WEC Energy Group, Inc. (WEC) 10-Year Financial Performance & Capital Metrics

WEC • • Utilities

UtilitiesElectric UtilitiesMulti-Utility CompaniesDual Electric & Gas Utilities

AboutWEC Energy Group, Inc., through its subsidiaries, provides regulated natural gas and electricity, and renewable and nonregulated renewable energy services in the United States. The company operates through six segments: Wisconsin, Illinois, Other States, Electric Transmission, Non-Utility Energy Infrastructure, and Corporate and Other. It generates and distributes electricity from coal, natural gas, oil, hydroelectric, wind, solar, and biomass sources; provides electric transmission services; offers retail natural gas distribution services; transports natural gas; and generates, distributes, and sells steam. As of December 31, 2021, it operated approximately 35,800 miles of overhead distribution lines and 35,600 miles of underground distribution cables, as well as 440 electric distribution substations and 510,500 line transformers; 50,900 miles of natural gas distribution mains; 1,200 miles of natural gas transmission mains; 2.3 million natural gas lateral services; 500 natural gas distribution and transmission gate stations; and 68.2 billion cubic feet of working gas capacities in underground natural gas storage fields. The company was formerly known as Wisconsin Energy Corporation and changed its name to WEC Energy Group, Inc. in June 2015. WEC Energy Group, Inc. was incorporated in 1981 and is headquartered in Milwaukee, Wisconsin.Show more

Revenue $8.6B -3.3%
EBITDA $3.51B +10.6%
Net Income $1.53B +14.7%
Free Cash Flow $431M -18.0%
EBITDA Margin 40.78% +14.3%
Net Margin 17.77% +18.6%
ROE 12.29% +9.2%
Interest Coverage 2.64 +0.7%
Debt/Equity 1.59 +2.0%
Net Debt/EBITDA 5.79 -2.0%
CapEx / Revenue 32.34% +15.4%
CapEx Coverage 1.15 -4.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓22 years of consecutive dividend growth
✓22 consecutive years of dividend growth
✓Healthy dividend yield of 3.1%

✗Weaknesses

✗High leverage: 5.8x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.58%

5Y2.71%

3Y1.13%

TTM11.88%

Profit (Net Income) CAGR

10Y10.02%

5Y6.13%

3Y5.5%

TTM31.07%

EPS CAGR

10Y6.43%

5Y6.17%

3Y5.53%

TTM29.34%

ROCE

10Y Avg5.48%

5Y Avg5.19%

3Y Avg5.21%

Latest5.29%

Peer Comparison

Dual Electric & Gas Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AQNBAlgonquin Power & Utilities Cor		25.60	170.63	-14.03%	-57.66%	-26.75%		1.09
ESEversource Energy	26.15B	69.69	30.70	-0.08%	10.22%	8.3%		1.92
PPLPPL Corporation	26.42B	35.71	29.76	1.8%	12.16%	7.58%		1.19
LNTAlliant Energy Corporation	17.24B	67.06	24.93	-1.14%	19.13%	11.19%		1.49
DDominion Energy, Inc.	51.53B	60.34	24.73	0.46%	14.77%	7.36%		1.38
PEGPublic Service Enterprise Group Incorporated	39.64B	79.41	22.43	-8.43%	17.77%	12.24%		1.42
WECWEC Energy Group, Inc.	35.18B	108.16	22.39	-3.3%	17.76%	12.1%	1.22%	1.59
XELXcel Energy Inc.	44.58B	75.36	21.91	-5.38%	11.01%	9.04%		1.55

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	5.93B	7.47B	7.65B	7.68B	7.52B	7.24B	8.32B	9.6B	8.89B	8.6B
Revenue Growth %	0.19%	0.26%	0.02%	0%	-0.02%	-0.04%	0.15%	0.15%	-0.07%	-0.03%
Cost of Revenue	3.95B	4.82B	4.88B	5.17B	4.86B	4.35B	5.32B	6.3B	5.29B	4.81B
Gross Profit+	1.98B	2.65B	2.77B	2.51B	2.66B	2.89B	3B	3.3B	3.6B	3.79B
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.22%	0.34%	0.04%	-0.09%	0.06%	0.09%	0.04%	0.1%	0.09%	0.05%
Operating Expenses+	726.2M	957.3M	993.5M	1.04B	1.13B	1.18B	1.28B	1.38B	1.69B	1.63B
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	1.83B	2.44B	2.58B	2.31B	2.46B	2.68B	2.79B	3.05B	3.17B	3.51B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.2%	0.33%	0.06%	-0.1%	0.06%	0.09%	0.04%	0.09%	0.04%	0.11%
Depreciation & Amortization+	583.5M	762.6M	798.6M	845.8M	926.3M	975.9M	1.07B	1.12B	1.26B	1.35B
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	1.25B	1.68B	1.79B	1.47B	1.53B	1.71B	1.71B	1.92B	1.91B	2.15B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.12%	0.35%	0.06%	-0.18%	0.04%	0.11%	0.01%	0.12%	-0.01%	0.13%
Interest Expense+	331.4M	402.7M	415.7M	445.1M	501.5M	493.7M	471.1M	515.1M	727.4M	815.3M
Interest Coverage	3.77x	4.18x	4.29x	3.30x	3.05x	3.46x	3.64x	3.74x	2.62x	2.64x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	1.07B	1.51B	1.59B	1.23B	1.26B	1.43B	1.5B	1.73B	1.54B	1.75B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	433.8M	566.5M	383.5M	169.8M	125M	227.9M	200.3M	322.9M	204.6M	222M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	640.3M	940.2M	1.2B	1.06B	1.14B	1.2B	1.3B	1.41B	1.33B	1.53B
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.09%	0.47%	0.28%	-0.12%	0.07%	0.06%	0.08%	0.08%	-0.05%	0.15%
EPS (Diluted)+	2.34	2.96	3.79	3.35	3.58	3.79	4.11	4.45	4.22	4.83
EPS Growth %	-0.1%	0.26%	0.28%	-0.12%	0.07%	0.06%	0.08%	0.08%	-0.05%	0.14%
EPS (Basic)	2.36	2.98	3.81	3.36	3.60	3.80	4.12	4.46	4.22	4.81
Diluted Shares Outstanding	272.7M	316.9M	317.2M	316.9M	316.7M	316.5M	316.3M	316.1M	315.9M	316.5M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	29.36B	30.12B	31.59B	33.48B	34.95B	37.03B	38.99B	41.87B	43.94B	47.36B
Asset Growth %	0.94%	0.03%	0.05%	0.06%	0.04%	0.06%	0.05%	0.07%	0.05%	0.08%
PP&E (Net)+	19.19B	19.92B	21.35B	22B	23.62B	25.71B	26.98B	29.11B	31.58B	34.65B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	2.21B	2.17B	2.21B	2.25B	2.09B	2.08B	2.66B	3.19B	2.8B	2.91B
Cash & Equivalents	49.8M	37.5M	38.9M	84.5M	37.5M	24.8M	16.3M	28.9M	42.9M	9.8M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	687M	587.6M	539M	548.2M	549.8M	528.6M	635.8M	807.1M	775.2M	813.2M
Other Current Assets	155.6M	97.5M	74.9M	77.2M	68M	63.4M	253.4M	261.7M	223.7M	121.9M
Long-Term Investments	1.38B	1.44B	1.55B	1.67B	1.72B	1.76B	1.79B	1.91B	2.01B	2.11B
Goodwill	3.02B	3.05B	3.05B	3.05B	3.05B	3.05B	3.05B	3.05B	3.05B	3.05B
Intangible Assets	13.9M	0	0	0	0	0	0	0	34.5M	34.5M
Other Assets	3.55B	3.55B	3.42B	4.51B	4.46B	4.42B	4.51B	4.61B	4.47B	4.61B
Total Liabilities	20.67B	21.16B	22.1B	23.63B	24.7B	26.37B	27.88B	30.26B	31.87B	34.56B
Total Debt+	10.38B	10.18B	11.03B	11.8B	12.73B	14.29B	15.59B	17.37B	18.8B	20.33B
Net Debt	10.33B	10.14B	10.99B	11.71B	12.7B	14.27B	15.57B	17.34B	18.75B	20.32B
Long-Term Debt	9.12B	9.16B	8.75B	9.99B	11.17B	11.67B	13.47B	14.58B	15.37B	17.18B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	26.9M	0	18.4M	45.9M	63.4M	129.7M	183.2M	145.9M	303.3M
Total Current Liabilities+	2.71B	2.43B	3.87B	3.33B	3.18B	4.15B	3.75B	4.61B	5.11B	4.84B
Accounts Payable	815.4M	861.5M	859.9M	876.4M	908.1M	880.7M	1.01B	1.2B	896.6M	1.14B
Accrued Expenses	169.7M	163.8M	169.1M	185.4M	199.8M	174M	0	0	0	0
Deferred Revenue	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	471.2M	388.9M	553.6M	464.8M	550.8M	530.7M	680.9M	811.9M	933.1M	859.2M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	3.64B	3.86B	5.94B	6.4B	6.04B	6.02B	5.9B	5.88B	5.97B	6.39B
Total Equity+	8.72B	8.99B	9.52B	9.84B	10.25B	10.66B	11.11B	11.62B	12.07B	12.8B
Equity Growth %	0.95%	0.03%	0.06%	0.03%	0.04%	0.04%	0.04%	0.05%	0.04%	0.06%
Shareholders Equity	8.69B	8.96B	9.49B	9.82B	10.14B	10.5B	10.94B	11.41B	11.75B	12.43B
Minority Interest	30.4M	30.4M	30.4M	23.4M	110.8M	162.4M	169.7M	209.3M	316.9M	376.5M
Common Stock	3.2M	3.2M	3.2M	3.2M	3.2M	3.2M	3.2M	3.2M	3.2M	3.2M
Additional Paid-in Capital	4.35B	4.31B	4.28B	4.25B	4.19B	4.14B	4.14B	4.12B	4.12B	4.32B
Retained Earnings	4.3B	4.61B	5.18B	5.54B	5.93B	6.33B	6.78B	7.27B	7.61B	8.08B
Accumulated OCI	4.6M	2.9M	2.9M	-2.6M	-4.1M	-6.8M	-3.2M	-6.8M	-7.7M	-7.8M
Return on Assets (ROA)	0.03%	0.03%	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
Return on Equity (ROE)	0.1%	0.11%	0.13%	0.11%	0.11%	0.11%	0.12%	0.12%	0.11%	0.12%
Debt / Equity	1.19x	1.13x	1.16x	1.20x	1.24x	1.34x	1.40x	1.50x	1.56x	1.59x
Debt / Assets	0.35%	0.34%	0.35%	0.35%	0.36%	0.39%	0.4%	0.41%	0.43%	0.43%
Net Debt / EBITDA	5.63x	4.15x	4.26x	5.06x	5.17x	5.32x	5.58x	5.69x	5.91x	5.79x
Book Value per Share	31.96	28.37	30.02	31.06	32.38	33.69	35.14	36.75	38.21	40.45

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	1.29B	2.1B	2.08B	2.45B	2.35B	2.2B	2.03B	2.06B	3.02B	3.21B
Operating CF Growth %	0.08%	0.63%	-0.01%	0.18%	-0.04%	-0.06%	-0.07%	0.01%	0.46%	0.06%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	640.3M	940.2M	1.2B	1.06B	1.13B	1.2B	1.3B	1.41B	1.33B	1.52B
Depreciation & Amortization	583.5M	762.6M	798.6M	845.8M	926.3M	975.9M	1.07B	1.12B	1.26B	1.35B
Deferred Taxes	418.7M	493.8M	271.7M	297.3M	162.9M	209.4M	151.1M	280.1M	219.4M	529M
Other Non-Cash Items	-341.1M	-128.9M	-322.7M	194.2M	-48.2M	-138.9M	-184.4M	-410.9M	-31.3M	-116.7M
Working Capital Changes	-7.8M	36.1M	126.1M	47.7M	169.8M	-51.8M	-306.8M	-340.8M	234.4M	-79.3M
Capital Expenditures+	-2.52B	-1.42B	-1.96B	-2.12B	-2.26B	-2.24B	-2.25B	-2.31B	-2.49B	-2.78B
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-2.52B	-1.27B	-2.24B	-2.38B	-2.49B	-2.81B	-2.31B	-2.64B	-3.56B	-3.8B
Acquisitions	-1.34B	-42.3M	-335.6M	-354.9M	-320.8M	-625.7M	-119.9M	-427.5M	-1.08B	-1.04B
Purchase of Investments	0	-59.2M	-3.7M	-65M	0	0	0	0	0	0
Sale of Investments	0	1000K	1000K	1000K	200K	0	1000K	1000K	1000K	0
Other Investing	87.3M	169.3M	36M	32.6M	86.5M	57.7M	42.2M	84.6M	3M	17.8M
Cash from Financing+	1.21B	-845.7M	161.4M	26.4M	85.6M	601.1M	294M	676.4M	522.8M	467.7M
Dividends Paid	-455.4M	-624.9M	-656.5M	-697.3M	-744.5M	-798M	-854.8M	-917.9M	-984.2M	-1.06B
Dividend Payout Ratio %	0.71%	0.66%	0.54%	0.66%	0.66%	0.66%	0.66%	0.65%	0.74%	0.69%
Debt Issuance (Net)	1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Stock Issued	30.1M	0	0	0	0	0	0	0	0	163.4M
Share Repurchases	-127.4M	-108M	-71.3M	-72.4M	-140.1M	-99.2M	-33.1M	-69.2M	-16.6M	-3.2M
Other Financing	11.2M	28M	24.3M	13.9M	44.6M	-54.4M	-60.7M	8.9M	-14.7M	-56.4M
Net Change in Cash+	-12.1M	-12.3M	1.4M	87.5M	-63.8M	-9.7M	14.9M	94.7M	-17M	-123M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	61.9M	49.8M	37.5M	58.6M	146.1M	82.3M	72.6M	87.5M	182.2M	165.2M
Cash at End	49.8M	37.5M	38.9M	146.1M	82.3M	72.6M	87.5M	182.2M	165.2M	42.2M
Free Cash Flow+	-1.22B	679.8M	120.1M	329.8M	84.7M	-42.8M	-220.1M	-254.2M	525.5M	430.7M
FCF Growth %	-3.65%	1.56%	-0.82%	1.75%	-0.74%	-1.51%	-4.14%	-0.15%	3.07%	-0.18%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	9.7%	10.62%	13.02%	10.95%	11.3%	11.48%	11.95%	12.4%	11.25%	12.29%
EBITDA Margin	30.95%	32.72%	33.78%	30.13%	32.67%	37.04%	33.54%	31.75%	35.67%	40.78%
Net Debt / EBITDA	5.63x	4.15x	4.26x	5.06x	5.17x	5.32x	5.58x	5.69x	5.91x	5.79x
Interest Coverage	3.77x	4.18x	4.29x	3.30x	3.05x	3.46x	3.64x	3.74x	2.62x	2.64x
CapEx / Revenue	42.48%	19.05%	25.62%	27.55%	30.05%	30.92%	27.09%	24.12%	28.03%	32.34%
Dividend Payout Ratio	71.12%	66.46%	54.49%	65.75%	65.58%	66.44%	65.68%	65.13%	73.84%	69.1%
Debt / Equity	1.19x	1.13x	1.16x	1.20x	1.24x	1.34x	1.40x	1.50x	1.56x	1.59x
EPS Growth	-9.65%	26.5%	28.04%	-11.61%	6.87%	5.87%	8.44%	8.27%	-5.17%	14.46%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Wisconsin	5.19B	5.81B	5.83B	5.79B	5.65B	5.47B	6.04B	6.96B	6.63B	6.33B
Wisconsin Growth	-	11.94%	0.41%	-0.59%	-2.55%	-3.07%	10.30%	15.30%	-4.81%	-4.46%
Illinois	503.4M	1.24B	1.36B	1.4B	1.36B	1.32B	1.67B	1.89B	1.56B	1.6B
Illinois Growth	-	146.76%	9.12%	3.28%	-3.06%	-2.59%	26.55%	13.04%	-17.62%	2.86%
Non-Utility Energy Infrastructure	-	-	38.9M	468.4M	495.9M	508.5M	539.5M	590M	666.5M	691.3M
Non-Utility Energy Infrastructure Growth	-	-	-	1104.11%	5.87%	2.54%	6.10%	9.36%	12.97%	3.72%
Other States	149.3M	376.5M	411.2M	438.2M	426M	384.1M	519M	618.5M	519.1M	449.8M
Other States Growth	-	152.18%	9.22%	6.57%	-2.78%	-9.84%	35.12%	19.17%	-16.07%	-13.35%
Electric Transmission	-	-	-	-	-	-	-	-	-	-
Electric Transmission Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Wisconsin	5.19B	5.81B	5.83B	5.79B	5.65B	5.47B	6.04B	6.96B	6.63B	6.33B
Wisconsin Growth	-	11.94%	0.41%	-0.59%	-2.55%	-3.07%	10.30%	15.30%	-4.81%	-4.46%
Illinois	503.4M	1.24B	1.36B	1.4B	1.36B	1.32B	1.67B	1.89B	1.56B	1.6B
Illinois Growth	-	146.76%	9.12%	3.28%	-3.06%	-2.59%	26.55%	13.04%	-17.62%	2.86%
Non-Utility Energy Infrastructure	-	-	38.9M	468.4M	495.9M	508.5M	539.5M	590M	666.5M	691.3M
Non-Utility Energy Infrastructure Growth	-	-	-	1104.11%	5.87%	2.54%	6.10%	9.36%	12.97%	3.72%
Other States	149.3M	376.5M	411.2M	438.2M	426M	384.1M	519M	618.5M	519.1M	449.8M
Other States Growth	-	152.18%	9.22%	6.57%	-2.78%	-9.84%	35.12%	19.17%	-16.07%	-13.35%
Electric Transmission	-	-	-	-	-	-	-	-	-	-
Electric Transmission Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

WEC Energy Group, Inc. (WEC) has a price-to-earnings (P/E) ratio of 22.4x. This is roughly in line with market averages.

Growth & Financials

WEC Energy Group, Inc. (WEC) reported $9.55B in revenue for fiscal year 2024. This represents a 113% increase from $4.49B in 2011.

WEC Energy Group, Inc. (WEC) saw revenue decline by 3.3% over the past year.

Yes, WEC Energy Group, Inc. (WEC) is profitable, generating $1.70B in net income for fiscal year 2024 (17.8% net margin).

Dividend & Returns

Yes, WEC Energy Group, Inc. (WEC) pays a dividend with a yield of 3.09%. This makes it attractive for income-focused investors.

WEC Energy Group, Inc. (WEC) has a return on equity (ROE) of 12.3%. This is reasonable for most industries.

WEC Energy Group, Inc. (WEC) had negative free cash flow of $1.71B in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

WEC Energy Group, Inc. (WEC) has a dividend payout ratio of 69%. This suggests the dividend is well-covered and sustainable.

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