LNTALLIANT ENERGY CORP

Electric & Other Services Combined

Revenue: $4.4B; 9.6% YoY
Operating margin: 23.5%; 5.6% YoY
EBITDA: $1.9B; 13% YoY
Market cap: $18.5B
Employees: 1,700; $3M revenue each
Net debt / EBITDA: 2.0×; $3.8B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
144% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
45% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$3M · 69th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 18th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$18.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7 net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.7B	$4.2B	$4.0B	$4.0B	$4.4B	9.6%
Operating income	$795M	$928M	$943M	$886M	$1.0B	16%
Net income	$674M	$686M	$703M	$690M	$810M	17%
Operating cash flow	$582M	$486M	$867M	$1.2B	$1.2B	0.2%
Capex	$1.2B	$1.5B	—	—	—
Stock-based comp	$14M	$13M	$12M	$12M	$22M	83%
Dividends	$403M	$428M	$456M	$492M	$521M	5.9%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $7 · 1
Net: −$7

Pay vs performance

No pay-versus-performance disclosure yet.