Ameren vs NiSource
Ameren reported revenue of $8.8 billion in fiscal 2025, 1.3 times NiSource's $6.5 billion in fiscal 2025. Ameren's revenue grew 15.4% in its latest year, and NiSource's grew 23.5%. Ameren had an operating margin of 23.0%, against 28.1% at NiSource. Free cash flow was −$775 million at Ameren and −$420 million at NiSource.
Side by side
| Ameren | NiSource | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $8.8B | $6.5B |
| Revenue growth | 15.4% | 23.5% |
| Revenue growth a year, last 5 years | 8.7% | 7.8% |
| Gross margin | — | — |
| Operating margin | 23.0% | 28.1% |
| Net margin | 16.6% | 14.2% |
| Free cash flow | −$775M | −$420M |
| Free cash flow margin | −8.8% | −6.4% |
| Return on capital | 5.7% | 5.8% |
| Net debt to EBITDA | 5.5x | 5.4x |
| Dividends and buybacks | $768M | $530M |
| Change in diluted share count | 1.8% | 4.1% |
| Last close | $108.08 | $43.44 |
| P/E at the last close | 19.0× | 23.1× |
| Insider trades, last 12 months | sold $8.6 million | sold $4.9 million |
| Piotroski F-score | 6 of 8 | 6 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
AmerenNiSource
Operating margin
Percent of revenue
AmerenNiSource
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
AmerenNiSource