MGE Energy (MGEE)
Market Price (11/10/2026): $80.8 | Market Cap: $3.1 BilSector: Utilities | Industry: Electric Utilities
MGE Energy (MGEE)
Market Price (11/10/2026): $80.8Market Cap: $3.1 BilSector: UtilitiesIndustry: Electric Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.7%, Dividend Yield is 2.4% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35% Low stock price volatilityVol 12M is 21% Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Solar Energy Generation, Show more. | Trading close to highsDist 52W High is -4.2% Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -55% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.02 | Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13% Key risksMGEE 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. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.7%, Dividend Yield is 2.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 35% |
| Low stock price volatilityVol 12M is 21% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition, Smart Grids & Grid Modernization, and Electrification of Everything. Themes include Solar Energy Generation, Show more. |
| Trading close to highsDist 52W High is -4.2% |
| Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -55% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.02 |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -13% |
| Key risksMGEE 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. |
Qualitative Assessment
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MGE Energy (MGEE) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Consistent "Hold" Analyst Consensus and Valuation Near Price Targets.
Despite reporting strong fiscal Q3 2026 earnings, MGE Energy (MGEE) maintained a largely stable stock price due to its classification as a regulated utility, which typically experiences lower volatility. The consensus analyst rating for MGEE during this period was "Hold," with average 12-month price targets around $76.25 to $76.83, closely aligning with the stock's trading range near $78.36 as of November 5, 2026. This indicated that, even with positive company-specific news, significant upward price movement was not anticipated by most analysts, contributing to the stock remaining largely at the same level. Several analysts, including JPMorgan and BofA Securities, initiated coverage with "Neutral" ratings and price targets of $76.00, characterizing MGE Energy as a high-quality, low-risk utility with single-digit earnings growth.
2. Steady Dividend Growth Appealing to Income-Focused Investors.
MGE Energy's appeal to investors seeking stable income through dividends played a crucial role in its consistent price. The company maintained its long-standing record of increasing dividends, notably declaring its 51st consecutive annual dividend increase on August 21, 2026, and a regular dividend on October 16, 2026. This reliable return on investment via dividends often attracts a specific class of investors less focused on rapid capital appreciation, thereby contributing to the stock's relatively flat price trend rather than experiencing sharp fluctuations.
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MGE Energy (MGEE) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Consistent "Hold" Analyst Consensus and Valuation Near Price Targets.
Despite reporting strong fiscal Q3 2026 earnings, MGE Energy (MGEE) maintained a largely stable stock price due to its classification as a regulated utility, which typically experiences lower volatility. The consensus analyst rating for MGEE during this period was "Hold," with average 12-month price targets around $76.25 to $76.83, closely aligning with the stock's trading range near $78.36 as of November 5, 2026. This indicated that, even with positive company-specific news, significant upward price movement was not anticipated by most analysts, contributing to the stock remaining largely at the same level. Several analysts, including JPMorgan and BofA Securities, initiated coverage with "Neutral" ratings and price targets of $76.00, characterizing MGE Energy as a high-quality, low-risk utility with single-digit earnings growth.
2. Steady Dividend Growth Appealing to Income-Focused Investors.
MGE Energy's appeal to investors seeking stable income through dividends played a crucial role in its consistent price. The company maintained its long-standing record of increasing dividends, notably declaring its 51st consecutive annual dividend increase on August 21, 2026, and a regular dividend on October 16, 2026. This reliable return on investment via dividends often attracts a specific class of investors less focused on rapid capital appreciation, thereby contributing to the stock's relatively flat price trend rather than experiencing sharp fluctuations.
3. Strong Fiscal Q3 2026 Earnings Beat Largely Priced In.
MGE Energy reported robust financial results for fiscal Q3 2026 (ended September 30, 2026) on November 4, 2026, exceeding analyst expectations with diluted earnings per share of $1.48 (a $0.30 beat) and revenues of $190.4 million. However, this positive news, announced at the very end of the specified period, resulted in only a moderate, rather than transformative, impact on the overall stock movement. For a utility stock, such performance is often anticipated or already factored into its valuation, and the subsequent modest upward movement was consistent with a security already trading near its perceived fair value.
4. Predictable Growth from Renewable Energy Investments in a Favorable Regulatory Environment.
The company's strategic capital investments in renewable energy projects, such as Koshkonong, High Noon, and Sunnyside, continued to expand its rate base and drive earnings growth in the electric segment, which saw an $11.6 million increase in fiscal Q3 2026 compared to the prior year. This predictable growth, bolstered by a constructive regulatory environment in Wisconsin, contributes to MGE Energy's overall stability as a utility. While these investments yield steady returns, they typically result in incremental, rather than explosive, stock price appreciation, reinforcing the stock's largely level trend over the period. The increase also reflected a higher allowance for funds used during construction (AFUDC) equity, which rose by $3.3 million compared to fiscal Q3 2025.
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Stock Movement Drivers
Fundamental Drivers
The 1.5% change in MGEE stock from 7/31/2026 to 11/9/2026 was primarily driven by a 10.7% change in the company's Net Income Margin (%).| (LTM values as of) | 7312026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 79.01 | 80.19 | 1.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 767 | 784 | 2.1% |
| Net Income Margin (%) | 18.6% | 20.6% | 10.7% |
| P/E Multiple | 20.2 | 18.8 | -7.3% |
| Shares Outstanding (Mil) | 37 | 38 | -3.2% |
| Cumulative Contribution | 1.5% |
Market Drivers
7/31/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| MGEE | 1.5% | |
| Market (SPY) | 0.8% | 0.7% |
| Sector (XLU) | -1.3% | 58.3% |
Fundamental Drivers
The 1.3% change in MGEE stock from 4/30/2026 to 11/9/2026 was primarily driven by a 12.7% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 79.19 | 80.19 | 1.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 744 | 784 | 5.4% |
| Net Income Margin (%) | 18.3% | 20.6% | 12.7% |
| P/E Multiple | 21.3 | 18.8 | -11.9% |
| Shares Outstanding (Mil) | 37 | 38 | -3.3% |
| Cumulative Contribution | 1.3% |
Market Drivers
4/30/2026 to 11/9/2026| Return | Correlation | |
|---|---|---|
| MGEE | 1.3% | |
| Market (SPY) | 5.0% | -4.2% |
| Sector (XLU) | -5.9% | 61.6% |
Fundamental Drivers
The -0.8% change in MGEE stock from 10/31/2025 to 11/9/2026 was primarily driven by a -16.8% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 80.87 | 80.19 | -0.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 718 | 784 | 9.1% |
| Net Income Margin (%) | 18.2% | 20.6% | 12.9% |
| P/E Multiple | 22.5 | 18.8 | -16.8% |
| Shares Outstanding (Mil) | 37 | 38 | -3.3% |
| Cumulative Contribution | -0.8% |
Market Drivers
10/31/2025 to 11/9/2026| Return | Correlation | |
|---|---|---|
| MGEE | -0.8% | |
| Market (SPY) | 11.3% | -3.7% |
| Sector (XLU) | 0.4% | 56.3% |
Fundamental Drivers
The 19.8% change in MGEE stock from 10/31/2023 to 11/9/2026 was primarily driven by a 29.2% change in the company's Net Income Margin (%).| (LTM values as of) | 10312023 | 11092026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.96 | 80.19 | 19.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 718 | 784 | 9.1% |
| Net Income Margin (%) | 15.9% | 20.6% | 29.2% |
| P/E Multiple | 21.1 | 18.8 | -11.2% |
| Shares Outstanding (Mil) | 36 | 38 | -4.3% |
| Cumulative Contribution | 19.8% |
Market Drivers
10/31/2023 to 11/9/2026| Return | Correlation | |
|---|---|---|
| MGEE | 19.8% | |
| Market (SPY) | 86.2% | 15.3% |
| Sector (XLU) | 59.3% | 53.6% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MGEE Return | 20% | -13% | 5% | 33% | -15% | 4% | 30% |
| Peers Return | 13% | 0% | -8% | 19% | 13% | 12% | 57% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 96% |
Monthly Win Rates [3] | |||||||
| MGEE Win Rate | 67% | 42% | 50% | 42% | 33% | 55% | |
| Peers Win Rate | 52% | 55% | 58% | 55% | 52% | 53% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 36% | |
Max Drawdowns [4] | |||||||
| MGEE Max Drawdown | -11% | -27% | -19% | -15% | -16% | -18% | |
| Peers Max Drawdown | -12% | -25% | -20% | -12% | -10% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: WEC, LNT, AEE, CMS, XEL.
[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] 2026 data is for the year up to 11/9/2026 (YTD)
How Low Can It Go
| Event | MGEE | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.0% | -9.5% |
| % Gain to Breakeven | 23.5% | 10.5% |
| Time to Breakeven | 158 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.1% | -24.5% |
| % Gain to Breakeven | 28.4% | 32.4% |
| Time to Breakeven | 176 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.6% | -33.7% |
| % Gain to Breakeven | 50.6% | 50.9% |
| Time to Breakeven | 509 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -21.2% | -53.4% |
| % Gain to Breakeven | 26.9% | 114.4% |
| Time to Breakeven | 132 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -10.4% | -8.6% |
| % Gain to Breakeven | 11.7% | 9.5% |
| Time to Breakeven | 5 days | 47 days |
In The Past
MGE Energy's stock fell -3.7% during the 2025 US Tariff Shock. Such a loss loss requires a 3.8% gain to breakeven.
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Asset Allocation
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| Event | MGEE | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -22.1% | -24.5% |
| % Gain to Breakeven | 28.4% | 32.4% |
| Time to Breakeven | 176 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -33.6% | -33.7% |
| % Gain to Breakeven | 50.6% | 50.9% |
| Time to Breakeven | 509 days | 140 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -21.2% | -53.4% |
| % Gain to Breakeven | 26.9% | 114.4% |
| Time to Breakeven | 132 days | 1085 days |
In The Past
MGE Energy's stock fell -3.7% during the 2025 US Tariff Shock. Such a loss loss requires a 3.8% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About MGE Energy (MGEE)
MGE Energy, Inc. (MGEE) operates as a public utility holding company primarily serving customers throughout Wisconsin. Its fundamental business involves providing essential energy services through both regulated electric and gas utility operations. This includes the generation, purchase, and distribution of electricity, as well as the acquisition and distribution of natural gas. The company also manages significant investments in transmission infrastructure, handling the planning, construction, operation, and maintenance of facilities crucial for energy delivery.
The company's electric utility operations encompass generating power from a mix of coal-fired, gas-fired, and renewable energy sources, supplemented by power purchased under various commitments. MGE Energy supplies electricity to approximately 159,000 customers within Dane County, Wisconsin. Concurrently, its regulated gas utility operations deliver natural gas to about 169,000 customers spread across seven different counties in Wisconsin, solidifying its role as a key energy provider in the state.
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1. Think of MGE Energy as the Con Edison for Madison, Wisconsin.
2. It's like the Xcel Energy of central Wisconsin, providing electricity and natural gas to its communities.
3. Imagine a smaller, localized version of Duke Energy, focused entirely on providing utility services across several Wisconsin counties.
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- Electricity Generation and Distribution: MGE Energy generates, purchases, and distributes electricity to its customers.
- Electric Transmission Services: MGE Energy plans, constructs, operates, and maintains facilities to provide electric transmission services.
- Natural Gas Distribution: MGE Energy purchases and distributes natural gas to its customers.
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MGE Energy (symbol: MGEE) is a public utility holding company that primarily generates, purchases, and distributes electricity and natural gas directly to end-users within its service territory in Wisconsin. Therefore, it does not sell primarily to other companies in the traditional sense of having a few major corporate customers.
Instead, MGE Energy serves a diverse base of individual and business customers, which can generally be categorized as follows:
- Residential Customers: These include individual homes, apartments, and other dwellings that use electricity and natural gas for heating, cooling, lighting, and appliances.
- Commercial Customers: This category encompasses various businesses, offices, retail establishments, restaurants, and other non-industrial enterprises that require electricity and natural gas for their operations.
- Industrial Customers: This includes larger businesses and manufacturing facilities that have significant electricity and natural gas demands for their industrial processes.
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Jeffrey M. Keebler has served as President and CEO of MGE Energy and its subsidiary, Madison Gas and Electric Co. (MGE), since March 1, 2017, and became Chairman of the Boards of both companies on October 1, 2018. He has more than 25 years of experience at MGE, having started with the company in 1995. Prior to his current role, he was Senior Vice President of Energy Supply and Planning at MGE. Mr. Keebler holds a Bachelor of Science Degree in Finance and Economics from the University of Wisconsin – La Crosse and an MBA from the University of Wisconsin – Whitewater. Throughout his career at MGE, he has held various leadership positions in Energy Supply, Rates, Generation Planning, Information Technology, Customer Service, and Human Resources.
Jared J. Bushek, Vice President – Chief Financial Officer and TreasurerJared J. Bushek serves as Vice President – Chief Financial Officer and Treasurer of MGE Energy and Madison Gas and Electric Co. (MGE), a position he has held since 2010. His total compensation in 2023 was US$1.02 million. He received 3,684 restricted stock units on March 2.
Cari Anne Renlund, Vice President – General Counsel and SecretaryCari Anne Renlund is the Vice President – General Counsel and Secretary of MGE Energy and Madison Gas and Electric Co. (MGE). She has been with the company since 2015. Her total compensation in 2023 was US$913.44k.
Lynn K. Hobbie, Executive Vice PresidentLynn K. Hobbie serves as Executive Vice President of MGE Energy and Madison Gas and Electric Co. (MGE). She has a long tenure with the company, serving since 1985. Her role also includes Executive Vice President of Marketing & Communications for Madison Gas and Electric Company.
James J. Lorenz, Vice President – Energy OperationsJames J. Lorenz is the Vice President – Energy Operations of MGE Energy and Madison Gas and Electric Co. (MGE). He has been with the company since 1987. His total compensation in 2023 was US$713.59k.
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Key Risks
- Regulatory and Environmental Transition Risks: MGE Energy operates within a heavily regulated industry, making it susceptible to evolving environmental laws, particularly those concerning greenhouse gas emissions and climate change. The company's business plans and cost structures face threats from the uncertainty surrounding future legislation and the need to comply with stringent environmental standards. Furthermore, MGE Energy is transitioning its energy supply to achieve net-zero carbon electricity by 2050 and net-zero methane emissions by 2035, which involves significant capital investments and operational changes, including converting coal units to natural gas. The ability to recover these substantial costs through regulatory-approved rate adjustments poses a financial uncertainty.
- Market and Commodity Price Risks: As an energy provider, MGE Energy is exposed to the volatility of commodity prices, including natural gas, electricity, coal, and environmental allowances. Fluctuations in these markets can lead to increased operational costs, which, despite some mitigation strategies like the use of derivatives and a ratemaking process that allows for the recovery of fuel costs, can still impact the company's financial results.
- Geographic Concentration Risk: MGE Energy generates all of its operating revenue from Dane County and adjacent counties in south-central Wisconsin. This geographic concentration makes the company's financial performance and stability dependent on the economic conditions and customer base within this specific, limited region, exposing it to potential risks from local economic downturns or adverse events.
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The proliferation of distributed energy resources, such as rooftop solar panels and battery storage systems, poses an emerging threat. As these technologies become more affordable and efficient, customers can generate and store their own electricity, reducing their reliance on MGE Energy's centralized generation and distribution grid. This trend can lead to decreased electricity sales for the utility and potentially create challenges related to grid management and cost recovery from its remaining customer base.
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MGE Energy (MGEE) is expected to drive future revenue growth over the next two to three years through several key initiatives:
- Significant Capital Investments in Renewable Energy and Battery Storage: MGE Energy has a robust capital spending plan of approximately $1.4 billion from 2025 through 2029, with a substantial portion dedicated to renewable energy projects. These investments include the addition of solar, battery storage, and wind capacity, such as the Darien Solar Project and the Paris Battery Energy Storage System, which became operational in 2025 and have already contributed to increased electric segment earnings. The company aims to add more than 40 renewable generation and battery storage projects by 2030, totaling over 750 MW, which directly expands its rate base and supports earnings growth.
- Approved Rate Adjustments for Electric and Gas Services: As a regulated utility, MGE Energy's revenue growth is influenced by rate increases approved by the Public Service Commission of Wisconsin (PSCW). In 2025, electric rates rose by 4.17% and gas rates by 1.32%, contributing to revenue stability and covering new investments. Future rate cases will continue to be a factor in revenue growth, despite some regulatory pushback on larger rate hikes.
- Customer Growth in the Service Territory: MGE Energy serves approximately 170,000 electric customers and 180,000 natural gas customers in Wisconsin. An expanding customer base in its service areas, particularly in Dane County and the Madison area, naturally leads to increased demand for electricity and natural gas services, thereby boosting revenue.
- Modernization and Expansion of Utility Infrastructure: Beyond renewable energy, the company's capital expenditures also cover the broader modernization and expansion of its utility infrastructure, including plans to transition coal-fired units to natural gas and eliminate coal as an energy source by 2035. These infrastructure projects contribute to the growth of the rate base, which is a primary driver for earnings in a regulated utility.
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Share Repurchases
MGE Energy had a buyback yield of -0.92% in the last 12 months, indicating no significant share repurchases.
Share Issuance
MGE Energy announced a new $100 million at-the-market equity offering in 2025 to support its capital plans.
The company also filed a $164.3 million universal shelf in 2025, providing flexibility to fund ongoing infrastructure investments.
Shares outstanding increased from 36,163,370 at year-end 2024 to 36,489,641 at year-end 2024, and reached 37 million in Q4 2025.
Outbound Investments
MGE Energy holds a 3.6% equity ownership interest in American Transmission Company LLC (ATC).
The company plans to make additional investments in ATC through voluntary capital calls, as ATC projects approximately $5.4 billion in capital expenditures from 2025 through 2029.
Capital Expenditures
MGE Energy's full-year capital spending in 2025 totaled $343.2 million.
More than half of the company's projected capital expenditures from 2025 through 2029 are designated for generation investments to achieve its carbon reduction goals.
Forecasted capital expenditures for electric renewables include $131 million in 2025 and $128 million in 2026. Key projects operational in 2025 include the Darien Solar Project (25 MW) and the Paris Battery Energy Storage System (11 MW).
Peer Outperformance in Electric Utilities
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| MGEE | MGE Energy | 3.3% | 18.8x | -1.4% | 19.8% | 14.7% | — |
| ETR | Entergy | 3.7% | 25.5x | 17.9% | 155.1% | 162.8% | +148pp |
| AEP | American Electric Power | 7.1% | 20.7x | 8.1% | 80.6% | 81.9% | +67pp |
| SO | Southern | 6.0% | 21.7x | 5.7% | 52.4% | 77.3% | +63pp |
| EVRG | Evergy | 4.5% | 19.1x | 20.5% | 101.2% | 67.4% | +53pp |
| IDA | Idacorp | 2.0% | 22.6x | 16.2% | 69.9% | 65.8% | +51pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Independent Power Producers & Energy Traders | 5 | -42.7% | 99.7% | 172.5% | NRG 217% · OKLO 172% · TAC 28% |
| Multi-Utilities | 18 | 6.1% | 63.2% | 53.6% | NI 111% · MDU 110% · PNW 109% |
| Electric Utilities ← | 24 | 5.7% | 52.6% | 50.8% | VST 655% · ETR 163% · AEP 82% |
| Gas Utilities | 10 | 6.8% | 68.2% | 44.7% | ATO 111% · SR 79% · NJR 69% |
| Water Utilities | 11 | 11.4% | 10.2% | -6.1% | WTRG 11% · AWR 8% · HTO -1% |
| Renewable Electricity | 5 | -70.2% | -73.7% | -89.9% | CWEN 23% · ORA 21% |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 80.56 |
| Mkt Cap | 26.5 |
| Rev LTM | 8,954 |
| Op Inc LTM | 2,006 |
| FCF LTM | -1,466 |
| FCF 3Y Avg | -826 |
| CFO LTM | 2,640 |
| CFO 3Y Avg | 2,587 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.7% |
| Rev Chg 3Y Avg | 3.7% |
| Rev Chg Q | 7.4% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Inc Chg LTM | 6.6% |
| Op Inc Chg 3Y Avg | 9.7% |
| Op Mgn LTM | 22.6% |
| Op Mgn 3Y Avg | 22.4% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 34.6% |
| CFO/Rev 3Y Avg | 34.5% |
| FCF/Rev LTM | -17.9% |
| FCF/Rev 3Y Avg | -10.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 26.5 |
| P/S | 3.6 |
| P/Op Inc | 15.4 |
| P/EBIT | 13.6 |
| P/E | 20.1 |
| P/CFO | 10.0 |
| Total Yield | 7.7% |
| Dividend Yield | 2.8% |
| FCF Yield 3Y Avg | -3.9% |
| D/E | 0.7 |
| Net D/E | 0.7 |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electric | 531 | 497 | 491 | 465 | 421 |
| Gas | 232 | 194 | 216 | 283 | 208 |
| Non-Regulated Energy | 45 | 45 | 42 | 42 | 42 |
| All Others | 0 | 0 | 0 | 0 | 0 |
| Transmission Investment | 0 | 0 | 0 | 0 | 0 |
| Consolidation/Elimination | -66 | -59 | -58 | -76 | -64 |
| Total | 744 | 677 | 690 | 715 | 607 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Electric | 91 | 78 | 59 | 58 | 59 |
| Non-Regulated Energy | 35 | 35 | 34 | 33 | 33 |
| Gas | 22 | 26 | 25 | 20 | 20 |
| Consolidation/Elimination | 0 | 0 | |||
| Transmission Investment | 0 | 0 | -0 | ||
| All Others | -1 | -1 | -1 | -1 | -1 |
| Total | 146 | 138 | 117 | 110 | 111 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Electric | 86 | 75 | 76 | 65 | 64 |
| Non-Regulated Energy | 25 | 24 | 22 | 22 | 21 |
| Gas | 16 | 14 | 14 | 18 | 16 |
| Transmission Investment | 9 | 9 | 8 | 7 | 7 |
| Consolidation/Elimination | 0 | 0 | 0 | 0 | 0 |
| All Others | -0 | -1 | -2 | -1 | -2 |
| Total | 136 | 121 | 118 | 111 | 106 |
| $ Mil | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|
| Electric | 1,778 | 1,626 | 1,525 | 1,421 | 1,308 |
| Gas | 534 | 531 | 485 | 445 | 408 |
| All Others | 469 | 467 | 468 | 495 | 443 |
| Non-Regulated Energy | 245 | 248 | 253 | 254 | 258 |
| Transmission Investment | 87 | 81 | 76 | 74 | 72 |
| Consolidation/Elimination | -437 | -435 | -435 | -437 | -408 |
| Total | 2,675 | 2,518 | 2,372 | 2,254 | 2,082 |
Price Behavior
| Market Price | $80.19 | |
| Market Cap ($ Bil) | 3.0 | |
| First Trading Date | 03/26/1990 | |
| Distance from 52W High | -4.2% | |
| 50 Days | 200 Days | |
| DMA Price | $73.60 | $76.87 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 9.0% | 4.3% |
| 3M | 1YR | |
| Volatility | 20.9% | 21.3% |
| Downside Capture | 6.04 | -3.04 |
| Upside Capture | 5.82 | -4.56 |
| Correlation (S&P 500) | -1.2% | -4.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.43 | -0.09 | -0.07 | -0.13 | -0.08 | 0.25 |
| Up Beta | -0.22 | -0.84 | -0.24 | -0.30 | -0.14 | 0.33 |
| Down Beta | -0.43 | -0.79 | -0.53 | -0.14 | -0.06 | 0.24 |
| Up Capture | 7% | 7% | -7% | -12% | -8% | 5% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 13 | 20 | 30 | 67 | 131 | 375 |
| Down Capture | -86% | 44% | 35% | 4% | -1% | 40% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 9 | 23 | 34 | 59 | 119 | 372 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MGEE | |
|---|---|---|---|---|
| MGEE | -1.7% | 21.3% | -0.18 | - |
| Sector ETF (XLU) | 1.1% | 15.8% | -0.13 | 56.4% |
| Equity (SPY) | 13.3% | 13.7% | 0.65 | -4.2% |
| Gold (GLD) | 3.7% | 28.8% | 0.12 | -4.8% |
| Commodities (DBC) | 38.2% | 21.3% | 1.42 | -25.3% |
| Real Estate (VNQ) | 13.7% | 14.3% | 0.65 | 43.2% |
| Bitcoin (BTCUSD) | -25.3% | 43.6% | -0.55 | -11.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MGEE | |
|---|---|---|---|---|
| MGEE | 3.1% | 23.6% | 0.08 | - |
| Sector ETF (XLU) | 8.5% | 17.4% | 0.33 | 63.0% |
| Equity (SPY) | 11.8% | 17.3% | 0.51 | 25.5% |
| Gold (GLD) | 17.8% | 19.1% | 0.75 | 9.0% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | -0.7% |
| Real Estate (VNQ) | 1.5% | 18.9% | -0.03 | 48.9% |
| Bitcoin (BTCUSD) | 4.4% | 51.6% | 0.27 | 9.2% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MGEE | |
|---|---|---|---|---|
| MGEE | 5.6% | 27.5% | 0.23 | - |
| Sector ETF (XLU) | 9.4% | 19.3% | 0.41 | 68.9% |
| Equity (SPY) | 15.3% | 18.0% | 0.72 | 41.9% |
| Gold (GLD) | 12.1% | 16.5% | 0.60 | 5.4% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 6.7% |
| Real Estate (VNQ) | 6.1% | 20.7% | 0.25 | 55.3% |
| Bitcoin (BTCUSD) | 60.0% | 66.3% | 1.00 | 11.4% |
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Returns Analyses
Earnings Returns History
Updated 11/9/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | 5.0% | ||
| 8/5/2026 | 0.4% | 1.4% | -3.0% |
| 5/5/2026 | 0.1% | -6.7% | -8.0% |
| 2/24/2026 | -1.2% | -1.0% | -7.2% |
| 11/5/2025 | -1.1% | -0.5% | -7.5% |
| 8/6/2025 | 0.3% | 2.3% | 1.6% |
| 5/7/2025 | -2.0% | -2.6% | -3.9% |
| 2/25/2025 | -0.9% | -3.0% | -2.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 12 |
| # Negative | 12 | 13 | 11 |
| Median Positive | 0.5% | 1.5% | 3.3% |
| Median Negative | -1.1% | -1.8% | -4.4% |
| Max Positive | 5.0% | 11.1% | 17.5% |
| Max Negative | -2.0% | -6.7% | -8.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/4/2026 | 5.0% | ||
| 8/5/2026 | 0.4% | 1.4% | -3.0% |
| 5/5/2026 | 0.1% | -6.7% | -8.0% |
| 2/24/2026 | -1.2% | -1.0% | -7.2% |
| 11/5/2025 | -1.1% | -0.5% | -7.5% |
| 8/6/2025 | 0.3% | 2.3% | 1.6% |
| 5/7/2025 | -2.0% | -2.6% | -3.9% |
| 2/25/2025 | -0.9% | -3.0% | -2.8% |
| 11/6/2024 | 0.0% | 11.1% | 3.6% |
| 8/7/2024 | -0.4% | 0.3% | 2.4% |
| 5/8/2024 | 0.5% | 2.1% | -2.1% |
| 2/21/2024 | -1.7% | -3.0% | 17.5% |
| 11/2/2023 | 2.7% | -0.2% | 3.1% |
| 8/3/2023 | -1.5% | -2.8% | -8.1% |
| 5/4/2023 | 0.9% | 0.9% | -4.4% |
| 2/22/2023 | 0.7% | -1.7% | 2.2% |
| 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 | -0.2% | -1.2% | 10.7% |
| 11/5/2020 | -1.0% | 4.0% | 6.3% |
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 12 |
| # Negative | 12 | 13 | 11 |
| Median Positive | 0.5% | 1.5% | 3.3% |
| Median Negative | -1.1% | -1.8% | -4.4% |
| Max Positive | 5.0% | 11.1% | 17.5% |
| Max Negative | -2.0% | -6.7% | -8.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 11/04/2026 | 10-Q |
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/24/2026 | 10-K |
| 09/30/2025 | 11/05/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/25/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/21/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/22/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/24/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
Insider Activity
Updated 9/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Berbee, James G | Direct | Buy | 9112026 | 77.35 | 275 | 21,251 | 774,508 | Form | |
| 2 | Berbee, James G | Direct | Buy | 8202026 | 81.30 | 261 | 21,249 | 791,723 | Form | |
| 3 | Berbee, James G | Direct | Buy | 3122026 | 77.74 | 373 | 28,985 | 727,807 | Form | |
| 4 | Berbee, James G | Direct | Buy | 12082025 | 78.57 | 270 | 21,235 | 541,230 | Form | |
| 5 | Berbee, James G | Direct | Buy | 9092025 | 83.75 | 254 | 21,238 | 551,317 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Berbee, James G | Direct | Buy | 9112026 | 77.35 | 275 | 21,251 | 774,508 | Form | |
| 2 | Berbee, James G | Direct | Buy | 8202026 | 81.30 | 261 | 21,249 | 791,723 | Form | |
| 3 | Berbee, James G | Direct | Buy | 3122026 | 77.74 | 373 | 28,985 | 727,807 | Form | |
| 4 | Berbee, James G | Direct | Buy | 12082025 | 78.57 | 270 | 21,235 | 541,230 | Form | |
| 5 | Berbee, James G | Direct | Buy | 9092025 | 83.75 | 254 | 21,238 | 551,317 | Form |
Industry Resources
| Utilities Resources |
| Data.gov Energy Infrastructure |
| Data.gov Energy Resources |
| Utility Dive |
| Electric Utilities Resources |
| T&D World |
| Edison Electric Institute (EEI) |
| Smart Energy International |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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