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MGE ENERGY INC

MGEE Clue Score60
United States Fiscal year ends December CIK 0001161728
$70.22 -0.72% Close, 9 Oct 2026
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Price $70.22 −5.57% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
Operating incomeNet income
Fiscal year 2016Operating income123.9Net income75.6Fiscal year 2017Operating income124.6Net income97.6 +29.2%Fiscal year 2018Operating income114.2Net income84.2 −13.7%Fiscal year 2019Operating income110.9Net income86.9 +3.2%EPS, diluted2.51Fiscal year 2020Operating income110.0Net income92.4 +6.4%EPS, diluted2.60 +3.6%Fiscal year 2021Operating income117.3Net income105.8 +14.4%EPS, diluted2.92 +12.3%Fiscal year 2022Operating income137.7Net income111.0 +4.9%EPS, diluted3.07 +5.1%Fiscal year 2023Operating income146.4Net income117.7 +6.1%EPS, diluted3.25 +5.9%Fiscal year 2024Operating income146.3Net income120.6 +2.4%EPS, diluted3.33 +2.5%Fiscal year 2025Operating income170.7Net income135.9 +12.7%EPS, diluted3.72 +11.7%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating income 123.9 124.6 114.2 110.9 110.0 117.3 137.7 146.4 146.3 170.7
Net income 75.6 97.6 84.2 86.9 92.4 105.8 111.0 117.7 120.6 135.9
Growth +29.2% −13.7% +3.2% +6.4% +14.4% +4.9% +6.1% +2.4% +12.7%
EPS, diluted n/a n/a n/a 2.51 2.60 2.92 3.07 3.25 3.33 3.72
Growth +3.6% +12.3% +5.1% +5.9% +2.5% +11.7%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow147.9Capital expenditure−83.7Free cash flow64.2Dividends paid−41.8Fiscal year 2017Operating cash flow131.4Capital expenditure−108.1Free cash flow23.2 −63.8%Dividends paid−43.7Fiscal year 2018Operating cash flow153.0Capital expenditure−212.2Free cash flow−59.2 −354.5%Dividends paid−45.8Fiscal year 2019Operating cash flow130.5Capital expenditure−164.0Free cash flow−33.6Dividends paid−47.8Fiscal year 2020Operating cash flow172.4Capital expenditure−203.1Free cash flow−30.7Dividends paid−51.7Fiscal year 2021Operating cash flow137.5Capital expenditure−153.2Free cash flow−15.6Dividends paid−54.8Fiscal year 2022Operating cash flow153.7Capital expenditure−175.0Free cash flow−21.3Dividends paid−57.5Fiscal year 2023Operating cash flow237.6Capital expenditure−222.1Free cash flow15.5Dividends paid−60.4Fiscal year 2024Operating cash flow277.8Capital expenditure−236.9Free cash flow40.9 +163.8%Dividends paid−63.6Fiscal year 2025Operating cash flow263.2Capital expenditure−343.2Free cash flow−80.0 −295.8%Dividends paid−67.6
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 147.9 131.4 153.0 130.5 172.4 137.5 153.7 237.6 277.8 263.2
Capital expenditure −83.7 −108.1 −212.2 −164.0 −203.1 −153.2 −175.0 −222.1 −236.9 −343.2
Free cash flow 64.2 23.2 −59.2 −33.6 −30.7 −15.6 −21.3 15.5 40.9 −80.0
Growth −63.8% −354.5% +163.8% −295.8%
Dividends paid −41.8 −43.7 −45.8 −47.8 −51.7 −54.8 −57.5 −60.4 −63.6 −67.6

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash96.0Total debt387.1Net cash (debt)−291.2Shareholders’ equity724.1Debt to equity0.53Fiscal year 2017Cash108.0Total debt422.6Net cash (debt)−314.7Shareholders’ equity778.2Debt to equity0.54Fiscal year 2018Cash83.1Total debt497.9Net cash (debt)−414.8Shareholders’ equity816.6Debt to equity0.61Fiscal year 2019Cash23.5Total debt543.4Net cash (debt)−519.9Shareholders’ equity855.7Debt to equity0.64Fiscal year 2020Cash44.7Total debt524.1Net cash (debt)−479.3Shareholders’ equity976.0Debt to equity0.54Fiscal year 2021Cash17.4Total debt619.1Net cash (debt)−601.7Shareholders’ equity1,027.5Debt to equity0.60Fiscal year 2022Cash11.6Total debt639.6Net cash (debt)−628.0Shareholders’ equity1,081.7Debt to equity0.59Fiscal year 2023Cash11.1Total debt724.0Net cash (debt)−712.8Shareholders’ equity1,140.1Debt to equity0.64Fiscal year 2024Cash21.3Total debt769.0Net cash (debt)−747.7Shareholders’ equity1,230.1Debt to equity0.63Fiscal year 2025Cash5.7Total debt813.8Net cash (debt)−808.2Shareholders’ equity1,303.9Debt to equity0.62
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 96.0 108.0 83.1 23.5 44.7 17.4 11.6 11.1 21.3 5.7
Total debt 387.1 422.6 497.9 543.4 524.1 619.1 639.6 724.0 769.0 813.8
Net cash (debt) −291.2 −314.7 −414.8 −519.9 −479.3 −601.7 −628.0 −712.8 −747.7 −808.2
Shareholders’ equity 724.1 778.2 816.6 855.7 976.0 1,027.5 1,081.7 1,140.1 1,230.1 1,303.9
Debt to equity 0.53 0.54 0.61 0.64 0.54 0.60 0.59 0.64 0.63 0.62

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Returns
10.4% 12.5% 10.3% 10.2% 9.5% 10.3% 10.3% 10.3% 9.8% 10.4%
4.2% 5.3% 4.2% 4.2% 4.1% 4.5% 4.4% 4.4% 4.3% 4.3%
Balance and payout
0.53 0.54 0.61 0.64 0.54 0.60 0.59 0.64 0.63 0.62
55.3% 44.8% 54.3% 55.1% 56.0% 51.8% 51.8% 51.3% 52.7% 49.7%
65.1% 187.9% n/a n/a n/a n/a n/a 389.9% 155.6% n/a