Latest Ratios: P/E Ratio 19.0x · EV/EBITDA 12.6x · ROE 10.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.7B | $2.9B | $3.4B | $2.6B | $2.5B | $3.0B | $2.5B | $2.7B | $2.1B | $2.2B | $2.3B |
| Enterprise Value | $3.6B | $3.8B | $4.2B | $3.4B | $3.3B | $3.6B | $3.0B | $3.3B | $2.5B | $2.5B | $2.6B |
| P/E Ratio → | 19.05 | 21.08 | 28.22 | 22.25 | 22.93 | 28.17 | 26.93 | 33.83 | 24.67 | 22.38 | 29.95 |
| P/S Ratio | 3.60 | 3.86 | 5.03 | 3.79 | 3.56 | 4.90 | 4.63 | 4.80 | 3.71 | 3.88 | 4.16 |
| P/B Ratio | 1.99 | 2.20 | 2.77 | 2.30 | 2.35 | 2.90 | 2.56 | 3.19 | 2.17 | 2.38 | 2.70 |
| P/FCF | — | — | 83.34 | 168.92 | — | — | — | — | — | 87.99 | 35.45 |
| P/OCF | 10.16 | 10.89 | 12.26 | 11.01 | 16.57 | 21.63 | 14.46 | 20.94 | 13.58 | 16.45 | 15.35 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.11 | 6.16 | 4.90 | 4.57 | 5.93 | 5.65 | 5.75 | 4.48 | 4.45 | 4.69 |
| EV / EBITDA | 12.65 | 13.32 | 16.37 | 13.72 | 14.61 | 18.53 | 16.52 | 17.92 | 14.69 | 13.78 | 14.78 |
| EV / EBIT | 21.12 | 19.94 | 25.42 | 19.24 | 19.91 | 26.86 | 22.48 | 25.21 | 19.10 | 18.03 | 18.52 |
| EV / FCF | — | — | 102.09 | 218.56 | — | — | — | — | — | 100.81 | 40.01 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.3% | 97.3% | 41.2% | 39.0% | 34.1% | 35.2% | 37.9% | 35.6% | 33.9% | 35.7% | 35.4% |
| Operating Margin | 22.9% | 22.9% | 21.6% | 21.2% | 19.3% | 19.3% | 20.4% | 19.5% | 20.4% | 22.9% | 23.5% |
| Net Profit Margin | 18.3% | 18.3% | 17.8% | 17.0% | 15.5% | 17.4% | 17.2% | 15.3% | 15.0% | 17.3% | 13.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.7% | 10.7% | 10.2% | 10.6% | 10.5% | 10.6% | 10.1% | 9.6% | 9.0% | 11.1% | 9.0% |
| ROA | 4.5% | 4.5% | 4.4% | 4.5% | 4.5% | 4.6% | 4.3% | 4.3% | 4.4% | 5.3% | 4.3% |
| ROIC | 6.1% | 6.1% | 5.6% | 5.9% | 6.0% | 5.5% | 5.7% | 6.0% | 6.5% | 8.2% | 8.5% |
| ROCE | 6.1% | 6.1% | 5.6% | 6.1% | 6.1% | 5.4% | 5.5% | 5.8% | 6.4% | 7.5% | 7.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.72 | 0.72 | 0.64 | 0.68 | 0.67 | 0.62 | 0.61 | 0.66 | 0.53 | 0.46 | 0.46 |
| Debt / EBITDA | 3.28 | 3.28 | 3.09 | 3.16 | 3.26 | 3.30 | 3.23 | 3.07 | 2.99 | 2.35 | 2.24 |
| Net Debt / Equity | — | 0.71 | 0.62 | 0.67 | 0.66 | 0.61 | 0.56 | 0.63 | 0.45 | 0.35 | 0.35 |
| Net Debt / EBITDA | 3.26 | 3.26 | 3.01 | 3.12 | 3.20 | 3.21 | 2.98 | 2.94 | 2.51 | 1.75 | 1.68 |
| Debt / FCF | — | — | 18.75 | 49.64 | — | — | — | — | — | 12.82 | 4.56 |
| Interest Coverage | 5.63 | 5.63 | 4.98 | 5.78 | 6.15 | 5.56 | 5.75 | 5.62 | 6.69 | 7.19 | 6.94 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.77 | 0.77 | 1.81 | 1.52 | 1.08 | 1.69 | 1.10 | 1.41 | 1.99 | 2.30 | 2.66 |
| Quick Ratio | 0.55 | 0.55 | 1.27 | 1.05 | 0.75 | 1.25 | 0.85 | 1.06 | 1.65 | 1.95 | 2.26 |
| Cash Ratio | 0.02 | 0.02 | 0.17 | 0.07 | 0.05 | 0.15 | 0.23 | 0.18 | 0.69 | 0.85 | 0.93 |
| Asset Turnover | — | 0.24 | 0.24 | 0.26 | 0.28 | 0.26 | 0.24 | 0.27 | 0.28 | 0.30 | 0.30 |
| Inventory Turnover | 0.31 | 0.31 | 5.89 | 5.80 | 6.34 | 7.56 | 7.08 | 8.09 | 8.80 | 8.27 | 8.55 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.6% | 2.4% | 1.9% | 2.3% | 2.3% | 1.8% | 2.1% | 1.8% | 2.2% | 2.0% | 1.8% |
| Payout Ratio | 49.7% | 49.7% | 52.7% | 51.3% | 51.8% | 51.8% | 56.0% | 55.1% | 54.3% | 44.8% | 55.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.2% | 4.7% | 3.5% | 4.5% | 4.4% | 3.6% | 3.7% | 3.0% | 4.1% | 4.5% | 3.3% |
| FCF Yield | — | — | 1.2% | 0.6% | — | — | — | — | — | 1.1% | 2.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.6% | 2.4% | 1.9% | 2.3% | 2.3% | 1.8% | 2.1% | 1.8% | 2.2% | 2.0% | 1.8% |
| Shares Outstanding | — | $37M | $36M | $36M | $36M | $36M | $36M | $35M | $35M | $35M | $35M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MGEE stock.
MGE Energy, Inc.'s current P/E ratio is 19.0x. The historical average is 21.3x. This places it at the 50th percentile of its historical range.
MGE Energy, Inc.'s current EV/EBITDA is 12.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.2x.
MGE Energy, Inc.'s return on equity (ROE) is 10.7%. The historical average is 10.7%.
Based on historical data, MGE Energy, Inc. is trading at a P/E of 19.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MGE Energy, Inc.'s current dividend yield is 2.61% with a payout ratio of 49.7%.
MGE Energy, Inc. has 97.3% gross margin and 22.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
MGE Energy, Inc.'s Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Regulatory lag on transition
Metrics are mathematically derived from official filings.
Premium Pricing for Madison Growth
MGEE trades at 21.9x trailing earnings and a 2.3% dividend yield, a premium to regional peers, reflecting market confidence in Madison's economic resilience, as per recent market data.
The P/E of 21.86 sits well above the peer average of roughly 16-17x, and the dividend yield of 2.3% is below the group's 3-5% range. This suggests investors are paying up for the stability of MGEE's government and university-anchored customer base, which may justify the premium if growth persists. However, the yield is only modestly above the 10-year Treasury, leaving limited cushion if rates rise.
Earned ROE Trails Authorized Levels
Quarterly ROE averaged 2.7% over the last ten quarters, well below the typical authorized ROE of 9-10%, as per financial statements, indicating significant regulatory lag or timing effects.
The reported ROE figures are quarterly and not annualized, so the 2.7% average translates to roughly 10.8% annualized, which aligns with authorized levels. This suggests the company is earning its allowed return, but the quarterly volatility (ranging from 1.8% to 3.7%) reflects seasonal patterns and the impact of AFUDC. Investors should monitor whether the accelerated coal retirement and new rate base can sustain this earned return without eroding it.
Margins Stable Despite Transition
Operating margins have held near 20-22% over the past year, with 2026Q2 at 20.2%, as reported in quarterly filings, indicating effective cost recovery despite rising O&M and transition costs.
The stability in operating margin, despite the accelerated coal retirement and increased capital spending, suggests that fuel and purchased power costs are being passed through efficiently. However, the 2025Q4 margin dipped to 16.6%, likely due to seasonal factors, and the company's ability to recover rising O&M costs through rates will be critical. If the PSCW limits rate increases, margins could compress, as the current level already reflects some regulatory lag.
Conservative Leverage Provides Flexibility
Debt-to-capital stood at 0.38 in 2026Q2, with interest coverage of 1.98x, as per balance sheet data, indicating a conservative capital structure that supports the CAPEX program.
MGEE's debt-to-capital ratio of 0.38 is below the typical utility range of 0.45-0.55, and while interest coverage dipped to 1.98x in 2026Q2, it has averaged around 5x over the past year. This low leverage provides financial flexibility to fund the renewable transition without straining credit metrics. However, the recent dip in coverage warrants monitoring, as rising debt levels to fund CAPEX could pressure coverage if earnings growth lags.
Dividend Coverage Remains Robust
Dividend payout averaged 53% over the last ten quarters, with OCF-to-dividend coverage at 3.8x in 2026Q2, as per cash flow data, indicating a well-covered dividend despite CAPEX surge.
The payout ratio, though volatile quarterly (ranging from 35.8% to 74.5%), remains within a sustainable range, and the cash flow coverage of 3.8x is strong. This suggests the dividend is safe and can be funded internally, even as CAPEX reaches 161% of OCF. However, the reliance on external equity to fund the CAPEX gap may limit future dividend growth if the transition costs escalate.
Misapplied P/E Ignores Rate Base
Comparing MGEE's P/E to industrials or growth companies is misleading; the correct metric is the spread between earned and allowed ROE, as per utility analysis standards.
The P/E of 21.86 may appear expensive relative to the S&P 500, but for utilities, the P/E is anchored to the authorized ROE and interest rates, not growth. A more appropriate valuation metric is the price-to-rate base ratio or the implied ROE relative to the allowed return. Additionally, the low D/E ratio of 0.62 (debt-to-equity) may understate true leverage if off-balance-sheet items like PPAs are considered, but MGEE's regulated model limits such exposure. Investors should focus on the regulatory compact rather than standard industrial ratios.