Alliant Energy reported a solid Q4 2024 with revenue of $976 million and net income of $150 million, translating to an EPS of $0.58. The quarter delivered a gross margin of 46.5% and an EBITDA of $461 million, with an operating margin of 22.6%. Year-over-year, net income rose ~24% driven by numerator improvements in earnings despite a sequential revenue contraction in Q4 relative to Q3. Free cash flow generation remained positive on an annual basis, with operating cash flow of $254 million contributing to a net cash use from financing and investing activities that resulted in a negative net cash change of $749 million for the quarter and ending cash of $81 million.
Looking at the balance sheet, Alliant maintains a sizable asset base ($22.7 billion) and a heavily leveraged capital structure, with total debt of $10.406 billion and debt to capitalization around 60%. Liquidity appears stretched on a near-term basis, as shown by a current ratio of 0.44 and a cash ratio of 0.03, though regulated utilities typically carry predictable, rate-regulated cash flows that support ongoing capitalization and dividend commitments.
From an investment perspective, the company sits in a defensible niche within the Utilities sector due to its regulated electric and natural gas franchises (IPL and WPL). However, elevated leverage and a reliance on acquisitions and financing activity to fund growth have contributed to a notable net cash outflow from investing and financing in the period. Management commentary for QQ4 2024 was not provided in the available transcript data, limiting direct quotes and forward-looking guidance. Investors should weigh the stable, regulated earnings base against near-term balance sheet compression and higher interest-rate sensitivity when assessing risk-adjusted returns.