# Alliant Energy (LNT.US)

Canonical: https://gigainvestors.com/s/LNT

Analysis as of: 2026-10-16T07:29:53.981Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $67.10 per share; close as of 2026-10-15.

Estimated value: low $31.03 per share, central $36.01 per share, high $41.87 per share. Buy at or below the central value $36.01 per share. Valuation as of 2026-10-16T07:29:53.981Z; scenarios are not confidence intervals.

Expected annual return: 6.7% at the stated quote. About 6.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 3 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.06×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.19×

- FY2018: 0.20×

- FY2019: 0.21×

- FY2020: 0.22×

- FY2021: 0.22×

- FY2022: 0.22×

- FY2023: 0.23×

- FY2024: 0.22×

- FY2025: 0.23×

- LTM to Mar 2026: 0.23×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.8%

- ROIC, second-lowest year: 5.4%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 40.4%

- Recent gross margin (lower of latest and 3-year median): 40.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 42.8%

- ROIC including acquisitions, ten-year median: -0.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.7%

- FY2017: 6.1%

- FY2018: 6.1%

- FY2019: 5.9%

- FY2020: 5.8%

- FY2021: 5.7%

- FY2022: 6.0%

- FY2023: 5.8%

- FY2024: 5.1%

- FY2025: 5.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.44×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.6B

- Net income, five-year total: $3.6B

- Return on incremental invested capital: 5.9%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.5 pp

- Working capital / revenue, final three-year average: 2.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.97×

- FY2022: 1.00×

- FY2023: -0.68×

- FY2024: -1.14×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.1% vs 5.4%

- Per-share earnings: 1.71 to 2.78 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.3%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: $8.1B

- Cumulative retained earnings: $2.1B

- Diluted shares, 10-year annual growth: 1.3%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.2%

- Per-share value change: $1.06

- Per-share value, starting three-year median: $1.71

- Per-share value, ending three-year median: $2.78

- Average buyback yield: 1.3%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: $7.8B

- Cumulative net income, 10 years: $6.1B

- ROIC, first three-year median: 6.1%

- ROIC, last three-year median: 5.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.68

- FY2017: $2.04

- FY2018: $2.23

- FY2019: $2.37

- FY2020: $2.51

- FY2021: $2.69

- FY2022: $2.73

- FY2023: $2.78

- FY2024: $2.69

- FY2025: $3.14

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -1.4%

- Receivables to sales index (DSRI): 1.65×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.44×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.6%

- FY2017: -3.6%

- FY2018: -0.0%

- FY2019: -0.6%

- FY2020: 0.7%

- FY2021: 0.5%

- FY2022: 1.0%

- FY2023: -0.8%

- FY2024: -2.1%

- FY2025: -1.4%

## Holders

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 9.2% a year for ten years · sales +1.3%

Story as of 2026-10-16T09:59:05.215Z; price observation 2026-10-15.

Price needs cash profits to grow 9.2% a year for ten years

- 2025-11-07: Alliant Energy Lags on Q3 Earnings, Beats on Sales, Narrows View ([finance.yahoo.com](https://finance.yahoo.com/news/alliant-energy-lags-q3-earnings-152800966.html))

- 2026-02-20: Midwest Utility Alliant Posts Higher Annual Profit on Rate Increases ([finance.yahoo.com](https://finance.yahoo.com/news/midwest-utility-alliant-posts-higher-152903780.html))

### Sales · FY2025–2026

sales +1.3%; source https://www.sec.gov/Archives/edgar/data/352541/000035254126000007/lnt-20251231.htm; observed 2026-02-20.

- FY2017: $3.4B 

- FY2018: $3.5B 

- FY2019: $3.6B 

- FY2020: $3.4B 

- FY2021: $3.7B 

- FY2022: $4.2B 

- FY2023: $4.0B 

- FY2024: $4.0B 

- FY2025: $4.4B 

- FY2026: $4.4B 

### Gross margin · FY2025

gross margin 40.1%; source https://www.sec.gov/Archives/edgar/data/352541/000035254126000007/lnt-20251231.htm; observed 2026-02-20.

- FY2016: 34.3% 

- FY2017: 36.6% 

- FY2018: 36.9% 

- FY2019: 39.9% 

- FY2020: 42.8% 

- FY2021: 42.4% 

- FY2022: 40.6% 

- FY2023: 43.1% 

- FY2024: 44.7% 

- FY2025: 40.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities regulated electric; annual sales are USD 4.4 billion.

- Source: https://eodhd.com/api/fundamentals/LNT.US.json#2025-12-31 (filed 2026-02-20); FY2025: revenue 4362000000; grossProfit 1749000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LNT.US: Alliant Energy Corporation operates as a utility holding company that provides regulated electric and natural gas services in the United States. It operates through IPL and WPL segments. The company's IPL segment engages primarily in the generation and distribution of electricity and the distribution and transportation of natural gas to retail customers in select markets in Iowa. This segment also sells electricity to wholesale customers in Minnesota, Illinois and Iowa; and generates and distributes steam for two customers in Cedar Rapids, Iowa. Its WPL segment generates and distributes electricity, and distributes and transports natural gas to retail customers in select markets in Wisconsin; and sells electricity to wholesale customers in Wisconsin. It serves retail customers in the farming, agriculture, industrial manufacturing, chemical, packaging, and food industries, as well as wholesale customers comprising municipalities and rural electric cooperatives. In addition, the company owns and operates a short-line rail freight service in Iowa; a Mississippi River barge, rail, and truck freight terminal in Illinois; freight brokerage services; wind turbine blade recycling services; and a rail-served warehouse in Iowa. Further, it holds interests in a natural gas-fired electric generating unit near Sheboygan Falls, Wisconsin; and a wind farm located in Oklahoma. The company was formerly known as Interstate Energy Corp. and changed its name to Alliant Energy Corporation in May 1999. Alliant Energy Corporation is headquartered in Madison, Wisconsin.

### Why customers stay

Margins ranged from 40.1% to 44.7% during 2023–25; it earns 5.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/LNT.US.json#2023-12-31 (filed 2026-02-20); FY2023: grossProfit / revenue = 43.1%.

- Source: https://eodhd.com/api/fundamentals/LNT.US.json#2024-12-31 (filed 2026-02-20); FY2024: grossProfit / revenue = 44.7%.

- Source: https://eodhd.com/api/fundamentals/LNT.US.json#2025-12-31 (filed 2026-02-20); FY2025: grossProfit / revenue = 40.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on capital observations [[2016,0.057004560972499514],[2017,0.060578050071521755],[2018,0.06051349445477274],[2019,0.05920060939080245],[2020,0.0578125],[2021,0.057467110018794273],[2022,0.06004833990970413],[2023,0.0577949199188727],[2024,0.051128166657048876],[2025,0.05359757372934532]]; median 0.05780370995943635. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 5.9% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/LNT.US.json#2021-12-31 (filed 2026-02-20); FY2021: growth capex 0; upkeep 0.14; owner earnings 1330999999.8600001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/LNT.US.json#2022-12-31 (filed 2026-02-20); FY2022: growth capex 721000000; upkeep 671000000; cash acquisitions 1484000000; owner earnings 686000000. Growth capex plus acquisitions / owner earnings = 3.2142857142857144.

- Source: https://eodhd.com/api/fundamentals/LNT.US.json#2025-12-31 (filed 2026-02-20); FY2025: growth capex 1637000000; upkeep 846000000; cash acquisitions 2483000000; owner earnings 810000000. Growth capex plus acquisitions / owner earnings = 5.08641975308642.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Incremental return on capital 0.05867398147593049, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,266500000],[2017,288300000],[2018,312200000],[2019,337700000],[2020,377000000],[2021,403000000],[2022,428000000],[2023,456000000],[2024,492000000],[2025,521000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LNT.US SharesStats.PercentInsiders = 0.154 percentage points; cache date 2026-10-16.

### What could break it

"Our utility business is significantly impacted by government legislation, regulation and oversight" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/352541/000035254126000007/lnt-20251231.htm (filed 2026-02-20); Our utility business is significantly impacted by government legislation, regulation and oversight

### What the price says

The price assumes cash profits grow 9.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Ten-year compound average after fade. Initial solved rate 0.11925261881184729. Price 67.1; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -1.024713150926743 → FY2025 3.1419705197827774. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $38.05 per share

- 2016-11: $35.92 per share

- 2016-12: $37.89 per share

- 2017-01: $37.65 per share

- 2017-02: $39.48 per share

- 2017-03: $39.61 per share

- 2017-04: $39.32 per share

- 2017-05: $41.47 per share

- 2017-06: $40.17 per share

- 2017-07: $40.53 per share

- 2017-08: $42.74 per share

- 2017-09: $41.57 per share

- 2017-10: $43.26 per share

- 2017-11: $45.11 per share

- 2017-12: $42.61 per share

- 2018-01: $39.75 per share

- 2018-02: $38.65 per share

- 2018-03: $40.86 per share

- 2018-04: $42.95 per share

- 2018-05: $41.42 per share

- 2018-06: $42.32 per share

- 2018-07: $42.97 per share

- 2018-08: $42.84 per share

- 2018-09: $42.57 per share

- 2018-10: $42.98 per share

- 2018-11: $45.39 per share

- 2018-12: $42.25 per share

- 2019-01: $44.47 per share

- 2019-02: $45.87 per share

- 2019-03: $47.13 per share

- 2019-04: $47.23 per share

- 2019-05: $47.46 per share

- 2019-06: $49.08 per share

- 2019-07: $49.54 per share

- 2019-08: $52.45 per share

- 2019-09: $53.93 per share

- 2019-10: $53.34 per share

- 2019-11: $53.00 per share

- 2019-12: $54.72 per share

- 2020-01: $59.36 per share

- 2020-02: $52.12 per share

- 2020-03: $48.29 per share

- 2020-04: $48.55 per share

- 2020-05: $49.36 per share

- 2020-06: $47.84 per share

- 2020-07: $53.85 per share

- 2020-08: $54.15 per share

- 2020-09: $51.65 per share

- 2020-10: $55.28 per share

- 2020-11: $52.60 per share

- 2020-12: $51.53 per share

- 2021-01: $48.65 per share

- 2021-02: $46.16 per share

- 2021-03: $54.16 per share

- 2021-04: $56.17 per share

- 2021-05: $57.15 per share

- 2021-06: $55.76 per share

- 2021-07: $58.53 per share

- 2021-08: $60.79 per share

- 2021-09: $55.98 per share

- 2021-10: $56.57 per share

- 2021-11: $54.79 per share

- 2021-12: $61.47 per share

- 2022-01: $59.86 per share

- 2022-02: $58.40 per share

- 2022-03: $62.48 per share

- 2022-04: $58.81 per share

- 2022-05: $63.82 per share

- 2022-06: $58.61 per share

- 2022-07: $60.93 per share

- 2022-08: $61.04 per share

- 2022-09: $52.99 per share

- 2022-10: $52.17 per share

- 2022-11: $56.30 per share

- 2022-12: $55.21 per share

- 2023-01: $54.03 per share

- 2023-02: $51.27 per share

- 2023-03: $53.40 per share

- 2023-04: $55.14 per share

- 2023-05: $51.46 per share

- 2023-06: $52.48 per share

- 2023-07: $53.74 per share

- 2023-08: $50.17 per share

- 2023-09: $48.45 per share

- 2023-10: $48.79 per share

- 2023-11: $50.57 per share

- 2023-12: $51.30 per share

- 2024-01: $48.66 per share

- 2024-02: $47.75 per share

- 2024-03: $50.40 per share

- 2024-04: $49.80 per share

- 2024-05: $51.49 per share

- 2024-06: $50.90 per share

- 2024-07: $55.66 per share

- 2024-08: $58.27 per share

- 2024-09: $60.69 per share

- 2024-10: $60.00 per share

- 2024-11: $63.20 per share

- 2024-12: $59.14 per share

- 2025-01: $58.88 per share

- 2025-02: $64.53 per share

- 2025-03: $64.35 per share

- 2025-04: $61.04 per share

- 2025-05: $62.23 per share

- 2025-06: $60.47 per share

- 2025-07: $65.01 per share

- 2025-08: $65.07 per share

- 2025-09: $67.41 per share

- 2025-10: $66.82 per share

- 2025-11: $69.47 per share

- 2025-12: $65.01 per share

- 2026-01: $65.91 per share

- 2026-02: $72.34 per share

- 2026-03: $71.76 per share

- 2026-04: $73.43 per share

- 2026-05: $71.61 per share

- 2026-06: $76.29 per share

- 2026-07: $70.78 per share

- 2026-08: $67.98 per share

- 2026-09: $63.30 per share

- 2026-10: $67.10 per share

## Annual estimated value (USD per share)

- FY2025: low $32.56 per share, central $37.49 per share, high $43.29 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:35:38.823Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/352541/000035254126000007/lnt-20251231.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.