Latest Ratios: P/E Ratio 24.4x · EV/EBITDA 16.9x · ROE 11.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $19.8B | $16.8B | $15.2B | $13.0B | $13.9B | $15.4B | $12.8B | $13.1B | $9.9B | $9.8B | $8.6B |
| Enterprise Value | $31.6B | $28.5B | $25.5B | $22.4B | $22.6B | $23.3B | $19.9B | $19.6B | $15.8B | $15.0B | $13.2B |
| P/E Ratio → | 24.39 | 20.70 | 21.99 | 18.45 | 20.22 | 23.37 | 20.86 | 23.48 | 19.29 | 21.41 | 23.10 |
| P/S Ratio | 4.53 | 3.84 | 3.81 | 3.23 | 3.30 | 4.20 | 3.75 | 3.58 | 2.79 | 2.89 | 2.59 |
| P/B Ratio | 2.69 | 2.29 | 2.17 | 1.92 | 2.21 | 2.57 | 2.18 | 2.42 | 2.06 | 2.23 | 2.12 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 16.92 | 14.34 | 13.01 | 14.99 | 28.54 | 26.48 | 25.58 | 19.80 | 18.70 | 9.95 | 10.01 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.55 | 6.41 | 5.57 | 5.37 | 6.34 | 5.83 | 5.37 | 4.47 | 4.45 | 3.96 |
| EV / EBITDA | 16.87 | 15.26 | 15.39 | 13.86 | 14.11 | 16.02 | 14.71 | 14.56 | 13.03 | 13.49 | 13.70 |
| EV / EBIT | 30.80 | 24.34 | 24.89 | 20.38 | 22.19 | 26.31 | 24.13 | 20.93 | 19.92 | 20.54 | 19.95 |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.1% | 40.1% | 44.7% | 43.1% | 40.6% | 42.4% | 42.8% | 39.9% | 36.9% | 36.6% | 34.3% |
| Operating Margin | 23.5% | 23.5% | 22.3% | 23.4% | 22.1% | 21.7% | 21.7% | 21.3% | 19.6% | 19.3% | 16.7% |
| Net Profit Margin | 18.6% | 18.6% | 17.3% | 17.5% | 16.3% | 18.4% | 18.3% | 15.5% | 14.8% | 13.8% | 11.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.3% | 11.3% | 10.0% | 10.8% | 11.2% | 11.3% | 11.1% | 11.1% | 11.4% | 11.1% | 9.6% |
| ROA | 3.3% | 3.3% | 3.1% | 3.4% | 3.5% | 3.7% | 3.6% | 3.5% | 3.5% | 3.4% | 3.0% |
| ROIC | 4.2% | 4.2% | 4.0% | 4.5% | 4.8% | 4.4% | 4.5% | 5.2% | 5.1% | 5.4% | 5.0% |
| ROCE | 4.7% | 4.7% | 4.6% | 5.1% | 5.4% | 4.8% | 4.8% | 5.5% | 5.4% | 5.4% | 4.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.68 | 1.68 | 1.49 | 1.40 | 1.39 | 1.32 | 1.22 | 1.21 | 1.24 | 1.21 | 1.12 |
| Debt / EBITDA | 6.60 | 6.60 | 6.28 | 5.87 | 5.45 | 5.43 | 5.29 | 4.85 | 4.90 | 4.74 | 4.75 |
| Net Debt / Equity | — | 1.61 | 1.47 | 1.39 | 1.39 | 1.31 | 1.21 | 1.20 | 1.24 | 1.20 | 1.12 |
| Net Debt / EBITDA | 6.30 | 6.30 | 6.23 | 5.84 | 5.44 | 5.40 | 5.25 | 4.84 | 4.89 | 4.71 | 4.74 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | — | — |
| Interest Coverage | 2.29 | 2.29 | 2.28 | 2.79 | 3.13 | 3.11 | 2.84 | 3.12 | 2.91 | 3.16 | 3.05 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.80 | 0.80 | 0.44 | 0.55 | 0.53 | 0.52 | 0.68 | 0.43 | 0.48 | 0.42 | 0.75 |
| Quick Ratio | 0.66 | 0.66 | 0.33 | 0.40 | 0.39 | 0.40 | 0.52 | 0.32 | 0.35 | 0.32 | 0.56 |
| Cash Ratio | 0.26 | 0.26 | 0.03 | 0.03 | 0.01 | 0.02 | 0.04 | 0.01 | 0.01 | 0.01 | 0.01 |
| Asset Turnover | — | 0.17 | 0.18 | 0.19 | 0.21 | 0.20 | 0.19 | 0.22 | 0.23 | 0.24 | 0.25 |
| Inventory Turnover | 9.07 | 9.07 | 7.46 | 6.69 | 7.68 | 8.59 | 9.00 | 9.66 | 10.52 | 9.64 | 9.82 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.6% | 3.1% | 3.2% | 3.5% | 3.1% | 2.6% | 2.9% | 2.6% | 3.2% | 2.9% | 3.1% |
| Payout Ratio | 64.3% | 64.3% | 71.3% | 64.9% | 62.4% | 59.8% | 60.4% | 59.6% | 59.8% | 61.7% | 69.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 4.8% | 4.5% | 5.4% | 4.9% | 4.3% | 4.8% | 4.3% | 5.2% | 4.7% | 4.3% |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 1.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.6% | 3.1% | 3.2% | 3.5% | 3.1% | 3.9% | 2.9% | 2.6% | 3.2% | 2.9% | 3.1% |
| Shares Outstanding | — | $258M | $257M | $253M | $251M | $251M | $249M | $239M | $234M | $230M | $227M |
Regulatory recovery lag risk
According to current market data, LNT trades at a forward P/E of 22.59, which appears to command a premium valuation relative to its historical ranges, likely driven by investor expectations for consistent rate base growth from its renewable energy transition in Iowa and Wisconsin.
The current valuation suggests that the market is pricing in a high degree of regulatory certainty, viewing the utility as a defensive bond proxy despite the underlying volatility in its quarterly earnings. Investors should monitor whether this premium holds if the company fails to translate its aggressive capital expenditure into sustained, predictable earnings growth.
Based on reported financial figures, LNT's quarterly ROE has fluctuated significantly, reaching a low of 1.3% in 2024Q2 and a peak of 4.3% in 2024Q3, which indicates a persistent gap between authorized returns and actual earned outcomes due to ongoing regulatory lag.
This inconsistency in earned ROE implies that the company may be struggling to fully recover its costs in real-time, particularly as it navigates the complex rate case environments in Iowa and Wisconsin. The variance warrants further investigation into whether the current regulatory framework is sufficiently constructive to support the company's long-term return targets.
As reported in recent financial statements, LNT's debt-to-capital ratio has remained elevated near 0.60, a level that appears to constrain the company's financial flexibility as it continues to fund its massive renewable energy infrastructure build-out through external debt markets.
The reliance on debt to finance capital projects may increase the company's sensitivity to interest rate fluctuations, potentially pressuring interest coverage ratios over the medium term. Analysts should monitor whether the current leverage profile remains within the bounds acceptable to credit rating agencies, given the ongoing capital intensity.
Based on the provided quarterly data, the dividend payout ratio has shown extreme volatility, ranging from 41.7% to 141.4%, which suggests that dividend coverage is highly sensitive to the timing of non-recurring items and the company's significant external funding requirements for its CAPEX program.
While the dividend remains a primary return driver for shareholders, the wide swings in payout ratios indicate that internal cash generation may not always be sufficient to cover both capital commitments and shareholder distributions. This necessitates a cautious approach when evaluating the long-term sustainability of dividend growth in the absence of more stable operating cash flows.
The most commonly misapplied metric for LNT is the standard P/E ratio, which fails to account for the distortive impact of AFUDC and regulatory asset deferrals that frequently inflate reported net income without providing corresponding cash liquidity to the utility.
Investors should instead focus on cash-based metrics or regulatory-adjusted earnings to better understand the company's true profitability. Relying on standard P/E multiples obscures the underlying cash flow reality and may lead to an overestimation of the company's ability to fund its operations and dividends internally.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying LNT stock.
Alliant Energy Corporation's current P/E ratio is 24.4x. The historical average is 17.8x. This places it at the 93th percentile of its historical range.
Alliant Energy Corporation's current EV/EBITDA is 16.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
Alliant Energy Corporation's return on equity (ROE) is 11.3%. The historical average is 10.4%.
Based on historical data, Alliant Energy Corporation is trading at a P/E of 24.4x. This is at the 93th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Alliant Energy Corporation's current dividend yield is 2.64% with a payout ratio of 64.3%.
Alliant Energy Corporation has 40.1% gross margin and 23.5% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Alliant Energy Corporation's Debt/EBITDA ratio is 6.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.