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MGE Energy
(NASDAQ:MGEE)
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Select Model
Rating:65Neutral
Price Target:
$76.00
â–¼(-3.81% Downside)
Action:Reiterated
Date:10/06/26
MGEE scores as a solid but not standout utility: strong profitability and manageable leverage are partially offset by negative free cash flow. The biggest near-term headwind is weak technical momentum (below key moving averages with negative MACD). Valuation and dividend profile are supportive, and recent liquidity and dividend actions are positive.
Positive Factors
Regulated utility model
Regulated electricity and natural gas operations provide recurring customer demand and frameworks for recovering prudent costs and capital investment. This supports revenue visibility and can allow earnings to grow with rate-base expansion, subject to regulatory outcomes and authorized returns.
Negative Factors
Negative free cash flow
Negative free cash flow shows that capital spending or working-capital needs are absorbing more cash than the business generates after investment. Although common during utility investment cycles, the shortfall increases reliance on debt or equity funding to support growth and dividends.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated utility model
Regulated electricity and natural gas operations provide recurring customer demand and frameworks for recovering prudent costs and capital investment. This supports revenue visibility and can allow earnings to grow with rate-base expansion, subject to regulatory outcomes and authorized returns.
Read all positive factors
MGE Energy (MGEE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.78B
Dividend Yield2.63%
Average Volume (3M)191.32K
Price to Earnings (P/E)18.1
Beta (1Y)0.25
Revenue Growth7.07%
EPS Growth13.07%
CountryUS
Employees726
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)4.06
Shares Outstanding37,784,010
10 Day Avg. Volume129,451
30 Day Avg. Volume191,320
Financial Highlights & Ratios
PEG Ratio1.80
Price to Book (P/B)2.20
Price to Sales (P/S)3.85
P/FCF Ratio-35.82
Enterprise Value/Market Cap1.43
Enterprise Value/Revenue5.16
Enterprise Value/Gross Profit12.84
Enterprise Value/Ebitda13.47
Forecast
1Y Price Target
$74.67Price Target Upside-5.50% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering3
EPS Forecast (FY)3.97
Revenue Forecast (FY)$777.74M
MGE Energy Business Overview & Revenue Model
Company Description
MGE Energy, Inc. operates as a public utility holding company, primarily conducting its business in Wisconsin through various subsidiary entities. The company's operations are divided into several key segments: Regulated Electric Utility, Regulate...
How the Company Makes Money
MGE Energy makes money primarily through regulated utility operations conducted by Madison Gas and Electric Company, where revenues are largely derived from charging customers for electricity and natural gas service under tariffed rates approved b...
MGE Energy Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 769.13M | 743.65M | 676.94M | 690.43M | 714.52M | 606.58M |
| Gross Profit | 309.37M | 308.90M | 278.83M | 269.04M | 243.92M | 213.55M |
| EBITDA | 294.86M | 304.78M | 272.68M | 276.28M | 249.37M | 210.97M |
| Net Income | 149.63M | 135.89M | 120.57M | 117.70M | 110.95M | 105.76M |
Balance Sheet | ||||||
| Total Assets | 3.30B | 3.16B | 2.83B | 2.68B | 2.52B | 2.37B |
| Cash, Cash Equivalents and Short-Term Investments | 10.74M | 6.62M | 21.30M | 11.14M | 11.60M | 17.44M |
| Total Debt | 899.61M | 935.73M | 787.45M | 780.01M | 727.17M | 641.92M |
| Total Liabilities | 1.86B | 1.85B | 1.60B | 1.54B | 1.44B | 1.34B |
| Stockholders Equity | 1.44B | 1.30B | 1.23B | 1.14B | 1.08B | 1.03B |
Cash Flow | ||||||
| Free Cash Flow | -164.26M | -79.99M | 40.86M | 15.49M | -21.30M | -15.64M |
| Operating Cash Flow | 278.11M | 263.23M | 277.78M | 237.56M | 153.74M | 137.53M |
| Investing Cash Flow | -448.64M | -350.56M | -241.49M | -230.02M | -180.15M | -156.97M |
| Financing Cash Flow | 177.08M | 71.57M | -26.83M | -10.48M | 25.54M | -8.76M |
MGE Energy Technical Analysis
Neutral
79.01
Price Trends
74.37
Negative
76.81
Negative
76.98
Negative
Market Momentum
-0.22
Negative
55.86
Neutral
80.09
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MGEE, the sentiment is Neutral. The current price of 79.01 is above the 20-day moving average (MA) of 71.03, above the 50-day MA of 74.37, and above the 200-day MA of 76.98, indicating a neutral trend. The MACD of -0.22 indicates Negative momentum. The RSI at 55.86 is Neutral, neither overbought nor oversold. The STOCH value of 80.09 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MGEE.
MGE Energy Risk Analysis
MGE Energy disclosed 26 risk factors in its most recent earnings report. MGE Energy reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
MGE Energy Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $36.20B | 21.36 | 12.19% | 3.44% | 8.93% | -0.59% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $2.78B | 18.10 | 11.10% | 2.68% | 7.07% | 13.07% | |
60 Neutral | $29.91B | 18.86 | 11.70% | 2.78% | 3.76% | 25.15% | |
60 Neutral | $48.75B | 21.27 | 9.64% | 3.01% | 4.57% | 1.46% | |
59 Neutral | $4.77B | 27.81 | 5.92% | 3.44% | 10.69% | -24.15% | |
58 Neutral | $18.06B | 21.97 | 11.04% | 3.05% | 6.83% | -2.08% |
* Utilities Sector Average
MGEE
MGE Energy
73.48
-10.36
-12.35%
LNT
Alliant Energy
69.66
2.88
4.31%
AEE
Ameren
108.04
6.13
6.01%
NWE
Northwestern
77.59
17.90
29.99%
WEC
WEC Energy Group
111.09
-1.73
-1.54%
XEL
Xcel Energy
78.05
-0.21
-0.27%
MGE Energy Corporate Events
Business Operations and StrategyPrivate Placements and Financing
MGE Energy Extends Credit Facilities to Support Liquidity
Positive
Oct 5, 2026
On October 1, 2026, MGE Energy and Madison Gas and Electric Company amended and restated their existing credit agreements largely to extend maturities to October 1, 2031 and preserve prior terms. The move solidifies long-term liquidity for the gro...
Business Operations and StrategyDividends
MGE Energy Boosts Dividend, Extends 51-Year Growth Streak
Positive
Aug 21, 2026
On August 21, 2026, MGE Energy announced that its board approved a 7.0% increase in the regular quarterly dividend to $0.5083 per share on its common stock, payable on September 15, 2026, to shareholders of record as of September 1, 2026. The move...
Business Operations and StrategyFinancial Disclosures
MGE Energy boosts earnings on renewable investment gains
Positive
Aug 5, 2026
On August 5, 2026, MGE Energy, Inc. reported second-quarter 2026 GAAP earnings of $33.4 million, or $0.89 per share, up from $26.5 million, or $0.72 per share, a year earlier. Operating revenues for the quarter rose modestly to $161.2 million from...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.