Alliant Energy (LNT) AI Stock Analysis

• Market Cap: $18.45B
• Dividend Yield: 3.11%
• Average Volume (3M): 2.97M
• Price to Earnings (P/E): 20.6
• Beta (1Y): 0.12
• Revenue Growth: 7.76%
• EPS Growth: 23.48%
• Country: US
• Employees: 2,998
• Sector: Utilities
• Sector Strength: 65
• Industry: Regulated Electric
• EPS (TTM): 0.60
• Shares Outstanding: 257,140,840
• 10 Day Avg. Volume: 2,324,952
• 30 Day Avg. Volume: 2,973,249
• PEG Ratio: 1.21
• Price to Book (P/B): 2.28
• Price to Sales (P/S): 3.83
• P/FCF Ratio: -12.72
• Enterprise Value/Market Cap: 1.64
• Enterprise Value/Revenue: 6.93
• Enterprise Value/Gross Profit: 17.30
• Enterprise Value/Ebitda: 14.98
• 1Y Price Target: $75.14
• Price Target Upside: 3.46% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 3.42
• Revenue Forecast (FY): $4.34B

• Rating: 61 Neutral
• Price Target: $76.00 ▲(4.64% Upside)
• Action: Reiterated Date: 03/05/26
• Date: Action: Reiterated 03/05/26

The score is held back most by weak cash-flow quality (consistently negative free cash flow) and rising leverage despite strong profitability. Offsetting factors include a constructive earnings outlook from the latest call (affirmed guidance, 7%+ long-term growth target, and sizable contracted data-center load) and supportive technical trend, while valuation appears moderate-to-rich for the current cash flow profile.

Positive Factors

Regulated utility model

Alliant's regulated business model provides durable revenue visibility and allowed returns through state-approved rates. This structural framework supports predictable cash flows and rate-base recovery for large capital projects, underpinning long-term investment returns and planning over multi-year regulatory cycles.

Consistent earnings growth and profitability

Management's track record of multi-year EPS growth and affirmed 7%+ medium-term EPS guidance reflect sustainable operational performance and margin resilience. Consistent profitability gives the company capacity to support dividend increases and to fund a portion of growth from earnings over the medium term.

Large contracted data-center load and capex execution

Securing 3 GW of executed ESAs and a multi‑year $13.4B capex plan creates structural demand growth and rate base expansion. Contracted, high‑load customers and completed storage projects increase asset utilization and support long-term revenue stability and regulatory recovery of investment.

Negative Factors

Persistently negative free cash flow

Negative and worsening free cash flow implies the utility is not internally funding its investment program. Over time this necessitates external financing (debt, equity or hybrids), increasing financing costs and execution risk, and reducing flexibility to absorb project delays or higher interest rates.

Rising leverage and debt load

A meaningful increase in absolute debt and higher debt-to-equity weakens balance-sheet flexibility. Elevated leverage raises sensitivity to higher interest rates and could constrain future rate-case outcomes or capital allocation choices, placing pressure on credit metrics if capex remains elevated.

Remaining equity/refinancing needs & regulatory timing risk

Material remaining equity needs and upcoming parent‑level maturities necessitate market access and may cause dilution or higher cost financing. Combined with pending regulatory decisions and local project delays, this raises execution risk for planned projects, tax-credit timing, and the expected pace of rate-base recovery.

Alliant Energy Business Overview & Revenue Model

Company Description

Alliant Energy Corporation operates as a utility holding company that provides regulated electricity and natural gas services. It operates through three segments: Utility Electric Operations, Utility Gas Operations, and Utility Other. The company, through its subsidiary, Interstate Power and Light Company (IPL), primarily generates and distributes electricity, and distributes and transports natural gas to retail customers in Iowa; sells electricity to wholesale customers in Minnesota, Illinois, and Iowa; and generates and distributes steam in Cedar Rapids, Iowa. Alliant Energy Corporation, through its other subsidiary, Wisconsin Power and Light Company (WPL), generates and distributes electricity, and distributes and transports natural gas to retail customers in Wisconsin; and sells electricity to wholesale customers in Wisconsin. As of December 31, 2021, IPL supplied electric and natural gas service to approximately 500,000 and 225,000 retail customers respectively; and WPL supplied electric and natural gas service to approximately 485,000 and 200,000 retail customers, respectively. It serves retail customers in the farming, agriculture, industrial manufacturing, chemical, and packaging and food industries. In addition, the company owns and operates a short-line rail freight service in Iowa; a barge, rail, and truck freight terminal on the Mississippi River; and a rail-served warehouse in Iowa, as well as offers freight brokerage services. Further, it holds interests in a 347 megawatt (MW) natural gas-fired electric generating unit near Sheboygan Falls, Wisconsin; and a 225 MW wind farm located in Oklahoma. The company was incorporated in 1981 and is headquartered in Madison, Wisconsin.

How the Company Makes Money

Alliant Energy generates revenue primarily through the sale of electricity and natural gas to its customers. The company operates under a regulated utility model, which allows it to earn a return on investment through rates that are approved by state regulatory commissions. Key revenue streams include residential, commercial, and industrial electric sales, as well as natural gas sales and transportation services. Additionally, Alliant Energy benefits from various partnerships and investments in renewable energy projects, which not only diversify its energy portfolio but also align with regulatory and market trends towards cleaner energy. The company also engages in demand-side management programs and energy efficiency initiatives, which further enhance its revenue potential while supporting customer satisfaction and regulatory compliance.

Alliant Energy Financial Statement Overview

Summary

Profitability is a clear strength (healthy net margins and higher net income in 2025), but the overall financial picture is weighed down by persistently negative and worsening free cash flow and a multi-year rise in leverage.

Income Statement

Revenue has been relatively steady with modest growth in 2025 (up ~2.0%) after slight declines in 2023–2024. Profitability is a clear strength: gross margin remains around the low-to-mid 40% range, while net margin is consistently healthy (roughly 16%–19%) with net income rising to $810M in 2025 from $690M in 2024. The main weakness is that growth is not consistent year-to-year, and margins have shown some mild compression versus 2024 levels despite higher revenue.

Balance Sheet

The balance sheet is stable but increasingly leveraged. Total debt has climbed meaningfully from $7.2B (2020) to $12.1B (2025), and debt relative to equity has drifted up to ~1.65 in 2025 from ~1.26 in 2020. Equity has grown over time (to ~$7.3B in 2025), and returns on equity were solid around ~10%–11% in 2020–2024 (not provided for 2025), which supports the credit profile. The key risk is the upward leverage trend, which reduces flexibility if rates stay higher or capital spending remains elevated.

Cash Flow

Cash generation is the weakest area. Operating cash flow improved to about $1.17B in 2024–2025, but free cash flow is consistently negative across all years shown and deteriorated to about -$1.31B in 2025. Free cash flow relative to earnings is deeply negative (about -1.12x in 2025), implying the business is not self-funding current investment and likely relies on external financing. A positive is the improvement in operating cash flow versus earlier years (notably 2022), but the persistence and scale of negative free cash flow remains a material concern.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	4.36B	3.98B	4.03B	4.21B	3.67B
Gross Profit	1.75B	1.78B	1.73B	1.71B	1.56B
EBITDA	2.02B	1.80B	1.78B	1.69B	1.54B
Net Income	810.00M	690.00M	703.00M	686.00M	674.00M
Balance Sheet
Total Assets	25.82B	22.71B	21.24B	20.16B	18.55B
Cash, Cash Equivalents and Short-Term Investments	556.00M	81.00M	62.00M	20.00M	39.00M
Total Debt	12.35B	10.41B	9.51B	8.72B	7.88B
Total Liabilities	18.48B	15.71B	14.46B	13.89B	12.56B
Stockholders Equity	7.33B	7.00B	6.78B	6.28B	5.99B
Cash Flow
Free Cash Flow	-1.31B	-1.08B	-987.00M	-998.00M	-587.00M
Operating Cash Flow	1.17B	1.17B	867.00M	486.00M	582.00M
Investing Cash Flow	-1.90B	-1.55B	-1.40B	-904.00M	-728.00M
Financing Cash Flow	1.20B	398.00M	573.00M	402.00M	130.00M

Alliant Energy Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 72.63
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LNT, the sentiment is Positive. The current price of 72.63 is above the 20-day moving average (MA) of 71.62, above the 50-day MA of 68.58, and above the 200-day MA of 65.20, indicating a bullish trend. The MACD of 1.04 indicates Positive momentum. The RSI at 64.17 is Neutral, neither overbought nor oversold. The STOCH value of 83.90 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LNT.

Alliant Energy Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EIX	70 Outperform	$27.96B	5.07	27.18%	5.68%	4.43%	123.35%
CMS	66 Neutral	$23.74B	19.63	12.33%	3.10%	10.96%	-0.77%
EVRG	66 Neutral	$18.78B	19.53	8.47%	3.72%	0.11%	-0.52%
Sector *	66 Neutral	$17.65B	18.10	5.60%	3.62%	6.62%	11.55%
PNW	65 Neutral	$12.20B	17.22	8.91%	4.15%	5.70%	-8.25%
OGE	64 Neutral	$9.86B	31.15	9.89%	3.82%	18.03%	29.46%
LNT	61 Neutral	$18.45B	20.63	11.22%	3.11%	7.76%	23.48%

Alliant Energy Corporate Events

Alliant Energy Secures New $400 Million Term Loan Facility

On March 2, 2026, Alliant Energy Corporation entered into a term loan credit agreement with a syndicate of lenders led by U.S. Bank National Association, securing a $400 million term loan facility with an incremental option of up to $100 million maturing on March 1, 2027. The facility is intended for general corporate purposes, including working capital, interim funding of capital expenditures and refinancing of other debt, and is subject to covenants such as maintaining a consolidated debt-to-capital ratio not exceeding 65% and limitations on liens and additional indebtedness.

The agreement includes customary negative pledge provisions with defined exceptions, restrictions on secured obligations relative to consolidated tangible assets and non-recourse debt, and a cross-default mechanism tied to defaults on other significant company debt. These terms consolidate Alliant Energy’s access to medium-term liquidity while imposing balance sheet discipline, and give lenders the right to accelerate repayment if specified default or bankruptcy events occur, affecting the company’s financial flexibility and risk profile.

The most recent analyst rating on (LNT) stock is a Hold with a $73.00 price target. To see the full list of analyst forecasts on Alliant Energy stock, see the LNT Stock Forecast page.

Alliant Energy Adds Manu Asthana to Board of Directors

On January 5, 2026, Alliant Energy Corporation and its utility subsidiaries, Interstate Power and Light Company and Wisconsin Power and Light Company, expanded their boards of directors from 10 to 11 members and appointed Manu Asthana, former President and CEO of PJM Interconnection, as a director effective February 23, 2026. Asthana, who led the largest power grid operator in North America from 2020 to 2025 and brings significant experience in financial performance, risk and operations at utility companies, will join the Audit and Operations Committees of each board, stand for election at Alliant Energy’s 2026 annual meeting to serve a term through 2029 if elected, and receive a $300,000 annual retainer for his 2026 board service, signaling a strategic strengthening of governance and operational oversight for the company and its stakeholders.

The most recent analyst rating on (LNT) stock is a Buy with a $75.00 price target. To see the full list of analyst forecasts on Alliant Energy stock, see the LNT Stock Forecast page.

Alliant Energy Announces Leadership Changes with New Appointment

On December 10, 2025, David A. de Leon announced his retirement from Alliant Energy and its subsidiaries after 39 years of service, with his retirement effective around July 1, 2026. Rebecca Cameron Valcq has been appointed as the new President of WPL, effective January 5, 2026, bringing extensive experience from her previous roles in regulatory positions and legal practice, which is expected to influence the company’s strategic direction and operations.

The most recent analyst rating on (LNT) stock is a Buy with a $78.00 price target. To see the full list of analyst forecasts on Alliant Energy stock, see the LNT Stock Forecast page.

Alliant Energy Prices $300M Debentures Offering

On December 2, 2025, Wisconsin Power and Light Company announced the pricing of its public offering of $300 million in 5.700% debentures due in 2055. The proceeds from this offering are intended to reduce outstanding commercial paper and for general corporate purposes, with the offering expected to close on December 5, 2025.

The most recent analyst rating on (LNT) stock is a Buy with a $78.00 price target. To see the full list of analyst forecasts on Alliant Energy stock, see the LNT Stock Forecast page.