MGE Energy Inc. (MGEE) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.77	$0.89	+15.6%	—	$161.2M	—
Q1 26	$1.13	$1.32	+16.8%	—	$242.7M	—
Q4 25	$0.64	$0.64	0.0%	—	$189.6M	—
Q3 25	$1.19	$1.22	+2.5%	—	$175.7M	—
Q2 25	$0.73	$0.72	-1.4%	—	$159.5M	—
Q1 25	$0.98	$1.14	+16.3%	—	$219M	—
Q4 24	$0.84	$0.61	-27.4%	—	$171.4M	—
Q3 24	$1.17	$1.13	-3.4%	—	$168.5M	—
Q2 24	$0.95	$0.66	-30.5%	—	$145.7M	—
Q1 24	$0.94	$0.93	-1.1%	—	$191.3M	—
Q4 23	$0.61	$0.55	-9.8%	—	$164.7M	—
Q3 23	$1.08	$1.05	-2.8%	—	$160.5M	—
Q2 23	$0.72	$0.79	+9.7%	—	$148M	—
Q1 23	$1.07	$0.86	-19.6%	—	$217.3M	—
Q4 22	$0.54	$0.58	+7.4%	—	$189.8M	—
Q3 22	$1.01	$0.93	-7.9%	—	$163.4M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.72	—	—	$743.7M	—
FY24	—	$3.33	—	—	$676.9M	—
FY23	—	$3.25	—	—	$690.4M	—
FY22	—	$3.07	—	—	$714.5M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$544.7M	$563.1M	$559.8M	$568.9M	$538.6M	$606.6M	$714.5M	$690.4M	$676.9M	$743.7M
YoY change	-3.42%	+3.37%	-0.59%	+1.62%	-5.31%	+12.6%	+17.8%	-3.37%	-1.95%	+9.85%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	544.7M	563.1M	559.8M	568.9M	538.6M	606.6M	714.5M	690.4M	676.9M	743.7M
Cost of revenue	356.2M	366.1M	369.7M	366.5M	334.7M	393M	470.6M	421.4M	398.1M	434.8M
Gross profit	188.6M	197M	190M	202.3M	203.9M	213.6M	243.9M	269M	278.8M	308.9M
Gross margin	34.6%	35%	33.9%	35.6%	37.9%	35.2%	34.1%	39%	41.2%	41.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—
Operating income	123.9M	124.6M	114.2M	110.9M	110M	117.3M	137.7M	146.4M	146.3M	170.7M
Operating margin	22.7%	22.1%	20.4%	19.5%	20.4%	19.3%	19.3%	21.2%	21.6%	22.9%
Non-operating income, net	14.1M	14.4M	17.1M	18.8M	25.4M	16.7M	26.1M	29.5M	17.8M	19.8M
Pretax income	118.1M	119.7M	111.7M	106.7M	111.8M	109.9M	137.2M	145.5M	131.2M	156.7M
Income tax	42.5M	22.1M	27.4M	19.8M	19.4M	4.1M	26.2M	27.8M	10.6M	20.8M
Net income	75.6M	97.6M	84.2M	86.9M	92.4M	105.8M	111M	117.7M	120.6M	135.9M
Net margin	13.9%	17.3%	15%	15.3%	17.2%	17.4%	15.5%	17%	17.8%	18.3%
EBITDA	182.6M	192.1M	187.7M	201.3M	209.6M	211M	249.4M	276.3M	272.7M	304.8M
EPS	2.18	2.82	2.43	2.51	2.6	2.92	3.07	3.25	3.33	3.72
Diluted EPS	2.18	2.82	2.43	2.51	2.6	2.92	3.07	3.25	3.33	3.72

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	160.5M	164.7M	191.3M	145.7M	168.5M	171.4M	219M	159.5M	175.7M	189.6M	242.7M	161.2M
Cost of revenue	85.9M	109.7M	118M	83.1M	87.1M	109.9M	—	90.9M	89.7M	121.7M	155.2M	93.2M
Gross profit	74.6M	54.9M	73.3M	62.6M	81.3M	61.5M	—	68.5M	86M	67.9M	87.5M	67.9M
Gross margin	46.5%	33.4%	38.3%	43%	48.3%	35.9%	—	43%	49%	35.8%	36.1%	42.2%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	160.1M	—	—	—	—	—
Operating income	43.8M	24.2M	40.7M	29.7M	48.1M	27.6M	52.9M	34.2M	51.1M	32.5M	53.2M	32.6M
Operating margin	27.3%	14.7%	21.3%	20.4%	28.6%	16.1%	24.1%	21.5%	29.1%	17.1%	21.9%	20.2%
Non-operating income, net	10.5M	8.7M	3.9M	3.9M	4.8M	5.3M	—	3.7M	9.9M	3.6M	11M	14.3M
Pretax income	46.7M	25.3M	36.6M	25.3M	44.6M	24.7M	47.9M	29.5M	52.3M	27M	54.3M	37.6M
Income tax	8.8M	5.3M	2.8M	1.5M	3.6M	2.7M	6.3M	3M	7.8M	3.7M	5.9M	4.3M
Net income	37.9M	20.1M	33.8M	23.8M	40.9M	22M	41.6M	26.5M	44.5M	23.3M	48.5M	33.4M
Net margin	23.6%	12.2%	17.7%	16.3%	24.3%	12.8%	19%	16.6%	25.3%	12.3%	20%	20.7%
EBITDA	79.6M	58.3M	71.2M	60.5M	80.1M	60.8M	83.1M	66.3M	89.8M	65.6M	92.2M	75.9M
EPS	1.05	—	0.93	0.66	1.13	0.61	1.14	0.73	1.22	0.64	1.32	0.89
Diluted EPS	1.05	—	0.93	0.66	1.13	0.61	1.14	0.72	1.22	0.64	1.32	0.89

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.3B	2.2B	2.1B	2.7B	2.5B	3B	2.5B	2.6B	3.4B	2.9B	2.6B
Enterprise value	2.6B	2.5B	2.5B	3.3B	3B	3.6B	3.3B	3.4B	4.2B	3.8B	3.6B
Shares outstanding	34.7M	34.7M	34.7M	34.7M	35.6M	36.2M	36.2M	36.2M	36.2M	36.5M	36.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	30	22.4	24.7	31.5	27	28.1	22.9	22.2	28.2	21.1	16.9
P/S	4.16	3.88	3.71	4.8	4.63	4.9	3.56	3.79	5.03	3.85	3.45
P/B	3.13	2.81	2.55	3.19	2.56	2.89	2.35	2.29	2.77	2.2	1.8
EV/EBITDA	14	13	13.4	16.2	14.5	17.1	13.1	12.2	15.3	12.4	12.4
EV/Sales	4.69	4.45	4.48	5.75	5.65	5.93	4.56	4.9	6.16	5.07	4.74
Earnings yield	3.34%	4.46%	4.05%	3.18%	3.71%	3.56%	4.36%	4.5%	3.54%	4.74%	5.92%
FCF yield	2.84%	1.06%	-2.85%	-1.23%	-1.23%	-0.53%	-0.84%	0.59%	1.2%	-2.79%	-7.94%
PEG	—	—	—	—	—	—	—	—	—	—	0.77

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	34.6%	35%	33.9%	35.6%	37.9%	35.2%	34.1%	39%	41.2%	41.5%	42.2%
Operating margin	22.7%	22.1%	20.4%	19.5%	20.4%	19.3%	19.3%	21.2%	21.6%	22.9%	22.7%
Net margin	13.9%	17.3%	15%	15.3%	17.2%	17.4%	15.5%	17%	17.8%	18.3%	19.9%
ROE	10.4%	12.5%	10.3%	10.2%	9.47%	10.3%	10.3%	10.3%	9.8%	10.4%	11%
ROA	4.2%	5.26%	4.24%	4.17%	4.1%	4.46%	4.41%	4.4%	4.26%	4.31%	3.72%
ROIC	7.81%	9.26%	6.91%	6.49%	5.96%	6.83%	6.2%	6.2%	6.73%	6.71%	6.27%
Return on tangible assets	4.2%	5.26%	4.24%	4.17%	4.1%	4.46%	4.41%	4.4%	4.26%	4.31%	4.53%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.66	2.3	1.99	1.41	1.1	1.69	1.08	1.52	1.81	0.77	1.14
Quick ratio	2.26	1.95	1.65	1.06	0.85	1.25	0.75	1.05	1.27	0.55	0.79
Debt / equity	0.53	0.55	0.63	0.66	0.61	0.62	0.67	0.68	0.64	0.7	0.65
Debt / assets	0.21	0.23	0.26	0.27	0.26	0.27	0.29	0.29	0.28	0.29	0.28
Net debt / EBITDA	1.59	1.66	2.29	2.67	2.62	2.96	2.87	2.78	2.81	2.96	2.84
Interest coverage	6.94	7.19	6.69	5.62	5.75	5.56	6.15	5.78	4.98	5.63	5.65
Effective tax rate	36%	18.5%	24.6%	18.5%	17.4%	3.75%	19.1%	19.1%	8.08%	13.3%	12.6%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	15.7	16.2	16.1	16.4	15.1	16.8	19.8	19.1	18.7	20.4	20.5
EPS (basic)	2.18	2.82	2.43	2.51	2.6	2.92	3.07	3.25	3.33	3.72	3.72
EPS (diluted)	2.18	2.82	2.43	2.51	2.6	2.92	3.07	3.25	3.33	3.72	4.07
Book value per share	20.9	22.4	23.6	24.7	27.4	28.4	29.9	31.5	34	35.7	38.1
FCF per share	1.85	0.67	-1.71	-0.97	-0.86	-0.43	-0.59	0.43	1.13	-2.19	-4.39
Cash per share	2.77	3.11	2.4	0.68	1.26	0.48	0.32	0.31	0.59	0.16	0.44
Capex per share	0	0.08	0	0	—	—	—	—	—	9.39	11.8

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0%	0.5%	0%	0%	—	—	—	—	—	46.2%	57.5%
Capex / operating cash flow	0%	2.13%	0%	0%	—	—	—	—	—	130.4%	159.1%
Payout ratio	55.3%	44.8%	54.3%	55.1%	56%	51.8%	51.8%	51.3%	52.7%	49.7%	46.7%
Dividend yield	1.85%	2%	2.2%	1.75%	2.07%	1.84%	2.26%	2.31%	1.87%	2.36%	2.95%

Yield

2.95%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.5083

ex-dividend Sep 1, 2026

Payout ratio

47%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 1, 2026	$0.5083
Jun 1, 2026	$0.475
Feb 27, 2026	$0.475

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$160.5M	$164.7M	$191.3M	$145.7M	$168.5M	$171.4M	$219M	$159.5M	$175.7M	$189.6M	$242.7M	$161.2M
YoY change	-1.76%	-13.3%	-11.9%	-1.54%	+4.95%	+4.11%	+14.4%	+9.43%	+4.27%	+10.6%	+10.8%	+1.09%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	96M	108M	83.1M	23.5M	44.7M	17.4M	11.6M	11.1M	21.3M	5.7M
Receivables	39.9M	42.3M	43.6M	40.5M	41.4M	46.2M	55.4M	46.7M	51.3M	57.6M
Inventory	41.1M	43.8M	42M	45.3M	47.3M	52M	74.3M	72.6M	67.6M	64.2M
Total current assets	275.5M	290.6M	240.6M	181.6M	209.5M	199.4M	243.5M	238.2M	227.3M	228.5M
Property, plant & equipment	-1.2B	-1.3B	-566.4M	-633.4M	-656.4M	-661M	-647.4M	-700.1M	-741.4M	-852.7M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—
Total assets	1.8B	1.9B	2B	2.1B	2.3B	2.4B	2.5B	2.7B	2.8B	3.2B
Accounts payable	47.8M	47.6M	46.2M	55.2M	54.6M	64.1M	59.3M	65.5M	77.5M	117.7M
Short-term debt	4.3M	28.5M	17.6M	19.7M	57.3M	10.4M	124.8M	43.1M	5.3M	116.2M
Total current liabilities	103.5M	126.5M	120.6M	128.8M	190.9M	117.8M	225.1M	157.2M	125.6M	296.7M
Long-term debt	382.8M	398.2M	495.1M	541.1M	536.8M	631.5M	602.4M	736.9M	782.2M	792.2M
Total liabilities	1.1B	1.1B	1.2B	1.2B	1.3B	1.3B	1.4B	1.5B	1.6B	1.9B
Shareholders' equity	724.1M	778.2M	816.6M	855.7M	976M	1B	1.1B	1.1B	1.2B	1.3B
Total debt	387.1M	426.6M	512.7M	560.8M	594.1M	641.9M	727.2M	780M	787.4M	908.4M
Net debt	291.2M	318.7M	429.6M	537.3M	549.4M	624.5M	715.6M	768.9M	766.1M	902.7M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	11.3M	11.1M	16.7M	16.3M	14.9M	21.3M	35.3M	10.6M	10.1M	5.7M	9.5M	16.6M
Receivables	43.8M	46.7M	45.3M	43M	44.6M	51.3M	53.1M	43.3M	41.5M	57.6M	59M	42.3M
Inventory	72.4M	72.6M	69.7M	70.6M	69.4M	67.6M	61.7M	66.2M	68.1M	64.2M	58.8M	65M
Total current assets	216.4M	238.2M	221.7M	222.2M	210.3M	227.3M	222.3M	198.3M	195M	228.5M	211.1M	210.9M
Property, plant & equipment	168.5M	-700.1M	110M	128.2M	155.4M	-741.4M	84.2M	102.6M	219.9M	-852.7M	326.4M	372.6M
Goodwill & intangibles	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	2.6B	2.7B	2.7B	2.7B	2.7B	2.8B	2.8B	2.9B	3B	3.2B	3.2B	3.3B
Accounts payable	53.6M	65.5M	41.6M	49.8M	45.7M	77.5M	48M	50.3M	67.1M	117.7M	57.3M	66.8M
Short-term debt	27.1M	43.1M	46.2M	65M	53.8M	5.3M	5.3M	10.9M	96.4M	116.2M	60.7M	55.3M
Total current liabilities	122.8M	157.2M	139.7M	168.1M	149.6M	125.6M	107.5M	109.8M	215.1M	296.7M	183.2M	185.6M
Long-term debt	708M	736.9M	717.6M	716.5M	715.3M	782.2M	762.5M	761.3M	745M	792.2M	880.3M	879.1M
Total liabilities	1.5B	1.5B	1.5B	1.6B	1.6B	1.6B	1.6B	1.6B	1.7B	1.9B	1.8B	1.9B
Shareholders' equity	1.1B	1.1B	1.2B	1.2B	1.2B	1.2B	1.3B	1.3B	1.3B	1.3B	1.3B	1.4B
Total debt	735.1M	780M	763.8M	781.5M	769M	787.4M	767.8M	772.1M	841.4M	908.4M	941.1M	934.4M
Net debt	723.8M	768.9M	747.1M	765.2M	754.1M	766.1M	732.5M	761.6M	831.3M	902.7M	931.6M	917.7M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	75.6M	97.6M	84.2M	86.9M	92.4M	105.8M	111M	117.7M	120.6M	135.9M
Depreciation & amortization	44.6M	53.1M	56.4M	71.6M	74.2M	77M	85.5M	100.4M	108.6M	114.3M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Change in working capital	9.7M	-3.6M	7.2M	-24.2M	6.3M	-36.1M	-50M	14M	44.4M	11.6M
Operating cash flow	140.3M	132.3M	145.2M	135.9M	174.3M	144.7M	161.1M	246.9M	267.9M	263.2M
Capital expenditure	0	2.8M	0	0	—	—	—	—	—	-343.2M
Investing cash flow	-3.2M	-8.1M	-6.1M	-8.3M	-7.3M	-3.8M	-5.1M	-7.9M	-4.6M	-350.6M
Dividends paid	-41.8M	-43.7M	-45.8M	-47.8M	-51.7M	-54.8M	-57.5M	-60.4M	-63.6M	-67.6M
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-46.1M	-4.6M	38.1M	-17.2M	59.2M	-8.8M	25.5M	-10.5M	-26.8M	71.6M
Net change in cash	91.1M	119.5M	177.2M	110.3M	226.2M	132.1M	181.5M	228.5M	236.5M	-15.8M
Free cash flow	64.2M	23.2M	-59.2M	-33.6M	-30.7M	-15.6M	-21.3M	15.5M	40.9M	-80M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	37.9M	20.1M	33.8M	23.8M	40.9M	22M	41.6M	26.5M	44.5M	23.3M	48.5M	33.4M
Depreciation & amortization	25.2M	25.4M	26.6M	26.9M	27.1M	27.9M	27.7M	28.4M	28.8M	29.5M	28.1M	28.9M
Stock-based compensation	—	—	—	—	—	—	—	—	—	—	—	—
Change in working capital	5.6M	-12.5M	5.2M	14.7M	9.8M	15.7M	7.2M	2.3M	28.8M	-5.3M	8.1M	14.1M
Operating cash flow	69M	39.3M	64.2M	62.8M	77.8M	64.1M	76.7M	56.1M	94.8M	34.5M	80.7M	68.1M
Capital expenditure	—	—	—	—	—	—	—	-64.1M	-143.9M	-87.6M	-101.1M	-109.8M
Investing cash flow	-2.1M	-1.8M	-1.7M	-232K	-1.7M	-1M	-2.9M	-67.7M	-143.6M	-88.7M	-105.5M	-110.9M
Dividends paid	-15.5M	-15.5M	-15.5M	-15.5M	-16.3M	-16.4M	-16.4M	-16.4M	-17.4M	-17.4M	-17.4M	-17.9M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-27.4M	28.8M	-14.3M	1.9M	-26.4M	12M	-15.1M	-12M	49.7M	-1M	-25.8M	104.2M
Net change in cash	39.5M	66.3M	48.2M	64.5M	49.7M	75.1M	58.7M	-23.5M	884K	-55.3M	-50.5M	61.5M
Free cash flow	24.4M	-28.3M	21M	-2.2M	27M	-4.9M	30.2M	-8M	-49.1M	-53.1M	-20.4M	-41.6M

Date	Ratio
Feb 10, 2014	3:2
Feb 21, 1996	3:2
Jan 22, 1992	3:2

MGE Energy Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history