Mge Energy IncMge Energy Inc
Mge Energy Inc

Mge Energy Inc

MGEE
Utilities·Electric Utilities

MGE Energy, Inc. engages in the provision of natural gases and electric services. It operates through the following segments: Regulated Electric Utility Operations, Regulated Gas Utility Operations, Non-Regulated Energy Operations, Transmission Investments, and All Other. The Regulated Electric Utility Operations segment involves generating, purchasing, and distributing electricity. The Regulated Gas Utility Operations segment includes purchasing and distributing natural gas. The Non-Regulated Energy Operations segment offers owning and leasing electric generating capacity. The Transmission Investments segment represents investment in American Transmission Company LLC, a company engaged in the business of providing electric transmission services primarily in Wisconsin. The All Other segment invests in companies and property that relate to the regulated operations and financing the regulated operations. The company was founded in 2001 and is headquartered in Madison, WI.

Wisconsin; U.S.A
Market cap
No dataNo data
Revenue
$743.7MNo data
Net income
$135.9M+12.7% YoY
Free cash flow
$-80M−295.8% YoY

Market

Listed stock
MGEEPriceNasdaq
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Financial performance

Revenue
$743.7MNo data
Operating income
$170.7M+16.7% YoY
Net income
$135.9M+12.7% YoY
Free cash flow
$-80M−295.8% YoY

Revenue, profit & cash trend

Operating income
Net income
Free cash flow
Reference
Operating income: 2021 $117.3M, 2022 $137.7M, 2023 $146.4M, 2024 $146.3M, 2025 $170.7M. Net income: 2021 $105.8M, 2022 $111M, 2023 $117.7M, 2024 $120.6M, 2025 $135.9M. Free cash flow: 2021 $-15.6M, 2022 $-21.3M, 2023 $15.5M, 2024 $40.9M, 2025 $-80M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
No dataNo data
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $117.3M, 2022-12-31 $137.7M, 2023-12-31 $146.4M, 2024-12-31 $146.3M, 2025-12-31 $170.7M. Net income: 2021-12-31 $105.8M, 2022-12-31 $111M, 2023-12-31 $117.7M, 2024-12-31 $120.6M, 2025-12-31 $135.9M. Free cash flow: 2021-12-31 $-15.6M, 2022-12-31 $-21.3M, 2023-12-31 $15.5M, 2024-12-31 $40.9M, 2025-12-31 $-80M

Growth heatmap

2022202320242025CAGR
RevenueNo data
No data
Gross profit
-8.9%
-12.2%
-3.0%
0.0%
No data
Operating income
+17.4%
+6.3%
-0.1%
+16.7%
+9.8%
Free cash flow
-36.1%
+172.7%
+163.8%
-295.8%
No data

Earnings quality

Operating cash flow
$263.2M−5.2% YoY
Net income
$135.9M+12.7% YoY
Free cash flow
$-80M−295.8% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 194%, 2024-12-31 230%, 2023-12-31 202%, 2022-12-31 139%, 2021-12-31 130%. Free cash flow: 2025-12-31 -59%, 2024-12-31 34%, 2023-12-31 13%, 2022-12-31 -19%, 2021-12-31 -15%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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