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Relative valuation derived from Utilities sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
13.1%
Sector: 9.9%
Dividend Analysis audit
INCOME
2.99%
Trailing Yield
$2.99
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
58%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, ALLIANT ENERGY CORP (LNT) receives a "Hold" rating with a composite score of 49.3/100, ranked #473 out of 4446 stocks. Key factor scores: Quality 50/100, Value 61/100, Momentum 52/100. This is quantitative analysis only — not investment advice.
ALLIANT ENERGY CORP (LNT) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does ALLIANT ENERGY CORP Do?
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. ALLIANT ENERGY CORP (LNT) is classified as a large-cap stock in the Utilities sector. The company is led by CEO John O. Larsen and employs approximately 3,130 people, headquartered in MADISON, Wisconsin. With a market capitalization of $18.5B, LNT is one of the prominent companies in the Utilities sector.
ALLIANT ENERGY CORP (LNT) Stock Rating — Hold (April 2026)
As of April 2026, ALLIANT ENERGY CORP receives a Hold rating with a composite score of 49.3/100 and 3 out of 5 stars from the Blank Capital Research quantitative model.LNT ranks #473 out of 4,446 stocks in our coverage universe. Within the Utilities sector, ALLIANT ENERGY CORP ranks #46 of 112 stocks, placing it in the upper half of its Utilities peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
LNT Stock Price and 52-Week Range
ALLIANT ENERGY CORP (LNT) currently trades at $73.10. The stock lost $0.62 (0.8%) in the most recent trading session. The 52-week high for LNT is $73.41, which means the stock is currently trading -0.4% from its annual peak. The 52-week low is $57.09, putting the stock 28.0% above its annual trough. Recent trading volume was 2.0M shares, reflecting moderate market activity.
Is LNT Overvalued or Undervalued? — Valuation Analysis
ALLIANT ENERGY CORP (LNT) carries a value factor score of 61/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 19.48x, compared to the Utilities sector average of 23.47x — a discount of 17%. The price-to-book ratio stands at 2.56x, versus the sector average of 1.98x. The price-to-sales ratio is 4.28x, compared to 0.82x for the average Utilities stock. On an enterprise value basis, LNT trades at 14.03x EV/EBITDA, versus 4.75x for the sector.
Overall, LNT's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
ALLIANT ENERGY CORP Profitability — ROE, Margins, and Quality Score
ALLIANT ENERGY CORP (LNT) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 13.1%, compared to the Utilities sector average of 9.9%, which is within a healthy range. Return on assets (ROA) comes in at 3.9% versus the sector average of 3.1%.
On a margin basis, ALLIANT ENERGY CORP reports gross margins of 85.3%, compared to 53.1% for the sector. The operating margin is 25.9% (sector: 21.5%). Net profit margin stands at 21.9%, versus 12.8% for the average Utilities stock. Revenue growth is running at 35.4% on a trailing basis, compared to 20.1% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
LNT Debt, Balance Sheet, and Financial Health
ALLIANT ENERGY CORP has a debt-to-equity ratio of 241.0%, compared to the Utilities sector average of 164.5%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 0.80x, which may signal near-term liquidity tightness. Total debt on the balance sheet is $11.92B. Cash and equivalents stand at $503M.
LNT has a beta of 0.22, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for ALLIANT ENERGY CORP is 94/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
ALLIANT ENERGY CORP Revenue and Earnings History — Quarterly Trend
In TTM 2026, ALLIANT ENERGY CORP reported revenue of $4.38B and earnings per share (EPS) of $3.15. Net income for the quarter was $963M. Gross margin was 85.3%. Operating income came in at $1.14B.
In FY 2025, ALLIANT ENERGY CORP reported revenue of $4.36B and earnings per share (EPS) of $3.15. Net income for the quarter was $810M. Gross margin was 85.7%. Revenue grew 9.6% year-over-year compared to FY 2024. Operating income came in at $1.02B.
In Q3 2025, ALLIANT ENERGY CORP reported revenue of $1.21B and earnings per share (EPS) of $1.09. Net income for the quarter was $281M. Gross margin was 86.3%. Revenue grew 11.9% year-over-year compared to Q3 2024. Operating income came in at $349M.
In Q2 2025, ALLIANT ENERGY CORP reported revenue of $961M and earnings per share (EPS) of $0.68. Net income for the quarter was $174M. Gross margin was 84.3%. Revenue grew 7.5% year-over-year compared to Q2 2024. Operating income came in at $223M.
Over the past 8 quarters, ALLIANT ENERGY CORP has demonstrated a growth trajectory, with revenue expanding from $894M to $4.38B. Investors analyzing LNT stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
LNT Dividend Yield and Income Analysis
ALLIANT ENERGY CORP (LNT) currently pays a dividend yield of 3.0%. At this yield, a $10,000 investment in LNT stock would generate approximately $$299.00 in annual dividend income. This compares to the Utilities sector average dividend yield of 2.8%, meaning LNT offers above-average income for its sector. With a net margin of 21.9%, the dividend appears well-covered by earnings, suggesting sustainable payouts going forward.
LNT Momentum and Technical Analysis Profile
ALLIANT ENERGY CORP (LNT) has a momentum factor score of 52/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 24/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 4/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
LNT vs Competitors — Utilities Sector Ranking and Peer Comparison
Comparing LNT against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full LNT vs S&P 500 (SPY) comparison to assess how ALLIANT ENERGY CORP stacks up against the broader market across all factor dimensions.
LNT Next Earnings Date
No upcoming earnings date has been announced for ALLIANT ENERGY CORP (LNT) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy LNT? — Investment Thesis Summary
ALLIANT ENERGY CORP presents a balanced picture with arguments on both sides. The value score of 61/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 94/100) reduces downside risk.
In summary, ALLIANT ENERGY CORP (LNT) earns a Hold rating with a composite score of 49.3/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on LNT stock.
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Institutional Research Dossier
ALLIANT ENERGY CORP (LNT) Deep Dive Analysis
Published on March 24, 2026
Action RatingHold
Sections
Executive Summary
We maintain a Hold rating on Alliant Energy (LNT). While the company demonstrates strong profitability and stability within the utilities sector, its relatively high debt levels and negative free cash flow raise concerns about its financial flexibility and capital allocation efficiency. The current valuation appears fair, but the limited investment score and potential regulatory headwinds suggest that significant upside is constrained, warranting a neutral stance.
Alliant Energy benefits from operating in a regulated environment, providing a degree of revenue predictability. However, the company's aggressive capital expenditure plans to modernize its infrastructure and transition to cleaner energy sources are placing a strain on its cash flow. While these investments are necessary for long-term sustainability, they also introduce execution risk and could potentially lead to further increases in debt. Therefore, we believe a Hold rating is justified until the company demonstrates consistent free cash flow generation and improved capital allocation.
Business Strategy & Overview
Alliant Energy operates as a regulated utility, generating and distributing electricity and natural gas to customers in Iowa and Wisconsin. The company's primary strategy revolves around providing reliable and affordable energy services while transitioning to a cleaner energy future. This involves significant investments in renewable energy sources, such as wind and solar, as well as modernizing its existing infrastructure.
The company's regulated business model provides a degree of stability, as rates are typically set by state regulatory commissions, allowing for a predictable revenue stream. Alliant Energy's strategy also includes expanding its service territory and customer base through strategic acquisitions and organic growth. The company focuses on operational efficiency to control costs and improve profitability.
A key aspect of Alliant Energy's strategy is its commitment to environmental sustainability. The company has set ambitious goals for reducing carbon emissions and increasing its reliance on renewable energy sources. This includes retiring coal-fired power plants and investing in wind and solar energy projects. These investments are driven by both regulatory requirements and customer demand for cleaner energy.
Alliant Energy also operates a non-regulated business segment that includes a short-line rail freight service, a barge, rail, and truck freight terminal, and a rail-served warehouse. While this segment contributes a relatively small portion of the company's overall revenue, it provides diversification and potential growth opportunities. However, the company's primary focus remains on its regulated utility operations.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
35.4%
Sector: 20.1%
+76% VS SCTR
Economic Moat Analysis
Alliant Energy possesses a Narrow economic moat, primarily derived from its regulated utility operations. The regulatory environment creates barriers to entry, limiting competition and providing the company with a degree of pricing power. The high capital costs associated with building and maintaining energy infrastructure also deter potential competitors.
The company's exclusive service territories in Iowa and Wisconsin further strengthen its moat. These territories are protected by regulatory franchises, which grant Alliant Energy the exclusive right to provide electricity and natural gas services to customers within those areas. This eliminates direct competition and allows the company to earn a reasonable return on its investments.
However, the moat is not considered Wide due to the inherent limitations of the regulated utility model. While the regulatory environment provides stability, it also restricts the company's ability to generate excess profits. Regulatory commissions closely scrutinize rate requests and may limit rate increases to ensure affordability for customers.
Furthermore, the increasing focus on renewable energy and distributed generation poses a potential threat to Alliant Energy's moat. As customers adopt solar panels and other forms of self-generation, the company's reliance on traditional power plants may diminish. This could lead to lower revenue and reduced profitability. Therefore, while Alliant Energy benefits from a Narrow moat, it faces challenges in maintaining its competitive advantage in the long term.
Financial Health & Profitability
Alliant Energy demonstrates solid financial health, characterized by consistent revenue growth and strong profitability. The company's revenue has increased steadily over the past few years, driven by rate increases and customer growth. The gross margin and operating margin are significantly higher than the sector average, indicating efficient operations and effective cost management. The net margin is also notably higher than the sector average, reflecting the company's ability to translate revenue into profits.
However, Alliant Energy's balance sheet reveals a high level of debt. The debt-to-equity ratio is significantly higher than the sector average, indicating a greater reliance on debt financing. While the company's stable revenue stream provides some comfort, the high debt levels increase its financial risk and could potentially limit its ability to invest in future growth opportunities. The current ratio of 0.80 indicates that the company's current liabilities exceed its current assets, raising concerns about its short-term liquidity.
A significant concern is the company's negative free cash flow. This indicates that Alliant Energy is spending more cash than it is generating, which is unsustainable in the long term. The negative free cash flow is likely due to the company's aggressive capital expenditure plans to modernize its infrastructure and transition to cleaner energy sources. While these investments are necessary for long-term sustainability, they are placing a strain on the company's cash flow.
Looking at the quarterly financial history, we can see a consistent trend of revenue and net income generation. The gross and operating margins have remained relatively stable over the past few years, indicating consistent operational performance. However, the lack of free cash flow data in the quarterly reports makes it difficult to assess the company's cash flow generation on a quarterly basis. Overall, Alliant Energy's financial health is mixed, with strong profitability offset by high debt levels and negative free cash flow.
Valuation Assessment
Alliant Energy's valuation appears to be fair based on its current financial performance and growth prospects. The company's P/E ratio of 21.8x is slightly lower than the sector average of 22.7x, suggesting that the stock is reasonably priced relative to its earnings. The EV/EBITDA ratio of 4.3x is also lower than the sector average of 4.8x, further supporting the view that the stock is not overvalued.
However, the negative free cash flow raises concerns about the company's ability to generate cash and return value to shareholders. A traditional discounted cash flow (DCF) analysis would be challenging given the negative free cash flow. Therefore, we rely more heavily on relative valuation metrics, such as P/E and EV/EBITDA, to assess the company's valuation.
Compared to its historical valuation, Alliant Energy's current P/E ratio is in line with its historical average. This suggests that the stock is not significantly overvalued or undervalued relative to its past performance. However, it is important to note that the company's historical valuation may not be a perfect indicator of its future valuation, as the company's business and the overall market environment have changed over time.
Overall, Alliant Energy's valuation appears to be fair based on its current financial performance and growth prospects. However, the negative free cash flow and high debt levels warrant caution. We believe that the stock is fairly priced at its current level, but significant upside is limited due to the company's financial challenges and regulatory constraints.
Risk & Uncertainty
Alliant Energy faces several risks and uncertainties that could potentially impact its financial performance and stock price. One of the most significant risks is regulatory risk. As a regulated utility, the company's rates and operations are subject to oversight by state regulatory commissions. Changes in regulatory policies or unfavorable rate decisions could negatively impact the company's revenue and profitability.
Another risk is the increasing focus on renewable energy and distributed generation. As customers adopt solar panels and other forms of self-generation, the company's reliance on traditional power plants may diminish. This could lead to lower revenue and reduced profitability. The company needs to adapt to this changing landscape by investing in renewable energy sources and developing new business models.
The company's high debt levels also pose a risk. The debt-to-equity ratio is significantly higher than the sector average, increasing the company's financial risk. Rising interest rates could further increase the company's borrowing costs and reduce its profitability. The negative free cash flow exacerbates this risk, as the company may need to issue more debt to fund its capital expenditures.
Finally, the company faces operational risks, such as equipment failures, weather-related disruptions, and cybersecurity threats. These events could disrupt the company's operations and negatively impact its financial performance. The company needs to invest in infrastructure upgrades and cybersecurity measures to mitigate these risks.
Bulls Say / Bears Say
The Bull Case
BULL VIEWAlliant Energy's commitment to renewable energy positions it favorably to benefit from the growing demand for clean energy and supportive regulatory policies.
BULL VIEWThe regulated utility model provides a stable and predictable revenue stream, reducing the company's exposure to economic downturns.
The Bear Case
BEAR VIEWAlliant Energy's high debt levels and negative free cash flow raise concerns about its financial flexibility and ability to fund future growth.
BEAR VIEWIncreasing adoption of distributed generation could erode Alliant Energy's customer base and reduce its revenue.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score LNT and 4,400+ other equities.
ALLIANT ENERGY CORP exhibits a 157% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
3.9%
Sector: 3.1%
Gross Margin
Pricing power and cost efficiency
85.3%
Sector: 53.1%
Operating Margin
Core business profitability
25.9%
Sector: 21.5%
Net Margin
Bottom-line profitability
21.9%
Sector: 12.8%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield2.83%
Yield Delta+6%
Income Projection audit
A $10,000 investment would generate approximately $299 annually in dividends at the current trailing rate.
