MGE Energy, Inc. MGEE

UtilitiesElectric Utilities & IPPsUnited States of America

Last close 75.33 USD on Nov 2, 2026, −2.1% year to date

Quant rating

Quant rating B Rank 31 of 90 in Utilities

Growth D 68 of 90
Valuation C 42 of 90
Quality B 15 of 90
Revisions A 6 of 90
Momentum D 68 of 90

Wall Street consensus Hold (2.80)Average target 77.40 USD +2.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 2.8B
Enterprise value: 3.8B
52-week range: 68.01 – 85.01
3-year range: 62.19 – 108.16
Dividend yield: 2.76%
Beta (5 years): 0.68
Shares outstanding: 37.8M
Next earnings: Nov 3, 2026

About the company

MGE Energy, Inc. is a public utility holding company. The Company's segments include regulated electric utility operations; regulated gas utility operations; nonregulated energy operations, transmission investments, and all other. The regulated electric utility operations segment is engaged in generating, purchasing, and distributing electricity through Madison Gas and Electric Company (MGE). The regulated gas utility operations segment is engaged in purchasing and distributing natural gas through MGE. The nonregulated energy operations segment owns and leases electric generating capacity that assists MGE through MGE Energy's wholly owned subsidiaries MGE Power Elm Road and MGE Power West Campus. The transmission investments segment includes the investment in American Transmission Company LLC, which is engaged in the business of providing electric transmission services in Wisconsin, and ATC Holdco LLC, which facilitates out-of-state electric transmission development and investments.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	744	677	690	715	607	–
Revenue growth	9.9%	−2.0%	−3.4%	17.8%	12.6%	6.7%
EPS (basic, normalized)	3.72	3.33	3.25	3.07	2.92	–
EPS growth	11.7%	2.5%	5.9%	5.1%	–	–
Gross margin	–	–	–	–	–	–
Net margin	18.3%	17.8%	17.0%	15.5%	17.4%	17.2%
ROE	10.7%	10.2%	10.6%	10.5%	10.6%	10.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	16.6
Current ratio	1.14x
Long-term debt (mil)	879
Net debt (mil)	918
Total equity (mil)	1,441
Net debt / equity	0.64x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	744	+9.9%	5.1x	–	–	–	3.72	+11.7%	20.2x
2026	770	+3.5%	4.9x	294	–	12.8x	3.97	+6.8%	19.0x
2027	812	+5.4%	4.6x	331	+12.7%	11.4x	4.14	+4.3%	18.2x
2028	866	+6.7%	4.3x	371	+12.2%	10.1x	4.44	+7.1%	17.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	770	0.0%	−0.4%	−1.3%	3.97	+0.2%	+1.0%	+0.9%
2027	812	+0.1%	+0.5%	−0.5%	4.14	+0.5%	+0.1%	−1.3%
2028	866	−0.7%	+0.6%	+1.6%	4.44	+0.8%	+1.0%	−0.7%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.93	0.66	1.13	0.61	1.14	0.72	1.22	0.64	1.32	0.89
EPS mean	0.94	0.95	1.17	0.84	1.05	0.73	1.19	0.64	1.13	0.77
Surprise	−1.1%	−30.5%	−3.4%	−27.4%	+8.6%	−1.4%	+2.5%	0.0%	+16.8%	+15.6%

Peer comparison Electric Utilities & IPPs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
MGEE MGE Energy, Inc.	2.8B	–	18.3%	1.98x	19.0x	18.2x	12.8x	11.4x
NEE NextEra Energy, Inc.	178.3B	8.16x	24.9%	2.90x	21.1x	19.4x	17.0x	14.5x
SO Southern Co	108.8B	5.56x	14.7%	2.75x	20.6x	19.2x	13.1x	12.0x
DUK Duke Energy Corp	100.1B	6.28x	15.2%	1.83x	19.1x	17.9x	11.8x	10.8x
AEP American Electric Power Company Inc	71.0B	6.40x	16.4%	2.16x	20.4x	18.8x	13.1x	11.7x
ETR Entergy Corp	52.5B	5.39x	13.6%	2.77x	24.9x	21.5x	13.4x	11.1x
Mean		6.36x	17.2%	2.40x	20.8x	19.2x	13.5x	11.9x
Median		6.28x	15.8%	2.46x	20.5x	19.0x	13.1x	11.5x

Technical analysis

1M+6.4%
3M−4.7%
1Y−6.8%
3Y+8.4%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, MGE Energy, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	744	677	690	715	607	539
Cost of revenue	127	116	148	199	139	107
Gross profit	617	561	543	515	467	432
Selling, general & administrative expenses	3.7	4.9	3.2	1.8	3.4	1.6
Research & development	–	–	–	–	–	–
Depreciation/amortization	114	109	100	85.5	77.0	74.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	–	–	–	–	–
Other operating expenses	328	302	293	290	270	246
Operating income	171	146	146	138	117	110
Net interest income (expense)	−21.1	−20.4	−19.9	−26.6	−24.1	−23.5
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	7.1	5.3	19.0	26.1	16.7	25.4
Net income before taxes	157	131	146	137	110	112
Provision for taxes	20.8	10.6	27.8	26.2	4.1	19.4
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	136	121	118	111	106	92.4
Extraordinary items	–	–	–	–	–	–
Net income	136	121	118	111	106	92.4
EBIT, normalized	171	146	146	138	117	110
EBITDA, normalized	285	255	247	223	194	184
Basic EPS, normalized	3.72	3.33	3.25	3.07	2.92	–

Balance sheet in millions of USD, fiscal years

Balance sheet, MGE Energy, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	5.7	21.3	11.1	11.6	17.4	44.7
Receivables	70.5	61.3	62.4	66.8	62.3	48.7
Total inventory	64.2	67.6	72.6	74.3	52.0	47.3
Prepaid expenses	19.3	18.4	22.3	19.1	20.2	15.2
Other current assets	68.8	58.6	69.7	71.6	47.5	53.7
Total current assets	229	227	238	243	199	210
Property, plant & equipment	2,580	2,295	2,136	1,979	1,887	1,775
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	128	118	113	106	98.8	94.7
Note receivable	–	–	–	0.6	1.2	1.4
Other long-term assets	219	188	189	189	186	173
Total assets	3,155	2,828	2,675	2,518	2,372	2,254
Liabilities
Accounts payable	118	77.5	65.5	59.3	64.1	54.6
Payable/accrued	–	–	–	–	–	–
Accrued expenses	27.6	27.5	25.4	21.1	23.5	21.3
Short-term debt	94.5	0	38.0	70.5	5.5	52.5
Current portion of long-term debt	22.9	6.6	6.3	55.4	5.9	5.8
Other current liabilities	34.0	14.0	22.0	18.8	18.8	56.6
Total current liabilities	297	126	157	225	118	191
Long-term debt	811	782	737	602	632	537
Minority interest	–	–	–	–	–	–
Other liabilities	744	690	641	609	595	550
Total liabilities	1,851	1,598	1,535	1,436	1,344	1,278
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	36.5	36.5	36.2	36.2	36.2	36.2
Additional paid-in capital	435	430	397	396	395	394
Retained earnings (accumulated deficit)	832	764	707	650	596	545
Treasury stock	–	–	–	–	–	–
Other equity	0	0	0	0	0	0
Total equity	1,304	1,230	1,140	1,082	1,027	976
Total liabilities & shareholders' equity	3,155	2,828	2,675	2,518	2,372	2,254

Cash flow statement in millions of USD, fiscal years

Cash flow statement, MGE Energy, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	136	121	118	111	106	92.4
Depreciation, depletion & amortization	114	109	100	85.5	77.0	74.2
Deferred taxes	18.6	19.1	23.0	23.4	4.8	10.4
Non-cash items	−16.2	−9.1	−22.8	−24.4	−16.7	−21.6
Changes in working capital	10.6	38.6	19.3	−41.8	−33.3	17.0
Cash from operations	263	278	238	154	138	172
Investing activities
Capital expenditures	−343	−237	−222	−175	−153	−203
Other investing cash flows	−7.3	−4.6	−7.9	−5.1	−3.8	−7.3
Cash from investing	−351	−241	−230	−180	−157	−210
Financing activities
Financing cash flow items	−1.8	−1.7	−2.6	−2.1	−2.2	−1.6
Cash dividends paid	−67.6	−63.6	−60.4	−57.5	−54.8	−51.7
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	141	38.5	52.5	85.1	48.2	112
Cash from financing	71.6	−26.8	−10.5	25.5	−8.8	59.2
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−15.8	9.5	−2.9	−0.9	−28.2	21.2
Free cash flow	−80.0	40.9	15.5	−21.3	−15.6	−30.7

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.