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MGEE

MGE Energy, Inc.

MGEE

MGE Energy, Inc. • NASDAQ
$82.82 ▲ 0.13% (+0.11)
Market Cap $3.03 B
52w High $105.81
52w Low $80.67
Dividend Yield 1.38%
P/E 22.44
Volume 60.43K
Outstanding Shares 36.54M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $175.679M ▲ $6.12M ▼ $44.497M ▲ 25.329% ▲ $1.22 ▲ $89.779M ▲
Q2-2025 $159.452M ▼ $34.285M ▼ $26.498M ▼ 16.618% ▼ $0.73 ▼ $66.284M ▼
Q1-2025 $218.97M ▲ $166.105M ▲ $41.592M ▲ 18.994% ▲ $1.14 ▲ $83.147M ▲
Q4-2024 $171.415M ▲ $33.901M ▲ $22.022M ▼ 12.847% ▼ $0.61 ▼ $60.844M ▼
Q3-2024 $168.48M $33.204M $40.939M 24.299% $1.13 $80.083M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $10.806M ▲ $2.991B ▲ $1.693B ▲ $1.298B ▲
Q2-2025 $10.569M ▼ $2.861B ▲ $1.591B ▲ $1.27B ▲
Q1-2025 $35.307M ▲ $2.841B ▲ $1.582B ▼ $1.259B ▲
Q4-2024 $21.302M ▲ $2.828B ▲ $1.598B ▲ $1.23B ▲
Q3-2024 $14.875M $2.749B $1.554B $1.195B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $44.497M ▲ $94.817M ▲ $-143.592M ▼ $49.659M ▲ $-632K ▲ $-49.052M ▼
Q2-2025 $26.498M ▼ $56.091M ▼ $-67.662M ▼ $-11.952M ▲ $-23.523M ▼ $-8.009M ▼
Q1-2025 $41.592M ▲ $77.862M ▲ $-50.592M ▲ $-15.107M ▼ $12.163M ▲ $30.209M ▲
Q4-2024 $22.022M ▼ $67.948M ▼ $-73.876M ▼ $12.018M ▲ $6.901M ▲ $-4.913M ▼
Q3-2024 $40.939M $79.402M $-54.102M $-26.431M $-1.548M $26.96M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Electric
Electric
 $110.00M ▲$130.00M ▲$130.00M ▲$160.00M ▲
Gas
Gas
 $50.00M ▲$100.00M ▲$30.00M ▼$30.00M ▲
Non Regulated Energy
Non Regulated Energy
 $-30.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Earnings have been steady and slowly rising over the past few years. Revenue has grown compared with a few years ago, though it dipped slightly most recently, which is common in utilities given weather and fuel-price swings. Profitability looks consistent: operating and net income have crept upward, and earnings per share have increased at a measured, predictable pace. This points to a mature, well-managed utility business with modest growth rather than rapid expansion. The key risk is that growth is not very fast, so future profit improvement depends on careful cost control and successful recovery of investments through regulated rates.

Balance Sheet

Balance Sheet The balance sheet shows a classic utility profile: large and steadily growing asset base, rising equity, and meaningful but manageable debt. Assets have climbed year after year as the company invests in infrastructure and clean energy projects. Debt has also risen, but not in an alarming way relative to the growth in the business. Cash on hand is kept low, which is typical for a regulated utility that can access capital markets and has predictable cash inflows. Overall, financial leverage appears prudent, but continued investment means there is ongoing sensitivity to interest rates and credit conditions.

Cash Flow

Cash Flow Cash generated from day‑to‑day operations has improved over time, which supports dividends and interest payments. However, the company has been spending heavily on capital projects, so free cash flow has been thin and only recently turned modestly positive after several years of being slightly negative. In plain terms, MGE is plowing most of its cash back into the grid and clean energy assets. That can support long-term growth, but it also means the business likely depends on regular borrowing or equity issuance to fund its expansion program. The main watch point is whether these investments earn strong enough returns to comfortably cover their cost over time.

Competitive Edge

Competitive Edge MGE benefits from a strong competitive position as a regulated monopoly in its service area around Madison, Wisconsin. This provides a stable customer base anchored by government, university, and growing tech and biotech activity, all of which support dependable demand. The company’s reputation for top‑tier reliability and strong customer service reinforces its standing and reduces churn risk. Constructive relations with regulators and high credit ratings further strengthen its position by keeping financing costs relatively low. Key risks include regulatory changes, pressure to keep rates affordable while investing heavily in clean energy, and geographic concentration in a single region.

Innovation and R&D

Innovation and R&D Innovation is focused on modernizing the grid and supporting the clean energy transition rather than traditional laboratory-style R&D. MGE is rolling out advanced meters, smart thermostat and demand-response programs, EV charging networks, and more underground lines to improve reliability. It is also investing in solar, wind, and storage projects and offering programs that let customers subscribe to renewable energy or tailor green solutions. These efforts can deepen customer loyalty and align with policy trends, but they require careful execution and coordination with regulators. The main uncertainty is how quickly these new technologies and programs will translate into measurable financial benefits after the upfront spending.

Summary

MGE Energy looks like a conservative, infrastructure-heavy utility steadily evolving toward a cleaner and smarter grid. Financially, it shows gradual earnings growth, a solid and growing asset base, and rising but reasonable debt tied to large capital projects. Cash flows reflect this investment cycle: strong enough operations, but tight free cash as the company spends heavily on new assets. Its regulated monopoly status, high reliability, and strong credit profile provide important stability and support its long-term plans. The big opportunities lie in executing its clean energy and grid-modernization strategy, while the main risks center on regulation, project execution, and ensuring that heavy investment ultimately delivers attractive returns without overburdening customers.

NEWS

November 25, 2025 · 1:38 PM UTC

MGE to Add More Solar, Battery Storage and Wind

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November 5, 2025 · 4:02 PM UTC

MGE Looks to Add More Solar and Battery Storage to Serve Customers

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November 5, 2025 · 12:14 PM UTC

MGE Energy Reports Third-Quarter 2025 Earnings

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October 17, 2025 · 2:10 PM UTC

MGE Energy Declares Regular Dividend

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September 15, 2025 · 10:04 AM UTC

MGE Energy Issues September 2025 'Inside View'

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