Upside case
Bull case
$168+46.1%
WEC would need investors to value it at roughly 30x earnings — about 10x more generous than today's 21x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewHoldUpdated May 1, 2026
WEC Energy Group, Inc. (WEC) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Hold
Covering
34
analysts
10 bullish · 4 bearish · 34 covering WEC
Strong Buy
0
Buy
10
Hold
20
Sell
3
Strong Sell
1
Consensus Target
$123
+6.6% vs today
Scenario Range
$74 – $168
Model bear to bull value window
Coverage
34
Published analyst ratings
Valuation Context
20.6x
Forward P/E · Market cap $37.5B
WEC price targets
Three scenarios for where WEC stock could go
Current
~$115
Confidence
62 / 100
Updated
May 1, 2026
Where we are now
Current · $115
Bear
$74
Base
$129
Bull
$168
Market caseClosest to today
Base case
$129+12.3%
At 23x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$74-36.0%
If investor confidence fades or macro conditions deteriorate, a 7x multiple contraction could push WEC down roughly 36% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
WEC Energy Group, Inc.
WEC · NYSEUtilitiesRegulated ElectricDecember year-end
WEC Energy Group is a regulated electric and natural gas utility serving customers across multiple Midwestern states. It generates revenue primarily through regulated utility operations — electricity generation and distribution (~70%) and natural gas distribution (~30%) — with rates approved by state commissions. Its key advantage is its regulated monopoly status in its service territories, providing stable cash flows through cost recovery and a reasonable return on invested capital.
Market Cap
$37.5B
Revenue TTM
$10.1B
Net Income TTM
$1.6B
Net Margin
16.2%
WEC Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
83%Exceptional
12 quarters tracked
Revenue Beat Rate
42%Exceptional
vs consensus estimates
Avg EPS Surprise
+5.1%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$0.76/$0.70
Revenue
$2.0B/$1.8B
Q4 2025
EPS
$0.83/$0.81
Revenue
$2.1B/$1.9B
Q1 2026
EPS
$1.42/$1.39
Revenue
$2.5B/$2.1B
Q2 2026
EPS
$2.45/$2.30
Revenue
$3.4B/$3.3B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $0.76/$0.70 | +7.8% | $2.0B/$1.8B | +13.8% |
| Q4 2025 | $0.83/$0.81 | +2.5% | $2.1B/$1.9B | +11.1% |
| Q1 2026 | $1.42/$1.39 | +2.2% | $2.5B/$2.1B | +18.3% |
| Q2 2026 | $2.45/$2.30 | +6.5% | $3.4B/$3.3B | +3.4% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$10.4B
+6.3% YoY
FY2
$11.2B
+7.6% YoY
EPS Outlook
FY1
$5.17
+8.9% YoY
FY2
$5.42
+4.8% YoY
Trailing FCF (TTM)-$1.1B
FCF Margin: -11.0%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
WEC beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
WEC Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $10.3B
Product Mix
Latest annual revenue by segment or product family
Wisconsin
71.0%
+15.2% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Wisconsin
71.0%
+15.2% YoY
Tap, hover, or focus a slice to inspect segment detail.
Wisconsin is the largest disclosed segment at 71.0% of FY 2025 revenue, up 15.2% YoY.
Wisconsin is the largest reported region at 71.0%, up 15.2% YoY.
WEC Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Fairly Valued
Fair value est. $121 — implies +3.1% from today's price.
Upside to Fair Value
3.1%
potential upside
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
WEC
23.9x
vs
S&P 500
25.1x
In line with benchmark
vs Utilities Trailing P/E
WEC
23.9x
vs
Utilities
20.1x
+19% premium
vs WEC 5Y Avg P/E
Today
23.9x
vs
5Y Average
21.2x
+13% premium
Forward PE
20.6x
S&P 500
19.1x
+8%
Utilities
17.5x
+18%
5Y Avg
—
—
Trailing PE
23.9x
S&P 500
25.1x
-5%
Utilities
20.1x
+19%
5Y Avg
21.2x
+13%
PEG Ratio
4.80x
S&P 500
1.72x
+180%
Utilities
1.69x
+184%
5Y Avg
—
—
EV/EBITDA
15.5x
S&P 500
15.2x
+2%
Utilities
11.4x
+37%
5Y Avg
15.1x
+3%
Price/FCF
—
S&P 500
21.1x
—
Utilities
15.1x
—
5Y Avg
59.9x
—
Price/Sales
3.8x
S&P 500
3.1x
+22%
Utilities
2.2x
+78%
5Y Avg
3.4x
+14%
Dividend Yield
3.04%
S&P 500
1.87%
+63%
Utilities
3.06%
-1%
5Y Avg
3.29%
-8%
| Metric | WEC | S&P 500 | Utilities | 5Y Avg WEC |
|---|---|---|---|---|
| Forward PE | 20.6x | 19.1x | 17.5x+18% | — |
| Trailing PE | 23.9x | 25.1x | 20.1x+19% | 21.2x+13% |
| PEG Ratio | 4.80x | 1.72x+180% | 1.69x+184% | — |
| EV/EBITDA | 15.5x | 15.2x | 11.4x+37% | 15.1x |
| Price/FCF | — | 21.1x | 15.1x | 59.9x |
| Price/Sales | 3.8x | 3.1x+22% | 2.2x+78% | 3.4x+14% |
| Dividend Yield | 3.04% | 1.87% | 3.06% | 3.29% |
WEC trades above S&P 500 benchmarks on 2 of 5 measured multiples — is elevated on some multiples, but competitive on others — a mixed valuation picture.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolWEC Financial Health
Verdict
Exceptional
WEC earns 24.0% operating margin on regulated earnings, 3.0% dividend yield. Utilities carry higher leverage than industrials as a structural feature of the business model.
Regulated Operations
Revenue, regulated margins, and earnings
Revenue (TTM)
Trailing-twelve-month sales base
$10.1B
Revenue Growth
TTM vs prior year
+11.2%
Operating Margin
Operating income divided by revenue
24.0%
Net Margin
Net income divided by revenue
16.2%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$4.99
Operating Margin
Operating income over revenue — primary regulated earnings signal
24.0%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
5.1%
ROA
Return on assets, trailing twelve months
3.3%
Cash & Equivalents
Liquid assets on the balance sheet
$28M
Net Debt
Total debt minus cash
$22.3B
Debt Serviceability
Net debt as a multiple of annual free cash flow
—
Regulated utilities typically operate at 3–5× net debt/FCF — this is structural, not a risk flag.
ROE
Return on equity, trailing twelve months
11.6%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
3.0%
Dividend
3.0%
Buyback
0.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$1M
Dividend / Share
Annualized trailing dividend per share
$3.50
Payout Ratio
Share of earnings distributed as dividends
73.7%
Shares Outstanding
Declining as buybacks retire shares
326M
All figures from the trailing twelve months. Utilities operate with structural leverage (3–5× net debt/FCF) due to regulated, predictable cash flows.
Open full ratios pageWEC Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Regulatory & Legislative Changes
WEC operates in a heavily regulated industry where state, local, and federal regulations—including utility commission rulings—directly influence its ability to recover costs and earn a reasonable return on investment. Changes in rate cases or legislative actions can materially affect the company’s operating environment and financial performance.
High Risk
Market & Credit Risks
The company is exposed to market and credit risks such as fluctuations in commodity prices and the creditworthiness of counterparties. Volatility in financial markets or deteriorating investment performance can introduce earnings volatility for WEC.
High Risk
Operational Risks & Asset Impairment
Reliability of generation, transmission, and distribution facilities is critical; equipment breakdowns, operator error, and environmental factors like storm damage can lead to asset impairment and financial setbacks.
Medium
Cybersecurity Threats
WEC’s assets and technology systems are vulnerable to cyber intrusions, human error, and system failures. Strengthening security measures may increase capital and operating costs, impacting profitability.
Medium
Environmental Regulations & Climate Change
Future legislation to regulate greenhouse gas emissions could raise natural gas prices and restrict its use. Severe weather conditions, potentially exacerbated by climate change, can disrupt operations and reduce energy demand.
Medium
Financing & Capital Investment
WEC’s significant capital expenditure plan relies on a mix of cash flow, debt, and equity financing. Managing long‑term debt levels and interest rate environments is crucial to sustaining growth.
Lower
Valuation & Investor Confidence
The stock’s valuation can be influenced by delayed rate relief, rising operating costs, and investor sentiment. Some analyses suggest WEC may be trading at a slight premium, indicating potential overvaluation relative to traditional benchmarks.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why WEC Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Strong Financial Performance
WEC Energy Group has consistently outperformed earnings estimates, with EPS exceeding expectations in recent quarters. The company’s market capitalization underscores its stability, and analysts project year‑over‑year growth in adjusted EPS, coupled with a dividend that has risen faster than industry averages.
Aggressive Capital Expenditure Plan
WEC’s five‑year capex has been raised from $28.0 billion to $37.5 billion, targeting infrastructure, renewables, and modernization. This investment is expected to expand the rate base and support future energy demands while meeting environmental goals.
Data Center Energy Demand
The firm is positioned to capture growing data‑center load, with a partnership with Microsoft driving an estimated 1,800 MW of additional demand. Microsoft’s Wisconsin expansion prompted WEC to revise its demand forecast upward and adjust its capital plan accordingly.
Positive Technical Trend
WEC’s stock is in a solid uptrend, trading above key moving averages that are themselves ascending. This technical backdrop signals sustained buying interest and a supportive price base for near‑term and longer‑term upside.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
WEC Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$115.22
52W Range Position
77%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$100.61
+14.5% from the low
52-Week High
$119.62
-3.7% from the high
1 Month
-1.29%
3 Month
+2.93%
YTD
+8.2%
1 Year
+6.0%
3Y CAGR
+6.3%
5Y CAGR
+3.6%
10Y CAGR
+6.7%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
WEC vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
20.6x
vs 19.3x median
+7% above peer median
Revenue Growth
+6.3%
vs +5.2% median
+21% above peer median
Net Margin
16.2%
vs 14.2% median
+15% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
WEC WEC WEC Energy Group, Inc. | $37.5B | 20.6x | +6.3% | 16.2% | Hold | +6.6% |
DTE DTE DTE Energy Company | $29.9B | 18.6x | +3.3% | 7.7% | Hold | +11.4% |
CMS CMS CMS Energy Corporation | $23.1B | 19.3x | +5.2% | 12.5% | Buy | +8.1% |
EVR EVRG Evergy, Inc. | $18.8B | 19.3x | +3.4% | 14.6% | Hold | +9.1% |
NI NI NiSource Inc. | $23.0B | 23.4x | +8.5% | 14.2% | Buy | +3.3% |
AEE AEE Ameren Corporation | $30.9B | 20.8x | +7.3% | 17.2% | Hold | +8.5% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
WEC Dividend and Capital Return
WEC returns 3.0% total yield, led by a 3.04% dividend, raised 23 consecutive years.
Dividend WatchFCF Unknown
Total Shareholder Yield
3.0%
Dividend + buyback return per year
Buyback Yield
0.0%
Dividend Yield
3.04%
Payout Ratio
73.7%
How WEC Splits Its Return
Div 3.04%
Dividend 3.04%Buybacks 0.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$3.50
Growth Streak
Consecutive years of dividend increases
23Y
3Y Div CAGR
7.1%
5Y Div CAGR
7.1%
Ex-Dividend Date
—
Payment Cadence
Semi-Annual
5 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$1M
Estimated Shares Retired
11.3K
Approx. Share Reduction
0.0%
Shares Outstanding
Current diluted share count from the screening snapshot
326M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $1.90 | — | — | — |
| 2025 | $3.57 | +6.9% | 0.0% | 3.3% |
| 2024 | $3.34 | +7.1% | 0.0% | 3.6% |
| 2023 | $3.12 | +7.2% | 0.1% | 3.8% |
| 2022 | $2.91 | +7.4% | 0.2% | 3.3% |
FAQ
7 questionsWEC Investor Questions
Common questions answered from live analyst data and company financials.
01Is WEC Energy Group, Inc. (WEC) stock a buy or sell in 2026?
WEC Energy Group, Inc. (WEC) is rated Hold by Wall Street analysts as of 2026. Of 34 analysts covering the stock, 10 rate it Buy or Strong Buy, 20 rate it Hold, and 4 rate it Sell or Strong Sell. The consensus 12-month price target is $123, implying +6.6% from the current price of $115. The bear case scenario is $74 and the bull case is $168.
02What is the WEC stock price target for 2026?
The Wall Street consensus price target for WEC is $123 based on 34 analyst estimates. The high-end target is $135 (+17.2% from today), and the low-end target is $116 (+0.7%). The base case model target is $129.
03Is WEC Energy Group, Inc. (WEC) stock overvalued in 2026?
WEC trades at 20.6x times forward earnings. The stock's valuation is broadly in line with the broader market. Based on current multiples versus the peer group, the relative model signals fairly valued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for WEC Energy Group, Inc. (WEC) stock in 2026?
The primary risks for WEC in 2026 are: (1) Regulatory & Legislative Changes — WEC operates in a heavily regulated industry where state, local, and federal regulations—including utility commission rulings—directly influence its ability to recover costs and earn a reasonable return on investment. (2) Market & Credit Risks — The company is exposed to market and credit risks such as fluctuations in commodity prices and the creditworthiness of counterparties. (3) Operational Risks & Asset Impairment — Reliability of generation, transmission, and distribution facilities is critical; equipment breakdowns, operator error, and environmental factors like storm damage can lead to asset impairment and financial setbacks. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is WEC Energy Group, Inc.'s revenue and earnings forecast?
Analyst consensus estimates WEC will report consensus revenue of $10.4B (+6.3% year-over-year) and EPS of $5.17 (+8.9% year-over-year) for the upcoming fiscal year. The following year, analysts project $11.2B in revenue.
06When does WEC Energy Group, Inc. (WEC) report its next earnings?
A confirmed upcoming earnings date for WEC is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does WEC Energy Group, Inc. generate?
WEC Energy Group, Inc. (WEC) had a free cash outflow of $1.1B in free cash flow over the trailing twelve months — a free cash flow margin of 11.0%. WEC returns capital to shareholders through dividends (3.0% yield) and share repurchases ($1M TTM).