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MGE Energy Inc.

MGEE Utilities Utilities Regulated Electric

MGE Energy Inc.’s revenue for fiscal 2025 (year ended December 2025) was $743.7 million, up 9.85% from fiscal 2024.

Revenue
+8.38%
EPS
+22.1%
Free cash flow
+122.2%
Total debt
+4.33%

Quarter to September 2026, against a year earlier

79.15 0.79 +1.01%
Market cap
$3.0B
P/E
18.1×
Fwd P/E
18.7×
Dividend yield
2.47%
F-score
6/9
Altman Z
1.69
Beneish M
−2.54
Dividend safety
52/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.09
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — 1 — — — — 1 1 — —
Sell — — — — — — — — — — — —
Insider Ownership 0.35%

Capital & Financial Ratios $m

Size
Market Cap 2,960.00
Revenue ttm 783.85
Net income ttm 161.49
Free cash flow ttm (104.30)
Net debt Q 867.31
Valuation
P/E 18.05
Forward P/E 18.70
Price / sales 3.78
Forward P/S Powerpack
Price / FCF 0.00
Price / book 2.00
Financial health
Current ratio Q 1.09
Debt / equity Q 0.59
Interest coverage Q 6.20
Growth
Revenue growth Q +8.38% (above 0%: growing)
Operating income growth Q +13.72% (above 0%: growing)
EPS, this year +8.80%
EPS, next year A +2.35%
Revenue, next year A +4.85%
EPS, past 5 yrs +7.43%
EPS, next 5 yrs A +6.00%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 5.0×, against a ten-year median of 5.1×; over the ten years it ranged from 3.5× in 2016 to 6.8× in 2024.
P/E against its own 10 years 1.25%
10-year low 10-year high
P/S against its own 10 years 26.29%
10-year low 10-year high
P/B against its own 10 years 1.72%
10-year low 10-year high
EV/Sales against its own 10 years 48.15%
10-year low 10-year high

Dividends raised every year since 2017

Yield
2.47%
Annual rate
1.93
Payout ratio
44.6%
Growth, 2017–25
+4.92%/yr
  1. 1.26 ’17
  2. 1.32 ’18 +5
  3. 1.38 ’19 +5
  4. 1.45 ’20 +5
  5. 1.52 ’21 +5
  6. 1.59 ’22 +5
  7. 1.67 ’23 +5
  8. 1.76 ’24 +5
  9. 1.85 ’25 +5
  10. 1.97 ’26e +6
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 11 21 6 11
Receivables 62 61 71 60
Inventory 73 68 64 —
Other 70 59 69 —
238 227 229 206
2023 2024 2025 Q'26
Payables 65 77 118 65
ST’ Debt 43 5 116 —
Other 23 15 35 39
157 126 297 188

Compound Annual Growth %

10y 5y 3y
Sales 2.80% 6.66% 1.34%
Cash Flow 6.43% 8.83% 19.63%
Earnings 6.66% 8.02% 6.99%
Book Value 6.56% 5.96% 6.43%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.16 Actual 1.48

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.64 0.64 Met by 0.00
Q1 FY26 1.13 1.32 Beat by 0.19
Q2 FY26 0.77 0.89 Beat by 0.12
Q3 FY26 1.16 1.48 Beat by 0.32
Q4 FY26 0.62 — Reports 23 February 2027

EPS $

Mar Jun Sep Dec Year
’26 1.32 0.89 1.49 — —
’25 1.14 0.72 1.22 0.64 3.72
’24 0.93 0.66 1.13 0.61 3.33
’23 0.86 0.79 1.05 0.55 3.25
’22 0.95 0.60 0.93 0.58 3.07
’21 0.97 0.63 0.97 0.36 2.92
’20 0.75 0.53 0.88 0.44 2.60
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 243 161 190 — —
’25 219 159 176 190 744
’24 191 146 168 171 677
’23 217 148 161 165 690
’22 209 152 163 190 715
’21 168 131 146 162 607
’20 150 117 135 137 539
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 81 68 92 — —
’25 78 56 95 34 263
’24 66 65 79 68 278
’23 56 71 67 44 238
’22 62 49 33 9 154
’21 44 35 63 (4) 138
’20 54 32 51 36 172
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (20) (42) 11 — —
’25 30 (8) (49) (53) (80)
’24 21 (2) 27 (5) 41
’23 8 11 24 (28) 15
’22 31 14 (34) (32) (21)
’21 9 (6) 24 (43) (16)
’20 7 (7) (3) (28) (31)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

3.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 545 563 560 569 539 607 715 690 677 744 784 +3.5% 780 820 876 +5.6%
Gross margin, % 66.26 66.55 65.72 69.55 72.47 68.06 63.51 70.24 74.96 73.39 0.00 +7.1 pt
EBT 118 120 112 107 112 110 137 146 131 157 185 +3.2%
EBT margin, % 21.67 21.26 19.95 18.75 20.76 18.11 19.20 21.07 19.38 21.07 23.57 (0.6) pt
Net income 76 98 84 87 92 106 111 118 121 136 161 +6.7%
Per share, $
Per share, $ Revenue 15.71 16.24 16.15 16.41 15.13 16.77 19.76 19.09 18.69 20.36 20.74 +2.9%
Earnings 2.18 2.82 2.43 2.51 2.60 2.92 3.07 3.25 3.33 3.72 4.34 +6.1%
Cash flow 4.27 3.79 4.41 3.76 4.84 3.80 4.25 6.57 7.67 7.21 7.29 +6.0%
Capex (2.41) (3.04) (6.12) (4.73) (5.70) (4.24) (4.84) (6.14) (6.54) (9.39) (10.05) +16.3%
Free cash flow 1.85 0.75 (1.71) (0.97) (0.86) (0.43) (0.59) 0.43 1.13 (2.19) (2.76) n/m
Book value 20.89 22.45 23.56 24.68 27.41 28.41 29.91 31.53 33.97 35.69 39.20 +6.1%
Shares, m 35 35 35 35 36 36 36 36 36 37 37 +0.6%
Valuation, ×
Valuation, × P/E 29.36 22.13 24.67 31.53 26.93 28.07 23.10 22.39 28.22 21.02 18.05 25.7
P/S 4.07 3.84 3.71 4.80 4.63 4.90 3.58 3.81 5.03 3.85 3.78 4.2
P/B 3.06 2.78 2.55 3.19 2.56 2.89 2.36 2.31 2.77 2.20 2.00 2.7
EV/Sales 4.61 4.41 4.48 5.75 5.65 5.93 4.58 4.90 6.13 5.07 4.95 5.2
EV/FCF 39.09 95.24 (42.40) (97.43) (99.14) (230.08) (153.63) 218.38 101.57 (47.10) (37.23) (21.6)
Cash, $m
Cash, $m Operating cash flow 148 131 153 130 172 138 154 238 278 263 276 +6.6%
Capex (84) (105) (212) (164) (203) (153) (175) (222) (237) (343) (380) +17.0%
Free cash flow 64 26 (59) (34) (31) (16) (21) 15 41 (80) (104) n/m
Balance, $m
Balance, $m Working capital 172 164 120 53 19 82 18 81 102 (68) 18 n/m
Net debt 291 319 430 537 549 624 716 751 748 903 867 +13.4%
Shareholders’ equity 724 778 817 856 976 1,027 1,082 1,140 1,230 1,304 1,481 +6.8%
Returns, %
Returns, % ROA 4.28 5.34 4.38 4.27 4.26 4.57 4.54 4.53 4.38 4.54 5.09 +0.3 pt
ROIC 7.63 7.10 5.73 4.98 4.51 4.44 4.79 4.84 4.62 4.83 4.69 (2.8) pt
ROE 10.68 12.99 10.56 10.39 10.09 10.56 10.52 10.60 10.17 10.72 11.62 0.0 pt
People
People Employees 704 712 706 731 723 706 701 719 717 726 — +0.3%
Revenue/emp, $m 0.77 0.79 0.79 0.78 0.74 0.86 1.02 0.96 0.94 1.02 — +3.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

MGE Energy Inc. vs peers in Utilities Regulated Electric (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
OGE OGE Energy Corporation $10.5B 19.0× 19.8× +13.19% (above 0%: growing) +33.03% (above 0%: growing) −38.62% (below 0%: shrinking) 62.70% 36.23% Compare
IDA IDACORP, Inc. $8.7B 22.1× 22.7× +15.95% (above 0%: growing) +20.87% (above 0%: growing) −18.34% (below 0%: shrinking) 66.73% 29.39% Compare
TXNM TXNM Energy, Inc. $6.4B 27.3× 19.2× +13.31% (above 0%: growing) +27.05% (above 0%: growing) −2,148.16% (below 0%: shrinking) 69.76% 36.97% Compare
POR Portland General Electric Company $5.5B 19.5× 14.9× +2.00% (above 0%: growing) +7.45% (above 0%: growing) −227.00% (below 0%: shrinking) 60.56% 19.26% Compare
NWE NorthWestern Corporation $5.1B 30.8× 23.6× +9.51% (above 0%: growing) −19.35% (below 0%: shrinking) −5.54% (below 0%: shrinking) 0.00% 17.61% Compare
CIG Comp En De Mn Cemig ADS $3.5B 6.1× 7.8× +15.97% (above 0%: growing) 0.00% +411.73% (above 0%: growing) 17.50% 15.58% Compare
MGEE MGE Energy Inc. $3.0B 18.1× 18.7× +8.38% (above 0%: growing) +22.13% (above 0%: growing) +122.24% (above 0%: growing) 0.00% 30.51%
CEPU Central Puerto S.A. Sponsored ADR $1.5B 3.6× — +148.79% (above 0%: growing) +27.30% (above 0%: growing) 0.00% 28.98% 25.61% Compare
HE Hawaiian Electric Industries, Inc. $1.5B 6.5× 10.9× +25.90% (above 0%: growing) +373.33% (above 0%: growing) −1,019.72% (below 0%: shrinking) 23.56% 21.73% Compare
Median of peers $5.3B 19.3× 19.2× +14.63% +23.96% −28.48% 44.77% 23.67%

All 39 Utilities Regulated Electric stocks →

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 3.61m 2.63m 125.00
2024 2.13m 3.30m 146.00
2023 2.57m 2.21m 110.00
2022 1.68m 1.59m 105.00
2021 2.63m 2.19m 120.00

Ownership

Directors and executive officers, together less than 1%
BlackRock, Inc. 15.30%
The Vanguard Group, Inc. 12.60%
State Street Corporation One Congress Street, Suite 5.30%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

MGE Energy Inc. (MGEE) Latest News

4 Nov

Impact 3 · · Business Wire

28 Oct

Impact 3 · · Zacks

27 Oct

Impact 3 · · Insider Monkey

22 Oct

Impact 3 · · Zacks

19 Oct

Impact 3 · · Zacks

7 Oct

Impact 4 · · Simply Wall St.

2 Oct

Impact 3 · · Zacks

2 Sep

Impact 4 ·

6 May

Impact 4 · · Business Wire
Impact 4 · · Business Wire

5 May

Impact 3 · · Business Wire

29 Apr

Impact 3 · · Zacks

24 Feb

Impact 4 · · Business Wire
Impact 3 · · Associated Press Finance

17 Feb

Impact 3 · · Zacks

1 Dec

Impact 3 · · Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.Simply Wall St.

16 Nov

Impact 3 · · Simply Wall St.Simply Wall St.MT NewswiresAssociated Press FinanceZacksSimply Wall St.Simply Wall St.Simply Wall St.

5 Nov

Impact 4 · · Zacks
Impact 4 · · Associated Press Finance
Impact 4 · · Business Wire

2 Nov

Impact 3 · · Simply Wall St.

16 Oct

Impact 3 · · Simply Wall St.

14 Oct

Impact 4 · · Insider MonkeyInsider Monkey

25 Sep

Impact 4 · · Zacks

15 Sep

Impact 4 · · Business WireSimply Wall St.Simply Wall St.

9 Sep

Impact 4 · · Simply Wall St.

23 Aug

Impact 3 ·

21 Aug

Impact 3 ·

15 Aug

Impact 4 ·

7 Aug

Impact 3 · · Simply Wall St.

MGEE metrics, ten years each

stockrow.com/MGEE · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com