AEE vs FTS: Ameren and Fortis compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Ameren is the larger company, worth $27.6B, close to Fortis's $27.0B.
- Fortis grew revenue faster over the last year (+5.8% vs -5.8%).
- Fortis keeps more of each dollar of revenue as operating profit (29.3% vs 24.9%).
- On earnings, Ameren is the cheaper stock (17.9x vs 21.5x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AEE | FTS |
|---|---|---|
| Market cap | $27.6B | $27.0B |
| Share price | $102.19 | $53.31 |
| Revenue (last fiscal year) | $8.8B | $11.9B |
| Free cash flow (last fiscal year) | -$775M | -$1.9B |
| Revenue growth, last year | -5.8% | +5.8% |
| Revenue growth per year, last 5 fiscal years | +8.3% | +6.5% |
| Operating margin | 24.9% | 29.3% |
| Net margin | 17.9% | 14.4% |
| Return on equity | 11.4% | 7.2% |
| P/E (trailing) | 17.9x | 21.5x |
| Price / free cash flow | — | — |
| EV / EBITDA | 11.8x | 12.7x |
| FCF growth the price implies | — | — |
| Dividend yield | 2.8% | 4.8% |
| Debt / equity | 2.73x | 2.00x |
| Fundamental grade | D | C |
| Superinvestors holding it | 2 | 2 |
| Insider purchases, last 12 months | 2 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Ameren
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.4B | -$1.8B | 20.8% |
| 2022 | $8.0B | -$1.1B | 19.0% |
| 2023 | $7.5B | -$1.0B | 20.8% |
| 2024 | $7.6B | -$1.6B | 19.9% |
| 2025 | $8.8B | -$775M | 23.0% |
Fortis
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $9.3B | -$282M | 26.7% |
| 2022 | $10.9B | -$513M | 25.1% |
| 2023 | $11.2B | -$441M | 27.6% |
| 2024 | $11.2B | -$1.1B | 29.3% |
| 2025 | $11.9B | -$1.9B | 29.3% |
Where the revenue comes from
Ameren · by segments, 2025
Ameren Missouri$4.8B54%
Ameren Illinois Electric Distribution$2.4B27%
Ameren Illinois Gas$968M11%
Ameren Transmission$675M8%
Fortis · by products, 2025
Electric and Gas Revenue$11.6B97%
Other ServicesRrevenue$316M3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AEE in InvestinglyQuestions
Which is bigger, Ameren or Fortis?
Ameren (AEE), at $27.6B against $27.0B.
Is AEE or FTS cheaper?
By trailing P/E, Ameren (17.9x) is cheaper than Fortis (21.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, AEE or FTS?
Fortis: revenue grew +5.8% over the last year, against -5.8%.
More comparisons
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.