XStocksXray

Research report · 22 October 2026

Alliant Energy Corp (LNT)

Utilities · Electric Utilities · US stock · price as of 22 Oct 2026

Key indicators

Price	$70.30
52-week range	$62.54 – $78.81
Market cap	$18.2B
P/E (trailing)	22.1×
EV / EBITDA	16.0×
Free-cash-flow yield	7.1%
Dividend yield	3.0%
Revenue (last 12 months)	$4.4B
Revenue growth (3y a year)	1.2%
Operating margin	23.0%
Return on invested capital	4.8%
Net debt / EBITDA	6.3×

Fair value

Fair value (average of valid models)$73.61 middle half of models $60 – $90

Versus priceFair+5% to fair value

P/E multiple	$69.70
P/B multiple	$65.75
P/S multiple	$60.15
EV/EBITDA multiple	$64.68
EV/EBIT multiple	$60.91
EV/revenue multiple	$59.39
10-year DCF, EBITDA exit	$102.39
5-year DCF, EBITDA exit	$89.93
10-year DCF, revenue exit	$101.73
5-year DCF, revenue exit	$88.86
10-year DCF, growth exit	$67.87
5-year DCF, growth exit	$51.26
Dividend discount, stable	$106.36
Earnings power value	$41.56
Model uncertainty	Medium

X-Ray Score

44/ 100 · Medium confidence · ahead of 29% of sector peers

Valuation41

Growth37

Profitability47

Financial health48

Dividends54

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

Alliant Energy is a utility holding company serving customers in Iowa and Wisconsin through two regulated utilities. They generate, transmit and distribute electricity and distribute natural gas to homes, businesses and industrial users, using fuels including gas, coal, wind and solar. Rates charged to customers are set by state regulators.

Revenue comes from regulated electricity and gas charges paid by customers in its service areas. It totals $4.4 billion over the last twelve months, with growth of 1.2% a year across three years. The operating margin is 23.0%, and the business earns a profit of 5% on the capital invested in it. Alliant carries net debt of 6.3 times EBITDA, and the dividend yield is 3.0%.

StocksXray gives Alliant Energy Corp an X-Ray Score of 44 out of 100 (medium confidence), ahead of 29% of the S&P 500 stocks in its sector. Its strongest lens is dividends (54) and its weakest is growth (37).

Our fair value (the average of the valid models) is $73.61 (range $60.34 to $89.66). At $70.30 the stock trades 4% below that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.

XStocksXray

Alliant Energy Corp (LNT)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$52.59	$48.68	$46.81	$55.96	$63.52	$70.30
Market cap	$13.2B	$12.2B	$11.9B	$14.4B	$16.4B	$18.2B
P/E	20.0×	17.8×	16.8×	20.8×	20.2×	22.1×
EV / revenue	5.7×	5.0×	5.3×	6.2×	6.4×	6.8×
EV / EBITDA	14.5×	13.1×	13.2×	14.9×	14.9×	16.0×
Price / free cash flow	–	–	13.7×	12.3×	14.0×	14.1×
Free-cash-flow yield	−4.5%	−8.2%	7.3%	8.1%	7.1%	7.1%
Price / book	2.2×	1.9×	1.7×	2.1×	2.2×	2.5×
Dividend yield	3.06%	3.51%	3.87%	3.43%	3.20%	3.01%

Fundamentals checklist ● 1 Good · ● 7 Average · ● 6 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−1.9%Bad

Risk models

Altman Z score1.1×Good

Piotroski F-Score6 of 9Average

Growth

EPS growth (3y)4.8%Bad

Revenue growth (3y)1.2%Average

Growth consistency70%Bad

Balance sheet

Current ratio0.7×Average

Net debt / EBITDA6.3×Average

Interest cover1.9×Bad

Valuation

Fair value vs price1.0×Average

EBIT / EV yield3.4%Bad

Profitability

Return on invested capital4.8%Bad

Operating margin23.0%Average

Gross profitability15.3%Average

XStocksXray

Alliant Energy Corp (LNT)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	3,669	4,205	4,027	3,981	4,362	4,419
Gross profit	3,132	3,632	3,444	3,368	3,737	3,792
Operating income	795	928	943	886	1,025	1,018
Net income	674	686	703	690	810	821
Diluted EPS ($)	2.63	2.73	2.78	2.69	3.14	3.18
Free cash flow	-587	-998	867	1,167	1,169	1,288
Gross margin	85.4%	86.4%	85.5%	84.6%	85.7%	85.8%
Operating margin	21.7%	22.1%	23.4%	22.3%	23.5%	23.0%
Net margin	18.4%	16.3%	17.5%	17.3%	18.6%	18.6%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	18,553	20,163	21,237	22,714	24,991	24,813
Cash	39	20	62	81	556	115
Total debt	7,883	8,718	9,509	10,406	12,116	11,873
Equity	5,990	6,276	6,777	7,004	7,334	7,422
Dividend per share ($)	1.61	1.71	1.81	1.92	2.03	2.06

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026
Revenue ($M)	976	1,128	961	1,210	1,064	1,184
Growth vs a year earlier	+1.6%	+9.4%	+7.5%	+11.9%	+9.0%	+5.0%
Net income ($M)	150	213	174	281	142	224
Diluted EPS ($)	–	0.83	0.68	1.09	–	0.87

XStocksXray

Alliant Energy Corp (LNT)

Peers in Electric Utilities

Company	X-Ray
LNT · Alliant Energy Corp	44
EIX · Edison International	71
ES · Eversource Energy	65
EXC · Exelon Corp	62
DUK · Duke Energy CORP	58

Market Compass outlook for Utilities: Unfavourable (27/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+4.8%
1 month	+8.8%
3 months	−4.3%
6 months	+0.6%
1 year	+5.7%
3 years	+59.3%
5 years	+44.2%

Technical summary

DailyStrongly bullish12 bullish · 1 neutral · 3 bearish

WeeklyStrongly bullish9 bullish · 1 neutral · 2 bearish

MonthlyStrongly bullish7 bullish · 1 neutral · 0 bearish

50-day / 200-day average	$66.96 / $69.79
52-week low / high	$62.54 / $78.81
Classic pivot, support and resistance	S2 67.81 · S1 69.05 · P – · R1 71.00 · R2 71.71

Recent dividends

Ex-dividend date	Amount per share
30 Oct 2026	$0.5350
31 Jul 2026	$0.5350
30 Apr 2026	$0.5350
30 Jan 2026	$0.5350
31 Oct 2025	$0.5075
31 Jul 2025	$0.5075

XStocksXray

Alliant Energy Corp (LNT)

Strengths

Piotroski F-Score of 6 out of 9: most of the nine accounting health tests pass.
Has raised its dividend for 7 years in a row.

Risks and weak spots

Earnings backed by cash is weak against Utilities peers (−1.9%).
EPS growth (3y) is weak against Utilities peers (4.8%).
Growth consistency is weak against Utilities peers (70%).
Interest cover is weak against Utilities peers (1.9×).
EBIT / EV yield is weak against Utilities peers (3.4%).
Return on invested capital is weak against Utilities peers (4.8%).
The Altman Z score of 1.1× is in the distress zone.
Current ratio of 0.7×: short-term liabilities exceed short-term assets.

Latest SEC filings

Date	Form	Items
21 Aug 2026	8-K	8.01,9.01
31 Jul 2026	10-Q
31 Jul 2026	8-K	2.02,9.01
21 May 2026	8-K	5.07
1 May 2026	10-Q
1 May 2026	8-K	2.02,9.01
31 Mar 2026	DEF 14A
19 Mar 2026	8-K	1.01,9.01

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.