MGE Energy (MGEE) Financials

$75.28 +0.38 (+0.50%)

As of 01:30 PM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	71	76	98	62	65	48	61	68	74	75	91
Consolidated Net Income / (Loss)	71	76	98	84	87	92	106	111	118	121	136
Net Income / (Loss) Continuing Operations	71	76	98	84	87	92	106	111	118	121	136
Total Pre-Tax Income	113	118	120	112	107	112	110	137	146	131	157
Total Operating Income	124	124	125	114	111	110	117	138	146	146	171
Total Gross Profit	168	169	178	171	182	184	194	223	247	255	285
Total Revenue	564	545	563	560	569	539	607	715	690	677	744
Operating Revenue	564	545	563	560	569	539	607	715	690	677	744
Total Cost of Revenue	396	376	385	389	386	354	412	491	444	422	459
Operating Cost of Revenue	376	356	366	370	367	335	393	471	421	398	435
Other Cost of Revenue	20	20	19	19	20	20	19	21	22	24	24
Total Operating Expenses	44	45	53	56	72	74	77	86	100	109	114
Depreciation Expense	44	45	53	56	72	74	77	86	100	109	114
Total Other Income / (Expense), net	-12	-5.81	-4.93	-2.55	-4.25	1.84	-7.42	-0.57	-0.88	-15	-14
Interest Expense	20	20	19	20	23	24	24	27	30	33	34
Other Income / (Expense), net	8.61	14	14	17	19	25	17	26	30	18	20
Income Tax Expense	41	43	22	27	20	19	4.12	26	28	11	21
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	23	22	45	45	43	44	46	45
Basic Earnings per Share	$2.06	$2.18	$2.82	$2.43	$2.51	$2.60	$2.92	$3.07	$3.25	$3.33	$3.72
Weighted Average Basic Shares Outstanding	34.67M	34.67M	34.67M	34.67M	34.67M	35.61M	36.16M	36.16M	36.16M	36.21M	36.53M
Diluted Earnings per Share	$2.06	$2.18	$2.82	$2.43	$2.51	$2.60	$2.92	$3.07	$3.25	$3.33	$3.72
Weighted Average Diluted Shares Outstanding	34.67M	34.67M	34.67M	34.67M	34.67M	35.61M	36.17M	36.17M	36.19M	36.24M	36.57M
Weighted Average Basic & Diluted Shares Outstanding	34.67M	34.67M	34.67M	34.67M	0.00	0.00	0.00	53.51M	53.52M	53.86M	53.91M
Cash Dividends to Common per Share	$1.16	$1.21	$1.26	$1.32	$1.38	$1.45	$1.52	$1.59	$1.67	$1.76	$1.85

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	38	20	34	24	41	-24	42	26	44	-22	48
Consolidated Net Income / (Loss)	38	20	34	24	41	22	42	26	44	23	48
Net Income / (Loss) Continuing Operations	38	20	34	24	41	22	42	26	44	23	48
Total Pre-Tax Income	47	25	37	25	45	25	48	29	52	27	54
Total Operating Income	44	24	41	30	48	28	53	34	51	32	53
Total Gross Profit	69	50	67	57	75	56	81	63	80	62	81
Total Revenue	161	165	191	146	168	171	219	159	176	190	243
Operating Revenue	161	165	191	146	168	171	219	159	176	190	243
Total Cost of Revenue	91	115	124	89	93	116	138	97	96	128	161
Operating Cost of Revenue	86	110	118	83	87	110	132	91	90	122	155
Other Cost of Revenue	5.61	5.38	5.99	5.94	6.10	5.96	5.96	5.93	6.12	5.91	6.30
Total Operating Expenses	25	25	27	27	27	28	28	28	29	29	28
Depreciation Expense	25	25	27	27	27	28	28	28	29	29	28
Total Other Income / (Expense), net	2.90	1.18	-4.12	-4.47	-3.56	-2.95	-4.98	-4.75	1.21	-5.48	1.19
Interest Expense	7.65	7.53	8.00	8.33	8.40	8.21	7.58	8.46	8.68	9.08	9.81
Other Income / (Expense), net	11	8.71	3.88	3.86	4.84	5.26	2.60	3.71	9.89	3.60	11
Income Tax Expense	8.83	5.26	2.81	1.47	3.64	2.67	6.30	2.98	7.79	3.71	5.86
Net Income / (Loss) Attributable to Noncontrolling Interest	5.49	-16	5.60	5.77	5.78	29	5.60	5.71	5.67	28	5.61
Basic Earnings per Share	$1.05	$0.55	$0.93	$0.66	$1.13	$0.61	$1.14	$0.73	$1.22	$0.63	$1.32
Weighted Average Basic Shares Outstanding	36.16M	36.16M	36.17M	36.18M	36.18M	36.21M	36.51M	36.54M	36.54M	36.53M	36.59M
Diluted Earnings per Share	$1.05	$0.55	$0.93	$0.66	$1.13	$0.61	$1.14	$0.72	$1.22	$0.64	$1.32
Weighted Average Diluted Shares Outstanding	36.19M	36.19M	36.19M	36.20M	36.21M	36.24M	36.54M	36.57M	36.58M	36.57M	36.62M
Weighted Average Basic & Diluted Shares Outstanding	53.51M	53.52M	53.52M	53.52M	53.56M	53.86M	53.89M	53.89M	53.89M	53.91M	54.10M
Cash Dividends to Common per Share	$0.43	$0.43	$0.43	$0.43	$0.45	$0.45	$0.45	$0.45	$0.48	$0.48	$0.48

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	16	15	4.11	-27	-59	21	-28	-0.87	-6.30	-16	-75
Net Cash From Operating Activities	141	148	255	153	130	172	138	154	238	278	263
Net Cash From Continuing Operating Activities	141	148	255	153	130	172	138	154	234	278	263
Net Income / (Loss) Continuing Operations	71	76	191	84	87	92	106	111	118	121	136
Consolidated Net Income / (Loss)	71	76	191	84	87	92	106	111	118	121	136
Depreciation Expense	44	45	106	56	72	74	77	86	100	109	114
Non-Cash Adjustments To Reconcile Net Income	-10	-13	-21	-8.90	-10	-13	-8.91	-17	-14	-1.76	-6.25
Changes in Operating Assets and Liabilities, net	36	41	-20	21	-18	18	-36	-25	30	50	19
Net Cash From Investing Activities	-73	-87	-223	-218	-172	-210	-157	-180	-230	-241	-351
Net Cash From Continuing Investing Activities	-73	-87	-223	-218	-172	-210	-157	-180	-230	-241	-351
Purchase of Property, Plant & Equipment	-72	-84	-216	-212	-164	-203	-153	-175	-222	-237	-343
Purchase of Investments	-1.05	-2.96	-11	-5.93	-7.81	-5.60	-4.03	-5.19	-7.00	-4.79	-9.50
Sale of Property, Plant & Equipment	0.00	0.00	4.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Investing Activities, net	-0.23	-0.20	-0.04	-0.21	-0.51	-1.67	0.22	0.07	-0.95	0.23	2.16
Net Cash From Financing Activities	-52	-46	-29	38	-17	59	-8.76	26	-10	-27	72
Net Cash From Continuing Financing Activities	-52	-46	-29	38	-17	59	-8.76	26	-10	-53	12
Repayment of Debt	-12	-4.34	-70	-25	-6.39	-41	-6.97	-6.96	-57	-45	85
Payment of Dividends	-40	-42	-107	-46	-48	-52	-55	-58	-60	-120	-135
Issuance of Debt	-	-	148	109	37	72	53	90	107	50	50
Issuance of Common Equity	-	-	0.00	0.00	0.00	80	0.00	0.00	0.00	32	3.75
Other Financing Activities, net	-	-	0.00	0.00	-	-	-	-	-	31	8.50

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-5.05	-1.18	5.10	-0.59	-48	27	12	-24	0.88	-65	3.75
Net Cash From Operating Activities	67	44	66	65	79	68	78	56	95	34	81
Net Cash From Continuing Operating Activities	67	44	66	65	79	70	78	56	95	34	80
Net Income / (Loss) Continuing Operations	38	20	34	24	41	22	42	26	44	23	48
Consolidated Net Income / (Loss)	38	20	34	24	41	22	42	26	44	23	48
Depreciation Expense	25	25	27	27	27	28	28	28	29	29	28
Non-Cash Adjustments To Reconcile Net Income	-5.31	-3.22	0.75	-0.02	0.02	-1.02	0.68	-1.62	-5.39	0.72	-6.51
Changes in Operating Assets and Liabilities, net	9.26	1.28	4.65	14	11	22	7.91	2.86	27	-19	10
Net Cash From Investing Activities	-45	-74	-46	-67	-54	-74	-51	-68	-144	-89	-105
Net Cash From Continuing Investing Activities	-45	-74	-46	-67	-54	-74	-51	-68	-144	-89	-105
Purchase of Property, Plant & Equipment	-43	-72	-45	-67	-52	-73	-48	-64	-144	-88	-101
Purchase of Investments	-2.61	-1.01	-1.38	-1.78	-1.19	-0.44	-2.54	-3.33	-3.34	-0.29	-4.82
Other Investing Activities, net	0.48	-0.75	-0.27	1.55	-0.47	-0.57	-0.40	-0.23	3.61	-0.83	0.50
Net Cash From Financing Activities	-27	29	-14	1.87	-26	12	-15	-12	50	49	29
Net Cash From Continuing Financing Activities	-27	29	-14	1.87	-73	33	-15	-12	50	-10	29
Repayment of Debt	-32	-1.71	-1.83	-1.46	9.06	-51	-1.96	-1.48	-1.48	90	-3.85
Payment of Dividends	-15	-15	-15	-15	-63	-26	-16	-16	-17	-85	-17
Issuance of Debt	20	46	3.00	19	-22	50	0.00	5.50	69	-24	36
Issuance of Common Equity	-	-	0.00	-	2.59	29	3.28	0.47	-	-	14

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,726	1,801	1,855	1,989	2,082	2,254	2,372	2,518	2,675	2,828	3,155
Total Current Assets	255	276	291	241	182	210	199	243	238	227	229
Cash & Equivalents	81	96	108	83	23	45	17	12	11	21	5.67
Accounts Receivable	70	78	83	78	75	76	97	110	96	97	113
Inventories, net	48	41	44	42	45	47	52	74	73	68	64
Current Deferred & Refundable Income Taxes	35	27	27	16	17	15	20	19	22	18	19
Other Current Assets	20	34	29	21	22	26	13	29	37	23	26
Plant, Property, & Equipment, net	1,243	1,282	1,341	1,509	1,643	1,769	1,879	1,971	2,128	2,287	2,573
Plant, Property & Equipment, gross	1,243	1,282	1,341	1,509	1,643	1,769	1,879	1,971	2,128	2,287	2,573
Total Noncurrent Assets	228	243	223	239	260	275	294	303	309	313	354
Noncurrent Note & Lease Receivables	5.05	5.60	4.79	2.71	1.81	1.44	1.16	0.00	0.00	0.00	0.00
Employee Benefit Assets	0.00	2.02	7.34	0.00	14	14	59	69	94	132	165
Other Noncurrent Operating Assets	223	236	211	236	245	259	234	234	215	181	189
Total Liabilities & Shareholders' Equity	1,726	1,801	1,855	1,989	2,082	2,254	2,372	2,518	2,675	2,828	3,155
Total Liabilities	1,036	1,077	1,077	1,172	1,226	1,278	1,344	1,386	1,481	1,529	1,775
Total Current Liabilities	84	104	127	121	129	191	118	225	157	126	297
Short-Term Debt	4.27	4.33	28	18	20	57	10	125	43	5.29	116
Accounts Payable	41	48	48	46	55	55	64	59	65	77	118
Accrued Expenses	-	-	-	-	-	-	-	-	-	-	10
Current Employee Benefit Liabilities	11	12	12	13	13	13	13	13	16	16	17
Other Current Liabilities	23	34	33	36	34	58	20	20	23	15	35
Total Noncurrent Liabilities	952	973	950	1,051	1,097	1,087	1,227	1,161	1,324	1,403	1,478
Long-Term Debt	387	383	398	493	524	519	614	585	719	764	792
Asset Retirement Reserve & Litigation Obligation	21	22	154	166	165	142	154	157	162	163	185
Noncurrent Deferred & Payable Income Tax Liabilities	362	385	226	233	244	253	276	301	326	361	386
Noncurrent Employee Benefit Liabilities	76	74	69	67	69	78	73	54	55	50	51
Other Noncurrent Operating Liabilities	107	109	103	92	96	94	109	64	62	65	63
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	690	724	1,060	817	778	976	1,027	1,082	1,140	1,230	1,304
Total Preferred & Common Equity	690	724	778	817	856	976	1,027	1,082	1,140	1,230	1,304
Total Common Equity	690	724	778	817	856	976	1,027	1,082	1,140	1,230	1,304
Common Stock	351	351	351	351	351	431	431	432	433	466	1,304

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	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,466	2,522	2,560	2,591	2,674	2,725	2,749	2,841	2,861	2,991	3,186
Total Current Assets	200	223	223	216	222	222	210	222	198	195	211
Cash & Equivalents	11	15	17	11	17	16	15	35	11	10	9.47
Accounts Receivable	81	96	83	86	88	87	85	91	83	81	103
Inventories, net	75	69	72	72	70	71	69	62	66	68	59
Current Deferred & Refundable Income Taxes	13	13	20	14	14	18	14	14	18	14	14
Other Current Assets	19	31	31	33	33	30	27	21	20	22	26
Plant, Property, & Equipment, net	1,955	1,997	2,036	2,071	2,140	2,201	2,233	2,298	2,341	2,469	2,609
Plant, Property & Equipment, gross	1,955	-	2,036	2,071	2,140	2,201	2,233	2,298	2,341	2,469	2,609
Total Noncurrent Assets	311	302	301	304	312	301	306	321	322	327	366
Noncurrent Note & Lease Receivables	0.57	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Employee Benefit Assets	71	71	72	74	97	99	102	135	138	141	169
Other Noncurrent Operating Assets	240	231	229	229	216	202	205	186	183	186	197
Total Liabilities & Shareholders' Equity	2,466	2,522	2,560	2,591	2,674	2,725	2,749	2,841	2,861	2,991	3,186
Total Liabilities	1,390	1,424	1,447	1,455	1,460	1,485	1,482	1,510	1,517	1,617	1,759
Total Current Liabilities	195	146	159	123	140	168	150	108	110	215	183
Short-Term Debt	94	68	77	27	46	65	54	5.32	11	96	61
Accounts Payable	60	39	39	54	42	50	46	48	50	67	57
Accrued Expenses	7.82	6.48	8.75	7.37	7.60	10	10	16	10	11	14
Current Employee Benefit Liabilities	10	9.89	10	13	12	13	15	13	14	16	14
Other Current Liabilities	22	23	25	22	32	30	25	25	25	24	37
Total Noncurrent Liabilities	1,196	1,278	1,288	1,332	1,320	1,317	1,332	1,403	1,407	1,402	1,576
Long-Term Debt	562	653	652	690	718	716	715	762	761	745	880
Asset Retirement Reserve & Litigation Obligation	155	153	154	155	157	150	152	162	164	170	189
Noncurrent Deferred & Payable Income Tax Liabilities	295	307	315	319	330	333	345	365	366	370	392
Noncurrent Employee Benefit Liabilities	72	54	54	55	55	56	56	50	51	51	51
Other Noncurrent Operating Liabilities	112	110	114	114	60	62	64	64	65	66	63
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,075	0.00	1,113	1,135	1,159	1,168	1,195	1,259	1,270	1,298	1,349
Total Preferred & Common Equity	1,075	0.00	1,113	1,135	1,159	1,168	1,195	1,259	1,270	1,298	1,349
Total Common Equity	1,075	0.00	1,113	1,135	1,159	1,168	1,195	1,259	1,270	1,298	1,349
Common Stock	1,075	-	1,113	1,135	1,159	1,168	1,195	1,259	1,270	1,298	1,349

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.01%	-3.42%	3.37%	-0.59%	1.62%	-5.31%	12.62%	17.79%	-3.37%	-1.95%	9.85%
EBITDA Growth	-6.24%	3.10%	34.28%	-23.45%	7.25%	4.11%	0.68%	18.20%	10.79%	-1.31%	11.77%
EBIT Growth	-10.33%	3.82%	0.79%	-5.58%	-1.17%	4.35%	-1.02%	22.27%	7.39%	-6.73%	16.06%
NOPAT Growth	-8.88%	0.79%	28.19%	-15.23%	4.87%	0.62%	24.21%	-1.32%	6.29%	13.54%	10.11%
Net Income Growth	-11.18%	5.91%	29.18%	-13.72%	3.15%	6.38%	14.44%	4.91%	6.08%	2.44%	12.71%
EPS Growth	-11.21%	5.83%	29.36%	-13.83%	3.29%	3.59%	12.31%	5.14%	5.86%	2.46%	11.71%
Operating Cash Flow Growth	9.65%	4.73%	72.79%	-40.10%	-14.74%	32.17%	-20.25%	11.79%	54.53%	16.93%	-5.24%
Free Cash Flow Firm Growth	104.59%	-18.49%	-68.76%	-406.81%	28.39%	13.25%	63.60%	-507.14%	104.12%	845.42%	-367.89%
Invested Capital Growth	0.00%	1.52%	8.04%	13.46%	10.79%	9.36%	8.41%	11.98%	6.28%	5.22%	11.53%
Revenue Q/Q Growth	-2.55%	1.48%	0.24%	-0.03%	0.15%	-0.82%	4.40%	4.04%	-3.52%	1.01%	2.50%
EBITDA Q/Q Growth	-2.50%	1.87%	29.52%	-33.40%	27.80%	-20.79%	-1.56%	6.15%	1.17%	0.96%	1.57%
EBIT Q/Q Growth	-3.79%	2.43%	0.44%	-0.37%	-1.11%	-0.49%	-3.84%	9.12%	-0.23%	0.02%	1.70%
NOPAT Q/Q Growth	-6.49%	-0.57%	33.75%	-19.33%	0.53%	-3.17%	1.62%	5.54%	-2.66%	4.62%	2.37%
Net Income Q/Q Growth	-5.25%	4.52%	28.47%	-19.01%	0.35%	-0.93%	-2.52%	7.76%	-0.82%	1.63%	0.95%
EPS Q/Q Growth	-5.07%	4.31%	28.18%	-19.00%	0.80%	-1.89%	-2.99%	8.48%	-1.22%	1.83%	0.81%
Operating Cash Flow Q/Q Growth	8.23%	0.10%	122.52%	-64.64%	1,596.79%	-39.84%	-24.15%	2,937.64%	16.74%	9.64%	-11.28%
Free Cash Flow Firm Q/Q Growth	-16.15%	119.55%	-95.91%	-262.47%	95.03%	-39.48%	-63.42%	-143.66%	263.61%	163.12%	-127.28%
Invested Capital Q/Q Growth	231.09%	43.06%	270.43%	240.88%	2.94%	3.23%	3.44%	6.39%	5.66%	1.25%	3.54%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.87%	30.94%	31.56%	30.48%	32.08%	34.19%	32.03%	31.25%	35.74%	37.65%	38.32%
EBITDA Margin	31.40%	33.52%	43.54%	33.53%	35.38%	38.90%	34.78%	34.90%	40.02%	40.28%	40.98%
Operating Margin	22.03%	22.74%	22.13%	20.40%	19.50%	20.42%	19.34%	19.28%	21.20%	21.61%	22.95%
EBIT Margin	23.56%	25.32%	24.69%	23.45%	22.80%	25.13%	22.09%	22.93%	25.48%	24.24%	25.61%
Profit (Net Income) Margin	12.65%	13.87%	17.33%	15.05%	15.27%	17.16%	17.44%	15.53%	17.05%	17.81%	18.27%
Tax Burden Percent	63.30%	63.99%	81.54%	75.43%	81.45%	82.63%	96.25%	80.88%	80.89%	91.92%	86.74%
Interest Burden Percent	84.83%	85.60%	86.10%	85.06%	82.22%	82.62%	82.00%	83.73%	82.70%	79.93%	82.25%
Effective Tax Rate	36.70%	36.01%	18.46%	24.57%	18.55%	17.37%	3.75%	19.12%	19.11%	8.08%	13.26%
Return on Invested Capital (ROIC)	7.86%	7.87%	9.62%	7.36%	6.89%	6.30%	7.19%	6.43%	6.27%	6.74%	6.84%
ROIC Less NNEP Spread (ROIC-NNEP)	5.62%	6.63%	7.17%	6.53%	6.21%	6.57%	5.93%	6.36%	6.18%	5.02%	5.49%
Return on Net Nonoperating Assets (RNNOA)	2.71%	2.82%	1.32%	1.62%	4.01%	4.24%	3.37%	4.09%	4.32%	3.44%	3.89%
Return on Equity (ROE)	10.57%	10.68%	10.94%	8.98%	10.90%	10.54%	10.56%	10.52%	10.60%	10.17%	10.72%
Cash Return on Invested Capital (CROIC)	7.86%	6.36%	1.90%	-5.25%	-3.35%	-2.64%	-0.88%	-4.87%	0.18%	1.64%	-4.06%
Operating Return on Assets (OROA)	7.77%	7.82%	7.60%	6.83%	6.37%	6.24%	5.79%	6.70%	6.78%	5.96%	6.37%
Return on Assets (ROA)	4.17%	4.28%	5.34%	4.38%	4.27%	4.26%	4.57%	4.54%	4.53%	4.38%	4.54%
Return on Common Equity (ROCE)	10.57%	10.68%	9.21%	7.63%	11.43%	11.01%	10.56%	10.52%	10.60%	10.17%	10.72%
Return on Equity Simple (ROE_SIMPLE)	10.33%	10.44%	12.54%	10.31%	10.15%	9.47%	10.29%	10.26%	10.32%	9.80%	0.00%
Net Operating Profit after Tax (NOPAT)	79	79	102	86	90	91	113	111	118	134	148
NOPAT Margin	13.95%	14.55%	18.05%	15.39%	15.88%	16.88%	18.61%	15.59%	17.15%	19.86%	19.91%
Net Nonoperating Expense Percent (NNEP)	2.25%	1.24%	2.45%	0.83%	0.67%	-0.27%	1.25%	0.07%	0.09%	1.71%	1.35%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	6.22%	6.23%	6.73%	6.69%
Cost of Revenue to Revenue	70.13%	69.06%	68.44%	69.52%	67.92%	65.81%	67.97%	68.75%	64.26%	62.35%	61.68%
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	7.84%	8.20%	9.43%	10.08%	12.58%	13.77%	12.69%	11.97%	14.53%	16.04%	15.37%
Earnings before Interest and Taxes (EBIT)	133	138	139	131	130	135	134	164	176	164	190
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	177	183	245	188	201	210	211	249	276	273	305
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.92	4.00	3.67	3.40	4.35	3.55	4.05	3.33	3.32	4.09	3.24
Price to Tangible Book Value (P/TBV)	2.92	4.00	3.67	3.40	4.35	3.55	4.05	3.33	3.32	4.09	3.24
Price to Revenue (P/Rev)	3.57	5.32	5.07	4.96	6.54	6.44	6.86	5.04	5.48	7.43	5.68
Price to Earnings (P/E)	28.25	38.38	29.27	44.98	57.62	72.84	68.22	53.13	32.17	67.22	46.65
Dividend Yield	2.98%	2.16%	2.29%	2.48%	1.93%	2.23%	1.95%	2.36%	2.36%	1.87%	2.36%
Earnings Yield	3.54%	2.61%	3.42%	2.22%	1.74%	1.37%	1.47%	1.88%	3.11%	1.49%	2.14%
Enterprise Value to Invested Capital (EV/IC)	2.33	3.14	2.90	2.57	3.18	2.65	2.92	2.35	2.33	2.82	2.25
Enterprise Value to Revenue (EV/Rev)	4.12	5.86	5.64	5.72	7.70	7.43	7.86	6.02	6.57	8.54	6.90
Enterprise Value to EBITDA (EV/EBITDA)	13.13	17.48	12.95	17.06	21.75	19.10	22.60	17.25	16.42	21.20	16.83
Enterprise Value to EBIT (EV/EBIT)	17.50	23.13	22.84	24.39	33.75	29.56	35.58	26.25	25.79	35.22	26.93
Enterprise Value to NOPAT (EV/NOPAT)	29.56	40.25	31.25	37.17	48.47	44.02	42.22	38.60	38.32	42.99	34.65
Enterprise Value to Operating Cash Flow (EV/OCF)	16.47	21.58	12.43	20.92	33.56	23.20	34.66	27.98	19.10	20.81	19.48
Enterprise Value to Free Cash Flow (EV/FCFF)	29.56	49.77	158.56	0.00	0.00	0.00	0.00	0.00	1,306.64	176.06	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.57	0.53	0.40	0.63	0.70	0.59	0.61	0.66	0.67	0.63	0.70
Long-Term Debt to Equity	0.56	0.53	0.38	0.60	0.67	0.53	0.60	0.54	0.63	0.62	0.61
Financial Leverage	0.48	0.42	0.18	0.25	0.65	0.65	0.57	0.64	0.70	0.68	0.71
Leverage Ratio	2.53	2.49	2.05	2.05	2.55	2.47	2.31	2.32	2.34	2.32	2.36
Compound Leverage Factor	2.15	2.13	1.76	1.74	2.10	2.04	1.89	1.94	1.93	1.86	1.94
Debt to Total Capital	36.16%	34.84%	28.70%	38.48%	41.14%	37.14%	37.81%	39.63%	40.06%	38.47%	41.06%
Short-Term Debt to Total Capital	0.39%	0.39%	1.91%	1.32%	1.49%	3.69%	0.63%	6.97%	2.27%	0.26%	5.25%
Long-Term Debt to Total Capital	35.76%	34.45%	26.78%	37.16%	39.65%	33.45%	37.18%	32.66%	37.79%	38.20%	35.81%
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%	10.62%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	63.84%	65.16%	52.35%	61.52%	64.78%	62.86%	62.19%	60.37%	59.94%	61.53%	58.94%
Debt to EBITDA	2.21	2.12	1.74	2.72	2.70	2.75	2.96	2.85	2.76	2.82	2.98
Net Debt to EBITDA	1.75	1.59	1.30	2.28	2.58	2.54	2.88	2.80	2.72	2.74	2.96
Long-Term Debt to EBITDA	2.18	2.10	1.62	2.63	2.60	2.48	2.91	2.35	2.60	2.80	2.60
Debt to NOPAT	4.97	4.88	4.20	5.93	6.02	6.34	5.53	6.37	6.43	5.72	6.14
Net Debt to NOPAT	3.94	3.67	3.14	4.97	5.76	5.85	5.38	6.27	6.34	5.56	6.10
Long-Term Debt to NOPAT	4.92	4.83	3.92	5.73	5.80	5.71	5.44	5.25	6.07	5.68	5.35
Altman Z-Score	2.14	2.58	2.57	2.32	2.67	2.42	2.69	2.43	2.42	2.83	2.21
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	15.80%	15.02%	-4.90%	-4.45%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.03	2.66	2.30	1.99	1.41	1.10	1.69	1.08	1.52	1.81	0.77
Quick Ratio	1.79	1.68	1.51	1.34	0.76	0.63	0.97	0.54	0.68	0.94	0.40
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	79	64	20	-61	-44	-38	-14	-84	3.47	33	-88
Operating Cash Flow to CapEx	196.01%	176.75%	120.67%	72.12%	79.54%	84.89%	89.79%	87.83%	106.98%	117.25%	76.70%
Free Cash Flow to Firm to Interest Expense	3.90	3.23	1.04	-3.13	-1.91	-1.62	-0.58	-3.17	0.11	1.00	-2.60
Operating Cash Flow to Interest Expense	7.00	7.44	13.22	7.80	5.66	7.33	5.70	5.77	7.81	8.44	7.79
Operating Cash Flow Less CapEx to Interest Expense	3.43	3.23	2.27	-3.02	-1.46	-1.31	-0.65	-0.80	0.51	1.24	-2.37
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.33	0.31	0.31	0.29	0.28	0.25	0.26	0.29	0.27	0.25	0.25
Accounts Receivable Turnover	7.52	7.37	6.98	6.94	7.44	7.13	7.00	6.90	6.72	7.03	7.07
Inventory Turnover	8.36	8.40	9.08	9.07	8.85	7.66	8.31	7.78	6.04	6.02	6.96
Fixed Asset Turnover	0.46	0.43	0.43	0.39	0.36	0.32	0.33	0.37	0.34	0.31	0.31
Accounts Payable Turnover	9.59	8.49	8.08	8.30	7.63	6.46	6.94	7.96	7.11	5.91	4.70
Days Sales Outstanding (DSO)	48.56	49.54	52.31	52.57	49.07	51.18	52.14	52.88	54.30	51.95	51.66
Days Inventory Outstanding (DIO)	43.68	43.44	40.22	40.23	41.22	47.65	43.92	46.90	60.43	60.66	52.45
Days Payable Outstanding (DPO)	38.06	42.99	45.20	43.99	47.86	56.54	52.58	45.88	51.33	61.79	77.64
Cash Conversion Cycle (CCC)	54.18	49.98	47.33	48.81	42.44	42.29	43.48	53.90	63.41	50.82	26.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,000	1,015	1,097	1,244	1,379	1,508	1,635	1,830	1,945	2,047	2,283
Invested Capital Turnover	0.56	0.54	0.53	0.48	0.43	0.37	0.39	0.41	0.37	0.34	0.34
Increase / (Decrease) in Invested Capital	0.00	15	82	148	134	129	127	196	115	102	236
Enterprise Value (EV)	2,325	3,191	3,175	3,202	4,378	4,001	4,767	4,301	4,537	5,780	5,129
Market Capitalization	2,016	2,900	2,857	2,774	3,718	3,470	4,160	3,602	3,786	5,032	4,226
Book Value per Share	$13.27	$13.92	$14.96	$15.70	$16.45	$18.24	$19.20	$20.21	$21.31	$22.97	$24.20
Tangible Book Value per Share	$13.27	$13.92	$14.96	$15.70	$16.45	$18.24	$19.20	$20.21	$21.31	$22.97	$24.20
Total Capital	1,081	1,111	1,487	1,328	1,321	1,553	1,652	1,792	1,902	1,999	2,212
Total Debt	391	387	427	511	543	577	625	710	762	769	908
Total Long-Term Debt	387	383	398	493	524	519	614	585	719	764	792
Net Debt	310	291	319	428	520	532	607	698	751	748	903
Capital Expenditures (CapEx)	72	84	212	212	164	203	153	175	222	237	343
Debt-free, Cash-free Net Working Capital (DFCFNWC)	93	80	85	54	49	31	74	132	113	86	42
Debt-free Net Working Capital (DFNWC)	175	176	193	137	72	76	92	143	124	107	48
Net Working Capital (NWC)	171	172	164	120	53	19	82	18	81	102	-68
Net Nonoperating Expense (NNE)	7.31	3.72	4.02	1.93	3.46	-1.52	7.14	0.46	0.71	14	12
Net Nonoperating Obligations (NNO)	310	291	37	428	601	532	607	749	805	817	979
Total Depreciation and Amortization (D&A)	44	45	106	56	72	74	77	86	100	109	114
Debt-free, Cash-free Net Working Capital to Revenue	16.57%	14.76%	15.03%	9.72%	8.61%	5.78%	12.28%	18.42%	16.37%	12.66%	5.69%
Debt-free Net Working Capital to Revenue	31.00%	32.37%	34.20%	24.56%	12.74%	14.08%	15.15%	20.05%	17.99%	15.80%	6.45%
Net Working Capital to Revenue	30.25%	31.58%	29.15%	21.43%	9.29%	3.45%	13.44%	2.58%	11.74%	15.02%	-9.17%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.06	$2.18	$2.82	$2.43	$2.51	$2.60	$2.92	$3.07	$3.25	$3.33	$3.72
Adjusted Weighted Average Basic Shares Outstanding	52.02M	52.02M	52.02M	52.02M	52.02M	53.51M	36.16M	36.16M	36.16M	36.21M	36.53M
Adjusted Diluted Earnings per Share	$2.06	$2.18	$2.82	$2.43	$2.51	$2.60	$2.92	$3.07	$3.25	$3.33	$3.72
Adjusted Weighted Average Diluted Shares Outstanding	52.02M	52.02M	52.02M	52.02M	52.02M	53.51M	36.17M	36.17M	36.19M	36.24M	36.57M
Adjusted Basic & Diluted Earnings per Share	$2.06	$2.18	$2.82	$2.43	$2.51	$2.60	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	34.67M	34.67M	34.67M	34.67M	34.67M	35.61M	0.00	53.51M	53.52M	53.86M	53.91M
Normalized Net Operating Profit after Tax (NOPAT)	79	79	102	86	90	91	113	111	118	134	148
Normalized NOPAT Margin	13.95%	14.55%	18.05%	15.39%	15.88%	16.88%	18.61%	15.59%	17.15%	19.86%	19.91%
Pre Tax Income Margin	19.98%	21.67%	21.26%	19.95%	18.75%	20.76%	18.11%	19.20%	21.07%	19.38%	21.07%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.59	6.94	7.19	6.69	5.62	5.75	5.56	6.15	5.78	4.98	5.63
NOPAT to Interest Expense	3.90	3.99	5.26	4.39	3.92	3.86	4.68	4.18	3.89	4.08	4.38
EBIT Less CapEx to Interest Expense	3.02	2.73	-3.76	-4.13	-1.49	-2.88	-0.80	-0.42	-1.52	-2.21	-4.52
NOPAT Less CapEx to Interest Expense	0.33	-0.22	-5.70	-6.43	-3.20	-4.77	-1.67	-2.39	-3.41	-3.11	-5.78
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	56.13%	55.29%	109.30%	54.34%	55.07%	55.97%	51.80%	51.82%	51.31%	99.61%	99.59%
Augmented Payout Ratio	56.13%	55.29%	109.30%	54.34%	55.07%	55.97%	51.80%	51.82%	51.31%	99.61%	99.59%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	53,911,793.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	53,911,793.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.90
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-1.76%	-13.26%	-11.93%	-1.54%	4.95%	4.11%	14.44%	9.43%	4.27%	10.58%	10.84%
EBITDA Growth	13.69%	5.83%	1.75%	-11.58%	0.63%	4.44%	16.74%	9.52%	12.11%	7.76%	10.93%
EBIT Growth	11.92%	-1.22%	-1.68%	-22.47%	-2.51%	0.08%	24.30%	12.92%	15.07%	9.70%	15.64%
NOPAT Growth	3.86%	-14.29%	14.61%	-9.54%	24.49%	28.72%	22.05%	9.88%	-1.67%	13.72%	3.29%
Net Income Growth	12.27%	-4.60%	8.80%	-17.04%	8.14%	9.65%	23.00%	11.36%	8.69%	5.81%	16.56%
EPS Growth	12.90%	-6.78%	8.14%	-16.46%	7.62%	10.91%	22.58%	9.09%	7.96%	4.92%	15.79%
Operating Cash Flow Growth	103.14%	360.41%	17.52%	-8.97%	18.43%	56.12%	18.30%	-13.20%	19.41%	-49.28%	3.64%
Free Cash Flow Firm Growth	19.63%	44.76%	9.52%	-5.63%	-60.02%	19.65%	53.03%	53.90%	-2.59%	-170.17%	-341.25%
Invested Capital Growth	7.02%	6.28%	8.70%	9.85%	9.80%	5.22%	5.20%	5.02%	9.07%	11.53%	14.28%
Revenue Q/Q Growth	8.47%	2.57%	16.21%	-23.84%	15.62%	1.74%	27.74%	-27.18%	10.18%	7.90%	28.04%
EBITDA Q/Q Growth	16.27%	-26.80%	22.27%	-15.03%	32.32%	-24.02%	36.66%	-20.28%	35.45%	-26.97%	40.67%
EBIT Q/Q Growth	25.42%	-39.50%	35.75%	-24.73%	57.72%	-37.90%	68.60%	-31.62%	60.73%	-40.80%	77.72%
NOPAT Q/Q Growth	14.70%	-46.07%	96.45%	-25.57%	57.86%	-44.24%	86.26%	-32.99%	41.27%	-35.51%	69.17%
Net Income Q/Q Growth	31.99%	-46.95%	68.37%	-29.63%	72.06%	-46.21%	88.87%	-36.29%	67.93%	-47.63%	108.06%
EPS Q/Q Growth	32.91%	-47.62%	69.09%	-29.03%	71.21%	-46.02%	86.89%	-36.84%	69.44%	-47.54%	106.25%
Operating Cash Flow Q/Q Growth	-5.55%	-35.09%	51.22%	-1.82%	22.88%	-14.43%	14.59%	-27.96%	69.04%	-63.65%	134.14%
Free Cash Flow Firm Q/Q Growth	40.71%	-12.45%	-24.56%	-27.17%	10.18%	43.53%	27.18%	-24.81%	-99.91%	-48.71%	-18.93%
Invested Capital Q/Q Growth	0.89%	5.66%	0.83%	2.20%	0.85%	1.25%	0.80%	2.03%	4.73%	3.54%	3.29%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.00%	30.09%	35.20%	38.89%	44.66%	32.43%	36.78%	39.25%	45.48%	32.69%	33.47%
EBITDA Margin	49.58%	35.38%	37.23%	41.54%	47.53%	35.50%	37.97%	41.57%	51.10%	34.59%	38.00%
Operating Margin	27.28%	14.68%	21.30%	20.41%	28.57%	16.13%	24.14%	21.46%	29.07%	17.14%	21.90%
EBIT Margin	33.85%	19.97%	23.32%	23.05%	31.45%	19.19%	25.33%	23.79%	34.70%	19.04%	26.43%
Profit (Net Income) Margin	23.58%	12.20%	17.67%	16.33%	24.30%	12.85%	18.99%	16.62%	25.33%	12.29%	19.98%
Tax Burden Percent	81.09%	79.24%	92.33%	94.17%	91.83%	89.18%	86.85%	89.91%	85.10%	86.28%	89.22%
Interest Burden Percent	85.91%	77.10%	82.06%	75.22%	84.15%	75.06%	86.33%	77.70%	85.77%	74.83%	84.71%
Effective Tax Rate	18.91%	20.76%	7.67%	5.83%	8.17%	10.82%	13.15%	10.09%	14.90%	13.72%	10.78%
Return on Invested Capital (ROIC)	8.89%	4.25%	6.94%	6.65%	9.10%	4.88%	7.34%	6.75%	8.49%	5.08%	6.78%
ROIC Less NNEP Spread (ROIC-NNEP)	9.24%	4.37%	6.65%	6.10%	8.68%	4.55%	6.80%	6.23%	8.61%	4.55%	6.90%
Return on Net Nonoperating Assets (RNNOA)	5.65%	3.06%	14.96%	4.15%	5.71%	3.12%	4.52%	4.28%	5.99%	3.23%	4.80%
Return on Equity (ROE)	14.54%	7.31%	21.89%	10.79%	14.81%	7.99%	11.86%	11.02%	14.48%	8.31%	11.58%
Cash Return on Invested Capital (CROIC)	0.05%	0.18%	-1.81%	-3.15%	-2.69%	1.64%	2.03%	2.18%	-1.83%	-4.06%	-6.56%
Operating Return on Assets (OROA)	9.58%	5.31%	5.97%	5.78%	7.89%	4.72%	6.47%	6.12%	8.77%	4.73%	6.73%
Return on Assets (ROA)	6.68%	3.24%	4.52%	4.09%	6.10%	3.16%	4.85%	4.27%	6.40%	3.06%	5.09%
Return on Common Equity (ROCE)	14.54%	7.31%	21.89%	10.79%	14.81%	7.99%	11.86%	11.02%	14.48%	8.31%	11.58%
Return on Equity Simple (ROE_SIMPLE)	10.45%	0.00%	10.39%	9.90%	9.93%	0.00%	10.20%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	36	19	38	28	44	25	46	31	43	28	47
NOPAT Margin	22.12%	11.63%	19.66%	19.22%	26.24%	14.38%	20.97%	19.30%	24.74%	14.79%	19.54%
Net Nonoperating Expense Percent (NNEP)	-0.35%	-0.12%	0.29%	0.54%	0.43%	0.32%	0.54%	0.51%	-0.12%	0.53%	-0.12%
Return On Investment Capital (ROIC_SIMPLE)	-	1.01%	-	-	-	1.23%	2.27%	1.51%	2.03%	1.27%	2.07%
Cost of Revenue to Revenue	57.00%	69.91%	64.80%	61.11%	55.34%	67.57%	63.22%	60.76%	54.52%	67.31%	66.53%
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	15.72%	15.41%	13.90%	18.48%	16.09%	16.30%	12.64%	17.78%	16.40%	15.55%	11.57%
Earnings before Interest and Taxes (EBIT)	54	33	45	34	53	33	55	38	61	36	64
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	80	58	71	61	80	61	83	66	90	66	92
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.16	3.32	3.62	3.43	4.10	4.09	3.98	3.75	3.50	3.24	3.09
Price to Tangible Book Value (P/TBV)	3.16	3.32	3.62	3.43	4.10	4.09	3.98	3.75	3.50	3.24	3.09
Price to Revenue (P/Rev)	5.01	5.48	6.30	6.04	7.30	7.43	7.11	6.63	6.25	5.68	5.43
Price to Earnings (P/E)	41.72	32.17	54.62	55.69	65.36	67.22	60.58	55.84	51.03	46.65	42.75
Dividend Yield	2.47%	2.36%	2.16%	2.29%	1.89%	1.87%	1.91%	2.04%	2.17%	2.36%	2.43%
Earnings Yield	2.40%	3.11%	1.83%	1.80%	1.53%	1.49%	1.65%	1.79%	1.96%	2.14%	2.34%
Enterprise Value to Invested Capital (EV/IC)	2.33	2.33	2.52	2.38	2.79	2.82	2.78	2.63	2.43	2.25	2.16
Enterprise Value to Revenue (EV/Rev)	5.99	6.57	7.43	7.19	8.43	8.54	8.15	7.69	7.40	6.90	6.64
Enterprise Value to EBITDA (EV/EBITDA)	15.70	16.42	17.79	17.67	20.92	21.20	20.17	19.04	17.89	16.83	16.24
Enterprise Value to EBIT (EV/EBIT)	24.32	25.79	28.18	28.80	34.43	35.22	32.81	30.83	28.66	26.93	25.60
Enterprise Value to NOPAT (EV/NOPAT)	35.25	38.32	40.19	39.89	43.96	42.99	40.21	37.97	37.12	34.65	34.07
Enterprise Value to Operating Cash Flow (EV/OCF)	21.07	19.10	19.96	19.77	22.30	20.81	19.80	19.65	18.09	19.48	19.16
Enterprise Value to Free Cash Flow (EV/FCFF)	4,490.01	1,306.64	0.00	0.00	0.00	176.06	140.79	123.27	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.63	0.67	0.66	0.67	0.64	0.63	0.61	0.61	0.65	0.70	0.70
Long-Term Debt to Equity	0.61	0.63	0.62	0.61	0.60	0.62	0.61	0.60	0.57	0.61	0.65
Financial Leverage	0.61	0.70	2.25	0.68	0.66	0.68	0.66	0.69	0.70	0.71	0.70
Leverage Ratio	2.29	2.34	4.48	2.32	2.29	2.32	2.28	2.29	2.30	2.36	2.31
Compound Leverage Factor	1.97	1.80	3.68	1.74	1.93	1.74	1.97	1.78	1.97	1.77	1.96
Debt to Total Capital	38.71%	40.06%	39.73%	40.09%	39.15%	38.47%	37.88%	37.81%	39.34%	41.06%	41.09%
Short-Term Debt to Total Capital	1.46%	2.27%	2.40%	3.34%	2.74%	0.26%	0.26%	0.53%	4.51%	5.25%	2.65%
Long-Term Debt to Total Capital	37.25%	37.79%	37.33%	36.76%	36.41%	38.20%	37.62%	37.28%	34.83%	35.81%	38.44%
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	61.29%	59.94%	60.27%	59.91%	60.85%	61.53%	62.12%	62.19%	60.66%	58.94%	58.91%
Debt to EBITDA	2.63	2.76	2.75	2.90	2.85	2.82	2.70	2.66	2.80	2.98	3.00
Net Debt to EBITDA	2.58	2.72	2.69	2.84	2.79	2.74	2.57	2.62	2.77	2.96	2.97
Long-Term Debt to EBITDA	2.53	2.60	2.59	2.66	2.65	2.80	2.68	2.62	2.48	2.60	2.80
Debt to NOPAT	5.90	6.43	6.22	6.54	5.98	5.72	5.38	5.30	5.82	6.14	6.29
Net Debt to NOPAT	5.80	6.34	6.08	6.41	5.87	5.56	5.13	5.23	5.75	6.10	6.23
Long-Term Debt to NOPAT	5.67	6.07	5.84	6.00	5.57	5.68	5.34	5.23	5.15	5.35	5.88
Altman Z-Score	1.87	2.24	2.06	1.92	2.32	2.67	2.35	2.22	1.99	2.05	1.74
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.76	1.52	1.59	1.32	1.41	1.81	2.07	1.81	0.91	0.77	1.15
Quick Ratio	0.79	0.68	0.75	0.62	0.67	0.94	1.17	0.86	0.42	0.40	0.61
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-85	-96	-119	-152	-136	-77	-56	-70	-140	-208	-247
Operating Cash Flow to CapEx	157.40%	60.64%	147.00%	96.66%	151.41%	93.26%	163.39%	87.51%	65.91%	39.34%	79.78%
Free Cash Flow to Firm to Interest Expense	-11.13	-12.72	-14.91	-18.23	-16.23	-9.38	-7.39	-8.27	-16.12	-22.89	-25.22
Operating Cash Flow to Interest Expense	8.76	5.78	8.22	7.76	9.46	8.28	10.27	6.63	10.93	3.79	8.23
Operating Cash Flow Less CapEx to Interest Expense	3.19	-3.75	2.63	-0.27	3.21	-0.60	3.98	-0.95	-5.65	-5.85	-2.09
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.27	0.26	0.25	0.25	0.25	0.26	0.26	0.25	0.25	0.25
Accounts Receivable Turnover	8.57	6.72	7.23	7.79	7.84	7.03	7.90	8.43	8.72	7.07	7.94
Inventory Turnover	6.34	6.04	5.97	5.89	5.94	6.02	6.64	6.50	6.50	6.96	7.99
Fixed Asset Turnover	0.36	0.34	0.32	0.31	0.31	0.31	0.32	0.32	0.31	0.31	0.31
Accounts Payable Turnover	8.24	7.11	10.34	9.49	8.49	5.91	9.74	8.87	7.93	4.70	9.15
Days Sales Outstanding (DSO)	42.61	54.30	50.46	46.85	46.59	51.95	46.21	43.31	41.88	51.66	45.97
Days Inventory Outstanding (DIO)	57.55	60.43	61.16	61.97	61.43	60.66	54.93	56.19	56.16	52.45	45.68
Days Payable Outstanding (DPO)	44.32	51.33	35.31	38.45	43.01	61.79	37.46	41.14	46.05	77.64	39.90
Cash Conversion Cycle (CCC)	55.84	63.41	76.31	70.37	65.00	50.82	63.68	58.36	52.00	26.46	51.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,841	1,945	1,961	2,005	2,022	2,047	2,063	2,105	2,205	2,283	2,358
Invested Capital Turnover	0.40	0.37	0.35	0.35	0.35	0.34	0.35	0.35	0.34	0.34	0.35
Increase / (Decrease) in Invested Capital	121	115	157	180	181	102	102	101	183	236	295
Enterprise Value (EV)	4,288	4,537	4,936	4,765	5,649	5,780	5,739	5,527	5,368	5,129	5,098
Market Capitalization	3,582	3,786	4,189	3,999	4,895	5,032	5,006	4,766	4,536	4,226	4,167
Book Value per Share	$21.22	$21.31	$32.04	$21.82	$22.33	$22.97	$23.38	$23.57	$24.08	$24.20	$25.03
Tangible Book Value per Share	$21.22	$21.31	$32.04	$21.82	$22.33	$22.97	$23.38	$23.57	$24.08	$24.20	$25.03
Total Capital	1,852	1,902	1,923	1,949	1,964	1,999	2,027	2,042	2,139	2,212	2,290
Total Debt	717	762	764	781	769	769	768	772	841	908	941
Total Long-Term Debt	690	719	718	716	715	764	762	761	745	792	880
Net Debt	706	751	747	765	754	748	733	762	831	903	932
Capital Expenditures (CapEx)	43	72	45	67	52	73	48	64	144	88	101
Debt-free, Cash-free Net Working Capital (DFCFNWC)	109	113	112	103	100	86	85	89	66	42	79
Debt-free Net Working Capital (DFNWC)	121	124	128	119	114	107	120	99	76	48	89
Net Working Capital (NWC)	94	81	82	54	61	102	115	88	-20	-68	28
Net Nonoperating Expense (NNE)	-2.35	-0.93	3.81	4.21	3.27	2.63	4.32	4.27	-1.03	4.73	-1.06
Net Nonoperating Obligations (NNO)	706	805	803	837	826	817	805	835	907	979	1,009
Total Depreciation and Amortization (D&A)	25	25	27	27	27	28	28	28	29	29	28
Debt-free, Cash-free Net Working Capital to Revenue	15.29%	16.37%	16.79%	15.54%	14.86%	12.66%	12.04%	12.35%	9.12%	5.69%	10.32%
Debt-free Net Working Capital to Revenue	16.86%	17.99%	19.30%	18.00%	17.08%	15.80%	17.05%	13.82%	10.52%	6.45%	11.56%
Net Working Capital to Revenue	13.08%	11.74%	12.35%	8.18%	9.06%	15.02%	16.30%	12.31%	-2.77%	-9.17%	3.65%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.05	$0.55	$0.93	$0.66	$1.13	$0.61	$1.14	$0.73	$1.22	$0.63	$1.32
Adjusted Weighted Average Basic Shares Outstanding	36.16M	36.16M	36.17M	36.18M	36.18M	36.21M	36.51M	36.54M	36.54M	36.53M	36.59M
Adjusted Diluted Earnings per Share	$1.05	$0.55	$0.93	$0.66	$1.13	$0.61	$1.14	$0.72	$1.22	$0.64	$1.32
Adjusted Weighted Average Diluted Shares Outstanding	36.19M	36.19M	36.19M	36.20M	36.21M	36.24M	36.54M	36.57M	36.58M	36.57M	36.62M
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	53.51M	53.52M	53.52M	53.52M	53.56M	53.86M	53.89M	53.89M	53.89M	53.91M	54.10M
Normalized Net Operating Profit after Tax (NOPAT)	36	19	38	28	44	25	46	31	43	28	47
Normalized NOPAT Margin	22.12%	11.63%	19.66%	19.22%	26.24%	14.38%	20.97%	19.30%	24.74%	14.79%	19.54%
Pre Tax Income Margin	29.08%	15.39%	19.14%	17.34%	26.46%	14.41%	21.87%	18.48%	29.76%	14.25%	22.39%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.10	4.37	5.58	4.04	6.31	4.01	7.32	4.49	7.03	3.97	6.54
NOPAT to Interest Expense	4.64	2.54	4.70	3.36	5.27	3.00	6.06	3.64	5.01	3.09	4.84
EBIT Less CapEx to Interest Expense	1.53	-5.17	-0.02	-4.00	0.06	-4.87	1.03	-3.09	-9.55	-5.67	-3.77
NOPAT Less CapEx to Interest Expense	-0.93	-6.99	-0.89	-4.67	-0.98	-5.88	-0.23	-3.94	-11.57	-6.56	-5.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	50.28%	51.31%	50.75%	53.53%	92.45%	99.61%	94.33%	93.12%	91.46%	99.59%	95.45%
Augmented Payout Ratio	50.28%	51.31%	50.75%	53.53%	92.45%	99.61%	94.33%	93.12%	91.46%	99.59%	95.45%

Financials Breakdown Chart

Key Financial Trends

MGEE (MGE Energy) has shown a pattern of solid quarterly profitability with growing revenue and a steady dividend policy in 2024–2025. Cash flow remains positive from operations but investing activity is deeply negative due to ongoing capital expenditures typical for a utility, while some quarters show pressure on cash at quarter-end. Below are the top takeaways for retail investors based on the last four years of quarterly statements.

Revenue has generally trended higher in 2025 versus 2024, with Q4 2025 operating revenue of 189.553 million vs Q4 2024’s 171.415 million, and Q3 2025 at 175.679 million vs Q3 2024’s 168.480 million. Q1 2025 revenue also rose to 218.970 million from 2024’s 191.336 million.
Net income from continuing operations remained positive across 2025 quarters (example: Q3 2025 = 44.497 million; Q4 2025 = 23.302 million; Q1 2025 = 41.592 million; Q2 2025 = 26.498 million), signaling ongoing profitability despite quarterly swings.
Earnings per share (diluted) stayed solid in 2025, with values like 1.22 in Q3 2025, and around 0.64 in Q4 2025, consistent with a positive per-share earnings trend across the year.
Cash dividends per share rose to 0.48 in Q4 2025, up from 0.45 in the earlier 2025 quarters, indicating a rising shareholder payout.
Operating cash flow was positive through 2025, with quarterly net cash from continuing operating activities around 77.86 million (Q1 2025), 56.09 million (Q2 2025), 94.82 million (Q3 2025), and 34.46 million (Q4 2025), showing robust cash generation from core operations despite capex needs.
Equity base remains solid, with total common equity around 1.3 billion (e.g., Q3 2025: 1.297 billion; Q2 2025 similar level), supporting a stable capital structure for ongoing operations and distributions.

Capital expenditures are meaningful and ongoing (e.g., purchases of property, plant & equipment around significantly negative cash flows in quarters like Q4 2025), which is typical for a utility investing in infrastructure but dampens free cash flow in the short term.
Long-term debt levels are substantial (roughly 0.70–0.76 billion across 2024–2025), reflecting typical utility financing needs; these levels are generally manageable when cash flow from operations remains positive and dividends are maintained.

Net change in cash and equivalents was negative at quarter-ends in several periods, most notably -64.5 million in Q4 2025, indicating quarter-end cash drawdowns despite positive operating cash flow in other quarters.
Net income attributable to common shareholders was negative in some quarters (for example Q4 2025: -22.0 million; Q4 2024: -23.7 million), reflecting accounting and ownership structure effects that can weigh on per-share metrics even when consolidated net income is positive.

05/14/26 12:31 PM ETAI Generated. May Contain Errors.

MGE Energy Financials - Frequently Asked Questions

According to the most recent income statement we have on file, MGE Energy's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

MGE Energy's net income appears to be on an upward trend, with a most recent value of $135.89 million in 2025, rising from $71.34 million in 2015. The previous period was $120.57 million in 2024. View MGE Energy's forecast to see where analysts expect MGE Energy to go next.

MGE Energy's total operating income in 2025 was $170.65 million, based on the following breakdown:

Total Gross Profit: $284.98 million
Total Operating Expenses: $114.32 million

Over the last 10 years, MGE Energy's total revenue changed from $564.03 million in 2015 to $743.65 million in 2025, a change of 31.8%.

MGE Energy's total liabilities were at $1.78 billion at the end of 2025, a 16.1% increase from 2024, and a 71.4% increase since 2015.

In the past 10 years, MGE Energy's cash and equivalents has ranged from $5.67 million in 2025 to $107.95 million in 2017, and is currently $5.67 million as of their latest financial filing in 2025.

Over the last 10 years, MGE Energy's book value per share changed from 13.27 in 2015 to 24.20 in 2025, a change of 82.3%.

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Financial statements for NASDAQ:MGEE last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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MGE Energy (MGEE) Financials

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MGE Energy (MGEE) Financials

Annual Income Statements for MGE Energy

Quarterly Income Statements for MGE Energy

Annual Cash Flow Statements for MGE Energy

Quarterly Cash Flow Statements for MGE Energy

Annual Balance Sheets for MGE Energy

Quarterly Balance Sheets for MGE Energy

Annual Metrics And Ratios for MGE Energy

Quarterly Metrics And Ratios for MGE Energy

Financials Breakdown Chart

Key Financial Trends

MGE Energy Financials - Frequently Asked Questions

When does MGE Energy's fiscal year end?

How has MGE Energy's net income changed over the last 10 years?

What is MGE Energy's operating income?

How has MGE Energy's revenue changed over the last 10 years?

How much debt does MGE Energy have?

How much cash does MGE Energy have?

How has MGE Energy's book value per share changed over the last 10 years?

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