Forensic Analysis · Utilities · as of Aug 11, 2026

Alliant Energy Corp (LNT)

A forensic read on Alliant Energy Corp built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

C · Mixed — selective

Forensic grade

Grey Zone

Financial health

1.8

Distress distance

Clean

Earnings quality

Forensic signals

22.0

P / E (ttm)

11.0%

ROE

$17.6B

Market cap

3.08%

Dividend yield

9.6%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Alliant Energy Corp earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 1.8, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

3.9%

FY2025

Return on invested capital. Return on invested capital is 3.9% in the latest fiscal year and steady — well below its ~6% cost of capital, so reinvested dollars may be destroying value, not building it.

+11.4%

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets grew +11.4% relative to their own average in FY2025 — scaled by NOA itself, not total assets (see the Forensic Screens card's differently-scaled Sloan Accrual Ratio for that read). Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +11% against revenue +10% and PP&E up +9% against revenue +10%. The cash-flow cross-check is more mixed: reported earnings ran in line with operating cash by 2% of net operating assets, diverging from the balance-sheet accrual read.

+0.9%/yr

FY2022–FY2025

Share count. Diluted share count changed +3% over the last 3 years to FY2025 (+0.9%/yr). Roughly flat — the count is neither shrinking nor growing meaningfully. Per-share value isn't being meaningfully helped or hurt by the count.

Key fundamentals

Latest Revenue$4.36B

Revenue Growth YoY+9.6%

Revenue CAGR (3yr)+1.2%

Net Margin18.6%

Free Cash Flow$963.0M

Return on Equity11.0%

Debt / Equity1.64x

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Data from SEC EDGAR public filings · metrics as of Aug 11, 2026. Forensic signals flag probability, not certainty.