MGE Energy, Inc. (MGEE) Balance Sheet

NASDAQ: MGEEAssets, liabilities, debt and equity over 10 years.

MGEE balance sheet, 2025

December 31, 2025 · U.S. dollars

$3.16B assets = $1.85B liabilities + $1.30B equity

Both columns are drawn to the same scale: what MGEE owns equals what it owes plus shareholders’ equity. Hover a block for its value.

MGEE financial health

Current ratio0.77

Tight · current assets cover current liabilities 0.77×

Debt / equity0.72

Moderate leverage · $0.72 of debt for each $1 of equity

Equity / assets41.3%

Equity-funded · of assets funded by shareholders

Cash / debt0.7%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles0.0%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

MGEE balance sheet trends, 2020–2025

MGE Energy, Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	$2.25B2020	$3.16B2025	+3.8%/yr
Total liabilities	$1.28B2020	$1.85B2025	+4.2%/yr
Shareholders’ equity	$976.0M2020	$1.30B2025	+3.3%/yr
Cash & short-term investments	$44.7M2020	$6.6M2025	−19.1%/yr
Total debt	$594.1M2020	$935.7M2025	+5.2%/yr
Net cash (debt)	−$549.4M2020	−$929.1M2025	−$379.7M
Working capital	$18.6M2020	−$68.2M2025	−$86.8M
Book value per share	$27.412020	$35.652025	+3.0%/yr
Current ratio	1.102020	0.772025	−0.33
Debt / equity	0.612020	0.722025	+0.11
Shares outstanding	35.6M2020	36.6M2025	+0.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

MGEE assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

MGEE liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

MGEE debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

MGEE balance sheet

MGE Energy, Inc. annual balance sheet
	2025	2024	2023	2023	2022	2022	2021	2021	2020	2020
Assets
Cash & short-term investments	$6.6M	$21.3M	$11.1M	$11.1M	$11.6M	$11.6M	$17.4M	$17.4M	$44.7M	$44.7M
Cash & equivalents	$6.6M	$21.3M	$11.1M	$11.1M	$11.6M	$11.6M	$17.4M	$17.4M	$44.7M	$44.7M
Short-term investments	—	—	—	—	—	—	—	—	—	$94.7M
Receivables	$113.3M	$97.2M	$95.5M	$95.5M	$109.9M	$109.9M	$97.1M	$97.1M	$76.2M	$76.2M
Inventory	$64.2M	$67.6M	$72.6M	$72.6M	$74.3M	$74.3M	$52.0M	$52.0M	$47.3M	$47.3M
Other current assets	$44.4M	$41.1M	$58.9M	$58.9M	$47.7M	$47.7M	$32.9M	$32.9M	$41.3M	$41.3M
Total current assets	$228.5M	$227.3M	$238.2M	$238.2M	$243.5M	$243.5M	$199.4M	$199.4M	$209.5M	$209.5M
Property, plant & equipment (net)	$2.58B	$2.29B	$2.13B	$2.13B	$1.97B	$1.97B	$1.88B	$1.88B	$1.77B	$1.77B
Goodwill & intangible assets	$0	$8.5M	−$69.1M	−$69.1M	−$45.9M	−$45.9M	$15.6M	$15.6M	$135.6M	$135.6M
Long-term investments	$127.9M	$118.0M	$112.8M	$112.8M	$105.9M	$106.4M	$98.8M	$99.9M	$94.7M	$96.1M
Other non-current assets	$218.8M	$186.8M	$265.4M	$265.4M	$243.1M	$242.5M	$179.4M	$178.3M	$44.5M	$43.1M
Total assets	$3.16B	$2.83B	$2.68B	$2.68B	$2.52B	$2.52B	$2.37B	$2.37B	$2.25B	$2.25B
Liabilities
Accounts payable	$117.7M	$77.5M	$65.5M	$65.5M	$59.3M	$59.3M	$64.1M	$64.1M	$54.6M	$54.6M
Short-term debt	$117.5M	$5.3M	$43.1M	$43.1M	$124.8M	$124.8M	$10.4M	$10.4M	$57.3M	$57.3M
Deferred revenue	—	—	$1	$25.3M	$252.2M	$252.2M	$23.3M	$23.3M	$21.2M	$21.2M
Total current liabilities	$296.7M	$125.6M	$157.2M	$157.2M	$225.1M	$225.1M	$117.8M	$117.8M	$190.9M	$190.9M
Long-term debt	$792.2M	$763.7M	$718.8M	$718.8M	$585.2M	$585.2M	$614.2M	$614.2M	$519.3M	$519.3M
Lease obligations	—	$18.5M	$18.0M	$18.0M	$17.1M	$17.1M	$17.3M	$17.3M	$17.5M	$17.5M
Other long-term liabilities	$762.6M	$708.6M	$659.4M	$659.4M	$625.6M	$625.6M	$612.4M	$612.4M	$567.4M	$567.4M
Total liabilities	$1.85B	$1.60B	$1.54B	$1.54B	$1.44B	$1.44B	$1.34B	$1.34B	$1.28B	$1.28B
Shareholders' equity
Common stock & paid-in capital	$36.5M	$36.5M	$36.2M	$36.2M	$36.2M	$36.2M	$36.2M	$36.2M	$36.2M	$36.2M
Retained earnings (deficit)	$832.4M	$764.1M	$707.2M	$707.2M	$649.9M	$649.9M	$596.4M	$596.4M	$545.4M	$545.4M
Accumulated other comprehensive income	—	—	$0	$0	—	—	—	—	—	—
Total shareholders' equity	$1.30B	$1.23B	$1.14B	$1.14B	$1.08B	$1.08B	$1.03B	$1.03B	$976.0M	$976.0M
Key figures
Total debt	$935.7M	$787.4M	$780.0M	$780.0M	$727.2M	$727.2M	$641.9M	$641.9M	$594.1M	$594.1M
Net cash (debt)	−$929.1M	−$766.1M	−$768.9M	−$768.9M	−$715.6M	−$715.6M	−$624.5M	−$624.5M	−$549.4M	−$549.4M
Working capital	−$68.2M	$101.7M	$81.0M	$81.0M	$18.4M	$18.4M	$81.5M	$81.5M	$18.6M	$18.6M
Tangible book value	$1.30B	$1.22B	$1.21B	$1.21B	$1.13B	$1.13B	$1.01B	$1.01B	$840.4M	$840.4M
Book value per share	$35.65	$33.95	$31.51	$31.51	$29.90	$29.90	$28.41	$28.41	$27.41	$27.41
Shares outstanding	36.6M	36.2M	36.2M	36.2M	36.2M	36.2M	36.2M	36.2M	35.6M	35.6M
Current ratio	0.77	1.81	1.52	1.52	1.08	1.08	1.69	1.69	1.10	1.10
Quick ratio	0.40	0.94	0.68	0.68	0.54	0.54	0.97	0.97	0.63	0.63
Debt / equity	0.72	0.64	0.68	0.68	0.67	0.67	0.62	0.62	0.61	0.61
Equity / assets	41.3%	43.5%	42.6%	42.6%	43.0%	43.0%	43.3%	43.3%	43.3%	43.3%

MGE Energy, Inc. quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$10.7M	$9.5M	$6.6M	$10.8M	$10.6M	$35.3M	$21.3M	$14.9M	$16.3M	$16.7M	$11.1M	$11.3M
Cash & equivalents	$10.7M	$9.5M	$6.6M	$10.8M	$10.6M	$35.3M	$21.3M	$14.9M	$16.3M	$16.7M	$11.1M	$11.3M
Short-term investments	—	—	—	—	—	—	—	—	—	—	—	−$111.2M
Receivables	$86.7M	$102.7M	$113.3M	$81.2M	$83.4M	$90.6M	$97.2M	$85.3M	$87.1M	$87.8M	$95.5M	$85.8M
Inventory	$65.0M	$58.8M	$64.2M	$68.1M	$66.2M	$61.7M	$67.6M	$69.4M	$70.6M	$69.7M	$72.6M	$72.4M
Other current assets	$48.5M	$40.1M	$44.4M	$34.9M	$38.1M	$34.7M	$41.1M	$40.7M	$48.2M	$47.6M	$58.9M	$47.0M
Total current assets	$210.9M	$211.1M	$228.5M	$195.0M	$198.3M	$222.3M	$227.3M	$210.3M	$222.2M	$221.7M	$238.2M	$216.4M
Property, plant & equipment (net)	$2.34B	$2.61B	$2.58B	$2.47B	$2.34B	$2.30B	$2.29B	$2.08B	$2.20B	$2.14B	$2.13B	$2.07B
Goodwill & intangible assets	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$10.7M	$0
Long-term investments	$135.7M	$132.7M	$127.9M	$127.0M	$123.7M	$120.3M	$118.0M	$116.4M	$114.8M	$114.7M	$112.8M	$111.2M
Other non-current assets	$616.1M	$233.4M	$218.8M	$200.0M	$197.9M	$200.7M	$195.3M	$345.5M	$186.3M	$197.8M	$185.5M	$192.3M
Total assets	$3.30B	$3.19B	$3.16B	$2.99B	$2.86B	$2.84B	$2.83B	$2.75B	$2.72B	$2.67B	$2.68B	$2.59B
Liabilities
Accounts payable	$66.6M	$57.3M	$117.7M	$67.1M	$50.3M	$48.0M	$77.5M	$45.7M	$49.8M	$41.6M	$65.5M	$53.6M
Short-term debt	$20.5M	$60.7M	$117.5M	$96.4M	$10.9M	$5.3M	$5.3M	$5.2M	$65.0M	$46.2M	$43.1M	$27.1M
Deferred revenue	—	—	—	—	—	—	—	—	−$59.3M	—	$25.3M	$20.5M
Total current liabilities	$185.4M	$183.2M	$296.7M	$215.1M	$109.8M	$107.5M	$125.6M	$149.6M	$168.1M	$139.7M	$157.2M	$122.8M
Long-term debt	$879.1M	$880.3M	$792.2M	$745.0M	$761.3M	$762.5M	$763.7M	$715.3M	$716.5M	$717.6M	$718.8M	$690.0M
Lease obligations	—	—	—	—	—	—	$18.5M	—	—	—	$18.0M	$17.9M
Other long-term liabilities	$795.0M	$772.8M	$762.6M	$732.9M	$719.5M	$712.5M	$708.6M	$689.2M	$672.5M	$658.0M	$659.4M	$642.4M
Total liabilities	$1.86B	$1.84B	$1.85B	$1.69B	$1.59B	$1.58B	$1.60B	$1.55B	$1.56B	$1.52B	$1.54B	$1.46B
Shareholders' equity
Common stock & paid-in capital	$37.8M	$36.8M	$36.5M	$36.5M	$36.5M	$36.5M	$36.5M	$36.2M	$36.2M	$36.2M	$36.2M	$36.2M
Retained earnings (deficit)	$879.0M	$863.5M	$832.4M	$826.5M	$799.4M	$789.3M	$764.1M	$758.5M	$733.8M	$725.5M	$707.2M	$702.5M
Accumulated other comprehensive income	—	—	—	—	—	—	—	—	—	$0	$0	$0
Total shareholders' equity	$1.44B	$1.35B	$1.30B	$1.30B	$1.27B	$1.26B	$1.23B	$1.20B	$1.17B	$1.16B	$1.14B	$1.14B
Key figures
Total debt	$899.6M	$941.1M	$935.7M	$841.4M	$772.1M	$767.8M	$787.4M	$720.5M	$781.5M	$763.8M	$780.0M	$735.1M
Net cash (debt)	−$888.9M	−$931.6M	−$929.1M	−$830.6M	−$761.6M	−$732.5M	−$766.1M	−$705.6M	−$765.2M	−$747.1M	−$768.9M	−$723.8M
Working capital	$25.5M	$28.0M	−$68.2M	−$20.1M	$88.4M	$114.8M	$101.7M	$60.7M	$54.2M	$82.1M	$81.0M	$93.6M
Tangible book value	$1.44B	$1.35B	$1.30B	$1.30B	$1.27B	$1.26B	$1.23B	$1.20B	$1.17B	$1.16B	$1.13B	$1.14B
Book value per share	$38.46	$36.85	$35.65	$35.48	$34.73	$34.45	$33.84	$33.01	$32.26	$32.02	$31.50	$31.37
Shares outstanding	37.5M	36.6M	36.6M	36.6M	36.6M	36.5M	36.3M	36.2M	36.2M	36.2M	36.2M	36.2M
Current ratio	1.14	1.15	0.77	0.91	1.80	2.07	1.81	1.41	1.32	1.59	1.52	1.76
Quick ratio	0.53	0.61	0.40	0.43	0.86	1.17	0.94	0.67	0.62	0.75	0.68	0.79
Debt / equity	0.62	0.70	0.72	0.65	0.61	0.61	0.64	0.60	0.67	0.66	0.68	0.65
Equity / assets	43.6%	42.4%	41.3%	43.4%	44.4%	44.3%	43.5%	43.5%	42.9%	43.3%	42.6%	43.8%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 24, 2026); data from EODHD.

MGEE financial position

At the end of fiscal 2025 (December 31, 2025), MGE Energy had total assets of $3.2 billion (up 11.6% from a year earlier), total liabilities of $1.9 billion and shareholders' equity of $1.3 billion. It held $6.6 million in cash and short-term investments against $935.7 million of debt, net debt of $929.1 million. Its current ratio was 0.77. In the latest quarter (ended June 30, 2026) total assets were $3.3 billion and equity $1.4 billion.

Related: MGEE income statement, MGEE cash flow statement, MGEE key metrics. See the MGEE stock overview for the latest quote and news.

MGEE balance sheet FAQ

What are MGE Energy's total assets?

MGE Energy reported total assets of $3.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $2.8 billion a year earlier.

How much debt does MGE Energy have?

MGE Energy had $935.7 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.72.

How much cash does MGE Energy have?

MGE Energy held $6.6 million in cash and short-term investments at the end of fiscal 2025; with $935.7 million of debt that is net debt of $929.1 million.

What is MGE Energy's book value?

MGE Energy's shareholders' equity (book value) was $1.3 billion at the end of fiscal 2025, or $35.65 per share.

What is MGE Energy's current ratio?

MGE Energy had current assets of $228.5 million and current liabilities of $296.7 million, a current ratio of 0.77 (current liabilities exceed current assets).