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MGE Energy
(NASDAQ:MGEE)
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Rating:65Neutral
Price Target:
$82.00
â–²(5.82% Upside)
Action:Reiterated
Date:06/24/26
MGEE scores as a steady utility primarily supported by stable profitability, consistent ROE, and moderate leverage, but held back by recently negative free cash flow. Technicals are neutral with the stock below longer-term moving averages, while valuation and dividend yield are reasonable but not deeply compelling. Corporate events add modest support via leadership and governance continuity.
Positive Factors
Regulated utility model & steady margins
Operating as a regulated electric and gas utility produces predictable cash flows tied to rate-base returns. Consistent margins and ~10.9% ROE indicate durable earnings quality and predictable revenue recovery mechanisms that support multi-year capital planning and reliability investments.
Negative Factors
Negative free cash flow
Meaningful negative free cash flow reduces financial flexibility to fund infrastructure, dividends, or absorb shocks without external financing. Over several quarters this raises reliance on debt or equity raises and can constrain discretionary investments and rate-case timing.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulated utility model & steady margins
Operating as a regulated electric and gas utility produces predictable cash flows tied to rate-base returns. Consistent margins and ~10.9% ROE indicate durable earnings quality and predictable revenue recovery mechanisms that support multi-year capital planning and reliability investments.
Read all positive factors
MGE Energy (MGEE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.01B
Dividend Yield2.36%
Average Volume (3M)135.28K
Price to Earnings (P/E)20.6
Beta (1Y)0.26
Revenue Growth8.91%
EPS Growth10.48%
CountryUS
Employees717
SectorUtilities
Sector Strength65
IndustryDiversified Utilities
Share Statistics
EPS (TTM)3.90
Shares Outstanding37,746,520
10 Day Avg. Volume172,661
30 Day Avg. Volume135,282
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 Cap1.26
Enterprise Value/Revenue4.94
Enterprise Value/Gross Profit6.40
Enterprise Value/Ebitda12.08
Forecast
1Y Price Target
$77.33Price Target Upside-0.20% Downside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)3.92
Revenue Forecast (FY)$771.00M
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 at Madison Gas and Electric (MGE). The company earns revenue by selling electricity and natural gas to residential, commercial, industrial, and other customers within its author...
MGE Energy Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 767.39M | 743.65M | 676.94M | 690.43M | 714.52M | 606.58M |
| Gross Profit | 592.22M | 723.65M | 278.83M | 269.04M | 243.92M | 213.55M |
| EBITDA | 313.86M | 304.78M | 272.68M | 276.28M | 249.37M | 210.97M |
| Net Income | 142.78M | 135.89M | 120.57M | 117.70M | 110.95M | 105.76M |
Balance Sheet | ||||||
| Total Assets | 3.19B | 3.16B | 2.83B | 2.68B | 2.52B | 2.37B |
| Cash, Cash Equivalents and Short-Term Investments | 9.47M | 6.62M | 21.30M | 11.14M | 11.60M | 17.44M |
| Total Debt | 941.07M | 935.73M | 787.45M | 780.01M | 727.17M | 641.92M |
| Total Liabilities | 1.84B | 1.85B | 1.60B | 1.54B | 1.44B | 1.34B |
| Stockholders Equity | 1.35B | 1.30B | 1.23B | 1.14B | 1.08B | 1.03B |
Cash Flow | ||||||
| Free Cash Flow | -130.64M | -79.99M | 40.86M | 15.49M | -21.30M | -15.64M |
| Operating Cash Flow | 266.06M | 263.23M | 277.78M | 237.56M | 153.74M | 137.53M |
| Investing Cash Flow | -405.43M | -350.56M | -241.49M | -230.02M | -180.15M | -156.97M |
| Financing Cash Flow | 115.19M | 71.57M | -26.83M | -10.48M | 25.54M | -8.76M |
MGE Energy Technical Analysis
Positive
77.49
Price Trends
76.69
Positive
77.40
Positive
78.97
Positive
Market Momentum
0.68
Negative
64.50
Neutral
87.03
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MGEE, the sentiment is Positive. The current price of 77.49 is above the 20-day moving average (MA) of 76.30, above the 50-day MA of 76.69, and below the 200-day MA of 78.97, indicating a bullish trend. The MACD of 0.68 indicates Negative momentum. The RSI at 64.50 is Neutral, neither overbought nor oversold. The STOCH value of 87.03 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $3.81B | 13.26 | 15.21% | 2.54% | -0.54% | -5.27% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
65 Neutral | $3.01B | 20.57 | 10.94% | 2.36% | 8.91% | 10.48% | |
64 Neutral | $3.45B | 16.37 | 7.65% | 5.10% | -1.47% | 7.23% | |
64 Neutral | $5.79B | 19.49 | 7.60% | 3.91% | 3.58% | -1.83% | |
60 Neutral | $4.52B | 26.56 | 5.80% | 4.09% | 9.06% | -29.09% |
* Utilities Sector Average
MGEE
MGE Energy
81.54
-6.09
-6.95%
AVA
Avista
40.91
3.93
10.63%
BKH
Black Hills
74.40
19.85
36.40%
NWE
Northwestern
71.62
21.68
43.42%
OTTR
Otter Tail
89.98
12.94
16.79%
MGE Energy Corporate Events
Business Operations and StrategyExecutive/Board Changes
MGE Energy Announces Vice President of Operations Succession
Positive
Jun 23, 2026
On June 19, 2026, Madison Gas and Electric Company announced that Vice President of Energy Operations James J. Lorenz plans to retire effective December 31, 2026, and will remain in his current role until that date. Effective January 1, 2027, Assi...
Executive/Board ChangesShareholder Meetings
MGE Energy Shareholders Reaffirm Board, Auditor and Pay
Positive
May 22, 2026
At its May 19, 2026 annual meeting of shareholders, MGE Energy, Inc. elected three Class I directors—James G. Berbee, Londa J. Dewey and Angela S. Rieger—to terms expiring at the 2029 annual meeting, reaffirming the company’s exi...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
MGE Energy Highlights Financial Strategy at AGA Forum
Positive
May 8, 2026
On May 8, 2026, MGE Energy, Inc. posted a financial presentation on its Investor Relations website and furnished it to the Securities and Exchange Commission. The materials are intended to support the company’s communication with the investm...
Private Placements and FinancingRegulatory Filings and Compliance
MGE Energy Initiates Shelf Offering to Raise Capital
Neutral
May 8, 2026
MGE Energy disclosed that it is offering and selling shares under an existing shelf registration statement on Form S-3, with the transactions supported by underwriting and forward sale agreements involving forward purchasers and sellers. These fin...
Business Operations and StrategyExecutive/Board Changes
MGE Energy Promotes CFO Bushek to Executive Vice President
Positive
Apr 21, 2026
On April 17, 2026, the boards of MGE Energy and Madison Gas and Electric Company promoted Jared Bushek from Vice President – Chief Financial Officer and Treasurer to Executive Vice President – Chief Financial Officer and Treasurer of b...
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.