Alliant Energy Corp LNT

UtilitiesElectric Utilities & IPPsUnited States of America

Last close 71.65 USD on Nov 1, 2026, +13.6% year to date

Quant rating

Quant rating C Rank 54 of 90 in Utilities

Growth D 68 of 90
Valuation D 69 of 90
Quality C 45 of 90
Revisions C 60 of 90
Momentum B 17 of 90

Wall Street consensus Buy (2.27)Average target 75.85 USD +5.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 18.6B
Enterprise value: 31.1B
52-week range: 62.55 – 78.80
3-year range: 47.40 – 78.80
Dividend yield: 2.99%
Beta (5 years): 0.50
Shares outstanding: 259M
Next earnings: Feb 19, 2027

About the company

Alliant Energy Corporation operates as a regulated investor-owned public utility holding company. Its primary focus is to provide regulated electric and natural gas services to its customers in the Midwest through its two public utility subsidiaries: Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL). Its non-utility holdings are organized under Alliant Energy Finance, LLC. Its segments include IPL and WPL. IPL is a public utility engaged principally in the generation and distribution of electricity and the distribution and transportation of natural gas to retail customers in select markets in Iowa. IPL also sells electricity to wholesale customers in Illinois and Iowa. WPL is a public utility engaged principally in the generation and distribution of electricity and the distribution of and transportation of natural gas to retail customers in select markets in Wisconsin. WPL also sells electricity to wholesale customers in Wisconsin.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	4,362	3,981	4,027	4,205	3,669	–
Revenue growth	9.6%	−1.1%	−4.2%	14.6%	7.4%	5.0%
EPS (basic, normalized)	3.22	2.69	2.82	2.80	2.63	–
EPS growth	19.7%	−4.6%	0.7%	6.5%	–	–
Gross margin	–	–	–	–	–	–
Net margin	18.6%	17.3%	17.5%	16.3%	18.0%	17.5%
ROE	11.3%	10.0%	10.8%	11.2%	11.3%	10.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	26.0
Current ratio	0.51x
Long-term debt (mil)	11,085
Net debt (mil)	12,537
Total equity (mil)	7,808
Net debt / equity	1.61x
Net debt / EBITDA	6.70x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	4,362	+9.6%	7.1x	1,871	+2.9%	16.6x	3.22	+19.7%	22.3x
2026	4,529	+3.8%	6.9x	2,087	+11.5%	14.9x	3.43	+6.6%	20.9x
2027	4,810	+6.2%	6.5x	2,300	+10.2%	13.5x	3.68	+7.2%	19.5x
2028	5,191	+7.9%	6.0x	2,602	+13.1%	12.0x	4.03	+9.4%	17.8x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	4,529	0.0%	+0.2%	+0.8%	3.43	+0.1%	+0.3%	+0.4%
2027	4,810	+0.2%	+0.3%	+0.8%	3.68	−0.2%	−0.1%	0.0%
2028	5,191	+0.6%	+0.2%	+0.5%	4.03	−0.1%	−0.2%	+0.4%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	1,031	894	1,081	976	1,128	961	1,210	1,064	1,184	971
Sales mean (mil)	1,065	897	1,076	870	985	887	1,240	717	1,060	897
Surprise	−3.2%	−0.3%	+0.5%	+12.2%	+14.5%	+8.3%	−2.4%	+48.5%	+11.7%	+8.3%
EPS reported	0.62	0.57	1.15	0.58	0.83	0.68	1.12	0.60	0.82	0.65
EPS mean	0.62	0.64	1.10	0.68	0.66	0.64	1.19	0.58	0.80	0.59
Surprise	+0.2%	−11.1%	+4.7%	−14.8%	+26.1%	+6.1%	−5.9%	+2.6%	+2.0%	+10.1%

Peer comparison Electric Utilities & IPPs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
LNT Alliant Energy Corp	18.6B	6.70x	18.6%	2.38x	20.9x	19.5x	14.9x	13.5x
NEE NextEra Energy, Inc.	175.6B	8.16x	24.9%	2.85x	20.8x	19.1x	17.2x	14.4x
SO Southern Co	107.8B	5.56x	14.7%	2.72x	20.4x	19.0x	13.0x	12.0x
DUK Duke Energy Corp	99.3B	6.28x	15.2%	1.81x	18.9x	17.8x	11.8x	10.7x
CEG Constellation Energy Corp	93.0B	4.28x	9.1%	2.91x	21.6x	19.6x	13.6x	12.6x
AEP American Electric Power Company Inc	70.9B	6.40x	16.4%	2.16x	20.4x	18.9x	13.1x	11.7x
Mean		6.23x	16.5%	2.47x	20.5x	19.0x	13.9x	12.5x
Median		6.34x	15.8%	2.55x	20.6x	19.1x	13.3x	12.3x

Technical analysis

1M+14.2%
3M−1.4%
1Y+9.5%
3Y+63.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Alliant Energy Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	4,362	3,981	4,027	4,205	3,669	3,416
Cost of revenue	263	224	299	389	258	182
Gross profit	4,099	3,757	3,728	3,816	3,411	3,234
Selling, general & administrative expenses	–	–	–	–	–	–
Research & development	–	–	–	–	–	–
Depreciation/amortization	846	772	676	671	657	615
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	60.0	–	–	–	–
Other operating expenses	2,228	2,039	2,109	2,217	1,959	1,879
Operating income	1,025	886	943	928	795	740
Net interest income (expense)	−363	−313	−233	−214	−190	−159
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.0	3.0	−3.0	−6.0	−5.0	−14.0
Net income before taxes	661	576	707	708	600	567
Provision for taxes	−149	−114	4.0	22.0	−74.0	−57.0
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	810	690	703	686	674	624
Extraordinary items	–	–	–	–	–	0
Net income	810	690	703	686	674	624
EBIT, normalized	1,025	946	943	928	795	740
EBITDA, normalized	1,871	1,718	1,619	1,599	1,452	1,355
Basic EPS, normalized	3.22	2.69	2.82	2.80	2.63	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Alliant Energy Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	556	81.0	62.0	20.0	39.0	54.0
Receivables	359	326	382	401	349	330
Total inventory	288	295	343	325	246	217
Prepaid expenses	–	–	–	–	–	–
Other current assets	494	482	485	504	435	286
Total current assets	1,697	1,184	1,272	1,250	1,069	887
Property, plant & equipment	20,344	18,701	17,157	16,247	14,987	14,336
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	694	639	602	559	517	485
Note receivable	–	–	–	–	–	–
Other long-term assets	2,256	2,190	2,206	2,107	1,980	2,002
Total assets	24,991	22,714	21,237	20,163	18,553	17,710
Liabilities
Accounts payable	498	532	611	756	436	377
Payable/accrued	–	–	–	–	–	–
Accrued expenses	126	2.0	2.0	3.0	2.0	2.0
Short-term debt	88.0	558	475	642	515	389
Current portion of long-term debt	1,074	1,171	809	413	634	8.0
Other current liabilities	337	452	407	549	467	521
Total current liabilities	2,123	2,715	2,304	2,363	2,054	1,297
Long-term debt	11,144	8,866	8,397	7,799	6,746	6,769
Minority interest	–	–	–	–	–	–
Other liabilities	4,390	4,129	3,759	3,725	3,763	3,756
Total liabilities	17,657	15,710	14,460	13,887	12,563	11,822
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3.0	3.0	3.0	3.0	3.0	2.0
Additional paid-in capital	3,101	3,060	3,030	2,777	2,749	2,704
Retained earnings (accumulated deficit)	4,243	3,954	3,756	3,509	3,250	2,994
Treasury stock	–	–	–	–	–	–
Other equity	−13.0	−13.0	−12.0	−13.0	−12.0	188
Total equity	7,334	7,004	6,777	6,276	5,990	5,888
Total liabilities & shareholders' equity	24,991	22,714	21,237	20,163	18,553	17,710

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Alliant Energy Corp, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	810	690	703	686	674	624
Depreciation, depletion & amortization	846	772	676	671	657	615
Deferred taxes	94.0	142	98.0	17.0	115	105
Non-cash items	27.0	38.0	−39.0	−18.0	17.0	−2.0
Changes in working capital	−608	−475	−571	−870	−881	−841
Cash from operations	1,169	1,167	867	486	582	501
Investing activities
Capital expenditures	−2,483	−2,249	−1,854	−1,484	−1,169	−1,366
Other investing cash flows	587	702	453	551	441	415
Cash from investing	−1,896	−1,547	−1,401	−933	−728	−951
Financing activities
Financing cash flow items	0	−20.0	3.0	2.0	−13.0	−27.0
Cash dividends paid	−521	−492	−456	−428	−403	−377
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,723	910	1,026	857	546	892
Cash from financing	1,202	398	573	431	130	488
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	475	18.0	39.0	−16.0	−16.0	38.0
Free cash flow	−1,314	−1,082	−987	−998	−587	−865

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.