ( 1.3 ) $ 24.6 Gas Marketing: NYMEX/ICE natural gas contracts 19.0 - - ( 19.0 ) - Natural gas commodity contracts - 16.7 - ( 2.7 ) 14.0 Total $ 44.9 $ 16.7 $ - $ ( 23.0 ) $ 38.6 As of September 30, 2024 ASSETS Gas Utility: U.S. stock/bond mutual…
• NI (NISOURCE INC.)
• FY2025 10-K: …Center, IN Natural Gas 7,240,000 Rolling Prairie LNG Rolling Prairie, IN Liquified Natural Gas 4,000,000 Total Capacities 11,240,000 Competition. Similar to the Columbia Operations segment, NIPSCO Gas operates in an open and competitive market which allows retail customers to purchase gas directly from producers and…
• FY2025 10-K: …customers participated in such programs. We compete with (i) investor-owned, municipal, and cooperative electric utilities throughout our service areas, (ii) other regulated and unregulated natural gas intra and interstate pipelines and (iii) other alternate fuels, such as propane and fuel oil. We continue to be a…
• OGE (OGE ENERGY CORP.)
• FY2025 10-K: …part hereof. 53 OKLAHOMA GAS AND ELECTRIC COMPANY STATEMENTS OF INCOME AND COMPREHENSIVE INCOME Year Ended December 31 (In millions) 2025 2024 2023 OPERATING REVENUES Revenues from contracts with customers $ 3,190.9 $ 2,916.6 $ 2,607.3 Other revenues 69.2 68.7 67.0 Operating revenues 3,260.1 2,985.3 2,674.3 FUEL,…
• FY2025 10-K: 539.5 Taxes other than income 109.4 109.7 Operating income 800.0 745.6 Allowance for equity funds used during construction 26.0 25.5 Other net periodic benefit expense 10.3 1.6 Other income 17.3 12.5 Other expense 2.6 4.5 Interest expense 225.5 214.4 Income tax expense 105.1 93.2 Net income $ 499.8 $ 469.9 Operating…

Ameren Transmission (reported)

• PPL (PPL Corp)
• FY2025 10-K: …and PPL Electric does not own or operate any generation facilities. The PPL Electric transmission business, operating under a FERC-approved PJM Open Access Transmission Tariff, is subject to competition pursuant to FERC Order 1000 from entities that are not incumbent PJM transmission owners with respect to the…
• FY2025 10-K: …the delivery. In those circumstances, revenue is only recognized for providing delivery of the commodity to the customer. Transmission Revenue PPL Electric generates transmission revenues from a FERC-approved PJM Open Access Transmission Tariff. An annual revenue requirement for PPL Electric to provide transmission…
• AEP (AMERICAN ELECTRIC POWER CO INC.)
• FY2025 10-K: …2023-01-01 2023-12-31 0000004904 us-gaap:OperatingSegmentsMember aep:AlternativeandOtherMember aep:AEPTransmissionHoldcoMember 2023-01-01 2023-12-31 0000004904 us-gaap:OperatingSegmentsMember aep:AlternativeandOtherMember aep:GenerationAndMarketingMember 2023-01-01 2023-12-31 0000004904…
• FY2025 10-K: …aep:AEPTransmissionHoldcoMember 2025-01-01 2025-12-31 0000004904 us-gaap:OperatingSegmentsMember aep:AlternativeMember aep:VerticallyIntegratedUtilitiesSegmentMember 2025-01-01 2025-12-31 0000004904 us-gaap:OperatingSegmentsMember aep:AlternativeMember aep:TransmissionAndDistributionCompaniesMember 2025-01-01…
• EIX (EDISON INTERNATIONAL)
• FY2025 10-K: CE March 2025 to present February 2024 to March 2025 February 2019 to February 2024 Natalie K. Schilling Senior Vice President and Chief Human Resources Officer, Edison International and SCE Vice President, Human Resources, SCE March 2022 to present April 2020 to February 2022 Erica S. Bowman Vice President, Strategy,…
• FY2025 10-K: …us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember us-gaap:HedgeFundsGlobalOpportunityMember 2025-12-31 0000827052 us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember us-gaap:HedgeFundsGlobalOpportunityMember 2025-12-31 0000827052…
• FE (FIRSTENERGY CORP)
• FY2025 10-K: …are subject to functional control by PJM and transmission service using their transmission facilities is provided by PJM under the PJM Tariff. The following table summarizes the key terms of FERC rate orders in effect for transmission customer billings for FirstEnergy's transmission owner entities as of December 31,…
• FY2025 10-K: …stpr:WV fe:NaturalGasGenerationProjectMember fe:MonogahelaPowerCompanyandThePotomacEdisonCompanyMember fe:PublicServiceCommissionofWestVirginiaMember 2026-02-13 2026-02-13 0001031296 us-gaap:SubsequentEventMember stpr:WV fe:SolarGenerationProjectMember fe:MonogahelaPowerCompanyandThePotomacEdisonCompanyMember…
• ED (CONSOLIDATED EDISON INC)
• FY2025 10-K: …2025-01-01 2027-12-31 0001047862 srt:ScenarioForecastMember ed:RatePlanforYear3Member us-gaap:ElectricTransmissionMember srt:MaximumMember ed:OrangeAndRocklandUtilitiesIncMember 2025-01-01 2027-12-31 0001047862 us-gaap:ElectricTransmissionMember ed:OrangeAndRocklandUtilitiesIncMember 2022-01-01 2022-12-31 0001047862…
• FY2025 10-K: …ed:ConsolidatedEdisonCompanyofNewYorkInc.Member ed:CustomerServiceSystemsCSSMember 2023-01-01 2025-12-31 0001047862 srt:ScenarioForecastMember ed:ElectricExcludingAMIMember ed:RatePlanforYear1Member us-gaap:ElectricTransmissionMember ed:ConsolidatedEdisonCompanyofNewYorkInc.Member 2026-01-01 2028-12-31 0001047862…
• XEL (XCEL ENERGY INC)
• FY2025 10-K: …on the transmission grid and the value of these instruments. FTRs are recognized at fair value and adjusted each period prior to settlement. Given the limited observability of certain variables underlying the reported auction values of FTRs, these fair value measurements have been assigned a Level 3 classification.…
• FY2025 10-K: $ 4.46 15 % 2024 1.94 35 PSCo 2025 3.63 58 2024 2.77 56 SPS 2025 1.99 79 2024 0.94 66 Capacity and Demand Uninterrupted system peak demand and occurrence date: 2025 2024 Utility Subsidiary MW Date MW Date NSP System 8,445 July 15 8,822 Aug. 26 PSCo 7,010 July 28 7,084 Aug. 1 SPS 4,519 Aug. 8 4,437 Aug. 19 Transmission…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.