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Alliant Energy Corporation (LNT)
NASDAQ:LNT
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Alliant Energy
(NASDAQ:LNT)
Select Model
Select Model
Rating:65Neutral
Price Target:
$75.00
â–²(5.25% Upside)
Action:ReiteratedDate:02/21/26
The score is held back primarily by weak cash generation and rising leverage despite strong profitability. Offsetting this, the stock’s technical trend is constructive and the latest earnings call reaffirmed guidance and outlined multi-year growth supported by contracted data center demand and regulatory execution, with valuation and dividend yield providing moderate support.
Positive Factors
Stable regulated profitability
Alliant’s regulated utility model delivers persistently healthy net margins (mid‑teens) and rising net income, reflecting rate‑based returns and predictable customer demand. This structural profitability supports durable cash flows and underpins reinvestment and dividend continuity over multiple years.
Contracted data center demand
Securing 3 GW of executed electric service agreements provides long‑dated, high‑visibility load growth that expands rate base and contracted revenues. This structural demand from hyperscale customers supports multi‑year earnings growth and justifies continued capital investment in generation and grid capacity.
Capital plan and regulatory wins
A clear $13.4B capital plan combined with recent Iowa approvals and Wisconsin settlements anchors rate base expansion and authorized returns. Strong regulatory execution reduces project risk, enabling predictable recovery of investments and supporting the company’s multi‑year earnings growth targets.
Negative Factors
Persistently negative free cash flow
Consistent negative free cash flow indicates the business is not self‑funding its capital program and will rely on external financing. Over time this reduces financial flexibility, increases funding costs or dilution risk, and makes the capital plan contingent on successful market access and disciplined execution.
Rising leverage
Material debt growth and a rising debt/equity ratio weaken balance sheet flexibility and increase interest expense sensitivity. Higher leverage limits capacity to absorb shocks, raises refinancing and rating risk, and makes future capital raises more costly if rates or market conditions deteriorate.
Remaining equity & refinancing need
Substantial remaining equity and near‑term maturities create execution risk: timing, dilution and refinancing at higher rates could erode EPS and capital returns. Combined with local regulatory uncertainty (e.g., Wisconsin dockets), this elevates the chance of funding delays or higher overall project costs.
Alliant Energy (LNT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$18.42B
Dividend Yield3.11%
Average Volume (3M)2.62M
Price to Earnings (P/E)22.8
Beta (1Y)0.12
Revenue Growth7.76%
EPS Growth23.48%
CountryUS
Employees2,998
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)0.60
Shares Outstanding257,140,840
10 Day Avg. Volume2,723,497
30 Day Avg. Volume2,621,016
Financial Highlights & Ratios
PEG Ratio1.21
Price to Book (P/B)2.28
Price to Sales (P/S)3.83
P/FCF Ratio-12.72
Enterprise Value/Market Cap1.63
Enterprise Value/Revenue6.90
Enterprise Value/Gross Profit17.21
Enterprise Value/Ebitda14.91
Forecast
1Y Price Target
$73.83Price Target Upside3.61% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering7
EPS Forecast (FY)3.42
Revenue Forecast (FY)$4.24B
Alliant Energy Business Overview & Revenue Model
Company DescriptionAlliant 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 MoneyAlliant 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 Key Performance Indicators (KPIs)
Any
Revenue by Type
Shows how revenue is generated across different types of services or products, highlighting the company's core strengths and diversification in its business model.
Shows how revenue is generated across different types of services or products, highlighting the company's core strengths and diversification in its business model.
Data provided by:
The Fly
The FlyAlliant Energy Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial picture: consistent multi-year EPS growth (10-year CAGR 6.3%), exceeded ongoing 2025 EPS targets, sizable contracted data center load (3 GW) and a clear pipeline (2–4 GW upside), key regulatory wins, and an on-track ~$13.4B capital plan. Challenges include higher O&M and development costs, two modest non-recurring charges totaling $0.08 per share, remaining equity needs (~$1.3B), refinancing and timing risks, and ongoing local/regulatory uncertainty in Wisconsin that prompted the QTS relocation. On balance, the company emphasized execution, flexibility (rapid pivot on QTS), and tools to preserve tax credits and rate stability, while acknowledging manageable near-term cost and timing headwinds.Q4-2025 Updates
Positive Updates
Consistent Earnings Growth
Ten-year compound annual EPS growth of 6.3%; ongoing 2025 EPS growth of 6% (ongoing EPS improved by $0.18 year-over-year). 2025 temperature impacts contributed approximately +$0.03 per share (versus -$0.15 per share in 2024). Company affirmed 2026 earnings guidance and expects compound annual earnings growth of 7%+ for 2027–2029.
Strong Shareowner Returns and Dividend Track Record
Total shareowner return of over 13% for the year and the 22nd consecutive annual dividend increase, demonstrating ongoing shareholder distribution discipline.
Material Data Center Wins Driving Demand Growth
Closed the year with four executed electric service agreements totaling 3 gigawatts of peak load (stated as translating to ~50% future growth in demand). Successfully signed a new ESA for the relocated QTS project (moved from Wisconsin to Iowa) and is pursuing an additional 2–4 GW of opportunities beyond current contracted projects.
Capital Plan and Regulatory Execution on Track
Consolidated four-year capital plan (~$13.4 billion for 2026–2029) remains materially consistent and on track after reallocation tied to the QTS relocation. Achieved constructive regulatory outcomes including a unanimous settlement approved in Wisconsin for the 2026–2027 rate review and Iowa approvals of certificates for a 720 MW simple-cycle gas facility and a 94 MW RICE unit.
Operational Milestones and Resource Readiness
Completed 275 MW of energy storage investments and turbine upgrades at Neenah and Sheboygan Falls. Secured gas turbine reservation agreements and project locations for planned self-developed gas resources. Proactively safe‑toboroughed renewable and storage projects to protect tax credits.
Solid Financing and Liquidity Position
2026 debt-financing plan includes up to $1.2 billion of long-term issuances (up to $400M parent, $300M WPL, $500M IPL). Retired a $300M term loan and have already raised ~$1.0B of ~ $2.4B expected common equity need (leaving ~$1.3B remaining). Financing mix includes debt, hybrid instruments, and equity.
Customer Affordability and Rate Stability Commitment
Committed to keeping Iowa retail electric base rates flat for existing customers through the end of the decade; intends to utilize investment tax credits (from energy storage) to support earning the authorized Iowa Electric ROE while preserving stable base rates for customers.
Negative Updates
Rising Operating and Development Costs
Higher operating and maintenance expenses tied to planned generation maintenance and additions, plus higher generation development costs. Increased depreciation and financing associated with expanding capital investments partially offset earnings gains.
Non-Recurring Charges Reduced Ongoing EPS
Two non-recurring items excluded from ongoing earnings: a $0.05 per share charge related to suspension of Travero wind turbine blade recycling operations and a $0.03 per share charge from remeasurement of deferred tax assets.
Regulatory and Local Headwinds in Wisconsin
Noise around data center development and local-level challenges (annexation/rezoning) contributed to QTS relocating from Wisconsin to Iowa. Multiple active dockets in Wisconsin (five) with pending decisions create execution uncertainty for certain projects.
Equity and Refinancing Needs Create Execution Risk
Of ~ $2.4B expected common equity needs over the four-year period, approximately $1.3B remains to be raised through 2029, exposing the company to issuance/dilution risk. Parent-level maturities are upcoming (March 2026) and refinancing may occur at higher interest rates, with conservative rate assumptions baked into the plan.
Timing and Ramp Risk for Data Center Load
Management expects most incremental data center load to come in 2027 and beyond; 2026 retail sales growth guidance is ~1%. The QTS relocation caused a modest (<1 year) delay/ramp shift, highlighting timing risk for near-term load realization.
Relative EPS Pressure Despite Rate Base Growth
Rate base growth (discussed at roughly ~12% in commentary) combined with equity needs and conservative refinancing assumptions may limit near-term EPS upside relative to some peers showing stronger EPS growth against high rate base growth.
Pending Regulatory Decisions Could Affect Project Economics
Awaiting Iowa Utilities Commission decision on advanced rate-making for up to 1 GW of wind and Wisconsin decisions on LNG storage and ~430 MW of wind; delayed outcomes could affect timing, tax credit realization, and customer economics.
Company Guidance
Alliant affirmed 2026 earnings and dividend guidance and reiterated a 2027–2029 compound annual earnings growth target of 7%+, while reporting a ten‑year EPS CAGR of 6.3% and ongoing 2025 EPS growth of 6% (ongoing EPS improved $0.18 vs 2024; 2025 temperature impacts added ~$0.03 vs a ~$0.15 headwind in 2024; 2025 ongoing results exclude a $0.05 Travero charge and a $0.03 deferred tax remeasurement). For 2026 the company assumes roughly 1% retail sales growth (inclusive of data center construction sales), higher earnings from growing capital investments (four‑year consolidated capex roughly $13.4 billion for 2026–2029), and higher O&M, depreciation and financing costs, and expects to utilize investment tax credits from storage placed in service in 2025–2026 to help earn its authorized Iowa electric ROE while keeping Iowa base rates flat through the end of the decade. Operationally it closed 2025 with four executed ESAs totaling 3 GW of peak load (about a 50% projected demand increase), completed 275 MW of energy storage, and maintains a financing plan that contemplates up to $1.2 billion of 2026 long‑term debt issuance (up to $400M parent, $300M WPL, $500M IPL), the retirement of a $300M term loan and roughly $2.4 billion of expected common equity needs through 2029 (≈$1.0B already secured via forward equity; ≈$1.3B remaining). Regulatory highlights supporting the outlook include no active rate reviews in 2026, IUC approval of a 720‑MW simple‑cycle Bobcat and a 94‑MW RICE, a pending IUC decision on up to 1 GW of wind advanced rate‑making, Wisconsin dockets covering ~430 MW of wind and an LNG storage proposal, an Iowa ICR filing for the relocated QTS planned in 2026, and an expected Q2 decision on the Beaver Dam ICR.Alliant Energy Financial Statement Overview
Summary
Profitability is solid with stable revenues and higher net income in 2025, but the financial profile is constrained by persistently negative free cash flow (about -$1.31B in 2025) and a multi-year rise in leverage (debt up to ~$12.1B; debt/equity ~1.65).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.74
Positive
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.57
Neutral
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.38
Negative
| 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
Positive
71.26
Price Trends
66.58
Positive
66.64
Positive
64.38
Positive
Market Momentum
1.46
Negative
67.17
Neutral
84.13
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 71.26 is above the 20-day moving average (MA) of 68.49, above the 50-day MA of 66.58, and above the 200-day MA of 64.38, indicating a bullish trend. The MACD of 1.46 indicates Negative momentum. The RSI at 67.17 is Neutral, neither overbought nor oversold. The STOCH value of 84.13 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LNT.
Alliant Energy Risk Analysis
Alliant Energy disclosed 22 risk factors in its most recent earnings report. Alliant Energy reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Alliant Energy Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $28.95B | 6.51 | 27.88% | 5.68% | 4.43% | 123.35% | |
67 Neutral | $19.00B | 22.52 | 8.48% | 3.72% | 0.11% | -0.52% | |
66 Neutral | $23.53B | 21.78 | 12.33% | 3.10% | 10.96% | -0.77% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $18.42B | 22.80 | 11.30% | 3.11% | 7.76% | 23.48% | |
64 Neutral | $9.98B | 20.82 | 9.79% | 3.82% | 18.03% | 29.46% | |
64 Neutral | $11.98B | 20.54 | 8.62% | 4.15% | 5.70% | -8.25% |
* Utilities Sector Average
LNT
Alliant Energy
71.26
9.40
15.20%
CMS
CMS Energy
76.59
6.37
9.08%
EIX
Edison International
75.20
26.90
55.68%
OGE
OGE Energy
48.41
4.96
11.43%
PNW
Pinnacle West Capital
99.79
12.46
14.26%
EVRG
Evergy
82.80
16.85
25.55%
Alliant Energy Corporate Events
Business Operations and StrategyExecutive/Board Changes
Alliant Energy Adds Manu Asthana to Board of Directors
Positive
Jan 8, 2026
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.
Business Operations and StrategyExecutive/Board Changes
Alliant Energy Announces Leadership Changes with New Appointment
Neutral
Dec 16, 2025
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.
Private Placements and Financing
Alliant Energy Prices $300M Debentures Offering
Neutral
Dec 5, 2025
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.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.