MeritValue

ALLIANT ENERGY CORP

LNTdata completeness 88%18 fiscal years on file
The thesis, from the filings

ALLIANT ENERGY CORP earns about 6% on invested capital, but has diluted owners by 3% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $27.74 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.67B1$4.21B2$4.03B3$3.98B3$4.36B3
Net income$674M4$686M5$703M6$690M6$810M6
Operating cash flow$582M7$486M8$867M9$1.17B9$1.17B9
Capital expenditure$1.17B10$1.48B10———
Free cash flow (derived)−$587M7−$998M8———
Total debt$7.88B11$8.72B12$9.51B13$10.4B14$12.1B14
Cash & equivalents$39M15$20M16$62M17$81M18$556M18
Diluted shares250.7M251.2M253.3M256.8M257.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$284.48
your share of equity
Profit it earned you last year
$31.42
Free cash flow it threw off
—
Debt you’d be carrying
$469.98

10 shares is a claim on $284.48 of net worth that earned you $31.42 last year, against $469.98 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
6% avg · 5y
FY21 6%FY22 7%FY23 7%FY24 6%FY25 6%

It earned an average 6% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+3% shares · 5y

Share count is up 3% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has risen 54% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
$27.74
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$690M
  • growthAssumed0.0%
Graham Number
$44.83
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000352541-24-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000352541-25-000014 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000352541-26-000007 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000352541-24-000014 (NetIncomeLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000352541-25-000014 (NetIncomeLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000352541-26-000007 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000352541-24-000014 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000352541-25-000014 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000352541-26-000007 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000352541-23-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2021-12-31 · accession 0000352541-23-000017 (LongTermDebtNoncurrent)
  12. 10-K · period ending 2022-12-31 · accession 0000352541-24-000014 (LongTermDebtNoncurrent)
  13. 10-K · period ending 2023-12-31 · accession 0000352541-25-000014 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2024-12-31 · accession 0000352541-26-000007 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2021-12-31 · accession 0000352541-23-000017 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2022-12-31 · accession 0000352541-24-000014 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2023-12-31 · accession 0000352541-25-000014 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2024-12-31 · accession 0000352541-26-000007 (CashAndCashEquivalentsAtCarryingValue)