Saturday 17 October 2026 Export MGEE’s income statement to Excel — free account

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%

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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

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

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

EV/Sales, ten years

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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
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

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.