Tearsheet

MGE Energy (MGEE)

Market Price (12/28/2025): $78.325 | Market Cap: $2.9 Bil
Sector: Utilities | Industry: Electric Utilities

MGE Energy (MGEE)

Market Price (12/28/2025): $78.325
Market Cap: $2.9 Bil
Sector: Utilities
Industry: Electric Utilities

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%, Dividend Yield is 2.3%	Weak multi-year price returns 2Y Excs Rtn is -31%, 3Y Excs Rtn is -63%	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.4%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%		Key risks MGEE key risks include [1] uncertainty in rate case outcomes with the Public Service Commission of Wisconsin impacting its ability to recover investments and [2] the financial and execution challenges of its capital-intensive transition to achieve net-zero carbon electricity by 2050.
2	Low stock price volatility Vol 12M is 20%
3	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Solar Energy Generation, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%, Dividend Yield is 2.3%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%
2	Low stock price volatility Vol 12M is 20%
3	Megatrend and thematic drivers Megatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Solar Energy Generation, Show more.
4	Weak multi-year price returns 2Y Excs Rtn is -31%, 3Y Excs Rtn is -63%
5	Not cash flow generative FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -4.4%
6	Key risks MGEE key risks include [1] uncertainty in rate case outcomes with the Public Service Commission of Wisconsin impacting its ability to recover investments and [2] the financial and execution challenges of its capital-intensive transition to achieve net-zero carbon electricity by 2050.

Valuation, Metrics & Events

	12/28/25	2024	2023	2022	2021
Share Price CYE	$78.33	$91.99	$69.27	$65.91	$75.39
Market Cap CYE ($ Bil)	2.9	3.3	2.5	2.4	2.7
Total Debt ($ Bil)	0.8	0.8	0.8	0.7	0.6
Total Cash ($ Bil)	0.0	0.0	0.0	0.0	0.0
Enterprise Value ($ Bil)	3.7	4.1	3.3	3.1	3.3
Valuation Ratios
P/S TTM	3.9	5.0	3.8	3.6	4.9
P/EBIT TTM	15.3	20.7	14.9	15.5	22.2
P/E TTM	21.3	28.2	22.2	22.9	28.1
P/FCF TTM	-90.1	83.3	168.8	-119.6	-190.2
Sector Ratios
P/S TTM (Sector)	2.7	2.3	2.2	2.3	2.5
P/EBIT TTM (Sector)	10.4	9.4	9.7	12.1	12.1
P/E TTM (Sector)	18.3	17.8	16.9	19.7	19.6
P/FCF TTM (Sector)	-14.2	-12.1	-13.2	-16.8	-14.4

	12/28/25	2024	2023
Share Price CYE	$78.33	$91.99	$69.27
Market Cap CYE ($ Bil)	2.9	3.3	2.5
Total Debt ($ Bil)	0.8	0.8	0.8
Total Cash ($ Bil)	0.0	0.0	0.0
Enterprise Value ($ Bil)	3.7	4.1	3.3
Valuation Ratios
P/S TTM	3.9	5.0	3.8
P/EBIT TTM	15.3	20.7	14.9
P/E TTM	21.3	28.2	22.2
P/FCF TTM	-90.1	83.3	168.8
Sector Ratios
P/S TTM (Sector)	2.7	2.3	2.2
P/EBIT TTM (Sector)	10.4	9.4	9.7
P/E TTM (Sector)	18.3	17.8	16.9
P/FCF TTM (Sector)	-14.2	-12.1	-13.2

	MGEE	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	0.7
Rev Chg Q	4.3%	7.3%
Rev Chg LTM	8.3%	6.1%
Rev Chg 3Y Avg	2.0%	5.5%
PROFITABILITY	GOOD
Op Inc LTM ($ Bil)	0.2
CFO LTM ($ Bil)	0.3
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	22.9%	18.8%
CFO/Rev LTM	40.9%	20.4%
Net Inc Mgn	18.6%	13.1%
VALUATION	MODERATE
P/S	3.9	3.3
P/CFO	9.6	15.8
P/FCF	-90.1	20.7
P/E	21.3	23.7
STABILITY	POOR
Debt/Equity	0.29	0.21
Cash/Assets	0.00	0.07

AI Analysis | Feedback

Metric	Value	Date	Source
Electric Customers	167000	11052025	Link
Gas Customers	178000	11052025	Link
Solar Capacity from Darien Solar Project	25 MW	11052025	Link
Battery Capacity from Paris BESS	11 MW	11052025	Link
Total Renewable Generation and Battery Storage Projects Since 2015 (by 2030)	more than 40	11052025	Link
Total Renewable Generation and Battery Storage Capacity Since 2015 (by 2030)	more than 750 MW	11052025	Link

Upcoming
2/24/2026	Earnings Release	Rev: - EPS: -

MGEE Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Here are the key points for why MGE Energy's (MGEE) stock moved by -7.5% for the approximate time period from August 31, 2025, to December 27, 2025:

1. Analyst Sentiment and Price Target Reductions: MGE Energy has experienced negative sentiment from the analyst community, with a consensus "sell" rating. Notably, Morgan Stanley repeatedly lowered its price targets for MGEE in late 2025, indicating a less favorable outlook for the stock.

2. Potential Unfavorable Regulatory Outcome for 2026-2027 Rate Case: MGE filed a new rate case application for the 2026 and 2027 test years in April 2025, with a decision from the Public Service Commission of Wisconsin (PSCW) expected by the end of 2025. Given that the PSC previously trimmed MGE's requests and reduced its approved profit rate in the 2024-2025 rate case, anticipation of a potentially less favorable outcome for the upcoming rate period could have weighed on investor confidence.

3. Concerns over Elevated Capital Expenditures for Clean Energy Transition: MGE Energy has significant projected capital expenditures of approximately $1.4 billion from 2025 through 2029, primarily for investments in clean energy projects like solar and battery storage. While these investments align with long-term sustainability goals, their substantial scale can raise investor concerns about financing costs and the company's ability to recover these expenses through future rate adjustments without facing regulatory scrutiny.

4. Underperformance Relative to Utility Sector and Broader Market: Over the past year, MGE Energy's stock has underperformed both the broader US Electric Utilities industry and the overall US market. This relative underperformance suggests that investors may perceive company-specific challenges or a less competitive position for MGEE compared to its peers, leading to a shift in investment preferences.

5. Impact of Weather on Gas Deliveries: The company reported a 4% decrease in gas retail therm deliveries for the full year 2024, primarily due to warmer-than-normal weather. The potential for continued or future weather-related impacts on gas demand, particularly as the colder seasons approach, could create ongoing revenue uncertainty and negatively affect investor expectations for MGE Energy's gas segment.

Stock Movement Drivers

Fundamental Drivers

The -5.4% change in MGEE stock from 9/27/2025 to 12/27/2025 was primarily driven by a -7.9% change in the company's P/E Multiple.

	9272025	12272025	Change
Stock Price ($)	82.78	78.35	-5.35%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	718.32	725.52	1.00%
Net Income Margin (%)	18.24%	18.55%	1.70%
P/E Multiple	23.08	21.27	-7.85%
Shares Outstanding (Mil)	36.54	36.54	-0.01%
Cumulative Contribution			-5.35%

LTM = Last Twelve Months as of date shown

Market Drivers

9/27/2025 to 12/27/2025

	Return	Correlation
MGEE	-5.4%
Market (SPY)	4.3%	-3.8%
Sector (XLU)	-1.4%	35.2%

Fundamental Drivers

The -10.1% change in MGEE stock from 6/28/2025 to 12/27/2025 was primarily driven by a -14.2% change in the company's P/E Multiple.

	6282025	12272025	Change
Stock Price ($)	87.16	78.35	-10.11%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	704.58	725.52	2.97%
Net Income Margin (%)	18.22%	18.55%	1.85%
P/E Multiple	24.79	21.27	-14.22%
Shares Outstanding (Mil)	36.51	36.54	-0.08%
Cumulative Contribution			-10.11%

LTM = Last Twelve Months as of date shown

Market Drivers

6/28/2025 to 12/27/2025

	Return	Correlation
MGEE	-10.1%
Market (SPY)	12.6%	17.9%
Sector (XLU)	5.9%	46.3%

Fundamental Drivers

The -15.8% change in MGEE stock from 12/27/2024 to 12/27/2025 was primarily driven by a -25.1% change in the company's P/E Multiple.

	12272024	12272025	Change
Stock Price ($)	93.09	78.35	-15.84%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	670.18	725.52	8.26%
Net Income Margin (%)	17.70%	18.55%	4.82%
P/E Multiple	28.39	21.27	-25.09%
Shares Outstanding (Mil)	36.18	36.54	-1.00%
Cumulative Contribution			-15.84%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2024 to 12/27/2025

	Return	Correlation
MGEE	-15.8%
Market (SPY)	17.0%	24.9%
Sector (XLU)	14.8%	56.4%

Fundamental Drivers

The 17.5% change in MGEE stock from 12/28/2022 to 12/27/2025 was primarily driven by a 23.8% change in the company's Net Income Margin (%).

	12282022	12272025	Change
Stock Price ($)	66.65	78.35	17.55%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	686.75	725.52	5.64%
Net Income Margin (%)	14.99%	18.55%	23.75%
P/E Multiple	23.41	21.27	-9.15%
Shares Outstanding (Mil)	36.16	36.54	-1.05%
Cumulative Contribution			17.53%

LTM = Last Twelve Months as of date shown

Market Drivers

12/28/2023 to 12/27/2025

	Return	Correlation
MGEE	12.9%
Market (SPY)	48.0%	19.7%
Sector (XLU)	42.1%	49.8%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MGEE Return	-9%	20%	-13%	5%	33%	-14%	13%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
MGEE Win Rate	50%	67%	42%	50%	42%	33%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
MGEE Max Drawdown	-31%	-9%	-23%	-4%	-14%	-16%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	MGEE	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-27.6%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	38.1%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	652 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-34.2%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	52.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	526 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-23.4%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	30.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	436 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-23.4%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	30.6%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	140 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

MGE Energy's stock fell -27.6% during the 2022 Inflation Shock from a high on 8/19/2022. A -27.6% loss requires a 38.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About MGE Energy (MGEE)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

MGE Energy, Inc., through its subsidiaries, operates as a public utility holding company primarily in Wisconsin. It operates through Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other. The company generates, purchases, and distributes electricity; owns or leases electric generation facilities located in Wisconsin and Iowa; and plans, constructs, operates, maintains, and expands transmission facilities to provide transmission services. It also generates electricity from coal-fired, gas-fired, and renewable energy sources, as well as purchases power under short and long-term commitments. As of December 31, 2021, the company generated and distributed electricity to 159,000 customers in Dane County, Wisconsin; and purchased and distributed natural gas to 169,000 customers in seven Wisconsin counties. MGE Energy, Inc.is headquartered in Madison, Wisconsin.

AI Analysis | Feedback

Here are a few analogies to describe MGE Energy (MGEE):

Like Consolidated Edison (Con Edison), but serving parts of Wisconsin with electricity and natural gas instead of New York.
Like your local Comcast or Verizon Fios, but instead of delivering internet and TV, it delivers electricity and natural gas to homes and businesses in its service area.
Like Waste Management (WM), but instead of managing waste, it manages the delivery of essential electricity and natural gas services to homes and businesses.

AI Analysis | Feedback

Electric Utility Services: Provides electricity generation, transmission, and distribution to residential, commercial, and industrial customers.
Natural Gas Utility Services: Distributes and sells natural gas to residential, commercial, and industrial customers.

AI Analysis | Feedback

MGE Energy (symbol: MGEE) is a utility holding company whose primary subsidiary, Madison Gas and Electric (MGE), provides electricity and natural gas services in south-central Wisconsin. As a utility, it sells directly to end-users within its defined service territory rather than primarily to a few other companies as major corporate customers.

MGE Energy's customer base is categorized as follows:

Residential Customers: This category includes individual households and residences that use electricity and/or natural gas for heating, cooling, lighting, and appliances. These are individuals who live in single-family homes, apartments, and other residential dwellings.
Commercial Customers: This segment comprises a wide range of businesses, organizations, and institutions within MGE's service area. This typically includes retail stores, offices, restaurants, schools, hospitals, small to medium-sized businesses, and government buildings that consume energy for their operations.
Industrial Customers: This category consists of larger manufacturing facilities, industrial plants, and other major energy-intensive businesses that require substantial amounts of electricity and/or natural gas for their production processes.

AI Analysis | Feedback

NextEra Energy, Inc. (NYSE: NEE)

AI Analysis | Feedback

Jeffrey M. Keebler Chairman, President and Chief Executive Officer

Mr. Keebler has served as President and Chief Executive Officer of MGE Energy and its subsidiary Madison Gas and Electric (MGE) since March 1, 2017, and became Chairman of the Boards of both companies on October 1, 2018. He has over 25 years of experience with MGE, having started in 1995 as a gas rate analyst. Prior to his current role, he held the position of Senior Vice President of Energy Supply and Planning. Mr. Keebler's career has been entirely within MGE and MGE Energy; he has not founded, managed, or sold other companies, nor does he have a pattern of managing companies backed by private equity firms.

Jared J. Bushek Vice President, Chief Financial Officer and Treasurer

Mr. Bushek has served as Vice President, Chief Financial Officer, and Treasurer of MGE Energy since 2020. He joined MGE in 2010. Prior to his appointment as CFO, he was the Assistant Vice President and Chief Information Officer, a role he held since 2015. Mr. Bushek's career appears to be primarily with MGE Energy; there is no information indicating he founded, managed, or sold other companies, or has a pattern of managing companies backed by private equity firms.

Cari Anne Renlund Vice President, General Counsel and Secretary

Ms. Renlund has been a Vice President and General Counsel at Madison Gas and Electric Company since November 2015. She also serves as Secretary of the company.

Lynn K. Hobbie Executive Vice President of Marketing & Communications

Ms. Hobbie has been Executive Vice President of Marketing & Communications at Madison Gas and Electric Company since 2017. She has been with the company since 1985.

James J. Lorenz Vice President of Energy Operations

Mr. Lorenz serves as Vice President of Energy Operations for MGE Energy. He has been with Madison Gas and Electric Company since 1987.

AI Analysis | Feedback

The key risks to MGE Energy (symbol: MGEE) primarily stem from its highly regulated operating environment, the significant transition towards renewable energy, and the inherent volatility in commodity markets.

Regulatory and Policy Changes, including Rate Case Uncertainty: As a regulated utility, MGE Energy's operations, costs, and ability to recover investments and generate earnings are heavily influenced by state and federal government regulations. Changes in environmental laws, particularly those related to greenhouse gas emissions and climate change, can lead to increased costs and liabilities. A significant aspect of this risk is rate case uncertainty, where decisions by regulatory bodies like the Public Service Commission of Wisconsin (PSCW) on rate increases directly impact the company's financial performance and its ability to recover capital investments.
Transition to Renewable Energy and Environmental Pressures: MGE Energy is committed to transitioning its energy mix away from fossil fuels, notably coal, towards renewable sources with a goal of net-zero carbon electricity by 2050. This transition involves substantial capital expenditures for new renewable energy projects, which carry risks such as cost overruns and delays. There are also financial implications associated with the retirement or transition of existing coal-fired generation assets, and the ongoing need to comply with evolving environmental regulations related to decarbonization.
Commodity Price Volatility: MGE Energy is exposed to fluctuations in the market prices of key commodities such as natural gas, electricity, and coal. Variations in these prices can directly impact the company's operational costs and overall financial performance.

AI Analysis | Feedback

The increasing adoption of decentralized energy generation and distributed energy resources (DERs), such as rooftop solar panels and battery storage systems, by residential and commercial customers. This trend has the potential to reduce reliance on MGE Energy's centralized generation and grid infrastructure, leading to lower demand for grid-supplied electricity and gas, impacting revenue streams, and challenging the traditional utility business model centered on large-scale power production and delivery.

AI Analysis | Feedback

For MGE Energy (symbol: MGEE), the addressable markets for their main products and services are defined by their regulated utility service territory in south-central and western Wisconsin.

Electric Utility Services: MGE Energy, through its subsidiary Madison Gas and Electric (MGE), provides electricity to approximately 167,000 customers in Dane County and other municipalities in southern Wisconsin. The population served by their electric utility is approximately 369,000.
Natural Gas Utility Services: MGE distributes natural gas to around 178,000 customers across seven counties in south-central and western Wisconsin, including Columbia, Crawford, Dane, Iowa, Juneau, Monroe, and Vernon counties. The population in their natural gas service area totals approximately 510,000.

AI Analysis | Feedback

MGE Energy (MGEE) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and factors:

Strategic Investments in Renewable Energy and Battery Storage: MGE Energy is actively investing in new renewable generation projects, including solar and battery storage facilities. Projects such as the Darien Solar Project and the Paris Battery Energy Storage System (BESS) became operational in 2025, contributing to asset growth and increased electric earnings. The company aims for significant carbon reduction, aligning with customer demand and regulatory trends favoring clean energy, which necessitates ongoing capital deployment in these areas.
Rate Base Investment Growth and Regulatory-Approved Rate Increases: Revenue growth is significantly influenced by rate base investment growth. MGE Energy has received regulatory approval for rate increases, including a 2.63% increase for electric and 1.32% for gas in 2025. Furthermore, there are pending regulatory approvals for proposed rate increases for 2026 (4.89% electric and 2.33% gas) and 2027 (4.33% electric and 2.16% gas), which are expected to directly impact future revenues.
Grid Modernization and Technological Innovation: The company is committed to technological innovation, including significant investments in grid modernization and smart grid solutions. These initiatives enhance service delivery, customer satisfaction, and operational efficiency. MGE Energy also makes venture capital investments in early-stage companies focused on smart technologies, distributed energy resources, and electrification, which contribute to non-utility earnings.
Customer Growth and Increased Sales Volumes: MGE Energy serves a substantial customer base, and future load growth is a factor influencing its financial results. Dane County, within MGE Energy's service territory, is projected for strong population growth, which is expected to support the company's capital spending outlook and lead to increased electric and gas sales volumes.

AI Analysis | Feedback

Share Issuance

MGE Energy operates a Direct Stock Purchase and Dividend Reinvestment Plan, allowing shareholders and others to purchase common stock directly from the company or in the open market.
Average shares outstanding increased slightly by 0.1% (46,730 shares) from 36,163,370 in 2023 to 36,210,100 in 2024.
Shares outstanding at year-end 2024 were 36,489,641, reflecting an increase of 0.9% (326,271 shares) from 2023.

Outbound Investments

MGE Energy maintains a 3.6% equity ownership interest in American Transmission Co. (ATC) and plans for additional investments through voluntary capital calls.
ATC is projected to have approximately $5.4 billion in capital expenditures from 2025-2029 for generator interconnections, asset renewal, and the MISO Long Range Transmission Plan.
The company makes strategic venture capital investments in early-stage companies focused on smart technologies and distributed energy resources.

Capital Expenditures

MGE Energy experienced a significant surge in capital expenditures, increasing by 55.8% to $255.6 million for the nine months ended September 30, 2025.
The company has a forecasted capital plan of $1.96 billion between 2025 and 2030, with more than half of projected capital expenditures from 2025-2029 (approximately $850 million) dedicated to generation investments for carbon reduction goals.
Primary focus of capital expenditures is on renewable generation projects, including the acquisition of 25 MW of West Riverside and the Red Barn wind farm (2023), and future projects like Darien Solar Energy Center (solar online early 2025, battery expected 2026), Paris Solar-Battery Park (solar online late 2024, battery online 2025), and the Nine Springs Solar array (construction expected 2026, operational 2027).

Better Bets than MGE Energy (MGEE)

Public Service Enterprise

Higher CFO/Rev LTM (Value for MGEE: 40.9%)

ETR (41.7%)

Entergy

Higher FCF/Rev LTM (Value for MGEE: -4.4%)

VST (9.6%)

Vistra

WEC (1.6%)

WEC Energy

CEG (-1.1%)

Constellation Energy

PEG (-1.5%)

Public Service Enterprise

DUK (-2.9%)

Duke Energy

Higher Total Yield (Value for MGEE: 7.0%)

EXC (10.0%)

Exelon

AEP (9.2%)

American Electric Power

PEG (8.3%)

Public Service Enterprise

WEC (8.2%)

WEC Energy

SO (7.8%)

Southern

SECTOR: Utilities

Higher Rev Chg 3Y Avg | Lower P/S (Values for MGEE: 2.0% | 3.9x)

DUK (5.2% | 2.9x)

Duke Energy

AEP (4.2% | 2.9x)

American Electric Power

VST (9.5% | 3.2x)

Vistra

D (7.5% | 3.3x)

Dominion Energy

EXC (8.9% | 1.8x)

Exelon

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MGEE: 2.0% | 17.3x)

DUK (5.2% | 10.6x)

Duke Energy

AEP (4.2% | 11.7x)

American Electric Power

D (7.5% | 11.2x)

Dominion Energy

EXC (8.9% | 8.7x)

Exelon

PEG (7.4% | 13.7x)

Public Service Enterprise

Higher Rev Chg LTM (Value for MGEE: 8.3%)

ATO (12.9%)

Atmos Energy

PEG (12.3%)

Public Service Enterprise

ED (10.3%)

Consolidated Edison

SO (9.4%)

Southern

AEP (8.4%)

American Electric Power

Higher Rev Chg 3Y Avg (Value for MGEE: 2.0%)

NEE (11.4%)

NextEra Energy

VST (9.5%)

Vistra

DUK (5.2%)

Duke Energy

AEP (4.2%)

American Electric Power

CEG (3.7%)

Constellation Energy

Higher Op Mgn LTM (Value for MGEE: 22.9%)

D (29.7%)

Dominion Energy

NEE (28.2%)

NextEra Energy

DUK (27.1%)

Duke Energy

SO (25.7%)

Southern

AEP (24.9%)

American Electric Power

Higher CFO/Rev LTM (Value for MGEE: 40.9%)

NFG (48.3%)

National Fuel Gas

NEE (45.5%)

NextEra Energy

ATO (43.6%)

Atmos Energy

ETR (41.7%)

Entergy

ORA (41.2%)

Ormat Technologies

Higher FCF/Rev LTM (Value for MGEE: -4.4%)

NEE (11.7%)

NextEra Energy

VST (9.6%)

Vistra

CEG (-1.1%)

Constellation Energy

PEG (-1.5%)

Public Service Enterprise

DUK (-2.9%)

Duke Energy

Higher Total Yield (Value for MGEE: 7.0%)

EXC (10.0%)

Exelon

AEP (9.2%)

American Electric Power

D (9.0%)

Dominion Energy

SO (7.8%)

Southern

XEL (7.2%)

Xcel Energy

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MGEE: 2.0% | 3.9x)

AMZN (11.3% | 3.7x)

Amazon.com

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

WMT (5.4% | 1.3x)

Walmart

BAC (5.2% | 3.9x)

Bank of America

COST (6.7% | 1.4x)

Costco Wholesale

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MGEE: 2.0% | 17.3x)

UNH (11.4% | 11.4x)

UnitedHealth

MRK (2.9% | 11.9x)

Merck

PM (8.0% | 16.9x)

Philip Morris International

TMUS (2.4% | 11.6x)

T-Mobile US

DIS (4.5% | 14.8x)

Walt Disney

Higher Rev Chg LTM (Value for MGEE: 8.3%)

NVDA (65.2%)

NVIDIA

META (21.3%)

Meta Platforms

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

Higher Rev Chg 3Y Avg (Value for MGEE: 2.0%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for MGEE: 22.9%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for MGEE: 40.9%)

META (56.8%)

Meta Platforms

MA (56.1%)

Mastercard

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

AVGO (43.1%)

Broadcom

Higher FCF/Rev LTM (Value for MGEE: -4.4%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

AMZN (2.0%)

Amazon.com

Higher Total Yield (Value for MGEE: 7.0%)

XOM (9.2%)

Exxon Mobil

WFC (8.7%)

Wells Fargo

JNJ (7.5%)

Johnson & Johnson

KO (7.2%)

Coca-Cola

BAC (7.1%)

Bank of America

		Best Bets In Utilities Sector
	MGEE	CWEN	LNT	VST	NEE	OTTR	UGI	BKH	WEC	MGEE	SWX
What You Pay
P/E	21.3	14.2	20.5	47.5	25.5	12.4	12.1	17.7	20.3	21.3	12.6
P/EBIT	15.3	18.3	14.1	24.8	22.1	9.3	7.4	9.5	12.5	15.3	9.6
What You Get
Rev Chg Q	4.3%	-11.7%	11.9%	-20.9%	5.3%	-3.7%	-3.6%	7.1%	13.4%	4.3%	-11.8%
Rev Chg LTM	8.3%	0.8%	7.8%	5.7%	0.2%	-3.2%	1.1%	7.0%	7.9%	8.3%	31.9%
Rev Chg 3Y Avg	2.0%	3.5%	1.7%	9.5%	11.4%	-4.4%	-9.9%	-0.1%	1.4%	2.0%	10.8%
FCF/Rev 3Y Avg	-0.0%	33.2%	23.8%	14.4%	9.3%	8.6%	4.1%	3.6%	1.8%	-0.0%	-0.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.3%, alpha of -0.5%, and sharpe of 0.48

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	MGE Energy Earnings Notes
2	MGE Energy Earnings Notes
3	MGE Energy Earnings Notes
4	How Low Can MGE Energy Stock Really Go?	Return
5	MGE Energy vs Alphabet: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	MGE Energy vs Southern: Which Is A Better Investment?	Counter-Intuitive Comparisons
7	How Does MGE Energy Stock Stack Up Against Its Peers?	Peer Comparison
8	Better Bet Than MGEE Stock: Pay Less Than MGE Energy To Get More From ADBE, MU
9	Better Bet Than MGEE Stock: Pay Less Than MGE Energy To Get More From SO, VST
10	Better Bet Than MGEE Stock: Pay Less Than MGE Energy To Get More From SO, VST

	Title
0	ARTICLES

Trade Ideas

Select ideas related to MGEE. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
PEG_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	PEG	Public Service Enterprise	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-0.3%	-0.3%	-2.4%
PCG_9262025_Dip_Buyer_ValueBuy	09262025	PCG	PG&E	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	5.5%	5.5%	-0.8%
AES_9052025_Dip_Buyer_ValueBuy	09052025	AES	AES	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	10.2%	10.2%	-3.2%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for MGE Energy

Peers to compare with:

Financials

	MGEE	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	MGE Ener.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	78.35	23.26	24.49	305.09	78.16	273.40	78.25
Mkt Cap	2.9	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	726	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	166	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	-32	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	-1	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	297	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	251	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	MGEE	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	MGE Ener.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	8.3%	3.2%	13.8%	4.5%	8.9%	6.0%	7.1%
Rev Chg 3Y Avg	2.0%	-3.9%	6.5%	2.6%	3.7%	1.8%	2.3%
Rev Chg Q	4.3%	4.2%	14.4%	9.1%	7.5%	9.6%	8.3%
QoQ Delta Rev Chg LTM	1.0%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	22.9%	6.6%	4.8%	17.7%	22.5%	31.9%	20.1%
Op Mgn 3Y Avg	21.7%	7.4%	7.2%	16.4%	24.2%	30.8%	19.0%
QoQ Delta Op Mgn LTM	0.2%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.1%
CFO/Rev LTM	40.9%	6.7%	8.5%	20.6%	23.8%	26.6%	22.2%
CFO/Rev 3Y Avg	35.7%	6.8%	12.7%	21.4%	26.1%	28.4%	23.8%
FCF/Rev LTM	-4.4%	5.1%	1.8%	18.1%	22.1%	23.5%	11.6%
FCF/Rev 3Y Avg	-0.0%	5.5%	4.6%	18.6%	24.6%	25.6%	12.1%

Valuation

	MGEE	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	MGE Ener.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	2.9	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	3.9	0.4	1.0	4.4	5.4	10.0	4.2
P/EBIT	15.3	6.8	19.9	25.1	22.5	31.3	21.2
P/E	21.3	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	9.6	5.9	11.2	21.1	22.5	37.5	16.2
Total Yield	7.0%	14.1%	2.3%	5.0%	5.4%	2.8%	5.2%
Dividend Yield	2.3%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	-0.0%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.3	0.5	0.7	0.2	0.1	0.0	0.3
Net D/E	0.3	0.3	0.6	0.2	0.0	0.0	0.2

Returns

	MGEE	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	MGE Ener.	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	-4.7%	-1.8%	14.4%	0.6%	2.7%	-1.5%	-0.4%
3M Rtn	-5.4%	-11.9%	2.7%	7.9%	17.0%	7.1%	4.9%
6M Rtn	-10.1%	-4.0%	34.5%	6.6%	15.2%	36.3%	10.9%
12M Rtn	-15.8%	-27.0%	16.2%	40.5%	34.5%	7.5%	11.8%
3Y Rtn	17.5%	-1.9%	71.1%	143.1%	81.3%	120.2%	76.2%
1M Excs Rtn	-6.5%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-3.0%
3M Excs Rtn	-9.7%	-16.2%	-1.7%	3.6%	12.7%	2.8%	0.6%
6M Excs Rtn	-22.4%	-16.3%	22.3%	-5.7%	3.0%	24.0%	-1.3%
12M Excs Rtn	-31.0%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	-4.6%
3Y Excs Rtn	-62.7%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	-6.2%

Comparison Analyses

	Title
0	How Does MGE Energy Stock Stack Up Against Its Peers?

FDIC Bank Data

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/5/2025	2/25/2025	2/21/2024	2/22/2023	2/23/2022	2/24/2021	2/27/2020
Key Financials
Total Revenue	726	677	690	715	607	539	569
EBITDA	300	273	276	249	211	210	201
Operating Income	166	146	146	138	117	110	111
Net Income	135	121	118	111	106	92	87
EPS	3.70	3.33	3.25	3.07	2.92	2.60	2.51
Growth Rates
Total Revenue Growth	8.3%	-2.0%	-3.4%	17.8%	12.6%	-5.3%	1.6%
EBITDA Growth	11.1%	-1.3%	10.8%	18.2%	0.7%	4.1%	7.3%
Operating Income Growth	16.1%	-0.1%	6.3%	17.4%	6.6%	-0.8%	-2.9%
Net Income Growth	13.5%	2.4%	6.1%	4.9%	14.4%	6.4%	3.2%
Margins
EBITDA Margin	41.4%	40.3%	40.0%	34.9%	34.8%	38.9%	35.4%
Operating Income Margin	22.9%	21.6%	21.2%	19.3%	19.3%	20.4%	19.5%
Net Income Margin	18.6%	17.8%	17.0%	15.5%	17.4%	17.2%	15.3%
Cash & Debt
Total Cash	10	21	11	12	17	45	23
Total Debt	841	787	780	727	642	594	561
Net Debt / (Cash)	831	766	769	716	624	549	537
Cash Flows
Net Cash from Operations	297	278	238	154	138	172	130
Free Cash from Operations	-32	41	15	-21	-16	-31	-34
Returns to Shareholders
Dividends	67	64	60	58	55	52	48
Share Repurchases	-0	-0	-0	-0	-0	-0	-0

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	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
Filing Date	11/5/2025	8/6/2025	5/7/2025	2/25/2025	11/6/2024	8/7/2024	5/8/2024	2/21/2024	11/2/2023	8/3/2023	5/4/2023	2/22/2023
Key Financials Quarterly
Total Revenue	176	159	219	171	168	146	191	165	161	148	217	190
Ebitda	90	66	83	61	80	61	71	58	80	68	70	55
Operating Income	51	34	53	28	48	30	41	24	44	38	40	28
Net Income	44	26	42	22	41	24	34	20	38	29	31	21
EPS	1.22	0.73	1.14	0.61	1.13	0.66	0.93	0.55	1.05	0.79	0.86	0.58
Key Financials TTM
Total Revenue TTM	726	718	705	677	670	662	665	690	716	718	723	715
Ebitda TTM	300	290	285	273	270	270	278	276	273	263	249	249
Operating Income TTM	166	163	158	146	143	138	147	146	150	149	136	138
Net Income TTM	135	131	128	121	119	116	120	118	119	115	108	111
Growth Rates Quarterly
Total Revenue Growth	4.3%	9.4%	14.4%	4.1%	5.0%	-1.5%	-11.9%	-13.3%	-1.8%	-2.9%	4.0%	17.1%
EBITDA Growth	12.1%	9.5%	16.7%	4.4%	0.6%	-11.6%	1.8%	5.8%	13.7%	25.7%	0.2%	35.6%
Operating Income Growth	6.1%	15.1%	29.7%	14.4%	9.9%	-22.5%	1.8%	-13.5%	3.1%	50.8%	-4.4%	62.0%
Net Income Growth	8.7%	11.4%	23.0%	9.7%	8.1%	-17.0%	8.8%	-4.6%	12.3%	31.8%	-9.7%	61.2%
Margins Quarterly
EBITDA Margin	51.1%	41.6%	38.0%	35.5%	47.5%	41.5%	37.2%	35.4%	49.6%	46.2%	32.2%	29.0%
Operating Income Margin	29.1%	21.5%	24.1%	16.1%	28.6%	20.4%	21.3%	14.7%	27.3%	25.9%	18.4%	14.7%
Net Income Margin	25.3%	16.6%	19.0%	12.8%	24.3%	16.3%	17.7%	12.2%	23.6%	19.4%	14.3%	11.1%
Cash & Debt
Total Cash	10	11	35	21	15	16	17	11	11	17	15	12
Total Debt	841	772	768	787	769	781	764	780	735	747	738	727
Net Debt / (Cash)	831	762	733	766	754	765	747	769	724	730	723	716
Cash Flows Quarterly
FCF from Operations	95	56	78	68	79	65	66	44	67	71	56	9
Cash Flows TTM
FCF from Operations TTM	297	281	290	278	253	241	247	238	203	169	148	154
Returns to Shareholders Quarterly
Dividends	17	16	16	16	16	15	15	15	15	15	15	15
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	13.3%	10.0%	15.3%	8.0%	14.8%	9.3%	12.7%	6.4%	12.3%	10.7%	11.4%	7.8%
Return on Invested Capital (ROIC) TTM
ROIC TTM	11.1%	11.8%	11.9%	10.9%	10.8%	10.0%	10.4%	9.9%	10.5%	10.3%	9.5%	9.7%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Electric	491	465	421	394	409
Gas	216	283	208	156	176
Non-Regulated Energy	42	42	42	41	41
All Others	0	0	0	0	0
Transmission Investment	0	0	0	0	0
Consolidation/Elimination	-58	-76	-64	-53	-57
Total	690	715	607	539	569

Net Income by Segment

$ Mil	2024	2023	2022	2021	2020
Electric	76	65	64	51	46
Non-Regulated Energy	22	22	21	21	20
Gas	14	18	16	14	14
Transmission Investment	8	7	7	7	7
Consolidation/Elimination	0	0
All Others	-2	-1	-2	-1	-1
Total	118	111	106	92	87

Price Behavior

Price Behavior

Market Price	$78.35
Market Cap ($ Bil)	2.9
First Trading Date	03/26/1990
Distance from 52W High	-15.8%
	50 Days	200 Days
DMA Price	$81.79	$85.47
DMA Trend	down	down
Distance from DMA	-4.2%	-8.3%
	3M	1YR
Volatility	17.3%	20.4%
Downside Capture	-11.32	35.58
Upside Capture	-35.33	12.88
Correlation (SPY)	-3.4%	24.8%

MGEE Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.23	0.01	0.15	0.43	0.30	0.38
Up Beta	0.02	0.47	0.59	0.97	0.32	0.46
Down Beta	0.02	0.29	-0.07	0.04	0.23	0.35
Up Capture	22%	-24%	2%	18%	11%	11%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	10	22	33	58	118	369
Down Capture	38%	-21%	21%	68%	55%	62%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	10	20	30	68	131	378

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of MGEE With Other Asset Classes (Last 1Y)
	MGEE	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-15.3%	15.2%	17.8%	72.1%	8.6%	4.4%	-8.2%
Annualized Volatility	20.3%	15.9%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	-0.92	0.70	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		56.4%	25.1%	12.2%	-5.0%	59.6%	1.9%

ETFs used for asset classes: Sector ETF = XLU, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of MGEE With Other Asset Classes (Last 5Y)
	MGEE	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	3.8%	9.7%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	23.2%	17.2%	17.1%	15.5%	18.7%	18.9%	48.6%
Sharpe Ratio	0.13	0.43	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		65.8%	30.8%	13.4%	4.0%	50.3%	11.8%

Based On 10-Year Data

		Comparison of MGEE With Other Asset Classes (Last 10Y)
	MGEE	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	7.9%	10.5%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	27.4%	19.2%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.31	0.48	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		69.9%	43.7%	7.6%	9.4%	55.6%	11.8%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	696,455
Short Interest: % Change Since 11302025	-6.0%
Average Daily Volume	125,170
Days-to-Cover Short Interest	5.56
Basic Shares Quantity	36,542,000
Short % of Basic Shares	1.9%

Returns Analyses

	Title
0	How Low Can MGE Energy Stock Really Go?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/5/2025	1.4%	1.1%	-5.0%
8/6/2025	-0.8%	0.6%	1.3%
5/7/2025	0.7%	-1.4%	-3.0%
2/25/2025	1.2%	0.1%	-2.3%
11/6/2024	7.2%	17.7%	11.6%
8/7/2024	-0.6%	-0.4%	2.6%
5/8/2024	0.5%	2.1%	-2.1%
2/21/2024	0.9%	-2.0%	16.6%
...
SUMMARY STATS
# Positive	13	12	13
# Negative	9	10	9
Median Positive	0.9%	1.3%	4.2%
Median Negative	-1.0%	-1.9%	-4.4%
Max Positive	7.2%	17.7%	16.6%
Max Negative	-5.4%	-3.6%	-17.8%

	Forward Returns
11/5/2025	1.4%	1.1%	-5.0%
8/6/2025	-0.8%	0.6%	1.3%
5/7/2025	0.7%	-1.4%	-3.0%
2/25/2025	1.2%	0.1%	-2.3%
11/6/2024	7.2%	17.7%	11.6%
8/7/2024	-0.6%	-0.4%	2.6%
5/8/2024	0.5%	2.1%	-2.1%
2/21/2024	0.9%	-2.0%	16.6%
11/2/2023	2.7%	-0.2%	3.1%
8/3/2023	-1.2%	-3.6%	-8.8%
5/4/2023	0.9%	0.9%	-4.4%
2/22/2023	0.9%	0.3%	4.2%
11/3/2022	-1.6%	-1.6%	4.3%
8/4/2022	0.5%	1.5%	-4.5%
5/5/2022	-1.0%	0.8%	-0.7%
2/23/2022	-0.9%	-2.6%	6.4%
8/5/2021	0.3%	1.5%	3.1%
5/6/2021	0.7%	-1.8%	3.0%
2/24/2021	-2.3%	-2.6%	7.6%
11/5/2020	-0.2%	7.1%	5.9%
8/6/2020	2.2%	5.1%	1.3%
2/27/2020	-5.4%	-2.0%	-17.8%
SUMMARY STATS
# Positive	13	12	13
# Negative	9	10	9
Median Positive	0.9%	1.3%	4.2%
Median Negative	-1.0%	-1.9%	-4.4%
Max Positive	7.2%	17.7%	16.6%
Max Negative	-5.4%	-3.6%	-17.8%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11052025	10-Q 9/30/2025
6302025	8062025	10-Q 6/30/2025
3312025	5072025	10-Q 3/31/2025
12312024	2252025	10-K 12/31/2024
9302024	11062024	10-Q 9/30/2024
6302024	8072024	10-Q 6/30/2024
3312024	5082024	10-Q 3/31/2024
12312023	2212024	10-K 12/31/2023
9302023	11022023	10-Q 9/30/2023
6302023	8032023	10-Q 6/30/2023
3312023	5042023	10-Q 3/31/2023
12312022	2222023	10-K 12/31/2022
9302022	11032022	10-Q 9/30/2022
6302022	8042022	10-Q 6/30/2022
3312022	5052022	10-Q 3/31/2022
12312021	2232022	10-K 12/31/2021

Insider Activity

Expand for Morenull

Industry Resources

Utilities Resources

Data.gov Energy Infrastructure

Daga.gov Energy Resources

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

MGE Energy (MGEE)

Market Price (12/28/2025): $78.325 | Market Cap: $2.9 BilSector: Utilities | Industry: Electric Utilities

MGE Energy (MGEE)

Market Price (12/28/2025): $78.325Market Cap: $2.9 BilSector: UtilitiesIndustry: Electric Utilities

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

MGEE Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About MGE Energy (MGEE)

Interactive Breakdown

Better Bets than MGE Energy (MGEE)

INDUSTRY: Electric Utilities

Higher Rev Chg 3Y Avg | Lower P/S (Values for MGEE: 2.0% | 3.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MGEE: 2.0% | 17.3x)

Higher Rev Chg LTM (Value for MGEE: 8.3%)

Higher Rev Chg 3Y Avg (Value for MGEE: 2.0%)

Higher Op Mgn LTM (Value for MGEE: 22.9%)

Higher CFO/Rev LTM (Value for MGEE: 40.9%)

Higher FCF/Rev LTM (Value for MGEE: -4.4%)

Higher Total Yield (Value for MGEE: 7.0%)

SECTOR: Utilities

Higher Rev Chg 3Y Avg | Lower P/S (Values for MGEE: 2.0% | 3.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MGEE: 2.0% | 17.3x)

Higher Rev Chg LTM (Value for MGEE: 8.3%)

Higher Rev Chg 3Y Avg (Value for MGEE: 2.0%)

Higher Op Mgn LTM (Value for MGEE: 22.9%)

Higher CFO/Rev LTM (Value for MGEE: 40.9%)

Higher FCF/Rev LTM (Value for MGEE: -4.4%)

Higher Total Yield (Value for MGEE: 7.0%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for MGEE: 2.0% | 3.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for MGEE: 2.0% | 17.3x)

Higher Rev Chg LTM (Value for MGEE: 8.3%)

Higher Rev Chg 3Y Avg (Value for MGEE: 2.0%)

Higher Op Mgn LTM (Value for MGEE: 22.9%)

Higher CFO/Rev LTM (Value for MGEE: 40.9%)

Higher FCF/Rev LTM (Value for MGEE: -4.4%)

Higher Total Yield (Value for MGEE: 7.0%)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for MGE Energy

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Market Price (12/28/2025): $78.325 | Market Cap: $2.9 Bil
Sector: Utilities | Industry: Electric Utilities

Market Price (12/28/2025): $78.325
Market Cap: $2.9 Bil
Sector: Utilities
Industry: Electric Utilities