Latest Ratios: P/E Ratio 20.3x · EV/EBITDA 16.1x · 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 | $18.8B | $16.8B | $15.2B | $13.0B | $13.9B | $15.4B | $12.8B | $13.1B | $9.9B | $9.8B | $8.6B |
| Enterprise Value | $30.6B | $28.5B | $25.5B | $22.4B | $22.6B | $23.3B | $19.9B | $19.6B | $15.8B | $15.0B | $13.2B |
| P/E Ratio → | 20.31 | 20.70 | 21.99 | 18.45 | 20.22 | 23.37 | 20.86 | 23.48 | 19.29 | 21.41 | 23.10 |
| P/S Ratio | 4.17 | 3.84 | 3.81 | 3.23 | 3.30 | 4.20 | 3.75 | 3.58 | 2.79 | 2.89 | 2.59 |
| P/B Ratio | 2.55 | 2.29 | 2.17 | 1.92 | 2.21 | 2.57 | 2.18 | 2.42 | 2.06 | 2.23 | 2.12 |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | 16.06 | 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 | 16.08 | 15.26 | 15.39 | 13.86 | 14.11 | 16.02 | 14.71 | 14.56 | 13.03 | 13.49 | 13.70 |
| EV / EBIT | 29.81 | 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 | 2.8% | 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 | 4.9% | 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 | 2.8% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying LNT stock.
Alliant Energy Corporation's current P/E ratio is 20.3x. The historical average is 17.8x. This places it at the 66th percentile of its historical range.
Alliant Energy Corporation's current EV/EBITDA is 16.1x. 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 20.3x. This is at the 66th 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 2.78% 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.
Key Metrics
Top Statement Risk
Leverage and refinancing pressure
Metrics are mathematically derived from official filings.
Premium Multiples Anchored to Rate Base
Based on LNT's reported figures, the trailing P/E of 23.39 and forward P/E of 21.42 sit well above the 12.21 to 27.90 range seen across peers, implying the market is capitalizing a rate base growth story rather than current earned returns.
A P/E near 23 for a regulated utility is unusually demanding, since utility multiples are typically anchored to Treasury yields and authorized ROE rather than growth expectations. The 2.8% dividend yield is only modestly above the peer median, which suggests investors are paying for capital expenditure visibility instead of income. The forward PEG of 4.36 indicates the premium warrants close monitoring if regulatory outcomes in Iowa lag Wisconsin.
Earned Returns Lag Regulatory Expectations
As reported in financial statements, LNT's quarterly ROE ranged from 1.3% to 5.2% over ten quarters, a level that appears well below the authorized returns typically granted to Midwest utilities and may reflect regulatory lag.
Earned ROE in the low single digits suggests that the rate base being built is not yet converting into equity returns at the authorized level, consistent with the gap between net income and operating cash flow noted in prior analysis. Quarterly figures are volatile and likely influenced by timing of rate case outcomes and AFUDC accruals. Investors should monitor whether the next Iowa and Wisconsin rate decisions close this gap.
Margin Volatility Signals Recovery Timing
Based on LNT's reported figures, operating margin swung between 14.5% and 30.3% across the last ten quarters, a range wide enough to suggest that cost recovery depends heavily on regulatory timing rather than a stable operating cost base.
The wide operating margin range is more consistent with deferred regulatory recovery and storm or fuel timing than with underlying operating efficiency. Net margin tracked the same swings, indicating the volatility flows through to earnings rather than being absorbed. The 40.10% gross margin figure should be read cautiously because pass-through fuel and purchased power inflate both revenue and cost of goods sold.
Debt Capacity Tested by Capital Program
According to reported balance sheet figures, LNT's debt-to-capital ratio held near 0.60 to 0.63 while FFO-to-debt ranged from 2.83 to 4.46 and interest coverage from 1.50 to 3.28, leaving limited cushion for the capital program.
Debt-to-capital in the low 0.60s is high for a utility, and the reported net debt to EBITDA of 6.1 reinforces that leverage is elevated relative to typical regulated peers. Interest coverage compressing into the 1.5 to 2.2 range in several quarters suggests refinancing costs could weigh on earnings if rates remain high. The Debt/Equity figure of 1.68 warrants verification before being relied upon, since it appears inconsistent with the capital structure profile.
Dividend Covered but Payout Volatile
Based on LNT's reported figures, the dividend payout ratio swung from 41.7% to 141.4% across the period, while operating cash flow covered dividends roughly 1.9x to 3.1x, suggesting cash coverage is adequate even when GAAP payout looks stretched.
The payout spikes above 100% reflect quarters where reported earnings were depressed, not a structural shortfall in cash generation. Cash coverage suggests the dividend is serviced from operations, but the capital program still relies on external debt funding, so internal funding of capex is limited. Investors should monitor whether dividend growth keeps pace with rate base expansion without further stretching the balance sheet.
Lagging Returns Against Premium Valuation
As reported in financial statements, LNT's ROE of roughly 5.2% and net margin of 31.0% in the latest quarter compare with WEC's 12.4% ROE and EVRG's 9.0%, while LNT trades at a P/E of 23.39 close to WEC's 24.50.
LNT's valuation is roughly in line with WEC despite a materially lower ROE, suggesting the market is pricing a rate base growth premium rather than current return on equity. Its D/E of 1.68 exceeds WEC's 1.59 and EVRG's 1.50, placing it at the higher end of the leverage range. The premium is justified only if the capital program converts into earned returns closer to peer levels.
Net Debt to EBITDA Misreads Utility Leverage
Based on reported figures, LNT's net debt to EBITDA of 6.1 is often treated as a standard leverage red flag, but for a utility with regulated cash flows and deferred recovery balances, it may overstate risk while obscuring the timing of rate recovery.
Standard leverage metrics ignore that regulatory assets and AFUDC inflate EBITDA and earnings relative to cash, so a simple debt multiple can misstate capacity. A more informative approach is FFO-to-debt combined with the regulated equity ratio and authorized ROE, which better capture recoverability. Investors should adjust for regulatory assets before concluding whether leverage is truly excessive.