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. In the quarter to June 2026, revenue grew 1.09%, EPS grew 21.9%, free cash flow fell 419.8% and total debt rose 21.0%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.

72.27 0.99 +1.39%
Market cap
$2.7B
P/E
17.8×
Fwd P/E
19.4×
Dividend yield
2.68%
F-score
6/9
Altman Z
1.69
Beneish M
−2.54
Dividend safety
52/100

Insider Decisions trades per month

Total buys 0.09
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — 1 — — 1 — — — — 1 1 —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Market Cap 2,690.00
Revenue 769.13
Net Income 149.63
Free Cash Flow (164.26)
Net Debt 917.74
Current Ratio 1.14
Debt/Equity 0.65
P/E ratio 17.76
Fwd P/E 19.40
P/S ratio 3.51
P/B ratio 1.87
Past 5Y EPS Growth 7.43%
This Y EPS Growth 6.59%
Next Y EPS Growth 3.78%
Next Y revenue growth 5.22%
Next 5Y EPS Growth 5.86%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 0.66%
10-year low 10-year high
P/S against its own 10 years 9.25%
10-year low 10-year high
P/B against its own 10 years 0.66%
10-year low 10-year high
EV/Sales against its own 10 years 34.17%
10-year low 10-year high

Dividends

Payout Ratio 0.48
Annual Dividend Rate 1.93
Annual Dividend Yield 2.68%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 1.95
0.48
0.48
0.51
2025 1.85
0.45
0.45
0.48
0.48
2024 1.76
0.43
0.43
0.45
0.45
2023 1.67
0.41
0.41
0.43
0.43
2022 1.59
0.39
0.39
0.41
0.41
2021 1.52
0.37
0.37
0.39
0.39
2020 1.45
0.35
0.35
0.37
0.37
2019 1.38
0.34
0.34
0.35
0.35
2018 1.32
0.32
0.32
0.34
0.34
2017 1.26
0.31
0.31
0.32
0.32
2016 1.21
0.30
0.30
0.31
0.31
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 11 21 6 17
Receivables 62 61 71 57
Inventory 73 68 64 65
Other 70 59 69 53
238 227 229 211
2023 2024 2025 Q'26
Payables 65 77 118 67
ST’ Debt 43 5 116 55
Other 23 15 35 36
157 126 297 186

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%

Revenue $m

Mar Jun Sep Dec Year
’26 243 161 — — —
’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 — — —
’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) — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 1.32 0.89 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

3.2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 44.83 60.30 51.05 56.74 47.19 63.00 61.67 65.10 61.94 77.46

Analyst estimates 2026–2028

Powerpack
High 66.85 68.70 68.95 80.84 83.26 82.95 86.27 83.27 109.22 96.25
People
People Employees 704 712 706 731 723 706 701 719 717 726
Revenue/emp, $m 0.77 0.79 0.79 0.78 0.74 0.86 1.02 0.96 0.94 1.02
Income, $m
Income, $m Revenue 545 563 560 569 539 607 715 690 677 744
Gross margin, % 66.26 66.55 65.72 69.55 72.47 68.06 63.51 70.24 74.96 73.39
EBT 118 120 112 107 112 110 137 146 131 157
EBT margin, % 21.67 21.26 19.95 18.75 20.76 18.11 19.20 21.07 19.38 21.07
Net income 76 98 84 87 92 106 111 118 121 136
Depreciation 45 53 56 72 74 77 86 100 109 114
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
Earnings 2.18 2.82 2.43 2.51 2.60 2.92 3.07 3.25 3.33 3.72
Cash flow 4.27 3.79 4.41 3.76 4.84 3.80 4.25 6.57 7.67 7.21
Capex (2.41) (3.04) (6.12) (4.73) (5.70) (4.24) (4.84) (6.14) (6.54) (9.39)
Free cash flow 1.85 0.75 (1.71) (0.97) (0.86) (0.43) (0.59) 0.43 1.13 (2.19)
Book value 20.89 22.45 23.56 24.68 27.41 28.41 29.91 31.53 33.97 35.69
Shares, m 35 35 35 35 36 36 36 36 36 37
Valuation, ×
Valuation, × P/E 29.36 22.13 24.67 31.53 26.93 28.07 23.10 22.39 28.22 21.02
P/S 4.07 3.84 3.71 4.80 4.63 4.90 3.58 3.81 5.03 3.85
P/B 3.06 2.78 2.55 3.19 2.56 2.89 2.36 2.31 2.77 2.20
EV/Sales 4.61 4.41 4.48 5.75 5.65 5.93 4.58 4.90 6.13 5.07
EV/FCF 39.09 95.24 (42.40) (97.43) (99.14) (230.08) (153.63) 218.38 101.57 (47.10)
Cash, $m
Cash, $m Operating cash flow 148 131 153 130 172 138 154 238 278 263
Capex (84) (105) (212) (164) (203) (153) (175) (222) (237) (343)
Free cash flow 64 26 (59) (34) (31) (16) (21) 15 41 (80)
Balance, $m
Balance, $m Working capital 172 164 120 53 19 82 18 81 102 (68)
Total debt 387 427 513 561 594 642 727 762 769 908
Net debt 291 319 430 537 549 624 716 751 748 903
Shareholders’ equity 724 778 817 856 976 1,027 1,082 1,140 1,230 1,304
Returns, %
Returns, % ROA 4.28 5.34 4.38 4.27 4.26 4.57 4.54 4.53 4.38 4.54
ROIC 7.63 7.10 5.73 4.98 4.51 4.44 4.79 4.84 4.62 4.83
ROE 10.68 12.99 10.56 10.39 10.09 10.56 10.52 10.60 10.17 10.72
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
IDA IDACORP, Inc. $7.9B 22.5× 22.1× +4.20% (above 0%: growing) +3.95% (above 0%: growing) −100.67% (below 0%: shrinking) 72.82% 27.78% Compare
TXNM TXNM Energy, Inc. $6.5B 32.3× 19.2× +9.18% (above 0%: growing) +190.91% (above 0%: growing) +25.75% (above 0%: growing) 65.46% 22.48% Compare
ENIC Enel Chile S.A. $6.1B 10.6× — −9.01% (below 0%: shrinking) +60.00% (above 0%: growing) +190.61% (above 0%: growing) 34.92% 17.46% Compare
POR Portland General Electric Company $5.2B 19.4× 15.3× +0.87% (above 0%: growing) +5.36% (above 0%: growing) −257.58% (below 0%: shrinking) 49.88% 14.86% Compare
NWE NorthWestern Corporation $4.5B 26.9× 19.2× +14.56% (above 0%: growing) +17.14% (above 0%: growing) −62.61% (below 0%: shrinking) 77.12% 16.36% Compare
CIG Comp En De Mn Cemig ADS $4.4B 5.6× 9.8× +15.97% (above 0%: growing) 0.00% +411.73% (above 0%: growing) 17.50% 15.58% Compare
MGEE MGE Energy Inc. $2.7B 17.8× 19.4× +1.09% (above 0%: growing) +21.92% (above 0%: growing) −419.80% (below 0%: shrinking) 82.63% 20.25%
CEPU Central Puerto S.A. Sponsored ADR $2.0B 4.8× — +148.79% (above 0%: growing) +27.30% (above 0%: growing) 0.00% 28.98% 25.61% Compare
HE Hawaiian Electric Industries, Inc. $1.5B 6.6× 12.8× +25.90% (above 0%: growing) +373.33% (above 0%: growing) −1,019.72% (below 0%: shrinking) 23.56% 21.73% Compare
Median of peers $4.9B 15.0× 17.3× +11.87% +22.22% −31.30% 42.40% 19.60%

All 40 Utilities Regulated Electric stocks →

MGE Energy Inc. (MGEE) key facts

  • Strength: MGE Energy Inc.’s revenue for fiscal 2025 (year ended December 2025) was $743.7 million, up 9.85% from fiscal 2024.
  • Strength: Net income was $135.9 million, or $3.72 per share (basic), a net margin of 18.3%.
  • MGE Energy Inc. (MGEE) is an Utilities Regulated Electric company in the Utilities sector, listed on Nasdaq.
  • As of October 16, 2026, MGEE traded at $72.27, a market capitalization of $2.7 billion.
  • At that price the stock trades at 17.8× trailing-twelve-month earnings and 3.5× sales; its P/E is higher than 1% of its own readings over the past ten years.
  • MGE Energy Inc. pays an annual dividend of $1.93 per share, a yield of 2.68%, with a payout ratio of 47.5%.
  • Return on equity was 10.7% and debt-to-equity 0.65.
  • Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 1.69 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

MGE Energy Inc. (MGEE) Latest News

2 Oct

Impact 3 ·

13 Jul

Impact 2 ·
stockrow.com/MGEE · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com