MGE Energy, Inc.(MGEE)Earnings, Financials & Key Ratios

MGEE•NASDAQ•Utilities

20.4× P/E·Price updated Jun 19, 2026

SectorUtilities IndustryDiversified Utilities Sub-IndustryRegulated electric and gas utilities

AboutMGE Energy, Inc., through its subsidiaries, operates as a public utility holding company primarily in Wisconsin. It operates through Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other. The company generates, purchases, and distributes electricity; owns or leases electric generation facilities located in Wisconsin and Iowa; and plans, constructs, operates, maintains, and expands transmission facilities to provide transmission services. It also generates electricity from coal-fired, gas-fired, and renewable energy sources, as well as purchases power under short and long-term commitments. As of December 31, 2021, the company generated and distributed electricity to 159,000 customers in Dane County, Wisconsin; and purchased and distributed natural gas to 169,000 customers in seven Wisconsin counties. MGE Energy, Inc.is headquartered in Madison, Wisconsin.Show more

Revenue$744M+9.9%
EBITDA$285M+11.8%
Net Income$136M+12.7%
Free Cash Flow-$80M-295.8%
EBITDA Margin38.32%+1.8%
Net Margin18.27%+2.6%
ROE10.72%+5.4%
Interest Coverage5.63+13.1%
Debt/Equity0.72+12.1%

MGEE Key Insights

MGE Energy, Inc. (MGEE) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

✓Dividend Aristocrat: 39 years of consecutive increases
✓39 years of consecutive dividend growth
✓Strong interest coverage of 5.6x
✓Healthy dividend yield of 2.4%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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MGEE Price & Volume

MGE Energy, Inc. (MGEE) stock price & volume — 10-year historical chart

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MGEE Growth Metrics

MGE Energy, Inc. (MGEE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years2.8%

5 Years6.66%

3 Years1.34%

TTM8.91%

Profit CAGR

10 Years6.66%

5 Years8.02%

3 Years6.99%

TTM11.24%

EPS CAGR

10 Years6.09%

5 Years7.43%

3 Years6.61%

TTM10.17%

Return on Capital

10 Years6.21%

5 Years5.86%

3 Years5.94%

Last Year6.14%

MGEE Recent Earnings

MGE Energy, Inc. (MGEE) EPS & revenue vs analyst estimates — last 4 quarters

Full history →

●Beat EPS 4/12 qtrs (33%)●Beat Revenue 4/12 qtrs (80%)

Q2 2026Latest

May 5, 2026

Metric

Actual

Est

EPS

$1.32+16.8%

$1.13

Rev

$243M+6.9%

$227M

Q1 2026

Feb 25, 2026

Metric

Actual

Est

EPS

$0.64+0.0%

$0.64

Rev

$190M+5.4%

$180M

Q1 2026

Feb 24, 2026

Metric

Actual

Est

EPS

$0.64+0.0%

$0.64

Rev

$190M+5.4%

$180M

Q4 2025

Nov 5, 2025

Metric

Actual

Est

EPS

$1.22+2.5%

$1.19

Rev

$176M

—

Quarter	Date	EPS (Act vs Est)	Revenue (Act vs Est)
Q2 2026Latest	May 5, 2026	$1.32vs $1.13+16.8%	$243Mvs $227M+6.9%
Q1 2026	Feb 25, 2026	$0.64vs $0.64+0.0%	$190Mvs $180M+5.4%
Q1 2026	Feb 24, 2026	$0.64vs $0.64+0.0%	$190Mvs $180M+5.4%
Q4 2025	Nov 5, 2025	$1.22vs $1.19+2.5%	$176M

Based on last 12 quarters of dataView full earnings history →

Company	Market Cap	Stock Price	P/E Ratio (TTM)	Revenue Growth 1Y	Net Margin	Return on Equity (ROE)	Debt / Equity
OTTROtter Tail CorporationDirect Competitor	3.67B	87.50	13.36	-1.99%	21.34%	15.21%	0.59
AVAAvista CorporationDirect Competitor	3.29B	39.76	16.71	1.34%	10.75%	7.65%	1.25
NWENorthwestern Energy Group IncDirect Competitor	4.3B	69.88	23.77	6.38%	10.21%	5.8%	1.14
LAURLaureate Education, Inc.Direct Competitor	5.2B	36.43	19.28	8.64%	16.08%	25.36%	0.71
CWCOConsolidated Water Co. Ltd.Direct Competitor	478.25M	29.89	26.22	-1.41%	13.5%	7.67%	0.01
WECWEC Energy Group, Inc.Product Competitor	36.54B	112.17	23.22	13.96%	16.25%	11.64%	1.59
EVRGEvergy, Inc.Product Competitor	19.02B	82.50	22.54	1.65%	14.71%	8.65%	1.50
ITRIItron, Inc.Product Competitor	3.58B	80.81	12.41	-3.02%	12.32%	17.22%	0.74

Compare MGEE vs Peers

MGE Energy, Inc. (MGEE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs OTTR

Most directly comparable listed peer for MGEE.

Scale Benchmark

vs GE

Larger-name benchmark to compare MGEE against a more recognizable public peer.

Peer Set

Compare Top 5

vs OTTR, AVA, NWE, LAUR

MGEE Income Statement

MGE Energy, Inc. (MGEE) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Revenue	563.1M	559.77M	568.86M	538.63M	606.58M	714.52M	690.43M	676.94M	743.65M	767.39M
Revenue Growth %	3.37%	-0.59%	1.62%	-5.31%	12.62%	17.79%	-3.37%	-1.95%	9.85%	8.91%
Cost of Revenue	361.99M	369.74M	366.52M	334.69M	393.03M	470.6M	421.39M	398.12M	20M	22.47M
Gross Profit	201.11M▲ 0%	190.03M▼ 5.5%	202.33M▲ 6.5%	203.94M▲ 0.8%	213.55M▲ 4.7%	243.92M▲ 14.2%	269.04M▲ 10.3%	278.83M▲ 3.6%	723.65M▲ 159.5%	744.92M▲ 0%
Gross Margin %	35.71%	33.95%	35.57%	37.86%	35.21%	34.14%	38.97%	41.19%	97.31%	97.07%
Gross Profit Growth %	4.24%	-5.51%	6.47%	0.8%	4.71%	14.22%	10.3%	3.64%	159.53%	-
Operating Expenses	72.37M	75.82M	91.42M	93.94M	96.26M	106.18M	122.66M	132.57M	553M	576.44M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA	181.81M	170.62M	182.47M	184.19M	194.28M	223.29M	246.74M	254.84M	284.98M	285.68M
EBITDA Margin %	32.29%	30.48%	32.08%	34.19%	32.03%	31.25%	35.74%	37.65%	38.32%	37.23%
EBITDA Growth %	5.17%	-6.16%	6.95%	0.94%	5.48%	14.93%	10.5%	3.29%	11.82%	6.58%
Depreciation & Amortization	53.08M	56.41M	71.56M	74.19M	76.98M	85.55M	100.35M	108.58M	114.32M	114.73M
D&A / Revenue %	9.43%	10.08%	12.58%	13.77%	12.69%	11.97%	14.53%	16.04%	15.37%	14.95%
Operating Income (EBIT)	128.74M▲ 0%	114.21M▼ 11.3%	110.91M▼ 2.9%	110M▼ 0.8%	117.29M▲ 6.6%	137.74M▲ 17.4%	146.38M▲ 6.3%	146.26M▼ 0.1%	170.65M▲ 16.7%	170.94M▲ 0%
Operating Margin %	22.86%	20.4%	19.5%	20.42%	19.34%	19.28%	21.2%	21.61%	22.95%	22.28%
Operating Income Growth %	0.4%	-11.29%	-2.89%	-0.82%	6.63%	17.43%	6.27%	-0.08%	16.68%	-
Interest Expense	19.32M	19.61M	23.06M	23.52M	24.11M	26.65M	30.43M	32.93M	33.8M	2M
Interest Coverage	7.19x	6.69x	5.62x	5.75x	5.56x	6.15x	5.78x	4.98x	5.63x	-
Interest / Revenue %	3.43%	3.5%	4.05%	4.37%	3.98%	3.73%	4.41%	4.86%	4.54%	0.26%
Non-Operating Income	-1000K	-1000K	-1000K	1000K	-1000K	-567K	-883K	-1000K	-1000K	-795K
Pretax Income	119.7M▲ 0%	111.65M▼ 6.7%	106.66M▼ 4.5%	111.84M▲ 4.9%	109.88M▼ 1.8%	137.18M▲ 24.8%	145.5M▲ 6.1%	131.16M▼ 9.9%	156.65M▲ 19.4%	163.1M▲ 0%
Pretax Margin %	21.26%	19.95%	18.75%	20.76%	18.11%	19.2%	21.07%	19.38%	21.07%	21.25%
Income Tax	22.09M	27.43M	19.78M	19.42M	4.12M	26.22M	27.8M	10.6M	20.77M	8.61M
Effective Tax Rate %	18.46%	24.57%	18.55%	17.37%	3.75%	19.12%	19.11%	8.08%	13.26%	5.28%
Net Income	97.61M▲ 0%	84.22M▼ 13.7%	86.87M▲ 3.2%	92.42M▲ 6.4%	105.76M▲ 14.4%	110.95M▲ 4.9%	117.7M▲ 6.1%	120.57M▲ 2.4%	135.89M▲ 12.7%	142.78M▲ 0%
Net Margin %	17.33%	15.05%	15.27%	17.16%	17.44%	15.53%	17.05%	17.81%	18.27%	18.61%
Net Income Growth %	29.18%	-13.72%	3.15%	6.38%	14.44%	4.91%	6.08%	2.44%	12.71%	11.24%
EPS (Diluted)	2.82▲ 0%	2.43▼ 13.8%	2.33▼ 4.1%	2.60▲ 11.6%	2.92▲ 12.3%	3.07▲ 5.1%	3.25▲ 5.9%	3.33▲ 2.5%	3.72▲ 11.7%	3.90▲ 0%
EPS Growth %	29.36%	-13.83%	-4.12%	11.59%	12.31%	5.14%	5.86%	2.46%	11.71%	10.17%
EPS (Basic)	2.82	2.43	2.33	2.60	2.92	3.07	3.25	3.33	3.72	-
Diluted Shares Outstanding	34.67M	34.67M	34.67M	35.61M	36.17M	36.17M	36.19M	36.24M	36.57M	36.62M

MGEE Balance Sheet

MGE Energy, Inc. (MGEE) balance sheet — assets, liabilities & shareholders' equity

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Total Assets	1.86B	1.99B	2.08B	2.25B	2.37B	2.52B	2.68B	2.83B	3.16B	3.19B
Asset Growth %	3%	7.19%	4.68%	8.26%	5.25%	6.14%	6.27%	5.7%	11.58%	37.47%
PP&E (Net)	1.34B	1.51B	1.64B	1.77B	1.88B	1.97B	2.13B	2.29B	2.58B	2.61B
PP&E / Total Assets %	72.3%	75.9%	78.91%	78.51%	79.21%	78.29%	79.55%	80.88%	81.77%	81.88%
Total Current Assets	290.63M	240.56M	181.64M	209.52M	199.37M	243.48M	238.2M	227.26M	228.55M	211.13M
Cash & Equivalents	107.95M	83.1M	23.48M	44.74M	17.44M	11.6M	11.14M	21.3M	6.62M	9.47M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	43.79M	41.99M	45.28M	47.27M	51.96M	74.28M	72.65M	67.64M	64.18M	58.84M
Other Current Assets	29.21M	21.15M	21.66M	26.14M	12.65M	28.56M	36.57M	22.75M	25.13M	25.86M
Long-Term Investments	67.77M	78M	88.49M	94.68M	98.75M	105.88M	112.82M	118.03M	127.91M	511.21M
Goodwill	0	126.44M	0	0	0	0	0	0	0	0
Intangible Assets	500K	9.2M	0	0	0	0	0	0	0	0
Other Assets	154.19M	12.49M	149.75M	157.81M	195.01M	197.14M	196.23M	195.31M	218.84M	233.37M
Total Liabilities	1.08B	1.17B	1.23B	1.28B	1.34B	1.44B	1.54B	1.6B	1.85B	1.84B
Total Debt	426.61M	510.9M	560.78M	594.11M	641.92M	727.17M	780.01M	787.45M	935.73M	941.07M
Net Debt	318.66M	427.79M	537.3M	549.37M	624.48M	715.56M	768.87M	766.15M	929.12M	931.6M
Long-Term Debt	398.16M	493.34M	523.74M	519.3M	614.21M	585.25M	718.82M	763.7M	792.21M	880.34M
Short-Term Borrowings	28.45M	17.55M	19.66M	57.27M	10.39M	124.81M	43.15M	5.29M	117.5M	60.72M
Capital Lease Obligations	0	1.77M	17.38M	17.53M	17.32M	17.11M	18.04M	18.47M	26.02M	26.02M
Total Current Liabilities	126.51M	120.63M	128.82M	190.93M	117.85M	225.06M	157.16M	125.56M	296.71M	183.16M
Accounts Payable	47.65M	46.16M	55.16M	54.64M	64.15M	59.33M	65.45M	77.47M	117.67M	57.29M
Accrued Expenses	17.85M	20.43M	20M	21.17M	23.34M	20.93M	25.26M	27.43M	17.24M	84.67M
Deferred Revenue	17.85M	20.43M	0	0	0	0	0	0	0	0
Other Current Liabilities	32.57M	36.49M	34M	57.84M	19.97M	19.98M	23.3M	15.38M	44.29M	37.37M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1.42B
Other Liabilities	552.32M	556.23M	311.98M	296.6M	319.07M	307.58M	315.45M	328.71M	398.75M	380.46M
Total Equity	919.09M▲ 0%	958.1M▲ 4.2%	855.68M▼ 10.7%	976M▲ 14.1%	1.03B▲ 5.3%	1.08B▲ 5.3%	1.14B▲ 5.4%	1.23B▲ 7.9%	1.3B▲ 6.0%	1.35B▲ 0%
Equity Growth %	9.45%	4.24%	-10.69%	14.06%	5.27%	5.28%	5.4%	7.9%	6%	30.52%
Shareholders Equity	778.19M	816.64M	855.68M	976M	1.03B	1.08B	1.14B	1.23B	1.3B	1.35B
Minority Interest	140.9M	141.45M	0	0	0	0	0	0	0	0
Common Stock	34.67M	34.67M	34.67M	36.16M	36.16M	36.16M	36.16M	36.49M	36.54M	36.75M
Additional Paid-in Capital	316.27M	316.27M	316.27M	394.41M	394.9M	395.66M	396.75M	429.51M	434.96M	449.1M
Retained Earnings	426.87M	465.71M	504.74M	545.43M	596.4M	649.85M	707.16M	764.13M	832.43M	863.55M
Accumulated OCI	377K	-706.09M	0	0	0	0	0	0	0	0
Return on Assets (ROA)	5.34%	4.38%	4.27%	4.26%	4.57%	4.54%	4.53%	4.38%	4.54%	4.68%
Return on Equity (ROE)	11.1%	8.97%	9.58%	10.09%	10.56%	10.52%	10.6%	10.17%	10.72%	10.94%
Debt / Equity	0.46x	0.53x	0.66x	0.61x	0.62x	0.67x	0.68x	0.64x	0.72x	0.70x
Debt / Assets	23%	25.69%	26.94%	26.36%	27.06%	28.88%	29.15%	27.85%	29.65%	29.54%
Net Debt / EBITDA	1.75x	2.51x	2.94x	2.98x	3.21x	3.20x	3.12x	3.01x	3.26x	3.26x
Book Value per Share	26.51	27.64	24.68	27.41	28.41	29.9	31.51	33.95	35.65	36.85

MGEE Cash Flow Statement

MGE Energy, Inc. (MGEE) cash flow — operating, investing & free cash flow history

Metric	Dec'17	Dec'18	Dec'19	Dec'20	Dec'21	Dec'22	Dec'23	Dec'24	Dec'25	TTM
Cash from Operations	132.99M	153.04M	130.47M	172.44M	137.53M	153.74M	237.56M	277.78M	263.23M	266.06M
Operating CF Growth %	-9.84%	15.08%	-14.74%	32.17%	-20.25%	11.79%	54.53%	16.93%	-5.24%	-39.43%
Operating CF / Revenue %	23.62%	27.34%	22.94%	32.01%	22.67%	21.52%	34.41%	41.04%	35.4%	34.67%
Net Income	97.61M	84.22M	86.87M	92.42M	105.76M	110.95M	117.7M	120.57M	135.89M	142.78M
Depreciation & Amortization	53.08M	56.41M	71.56M	74.19M	76.98M	85.55M	100.35M	108.58M	114.32M	114.73M
Deferred Taxes	-4.08M	3.75M	7.21M	10.36M	4.84M	23.43M	23M	608K	7.62M	8.78M
Other Non-Cash Items	-10.56M	-6.4M	-10.29M	-12.57M	-8.91M	-17.27M	-14.29M	-274K	-6.25M	-2.46M
Working Capital Changes	-2.03M	17.56M	-24.88M	8.04M	-41.15M	-48.93M	10.8M	48.3M	11.64M	2.23M
Capital Expenditures	-108.13M	-212.2M	-164.04M	-203.14M	-153.17M	-175.03M	-222.07M	-236.93M	-343.22M	-396.71M
CapEx / Revenue %	19.2%	37.91%	28.84%	37.71%	25.25%	24.5%	32.16%	35%	46.15%	51.7%
CapEx / D&A	2.04x	3.76x	2.29x	2.74x	1.99x	2.05x	2.21x	2.18x	3.00x	3.46x
CapEx Coverage (OCF/CapEx)	1.23x	0.72x	0.80x	0.85x	0.90x	0.88x	1.07x	1.17x	0.77x	0.67x
Cash from Investing	-116.36M	-218.33M	-172.36M	-210.41M	-156.97M	-180.15M	-230.02M	-241.49M	-350.56M	-405.43M
Acquisitions	2.82M	0	0	0	0	0	0	0	0	0
Purchase of Investments	-11.08M	-5.93M	-7.81M	-5.6M	-4.03M	-5.18M	-7M	-4.79M	-9.5M	-11.78M
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	2.85M	-205K	-508K	-1.67M	221K	70K	-954K	230K	2.15M	3.06M
Cash from Financing	-4.64M	38.12M	-17.23M	59.19M	-8.76M	25.54M	-10.48M	-26.83M	71.57M	115.19M
Dividends Paid	-43.68M	-45.76M	-47.84M	-51.73M	-54.79M	-57.5M	-60.39M	-63.6M	-67.59M	-53.88M
Dividend Payout Ratio %	44.75%	54.34%	55.07%	55.97%	51.8%	51.82%	51.31%	52.75%	49.74%	-
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	3M
Stock Issued	0	0	0	79.64M	0	0	0	31.61M	3.75M	14.48M
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	-597K	-662K	-1.84M	-1.55M	-2.2M	-2.07M	-2.58M	-1.69M	-1.84M	30.05M
Net Change in Cash	11.99M▲ 0%	-27.16M▼ 326.5%	-59.12M▼ 117.6%	21.23M▲ 135.9%	-28.2M▼ 232.9%	-867K▲ 96.9%	-2.94M▼ 239.3%	9.47M▲ 421.9%	-15.76M▼ 266.4%	-25.69M▲ 0%
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	-1.52M
Cash at Beginning	95.96M	112.09M	84.93M	25.81M	47.04M	18.84M	17.97M	15.03M	24.5M	8.74M
Cash at End	107.95M	84.93M	25.81M	47.04M	18.84M	17.97M	15.03M	24.5M	8.74M	12.48M
Free Cash Flow	24.86M▲ 0%	-59.16M▼ 338.0%	-33.56M▲ 43.3%	-30.7M▲ 8.5%	-15.64M▲ 49.0%	-21.3M▼ 36.1%	15.49M▲ 172.7%	40.86M▲ 163.8%	-79.99M▼ 295.8%	-130.64M▲ 0%
FCF Growth %	-61.07%	-337.96%	43.27%	8.54%	49.04%	-36.14%	172.74%	163.78%	-295.76%	-361.16%
FCF Margin %	4.41%	-10.57%	-5.9%	-5.7%	-2.58%	-2.98%	2.24%	6.04%	-10.76%	-17.02%
FCF / Net Income %	25.47%	-70.24%	-38.63%	-33.21%	-14.79%	-19.19%	13.16%	33.89%	-58.86%	-91.5%

MGEE Key Ratios

MGE Energy, Inc. (MGEE) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025	TTM
Return on Equity (ROE)	11.1%	8.97%	9.58%	10.09%	10.56%	10.52%	10.6%	10.17%	10.72%	10.94%
EBITDA Margin	32.29%	30.48%	32.08%	34.19%	32.03%	31.25%	35.74%	37.65%	38.32%	37.23%
Net Debt / EBITDA	1.75x	2.51x	2.94x	2.98x	3.21x	3.20x	3.12x	3.01x	3.26x	3.26x
Interest Coverage	7.19x	6.69x	5.62x	5.75x	5.56x	6.15x	5.78x	4.98x	5.63x	-
CapEx / Revenue	19.2%	37.91%	28.84%	37.71%	25.25%	24.5%	32.16%	35%	46.15%	51.7%
Dividend Payout Ratio	44.75%	54.34%	55.07%	55.97%	51.8%	51.82%	51.31%	52.75%	49.74%	35.83%
Debt / Equity	0.46x	0.53x	0.66x	0.61x	0.62x	0.67x	0.68x	0.64x	0.72x	0.70x
EPS Growth	29.36%	-13.83%	-4.12%	11.59%	12.31%	5.14%	5.86%	2.46%	11.71%	10.17%

MGEE SEC Filings & Documents

MGE Energy, Inc. (MGEE) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

May 5, 2026·SEC

Material company update

Apr 21, 2026·SEC

Material company update

Feb 27, 2026·SEC

10-K Annual Reports

FY 2026

Feb 24, 2026·SEC

FY 2025

Feb 25, 2025·SEC

FY 2024

Feb 21, 2024·SEC

10-Q Quarterly Reports

FY 2026

May 5, 2026·SEC

FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 6, 2025·SEC

MGEE Frequently Asked Questions

MGE Energy, Inc. (MGEE) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

MGE Energy, Inc. (MGEE) reported $767.4M in revenue for fiscal year 2025. This represents a 203% increase from $253.2M in 1996.

MGE Energy, Inc. (MGEE) grew revenue by 9.9% over the past year. This is steady growth.

Yes, MGE Energy, Inc. (MGEE) is profitable, generating $142.8M in net income for fiscal year 2025 (18.3% net margin).

Dividend & Returns

Yes, MGE Energy, Inc. (MGEE) pays a dividend with a yield of 2.43%. This makes it attractive for income-focused investors.

MGE Energy, Inc. (MGEE) has a return on equity (ROE) of 10.7%. This is reasonable for most industries.

MGE Energy, Inc. (MGEE) had negative free cash flow of $130.6M in fiscal year 2025, likely due to heavy capital investments.

Industry Metrics

MGE Energy, Inc. (MGEE) has a dividend payout ratio of 50%. This suggests the dividend is well-covered and sustainable.

What if you invested $1,000 in MGEE back in 1996?

Total return calculator · dividends reinvested · 30+ years of data

See returns →

How much would $100/month in MGEE be worth today?

Dollar cost averaging calculator · DCA vs lump sum

Calculate →

Quarter

Date

EPS (Act vs Est)

Revenue (Act vs Est)

Q2 2026Latest

May 5, 2026

$1.32vs $1.13+16.8%

$243Mvs $227M+6.9%

Q1 2026

Feb 25, 2026

$0.64vs $0.64+0.0%

$190Mvs $180M+5.4%

Q1 2026

Feb 24, 2026

$0.64vs $0.64+0.0%

$190Mvs $180M+5.4%

Q4 2025

Nov 5, 2025

$1.22vs $1.19+2.5%

$176M

Metric

Dec'17

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Revenue

563.1M

559.77M

568.86M

538.63M

606.58M

714.52M

690.43M

676.94M

743.65M

767.39M

Revenue Growth %

3.37%

-0.59%

1.62%

-5.31%

12.62%

17.79%

-3.37%

-1.95%

9.85%

8.91%

Cost of Revenue

361.99M

369.74M

366.52M

334.69M

393.03M

470.6M

421.39M

398.12M

20M

22.47M

Gross Profit

201.11M▲ 0%

190.03M▼ 5.5%

202.33M▲ 6.5%

203.94M▲ 0.8%

213.55M▲ 4.7%

243.92M▲ 14.2%

269.04M▲ 10.3%

278.83M▲ 3.6%

723.65M▲ 159.5%

744.92M▲ 0%

Gross Margin %

35.71%

33.95%

35.57%

37.86%

35.21%

34.14%

38.97%

41.19%

97.31%

97.07%

Gross Profit Growth %

4.24%

-5.51%

6.47%

0.8%

4.71%

14.22%

10.3%

3.64%

159.53%

Operating Expenses

72.37M

75.82M

91.42M

93.94M

96.26M

106.18M

122.66M

132.57M

553M

576.44M

Other Operating Expenses

EBITDA

181.81M

170.62M

182.47M

184.19M

194.28M

223.29M

246.74M

254.84M

284.98M

285.68M

EBITDA Margin %

32.29%

30.48%

32.08%

34.19%

32.03%

31.25%

35.74%

37.65%

38.32%

37.23%

EBITDA Growth %

5.17%

-6.16%

6.95%

0.94%

5.48%

14.93%

10.5%

3.29%

11.82%

6.58%

Depreciation & Amortization

53.08M

56.41M

71.56M

74.19M

76.98M

85.55M

100.35M

108.58M

114.32M

114.73M

D&A / Revenue %

9.43%

10.08%

12.58%

13.77%

12.69%

11.97%

14.53%

16.04%

15.37%

14.95%

Operating Income (EBIT)

128.74M▲ 0%

114.21M▼ 11.3%

110.91M▼ 2.9%

110M▼ 0.8%

117.29M▲ 6.6%

137.74M▲ 17.4%

146.38M▲ 6.3%

146.26M▼ 0.1%

170.65M▲ 16.7%

170.94M▲ 0%

Operating Margin %

22.86%

20.4%

19.5%

20.42%

19.34%

19.28%

21.2%

21.61%

22.95%

22.28%

Operating Income Growth %

0.4%

-11.29%

-2.89%

-0.82%

6.63%

17.43%

6.27%

-0.08%

16.68%

Interest Expense

19.32M

19.61M

23.06M

23.52M

24.11M

26.65M

30.43M

32.93M

33.8M

Interest Coverage

7.19x

6.69x

5.62x

5.75x

5.56x

6.15x

5.78x

4.98x

5.63x

Interest / Revenue %

3.43%

3.5%

4.05%

4.37%

3.98%

3.73%

4.41%

4.86%

4.54%

0.26%

Non-Operating Income

-1000K

1000K

-1000K

-567K

-883K

-1000K

-795K

Pretax Income

119.7M▲ 0%

111.65M▼ 6.7%

106.66M▼ 4.5%

111.84M▲ 4.9%

109.88M▼ 1.8%

137.18M▲ 24.8%

145.5M▲ 6.1%

131.16M▼ 9.9%

156.65M▲ 19.4%

163.1M▲ 0%

Pretax Margin %

21.26%

19.95%

18.75%

20.76%

18.11%

19.2%

21.07%

19.38%

21.07%

21.25%

Income Tax

22.09M

27.43M

19.78M

19.42M

4.12M

26.22M

27.8M

10.6M

20.77M

8.61M

Effective Tax Rate %

18.46%

24.57%

18.55%

17.37%

3.75%

19.12%

19.11%

8.08%

13.26%

5.28%

Net Income

97.61M▲ 0%

84.22M▼ 13.7%

86.87M▲ 3.2%

92.42M▲ 6.4%

105.76M▲ 14.4%

110.95M▲ 4.9%

117.7M▲ 6.1%

120.57M▲ 2.4%

135.89M▲ 12.7%

142.78M▲ 0%

Net Margin %

17.33%

15.05%

15.27%

17.16%

17.44%

15.53%

17.05%

17.81%

18.27%

18.61%

Net Income Growth %

29.18%

-13.72%

3.15%

6.38%

14.44%

4.91%

6.08%

2.44%

12.71%

11.24%

EPS (Diluted)

2.82▲ 0%

2.43▼ 13.8%

2.33▼ 4.1%

2.60▲ 11.6%

2.92▲ 12.3%

3.07▲ 5.1%

3.25▲ 5.9%

3.33▲ 2.5%

3.72▲ 11.7%

3.90▲ 0%

EPS Growth %

29.36%

-13.83%

-4.12%

11.59%

12.31%

5.14%

5.86%

2.46%

11.71%

10.17%

EPS (Basic)

2.82

2.43

2.33

2.60

2.92

3.07

3.25

3.33

3.72

Diluted Shares Outstanding

34.67M

35.61M

36.17M

36.19M

36.24M

36.57M

36.62M

Metric

Dec'17

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Total Assets

1.86B

1.99B

2.08B

2.25B

2.37B

2.52B

2.68B

2.83B

3.16B

3.19B

Asset Growth %

7.19%

4.68%

8.26%

5.25%

6.14%

6.27%

5.7%

11.58%

37.47%

PP&E (Net)

1.34B

1.51B

1.64B

1.77B

1.88B

1.97B

2.13B

2.29B

2.58B

2.61B

PP&E / Total Assets %

72.3%

75.9%

78.91%

78.51%

79.21%

78.29%

79.55%

80.88%

81.77%

81.88%

Total Current Assets

290.63M

240.56M

181.64M

209.52M

199.37M

243.48M

238.2M

227.26M

228.55M

211.13M

Cash & Equivalents

107.95M

83.1M

23.48M

44.74M

17.44M

11.6M

11.14M

21.3M

6.62M

9.47M

Receivables

1000K

Inventory

43.79M

41.99M

45.28M

47.27M

51.96M

74.28M

72.65M

67.64M

64.18M

58.84M

Other Current Assets

29.21M

21.15M

21.66M

26.14M

12.65M

28.56M

36.57M

22.75M

25.13M

25.86M

Long-Term Investments

67.77M

78M

88.49M

94.68M

98.75M

105.88M

112.82M

118.03M

127.91M

511.21M

Goodwill

126.44M

Intangible Assets

500K

9.2M

Other Assets

154.19M

12.49M

149.75M

157.81M

195.01M

197.14M

196.23M

195.31M

218.84M

233.37M

Total Liabilities

1.08B

1.17B

1.23B

1.28B

1.34B

1.44B

1.54B

1.6B

1.85B

1.84B

Total Debt

426.61M

510.9M

560.78M

594.11M

641.92M

727.17M

780.01M

787.45M

935.73M

941.07M

Net Debt

318.66M

427.79M

537.3M

549.37M

624.48M

715.56M

768.87M

766.15M

929.12M

931.6M

Long-Term Debt

398.16M

493.34M

523.74M

519.3M

614.21M

585.25M

718.82M

763.7M

792.21M

880.34M

Short-Term Borrowings

28.45M

17.55M

19.66M

57.27M

10.39M

124.81M

43.15M

5.29M

117.5M

60.72M

Capital Lease Obligations

1.77M

17.38M

17.53M

17.32M

17.11M

18.04M

18.47M

26.02M

Total Current Liabilities

126.51M

120.63M

128.82M

190.93M

117.85M

225.06M

157.16M

125.56M

296.71M

183.16M

Accounts Payable

47.65M

46.16M

55.16M

54.64M

64.15M

59.33M

65.45M

77.47M

117.67M

57.29M

Accrued Expenses

17.85M

20.43M

20M

21.17M

23.34M

20.93M

25.26M

27.43M

17.24M

84.67M

Deferred Revenue

17.85M

20.43M

Other Current Liabilities

32.57M

36.49M

34M

57.84M

19.97M

19.98M

23.3M

15.38M

44.29M

37.37M

Deferred Taxes

1000K

1.42B

Other Liabilities

552.32M

556.23M

311.98M

296.6M

319.07M

307.58M

315.45M

328.71M

398.75M

380.46M

Total Equity

919.09M▲ 0%

958.1M▲ 4.2%

855.68M▼ 10.7%

976M▲ 14.1%

1.03B▲ 5.3%

1.08B▲ 5.3%

1.14B▲ 5.4%

1.23B▲ 7.9%

1.3B▲ 6.0%

1.35B▲ 0%

Equity Growth %

9.45%

4.24%

-10.69%

14.06%

5.27%

5.28%

5.4%

7.9%

30.52%

Shareholders Equity

778.19M

816.64M

855.68M

976M

1.03B

1.08B

1.14B

1.23B

1.3B

1.35B

Minority Interest

140.9M

141.45M

Common Stock

34.67M

36.16M

36.49M

36.54M

36.75M

Additional Paid-in Capital

316.27M

394.41M

394.9M

395.66M

396.75M

429.51M

434.96M

449.1M

Retained Earnings

426.87M

465.71M

504.74M

545.43M

596.4M

649.85M

707.16M

764.13M

832.43M

863.55M

Accumulated OCI

377K

-706.09M

Return on Assets (ROA)

5.34%

4.38%

4.27%

4.26%

4.57%

4.54%

4.53%

4.38%

4.54%

4.68%

Return on Equity (ROE)

11.1%

8.97%

9.58%

10.09%

10.56%

10.52%

10.6%

10.17%

10.72%

10.94%

Debt / Equity

0.46x

0.53x

0.66x

0.61x

0.62x

0.67x

0.68x

0.64x

0.72x

0.70x

Debt / Assets

23%

25.69%

26.94%

26.36%

27.06%

28.88%

29.15%

27.85%

29.65%

29.54%

Net Debt / EBITDA

1.75x

2.51x

2.94x

2.98x

3.21x

3.20x

3.12x

3.01x

3.26x

Book Value per Share

26.51

27.64

24.68

27.41

28.41

29.9

31.51

33.95

35.65

36.85

Metric

Dec'17

Dec'18

Dec'19

Dec'20

Dec'21

Dec'22

Dec'23

Dec'24

Dec'25

TTM

Cash from Operations

132.99M

153.04M

130.47M

172.44M

137.53M

153.74M

237.56M

277.78M

263.23M

266.06M

Operating CF Growth %

-9.84%

15.08%

-14.74%

32.17%

-20.25%

11.79%

54.53%

16.93%

-5.24%

-39.43%

Operating CF / Revenue %

23.62%

27.34%

22.94%

32.01%

22.67%

21.52%

34.41%

41.04%

35.4%

34.67%

Net Income

97.61M

84.22M

86.87M

92.42M

105.76M

110.95M

117.7M

120.57M

135.89M

142.78M

Depreciation & Amortization

53.08M

56.41M

71.56M

74.19M

76.98M

85.55M

100.35M

108.58M

114.32M

114.73M

Deferred Taxes

-4.08M

3.75M

7.21M

10.36M

4.84M

23.43M

23M

608K

7.62M

8.78M

Other Non-Cash Items

-10.56M

-6.4M

-10.29M

-12.57M

-8.91M

-17.27M

-14.29M

-274K

-6.25M

-2.46M

Working Capital Changes

-2.03M

17.56M

-24.88M

8.04M

-41.15M

-48.93M

10.8M

48.3M

11.64M

2.23M

Capital Expenditures

-108.13M

-212.2M

-164.04M

-203.14M

-153.17M

-175.03M

-222.07M

-236.93M

-343.22M

-396.71M

CapEx / Revenue %

19.2%

37.91%

28.84%

37.71%

25.25%

24.5%

32.16%

35%

46.15%

51.7%

CapEx / D&A

2.04x

3.76x

2.29x

2.74x

1.99x

2.05x

2.21x

2.18x

3.00x

3.46x

CapEx Coverage (OCF/CapEx)

1.23x

0.72x

0.80x

0.85x

0.90x

0.88x

1.07x

1.17x

0.77x

0.67x

Cash from Investing

-116.36M

-218.33M

-172.36M

-210.41M

-156.97M

-180.15M

-230.02M

-241.49M

-350.56M

-405.43M

Acquisitions

2.82M

Purchase of Investments

-11.08M

-5.93M

-7.81M

-5.6M

-4.03M

-5.18M

-7M

-4.79M

-9.5M

-11.78M

Sale of Investments

Other Investing

2.85M

-205K

-508K

-1.67M

221K

70K

-954K

230K

2.15M

3.06M

Cash from Financing

-4.64M

38.12M

-17.23M

59.19M

-8.76M

25.54M

-10.48M

-26.83M

71.57M

115.19M

Dividends Paid

-43.68M

-45.76M

-47.84M

-51.73M

-54.79M

-57.5M

-60.39M

-63.6M

-67.59M

-53.88M

Dividend Payout Ratio %

44.75%

54.34%

55.07%

55.97%

51.8%

51.82%

51.31%

52.75%

49.74%

Debt Issuance (Net)

1000K

Stock Issued

79.64M

31.61M

3.75M

14.48M

Share Repurchases

Other Financing

-597K

-662K

-1.84M

-1.55M

-2.2M

-2.07M

-2.58M

-1.69M

-1.84M

30.05M

Net Change in Cash

11.99M▲ 0%

-27.16M▼ 326.5%

-59.12M▼ 117.6%

21.23M▲ 135.9%

-28.2M▼ 232.9%

-867K▲ 96.9%

-2.94M▼ 239.3%

9.47M▲ 421.9%

-15.76M▼ 266.4%

-25.69M▲ 0%

Exchange Rate Effect

-1.52M

Cash at Beginning

95.96M

112.09M

84.93M

25.81M

47.04M

18.84M

17.97M

15.03M

24.5M

8.74M

Cash at End

107.95M

84.93M

25.81M

47.04M

18.84M

17.97M

15.03M

24.5M

8.74M

12.48M

Free Cash Flow

24.86M▲ 0%

-59.16M▼ 338.0%

-33.56M▲ 43.3%

-30.7M▲ 8.5%

-15.64M▲ 49.0%

-21.3M▼ 36.1%

15.49M▲ 172.7%

40.86M▲ 163.8%

-79.99M▼ 295.8%

-130.64M▲ 0%

FCF Growth %

-61.07%

-337.96%

43.27%

8.54%

49.04%

-36.14%

172.74%

163.78%

-295.76%

-361.16%

FCF Margin %

4.41%

-10.57%

-5.9%

-5.7%

-2.58%

-2.98%

2.24%

6.04%

-10.76%

-17.02%

FCF / Net Income %

25.47%

-70.24%

-38.63%

-33.21%

-14.79%

-19.19%

13.16%

33.89%

-58.86%

-91.5%

Metric

2017

2018

2019

2020

2021

2022

2023

2024

2025

TTM

Return on Equity (ROE)

11.1%

8.97%

9.58%

10.09%

10.56%

10.52%

10.6%

10.17%

10.72%

10.94%

EBITDA Margin

32.29%

30.48%

32.08%

34.19%

32.03%

31.25%

35.74%

37.65%

38.32%

37.23%

Net Debt / EBITDA

1.75x

2.51x

2.94x

2.98x

3.21x

3.20x

3.12x

3.01x

3.26x

Interest Coverage

7.19x

6.69x

5.62x

5.75x

5.56x

6.15x

5.78x

4.98x

5.63x

CapEx / Revenue

19.2%

37.91%

28.84%

37.71%

25.25%

24.5%

32.16%

35%

46.15%

51.7%

Dividend Payout Ratio

44.75%

54.34%

55.07%

55.97%

51.8%

51.82%

51.31%

52.75%

49.74%

35.83%

Debt / Equity

0.46x

0.53x

0.66x

0.61x

0.62x

0.67x

0.68x

0.64x

0.72x

0.70x

EPS Growth

29.36%

-13.83%

-4.12%

11.59%

12.31%

5.14%

5.86%

2.46%

11.71%

10.17%

MGE Energy, Inc.(MGEE)Earnings, Financials & Key Ratios

MGEE Key Insights

✓Strengths

✗Weaknesses

MGEE Price & Volume

MGEE Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

MGEE Recent Earnings

MGEE Peer Comparison

Compare MGEE vs Peers

vs OTTR

vs GE

Compare Top 5

MGEE Income Statement

MGEE Balance Sheet

MGEE Cash Flow Statement

MGEE Key Ratios

MGEE SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

MGEE Frequently Asked Questions

MGE Energy, Inc.(MGEE)Earnings, Financials & Key Ratios

MGEE Key Insights

✓Strengths

✗Weaknesses

MGEE Price & Volume

MGEE Growth Metrics

Revenue CAGR

Profit CAGR

EPS CAGR

Return on Capital

MGEE Recent Earnings

MGEE Peer Comparison

Compare MGEE vs Peers

vs OTTR

vs GE

Compare Top 5

MGEE Income Statement

MGEE Balance Sheet

MGEE Cash Flow Statement

MGEE Key Ratios

MGEE SEC Filings & Documents

8-K Announcements

10-K Annual Reports

10-Q Quarterly Reports

MGEE Frequently Asked Questions