NASDAQ : MGEE
MGE Energy, Inc. — Financial statements
Utilities · Utilities - Regulated Electric · United States
Last price 73.77 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 2.79B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
MGE Energy, Inc. (MGEE) reported revenue of 752.13M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 752.13M | 726.65M | 659.94M | 673.93M | 699.82M | 593.08M |
| Fuel & Purchased Power | 88.55M | 90.85M | 86.85M | 98.85M | 108.15M | 94.03M |
| Operations & Maintenance | 245.67M | 233.19M | 223.63M | 213.19M | 208.57M | 196.42M |
| Selling, General & Admin | 385.00K | 385.00K | 441.00K | |||
| Depreciation & Amortization | 115.32M | 114.32M | 108.58M | 100.35M | 85.55M | 76.98M |
| Other Operating Expenses | 119.11M | 105.34M | 84.39M | 109.51M | 140.39M | 91.76M |
| Total Operating Expenses | 569.03M | 544.10M | 503.89M | 521.90M | 542.67M | 459.18M |
| Operating Income | 183.10M | 182.56M | 156.05M | 152.03M | 157.15M | 133.90M |
| Interest Expense | -36.85M | -33.80M | -32.93M | -30.43M | -26.65M | -24.11M |
| Net Interest Expense | -36.85M | -33.80M | -32.93M | -30.43M | -26.65M | -24.11M |
| Income (Loss) on Equity Investments | 14.25M | 13.01M | 12.28M | 10.63M | 9.14M | 9.27M |
| Allowance for Equity Funds for Construction | 6.20M | 6.20M | 5.70M | 5.80M | 3.00M | 5.00M |
| Other Non-Operating Income (Expenses) | 4.57M | -11.31M | -9.93M | 7.47M | -5.46M | -14.18M |
| EBT Excluding Unusual Items | 171.26M | 156.65M | 131.16M | 145.50M | 137.18M | 109.88M |
| Pretax Income | 171.26M | 156.65M | 131.16M | 145.50M | 137.18M | 109.88M |
| Income Tax Expense | 21.63M | 20.77M | 10.60M | 27.80M | 26.22M | 4.12M |
| Net Income | 149.63M | 135.89M | 120.57M | 117.70M | 110.95M | 105.76M |
| Net Income to Common | 149.63M | 135.89M | 120.57M | 117.70M | 110.95M | 105.76M |
| Shares Outstanding (Basic) | 36.76M | 36.53M | 36.21M | 36.16M | 36.16M | 36.16M |
| Shares Outstanding (Diluted) | 36.81M | 36.57M | 36.24M | 36.19M | 36.17M | 36.17M |
| EPS (Basic) | 4.07 | 3.72 | 3.33 | 3.25 | 3.07 | 2.92 |
| EPS (Diluted) | 4.07 | 3.72 | 3.33 | 3.25 | 3.07 | 2.92 |
| Free Cash Flow | -164.26M | -79.99M | 40.86M | 15.49M | -21.30M | -15.64M |
| Free Cash Flow Per Share | -4.46 | -2.19 | 1.13 | 0.43 | -0.59 | -0.43 |
| Dividend Per Share | 1.90 | 1.85 | 1.76 | 1.67 | 1.59 | 1.52 |
| Profit Margin | 19.89% | 18.70% | 18.27% | 17.46% | 15.85% | 17.83% |
| Free Cash Flow Margin | -21.84% | -11.01% | 6.19% | 2.30% | -3.04% | -2.64% |
| EBITDA | 288.32M | 286.78M | 254.13M | 241.98M | 231.90M | 205.18M |
| EBITDA Margin | 38.33% | 39.47% | 38.51% | 35.91% | 33.14% | 34.60% |
| D&A For EBITDA | 105.22M | 104.22M | 98.08M | 89.95M | 74.75M | 71.28M |
| EBIT | 183.10M | 182.56M | 156.05M | 152.03M | 157.15M | 133.90M |
| EBIT Margin | 24.34% | 25.12% | 23.65% | 22.56% | 22.46% | 22.58% |
| Effective Tax Rate | 12.63% | 13.26% | 8.08% | 19.11% | 19.12% | 3.74% |
| Revenue as Reported | 769.13M | 743.65M | 676.94M | 690.43M | 714.52M | 606.58M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 16.62M | 5.67M | 21.30M | 11.14M | 11.60M | 17.44M |
| Accounts Receivable | 72.30M | 100.33M | 87.11M | 79.92M | 98.49M | 81.02M |
| Other Receivables | 14.42M | 12.98M | 10.07M | 15.62M | 11.42M | 16.09M |
| Inventory | 64.98M | 64.18M | 67.64M | 72.65M | 74.28M | 51.96M |
| Prepaid Expenses | 19.12M | 19.31M | 18.39M | 22.31M | 19.13M | 20.21M |
| Restricted Cash | 1.01M | 952.00K | 1.11M | 858.00K | 867.00K | 847.00K |
| Other Current Assets | 22.44M | 25.13M | 21.64M | 35.71M | 27.69M | 11.80M |
| Total Current Assets | 210.90M | 228.55M | 227.26M | 238.20M | 243.48M | 199.37M |
| Property, Plant & Equipment | 2.71B | 2.58B | 2.29B | 2.14B | 1.98B | 1.89B |
| Regulatory Assets | 51.24M | 42.76M | 36.76M | 81.59M | 103.90M | 107.55M |
| Other Intangible Assets | 8.80M | 8.50M | 10.70M | 12.90M | 15.60M | |
| Long-Term Investments | 135.67M | 127.91M | 118.03M | 112.82M | 105.88M | 98.75M |
| Long-Term Deferred Charges | 19.87M | 2.30M | 10.38M | 2.48M | 3.68M | 3.57M |
| Other Long-Term Assets | 172.41M | 164.99M | 132.26M | 93.90M | 68.87M | 60.33M |
| Total Assets | 3.30B | 3.16B | 2.83B | 2.68B | 2.52B | 2.37B |
| Accounts Payable | 66.84M | 117.67M | 77.47M | 65.45M | 59.33M | 64.15M |
| Accrued Expenses | 27.87M | 27.51M | 27.43M | 25.26M | 20.93M | 23.34M |
| Short-Term Debt | 34.75M | 94.53M | 38.00M | 70.50M | 5.50M | |
| Current Portion of Long-Term Debt | 20.51M | 21.63M | 5.29M | 5.15M | 54.31M | 4.89M |
| Current Portion of Leases | 1.34M | 1.36M | 1.29M | 1.18M | 1.21M | |
| Other Current Liabilities | 35.60M | 34.02M | 14.02M | 22.01M | 18.81M | 18.76M |
| Total Current Liabilities | 185.56M | 296.71M | 125.56M | 157.16M | 225.06M | 117.85M |
| Long-Term Debt | 879.10M | 792.21M | 763.70M | 718.82M | 585.25M | 614.21M |
| Long-Term Leases | 26.02M | 26.25M | 25.84M | 25.02M | 25.29M | |
| Pension & Post-Retirement Benefits | 51.45M | 51.10M | 50.16M | 55.06M | 53.61M | 73.08M |
| Long-Term Deferred Tax Liabilities | 401.89M | 386.41M | 361.38M | 325.92M | 300.93M | 275.99M |
| Other Long-Term Liabilities | 341.68M | 299.03M | 270.77M | 252.59M | 246.06M | 238.02M |
| Total Liabilities | 1.86B | 1.85B | 1.60B | 1.54B | 1.44B | 1.34B |
| Common Stock | 37.78M | 36.54M | 36.49M | 36.16M | 36.16M | 36.16M |
| Additional Paid-In Capital | 523.77M | 434.96M | 429.51M | 396.75M | 395.66M | 394.90M |
| Retained Earnings | 878.97M | 832.43M | 764.13M | 707.16M | 649.85M | 596.40M |
| Shareholders' Equity | 1.44B | 1.30B | 1.23B | 1.14B | 1.08B | 1.03B |
| Total Liabilities & Equity | 3.30B | 3.16B | 2.83B | 2.68B | 2.52B | 2.37B |
| Total Debt | 934.36M | 935.73M | 796.59M | 789.09M | 736.26M | 651.10M |
| Net Cash (Debt) | -917.74M | -930.07M | -775.29M | -777.95M | -724.65M | -633.66M |
| Net Cash Per Share | -24.93 | -25.43 | -21.39 | -21.50 | -20.03 | -17.52 |
| Filing Date Shares Outstanding | 37.78M | 36.56M | 36.51M | 36.17M | 36.16M | 36.16M |
| Total Common Shares Outstanding | 37.78M | 36.54M | 36.49M | 36.16M | 36.16M | 36.16M |
| Working Capital | 25.33M | -68.16M | 101.70M | 81.04M | 18.42M | 81.52M |
| Book Value Per Share | 38.13 | 35.68 | 33.71 | 31.53 | 29.91 | 28.41 |
| Tangible Book Value | 1.44B | 1.30B | 1.22B | 1.13B | 1.07B | 1.01B |
| Tangible Book Value Per Share | 38.13 | 35.44 | 33.48 | 31.23 | 29.55 | 27.98 |
| Machinery | 3.43B | 3.21B | 2.83B | 2.62B | 2.54B | |
| Construction In Progress | 292.97M | 138.21M | 110.09M | 105.75M | 50.60M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 149.63M | 135.89M | 120.57M | 117.70M | 110.95M | 105.76M |
| Depreciation & Amortization | 105.22M | 104.22M | 98.08M | 89.95M | 74.75M | 71.28M |
| Other Amortization | 10.10M | 10.10M | 10.50M | 10.40M | 10.80M | 5.70M |
| Loss (Gain) on Equity Investments | -3.49M | -2.40M | -3.64M | -2.23M | -2.05M | -1.44M |
| Change in Accounts Receivable | -21.75M | -21.75M | -6.57M | 11.17M | -16.73M | -24.65M |
| Change in Inventory | 5.07M | 5.07M | 5.54M | -850.00K | -22.23M | -6.34M |
| Change in Accounts Payable | 919.00K | 8.48M | 6.49M | -5.21M | 5.10M | 2.73M |
| Change in Income Taxes | -924.00K | -924.00K | 3.92M | -3.18M | 1.08M | -5.04M |
| Change in Other Net Operating Assets | 9.31M | 9.77M | 21.89M | 8.47M | -9.29M | -6.93M |
| Other Operating Activities | -4.41M | -5.03M | -6.31M | 9.57M | -425.00K | -5.10M |
| Operating Cash Flow | 278.11M | 263.23M | 277.78M | 237.56M | 153.74M | 137.53M |
| Capital Expenditures | -442.37M | -343.22M | -236.93M | -222.07M | -175.03M | -153.17M |
| Investment in Securities | -11.34M | -9.50M | -4.79M | -7.00M | -5.18M | -4.03M |
| Other Investing Activities | 5.07M | 2.15M | 230.00K | -954.00K | 70.00K | 221.00K |
| Investing Cash Flow | -448.64M | -350.56M | -241.49M | -230.02M | -180.15M | -156.97M |
| Short-Term Debt Issued | 92.53M | 65.00M | ||||
| Long-Term Debt Issued | 50.00M | 50.00M | 139.30M | 25.00M | 100.00M | |
| Total Debt Issued | 227.03M | 142.53M | 50.00M | 139.30M | 90.00M | 100.00M |
| Short-Term Debt Repaid | -38.00M | -32.50M | -47.00M | |||
| Long-Term Debt Repaid | -5.29M | -5.15M | -54.31M | -4.89M | -4.77M | |
| Total Debt Repaid | -66.33M | -5.29M | -43.15M | -86.81M | -4.89M | -51.77M |
| Net Debt Issued (Repaid) | 160.69M | 137.24M | 6.85M | 52.49M | 85.11M | 48.23M |
| Issuance of Common Stock | 88.95M | 3.75M | 31.61M | |||
| Common Dividends Paid | -70.01M | -67.59M | -63.60M | -60.39M | -57.50M | -54.79M |
| Other Financing Activities | -2.55M | -1.84M | -1.69M | -2.58M | -2.07M | -2.20M |
| Financing Cash Flow | 177.08M | 71.57M | -26.83M | -10.48M | 25.54M | -8.76M |
| Net Cash Flow | 6.55M | -15.76M | 9.47M | -2.94M | -867.00K | -28.20M |
| Free Cash Flow | -164.26M | -79.99M | 40.86M | 15.49M | -21.30M | -15.64M |
| Free Cash Flow Margin | -21.84% | -11.01% | 6.19% | 2.30% | -3.04% | -2.64% |
| Free Cash Flow Per Share | -4.46 | -2.19 | 1.13 | 0.43 | -0.59 | -0.43 |
| Levered Free Cash Flow | -206.61M | -89.25M | -19.61M | -24.55M | -63.73M | -47.99M |
| Unlevered Free Cash Flow | -183.58M | -68.13M | 974.50K | -5.53M | -47.08M | -32.92M |
| Cash Interest Paid | 35.76M | 35.76M | 34.31M | 29.53M | 25.96M | 23.50M |
| Cash Income Tax Paid | 6.35M | 6.35M | -13.10M | 9.80M | 3.17M | 4.00M |
| Change in Working Capital | 13.15M | 11.64M | 49.78M | 10.41M | -42.06M | -40.23M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.79B | 2.87B | 3.40B | 2.61B | 2.55B | 2.97B |
| Enterprise Value | 3.70B | 3.70B | 4.16B | 3.34B | 3.21B | 3.54B |
| PE Ratio | 18.11 | 21.09 | 28.22 | 22.22 | 22.95 | 28.12 |
| PS Ratio | 3.70 | 3.94 | 5.16 | 3.88 | 3.64 | 5.01 |
| PB Ratio | 1.93 | 2.20 | 2.77 | 2.29 | 2.35 | 2.90 |
| P/FCF Ratio | 83.26 | 168.82 | ||||
| P/OCF Ratio | 10.02 | 10.89 | 12.25 | 11.01 | 16.56 | 21.63 |
| EV/Sales Ratio | 4.92 | 5.09 | 6.30 | 4.95 | 4.58 | 5.97 |
| EV/EBITDA Ratio | 12.85 | 12.89 | 16.35 | 13.80 | 13.84 | 17.26 |
| EV/EBIT Ratio | 20.23 | 20.25 | 26.63 | 21.96 | 20.42 | 26.45 |
| EV/FCF Ratio | 101.72 | 215.54 | ||||
| Debt / Equity Ratio | 0.65 | 0.72 | 0.65 | 0.69 | 0.68 | 0.63 |
| Debt / EBITDA Ratio | 3.24 | 3.26 | 3.13 | 3.25 | 3.17 | 3.17 |
| Debt / FCF Ratio | 19.50 | 50.94 | ||||
| Net Debt / Equity Ratio | 0.64 | 0.71 | 0.63 | 0.68 | 0.67 | 0.62 |
| Net Debt / EBITDA Ratio | 3.18 | 3.24 | 3.05 | 3.21 | 3.12 | 3.09 |
| Net Debt / FCF Ratio | -5.59 | -11.63 | 18.98 | 50.22 | -34.03 | -40.51 |
| Quick Ratio | 0.56 | 0.40 | 0.94 | 0.68 | 0.54 | 0.97 |
| Current Ratio | 1.14 | 0.77 | 1.81 | 1.52 | 1.08 | 1.69 |
| Asset Turnover | 0.24 | 0.24 | 0.24 | 0.26 | 0.29 | 0.26 |
| Return on Equity (ROE) | 11.04% | 10.72% | 10.17% | 10.60% | 10.52% | 10.56% |
| Return on Assets (ROA) | 3.72% | 3.81% | 3.54% | 3.66% | 4.02% | 3.62% |
| Return on Capital Employed (ROCE) | 5.90% | 6.40% | 5.80% | 6.00% | 6.90% | 5.90% |
| Earnings Yield | 5.52% | 4.74% | 3.54% | 4.50% | 4.36% | 3.56% |
| FCF Yield | -5.90% | -2.79% | 1.20% | 0.59% | -0.84% | -0.53% |
| Dividend Yield | 2.76% | 2.36% | 1.89% | 2.31% | 2.26% | 1.85% |
| Payout Ratio | 49.95% | 49.74% | 52.75% | 51.31% | 51.82% | 51.80% |
| Buyback Yield / Dilution | -1.06% | -0.92% | -0.15% | -0.03% | -0.02% | -1.56% |
| Total Shareholder Return | 1.69% | 1.44% | 1.74% | 2.28% | 2.24% | 0.29% |