MGEENasdaqElectric, Gas & Sanitary ServicesFiscal year ends December 31
MGE ENERGY INC
Financials through Q1 FY2026, quarter ended Mar 31, 2026Last filing: 10-Q on Aug 5, 2026
$71.31−0.96 (-1.33%)
Close on Oct 19, 2026
- Market cap
- $2.61B
- P/E (TTM)
- 18.3
- Dividend yield
- 2.59%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
22.9%+2.5 pts over 5 years
Net margin
18.3%+1.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +9.9% | +1.3% | +6.7% | +2.8% | |
| Operating income | +16.7% | +7.4% | +9.2% | +3.2% | |
| Net income | +12.7% | +7.0% | +8.0% | +6.7% | |
| EPS, diluted | +11.7% | +6.6% | +7.4% | +6.1% | |
| Dividend per share | +5.1% | +5.2% | +5.0% | +4.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 10.7% | 10.1% | 10.7% | |
| Return on assets | 4.3% | 4.3% | 4.5% | |
| Current ratio | 2.66 | 1.10 | 0.77 | |
| Debt to equity | 0.53 | 0.59 | 0.70 | |
| Capex to revenue | 15.4% | 37.7% | 46.2% | |
| Diluted shares | 35M | 36M | 37M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Mge Energy generated $1.07B from operations and spent $1.43B on capital expenditure, dividends and share buybacks. 79% of that went back into the business.
Generated
$1.07B
Used
$1.43B
Capital expenditure$1.13B79%Dividends$303.86M21%Share buybacks$00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin18.3%
×Asset turnover0.25×
×Equity multiplier2.36×
=Return on equity, FY202510.7%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 18.3% | 0.25× | 2.36× | 10.7% |
| FY2024 | 17.8% | 0.25× | 2.32× | 10.2% |
| FY2023 | 17.0% | 0.27× | 2.34× | 10.6% |
| FY2022 | 15.5% | 0.29× | 2.32× | 10.5% |
| FY2021 | 17.4% | 0.26× | 2.31× | 10.6% |
| FY2020 | 17.2% | 0.25× | 2.37× | 10.1% |
| FY2019 | 15.3% | 0.28× | 2.43× | 10.4% |
| FY2018 | 15.0% | 0.29× | 2.41× | 10.6% |
| FY2017 | 17.3% | 0.31× | 2.43× | 13.0% |
| FY2016 | 13.9% | 0.31× | 2.49× | 10.7% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$135.89M
- Cash generatingOperating cash flow above zero$263.23M
- Return on assets improvedROA up on the prior year4.5% → 4.8%
- Earnings backed by cashOperating cash flow above net income$263.23M vs $135.89M
- Less leverageLong-term debt to assets fell27.0% → 25.1%
- Better liquidityCurrent ratio rose1.81 → 0.77
- No dilutionShare count did not rise36M → 37M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.25 → 0.26