Forensic Analysis · Combined Electric & Other Services · as of Nov 8, 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.
B · Sound & dependable
Forensic grade
Clean
Earnings quality
2
Forensic signals
11.3%
ROE
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 (auditor quality, say on pay, board independence, going concern). 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 B (Sound & dependable) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by accruals ratio (% of NOA).
What the filings flag
+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 by total assets, which is what the Forensic Screens card's own accrual row divides by. 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%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 2% of net operating assets, against an accruals ratio of 11.4%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
4.1%
FY2025
Return on invested capital.Return on invested capital is 4.1% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.4-point range. After-tax operating profit was $849M in FY2023 and $922M in FY2025, with operating income at 23.4% of revenue in FY2023, 22.3% in FY2024 and 23.5% in FY2025. The capital base behind it grew +13% across FY2023–FY2025, from $19.7B to $22.2B, while the return fell 0.2 points, so the dollars added over that window earned less than the 4.3% the older base was already earning.
Key fundamentals
Latest Revenue$4.36B
Revenue Growth YoY+9.6%
Revenue CAGR (2yr)+4.1%
Net Margin18.6%
Free Cash Flow$963.0M
Return on Equity11.3%
Debt / Equity1.64x
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