MGE Energy, Inc. (MGEE) Key Metrics
MGEE valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $2.73B
- Enterprise value
- $3.66B
- P/E (TTM)
- 17.8 10-yr median 24.0
- Forward P/E
- 25.3
- PEG ratio
- 4.12
- Price / sales
- 3.6 10-yr median 4.1
- Price / book
- 1.9 10-yr median 2.4
- EV / EBITDA
- 11.3 10-yr median 13.4
- Dividend yield
- 2.81% $2.03 a year
- Beta
- 0.69
MGEE key metrics, 2020–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMGEE valuation Price multiples at each fiscal year-end price.
MGEE returns How much profit the business earns on the capital it uses.
MGEE per-share figures Results divided by the shares outstanding at year-end.
MGEE financial health Debt, liquidity and how easily interest is covered.
MGEE efficiency & capital use Working capital cycle and where the cash goes.
MGEE valuation history
MGEE returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MGEE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MGEE cash returned to shareholders
MGEE price vs earnings per share
MGEE key metrics
2020–2025| 2025 | 2024 | 2023 | 2023 | 2022 | 2022 | 2021 | 2021 | 2020 | 2020 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $2.87B | $3.41B | $2.62B | $2.59B | $2.55B | $2.46B | $2.97B | $2.74B | $2.49B | $2.32B |
| Enterprise value | $3.80B | $4.17B | $3.39B | $3.36B | $3.26B | $3.18B | $3.60B | $3.37B | $3.04B | $2.86B |
| P/E ratio | 21.1 | 28.2 | 22.2 | 22.0 | 23.0 | 22.2 | 28.1 | 26.0 | 27.0 | 25.1 |
| Price / sales | 3.9 | 5.0 | 3.8 | 3.8 | 3.6 | 3.4 | 4.9 | 4.5 | 4.6 | 4.3 |
| Price / book | 2.2 | 2.8 | 2.3 | 2.3 | 2.4 | 2.3 | 2.9 | 2.7 | 2.6 | 2.4 |
| Price / free cash flow | — | 83.3 | 168.9 | 167.3 | — | — | — | — | — | — |
| Price / operating cash flow | 10.9 | 12.3 | 11.0 | 10.9 | 16.6 | 16.0 | 21.6 | 20.0 | 14.5 | 13.4 |
| EV / sales | 5.1 | 6.2 | 4.9 | 4.9 | 4.6 | 4.4 | 5.9 | 5.6 | 5.6 | 5.3 |
| EV / EBITDA | 12.5 | 15.3 | 12.3 | 12.2 | 13.1 | 12.7 | 17.1 | 16.0 | 14.5 | 13.7 |
| EV / free cash flow | — | 102.1 | 218.6 | 217.0 | — | — | — | — | — | — |
| Earnings yield | 4.7% | 3.5% | 4.5% | 4.5% | 4.4% | 4.5% | 3.6% | 3.9% | 3.7% | 4.0% |
| Free cash flow yield | −2.8% | 1.2% | 0.6% | 0.6% | −0.8% | −0.9% | −0.5% | −0.6% | −1.2% | −1.3% |
| Dividend yield | 2.4% | 1.9% | 2.3% | 2.3% | 2.3% | 2.3% | 1.8% | 2.0% | 2.1% | 2.2% |
| Shareholder yield (dividends + buybacks) | 2.4% | 1.9% | 2.3% | 2.3% | 2.3% | 2.3% | 1.8% | 2.0% | 2.1% | 2.2% |
| Share price at fiscal year-end | $78.42 | $93.96 | $72.31 | $71.63 | $70.40 | $68.09 | $82.25 | $75.89 | $70.03 | $65.02 |
| Per share | ||||||||||
| Revenue per share | $20.33 | $18.68 | $19.08 | $19.08 | $19.75 | $19.75 | $16.77 | $16.77 | $15.13 | $15.13 |
| Earnings per share | $3.72 | $3.33 | $3.25 | $3.25 | $3.07 | $3.07 | $2.92 | $2.92 | $2.60 | $2.60 |
| Operating cash flow per share | $7.20 | $7.67 | $6.56 | $6.56 | $4.25 | $4.25 | $3.80 | $3.80 | $4.84 | $4.84 |
| Free cash flow per share | −$2.19 | $1.13 | $0.43 | $0.43 | −$0.59 | −$0.59 | −$0.43 | −$0.43 | −$0.86 | −$0.86 |
| Cash per share | $0.18 | $0.59 | $0.31 | $0.31 | $0.32 | $0.32 | $0.48 | $0.48 | $1.26 | $1.26 |
| Book value per share | $35.65 | $33.95 | $31.51 | $31.51 | $29.90 | $29.90 | $28.41 | $28.41 | $27.41 | $27.41 |
| Tangible book value per share | $35.65 | $33.71 | $33.42 | $33.42 | $31.17 | $31.17 | $27.98 | $27.98 | $23.60 | $23.60 |
| Dividends per share | $1.85 | $1.75 | $1.67 | $1.67 | $1.59 | $1.59 | $1.51 | $1.51 | $1.45 | $1.45 |
| Capex per share | $9.39 | $6.54 | $6.14 | $6.14 | $4.84 | $4.84 | $4.24 | $4.24 | $5.70 | $5.70 |
| Debt per share | $25.59 | $21.73 | $21.56 | $21.56 | $20.10 | $20.10 | $17.75 | $17.75 | $16.68 | $16.68 |
| Shares outstanding | 36.6M | 36.2M | 36.2M | 36.2M | 36.2M | 36.2M | 36.2M | 36.2M | 35.6M | 35.6M |
| Change in shares outstanding | +0.9% | +0.1% | 0.0% | +0.0% | 0.0% | +0.0% | 0.0% | +1.6% | 0.0% | +2.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 10.7% | 10.2% | 10.3% | 10.6% | 10.3% | 10.5% | 10.3% | 10.6% | 9.5% | 10.1% |
| Return on invested capital (ROIC) | 7.0% | 6.9% | 6.2% | 6.4% | 6.2% | 6.5% | 6.8% | 7.1% | 6.0% | 6.2% |
| Return on assets (ROA) | 4.5% | 4.4% | 4.4% | 4.5% | 4.4% | 4.5% | 4.5% | 4.6% | 4.1% | 4.3% |
| Return on tangible assets | 4.3% | 4.3% | 4.3% | 4.3% | 4.3% | 4.3% | 4.5% | 4.5% | 4.4% | 4.4% |
| Free cash flow margin | −10.8% | 6.0% | 2.2% | 2.2% | −3.0% | −3.0% | −2.6% | −2.6% | −5.7% | −5.7% |
| Income quality (OCF / net income) | 1.94 | 2.30 | 2.02 | 2.02 | 1.39 | 1.39 | 1.30 | 1.30 | 1.87 | 1.87 |
| Financial health | ||||||||||
| Total debt | $935.7M | $787.4M | $780.0M | $780.0M | $727.2M | $727.2M | $641.9M | $641.9M | $594.1M | $594.1M |
| Cash & short-term investments | $6.6M | $21.3M | $11.1M | $11.1M | $11.6M | $11.6M | $17.4M | $17.4M | $44.7M | $44.7M |
| Net debt | $929.1M | $766.1M | $768.9M | $768.9M | $715.6M | $715.6M | $624.5M | $624.5M | $549.4M | $549.4M |
| Debt / equity | 0.72 | 0.64 | 0.68 | 0.68 | 0.67 | 0.67 | 0.62 | 0.62 | 0.61 | 0.61 |
| Debt / assets | 0.30 | 0.28 | 0.29 | 0.29 | 0.29 | 0.29 | 0.27 | 0.27 | 0.26 | 0.26 |
| Net debt / EBITDA | 3.05 | 2.81 | 2.78 | 2.78 | 2.87 | 2.87 | 2.96 | 2.96 | 2.62 | 2.62 |
| Current ratio | 0.77 | 1.81 | 1.52 | 1.52 | 1.08 | 1.08 | 1.69 | 1.69 | 1.10 | 1.10 |
| Quick ratio | 0.55 | 1.27 | 1.05 | 1.05 | 0.75 | 0.75 | 1.25 | 1.25 | 0.85 | 0.85 |
| Interest coverage | 5.0 | 4.4 | 4.8 | 4.8 | 5.2 | 5.2 | 4.9 | 4.9 | 4.7 | 4.7 |
| Working capital | −$68.2M | $101.7M | $81.0M | $81.0M | $18.4M | $18.4M | $81.5M | $81.5M | $18.6M | $18.6M |
| Invested capital | $2.23B | $2.00B | $1.91B | $1.91B | $1.80B | $1.80B | $1.65B | $1.65B | $1.53B | $1.53B |
| Tangible asset value | $1.30B | $1.22B | $1.21B | $1.21B | $1.13B | $1.13B | $1.01B | $1.01B | $840.4M | $840.4M |
| Net current asset value | −$1.62B | −$1.37B | −$1.30B | −$1.30B | −$1.19B | −$1.19B | −$1.15B | −$1.15B | −$1.07B | −$1.07B |
| Graham number | $54.60 | $50.41 | $48.02 | $48.02 | $45.43 | $45.43 | $43.23 | $43.23 | $40.00 | $40.00 |
| Graham net-net per share | −$47.24 | −$40.56 | −$39.14 | −$39.14 | −$36.07 | −$36.07 | −$33.96 | −$33.96 | −$32.35 | −$32.35 |
| Capital allocation | ||||||||||
| Dividends paid | $67.6M | $63.6M | $60.4M | $60.4M | $57.5M | $57.5M | $54.8M | $54.8M | $51.7M | $51.7M |
| Share buybacks (net) | — | — | — | — | — | — | — | — | $0 | $0 |
| Dividend payout ratio | 49.7% | 52.7% | 51.3% | 51.3% | 51.8% | 51.8% | 51.8% | 51.8% | 56.0% | 56.0% |
| Dividends + buybacks / free cash flow | — | 155.6% | 389.9% | 389.9% | — | — | — | — | — | — |
| Capex / revenue | 46.2% | 35.0% | 32.2% | 32.2% | 24.5% | 24.5% | 25.3% | 25.3% | 37.7% | 37.7% |
| Capex / operating cash flow | 130.4% | 85.3% | 93.5% | 93.5% | 113.9% | 113.9% | 111.4% | 111.4% | 117.8% | 117.8% |
| Capex / depreciation | 3.00 | 2.18 | 2.21 | 2.21 | 2.05 | 2.05 | 1.99 | 1.99 | 2.74 | 2.74 |
| Stock-based compensation / revenue | — | — | 0.4% | 0.4% | 0.2% | 0.2% | 0.5% | −0.3% | 0.2% | −0.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 51.7 | 52.0 | 50.5 | 54.3 | 56.1 | 52.9 | 58.4 | 52.1 | 51.6 | 51.0 |
| Days of inventory on hand | 55.3 | 64.3 | 62.9 | 63.6 | 57.6 | 49.0 | 48.3 | 46.1 | 51.5 | 50.5 |
| Days payables outstanding | 81.9 | 65.5 | 56.7 | 54.0 | 46.0 | 47.9 | 59.6 | 55.2 | 59.6 | 59.9 |
| Cash conversion cycle (days) | 25.1 | 50.8 | 56.7 | 63.9 | 67.7 | 53.9 | 47.1 | 43.1 | 43.6 | 41.6 |
| Receivables turnover | 7.07 | 7.03 | 7.23 | 6.72 | 6.50 | 6.90 | 6.25 | 7.00 | 7.07 | 7.16 |
| Payables turnover | 4.46 | 5.57 | 6.44 | 6.75 | 7.93 | 7.62 | 6.13 | 6.62 | 6.13 | 6.10 |
| Inventory turnover | 6.60 | 5.68 | 5.80 | 5.74 | 6.34 | 7.46 | 7.56 | 7.92 | 7.08 | 7.23 |
| Asset turnover | 0.25 | 0.25 | 0.26 | 0.27 | 0.28 | 0.29 | 0.26 | 0.26 | 0.24 | 0.25 |
| Average receivables | $105.2M | $96.4M | $95.5M | $102.7M | $109.9M | $103.5M | $97.1M | $86.7M | $76.2M | $75.3M |
| Average payables | $97.6M | $71.5M | $65.5M | $62.4M | $59.3M | $61.7M | $64.1M | $59.4M | $54.6M | $54.9M |
| Average inventory | $65.9M | $70.1M | $72.6M | $73.5M | $74.3M | $63.1M | $52.0M | $49.6M | $47.3M | $46.3M |
| Intangibles / total assets | 0.0% | 0.3% | −2.6% | −2.6% | −1.8% | −1.8% | 0.7% | 0.7% | 6.0% | 6.0% |
Computed from MGEE's annual financial statements (latest annual report filed February 24, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MGEE valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), MGE Energy traded at 21.1 times earnings, against a 10-year median of 24.0. Based on the latest twelve months, the trailing P/E is 17.8 and the forward P/E is 25.3. MGE Energy earned a return on equity of 10.7% and a return on invested capital of 7.0% in fiscal 2025. It ended the year with $935.7 million of debt and $6.6 million in cash and short-term investments, net debt of $929.1 million. It returned $67.6 million to shareholders: $67.6 million in dividends and $0 in share buybacks.
See the MGEE income statement, the MGEE chart for price history, or the MGEE stock overview for the latest quote and news.
MGEE key metrics FAQ
What is MGE Energy's P/E ratio?
MGE Energy's trailing P/E ratio is 17.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 25.3. At the end of fiscal 2025 it was 21.1, compared with a 10-year median of 24.0.
What is MGE Energy's EV/EBITDA?
MGE Energy's enterprise value was 12.5 times EBITDA at the end of fiscal 2025 (enterprise value $3.8 billion, EBITDA $304.8 million); the current EV/EBITDA is 11.3.
What is MGE Energy's return on equity?
MGE Energy's return on equity (ROE) was 10.7% in fiscal 2025: net income of $135.9 million on average shareholders' equity of $1.3 billion.
What is MGE Energy's ROIC?
MGE Energy's return on invested capital was 7.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does MGE Energy have?
MGE Energy had total debt of $935.7 million at the end of fiscal 2025, a debt-to-equity ratio of 0.72 and $929.1 million of net debt (3.05 times EBITDA).
What is MGE Energy's dividend yield?
MGE Energy's forward dividend yield is 2.81%. MGE Energy paid $67.6 million in dividends in fiscal 2025 ($1.85 per share), a payout ratio of 49.7%.
What is MGE Energy's free cash flow yield?
MGE Energy generated -$80.0 million of free cash flow in fiscal 2025, a free cash flow yield of −2.8% on its market value at year-end ($2.9 billion).
What is MGE Energy's current ratio?
MGE Energy's current ratio was 0.77 at the end of fiscal 2025: current assets were 0.77 times current liabilities.
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