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Side-by-side financial comparison of Ameren (AEE) and Southwest Gas Holdings, Inc. (SWX). Click either name above to swap in a different company.
Ameren runs the higher net margin — 14.2% vs -8.6%, a 22.8% gap on every dollar of revenue. On growth, Ameren posted the faster year-over-year revenue change (-8.2% vs -162.5%). Ameren produced more free cash flow last quarter ($-54.0M vs $-155.9M). Over the past eight quarters, Southwest Gas Holdings, Inc.'s revenue compounded faster (NaN% CAGR vs NaN%).
Ameren Corporation, together with its subsidiaries, operates as a public utility holding company in the United States. It operates through four segments: Ameren Missouri, Ameren Illinois Electric Distribution, Ameren Illinois Natural Gas, and Ameren Transmission. The company engages in the rate-regulated electric generation, transmission, and distribution activities; and rate-regulated natural gas distribution and transmission businesses. It primarily generates electricity through coal, nucle...
Southwest Gas Holdings, Inc. is an investor-owned utility based in Las Vegas, Nevada, United States.
AEE vs SWX — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.8B | $-793.4M |
| Net Profit | $253.0M | $68.4M |
| Gross Margin | — | — |
| Operating Margin | 20.2% | — |
| Net Margin | 14.2% | -8.6% |
| Revenue YoY | -8.2% | -162.5% |
| Net Profit YoY | 21.6% | -26.1% |
| EPS (diluted) | $0.92 | $0.94 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.8B | $-793.4M | ||
| Q3 25 | $2.7B | $316.9M | ||
| Q2 25 | $2.2B | $1.1B | ||
| Q1 25 | $2.1B | $1.3B | ||
| Q4 24 | $1.9B | $1.3B | ||
| Q3 24 | $2.2B | $1.1B | ||
| Q2 24 | $1.7B | $1.2B | ||
| Q1 24 | $1.8B | $1.6B |
| Q4 25 | $253.0M | $68.4M | ||
| Q3 25 | $641.0M | $270.5M | ||
| Q2 25 | $277.0M | $-12.9M | ||
| Q1 25 | $290.0M | $113.9M | ||
| Q4 24 | $208.0M | $92.5M | ||
| Q3 24 | $457.0M | $289.0K | ||
| Q2 24 | $260.0M | $18.3M | ||
| Q1 24 | $262.0M | $87.7M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 41.3% | ||
| Q1 25 | — | 59.2% | ||
| Q4 24 | — | 48.8% | ||
| Q3 24 | — | 40.2% | ||
| Q2 24 | — | 48.9% | ||
| Q1 24 | — | 67.4% |
| Q4 25 | 20.2% | — | ||
| Q3 25 | 30.6% | 11.7% | ||
| Q2 25 | 18.5% | 8.5% | ||
| Q1 25 | 20.5% | 15.5% | ||
| Q4 24 | 10.2% | 14.2% | ||
| Q3 24 | 27.0% | 5.7% | ||
| Q2 24 | 21.3% | 7.0% | ||
| Q1 24 | 20.4% | 10.0% |
| Q4 25 | 14.2% | -8.6% | ||
| Q3 25 | 23.7% | 85.3% | ||
| Q2 25 | 12.5% | -1.1% | ||
| Q1 25 | 13.8% | 8.8% | ||
| Q4 24 | 10.7% | 7.3% | ||
| Q3 24 | 21.0% | 0.0% | ||
| Q2 24 | 15.4% | 1.6% | ||
| Q1 24 | 14.4% | 5.5% |
| Q4 25 | $0.92 | $0.94 | ||
| Q3 25 | $2.35 | $3.74 | ||
| Q2 25 | $1.01 | $-0.18 | ||
| Q1 25 | $1.07 | $1.58 | ||
| Q4 24 | $0.77 | $1.29 | ||
| Q3 24 | $1.70 | $0.00 | ||
| Q2 24 | $0.97 | $0.25 | ||
| Q1 24 | $0.98 | $1.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $13.0M | $576.6M |
| Total DebtLower is stronger | $19.4B | — |
| Stockholders' EquityBook value | $13.4B | $4.0B |
| Total Assets | $48.5B | $10.4B |
| Debt / EquityLower = less leverage | 1.45× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $13.0M | $576.6M | ||
| Q3 25 | $9.0M | $778.6M | ||
| Q2 25 | $11.0M | $355.6M | ||
| Q1 25 | $23.0M | $406.3M | ||
| Q4 24 | $7.0M | $363.8M | ||
| Q3 24 | $17.0M | $456.6M | ||
| Q2 24 | $19.0M | $599.6M | ||
| Q1 24 | $85.0M | $458.0M |
| Q4 25 | $19.4B | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $17.8B | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $13.4B | $4.0B | ||
| Q3 25 | $12.8B | $3.9B | ||
| Q2 25 | $12.3B | $3.7B | ||
| Q1 25 | $12.2B | $3.6B | ||
| Q4 24 | $12.1B | $3.5B | ||
| Q3 24 | $11.8B | $3.5B | ||
| Q2 24 | $11.5B | $3.5B | ||
| Q1 24 | $11.4B | $3.4B |
| Q4 25 | $48.5B | $10.4B | ||
| Q3 25 | $47.4B | $10.3B | ||
| Q2 25 | $46.6B | $12.2B | ||
| Q1 25 | $45.7B | $12.1B | ||
| Q4 24 | $44.6B | $12.0B | ||
| Q3 24 | $43.3B | $11.9B | ||
| Q2 24 | $42.3B | $12.0B | ||
| Q1 24 | $41.3B | $11.9B |
| Q4 25 | 1.45× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 1.47× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $956.0M | $81.6M |
| Free Cash FlowOCF − Capex | $-54.0M | $-155.9M |
| FCF MarginFCF / Revenue | -3.0% | 19.7% |
| Capex IntensityCapex / Revenue | 56.7% | -29.9% |
| Cash ConversionOCF / Net Profit | 3.78× | 1.19× |
| TTM Free Cash FlowTrailing 4 quarters | $-775.0M | $-251.8M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $956.0M | $81.6M | ||
| Q3 25 | $1.1B | $56.9M | ||
| Q2 25 | $862.0M | $126.3M | ||
| Q1 25 | $431.0M | $291.3M | ||
| Q4 24 | $817.0M | $201.4M | ||
| Q3 24 | $897.0M | $304.1M | ||
| Q2 24 | $557.0M | $306.6M | ||
| Q1 24 | $492.0M | $543.7M |
| Q4 25 | $-54.0M | $-155.9M | ||
| Q3 25 | $116.0M | $-105.8M | ||
| Q2 25 | $-204.0M | $-93.8M | ||
| Q1 25 | $-633.0M | $103.8M | ||
| Q4 24 | $-473.0M | $-34.7M | ||
| Q3 24 | $-240.0M | $38.7M | ||
| Q2 24 | $-445.0M | $83.3M | ||
| Q1 24 | $-398.0M | $322.5M |
| Q4 25 | -3.0% | 19.7% | ||
| Q3 25 | 4.3% | -33.4% | ||
| Q2 25 | -9.2% | -8.4% | ||
| Q1 25 | -30.2% | 8.0% | ||
| Q4 24 | -24.4% | -2.7% | ||
| Q3 24 | -11.0% | 3.6% | ||
| Q2 24 | -26.3% | 7.0% | ||
| Q1 24 | -21.9% | 20.4% |
| Q4 25 | 56.7% | -29.9% | ||
| Q3 25 | 36.6% | 51.3% | ||
| Q2 25 | 48.0% | 19.6% | ||
| Q1 25 | 50.7% | 14.5% | ||
| Q4 24 | 66.5% | 18.6% | ||
| Q3 24 | 52.3% | 24.6% | ||
| Q2 24 | 59.2% | 18.9% | ||
| Q1 24 | 49.0% | 14.0% |
| Q4 25 | 3.78× | 1.19× | ||
| Q3 25 | 1.72× | 0.21× | ||
| Q2 25 | 3.11× | — | ||
| Q1 25 | 1.49× | 2.56× | ||
| Q4 24 | 3.93× | 2.18× | ||
| Q3 24 | 1.96× | 1052.08× | ||
| Q2 24 | 2.14× | 16.72× | ||
| Q1 24 | 1.88× | 6.20× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
