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Alliant Energy Corporation (LNT)

被高估
UtilitiesUtilities - Regulated ElectricUnited States

基本面

59

价格

$63.48

市值

$16.42B

第一部分 · 这家公司值多少

概览

Alliant Energy owns two regulated utilities, Interstate Power and Light in Iowa and Wisconsin Power and Light in Wisconsin, that generate and deliver electricity and distribute natural gas to homes and businesses in the Midwest. It builds and operates power plants, transmission lines and gas pipelines within a territory where state regulators, not competitors, set the prices it can charge and the returns it can earn.

盈利方式

Customers pay metered rates for electricity and gas that regulators approve in advance through rate cases, designed to let Alliant recover its costs and earn a set return on the capital it invests in plants and wires. Growth therefore comes mainly from adding new rate base — power plants, grid upgrades, renewable projects — rather than from selling more volume to existing customers, whose usage regulators actively try to keep efficient.

分部营收

Electric84.8%

Generation, transmission and retail sale of electricity to roughly a million customers across Iowa and Wisconsin.

Gas12%

Distribution and transportation of natural gas to roughly 435,000 residential and business customers.

Other and non-utility3.2%

Smaller regulated and non-utility activities that fall outside the core electric and gas businesses.

护城河

规模效应 · 狭窄

Building a second set of power plants and wires to compete for the same customers would be prohibitively expensive, so Alliant effectively holds a monopoly within its service territory. That advantage is narrow rather than wide because regulators, not the market, decide how much profit the company is allowed to keep on the capital it deploys.

需求驱动因素

防御型

Households and businesses need electricity and gas regardless of the economic cycle, so volumes are stable and driven mainly by weather rather than by consumer spending or industrial activity. The main swing factor is temperature: a mild winter or summer reduces heating and cooling demand and can dent a given year's results.

主要风险

  • Outcome of rate cases — Earnings growth depends on state regulators approving rate increases that let Alliant recover its investments and earn its allowed return; a less favorable or delayed decision slows growth directly.
  • Large, ongoing capital spending — The company has a multi-year plan of heavy investment in renewable generation and grid upgrades; higher interest rates or construction cost inflation raise the price of that program and pressure returns.
  • Weather dependence — Unusually mild seasons reduce heating and cooling demand and can lower revenue in a given period, independent of the underlying customer base.
  • Environmental and climate regulation — Evolving rules on emissions and the pace of the shift away from fossil generation create uncertainty about future compliance costs and the value of existing plants.

看多理由

Buyers argue that a regulated monopoly with a clear, multi-year investment plan in renewables and grid modernization offers predictable earnings growth as new capital enters the rate base, with limited exposure to economic downturns.

看空理由

Sellers fear that regulators will push back on the size or pace of rate increases needed to fund the capital plan, and that persistently higher interest rates raise financing costs faster than allowed returns can adjust.

Written by the editors, published on 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users

P/E: 19.6Score: 53Market cap: $33.06B

The closest peer in Wisconsin: its We Energies and Wisconsin Public Service utilities serve regulated electric and gas customers in the same state as Alliant's WPL, and the two compete for the same large industrial and data-center load, for territory at municipal boundaries and in the MISO wholesale power market.

P/E: 19.3Score: 49Market cap: $43.45B

Through Northern States Power it runs regulated electric and gas utilities in western Wisconsin, Minnesota and the upper Midwest, bordering Alliant's Iowa and Wisconsin territories and selling into the same MISO wholesale market.

P/E: 17.8Score: 61Market cap: $2.55B

A smaller Wisconsin utility whose Madison-area electric and gas service territory is interleaved with Alliant's WPL, under the same state regulator and competing for the same growing customers in south-central Wisconsin.

P/E: 17.5Score: 61Market cap: $27.52B

A regulated electric and gas utility holding company in Missouri and Illinois with the same rate-regulated business model, competing with Alliant in the MISO wholesale energy and capacity market and for industrial customers siting in the Midwest.

P/E: 20.9Score: 56Market cap: $17.90B

A regulated Midwest electric utility of comparable size in Kansas and Missouri, selling into the same regional wholesale markets and courting the same large data-center and manufacturing load that Alliant is trying to attract to Iowa and Wisconsin.

资产负债表与流动性

营收

$4.42B

最近12个月(截至2026/3/31)

净利润

$821M

最近12个月(截至2026/3/31)

自由现金流

-

股东权益合计

$7.33B

负债合计

$17.66B

流动比率

0.69

利息覆盖率

1.90

债务/EBITDA

6.56

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

受监管公用事业被高估

公允价值

$50.93

当前价格

$63.48

安全边际

-24.6%

公允价值区间

$33.10 - $68.75

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$78.04
现金流折现法(DCF):$9.62
市盈率法(P/E):$56.53
格雷厄姆成长公式:不适用于此类公司
盈利能力价值(EPV):$37.09
合理市净率(P/B):不适用于此类公司
股息折现模型(戈登模型):$51.90
P/FFO(运营资金):不适用于此类公司
周期中段收益:不适用于此类公司
市销率法(P/S):不适用于此类公司
分析师共识:买入 (11B / 7H / 0S)
最近财报超预期:+9.06%

估值指标

市盈率(P/E)

19.91

ROE

11.0%

市净率(P/B)

2.20

P/FCF

-

毛利率

85.8%

ROIC

3.5%

盈利能力雷达图

价值创造(经济护城河)

ROIC

3.5%

WACC

6.0%

ROIC − WACC

-2.5 pp

ROIC 低于资本成本:公司每投入一美元都在毁灭价值。

基本面分析标准

通过(16)

  • EPS shows upward trend
  • Price CAGR 5.33%
  • Gross Margin 85.8%
  • P/B Ratio 2.20
  • Debt/Equity ratio
  • Operating Margin 23.0%
  • Interest Coverage
  • Return on Tangible Assets
  • Low reliance on intangibles
  • ROE 11.0%
  • Revenue Growth 5Y 5.1%
  • Analyst Consensus 61% Buy
  • Earnings Quality (OCF/NI) 1.57
  • Share Dilution 0.6%
  • Net Margin Trend 18.6% vs 18.3%
  • Piotroski F-Score 7/9

未通过(8)

  • EPS CAGR 1.09%
  • ROIC 3.5%
  • Current Ratio
  • Debt/EBITDA
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Earnings Surprise avg 1.2%
  • PEG Ratio 4.38

不可用(4)

  • P/FCF NaN
  • Dividend Payout NaN%
  • Positive Free Cash Flow
  • CapEx intensity

Piotroski F-评分

7/9

财务状况强健

score
criteria

盈利质量

1.57

高质量:盈利有现金流支撑

股权稀释

0.6%

股份数量稳定

机构持股

公司治理

管理团队

姓名职位年龄
Ms. Lisa M. BartonPresident, CEO & Director59
Mr. Robert J. Durian CPAExecutive VP & CFO54
Mr. Rajagopalan SundararajanExecutive VP & Chief Strategy Officer50
Mr. Antonio P. SmythExecutive Vice President of Power Generation & Gas Strategy48
Mr. Dylan M. SyseChief Accounting Officer & Controller39
Ms. Melissa A. KehoeVice President of Strategic Financial Planning & Investor Relations40
Ms. Amy L. CralamVP & General Counsel-
Ms. Aimee L. DavisVice President of Marketing, Communications & Customer Operations52
Ms. Amy E. BestSenior VP & Chief Human Resources Officer-
Ms. Mayuri N. FarlingerPresident of Iowa Energy & VP of Energy Delivery42

审计风险

5

董事会风险

1

薪酬风险

1

股东权利风险

3

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

文件

  • 年度报告(10-K)

    对公司业务、财务业绩和风险的年度概述。

    提交日期:2026-02-20

    查看文件
  • 季度报告(10-Q)

    最近三个月财务表现的最新情况。

    提交日期:2026-07-31

    查看文件
  • 临时报告(8-K)

    关于重大事件(如管理层变动或重要公告)的通知。

    提交日期:2026-08-21

    查看文件

via SEC EDGAR

损益历史

via SEC EDGAR

Latest News

Recent headlines for LNT, sourced from Markets Gazette.

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