Alliant Energy (LNT) AI Stock Analysis

• Market Cap: $17.67B
• Dividend Yield: 3.11%
• Average Volume (3M): 2.87M
• Price to Earnings (P/E): 20.6
• Beta (1Y): 0.15
• 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: 2,054,654
• 30 Day Avg. Volume: 2,873,232
• 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: 1.69
• Enterprise Value/Revenue: 6.85
• Enterprise Value/Gross Profit: 17.10
• Enterprise Value/Ebitda: 14.81
• 1Y Price Target: $75.14
• Price Target Upside: 9.36% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 8
• EPS Forecast (FY): 3.42
• Revenue Forecast (FY): $4.34B

• Rating: 62 Neutral
• Price Target: $76.00 ▲(10.61% Upside)
• Action: Reiterated Date: 03/20/26
• Date: Action: Reiterated 03/20/26

The score is mainly constrained by weak cash generation (consistently negative free cash flow) and rising leverage, despite strong regulated-utility profitability. Technicals are supportive (positive trend and momentum), while guidance and data-center-driven growth targets provide upside but depend on execution, financing, and regulatory timing. Valuation and dividend are moderate, not a major tailwind.

Positive Factors

Regulated rate base and rate stability

Alliant’s regulated utility model and explicit commitment to hold Iowa base rates flat while earning authorized ROE make revenue and return recovery durable. Rate-making mechanisms and tax-credit use reduce volatility of cash flows and support predictable recovery of capital investments over multi-year horizons.

Consistent earnings growth & profitability

A decade of steady EPS growth and healthy net margins indicate sustainable operating profitability. Consistent earnings expansion provides capacity to fund dividends and capital projects, underpinning long-term shareholder returns and supporting credit metrics if cash generation improves.

Large contracted data-center load

Secured 3 GW of long-term data-center ESAs and a sizable pipeline materially expand demand and rate base, creating durable revenue uplift tied to contracted load. These agreements underpin multi-year capacity investments and support the company’s earnings growth targets when projects are placed in service.

Negative Factors

Persistently negative free cash flow

Sustained negative free cash flow means current operations and earnings do not self-fund the company’s elevated capex program. This structural cash shortfall forces reliance on external capital, increases financing costs over time, and constrains balance-sheet flexibility during economic or rate-setting stress.

Rising leverage

Material debt accumulation over multiple years raises interest‑rate and refinancing sensitivity and reduces financial flexibility. Higher leverage increases covenant and credit-risk exposure, making future capital raises more costly and amplifying the impact of any earnings or cash-flow setbacks on credit metrics.

Equity & refinancing execution risk

Significant remaining equity requirement and near-term maturities create structural execution risk: inability to secure equity or refinance at expected terms would heighten dilution, raise funding costs, or delay projects. Combined with pending regulatory decisions, this amplifies long-term project and rate recovery uncertainty.

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 makes most of its money through rate-regulated utility operations. Its core revenue streams come from (1) selling electricity to retail customers—recovering approved costs of generation (including fuel and purchased power), transmission and distribution operations, maintenance, and capital investments—plus an allowed return on invested capital (rate base) as set by state utility regulators; and (2) selling and delivering natural gas to retail customers—recovering the cost of purchased gas (typically passed through to customers via cost-recovery mechanisms) and earning regulated margins on distribution service and infrastructure investment. Because these are regulated utilities, customer rates and the company’s ability to earn returns depend heavily on regulatory approvals, including periodic rate cases, riders/adjustment mechanisms, and recovery of capital spending on grid upgrades, reliability, and other infrastructure. Additional, generally smaller sources of earnings can include wholesale/purchased-power-related activities within the regulatory framework, fees associated with service connections, and other utility-related services as permitted by regulators; if specific non-regulated revenue streams exist, they are not detailed here (null) due to insufficient information provided in the request.

Alliant Energy Financial Statement Overview

Summary

Profitability is solid (healthy net margins and net income rising to $810M in 2025), but the overall profile is held back by persistently negative and worsening free cash flow (about -$1.31B in 2025) and a multi-year rise in leverage (total debt up to ~$12.1B; higher debt-to-equity).

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: Negative
• Last Price: 68.71
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LNT, the sentiment is Negative. The current price of 68.71 is below the 20-day moving average (MA) of 71.68, below the 50-day MA of 68.95, and above the 200-day MA of 65.35, indicating a neutral trend. The MACD of 0.54 indicates Positive momentum. The RSI at 38.52 is Neutral, neither overbought nor oversold. The STOCH value of 26.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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	$26.84B	5.07	27.18%	5.68%	4.43%	123.35%
CMS	66 Neutral	$22.80B	18.18	12.33%	3.10%	10.96%	-0.77%
EVRG	66 Neutral	$18.12B	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	$11.76B	17.22	8.91%	4.15%	5.70%	-8.25%
OGE	64 Neutral	$9.52B	31.15	9.89%	3.82%	18.03%	29.46%
LNT	62 Neutral	$17.67B	20.63	11.22%	3.11%	7.76%	23.48%

Alliant Energy Corporate Events

Alliant Energy Establishes $1 Billion Stock Distribution Program

On March 19, 2026, Alliant Energy entered into a $1 billion common stock distribution agreement with a syndicate of major banks acting as agents and forward purchasers, enabling it to sell shares from time to time on the Nasdaq Global Select Market or directly to the agents as principals. The structure also allows the company to execute forward confirmations, under which banks borrow and sell shares to hedge future physical settlement, giving Alliant Energy flexible access to equity capital.

The company plans to use net proceeds from any stock sales for general corporate purposes, including potential debt repayment or refinancing, working capital and construction or acquisition spending, which could strengthen its balance sheet and fund ongoing growth initiatives. Because several of the participating banks or their affiliates are already lenders under Alliant Energy’s revolving credit facility, the transaction deepens existing financing relationships and underscores the company’s continued reliance on diversified funding sources in public equity and bank markets.

The most recent analyst rating on (LNT) stock is a Hold with a $74.00 price target. To see the full list of analyst forecasts on Alliant Energy stock, see the LNT Stock Forecast page.

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.