MGE Energy (MGEE) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

MGE Energy

NasdaqGS•Utilities•Utilities - Regulated Electric

$75.31-0.05(<0.01%)Pre-market

Market Cap

$2.77B

P/E

18.5x

P/S

3.6x

P/B

1.9x

MGE Energy, Inc., through its subsidiaries, operates as a public utility holding company in the United States. It operates through Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other segments. The company generates, purchases, and distributes electricity; purchases and distributes natural gas; owns and leases electric generating capacity; and plans, constructs, operates, maintains, and expands transmission facilities to provide transmission power services. It also generates electricity from coal-fired, gas-fired, and renewable energy sources and provides solar and wind generation, and battery storage services. As of December 31, 2025, the company owned and operated 811 miles of overhead electric distribution lines; 1,386 miles of underground electric distribution cables; 47 substations with an installed capacity of 1.2 million kVA; and gas facilities, including 3,117 miles of distribution mains, as well as supplied electric service to approximately 170,000 customers. MGE Energy, Inc. was incorporated in 2001 and is headquartered in Madison, Wisconsin.

How this company scores

AverageMetricSide Score: 53/100

Strongest: Profitability (20/25); weakest: Cash & Earnings Quality (2/25).

Profitability20/25

Growth17/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality2/25

Strengths

Strong marginsProfit converts from growthConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 18.5x5y range 18.5x – 28.4x

Currently near its 20-quarter median.

P/S · 3.6x5y range 3.5x – 5.1x

Currently near its 20-quarter median.

P/B · 1.9x5y range 1.9x – 2.9x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 6 of the last 8 quarters — earnings are not translating to cash.

Cash Burn

Red Flag

The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.

Price & Volume

Market Cap $2.77B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $769.13M
Q. Revenue: $161.19M
TTM EBITDA: $169.35M
TTM Op. Income: $169.35M
Q. Op. Income: $32.63M
TTM Net Income: $149.63M
Q. Net Income: $33.35M
EPS: $0.89
Shares Out.: $37.35M

$769.13M in TTM revenue grew 7.1% YoY, reaching $161.19M last quarter. TTM EBITDA of $169.35M and TTM operating income of $169.35M show growth is flowing through to the bottom line. TTM net income of $149.63M means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

EBITDA Margin: 20.2%
Op. Margin: 20.2%
Net Margin: 20.7%

Op. margin of 20.2% is down 1.2% YoY — costs are rising relative to revenue. Net margin at 20.7% Over the past year, operating margin is down 6% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 18.5x
P/S Ratio: 3.6x
P/B Ratio: 1.9x

At 18.5x P/E, the stock trades within typical market levels. P/S of 3.6x and P/B of 1.9x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has fallen for 6 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $3.30B
Cash: $16.62M
Long-Term Debt: $879.10M
Book Value: $1.44B
D/E Ratio: 0.6
Debt/EBITDA: 26.9

With $3.30B in assets and $879.10M in long-term debt, D/E is 0.6and book value is $1.44B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 2% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $68.14M
TTM Free Cash Flow: $-164.26M
FCF Margin: -21.4%
FCF / Net Income: -1.1

TTM FCF of $-164.26M on $68.14M in operating cash flow. The FCF / Net Income ratio of -1.1x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 5 consecutive quarters — a weakening trend.