Alliant Energy (LNT)
Market Price (9/16/2026): $65.995 | Market Cap: $17.1 BilSector: Utilities | Industry: Electric Utilities
Alliant Energy (LNT)
Market Price (9/16/2026): $65.995Market Cap: $17.1 BilSector: UtilitiesIndustry: Electric Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.9%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.8%, FCF Yield is 6.8% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% Low stock price volatilityVol 12M is 16% Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Solar Energy Generation, Wind Energy Development, Show more. | Weak multi-year price returns2Y Excs Rtn is -20%, 3Y Excs Rtn is -26% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.43 | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71% Key risksLNT key risks include [1] regulatory and environmental compliance costs that may hinder the recovery of expenses, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.9%, Dividend Yield is 3.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.8%, FCF Yield is 6.8% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% |
| Low stock price volatilityVol 12M is 16% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, and Smart Grids & Grid Modernization. Themes include Solar Energy Generation, Wind Energy Development, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -20%, 3Y Excs Rtn is -26% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.43 |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 71% |
| Key risksLNT key risks include [1] regulatory and environmental compliance costs that may hinder the recovery of expenses, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Alliant Energy (LNT) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Potential for Equity Dilution.
Alliant Energy continued to expand its equity through at-the-market programs and forward sale agreements during the period. As of June 30, 2026, the company had the capacity to settle 6.9 million shares for approximately $504 million under its 2026 program and 18.7 million shares for about $1.233 billion under its 2025 program, indicating significant future equity funding capacity and potential for dilution. Additionally, a completed issuance of 834,811 shares reduced existing common shareowners' percentage ownership.
2. Increased Capital Expenditures and Decline in Cash Reserves.
The company reported heavy capital spending, with $1.022 billion in construction and acquisition expenditures during the first half of fiscal year 2026. This substantial investment was funded in part by increased commercial paper and a $400 million term loan, leading to a significant decrease in cash reserves from $556 million at year-end to $25 million as of June 30, 2026. This aggressive spending and reduced cash position may have raised investor concerns regarding liquidity and future financing needs.
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Alliant Energy (LNT) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Potential for Equity Dilution.
Alliant Energy continued to expand its equity through at-the-market programs and forward sale agreements during the period. As of June 30, 2026, the company had the capacity to settle 6.9 million shares for approximately $504 million under its 2026 program and 18.7 million shares for about $1.233 billion under its 2025 program, indicating significant future equity funding capacity and potential for dilution. Additionally, a completed issuance of 834,811 shares reduced existing common shareowners' percentage ownership.
2. Increased Capital Expenditures and Decline in Cash Reserves.
The company reported heavy capital spending, with $1.022 billion in construction and acquisition expenditures during the first half of fiscal year 2026. This substantial investment was funded in part by increased commercial paper and a $400 million term loan, leading to a significant decrease in cash reserves from $556 million at year-end to $25 million as of June 30, 2026. This aggressive spending and reduced cash position may have raised investor concerns regarding liquidity and future financing needs.
3. Analyst Downgrades and Reduced Price Targets.
Several financial analysts revised their outlooks on Alliant Energy during the specified period. Weiss Ratings downgraded the stock from a "buy (b+)" to a "buy (b)" rating on July 28, 2026. BMO Capital Markets reduced its price objective from $80.00 to $78.00 on August 3, 2026, and Mizuho concurrently lowered its target from $76.00 to $75.00. Furthermore, Wall Street Zen cut its rating on the stock from "hold" to "sell" on August 9, 2026. These adjustments contributed to a less favorable sentiment towards the stock.
4. Concerns over Rising Operating and Maintenance (O&M) Expenses.
Analysts highlighted potential erosion of profit margins due to rising operating and maintenance (O&M) expenses associated with the company's capacity expansions. This concern suggests that increased costs related to growth initiatives could negatively impact future profitability, creating a headwind for the stock.
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Stock Movement Drivers
Fundamental Drivers
The -7.1% change in LNT stock from 5/31/2026 to 9/15/2026 was primarily driven by a -6.3% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9152026 | Change |
|---|---|---|---|
| Stock Price ($) | 71.07 | 65.99 | -7.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,419 | 4,429 | 0.2% |
| Net Income Margin (%) | 18.6% | 18.4% | -0.7% |
| P/E Multiple | 22.3 | 20.9 | -6.3% |
| Shares Outstanding (Mil) | 257 | 258 | -0.4% |
| Cumulative Contribution | -7.1% |
Market Drivers
5/31/2026 to 9/15/2026| Return | Correlation | |
|---|---|---|
| LNT | -7.1% | |
| Market (SPY) | 0.1% | -16.3% |
| Sector (XLU) | -7.0% | 83.7% |
Fundamental Drivers
The -7.4% change in LNT stock from 2/28/2026 to 9/15/2026 was primarily driven by a -7.8% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9152026 | Change |
|---|---|---|---|
| Stock Price ($) | 71.26 | 65.99 | -7.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,363 | 4,429 | 1.5% |
| Net Income Margin (%) | 18.6% | 18.4% | -0.6% |
| P/E Multiple | 22.6 | 20.9 | -7.8% |
| Shares Outstanding (Mil) | 257 | 258 | -0.5% |
| Cumulative Contribution | -7.4% |
Market Drivers
2/28/2026 to 9/15/2026| Return | Correlation | |
|---|---|---|
| LNT | -7.4% | |
| Market (SPY) | 10.7% | -3.5% |
| Sector (XLU) | -12.8% | 85.9% |
Fundamental Drivers
The 4.6% change in LNT stock from 8/31/2025 to 9/15/2026 was primarily driven by a 7.2% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9152026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.11 | 65.99 | 4.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,146 | 4,429 | 6.8% |
| Net Income Margin (%) | 20.1% | 18.4% | -8.1% |
| P/E Multiple | 19.5 | 20.9 | 7.2% |
| Shares Outstanding (Mil) | 257 | 258 | -0.6% |
| Cumulative Contribution | 4.6% |
Market Drivers
8/31/2025 to 9/15/2026| Return | Correlation | |
|---|---|---|
| LNT | 4.6% | |
| Market (SPY) | 18.4% | -6.0% |
| Sector (XLU) | 0.1% | 80.5% |
Fundamental Drivers
The 45.5% change in LNT stock from 8/31/2023 to 9/15/2026 was primarily driven by a 20.2% change in the company's P/E Multiple.| (LTM values as of) | 8312023 | 9152026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.36 | 65.99 | 45.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,182 | 4,429 | 5.9% |
| Net Income Margin (%) | 15.7% | 18.4% | 17.4% |
| P/E Multiple | 17.4 | 20.9 | 20.2% |
| Shares Outstanding (Mil) | 252 | 258 | -2.6% |
| Cumulative Contribution | 45.5% |
Market Drivers
8/31/2023 to 9/15/2026| Return | Correlation | |
|---|---|---|
| LNT | 45.5% | |
| Market (SPY) | 74.1% | 15.2% |
| Sector (XLU) | 42.7% | 81.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LNT Return | 23% | -7% | -4% | 20% | 14% | 5% | 56% |
| Peers Return | 11% | 4% | -7% | 16% | 16% | 3% | 47% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| LNT Win Rate | 58% | 42% | 58% | 50% | 58% | 44% | |
| Peers Win Rate | 50% | 63% | 58% | 58% | 53% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| LNT Max Drawdown | -12% | -25% | -16% | -9% | -11% | -14% | |
| Peers Max Drawdown | -12% | -24% | -22% | -13% | -10% | -13% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WEC, AEP, XEL, CMS, DTE. See LNT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/15/2026 (YTD)
How Low Can It Go
| Event | LNT | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -16.1% | -9.5% |
| % Gain to Breakeven | 19.2% | 10.5% |
| Time to Breakeven | 284 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -19.3% | -24.5% |
| % Gain to Breakeven | 23.9% | 32.4% |
| Time to Breakeven | 653 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.8% | -33.7% |
| % Gain to Breakeven | 48.7% | 50.9% |
| Time to Breakeven | 413 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -13.3% | -12.2% |
| % Gain to Breakeven | 15.3% | 13.9% |
| Time to Breakeven | 104 days | 62 days |
| 2013 Taper Tantrum | ||
| % Loss | -10.2% | -0.2% |
| % Gain to Breakeven | 11.3% | 0.2% |
| Time to Breakeven | 25 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -15.4% | -17.9% |
| % Gain to Breakeven | 18.2% | 21.8% |
| Time to Breakeven | 23 days | 123 days |
In The Past
Alliant Energy's stock fell -4.6% during the 2025 US Tariff Shock. Such a loss loss requires a 4.8% gain to breakeven.
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Asset Allocation
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| Event | LNT | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -32.8% | -33.7% |
| % Gain to Breakeven | 48.7% | 50.9% |
| Time to Breakeven | 413 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -48.2% | -53.4% |
| % Gain to Breakeven | 93.1% | 114.4% |
| Time to Breakeven | 571 days | 1085 days |
In The Past
Alliant Energy's stock fell -4.6% during the 2025 US Tariff Shock. Such a loss loss requires a 4.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Alliant Energy (LNT)
Alliant Energy Corporation (LNT) is a utility holding company primarily engaged in providing regulated electricity and natural gas services. Through its main subsidiaries, Interstate Power and Light Company (IPL) and Wisconsin Power and Light Company (WPL), it generates, distributes, and sells electricity, as well as distributes and transports natural gas to a broad customer base. The company's core operations are vital for powering and heating homes and businesses across its service territories.
Alliant Energy's primary services include the reliable supply of electricity and natural gas. IPL serves retail electric and natural gas customers predominantly in Iowa, also selling wholesale electricity in Iowa, Minnesota, and Illinois, and distributing steam in Cedar Rapids, Iowa. WPL focuses on retail electric and natural gas customers in Wisconsin, along with wholesale electricity sales within the state. As of late 2021, the company served nearly 1 million retail electric and over 400,000 retail natural gas customers in total.
The company's diverse customer base includes residential consumers and a variety of industrial and commercial clients, particularly within the farming, agriculture, industrial manufacturing, chemical, packaging, and food sectors. Beyond its core utility services, Alliant Energy also operates a few non-utility businesses, such as a short-line rail freight service, a barge/rail/truck freight terminal, and freight brokerage services, mainly in Iowa, which complement its infrastructure footprint.
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- It's like the Verizon or AT&T of energy, ensuring homes and businesses in Iowa and Wisconsin have essential electricity and natural gas services.
- Think of it as a regional equivalent of a major utility provider like Con Edison or Pacific Gas & Electric (PG&E), keeping the power on and gas flowing for customers in Iowa and Wisconsin.
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- Electricity Services: Generation, distribution, and sale of electricity to retail and wholesale customers.
- Natural Gas Services: Distribution and transport of natural gas to retail customers.
- Steam Services: Generation and distribution of steam in Cedar Rapids, Iowa.
- Freight and Logistics Services: Operation of short-line rail freight, a multi-modal freight terminal, rail-served warehousing, and freight brokerage services.
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Alliant Energy (LNT) serves a broad base of customers, primarily individuals and various types of businesses within its service territories in Iowa and Wisconsin. Based on the company description, the major categories of customers it serves are:
- Residential Customers: Individuals and households throughout its service areas in Iowa and Wisconsin, who receive electricity and natural gas services.
- Commercial Customers: Businesses of varying sizes, including those in the farming and agriculture sectors.
- Industrial Customers: Large enterprises operating in sectors such as industrial manufacturing, chemical, packaging, and food industries.
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Lisa M. Barton
Chief Executive Officer
Lisa M. Barton was appointed CEO of Alliant Energy in February 2023, with the appointment becoming effective on January 1, 2024. She also became a member of the board of directors effective January 1, 2024. Prior to her role as CEO, Ms. Barton served as President of Alliant Energy Corporation starting February 27, 2023, and before that, as Chief Operating Officer.
Robert J. Durian
Executive Vice President and Chief Financial Officer
Robert J. Durian has served as Executive Vice President and Chief Financial Officer (CFO) of Alliant Energy since February 2020. He joined Alliant Energy in 1992 and has held various finance leadership roles, including Senior Vice President & CFO, Senior Vice President, CFO & Treasurer, and Vice President, CFO & Treasurer. Mr. Durian's previous positions also include Controller, Treasurer, and Chief Accounting Officer. He oversees IT and the company's non-utility-based businesses. Mr. Durian earned a Bachelor's degree in Accounting from the University of Northern Iowa in 1992 and became a Certified Public Accountant the same year. He later received his MBA from the University of Wisconsin-Madison in 2016.
David A. de Leon
Senior Vice President of Operations
David A. de Leon is the Senior Vice President of Operations for Alliant Energy Corporation. He joined the company in 1987, starting his career as a thermal performance engineer and progressing through multiple roles focused on improving, maintaining, and constructing the company's operating assets. Mr. de Leon previously served as President of Alliant Energy's Wisconsin energy company and Senior Vice President of Operations from 2019 to 2025 and is anticipated to retire around July 1, 2026. He holds an MBA from Edgewood College and a Bachelor's degree in Mechanical Engineering from the University of Wisconsin – Platteville. He is also a Wisconsin Registered Professional Engineer.
Mayuri (May) Farlinger
President of Alliant Energy's Iowa Energy Company and Vice President of Energy Delivery
Mayuri (May) Farlinger serves as the President of Alliant Energy's Iowa energy company and Vice President of Energy Delivery. She began her career with Alliant Energy as an intern in 2004. Throughout her tenure, Ms. Farlinger has held diverse roles in various departments, including Finance, Audit, Regulatory, Account Management, Field Engineering, Customer Renewables, Revenue Management, and Operations. In 2024, she was named President of Interstate Power & Light Company and Vice President of Operations, and in 2025, she continued her President role while being named Vice President of Energy Delivery, overseeing electric and gas distribution systems across Iowa and Wisconsin. Ms. Farlinger holds a bachelor's degree in finance from the University of Iowa and an MBA from St. Ambrose University.
Rajagopalan Sundararajan
Executive Vice President & Chief Strategy Officer
Rajagopalan Sundararajan is the Executive Vice President & Chief Strategy Officer at Alliant Energy.
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The key risks to Alliant Energy's business are:
- Regulatory and Allowed Return Risk: As a regulated utility, Alliant Energy's financial performance is heavily dependent on the decisions of public utility commissions in Iowa and Wisconsin regarding allowed returns on equity and rate design. Changes in regulations or the inability to obtain timely rate relief could limit the company's ability to adjust rates, recover costs, and invest in new projects, thereby impacting its financial results.
- Leverage, Financing, and Capital-Project Risk: Alliant Energy is engaged in significant multi-year capital projects, including new gas, wind, storage, and grid upgrades, which require substantial funding. This expansion has led to materially increased leverage, with net debt/EBITDA currently around 7.47x, posing a clear risk if capital markets tighten or interest rates rise. The execution of these large projects also carries inherent risks such as construction delays, interconnection issues, permitting challenges, and potential cost overruns. The company's free cash flow is currently negative due to these heavy capital expenditures.
- Market and Economic Conditions: Alliant Energy faces risks related to broader market and economic conditions, including fluctuations in customer demand and inflationary pressures. Economic downturns can lead to decreased demand for energy services from its retail customers in industries such as farming, manufacturing, and chemicals. Additionally, inflation can increase operating expenses, including costs for labor, materials, and services. Changes in energy efficiency, technological advancements, and customer-owned generation could also reduce demand for the company's services, potentially impacting revenue and requiring rate adjustments for remaining customers.
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1. The proliferation of distributed energy resources, such as rooftop solar and battery storage, enables customers to generate their own electricity and reduce reliance on the utility's centralized generation and distribution grid. This decentralization directly challenges the traditional utility business model of selling centrally produced power.
2. The accelerating societal and regulatory push towards decarbonization and building electrification, which could significantly reduce or eliminate the demand for natural gas services, thereby threatening the company's Utility Gas Operations segment.
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Iowa
- Natural Gas Distribution: The market size for natural gas distribution in Iowa is estimated to be approximately $1.4 billion in 2026.
- Electricity: The total retail sales of electricity in Iowa amounted to 54,930,422 megawatt-hours (MWh) in 2024. With an average retail price of 9.34 cents per kilowatt-hour (kWh), the estimated market size for electricity in Iowa is approximately $5.13 billion (U.S.).
Wisconsin
- Natural Gas Distribution: The market size for natural gas distribution in Wisconsin is estimated to be approximately $6.1 billion in 2026.
- Electricity: The total retail sales of electricity in Wisconsin were 68,291,424 MWh in 2024. With an average retail price of 12.72 cents per kWh, the estimated market size for electricity in Wisconsin is approximately $8.68 billion (U.S.).
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Alliant Energy (LNT) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic capital investments, expansion in renewable energy, increasing demand from data centers, and steady customer growth within its service territories.
- Rate Base Growth and Capital Investments: Alliant Energy plans substantial capital expenditures to enhance its electric and gas distribution network and expand its generation portfolio. These investments are projected to support a 12% compound annual growth rate (CAGR) in its rate base to $26.2 billion over the next three years, and an 11% rate-base CAGR during 2025-2028. This expansion of the rate base allows the company to seek higher revenue requirements through regulated returns.
- Renewable Energy Expansion and Grid Modernization: A significant portion of Alliant Energy's capital expenditure is allocated to investments in wind, solar, and energy storage projects. Over 40% of its 2025-2028 capital expenditure plan is directed towards these clean energy initiatives. The company is focused on modernizing its grid and expanding generation capacity with cleaner assets, which helps meet customer needs and sustainability goals, thereby supporting revenue growth.
- Increased Demand from Data Centers: A key driver for future electricity demand is the growing presence of data centers in Alliant Energy's service areas. The company has secured four major data center customers, with executed electric service agreements representing approximately 3 gigawatts (GW) of peak load. This demand from data centers is anticipated to increase projected electricity demand by 50% by 2031, with significant ramping expected between 2027 and 2031.
- Customer Growth and Economic Development: Alliant Energy benefits from ongoing additions to its electric and natural gas customer volumes. The economic development within its service territories also creates fresh demand for utility services, contributing to its performance and revenue growth.
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Share Repurchases
- Alliant Energy has shown minimal to no significant share repurchases over the last few years, with a reported negative amount of -$23.00 million for December 31, 2025, suggesting net issuance rather than repurchases.
Share Issuance
- The company expects to raise approximately $2.4 billion in common equity over a four-year plan extending through 2029.
- About $1.0 billion of this common equity has already been secured through forward equity agreements.
- Alliant Energy completed the sale of $575 million aggregate principal amount of 3.250% Convertible Senior Notes due 2028 on May 15, 2025, which are convertible into cash or shares of the company's common stock.
Outbound Investments
- Alliant Energy's subsidiary, Travero, completed the sale of Logistics Park Dubuque to LOGISTEC, representing a divestiture of a non-core asset.
Capital Expenditures
- Alliant Energy has outlined a consolidated four-year capital expenditure plan totaling approximately $13.4 billion for the 2026-2029 period to meet growing demand, including from data centers.
- The capital plan for 2026-2029 allocates $5.0 billion to energy storage and renewable projects, $4.1 billion to natural gas generation, and $4.3 billion to electric and gas distribution infrastructure, technology, and other investments.
- Earlier, the company increased its capital expenditure budget for 2022 through 2025 by $305 million to $6.1 billion, with more than half of this amount allocated for renewable energy generation.
Peer Outperformance in Electric Utilities
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| LNT | Alliant Energy | 2.1% | 20.9x | 5.1% | 41.0% | 32.4% | — |
| ETR | Entergy | 0.7% | 26.0x | 17.0% | 130.6% | 120.2% | +88pp |
| OTTR | Otter Tail | -1.1% | 19.0x | 8.5% | 24.2% | 79.5% | +47pp |
| AEP | American Electric Power | 5.5% | 20.9x | 14.0% | 67.9% | 67.9% | +35pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -23.2% | 108.3% | 181.1% | HNRG 478% · OKLO 266% · NRG 181% |
| Gas Utilities | 10 | 4.8% | 43.8% | 45.2% | ATO 104% · NFG 84% · NJR 80% |
| Electric Utilities ← | 24 | 5.3% | 38.5% | 39.3% | VST 760% · GNE 175% · ETR 120% |
| Multi-Utilities | 18 | 5.6% | 37.6% | 38.8% | NI 99% · MDU 90% · CNP 75% |
| Water Utilities | 11 | 8.9% | 3.4% | -9.8% | CWCO 164% · AWR 11% · HTO 10% |
| Renewable Electricity | 5 | -26.4% | -63.9% | -94.3% | ORA 42% · CWEN 24% · AGIG -94% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 88.00 |
| Mkt Cap | 30.4 |
| Rev LTM | 12,377 |
| Op Inc LTM | 2,416 |
| FCF LTM | -2,025 |
| FCF 3Y Avg | -1,260 |
| CFO LTM | 3,467 |
| CFO 3Y Avg | 3,376 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.4% |
| Rev Chg 3Y Avg | 2.7% |
| Rev Chg Q | 0.3% |
| QoQ Delta Rev Chg LTM | 0.1% |
| Op Inc Chg LTM | 4.6% |
| Op Inc Chg 3Y Avg | 9.0% |
| Op Mgn LTM | 21.6% |
| Op Mgn 3Y Avg | 21.2% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 29.4% |
| CFO/Rev 3Y Avg | 29.7% |
| FCF/Rev LTM | -12.7% |
| FCF/Rev 3Y Avg | -8.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 30.4 |
| P/S | 3.0 |
| P/Op Inc | 13.0 |
| P/EBIT | 12.0 |
| P/E | 20.4 |
| P/CFO | 9.5 |
| Total Yield | 8.1% |
| Dividend Yield | 3.2% |
| FCF Yield 3Y Avg | -3.8% |
| D/E | 0.9 |
| Net D/E | 0.8 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.9% |
| 3M Rtn | -9.4% |
| 6M Rtn | -9.9% |
| 12M Rtn | 0.1% |
| 3Y Rtn | 36.2% |
| 1M Excs Rtn | -4.3% |
| 3M Excs Rtn | -9.4% |
| 6M Excs Rtn | -23.5% |
| 12M Excs Rtn | -14.6% |
| 3Y Excs Rtn | -28.9% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Interstate Power and Light Company (IPL) | 2,208 | 2,046 | 2,110 | 2,256 | |
| Wisconsin Power and Light Company (WPL) | 2,065 | 1,845 | 1,827 | 1,856 | |
| Other | 89 | 90 | 90 | 93 | |
| American Transmission Company LLC(ATC), Non-utility, Parent and Other | 83 | ||||
| Utility Electric | 3,081 | ||||
| Utility Gas | 456 | ||||
| Utility Other | 49 | ||||
| Total | 4,362 | 3,981 | 4,027 | 4,205 | 3,669 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Utility Electric | 827 | 805 | 716 | 643 | 679 |
| Utility Gas | 70 | 97 | 63 | 74 | 70 |
| American Transmission Company LLC(ATC), Non-utility, Parent and Other | 27 | 23 | 27 | 24 | 28 |
| Utility Other | 19 | 3 | -11 | -1 | 1 |
| Total | 943 | 928 | 795 | 740 | 778 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Interstate Power and Light Company (IPL) | 457 | 362 | 366 | 360 | |
| Wisconsin Power and Light Company (WPL) | 401 | 345 | 345 | 315 | |
| Other | -48 | -17 | -8 | 11 | |
| American Transmission Company LLC(ATC), Non-utility, Parent and Other | 41 | ||||
| Utility | 618 | ||||
| Total | 810 | 690 | 703 | 686 | 659 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Interstate Power and Light Company (IPL) | 12,495 | 11,407 | 10,489 | 10,075 | |
| Wisconsin Power and Light Company (WPL) | 10,655 | 10,106 | 9,634 | 8,987 | |
| Other | 1,841 | 1,201 | 1,114 | 1,101 | |
| American Transmission Company LLC(ATC), Non-utility, Parent and Other | 1,039 | ||||
| Utility Electric | 14,924 | ||||
| Utility Gas | 1,487 | ||||
| Utility Other | 1,103 | ||||
| Total | 24,991 | 22,714 | 21,237 | 20,163 | 18,553 |
Price Behavior
| Market Price | $65.99 | |
| Market Cap ($ Bil) | 17.1 | |
| First Trading Date | 01/05/1988 | |
| Distance from 52W High | -14.8% | |
| 50 Days | 200 Days | |
| DMA Price | $70.76 | $69.59 |
| DMA Trend | indeterminate | down |
| Distance from DMA | -6.7% | -5.2% |
| 3M | 1YR | |
| Volatility | 18.2% | 16.5% |
| Downside Capture | 13.75 | -10.12 |
| Upside Capture | -43.43 | -2.46 |
| Correlation (SPY) | -11.2% | -6.7% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.00 | -0.16 | -0.30 | -0.07 | -0.09 | 0.18 |
| Up Beta | -0.52 | -0.60 | -0.29 | -0.13 | -0.11 | 0.15 |
| Down Beta | 0.06 | 0.93 | -0.21 | 0.03 | -0.08 | 0.18 |
| Up Capture | -7% | -56% | -37% | -9% | -2% | 7% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 7 | 16 | 30 | 64 | 134 | 400 |
| Down Capture | 96% | 22% | -27% | -3% | -21% | 29% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 14 | 26 | 34 | 63 | 116 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LNT | |
|---|---|---|---|---|
| LNT | 4.9% | 16.5% | 0.11 | - |
| Sector ETF (XLU) | -1.3% | 15.2% | -0.29 | 81.1% |
| Equity (SPY) | 16.3% | 12.8% | 0.90 | -6.4% |
| Gold (GLD) | 17.6% | 29.3% | 0.55 | 3.8% |
| Commodities (DBC) | 48.6% | 20.6% | 1.82 | -9.8% |
| Real Estate (VNQ) | 5.3% | 13.5% | 0.13 | 55.7% |
| Bitcoin (BTCUSD) | -33.1% | 43.8% | -0.79 | -7.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LNT | |
|---|---|---|---|---|
| LNT | 5.4% | 19.8% | 0.17 | - |
| Sector ETF (XLU) | 6.8% | 17.4% | 0.25 | 86.1% |
| Equity (SPY) | 12.4% | 17.2% | 0.55 | 29.2% |
| Gold (GLD) | 18.7% | 18.8% | 0.80 | 13.6% |
| Commodities (DBC) | 11.7% | 19.5% | 0.47 | 2.3% |
| Real Estate (VNQ) | 0.8% | 18.9% | -0.06 | 60.3% |
| Bitcoin (BTCUSD) | 10.7% | 52.5% | 0.38 | 6.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LNT | |
|---|---|---|---|---|
| LNT | 9.0% | 21.2% | 0.38 | - |
| Sector ETF (XLU) | 8.5% | 19.3% | 0.37 | 89.6% |
| Equity (SPY) | 15.1% | 18.0% | 0.71 | 42.2% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 14.3% |
| Commodities (DBC) | 8.7% | 18.1% | 0.39 | 7.4% |
| Real Estate (VNQ) | 4.6% | 20.7% | 0.18 | 65.3% |
| Bitcoin (BTCUSD) | 63.4% | 66.2% | 1.03 | 5.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/31/2026 | 0.7% | -2.0% | -4.0% |
| 5/1/2026 | -0.5% | -3.1% | -4.2% |
| 2/20/2026 | 1.3% | 1.9% | -2.6% |
| 11/7/2025 | -0.6% | -0.0% | -3.8% |
| 8/8/2025 | -0.5% | -1.6% | -2.5% |
| 5/9/2025 | -3.6% | 1.2% | -1.5% |
| 2/21/2025 | 1.7% | 2.7% | 0.3% |
| 11/1/2024 | -0.4% | 0.0% | 7.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 6 | 12 | 12 |
| # Negative | 18 | 12 | 12 |
| Median Positive | 1.0% | 1.1% | 3.2% |
| Median Negative | -0.7% | -1.9% | -3.2% |
| Max Positive | 2.1% | 3.4% | 8.5% |
| Max Negative | -3.6% | -5.0% | -5.5% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/31/2026 | 0.7% | -2.0% | -4.0% |
| 5/1/2026 | -0.5% | -3.1% | -4.2% |
| 2/20/2026 | 1.3% | 1.9% | -2.6% |
| 11/7/2025 | -0.6% | -0.0% | -3.8% |
| 8/8/2025 | -0.5% | -1.6% | -2.5% |
| 5/9/2025 | -3.6% | 1.2% | -1.5% |
| 2/21/2025 | 1.7% | 2.7% | 0.3% |
| 11/1/2024 | -0.4% | 0.0% | 7.1% |
| 8/2/2024 | -3.3% | -1.8% | 2.9% |
| 5/3/2024 | -0.7% | 0.9% | 1.8% |
| 2/16/2024 | -0.2% | -1.9% | 1.2% |
| 11/3/2023 | -1.3% | -5.0% | 0.3% |
| 8/4/2023 | 0.1% | 1.1% | -4.0% |
| 5/5/2023 | -0.6% | -0.1% | -5.1% |
| 2/24/2023 | -2.4% | -1.2% | -2.7% |
| 11/8/2022 | 0.7% | 1.2% | 4.7% |
| 8/5/2022 | -0.4% | 3.4% | -0.2% |
| 4/29/2022 | -1.6% | -0.1% | 8.5% |
| 2/18/2022 | -0.7% | 2.3% | 4.9% |
| 11/5/2021 | -2.0% | -2.0% | 3.4% |
| 8/6/2021 | -0.2% | 0.4% | -1.7% |
| 5/7/2021 | 2.1% | 0.0% | 1.5% |
| 2/19/2021 | -1.0% | -3.1% | 8.1% |
| 11/3/2020 | -1.9% | 0.9% | -5.5% |
| SUMMARY STATS | |||
| # Positive | 6 | 12 | 12 |
| # Negative | 18 | 12 | 12 |
| Median Positive | 1.0% | 1.1% | 3.2% |
| Median Negative | -0.7% | -1.9% | -3.2% |
| Max Positive | 2.1% | 3.4% | 8.5% |
| Max Negative | -3.6% | -5.0% | -5.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 11/05/2021 | 10-Q |
| 06/30/2021 | 08/06/2021 | 10-Q |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/08/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 8/1/2026Latest: Q2 2026 Earnings Reported 7/31/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | Reported | 3.36 | 3.41 | 3.46 | 0.0% | Affirmed | Guidance: 3.41 for 2026 | |
| 2031 Load Growth | Reported | 60.0% | ||||||
Prior: Q1 2026 Earnings Reported 5/1/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | Reported | 3.36 | 3.41 | 3.46 | 0 | Affirmed | Guidance: 3.41 for 2026 | |
Q4 2025 Earnings Reported 2/20/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Ongoing EPS | Reported | 3.36 | 3.41 | 3.46 | Affirmed | Guidance: 3.41 for 2026 | ||
| 2026 Total Capital Expenditures | Reported | 3.13 Bil | 2.8% | Raised | Guidance: 3.04 Bil for 2026 | |||
| 2027 Total Capital Expenditures | Reported | 3.58 Bil | -2.3% | Lowered | Guidance: 3.67 Bil for 2027 | |||
| 2028 Total Capital Expenditures | Reported | 3.62 Bil | -4.5% | Lowered | Guidance: 3.79 Bil for 2028 | |||
| 2029 Total Capital Expenditures | Reported | 3.06 Bil | 5.5% | Raised | Guidance: 2.90 Bil for 2029 | |||
Q3 2025 Earnings Reported 11/7/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 EPS | Reported | 3.17 | 3.2 | 3.23 | 0 | Affirmed | Guidance: 3.2 for 2025 | |
| 2025 Capital Expenditures | Reported | 2.47 Bil | ||||||
| 2026 Dividends | Reported | 2.14 | Raised | |||||
| 2026 EPS | Reported | 3.36 | 3.41 | 3.46 | ||||
| 2026 Capital Expenditures | Reported | 3.04 Bil | ||||||
| 2027 Capital Expenditures | Reported | 3.67 Bil | ||||||
| 2028 Capital Expenditures | Reported | 3.79 Bil | ||||||
| 2029 Capital Expenditures | Reported | 2.90 Bil | ||||||
Insider Activity
Updated 8/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Durian, Robert J | EVP and CFO | Direct | Sell | 8122026 | 68.60 | 0 | 7 | 10,848,811 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Durian, Robert J | EVP and CFO | Direct | Sell | 8122026 | 68.60 | 0 | 7 | 10,848,811 | Form |
Investor Activity (13F)
Updated Sep 16, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
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Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Electric Utilities Resources |
| T&D World |
| Edison Electric Institute (EEI) |
| Smart Energy International |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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