MGE Energy (MGEE) Financials

$89.19 -1.61 (-1.77%)

As of 09:33 AM Eastern

Annual Income Statements for MGE Energy

This table shows MGE Energy's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	75	118	68	61	48	65	62	98	76	71
Consolidated Net Income / (Loss)	121	118	111	106	92	87	84	98	76	71
Net Income / (Loss) Continuing Operations	121	118	111	106	92	87	84	98	76	71
Total Pre-Tax Income	131	146	137	110	112	107	112	120	118	113
Total Operating Income	146	146	138	117	110	111	114	125	124	124
Total Gross Profit	255	247	223	194	184	182	171	178	169	168
Total Revenue	677	690	715	607	539	569	560	563	545	564
Operating Revenue	677	690	715	607	539	569	560	563	545	564
Total Cost of Revenue	422	444	491	412	354	386	389	385	376	396
Operating Cost of Revenue	398	421	471	393	335	367	370	366	356	376
Other Cost of Revenue	24	22	21	19	20	20	19	19	20	20
Total Operating Expenses	109	100	86	77	74	72	56	53	45	44
Depreciation Expense	109	100	86	77	74	72	56	53	45	44
Total Other Income / (Expense), net	-15	-0.88	-0.57	-7.42	1.84	-4.25	-2.55	-4.93	-5.81	-12
Interest Expense	33	30	27	24	24	23	20	19	20	20
Other Income / (Expense), net	18	30	26	17	25	19	17	14	14	8.61
Income Tax Expense	11	28	26	4.12	19	20	27	22	43	41
Net Income / (Loss) Attributable to Noncontrolling Interest	46	0.00	43	45	45	22	23	0.00	-	-
Basic Earnings per Share	$3.33	$3.25	$3.07	$2.92	$2.60	$2.51	$2.43	$2.82	$2.18	$2.06
Weighted Average Basic Shares Outstanding	36.21M	36.16M	36.16M	36.16M	35.61M	34.67M	34.67M	34.67M	34.67M	34.67M
Diluted Earnings per Share	$3.33	$3.25	$3.07	$2.92	$2.60	$2.51	$2.43	$2.82	$2.18	$2.06
Weighted Average Diluted Shares Outstanding	36.24M	36.19M	36.17M	36.17M	35.61M	34.67M	34.67M	34.67M	34.67M	34.67M
Weighted Average Basic & Diluted Shares Outstanding	53.86M	53.52M	53.51M	0.00	0.00	0.00	34.67M	34.67M	34.67M	34.67M
Cash Dividends to Common per Share	$1.76	$1.67	$1.59	$1.52	$1.45	$1.38	$1.32	$1.26	$1.21	$1.16

This table shows MGE Energy's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	42	-24	41	24	34	20	38	29	31	-12	34
Consolidated Net Income / (Loss)	42	22	41	24	34	20	38	29	31	21	34
Net Income / (Loss) Continuing Operations	42	22	41	24	34	20	38	29	31	21	34
Total Pre-Tax Income	48	25	45	25	37	25	47	36	38	26	42
Total Operating Income	53	28	48	30	41	24	44	38	40	28	42
Total Gross Profit	81	56	75	57	67	50	69	64	65	50	64
Total Revenue	219	171	168	146	191	165	161	148	217	190	163
Operating Revenue	219	171	168	146	191	165	161	148	217	190	163
Total Cost of Revenue	138	116	93	89	124	115	91	84	153	140	99
Operating Cost of Revenue	132	110	87	83	118	110	86	79	147	135	94
Other Cost of Revenue	5.96	5.96	6.10	5.94	5.99	5.38	5.61	5.71	5.61	5.05	5.11
Total Operating Expenses	28	28	27	27	27	25	25	25	25	22	21
Depreciation Expense	28	28	27	27	27	25	25	25	25	22	21
Total Other Income / (Expense), net	-4.98	-2.95	-3.56	-4.47	-4.12	1.18	2.90	-2.82	-2.13	-1.62	-0.58
Interest Expense	7.58	8.21	8.40	8.33	8.00	7.53	7.65	7.76	7.49	6.96	6.65
Other Income / (Expense), net	2.60	5.26	4.84	3.86	3.88	8.71	11	4.94	5.36	5.34	6.07
Income Tax Expense	6.30	2.67	3.64	1.47	2.81	5.26	8.83	6.89	6.82	5.27	8.18
Net Income / (Loss) Attributable to Noncontrolling Interest	5.60	29	5.78	5.77	5.60	-16	5.49	5.38	5.52	27	5.60
Basic Earnings per Share	$1.14	$0.61	$1.13	$0.66	$0.93	$0.55	$1.05	$0.79	$0.86	$0.59	$0.93
Weighted Average Basic Shares Outstanding	36.51M	36.21M	36.18M	36.18M	36.17M	36.16M	36.16M	36.16M	36.16M	36.16M	36.16M
Diluted Earnings per Share	$1.14	$0.61	$1.13	$0.66	$0.93	$0.55	$1.05	$0.79	$0.86	$0.59	$0.93
Weighted Average Diluted Shares Outstanding	36.54M	36.24M	36.21M	36.20M	36.19M	36.19M	36.19M	36.19M	36.18M	36.17M	36.18M
Weighted Average Basic & Diluted Shares Outstanding	53.89M	53.86M	53.56M	53.52M	53.52M	53.52M	53.51M	53.51M	53.51M	53.51M	53.51M
Cash Dividends to Common per Share	$0.45	$0.45	$0.45	$0.43	$0.43	$0.43	$0.43	$0.41	$0.41	$0.41	$0.41

This table details how cash moves in and out of MGE Energy's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-16	-2.94	-0.87	-28	21	-59	-27	4.11	15	16
Net Cash From Operating Activities	278	238	154	138	172	130	153	255	148	141
Net Cash From Continuing Operating Activities	280	238	154	138	172	130	153	255	148	141
Net Income / (Loss) Continuing Operations	121	118	111	106	92	87	84	191	76	71
Consolidated Net Income / (Loss)	121	118	111	106	92	87	84	191	76	71
Depreciation Expense	109	100	86	77	74	72	56	106	45	44
Non-Cash Adjustments To Reconcile Net Income	-0.27	-14	-17	-8.91	-13	-10	-8.90	-21	-13	-10
Changes in Operating Assets and Liabilities, net	51	34	-25	-36	18	-18	21	-20	41	36
Net Cash From Investing Activities	-241	-230	-180	-157	-210	-172	-218	-223	-87	-73
Net Cash From Continuing Investing Activities	-241	-230	-180	-157	-210	-172	-218	-223	-87	-73
Purchase of Property, Plant & Equipment	-237	-222	-175	-153	-203	-164	-212	-216	-84	-72
Purchase of Investments	-4.79	-7.00	-5.19	-4.03	-5.60	-7.81	-5.93	-11	-2.96	-1.05
Sale of Property, Plant & Equipment	0.00	0.00	0.00	0.00	0.00	0.00	0.00	4.54	0.00	0.00
Other Investing Activities, net	0.23	-0.95	0.07	0.22	-1.67	-0.51	-0.21	-0.04	-0.20	-0.23
Net Cash From Financing Activities	-27	-10	26	-8.76	59	-17	38	-29	-46	-52
Net Cash From Continuing Financing Activities	-53	-10	26	-8.76	59	-17	38	-29	-46	-52
Repayment of Debt	-45	-57	-6.96	-6.97	-41	-6.39	-25	-70	-4.34	-12
Payment of Dividends	-120	-60	-58	-55	-52	-48	-46	-107	-42	-40
Issuance of Debt	50	107	90	53	72	37	109	148	-	-
Issuance of Common Equity	32	0.00	0.00	0.00	80	0.00	0.00	0.00	-	-
Other Financing Activities, net	31	-	-	-	-	-	0.00	0.00	-	-

This table details how cash moves in and out of MGE Energy's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	12	27	-48	-0.59	5.10	-1.18	-5.05	1.63	1.66	4.73	-11
Net Cash From Operating Activities	78	68	79	65	66	44	67	71	56	9.45	33
Net Cash From Continuing Operating Activities	78	70	79	65	66	44	67	71	56	9.45	33
Net Income / (Loss) Continuing Operations	42	22	41	24	34	20	38	29	31	21	34
Consolidated Net Income / (Loss)	42	22	41	24	34	20	38	29	31	21	34
Depreciation Expense	28	28	27	27	27	25	25	25	25	22	21
Non-Cash Adjustments To Reconcile Net Income	0.04	-1.02	0.02	-0.02	0.75	-3.22	-5.31	-2.00	-3.76	-3.93	-4.69
Changes in Operating Assets and Liabilities, net	8.55	22	11	14	4.65	1.28	9.26	19	4.08	-29	-17
Net Cash From Investing Activities	-51	-74	-54	-67	-46	-74	-45	-62	-50	-43	-68
Net Cash From Continuing Investing Activities	-51	-74	-54	-67	-46	-74	-45	-62	-50	-43	-68
Purchase of Property, Plant & Equipment	-48	-73	-52	-67	-45	-72	-43	-60	-48	-42	-67
Purchase of Investments	-2.54	-0.44	-1.19	-1.78	-1.38	-1.01	-2.61	-1.85	-1.53	-1.25	-0.61
Other Investing Activities, net	-0.40	-0.57	-0.47	1.55	-0.27	-0.75	0.48	-0.20	-0.48	-0.06	-0.10
Net Cash From Financing Activities	-15	12	-26	1.87	-14	29	-27	-7.17	-4.77	38	24
Net Cash From Continuing Financing Activities	-15	33	-73	1.87	-14	29	-27	-7.17	-4.77	38	24
Repayment of Debt	-1.96	-51	9.06	-1.46	-1.83	-1.71	-32	-1.43	-22	-2.56	-1.36
Payment of Dividends	-16	-26	-63	-15	-15	-15	-15	-15	-15	-15	-15
Issuance of Debt	0.00	50	-22	19	3.00	46	20	9.00	32	56	40
Issuance of Common Equity	3.28	29	2.59	-	0.00	-	-	-	0.00	-	-

This table presents MGE Energy's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	2,828	2,675	2,518	2,372	2,254	2,082	1,989	1,855	1,801	1,726
Total Current Assets	227	238	243	199	210	182	241	291	276	255
Cash & Equivalents	21	11	12	17	45	23	83	108	96	81
Accounts Receivable	97	96	110	97	76	75	78	83	78	70
Inventories, net	68	73	74	52	47	45	42	44	41	48
Current Deferred & Refundable Income Taxes	18	22	19	20	15	17	16	27	27	35
Other Current Assets	23	37	29	13	26	22	21	29	34	20
Plant, Property, & Equipment, net	2,287	2,128	1,971	1,879	1,769	1,643	1,509	1,341	1,282	1,243
Plant, Property & Equipment, gross	2,287	2,128	1,971	1,879	1,769	1,643	1,509	1,341	1,282	1,243
Total Noncurrent Assets	313	309	303	294	275	260	239	223	243	228
Noncurrent Note & Lease Receivables	0.00	0.00	0.00	1.16	1.44	1.81	2.71	4.79	5.60	5.05
Employee Benefit Assets	132	94	69	59	14	14	0.00	7.34	2.02	0.00
Other Noncurrent Operating Assets	181	215	234	234	259	245	236	211	236	223
Total Liabilities & Shareholders' Equity	2,828	2,675	2,518	2,372	2,254	2,082	1,989	1,855	1,801	1,726
Total Liabilities	1,529	1,481	1,386	1,344	1,278	1,226	1,172	1,077	1,077	1,036
Total Current Liabilities	126	157	225	118	191	129	121	127	104	84
Short-Term Debt	5.29	43	125	10	57	20	18	28	4.33	4.27
Accounts Payable	77	65	59	64	55	55	46	48	48	41
Current Employee Benefit Liabilities	16	16	13	13	13	13	13	12	12	11
Other Taxes Payable	12	9.37	7.87	10	8.54	7.24	7.38	5.60	5.50	5.07
Other Current Liabilities	15	23	20	20	58	34	36	33	34	23
Total Noncurrent Liabilities	1,403	1,324	1,161	1,227	1,087	1,097	1,051	950	973	952
Long-Term Debt	764	719	585	614	519	524	493	398	383	387
Asset Retirement Reserve & Litigation Obligation	163	162	157	154	142	165	166	154	22	21
Noncurrent Deferred & Payable Income Tax Liabilities	361	326	301	276	253	244	233	226	385	362
Noncurrent Employee Benefit Liabilities	50	55	54	73	78	69	67	69	74	76
Other Noncurrent Operating Liabilities	65	62	64	109	94	96	92	103	109	107
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,230	1,140	1,082	1,027	976	778	817	1,060	724	690
Total Preferred & Common Equity	1,230	1,140	1,082	1,027	976	856	817	778	724	690
Total Common Equity	1,230	1,140	1,082	1,027	976	856	817	778	724	690
Common Stock	466	433	432	431	431	351	351	351	351	351
Retained Earnings	764	707	650	596	545	505	466	427	373	339

This table presents MGE Energy's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	2,841	2,749	2,725	2,674	2,591	2,560	2,522	2,466
Total Current Assets	222	210	222	222	216	223	223	200
Cash & Equivalents	35	15	16	17	11	17	15	11
Accounts Receivable	91	85	87	88	86	83	96	81
Inventories, net	62	69	71	70	72	72	69	75
Current Deferred & Refundable Income Taxes	14	14	18	14	14	20	13	13
Other Current Assets	21	27	30	33	33	31	31	19
Plant, Property, & Equipment, net	2,298	2,233	2,201	2,140	2,071	2,036	1,997	1,955
Plant, Property & Equipment, gross	2,298	2,233	2,201	2,140	2,071	2,036	-	1,955
Total Noncurrent Assets	321	306	301	312	304	301	302	311
Noncurrent Note & Lease Receivables	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.57
Employee Benefit Assets	135	102	99	97	74	72	71	71
Other Noncurrent Operating Assets	186	205	202	216	229	229	231	240
Total Liabilities & Shareholders' Equity	2,841	2,749	2,725	2,674	2,591	2,560	2,522	2,466
Total Liabilities	1,510	1,482	1,485	1,460	1,455	1,447	1,424	1,390
Total Current Liabilities	108	150	168	140	123	159	146	195
Short-Term Debt	5.32	54	65	46	27	77	68	94
Accounts Payable	48	46	50	42	54	39	39	60
Accrued Expenses	16	10	10	7.60	7.37	8.75	6.48	7.82
Current Employee Benefit Liabilities	13	15	13	12	13	10	9.89	10
Other Current Liabilities	25	25	30	32	22	25	23	22
Total Noncurrent Liabilities	1,403	1,332	1,317	1,320	1,332	1,288	1,278	1,196
Long-Term Debt	762	715	716	718	690	652	653	562
Asset Retirement Reserve & Litigation Obligation	162	152	150	157	155	154	153	155
Noncurrent Deferred & Payable Income Tax Liabilities	365	345	333	330	319	315	307	295
Noncurrent Employee Benefit Liabilities	50	56	56	55	55	54	54	72
Other Noncurrent Operating Liabilities	64	64	62	60	114	114	110	112
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,259	1,195	1,168	1,159	1,135	1,113	0.00	1,075
Total Preferred & Common Equity	1,259	1,195	1,168	1,159	1,135	1,113	0.00	1,075
Total Common Equity	1,259	1,195	1,168	1,159	1,135	1,113	0.00	1,075
Common Stock	1,259	1,195	1,168	1,159	1,135	1,113	-	1,075

This table displays calculated financial ratios and metrics derived from MGE Energy's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.95%	-3.37%	17.79%	12.62%	-5.31%	1.62%	-0.59%	3.37%	-3.42%	-9.01%
EBITDA Growth	-1.31%	10.79%	18.20%	0.68%	4.11%	7.25%	-23.45%	34.28%	3.10%	-6.24%
EBIT Growth	-6.73%	7.39%	22.27%	-1.02%	4.35%	-1.17%	-5.58%	0.79%	3.82%	-10.33%
NOPAT Growth	13.54%	6.29%	-1.32%	24.21%	0.62%	4.87%	-15.23%	28.19%	0.79%	-8.88%
Net Income Growth	2.44%	6.08%	4.91%	14.44%	6.38%	3.15%	-13.72%	29.18%	5.91%	-11.18%
EPS Growth	2.46%	5.86%	5.14%	12.31%	3.59%	3.29%	-13.83%	29.36%	5.83%	-11.21%
Operating Cash Flow Growth	16.93%	54.53%	11.79%	-20.25%	32.17%	-14.74%	-40.10%	72.79%	4.73%	9.65%
Free Cash Flow Firm Growth	845.42%	104.12%	-507.14%	63.60%	13.25%	28.39%	-406.81%	-68.76%	-18.49%	104.59%
Invested Capital Growth	5.22%	6.28%	11.98%	8.41%	9.36%	10.79%	13.46%	8.04%	1.52%	0.00%
Revenue Q/Q Growth	1.01%	-3.52%	4.04%	4.40%	-0.82%	0.15%	-0.03%	0.24%	1.48%	-2.55%
EBITDA Q/Q Growth	0.96%	1.17%	6.15%	-1.56%	-20.79%	27.80%	-33.40%	29.52%	1.87%	-2.50%
EBIT Q/Q Growth	0.02%	-0.23%	9.12%	-3.84%	-0.49%	-1.11%	-0.37%	0.44%	2.43%	-3.79%
NOPAT Q/Q Growth	4.62%	-2.66%	5.54%	1.62%	-3.17%	0.53%	-19.33%	33.75%	-0.57%	-6.49%
Net Income Q/Q Growth	1.63%	-0.82%	7.76%	-2.52%	-0.93%	0.35%	-19.01%	28.47%	4.52%	-5.25%
EPS Q/Q Growth	1.83%	-1.22%	8.48%	-2.99%	-1.89%	0.80%	-19.00%	28.18%	4.31%	-5.07%
Operating Cash Flow Q/Q Growth	9.64%	16.74%	2,937.64%	-24.15%	-39.84%	1,596.79%	-64.64%	122.52%	0.10%	8.23%
Free Cash Flow Firm Q/Q Growth	163.12%	263.61%	-143.66%	-63.42%	-39.48%	95.03%	-262.47%	-95.91%	119.55%	-16.15%
Invested Capital Q/Q Growth	1.25%	5.66%	6.39%	3.44%	3.23%	2.94%	240.88%	270.43%	43.06%	231.09%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.65%	35.74%	31.25%	32.03%	34.19%	32.08%	30.48%	31.56%	30.94%	29.87%
EBITDA Margin	40.28%	40.02%	34.90%	34.78%	38.90%	35.38%	33.53%	43.54%	33.52%	31.40%
Operating Margin	21.61%	21.20%	19.28%	19.34%	20.42%	19.50%	20.40%	22.13%	22.74%	22.03%
EBIT Margin	24.24%	25.48%	22.93%	22.09%	25.13%	22.80%	23.45%	24.69%	25.32%	23.56%
Profit (Net Income) Margin	17.81%	17.05%	15.53%	17.44%	17.16%	15.27%	15.05%	17.33%	13.87%	12.65%
Tax Burden Percent	91.92%	80.89%	80.88%	96.25%	82.63%	81.45%	75.43%	81.54%	63.99%	63.30%
Interest Burden Percent	79.93%	82.70%	83.73%	82.00%	82.62%	82.22%	85.06%	86.10%	85.60%	84.83%
Effective Tax Rate	8.08%	19.11%	19.12%	3.75%	17.37%	18.55%	24.57%	18.46%	36.01%	36.70%
Return on Invested Capital (ROIC)	6.74%	6.27%	6.43%	7.19%	6.30%	6.89%	7.36%	9.62%	7.87%	7.86%
ROIC Less NNEP Spread (ROIC-NNEP)	5.02%	6.18%	6.36%	5.93%	6.57%	6.21%	6.53%	7.17%	6.63%	5.62%
Return on Net Nonoperating Assets (RNNOA)	3.44%	4.32%	4.09%	3.37%	4.24%	4.01%	1.62%	1.32%	2.82%	2.71%
Return on Equity (ROE)	10.17%	10.60%	10.52%	10.56%	10.54%	10.90%	8.98%	10.94%	10.68%	10.57%
Cash Return on Invested Capital (CROIC)	1.64%	0.18%	-4.87%	-0.88%	-2.64%	-3.35%	-5.25%	1.90%	6.36%	7.86%
Operating Return on Assets (OROA)	5.96%	6.78%	6.70%	5.79%	6.24%	6.37%	6.83%	7.60%	7.82%	7.77%
Return on Assets (ROA)	4.38%	4.53%	4.54%	4.57%	4.26%	4.27%	4.38%	5.34%	4.28%	4.17%
Return on Common Equity (ROCE)	10.17%	10.60%	10.52%	10.56%	11.01%	11.43%	7.63%	9.21%	10.68%	10.57%
Return on Equity Simple (ROE_SIMPLE)	9.80%	10.32%	10.26%	10.29%	9.47%	10.15%	10.31%	12.54%	10.44%	10.33%
Net Operating Profit after Tax (NOPAT)	134	118	111	113	91	90	86	102	79	79
NOPAT Margin	19.86%	17.15%	15.59%	18.61%	16.88%	15.88%	15.39%	18.05%	14.55%	13.95%
Net Nonoperating Expense Percent (NNEP)	1.71%	0.09%	0.07%	1.25%	-0.27%	0.67%	0.83%	2.45%	1.24%	2.25%
Return On Investment Capital (ROIC_SIMPLE)	6.73%	6.23%	6.22%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	62.35%	64.26%	68.75%	67.97%	65.81%	67.92%	69.52%	68.44%	69.06%	70.13%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.04%	14.53%	11.97%	12.69%	13.77%	12.58%	10.08%	9.43%	8.20%	7.84%
Earnings before Interest and Taxes (EBIT)	164	176	164	134	135	130	131	139	138	133
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	273	276	249	211	210	201	188	245	183	177
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.09	3.32	3.33	4.05	3.55	4.35	3.40	3.67	4.00	2.92
Price to Tangible Book Value (P/TBV)	4.09	3.32	3.33	4.05	3.55	4.35	3.40	3.67	4.00	2.92
Price to Revenue (P/Rev)	7.43	5.48	5.04	6.86	6.44	6.54	4.96	5.07	5.32	3.57
Price to Earnings (P/E)	67.22	32.17	53.13	68.22	72.84	57.62	44.98	29.27	38.38	28.25
Dividend Yield	1.87%	2.36%	2.36%	1.95%	2.23%	1.93%	2.48%	2.29%	2.16%	2.98%
Earnings Yield	1.49%	3.11%	1.88%	1.47%	1.37%	1.74%	2.22%	3.42%	2.61%	3.54%
Enterprise Value to Invested Capital (EV/IC)	2.82	2.33	2.35	2.92	2.65	3.18	2.57	2.90	3.14	2.33
Enterprise Value to Revenue (EV/Rev)	8.54	6.57	6.02	7.86	7.43	7.70	5.72	5.64	5.86	4.12
Enterprise Value to EBITDA (EV/EBITDA)	21.20	16.42	17.25	22.60	19.10	21.75	17.06	12.95	17.48	13.13
Enterprise Value to EBIT (EV/EBIT)	35.22	25.79	26.25	35.58	29.56	33.75	24.39	22.84	23.13	17.50
Enterprise Value to NOPAT (EV/NOPAT)	42.99	38.32	38.60	42.22	44.02	48.47	37.17	31.25	40.25	29.56
Enterprise Value to Operating Cash Flow (EV/OCF)	20.81	19.10	27.98	34.66	23.20	33.56	20.92	12.43	21.58	16.47
Enterprise Value to Free Cash Flow (EV/FCFF)	176.06	1,306.64	0.00	0.00	0.00	0.00	0.00	158.56	49.77	29.56
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.63	0.67	0.66	0.61	0.59	0.70	0.63	0.40	0.53	0.57
Long-Term Debt to Equity	0.62	0.63	0.54	0.60	0.53	0.67	0.60	0.38	0.53	0.56
Financial Leverage	0.68	0.70	0.64	0.57	0.65	0.65	0.25	0.18	0.42	0.48
Leverage Ratio	2.32	2.34	2.32	2.31	2.47	2.55	2.05	2.05	2.49	2.53
Compound Leverage Factor	1.86	1.93	1.94	1.89	2.04	2.10	1.74	1.76	2.13	2.15
Debt to Total Capital	38.47%	40.06%	39.63%	37.81%	37.14%	41.14%	38.48%	28.70%	34.84%	36.16%
Short-Term Debt to Total Capital	0.26%	2.27%	6.97%	0.63%	3.69%	1.49%	1.32%	1.91%	0.39%	0.39%
Long-Term Debt to Total Capital	38.20%	37.79%	32.66%	37.18%	33.45%	39.65%	37.16%	26.78%	34.45%	35.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	10.62%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	61.53%	59.94%	60.37%	62.19%	62.86%	64.78%	61.52%	52.35%	65.16%	63.84%
Debt to EBITDA	2.82	2.76	2.85	2.96	2.75	2.70	2.72	1.74	2.12	2.21
Net Debt to EBITDA	2.74	2.72	2.80	2.88	2.54	2.58	2.28	1.30	1.59	1.75
Long-Term Debt to EBITDA	2.80	2.60	2.35	2.91	2.48	2.60	2.63	1.62	2.10	2.18
Debt to NOPAT	5.72	6.43	6.37	5.53	6.34	6.02	5.93	4.20	4.88	4.97
Net Debt to NOPAT	5.56	6.34	6.27	5.38	5.85	5.76	4.97	3.14	3.67	3.94
Long-Term Debt to NOPAT	5.68	6.07	5.25	5.44	5.71	5.80	5.73	3.92	4.83	4.92
Altman Z-Score	2.83	2.42	2.43	2.69	2.42	2.67	2.32	2.57	2.58	2.14
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	-4.45%	-4.90%	15.02%	15.80%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.81	1.52	1.08	1.69	1.10	1.41	1.99	2.30	2.66	3.03
Quick Ratio	0.94	0.68	0.54	0.97	0.63	0.76	1.34	1.51	1.68	1.79
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	33	3.47	-84	-14	-38	-44	-61	20	64	79
Operating Cash Flow to CapEx	117.25%	106.98%	87.83%	89.79%	84.89%	79.54%	72.12%	120.67%	176.75%	196.01%
Free Cash Flow to Firm to Interest Expense	1.00	0.11	-3.17	-0.58	-1.62	-1.91	-3.13	1.04	3.23	3.90
Operating Cash Flow to Interest Expense	8.44	7.81	5.77	5.70	7.33	5.66	7.80	13.22	7.44	7.00
Operating Cash Flow Less CapEx to Interest Expense	1.24	0.51	-0.80	-0.65	-1.31	-1.46	-3.02	2.27	3.23	3.43
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.25	0.27	0.29	0.26	0.25	0.28	0.29	0.31	0.31	0.33
Accounts Receivable Turnover	7.03	6.72	6.90	7.00	7.13	7.44	6.94	6.98	7.37	7.52
Inventory Turnover	6.02	6.04	7.78	8.31	7.66	8.85	9.07	9.08	8.40	8.36
Fixed Asset Turnover	0.31	0.34	0.37	0.33	0.32	0.36	0.39	0.43	0.43	0.46
Accounts Payable Turnover	5.91	7.11	7.96	6.94	6.46	7.63	8.30	8.08	8.49	9.59
Days Sales Outstanding (DSO)	51.95	54.30	52.88	52.14	51.18	49.07	52.57	52.31	49.54	48.56
Days Inventory Outstanding (DIO)	60.66	60.43	46.90	43.92	47.65	41.22	40.23	40.22	43.44	43.68
Days Payable Outstanding (DPO)	61.79	51.33	45.88	52.58	56.54	47.86	43.99	45.20	42.99	38.06
Cash Conversion Cycle (CCC)	50.82	63.41	53.90	43.48	42.29	42.44	48.81	47.33	49.98	54.18
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,047	1,945	1,830	1,635	1,508	1,379	1,244	1,097	1,015	1,000
Invested Capital Turnover	0.34	0.37	0.41	0.39	0.37	0.43	0.48	0.53	0.54	0.56
Increase / (Decrease) in Invested Capital	102	115	196	127	129	134	148	82	15	0.00
Enterprise Value (EV)	5,780	4,537	4,301	4,767	4,001	4,378	3,202	3,175	3,191	2,325
Market Capitalization	5,032	3,786	3,602	4,160	3,470	3,718	2,774	2,857	2,900	2,016
Book Value per Share	$22.97	$21.31	$20.21	$19.20	$18.24	$16.45	$15.70	$14.96	$13.92	$13.27
Tangible Book Value per Share	$22.97	$21.31	$20.21	$19.20	$18.24	$16.45	$15.70	$14.96	$13.92	$13.27
Total Capital	1,999	1,902	1,792	1,652	1,553	1,321	1,328	1,487	1,111	1,081
Total Debt	769	762	710	625	577	543	511	427	387	391
Total Long-Term Debt	764	719	585	614	519	524	493	398	383	387
Net Debt	748	751	698	607	532	520	428	319	291	310
Capital Expenditures (CapEx)	237	222	175	153	203	164	212	212	84	72
Debt-free, Cash-free Net Working Capital (DFCFNWC)	86	113	132	74	31	49	54	85	80	93
Debt-free Net Working Capital (DFNWC)	107	124	143	92	76	72	137	193	176	175
Net Working Capital (NWC)	102	81	18	82	19	53	120	164	172	171
Net Nonoperating Expense (NNE)	14	0.71	0.46	7.14	-1.52	3.46	1.93	4.02	3.72	7.31
Net Nonoperating Obligations (NNO)	817	805	749	607	532	601	428	37	291	310
Total Depreciation and Amortization (D&A)	109	100	86	77	74	72	56	106	45	44
Debt-free, Cash-free Net Working Capital to Revenue	12.66%	16.37%	18.42%	12.28%	5.78%	8.61%	9.72%	15.03%	14.76%	16.57%
Debt-free Net Working Capital to Revenue	15.80%	17.99%	20.05%	15.15%	14.08%	12.74%	24.56%	34.20%	32.37%	31.00%
Net Working Capital to Revenue	15.02%	11.74%	2.58%	13.44%	3.45%	9.29%	21.43%	29.15%	31.58%	30.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.33	$3.25	$3.07	$2.92	$2.60	$2.51	$2.43	$2.82	$2.18	$2.06
Adjusted Weighted Average Basic Shares Outstanding	36.21M	36.16M	36.16M	36.16M	53.51M	52.02M	52.02M	52.02M	52.02M	52.02M
Adjusted Diluted Earnings per Share	$3.33	$3.25	$3.07	$2.92	$2.60	$2.51	$2.43	$2.82	$2.18	$2.06
Adjusted Weighted Average Diluted Shares Outstanding	36.24M	36.19M	36.17M	36.17M	53.51M	52.02M	52.02M	52.02M	52.02M	52.02M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$2.60	$2.51	$2.43	$2.82	$2.18	$2.06
Adjusted Weighted Average Basic & Diluted Shares Outstanding	53.86M	53.52M	53.51M	0.00	35.61M	34.67M	34.67M	34.67M	34.67M	34.67M
Normalized Net Operating Profit after Tax (NOPAT)	134	118	111	113	91	90	86	102	79	79
Normalized NOPAT Margin	19.86%	17.15%	15.59%	18.61%	16.88%	15.88%	15.39%	18.05%	14.55%	13.95%
Pre Tax Income Margin	19.38%	21.07%	19.20%	18.11%	20.76%	18.75%	19.95%	21.26%	21.67%	19.98%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.98	5.78	6.15	5.56	5.75	5.62	6.69	7.19	6.94	6.59
NOPAT to Interest Expense	4.08	3.89	4.18	4.68	3.86	3.92	4.39	5.26	3.99	3.90
EBIT Less CapEx to Interest Expense	-2.21	-1.52	-0.42	-0.80	-2.88	-1.49	-4.13	-3.76	2.73	3.02
NOPAT Less CapEx to Interest Expense	-3.11	-3.41	-2.39	-1.67	-4.77	-3.20	-6.43	-5.70	-0.22	0.33
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	99.61%	51.31%	51.82%	51.80%	55.97%	55.07%	54.34%	109.30%	55.29%	56.13%
Augmented Payout Ratio	99.61%	51.31%	51.82%	51.80%	55.97%	55.07%	54.34%	109.30%	55.29%	56.13%

This table displays calculated financial ratios and metrics derived from MGE Energy's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.44%	4.11%	4.95%	-1.54%	-11.93%	-13.26%	-1.76%	-2.86%	3.98%	17.13%	12.02%
EBITDA Growth	16.74%	4.44%	0.63%	-11.58%	1.75%	5.83%	13.69%	25.73%	0.17%	35.57%	11.55%
EBIT Growth	24.30%	0.08%	-2.51%	-22.47%	-1.68%	-1.22%	11.92%	30.68%	-7.06%	69.87%	10.95%
NOPAT Growth	22.05%	28.72%	24.49%	-9.54%	14.61%	-14.29%	3.86%	49.15%	-3.72%	29.63%	-1.86%
Net Income Growth	23.00%	9.65%	8.14%	-17.04%	8.80%	-4.60%	12.27%	31.80%	-9.71%	61.19%	-3.43%
EPS Growth	22.58%	10.91%	7.62%	-16.46%	8.14%	-6.78%	12.90%	31.67%	-9.47%	68.57%	-4.12%
Operating Cash Flow Growth	18.30%	56.12%	18.43%	-8.97%	17.52%	360.41%	103.14%	44.35%	-9.82%	106.79%	-83.35%
Free Cash Flow Firm Growth	53.03%	19.65%	-60.02%	-5.63%	9.52%	44.76%	19.63%	86.59%	87.66%	-58.29%	-25.04%
Invested Capital Growth	5.20%	5.22%	9.80%	9.85%	8.70%	6.28%	7.02%	10.58%	10.04%	11.98%	8.87%
Revenue Q/Q Growth	27.74%	1.74%	15.62%	-23.84%	16.21%	2.57%	8.47%	-31.88%	14.44%	16.18%	7.25%
EBITDA Q/Q Growth	36.66%	-24.02%	32.32%	-15.03%	22.27%	-26.80%	16.27%	-2.22%	27.16%	-21.36%	28.58%
EBIT Q/Q Growth	68.60%	-37.90%	57.72%	-24.73%	35.75%	-39.50%	25.42%	-4.54%	36.39%	-31.46%	46.45%
NOPAT Q/Q Growth	86.26%	-44.24%	57.86%	-25.57%	96.45%	-46.07%	14.70%	-5.69%	46.91%	-34.65%	64.73%
Net Income Q/Q Growth	88.87%	-46.21%	72.06%	-29.63%	68.37%	-46.95%	31.99%	-7.71%	47.63%	-37.57%	54.96%
EPS Q/Q Growth	86.89%	-46.02%	71.21%	-29.03%	69.09%	-47.62%	32.91%	-8.14%	45.76%	-36.56%	55.00%
Operating Cash Flow Q/Q Growth	14.59%	-14.43%	22.88%	-1.82%	51.22%	-35.09%	-5.55%	26.76%	492.44%	-71.36%	-32.88%
Free Cash Flow Firm Q/Q Growth	27.18%	43.53%	10.18%	-27.17%	-24.56%	-12.45%	40.71%	-8.93%	23.95%	-63.62%	90.11%
Invested Capital Q/Q Growth	0.80%	1.25%	0.85%	2.20%	0.83%	5.66%	0.89%	1.12%	-1.41%	6.39%	4.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.78%	32.43%	44.66%	38.89%	35.20%	30.09%	43.00%	42.91%	29.76%	26.18%	39.13%
EBITDA Margin	37.97%	35.50%	47.53%	41.54%	37.23%	35.38%	49.58%	46.25%	32.22%	29.00%	42.84%
Operating Margin	24.14%	16.13%	28.57%	20.41%	21.30%	14.68%	27.28%	25.94%	18.43%	14.72%	26.00%
EBIT Margin	25.33%	19.19%	31.45%	23.05%	23.32%	19.97%	33.85%	29.28%	20.89%	17.53%	29.72%
Profit (Net Income) Margin	18.99%	12.85%	24.30%	16.33%	17.67%	12.20%	23.58%	19.38%	14.31%	11.09%	20.64%
Tax Burden Percent	86.85%	89.18%	91.83%	94.17%	92.33%	79.24%	81.09%	80.64%	82.00%	79.99%	80.47%
Interest Burden Percent	86.33%	75.06%	84.15%	75.22%	82.06%	77.10%	85.91%	82.09%	83.50%	79.08%	86.30%
Effective Tax Rate	13.15%	10.82%	8.17%	5.83%	7.67%	20.76%	18.91%	19.36%	18.00%	20.01%	19.53%
Return on Invested Capital (ROIC)	7.34%	4.88%	9.10%	6.65%	6.94%	4.25%	8.89%	8.65%	6.34%	4.85%	8.71%
ROIC Less NNEP Spread (ROIC-NNEP)	6.80%	4.55%	8.68%	6.10%	6.65%	4.37%	9.24%	8.30%	6.20%	4.66%	8.63%
Return on Net Nonoperating Assets (RNNOA)	4.52%	3.12%	5.71%	4.15%	14.96%	3.06%	5.65%	5.00%	14.16%	3.00%	5.45%
Return on Equity (ROE)	11.86%	7.99%	14.81%	10.79%	21.89%	7.31%	14.54%	13.65%	20.51%	7.85%	14.15%
Cash Return on Invested Capital (CROIC)	2.03%	1.64%	-2.69%	-3.15%	-1.81%	0.18%	0.05%	-3.13%	-3.17%	-4.87%	-2.10%
Operating Return on Assets (OROA)	6.47%	4.72%	7.89%	5.78%	5.97%	5.31%	9.58%	8.42%	6.16%	5.12%	8.44%
Return on Assets (ROA)	4.85%	3.16%	6.10%	4.09%	4.52%	3.24%	6.68%	5.57%	4.22%	3.24%	5.86%
Return on Common Equity (ROCE)	11.86%	7.99%	14.81%	10.79%	21.89%	7.31%	14.54%	13.65%	20.51%	7.85%	7.52%
Return on Equity Simple (ROE_SIMPLE)	10.20%	0.00%	9.93%	9.90%	10.39%	0.00%	10.45%	10.29%	0.00%	0.00%	9.58%
Net Operating Profit after Tax (NOPAT)	46	25	44	28	38	19	36	31	33	22	34
NOPAT Margin	20.97%	14.38%	26.24%	19.22%	19.66%	11.63%	22.12%	20.92%	15.11%	11.77%	20.92%
Net Nonoperating Expense Percent (NNEP)	0.54%	0.32%	0.43%	0.54%	0.29%	-0.12%	-0.35%	0.35%	0.15%	0.19%	0.07%
Return On Investment Capital (ROIC_SIMPLE)	2.27%	1.23%	-	-	-	1.01%	-	-	-	1.25%	-
Cost of Revenue to Revenue	63.22%	67.57%	55.34%	61.11%	64.80%	69.91%	57.00%	57.09%	70.24%	73.82%	60.87%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.64%	16.30%	16.09%	18.48%	13.90%	15.41%	15.72%	16.97%	11.33%	11.47%	13.13%
Earnings before Interest and Taxes (EBIT)	55	33	53	34	45	33	54	43	45	33	49
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	83	61	80	61	71	58	80	68	70	55	70
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.98	4.09	4.10	3.43	3.62	3.32	3.16	3.72	0.00	3.33	3.14
Price to Tangible Book Value (P/TBV)	3.98	4.09	4.10	3.43	3.62	3.32	3.16	3.72	0.00	3.33	3.14
Price to Revenue (P/Rev)	7.11	7.43	7.30	6.04	6.30	5.48	5.01	5.75	5.58	5.04	4.91
Price to Earnings (P/E)	60.58	67.22	65.36	55.69	54.62	32.17	41.72	50.58	58.30	53.13	63.20
Dividend Yield	1.91%	1.87%	1.89%	2.29%	2.16%	2.36%	2.47%	2.11%	2.13%	2.36%	2.49%
Earnings Yield	1.65%	1.49%	1.53%	1.80%	1.83%	3.11%	2.40%	1.98%	1.72%	1.88%	1.58%
Enterprise Value to Invested Capital (EV/IC)	2.78	2.82	2.79	2.38	2.52	2.33	2.33	2.66	2.63	2.35	2.33
Enterprise Value to Revenue (EV/Rev)	8.15	8.54	8.43	7.19	7.43	6.57	5.99	6.74	6.56	6.02	5.85
Enterprise Value to EBITDA (EV/EBITDA)	20.17	21.20	20.92	17.67	17.79	16.42	15.70	18.39	19.01	17.25	17.09
Enterprise Value to EBIT (EV/EBIT)	32.81	35.22	34.43	28.80	28.18	25.79	24.32	28.41	29.57	26.25	26.75
Enterprise Value to NOPAT (EV/NOPAT)	40.21	42.99	43.96	39.89	40.19	38.32	35.25	40.28	43.06	38.60	38.04
Enterprise Value to Operating Cash Flow (EV/OCF)	19.80	20.81	22.30	19.77	19.96	19.10	21.07	28.60	32.12	27.98	793.51
Enterprise Value to Free Cash Flow (EV/FCFF)	140.79	176.06	0.00	0.00	0.00	1,306.64	4,490.01	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	0.63	0.64	0.67	0.66	0.67	0.63	0.66	0.00	0.66	0.61
Long-Term Debt to Equity	0.61	0.62	0.60	0.61	0.62	0.63	0.61	0.59	0.00	0.54	0.52
Financial Leverage	0.66	0.68	0.66	0.68	2.25	0.70	0.61	0.60	2.29	0.64	0.63
Leverage Ratio	2.28	2.32	2.29	2.32	4.48	2.34	2.29	2.30	4.67	2.32	2.39
Compound Leverage Factor	1.97	1.74	1.93	1.74	3.68	1.80	1.97	1.89	3.90	1.83	2.06
Debt to Total Capital	37.88%	38.47%	39.15%	40.09%	39.73%	40.06%	38.71%	39.58%	100.00%	39.63%	37.89%
Short-Term Debt to Total Capital	0.26%	0.26%	2.74%	3.34%	2.40%	2.27%	1.46%	4.19%	9.44%	6.97%	5.45%
Long-Term Debt to Total Capital	37.62%	38.20%	36.41%	36.76%	37.33%	37.79%	37.25%	35.39%	90.56%	32.66%	32.44%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	62.12%	61.53%	60.85%	59.91%	60.27%	59.94%	61.29%	60.42%	0.00%	60.37%	62.11%
Debt to EBITDA	2.70	2.82	2.85	2.90	2.75	2.76	2.63	2.77	2.89	2.85	2.79
Net Debt to EBITDA	2.57	2.74	2.79	2.84	2.69	2.72	2.58	2.70	2.83	2.80	2.75
Long-Term Debt to EBITDA	2.68	2.80	2.65	2.66	2.59	2.60	2.53	2.47	2.62	2.35	2.39
Debt to NOPAT	5.38	5.72	5.98	6.54	6.22	6.43	5.90	6.06	6.55	6.37	6.21
Net Debt to NOPAT	5.13	5.56	5.87	6.41	6.08	6.34	5.80	5.92	6.41	6.27	6.11
Long-Term Debt to NOPAT	5.34	5.68	5.57	6.00	5.84	6.07	5.67	5.42	5.93	5.25	5.32
Altman Z-Score	2.35	2.67	2.32	1.92	2.06	2.24	1.87	2.08	2.08	2.26	1.80
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	46.87%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.07	1.81	1.41	1.32	1.59	1.52	1.76	1.40	1.53	1.08	1.03
Quick Ratio	1.17	0.94	0.67	0.62	0.75	0.68	0.79	0.62	0.76	0.54	0.47
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-56	-77	-136	-152	-119	-96	-85	-144	-132	-173	-106
Operating Cash Flow to CapEx	163.39%	93.26%	151.41%	96.66%	147.00%	60.64%	157.40%	118.03%	117.76%	22.71%	48.93%
Free Cash Flow to Firm to Interest Expense	-7.39	-9.38	-16.23	-18.23	-14.91	-12.72	-11.13	-18.51	-17.61	-24.91	-15.93
Operating Cash Flow to Interest Expense	10.27	8.28	9.46	7.76	8.22	5.78	8.76	9.15	7.48	1.36	4.96
Operating Cash Flow Less CapEx to Interest Expense	3.98	-0.60	3.21	-0.27	2.63	-3.75	3.19	1.40	1.13	-4.62	-5.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.26	0.25	0.25	0.25	0.26	0.27	0.28	0.29	0.30	0.29	0.28
Accounts Receivable Turnover	7.90	7.03	7.84	7.79	7.23	6.72	8.57	8.90	7.52	6.90	8.54
Inventory Turnover	6.64	6.02	5.94	5.89	5.97	6.04	6.34	7.19	8.87	7.78	7.54
Fixed Asset Turnover	0.32	0.31	0.31	0.31	0.32	0.34	0.36	0.36	0.37	0.37	0.36
Accounts Payable Turnover	9.74	5.91	8.49	9.49	10.34	7.11	8.24	7.48	11.94	7.96	8.07
Days Sales Outstanding (DSO)	46.21	51.95	46.59	46.85	50.46	54.30	42.61	41.02	48.52	52.88	42.76
Days Inventory Outstanding (DIO)	54.93	60.66	61.43	61.97	61.16	60.43	57.55	50.77	41.17	46.90	48.39
Days Payable Outstanding (DPO)	37.46	61.79	43.01	38.45	35.31	51.33	44.32	48.78	30.58	45.88	45.22
Cash Conversion Cycle (CCC)	63.68	50.82	65.00	70.37	76.31	63.41	55.84	43.01	59.11	53.90	45.94
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,063	2,047	2,022	2,005	1,961	1,945	1,841	1,825	1,805	1,830	1,720
Invested Capital Turnover	0.35	0.34	0.35	0.35	0.35	0.37	0.40	0.41	0.42	0.41	0.42
Increase / (Decrease) in Invested Capital	102	102	181	180	157	115	121	175	165	196	140
Enterprise Value (EV)	5,739	5,780	5,649	4,765	4,936	4,537	4,288	4,846	4,742	4,301	4,016
Market Capitalization	5,006	5,032	4,895	3,999	4,189	3,786	3,582	4,134	4,035	3,602	3,371
Book Value per Share	$23.38	$22.97	$22.33	$21.82	$32.04	$21.31	$21.22	$20.79	$0.00	$20.21	$20.09
Tangible Book Value per Share	$23.38	$22.97	$22.33	$21.82	$32.04	$21.31	$21.22	$20.79	$0.00	$20.21	$20.09
Total Capital	2,027	1,999	1,964	1,949	1,923	1,902	1,852	1,841	721	1,792	1,731
Total Debt	768	769	769	781	764	762	717	729	721	710	656
Total Long-Term Debt	762	764	715	716	718	719	690	652	653	585	562
Net Debt	733	748	754	765	747	751	706	712	706	698	645
Capital Expenditures (CapEx)	48	73	52	67	45	72	43	60	48	42	67
Debt-free, Cash-free Net Working Capital (DFCFNWC)	85	86	100	103	112	113	109	124	131	132	89
Debt-free Net Working Capital (DFNWC)	120	107	114	119	128	124	121	140	145	143	99
Net Working Capital (NWC)	115	102	61	54	82	81	94	63	77	18	5.05
Net Nonoperating Expense (NNE)	4.32	2.63	3.27	4.21	3.81	-0.93	-2.35	2.28	1.75	1.29	0.47
Net Nonoperating Obligations (NNO)	805	817	826	837	803	805	706	712	1,805	749	645
Total Depreciation and Amortization (D&A)	28	28	27	27	27	25	25	25	25	22	21
Debt-free, Cash-free Net Working Capital to Revenue	12.04%	12.66%	14.86%	15.54%	16.79%	16.37%	15.29%	17.22%	18.07%	18.42%	12.92%
Debt-free Net Working Capital to Revenue	17.05%	15.80%	17.08%	18.00%	19.30%	17.99%	16.86%	19.51%	20.10%	20.05%	14.46%
Net Working Capital to Revenue	16.30%	15.02%	9.06%	8.18%	12.35%	11.74%	13.08%	8.79%	10.69%	2.58%	0.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.14	$0.61	$1.13	$0.66	$0.93	$0.55	$1.05	$0.79	$0.86	$0.59	$0.93
Adjusted Weighted Average Basic Shares Outstanding	36.51M	36.21M	36.18M	36.18M	36.17M	36.16M	36.16M	36.16M	36.16M	36.16M	36.16M
Adjusted Diluted Earnings per Share	$1.14	$0.61	$1.13	$0.66	$0.93	$0.55	$1.05	$0.79	$0.86	$0.59	$0.93
Adjusted Weighted Average Diluted Shares Outstanding	36.54M	36.24M	36.21M	36.20M	36.19M	36.19M	36.19M	36.19M	36.18M	36.17M	36.18M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	53.89M	53.86M	53.56M	53.52M	53.52M	53.52M	53.51M	53.51M	53.51M	53.51M	53.51M
Normalized Net Operating Profit after Tax (NOPAT)	46	25	44	28	38	19	36	31	33	22	34
Normalized NOPAT Margin	20.97%	14.38%	26.24%	19.22%	19.66%	11.63%	22.12%	20.92%	15.11%	11.77%	20.92%
Pre Tax Income Margin	21.87%	14.41%	26.46%	17.34%	19.14%	15.39%	29.08%	24.03%	17.45%	13.86%	25.64%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.32	4.01	6.31	4.04	5.58	4.37	7.10	5.58	6.06	4.78	7.30
NOPAT to Interest Expense	6.06	3.00	5.27	3.36	4.70	2.54	4.64	3.99	4.38	3.21	5.14
EBIT Less CapEx to Interest Expense	1.03	-4.87	0.06	-4.00	-0.02	-5.17	1.53	-2.17	-0.29	-1.20	-2.84
NOPAT Less CapEx to Interest Expense	-0.23	-5.88	-0.98	-4.67	-0.89	-6.99	-0.93	-3.76	-1.97	-2.77	-5.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	94.33%	99.61%	92.45%	53.53%	50.75%	51.31%	50.28%	51.47%	54.11%	51.82%	55.14%
Augmented Payout Ratio	94.33%	99.61%	92.45%	53.53%	50.75%	51.31%	50.28%	51.47%	54.11%	51.82%	55.14%

Frequently Asked Questions About MGE Energy's Financials

When does MGE Energy's financial year end?

According to the most recent income statement we have on file, MGE Energy's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has MGE Energy's net income changed over the last 9 years?

MGE Energy's net income appears to be on an upward trend, with a most recent value of $120.57 million in 2024, rising from $71.34 million in 2015. The previous period was $117.70 million in 2023. Find out what analysts predict for MGE Energy in the coming months.

What is MGE Energy's operating income?

MGE Energy's total operating income in 2024 was $146.26 million, based on the following breakdown:

Total Gross Profit: $254.84 million
Total Operating Expenses: $108.58 million

How has MGE Energy revenue changed over the last 9 years?

Over the last 9 years, MGE Energy's total revenue changed from $564.03 million in 2015 to $676.94 million in 2024, a change of 20.0%.

How much debt does MGE Energy have?

MGE Energy's total liabilities were at $1.53 billion at the end of 2024, a 3.2% increase from 2023, and a 47.6% increase since 2015.

How much cash does MGE Energy have?

In the past 9 years, MGE Energy's cash and equivalents has ranged from $11.14 million in 2023 to $107.95 million in 2017, and is currently $21.30 million as of their latest financial filing in 2024.

How has MGE Energy's book value per share changed over the last 9 years?

Over the last 9 years, MGE Energy's book value per share changed from 13.27 in 2015 to 22.97 in 2024, a change of 73.0%.

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This page (NASDAQ:MGEE) was last updated on 5/29/2025 by MarketBeat.com Staff

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MGE Energy (MGEE) Financials

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MGE Energy (MGEE) Financials

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