{"schemaVersion":1,"research":true,"symbol":"aee","name":"Ameren","topic":"moat","path":"/stock/aee/moat","status":"published","version":3,"updatedAt":"2026-10-18T00:20:14.435Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Ameren has a narrow moat supported by its established regulated utility infrastructure, approved transmission projects and cost-recovery frameworks. These provide more protection than discretionary pricing power: recoverable costs and regulated returns support earnings, while regulators constrain prices and can revise allowed returns. The passages do not establish exclusive territorial rights, superior costs or exceptional durability. Competitive project bidding, financing needs and customer generation constrain the advantage.","advantages":[{"mechanism":"efficient_scale","claim":"Established regulated generation, transmission and distribution infrastructure, together with project approvals and formula-based recovery, supports a narrow infrastructure advantage. Actual competitive transmission awards demonstrate access to additional projects, but do not establish exclusive access or a cost advantage.","durability":"Existing regulated businesses and annual transmission revenue reconciliation support persistence. Approved construction-cost recovery protections strengthen selected projects. Durability remains conditional on regulatory treatment and adequate investment returns; no exclusive franchise duration is disclosed.","risks":"Customer complaints have already changed transmission ROE orders. Regulatory lag, prudence reviews, competitive bidding, higher financing costs and private generation can weaken recovery or demand. New large-load agreements represent future demand rather than realized utilization.","invalidation":"The thesis would fail if sustained regulatory disallowances or return reductions prevented adequate recovery of infrastructure investment, or if customer self-generation and competitive alternatives materially displaced network demand while infrastructure costs remained unrecovered. Repeated competitive project losses would separately invalidate any extension of the advantage to new transmission awards.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"Note 1: Ameren Missouri regulated businesses","excerpt":"•Union Electric Company, doing business as Ameren Missouri, operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri."},{"id":"e2","sourceId":"filing-2","location":"Note 1: Ameren Illinois regulated businesses","excerpt":"•Ameren Illinois Company, doing business as Ameren Illinois, operates rate-regulated electric transmission, electric distribution, and natural gas distribution businesses in Illinois."},{"id":"e3","sourceId":"filing-1","location":"Regulatory matters: annual transmission revenue reconciliation","excerpt":"•Ameren Illinois and ATXI use a forward-looking rate calculation with an annual revenue requirement reconciliation for each company’s electric transmission business."},{"id":"e4","sourceId":"filing-2","location":"Regulatory matters: transmission revenue determination","excerpt":"These rates affect Ameren Illinois’ and ATXI’s cash receipts during 2026, but do not determine their respective electric transmission service operating revenues, which instead are based on 2026 actual recoverable costs, rate base, and a return on rate base at the applicable WACC as calculated under the FERC formula ratemaking framework."},{"id":"e5","sourceId":"filing-1","location":"MISO long-range transmission projects: approved construction certificate","excerpt":"In July 2025, the ICC issued an order approving a request filed by Ameren Illinois and ATXI for a CCN, among other things, related to the portion of the MISO long-range transmission projects they will construct within the ICC’s jurisdiction."},{"id":"e6","sourceId":"filing-1","location":"Federal transmission rate incentives: approved recovery protections","excerpt":"The incentives will allow construction work in progress to be included in rate base for projects constructed by ATXI, thereby improving the timeliness of cash recovery, and would allow recovery of prudently incurred costs, subject to FERC approval, for any portion of the projects if they are abandoned for reasons beyond the control of Ameren."},{"id":"e7","sourceId":"filing-2","location":"Federal transmission rate incentives: May 2026 competitive project awards","excerpt":"In May 2026, the MISO awarded two competitive bid projects to ATXI and other joint owners that represent a total estimated investment of approximately $700 million for ATXI, based on the MISO’s cost estimate."},{"id":"e8","sourceId":"filing-2","location":"FERC ROE complaint cases: historical changes to allowed returns","excerpt":"FERC ROE Complaint Cases Since November 2013, the allowed base ROE for FERC-regulated transmission rate base under the MISO tariff has been subject to customer complaint cases and has been changed by various FERC orders."},{"id":"e9","sourceId":"filing-2","location":"Outlook: prudence reviews and regulatory lag","excerpt":"Ameren Missouri’s operating costs and capital expenditures are subject to MoPSC prudence reviews, which could result in cost disallowances, as well as regulatory lag."},{"id":"e10","sourceId":"filing-2","location":"Outlook: recovery pressures, financing costs and customer alternatives","excerpt":"Ameren Missouri and Ameren Illinois continue to face cost recovery pressures, higher cost of debt, customer conservation efforts, the impacts of additional customer energy-efficiency programs, and increased customer use of increasingly cost-effective advancements in innovative energy technologies, including private generation and battery storage."},{"id":"e11","sourceId":"filing-1","location":"Critical accounting estimates: recovery limitations and reconciliation cap","excerpt":"•Regulatory environment and external regulatory decisions and requirements •Anticipated future regulatory decisions and our assessment of their impact •The impact of prudence reviews, complaint cases, limitations on electric rate increases in Missouri and Illinois, and opposition during the ratemaking process that may limit our ability to timely recover costs and earn a fair return on our investments •Ameren Illinois’ assessment of and ability to estimate the current year’s electric distribution service costs to be reflected in revenues and recovered from customers in a subsequent year under the MYRP process, which includes a revenue requirement reconciliation, which may not allow for full recovery of actual costs due to a reconciliation cap •Ameren Illinois’ and ATXI’s assessment of and ability to estimate the current year’s electric transmission service costs to be reflected in revenues and recovered from customers in a subsequent year under the FERC ratemaking frameworks •Ameren Missouri’s estimate of revenue recovery under the MEEIA plans Basis for Judgment The application of accounting guidance for rate-regulated businesses results in recording regulatory assets and liabilities."},{"id":"e12","sourceId":"filing-1","location":"2025 results: purchased-power costs and customers switching suppliers","excerpt":"Ameren Illinois Electric Distribution Ameren Illinois Electric Distribution’s purchased power expenses increased $201 million, or 27%, in 2025, compared with 2024, primarily due to summer capacity prices increasing from $30 per MW-day in 2024 to $667 per MW-day in 2025 pursuant to the April 2025 annual MISO capacity auction (+$69 million), increased volumes (+$61 million), primarily due to residential and small commercial customers switching from alternative retail electric suppliers to Ameren Illinois’ supplied power, increases in transmission service charges (+$46 million), and increased energy prices (+$25 million)."},{"id":"e13","sourceId":"filing-2","location":"2026 results: actual corresponding revenue and purchased-power recovery offsets","excerpt":"(b)“Cost recovery mechanisms — offset in electric revenue” changes are offset by corresponding changes in “Cost recovery mechanisms — offset in fuel and purchased power” in electric revenues."},{"id":"e14","sourceId":"filing-2","location":"Outlook: Missouri fuel adjustment recovery and refund percentage","excerpt":"Ameren Missouri’s purchased power costs are part of the net energy costs recoverable under the FAC, with 95% of the variance between net energy costs and the amount set in base rates recovered or refunded through the FAC."},{"id":"e15","sourceId":"filing-2","location":"Derivative instruments: operating-income effect of regulatory deferral","excerpt":"Therefore, gains and losses on these derivatives have no effect on operating income."},{"id":"e16","sourceId":"filing-2","location":"Derivative instruments: contracts receiving regulatory deferral","excerpt":"As of June 30, 2026, and December 31, 2025, all commodity contracts that met the definition of a derivative and were not eligible for the NPNS exception received regulatory deferral."},{"id":"e17","sourceId":"filing-2","location":"Outlook: executed large-load agreements and expected demand timing","excerpt":"In 2026, Ameren Missouri executed electric service agreements with large load customers under its modified large primary service tariff that was approved in 2025, representing 2.8 gigawatts of demand that is expected to begin materializing in the second half of 2027 and to reach full capacity by the end of 2029."},{"id":"e18","sourceId":"filing-2","location":"Ameren Missouri: six-month operating cash flow, capital spending and financing","excerpt":"9 Table of Contents UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI) CONSOLIDATED STATEMENT OF CASH FLOWS (Unaudited) (In millions) Six Months Ended June 30, 2026 2025 Cash Flows From Operating Activities: Net income $ 235 $ 194 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 470 445 Amortization of nuclear fuel 43 20 Amortization of debt issuance costs and premium/discounts 4 4 Deferred income taxes and tax credits, net 68 137 Allowance for equity funds used during construction (53) (23) Other 8 5 Changes in assets and liabilities: Receivables (74) (164) Inventories (33) 16 Accounts and wages payable (225) (202) Taxes accrued 168 278 Regulatory assets and liabilities (78) (146) Assets, other (2) (4) Liabilities, other 80 60 Pension and other postretirement benefits (15) (28) Net cash provided by operating activities 596 592 Cash Flows From Investing Activities: Capital expenditures (1,771) (1,325) Nuclear fuel expenditures (23) (19) Purchases of securities – nuclear decommissioning trust fund (168) (244) Sales and maturities of securities – nuclear decommissioning trust fund 158 223 Money pool advances, net (116) 43 Other (19) — Net cash used in investing activities (1,939) (1,322) Cash Flows From Financing Activities: Dividends on common stock — (50) Dividends on preferred stock (2) (2) Short-term debt, net (471) 330 Maturities of long-term debt (12) — Issuances of long-term debt 1,395 500 Capital contribution from parent 425 — Debt issuance costs (14) (4) Net cash provided by financing activities 1,321 774 Net change in cash, cash equivalents, and restricted cash (22) 44 Cash, cash equivalents, and restricted cash at beginning of year 68 17 Cash, cash equivalents, and restricted cash at end of period $ 46 $ 61 The accompanying notes as they relate to Ameren Missouri are an integral part of these consolidated financial statements."},{"id":"e19","sourceId":"filing-2","location":"Earnings per share: weighted-average shares and dilution","excerpt":"The following table presents the excise taxes recorded on a gross basis in “Operating Revenues – Electric,” “Operating Revenues – Natural gas” and “Operating Expenses – Taxes other than income taxes” on the statements of income for the three and six months ended June 30, 2026 and 2025: Three Months Six Months 2026 2025 2026 2025 Ameren Missouri $ 47 $ 43 $ 87 $ 81 Ameren Illinois 32 31 77 74 Ameren $ 79 $ 74 $ 164 $ 155 Earnings per Share The following table reconciles the basic weighted-average number of common shares outstanding to the diluted weighted-average number of common shares outstanding for the three and six months ended June 30, 2026 and 2025: Three Months Six Months 2026 2025 2026 2025 Weighted-average Common Shares Outstanding – Basic 276.8 270.3 276.6 270.1 Assumed settlement of performance share units and restricted stock units 0.8 0.8 1.0 0.9 Dilutive effect of forward sale agreements 1.1 0.5 1.0 0.5 Weighted-average Common Shares Outstanding – Diluted(a) 278.7 271.6 278.6 271.5 (a)There was an immaterial number of anti-dilutive performance share units excluded from the earnings per diluted share calculations for the three and six months ended June 30, 2026 and 2025."},{"id":"e20","sourceId":"filing-3","location":"Shareholder letter: 2025 investment compared with announced plan","excerpt":"We also executed significant capital investments of $4.1 billion, which was in line with the five-year investment plan we announced in February 2025."},{"id":"e21","sourceId":"filing-3","location":"Executive compensation discussion: GAAP and adjusted earnings outcomes","excerpt":"Key financial and operational highlights include the following: Financial Highlights ​ • In 2025, Ameren earned $5.35 per diluted share on a GAAP basis, representing an approximately 21.0 percent increase over 2024 GAAP earnings, and $4.89 per diluted share on a weather-normalized adjusted (non-GAAP) basis, representing an approximately 5.2 percent increase over 2024 weather-normalized adjusted (non-GAAP) earnings.* The 2025 earnings reflected strong operating performance and the execution of the Company’s strategy across all business segments."},{"id":"e22","sourceId":"filing-3","location":"Executive compensation highlights: realized relative shareholder return","excerpt":"​ • Ameren ranked 11th in Relative TSR compared to the defined TSR peer group of 20 companies (i.e., the 47th percentile) over the three-year measurement period (2023-2025)."},{"id":"e23","sourceId":"filing-3","location":"Executive compensation highlights: earned relative-TSR award payout","excerpt":"Based on this TSR performance, the PSU long-term incentive awards tied to Relative TSR that were granted in 2023 were earned at 94.0 percent of target."},{"id":"e24","sourceId":"filing-3","location":"Executive compensation highlights: achieved generation transition milestones","excerpt":"​ • The PSU long-term incentive awards tied to Energy Transition goals that were granted in 2023 were earned at 141.3 percent of target based on the retirement and installation of new generation resources in an aggregate amount of 1,803.3 MW over the three-year measurement period (2023-2025)."},{"id":"e25","sourceId":"filing-3","location":"2025 grants: relative-TSR weighting","excerpt":"​ • PSUs tied to relative TSR represent 60% of the total 2025 annual grant value."},{"id":"e26","sourceId":"filing-3","location":"Long-term incentives: stock settlement of earned awards","excerpt":"​ • Promote stock ownership: Payout of earned PSU and RSU awards is made 100% in common stock, with the dividends on common stock, as declared and paid, reinvested into additional PSUs and RSUs throughout the vesting period."},{"id":"e27","sourceId":"filing-3","location":"Corporate governance: committee independence","excerpt":"Each committee is comprised entirely of non-management directors, each of whom the Board of Directors has determined to be “independent” as defined by the relevant provisions of the Sarbanes-Oxley Act of 2002, the NYSE listing standards and the Director Nomination Policy."},{"id":"e28","sourceId":"filing-3","location":"Corporate governance: independent director executive sessions","excerpt":"Executive Sessions of Independent Directors The independent directors meet privately in executive sessions to consider such matters as they deem appropriate, without management being present, as a routinely scheduled agenda item for every Board meeting."},{"id":"e29","sourceId":"filing-2","location":"Controls and procedures: management effectiveness conclusion","excerpt":"Based on those evaluations, as of June 30, 2026, the principal executive officer and the principal financial officer of each of the Ameren Companies 72 Table of Contents concluded that such disclosure controls and procedures are effective to provide assurance that information required to be disclosed in such registrant’s reports filed or submitted under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and such information is accumulated and communicated to its management, including its principal executive officer and its principal financial officer, to allow timely decisions regarding required disclosure."}],"changes":["No comparable previous version."],"limitations":["Assessment uses only the supplied passages. Source dates are filing dates: February 18, March 31 and August 3, 2026; no subsequent developments are established.","No competitor companies are identified as competitors. Alternative retail suppliers and other transmission bidders are generic categories; named affiliates, regulators and director employers are not competitor evidence.","Exclusive service territories, franchise duration, comparative infrastructure economics and earned returns relative to capital costs are not supplied. The narrow verdict rests on demonstrated regulated infrastructure and recovery arrangements.","Regulatory filings and contractual disclosures support the assessment, but management descriptions of strong execution and constructive outcomes are issuer assertions. Adjusted earnings are non-GAAP.","Future large-load utilization, projected investment and requested incentives are not completed operating achievements. Approval of the June 2026 incentive request is not established.","Pricing evidence establishes regulated recovery and constrained discretion rather than broad realized tariff increases. Customer retention is assessed indirectly; no retention rate is disclosed.","Compensation and governance passages are available, but executive ownership amounts, full incentive adjustments and subsequent director-election results are absent."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Operating regulated infrastructure, approved construction rights and formula-based transmission recovery demonstrate a structural advantage. Exclusive territorial protection and superior costs are not established.","evidenceIds":["e1","e2","e3","e4","e5"]},{"criterion":"durability","grade":2,"rationale":"Annual reconciliation and approved project protections support persistence, but historical ROE changes and recovery limitations make the advantage conditional.","evidenceIds":["e3","e6","e8","e11"]},{"criterion":"customer_dependency","grade":2,"rationale":"Operating delivery networks and customers returning to supplied power indirectly support ongoing dependency. Supply switching and private generation limit lock-in; future large-load demand is not realized retention.","evidenceIds":["e1","e2","e12","e10","e17"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Actual cost-recovery offsets cushion commodity exposure, and competitive awards demonstrate continued project access. Financing pressure, customer alternatives and regulatory return changes constrain resilience.","evidenceIds":["e7","e13","e8","e10"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Actual corresponding revenue offsets demonstrate realized cost recovery. This supports pricing protection, but does not establish discretionary price increases or premium pricing; allowed returns have also been changed through complaints.","evidenceIds":["e13","e4","e8"]},{"criterion":"retention","grade":2,"rationale":"Customers switching back to Ameren Illinois supplied power provide indirect operating evidence of demand retention. Switching remains possible, and the passages disclose no cohort retention rate.","evidenceIds":["e12","e1","e2"]},{"criterion":"margin_resilience","grade":3,"rationale":"Actual revenue-cost offsets and regulatory deferral of qualifying derivatives demonstrate protection against specified commodity movements. Missouri's 95% variance recovery and prudence reviews leave residual exposure; this is not evidence of complete margin protection.","evidenceIds":["e13","e14","e15","e16","e9"]},{"criterion":"contractual_freedom","grade":1,"rationale":"Prices and returns depend on regulatory formulas, recoverability determinations and reconciliation limits. Historical customer complaint cases demonstrate that this constraint is operative.","evidenceIds":["e4","e8","e11"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"2025 investment matched the announced plan, but Missouri's first-half 2026 capital expenditures substantially exceeded operating cash flow and required debt and parent funding. Increased consolidated share counts show dilution. These establish mixed financing and spending evidence, without proving poor investment returns.","evidenceIds":["e20","e18","e19"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Existing grants place substantial weight on relative TSR and settle earned awards in stock. Actual 2023 relative-TSR awards paid below target following a 47th-percentile result, demonstrating performance sensitivity. Executive ownership and the full adjustment framework remain unavailable.","evidenceIds":["e25","e26","e22","e23"]},{"criterion":"execution","grade":3,"rationale":"Completed investment against plan, reported earnings growth, achieved generation milestones and actual competitive transmission wins demonstrate execution. Adjusted earnings and compensation-related achievement reporting are issuer disclosures; these do not prove exceptional execution or future project completion.","evidenceIds":["e20","e21","e24","e7"]},{"criterion":"governance","grade":3,"rationale":"Disclosed independent committees and routine independent executive sessions demonstrate functioning oversight arrangements. Management reported effective disclosure controls, but that conclusion is not independent proof of exceptional governance.","evidenceIds":["e27","e28","e29"]}]}],"qualityPolicy":"quality-scores-2","basisHash":"c8f0e48722cf6779a2fd2e5883aa49e741a40c6c713b7f5cb698b7f3500931f3","updatedAt":"2026-10-18T00:20:14.435Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/18654/000100291026000009/aee-20251231.htm","publishedAt":"2026-02-18","sha256":"e3b5233b53745c341c95d863a6c81e0112ccfa9b4b24e1681cff506fb13aa2c3","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/18654/000100291026000023/aee-20260630.htm","publishedAt":"2026-08-03","sha256":"c6694f8eec0c2e19c94ec109329412e3a0e03c495b0cf18df6cc24fe4daf0c11","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1002910/000110465926037756/tm261401-1_def14a.htm","publishedAt":"2026-03-31","sha256":"d8d5f532150f8318942aab9d64fd6d0ed94c47d008dfb50f10b08f2772da6d12","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:e34e123a20589cac0338d69b68966595620afc76f866af4d5a7c8cce3cb0fe9e","usage":{"input_tokens":52955,"cached_input_tokens":20992,"cache_write_input_tokens":0,"output_tokens":3181,"reasoning_output_tokens":96}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":null,"operating_margin":20.847669690334687,"roic":5.239283118442676,"fcf_margin":-20.222083203002818,"sbc_revenue":0.3440725680325305},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2022","end":"2022-12-31","values":{"gross_margin":null,"operating_margin":19.039839135352523,"roic":5.299716605047616,"fcf_margin":-13.673495035817517,"sbc_revenue":0.30162121402538644},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":20.773333333333333,"roic":5.011934793349436,"fcf_margin":-13.773333333333335,"sbc_revenue":0.3466666666666667},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":null,"operating_margin":19.88718352354716,"roic":4.809894715092993,"fcf_margin":-20.41191132100223,"sbc_revenue":0.3673094582185491},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":null,"operating_margin":23.02534378906694,"roic":5.764610837996774,"fcf_margin":-8.807819070348904,"sbc_revenue":0.31821797931583135},"issues":{"pfcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","pfcf_growth":"Prior-year TTM FCF per diluted share is zero or negative; a growth-adjusted multiple is undefined.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"Free cash flow before SBC deduction is zero or negative, so this ratio is undefined.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"Trailing free cash flow is zero or negative, so this ratio is undefined.","buybacks":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/18654/000100291026000009/aee-20251231.htm","publishedAt":"2026-02-18","sha256":"e3b5233b53745c341c95d863a6c81e0112ccfa9b4b24e1681cff506fb13aa2c3","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/18654/000100291026000023/aee-20260630.htm","publishedAt":"2026-08-03","sha256":"c6694f8eec0c2e19c94ec109329412e3a0e03c495b0cf18df6cc24fe4daf0c11","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1002910/000110465926037756/tm261401-1_def14a.htm","publishedAt":"2026-03-31","sha256":"d8d5f532150f8318942aab9d64fd6d0ed94c47d008dfb50f10b08f2772da6d12","dateKind":"filed"}],"history":[{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}