MGE Energy, Inc. (MGEE) 10-Year Financial Performance & Capital Metrics

MGEE • • Utilities

UtilitiesDiversified UtilitiesIntegrated Electric & Gas UtilitiesUS Multi-State Electric & 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 $677M -2.0%
EBITDA $255M +3.3%
Net Income $121M +2.4%
Free Cash Flow $41M +163.8%
EBITDA Margin 37.65% +5.3%
Net Margin 17.81% +4.5%
ROE 10.17% -4.0%
Interest Coverage 4.44 -7.7%
Debt/Equity 0.64 -6.4%
Net Debt/EBITDA 3.01 -3.5%
CapEx / Revenue 35% +8.8%
CapEx Coverage 1.17 +9.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 29 years of consecutive increases
✓29 years of consecutive dividend growth
✓Strong interest coverage of 4.4x
✓Healthy dividend yield of 2.2%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y0.88%

5Y3.54%

3Y3.73%

TTM8.26%

Profit (Net Income) CAGR

10Y4.15%

5Y6.77%

3Y4.46%

TTM13.47%

EPS CAGR

10Y3.68%

5Y7.4%

3Y4.48%

TTM12.84%

ROCE

10Y Avg6.36%

5Y Avg5.73%

3Y Avg5.92%

Latest5.6%

Peer Comparison

US Multi-State Electric & Gas Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MGEEMGE Energy, Inc.	2.92B	79.95	24.01	-1.95%	18.55%	10.37%	1.4%	0.64
SRESempra	59.77B	91.57	20.72	-18%	15.73%	5.37%		0.95
NWENorthwestern Energy Group Inc	4.2B	68.44	18.75	6.45%	13.82%	7.53%		1.09
BKHBlack Hills Corporation	5.52B	73.14	18.71	-8.73%	12.54%	7.4%		1.22
AVAAvista Corporation	3.26B	40.09	17.58	10.64%	9.14%	6.75%	0.03%	1.20
UTLUnitil Corporation	908.46M	50.71	17.31	-11.18%	9.32%	7.84%		1.47

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	564.03M	544.75M	563.1M	559.77M	568.86M	538.63M	606.58M	714.52M	690.43M	676.94M
Revenue Growth %	-0.09%	-0.03%	0.03%	-0.01%	0.02%	-0.05%	0.13%	0.18%	-0.03%	-0.02%
Cost of Revenue	375.67M	351.81M	361.99M	369.74M	366.52M	334.69M	393.03M	470.6M	421.39M	398.12M
Gross Profit+	188.36M	192.94M	201.11M	190.03M	202.33M	203.94M	213.55M	243.92M	269.04M	278.83M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	-0.05%	0.02%	0.04%	-0.06%	0.06%	0.01%	0.05%	0.14%	0.1%	0.04%
Operating Expenses+	64.1M	64.71M	72.37M	75.82M	91.42M	93.94M	96.26M	106.18M	122.66M	132.57M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	168.48M	172.87M	181.81M	170.62M	182.47M	184.19M	194.28M	223.29M	246.74M	254.84M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	-0.06%	0.03%	0.05%	-0.06%	0.07%	0.01%	0.05%	0.15%	0.1%	0.03%
Depreciation & Amortization+	44.23M	44.65M	53.08M	56.41M	71.56M	74.19M	76.98M	85.55M	100.35M	108.58M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	124.25M	128.23M	128.74M	114.21M	110.91M	110M	117.29M	137.74M	146.38M	146.26M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-0.1%	0.03%	0%	-0.11%	-0.03%	-0.01%	0.07%	0.17%	0.06%	-0%
Interest Expense+	20.16M	19.87M	19.32M	19.61M	23.06M	23.52M	24.11M	26.65M	30.43M	32.93M
Interest Coverage	6.16x	6.45x	6.66x	5.82x	4.81x	4.68x	4.86x	5.17x	4.81x	4.44x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K	-567K	-883K	-1000K
Pretax Income+	112.71M	118.07M	119.7M	111.65M	106.66M	111.84M	109.88M	137.18M	145.5M	131.16M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	41.36M	42.51M	22.09M	27.43M	19.78M	19.42M	4.12M	26.22M	27.8M	10.6M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	71.34M	75.56M	97.61M	84.22M	86.87M	92.42M	105.76M	110.95M	117.7M	120.57M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0.11%	0.06%	0.29%	-0.14%	0.03%	0.06%	0.14%	0.05%	0.06%	0.02%
EPS (Diluted)+	2.06	2.18	2.82	2.43	2.33	2.60	2.92	3.07	3.25	3.33
EPS Growth %	-0.11%	0.06%	0.29%	-0.14%	-0.04%	0.12%	0.12%	0.05%	0.06%	0.02%
EPS (Basic)	2.06	2.18	2.82	2.43	2.33	2.60	2.92	3.07	3.25	3.33
Diluted Shares Outstanding	34.67M	34.67M	34.67M	34.67M	34.67M	35.61M	36.17M	36.17M	36.19M	36.24M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.73B	1.8B	1.86B	1.99B	2.08B	2.25B	2.37B	2.52B	2.68B	2.83B
Asset Growth %	0.02%	0.04%	0.03%	0.07%	0.05%	0.08%	0.05%	0.06%	0.06%	0.06%
PP&E (Net)+	1.24B	1.28B	1.34B	1.51B	1.64B	1.77B	1.88B	1.97B	2.13B	2.29B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	254.75M	275.51M	290.63M	240.56M	181.64M	209.52M	199.37M	243.48M	238.2M	227.26M
Cash & Equivalents	81.38M	95.96M	107.95M	83.1M	23.48M	44.74M	17.44M	11.6M	11.14M	21.3M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	48.41M	41.14M	43.79M	41.99M	45.28M	47.27M	51.96M	74.28M	72.65M	67.64M
Other Current Assets	20.11M	33.52M	29.21M	21.15M	21.66M	26.14M	12.65M	28.56M	36.57M	22.75M
Long-Term Investments	73.63M	76.29M	67.77M	78M	88.49M	94.68M	98.75M	105.88M	112.82M	118.03M
Goodwill	0	0	0	126.44M	0	0	0	0	0	0
Intangible Assets	69.6M	78.26M	500K	9.2M	0	0	0	0	0	0
Other Assets	5.6M	1.09M	154.19M	12.49M	149.75M	157.81M	195.01M	197.14M	196.23M	195.31M
Total Liabilities	1.04B	1.08B	1.08B	1.17B	1.23B	1.28B	1.34B	1.44B	1.54B	1.6B
Total Debt+	395.28M	387.12M	426.61M	510.9M	560.78M	594.11M	641.92M	727.17M	780.01M	787.45M
Net Debt	313.9M	291.17M	318.66M	427.79M	537.3M	549.37M	624.48M	715.56M	768.87M	766.15M
Long-Term Debt	386.74M	382.79M	398.16M	493.34M	523.74M	519.3M	614.21M	585.25M	718.82M	763.7M
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	1.77M	17.38M	17.53M	17.32M	17.11M	18.04M	18.47M
Total Current Liabilities+	84.15M	103.5M	126.51M	120.63M	128.82M	190.93M	117.85M	225.06M	157.16M	125.56M
Accounts Payable	40.83M	47.8M	47.65M	46.16M	55.16M	54.64M	64.15M	59.33M	65.45M	77.47M
Accrued Expenses	16.28M	17.39M	17.85M	20.43M	20M	21.17M	23.34M	20.93M	25.26M	27.43M
Deferred Revenue	16.28M	17.39M	17.85M	20.43M	0	0	0	0	0	0
Other Current Liabilities	22.77M	33.99M	32.57M	36.49M	34M	57.84M	19.97M	19.98M	23.3M	15.38M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	565.05M	590.68M	552.32M	556.23M	311.98M	296.6M	319.07M	307.58M	315.45M	328.71M
Total Equity+	830.77M	839.75M	919.09M	958.1M	855.68M	976M	1.03B	1.08B	1.14B	1.23B
Equity Growth %	0.06%	0.01%	0.09%	0.04%	-0.11%	0.14%	0.05%	0.05%	0.05%	0.08%
Shareholders Equity	690.46M	724.09M	778.19M	816.64M	855.68M	976M	1.03B	1.08B	1.14B	1.23B
Minority Interest	140.31M	115.67M	140.9M	141.45M	0	0	0	0	0	0
Common Stock	34.67M	34.67M	34.67M	34.67M	34.67M	36.16M	36.16M	36.16M	36.16M	36.49M
Additional Paid-in Capital	316.27M	316.27M	316.27M	316.27M	316.27M	394.41M	394.9M	395.66M	396.75M	429.51M
Retained Earnings	339.17M	372.95M	426.87M	465.71M	504.74M	545.43M	596.4M	649.85M	707.16M	764.13M
Accumulated OCI	357K	202K	377K	-706.09M	0	0	0	0	0	0
Return on Assets (ROA)	0.04%	0.04%	0.05%	0.04%	0.04%	0.04%	0.05%	0.05%	0.05%	0.04%
Return on Equity (ROE)	0.09%	0.09%	0.11%	0.09%	0.1%	0.1%	0.11%	0.11%	0.11%	0.1%
Debt / Equity	0.48x	0.46x	0.46x	0.53x	0.66x	0.61x	0.62x	0.67x	0.68x	0.64x
Debt / Assets	0.23%	0.21%	0.23%	0.26%	0.27%	0.26%	0.27%	0.29%	0.29%	0.28%
Net Debt / EBITDA	1.86x	1.68x	1.75x	2.51x	2.94x	2.98x	3.21x	3.20x	3.12x	3.01x
Book Value per Share	23.96	24.22	26.51	27.64	24.68	27.41	28.41	29.9	31.51	33.95

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+	141.19M	147.51M	132.99M	153.04M	130.47M	172.44M	137.53M	153.74M	237.56M	277.78M
Operating CF Growth %	0.1%	0.04%	-0.1%	0.15%	-0.15%	0.32%	-0.2%	0.12%	0.55%	0.17%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	71.34M	75.56M	97.61M	84.22M	86.87M	92.42M	105.76M	110.95M	117.7M	120.57M
Depreciation & Amortization	44.23M	44.65M	53.08M	56.41M	71.56M	74.19M	76.98M	85.55M	100.35M	108.58M
Deferred Taxes	21.93M	22.42M	-4.08M	3.75M	7.21M	10.36M	4.84M	23.43M	23M	608K
Other Non-Cash Items	-12.96M	-13.03M	-10.56M	-6.4M	-10.29M	-12.57M	-8.91M	-17.27M	-14.29M	-274K
Working Capital Changes	13.8M	16.92M	-2.03M	17.56M	-24.88M	8.04M	-41.15M	-48.93M	10.8M	48.3M
Capital Expenditures+	-72.03M	-83.66M	-108.13M	-212.2M	-164.04M	-203.14M	-153.17M	-175.03M	-222.07M	-236.93M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-73.31M	-86.83M	-116.36M	-218.33M	-172.36M	-210.41M	-156.97M	-180.15M	-230.02M	-241.49M
Acquisitions	0	0	2.82M	0	0	0	0	0	0	0
Purchase of Investments	-1.05M	-2.96M	-11.08M	-5.93M	-7.81M	-5.6M	-4.03M	-5.18M	-7M	-4.79M
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	-230K	-209K	2.85M	-205K	-508K	-1.67M	221K	70K	-954K	230K
Cash from Financing+	-52.24M	-46.11M	-4.64M	38.12M	-17.23M	59.19M	-8.76M	25.54M	-10.48M	-26.83M
Dividends Paid	-40.04M	-41.77M	-43.68M	-45.76M	-47.84M	-51.73M	-54.79M	-57.5M	-60.39M	-63.6M
Dividend Payout Ratio %	0.56%	0.55%	0.45%	0.54%	0.55%	0.56%	0.52%	0.52%	0.51%	0.53%
Debt Issuance (Net)	-1000K	-1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Stock Issued	0	0	0	0	0	79.64M	0	0	0	31.61M
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	-8.02M	-70K	-597K	-662K	-1.84M	-1.55M	-2.2M	-2.07M	-2.58M	-1.69M
Net Change in Cash+	15.63M	14.57M	11.99M	-27.16M	-59.12M	21.23M	-28.2M	-867K	-2.94M	9.47M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	65.75M	81.38M	95.96M	112.09M	84.93M	25.81M	47.04M	18.84M	17.97M	15.03M
Cash at End	81.38M	95.96M	107.95M	84.93M	25.81M	47.04M	18.84M	17.97M	15.03M	24.5M
Free Cash Flow+	69.16M	63.85M	24.86M	-59.16M	-33.56M	-30.7M	-15.64M	-21.3M	15.49M	40.86M
FCF Growth %	0.92%	-0.08%	-0.61%	-3.38%	0.43%	0.09%	0.49%	-0.36%	1.73%	1.64%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	8.83%	9.05%	11.1%	8.97%	9.58%	10.09%	10.56%	10.52%	10.6%	10.17%
EBITDA Margin	29.87%	31.73%	32.29%	30.48%	32.08%	34.19%	32.03%	31.25%	35.74%	37.65%
Net Debt / EBITDA	1.86x	1.68x	1.75x	2.51x	2.94x	2.98x	3.21x	3.20x	3.12x	3.01x
Interest Coverage	6.16x	6.45x	6.66x	5.82x	4.81x	4.68x	4.86x	5.17x	4.81x	4.44x
CapEx / Revenue	12.77%	15.36%	19.2%	37.91%	28.84%	37.71%	25.25%	24.5%	32.16%	35%
Dividend Payout Ratio	56.13%	55.29%	44.75%	54.34%	55.07%	55.97%	51.8%	51.82%	51.31%	52.75%
Debt / Equity	0.48x	0.46x	0.46x	0.53x	0.66x	0.61x	0.62x	0.67x	0.68x	0.64x
EPS Growth	-11.21%	5.83%	29.36%	-13.83%	-4.12%	11.59%	12.31%	5.14%	5.86%	2.46%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Electric	-	-	-	-	-	-	420.29M	489.73M	490.65M	497.67M
Electric Growth	-	-	-	-	-	-	-	16.52%	0.19%	1.43%
Gas	-	-	-	-	-	-	185.62M	200.01M	215.51M	178.59M
Gas Growth	-	-	-	-	-	-	-	7.75%	7.75%	-17.13%
Non Regulated Energy	-	-	-	-	-	-	678K	690K	42.28M	684K
Non Regulated Energy Growth	-	-	-	-	-	-	-	1.77%	6026.96%	-98.38%
Total Operating Revenue	-	-	-	559.77M	568.86M	538.63M	-	-	-	-
Total Operating Revenue Growth	-	-	-	-	1.62%	-5.31%	-	-	-	-
All Others	-	-	-	-	-	-	-	-	-	-
All Others Growth	-	-	-	-	-	-	-	-	-	-
Transmission Investment	-	-	-	-	-	-	-	-	-	-
Transmission Investment Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
All Others	-	-	-	-	-	-	-	-	-	-
All Others Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

MGE Energy, Inc. (MGEE) has a price-to-earnings (P/E) ratio of 24.0x. This is roughly in line with market averages.

Growth & Financials

MGE Energy, Inc. (MGEE) reported $725.5M in revenue for fiscal year 2024. This represents a 33% increase from $546.4M in 2011.

MGE Energy, Inc. (MGEE) saw revenue decline by 2.0% over the past year.

Yes, MGE Energy, Inc. (MGEE) is profitable, generating $134.6M in net income for fiscal year 2024 (17.8% net margin).

Dividend & Returns

Yes, MGE Energy, Inc. (MGEE) pays a dividend with a yield of 2.20%. This makes it attractive for income-focused investors.

MGE Energy, Inc. (MGEE) has a return on equity (ROE) of 10.2%. This is reasonable for most industries.

MGE Energy, Inc. (MGEE) had negative free cash flow of $31.8M in fiscal year 2024, likely due to heavy capital investments.

Industry Metrics

MGE Energy, Inc. (MGEE) has a dividend payout ratio of 53%. This suggests the dividend is well-covered and sustainable.

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