MGE Energy, Inc.

NasdaqGS:MGEE Stock Report

Market Cap: US$3.4b

MGE Energy Past Earnings Performance

Past criteria checks 5/6

MGE Energy has been growing earnings at an average annual rate of 6.2%, while the Electric Utilities industry saw earnings growing at 6.1% annually. Revenues have been growing at an average rate of 4.3% per year. MGE Energy's return on equity is 10.6%, and it has net margins of 19%.

Key information

6.24%

Earnings growth rate

6.02%

EPS growth rate

Electric Utilities Industry Growth6.28%
Revenue growth rate4.28%
Return on equity10.58%
Net Margin19.03%
Last Earnings Update31 Mar 2026

Recent past performance updates

Recent updates

Analysis Article • Feb 16

Is MGE Energy (NASDAQ:MGEE) Using Too Much Debt?

David Iben put it well when he said, 'Volatility is not a risk we care about. What we care about is avoiding the...
Analysis Article • Dec 15

At US$80.19, Is It Time To Put MGE Energy, Inc. (NASDAQ:MGEE) On Your Watch List?

MGE Energy, Inc. ( NASDAQ:MGEE ), might not be a large cap stock, but it saw significant share price movement during...
Analysis Article • Nov 21

Are Investors Undervaluing MGE Energy, Inc. (NASDAQ:MGEE) By 34%?

Key Insights MGE Energy's estimated fair value is US$122 based on 2 Stage Free Cash Flow to Equity MGE Energy's...
Analysis Article • Jul 23

Here's Why MGE Energy (NASDAQ:MGEE) Has A Meaningful Debt Burden

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Analysis Article • Jul 07

MGE Energy (NASDAQ:MGEE) Ticks All The Boxes When It Comes To Earnings Growth

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
Analysis Article • Jun 24

An Intrinsic Calculation For MGE Energy, Inc. (NASDAQ:MGEE) Suggests It's 36% Undervalued

Key Insights Using the 2 Stage Free Cash Flow to Equity, MGE Energy fair value estimate is US$139 MGE Energy's US$89.48...
Analysis Article • Apr 07

Does MGE Energy (NASDAQ:MGEE) Have A Healthy Balance Sheet?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analysis Article • Mar 20

Investors Met With Slowing Returns on Capital At MGE Energy (NASDAQ:MGEE)

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
Analysis Article • Feb 22

Some Shareholders Feeling Restless Over MGE Energy, Inc.'s (NASDAQ:MGEE) P/E Ratio

MGE Energy, Inc.'s ( NASDAQ:MGEE ) price-to-earnings (or "P/E") ratio of 28.1x might make it look like a strong sell...
Seeking Alpha • Jan 30

MGE Energy: Now Is Not The Time To Buy (Rating Downgrade)

Summary Last summer, MGE Energy announced a dividend increase for the 49th consecutive year. The company upped its five-year capital investment outlook. MGEE enjoys an AA- credit rating from S&P on a stable outlook. Shares of the electric and gas utility appear to be slightly overvalued. MGEE looks positioned to post approximately 5% annual total returns through 2026. Read the full article on Seeking Alpha
Analysis Article • Dec 05

MGE Energy (NASDAQ:MGEE) Takes On Some Risk With Its Use Of Debt

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Analysis Article • Nov 05

MGE Energy (NASDAQ:MGEE) Has Some Way To Go To Become A Multi-Bagger

What are the early trends we should look for to identify a stock that could multiply in value over the long term...
Analysis Article • Sep 30

What MGE Energy, Inc.'s (NASDAQ:MGEE) P/E Is Not Telling You

When close to half the companies in the United States have price-to-earnings ratios (or "P/E's") below 18x, you may...
Analysis Article • Aug 19

These 4 Measures Indicate That MGE Energy (NASDAQ:MGEE) Is Using Debt Extensively

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Seeking Alpha • Aug 16

MGE Energy: Buy This Dividend Champion While It's On Sale

Summary MGE Energy is a Dividend Champion, closing in on the vaunted Dividend King title. The electric and gas utility is forecasting significant investments over the next several years to keep up with electric load growth. MGEE's interest coverage ratio was nearly 5 through the first half of 2024. Shares appear to be priced at an 8% discount to their fair value. MGEE could deliver 35% cumulative total returns to shareholders by the end of 2026, in my view. Read the full article on Seeking Alpha
Analysis Article • Aug 01

MGE Energy (NASDAQ:MGEE) Has More To Do To Multiply In Value Going Forward

What trends should we look for it we want to identify stocks that can multiply in value over the long term? Ideally, a...
Analysis Article • Jul 01

MGE Energy, Inc.'s (NASDAQ:MGEE) Share Price Not Quite Adding Up

With a price-to-earnings (or "P/E") ratio of 22.4x MGE Energy, Inc. ( NASDAQ:MGEE ) may be sending bearish signals at...
Analysis Article • May 24

Do MGE Energy's (NASDAQ:MGEE) Earnings Warrant Your Attention?

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...
Seeking Alpha • May 14

MGE Energy: Now No Longer A Hidden Gem Utility

Summary Since my buy rating in March, shares of MGE Energy have soared 29%. The company's operating revenue dipped as diluted EPS surged higher in the first quarter. MGEE's interest coverage ratio was very strong in the first quarter, supporting an AA- credit rating from S&P on a stable outlook. The electric and gas utility's shares could still be 10% undervalued. MGEE could have a realistic path to double-digit annual total returns through 2026. Read the full article on Seeking Alpha
Analysis Article • May 03

MGE Energy (NASDAQ:MGEE) Has A Somewhat Strained Balance Sheet

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' When we think about how risky a company...
Analysis Article • Apr 13

Investors Met With Slowing Returns on Capital At MGE Energy (NASDAQ:MGEE)

If you're not sure where to start when looking for the next multi-bagger, there are a few key trends you should keep an...
Analysis Article • Mar 25

MGE Energy, Inc.'s (NASDAQ:MGEE) Business Is Trailing The Market But Its Shares Aren't

With a price-to-earnings (or "P/E") ratio of 23.7x MGE Energy, Inc. ( NASDAQ:MGEE ) may be sending bearish signals at...
Seeking Alpha • Mar 01

MGE Energy: Buy This State Utility Now

Summary The Madison, Wisconsin metropolitan area is a service area that utilities dream of servicing. Madison Gas and Electric Company or MGE Energy should have vigorous diluted EPS growth ahead in 2024 and 2025. The company's balance sheet enjoys an AA- credit rating from S&P on a stable outlook. Shares of MGE Energy could be trading 22% below fair value. The electric and gas utility could be set up for healthy total returns over the next decade. Read the full article on Seeking Alpha
Analysis Article • Dec 20

MGE Energy, Inc.'s (NASDAQ:MGEE) Business Is Trailing The Market But Its Shares Aren't

With a price-to-earnings (or "P/E") ratio of 22x MGE Energy, Inc. ( NASDAQ:MGEE ) may be sending bearish signals at the...
Analysis Article • Nov 28

Slowing Rates Of Return At MGE Energy (NASDAQ:MGEE) Leave Little Room For Excitement

What trends should we look for it we want to identify stocks that can multiply in value over the long term? One common...
Analysis Article • Nov 07

Here's Why MGE Energy (NASDAQ:MGEE) Has A Meaningful Debt Burden

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Analysis Article • Sep 14

Here's Why MGE Energy (NASDAQ:MGEE) Has Caught The Eye Of Investors

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
Analysis Article • Aug 24

MGE Energy's (NASDAQ:MGEE) Dividend Will Be Increased To $0.4275

The board of MGE Energy, Inc. ( NASDAQ:MGEE ) has announced that the dividend on 15th of September will be increased to...
Analysis Article • Aug 01

MGE Energy (NASDAQ:MGEE) Has More To Do To Multiply In Value Going Forward

Did you know there are some financial metrics that can provide clues of a potential multi-bagger? Firstly, we'll want...
Analysis Article • Jul 13

We Think MGE Energy (NASDAQ:MGEE) Is Taking Some Risk With Its Debt

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Analysis Article • Apr 26

Here's What To Make Of MGE Energy's (NASDAQ:MGEE) Decelerating Rates Of Return

If you're looking for a multi-bagger, there's a few things to keep an eye out for. One common approach is to try and...
Analysis Article • Apr 07

Is MGE Energy (NASDAQ:MGEE) Using Too Much Debt?

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...
Analysis Article • Mar 11

Here's Why MGE Energy (NASDAQ:MGEE) Has Caught The Eye Of Investors

For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...

Revenue & Expenses Breakdown

How MGE Energy makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

NasdaqGS:MGEE Revenue, expenses and earnings (USD Millions)
DateRevenueEarningsG+A ExpensesR&D Expenses
31 Mar 26750143-120
31 Dec 25727136-120
30 Sep 25709135-110
30 Jun 25701131-100
31 Mar 25688128-100
31 Dec 24660121-90
30 Sep 24654119-80
30 Jun 24646116-80
31 Mar 24648120-60
31 Dec 23674118-60
30 Sep 23701119-90
30 Jun 23704115-120
31 Mar 23708108-160
31 Dec 22700111-190
30 Sep 22673103-180
30 Jun 22656104-180
31 Mar 22634105-170
31 Dec 21593106-170
30 Sep 21567108-150
30 Jun 21556105-150
31 Mar 21543101-140
31 Dec 2052592-130
30 Sep 2052993-110
30 Jun 2053292-80
31 Mar 2053789-50
31 Dec 1955587-30
30 Sep 1955487-50
30 Jun 1955385-70
31 Mar 1955588-90
31 Dec 1854584-110
30 Sep 18546104-100
30 Jun 18548101-120
31 Mar 1855098-90
31 Dec 1754998-60
30 Sep 1754776-50
30 Jun 175447700
31 Mar 175407800
31 Dec 1653076-70
30 Sep 165227200
30 Jun 165267300
31 Mar 165277000
31 Dec 155497100
30 Sep 155647500

Quality Earnings: MGEE has high quality earnings.

Growing Profit Margin: MGEE's current net profit margins (19%) are higher than last year (18.7%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: MGEE's earnings have grown by 6.2% per year over the past 5 years.

Accelerating Growth: MGEE's earnings growth over the past year (11.2%) exceeds its 5-year average (6.2% per year).

Earnings vs Industry: MGEE earnings growth over the past year (11.2%) exceeded the Electric Utilities industry 8.8%.

Return on Equity

High ROE: MGEE's Return on Equity (10.6%) is considered low.

Return on Assets

Return on Capital Employed

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/04 03:19
End of Day Share Price 2026/07/02 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

MGE Energy, Inc. is covered by 7 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
David ParkerBaird
Julien Dumoulin-SmithBofA Global Research
Nathan BatesD.A. Davidson & Co.