MGE Energy Inc

MGEEElectric, Gas & Sanitary ServicesNasdaq
Revenue (FY2025)$743.7M
Net margin18.3%
Revenue growth+9.9%
Dividend / share$1.85
Held by ETFs75
1 week+2.0%
1 month+6.6%
3 months-9.8%
6 months-8.1%
YTD-4.5%
1 year-11.7%
3 years*+3.7%
5 years*+1.5%
10 years*+4.6%

Total returns with dividends reinvested; * a year. Prices as of Oct 28, 2026 · filings through Jun 30, 2026 · page updated Nov 3, 2026

At a glance

MGE Energy Inc is worth $2.78B, about 20 times its fiscal 2025 earnings. Revenue grew 9.9% to $743.7M in fiscal 2025, with 18.3% kept as profit; over 5 years it has grown 6.7% a year. It pays a 2.65% dividend yield, raised every year for at least 9 years, and returned $303.9M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −11.7% over the past year with dividends reinvested and +1.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.6% in the 2020 crash (S&P 500: 33.7%) and 27.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 17 months and 21 months after the lows.

The business in plain English

MGE Energy is a holding company, a parent that owns other businesses. Its main one is MGE, a Madison, Wisconsin, utility incorporated in 1896 that generates, purchases and delivers electricity and distributes natural gas. Its electric service covers 264 square miles of Dane County. As of December 31, 2025, it had about 170,000 electric customers, roughly 91% of them in Fitchburg, Madison, Middleton and Monona.

MGE earns money as a regulated utility. Wisconsin's utility regulator (the PSCW) sets its prices, giving it a chance to recover reasonable costs and earn a return on the money it invests. Electric operations made up about 72% of MGE's regulated revenue in 2025, with gas providing the rest. MGE offers nearly all its generation to MISO, the regional wholesale power market, and purchases its customers' supply there. Coal was its largest fuel source in 2025, followed by renewables and natural gas.

Smaller pieces round out the group. MGE Energy owns stakes in the coal-fired Elm Road Units in Oak Creek and a cogeneration plant (making both power and heat) on the University of Wisconsin's Madison campus, and leases that capacity to the utility. It also invests in American Transmission Company, which provides electric transmission service mainly in Wisconsin. Total revenue was $743.7 million in 2025.

Price history

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MGEE -11.7% over the year to Oct 28, 2026, total return with dividends reinvested.

Prices through Oct 28, 2026. Total return: the price with dividends reinvested.

Latest results

  • In Q2 FY2026 (ended Jun 30, 2026), revenue was $161.2M, up 1.1% from a year earlier, and net income was $33.4M (+25.9%).
  • For fiscal 2025, revenue was $743.7M (+9.9% year over year; +6.7% a year from FY2020 to FY2025) with a 18.3% net margin.

Financial health check

Revenue growth a year (FY2020–FY2025)+6.7% good
Operating margin22.9% good
Free cash flow margin-10.8% weak
Return on equity (FY2025)10.4% watch
Return on assets (FY2025)4.3% watch
Net cash (cash minus debt)$-917.7M weak
Fiscal yearRevenueNet incomeFree cash flow
FY2020$538.6M$92.4M$-30.7M
FY2021$606.6M$105.8M$-15.6M
FY2022$714.5M$111.0M$-21.3M
FY2023$690.4M$117.7M$15.5M
FY2024$676.9M$120.6M$40.9M
FY2025$743.7M$135.9M$-80.0M

Cash returned to shareholders

  • Over FY2021–FY2025: $0.00 in buybacks and $303.9M in dividends.
  • At least 9 consecutive annual increases: every fiscal year in the SEC data (FY2016–FY2025) shows an increase; the true streak may be longer.
  • Regular dividends per share grew +5.0% a year over 5 years (FY2020–FY2025).
  • Dividends took 49.7% of earnings in the latest fiscal year.
  • Shares outstanding changed +4.5% from Oct 31, 2021 to Jul 31, 2026.
$1.212016$1.262017$1.322018$1.382019$1.452020$1.522021$1.592022$1.672023$1.762024$1.852025
$1.212016$1.262017$1.322018$1.382019$1.452020$1.522021$1.592022$1.672023$1.762024$1.852025
Dividends per share by fiscal year, from the 10-K filings, adjusted for stock splits.
Show as a table
Fiscal yearPer shareChange
FY2025$1.85+5.1%
FY2024$1.76+5.4%
FY2023$1.67+5.0%
FY2022$1.59+4.6%
FY2021$1.52+4.8%
FY2020$1.45+5.1%
FY2019$1.38+4.5%
FY2018$1.32+4.8%
FY2017$1.26+4.1%
FY2016$1.21

Valuation snapshot

Market value$2.78B
P/E ratio19.7
Dividend yield2.65%
As of Oct 28, 2026.

Rank among 1514 US companies

Market value at each year end

End of 2016: $2.26B$2.3B2016End of 2017: $2.19B$2.2B2017End of 2018: $2.08B$2.1B2018End of 2019: $2.73B$2.7B2019End of 2020: $2.53B$2.5B2020End of 2021: $2.97B$3.0B2021End of 2022: $2.55B$2.5B2022End of 2023: $2.61B$2.6B2023End of 2024: $3.40B$3.4B2024End of 2025: $2.87B$2.9B2025Oct 28, 2026: $2.78B$2.8BNow
End of 2021: $2.97B$3.0B2021End of 2022: $2.55B$2.5B2022End of 2023: $2.61B$2.6B2023End of 2024: $3.40B$3.4B2024End of 2025: $2.87B$2.9B2025Oct 28, 2026: $2.78B$2.8BNow

MGE Energy’s market value went from $2.26B at the end of 2016 to $2.78B on Oct 28, 2026, up 23%; since the end of 2025 it is down 3%.

Show as a table
Year endMarket valueChange
Oct 28, 2026$2.78B-3.2%
2025$2.87B-15.8%
2024$3.40B+30.1%
2023$2.61B+2.7%
2022$2.55B-14.4%
2021$2.97B+17.4%
2020$2.53B-7.3%
2019$2.73B+31.5%
2018$2.08B-5.0%
2017$2.19B-3.4%
2016$2.26B
The year-end close times the shares outstanding on the latest 10-K or 10-Q cover before it. Changes in market value include new shares issued and shares bought back, so they differ from the stock’s return.

Price behavior

Volatility (1 year)20.7%annualized; the S&P 500 is usually 15–20%
Worst drop (1 year)-19.1%3 years: -33.8% · all history: -33.9%
Beta vs S&P 500-0.10moves less than the market
Sharpe ratio (1 year)-0.76return above cash per unit of risk
Since price data starts+8.1%a year over 21.3 years
Total over 5 years+8%10 years: +58%
52-week range$68.49 – $85.26
Last price $73.45 on Oct 28, 2026, 13.9% below the 52-week high · below its 200-day average ($77.66).
YTD1 yr3 yr5 yr10 yr
MGEE price data to Oct 28, 2026-4.5%-11.7%+3.7%+1.5%+4.6%
Multi-year figures are annualized total returns with dividends reinvested, computed from daily prices.
1%2007-3%200813%200925%201013%201113%201217%201322%20145%201544%2016-1%2017-3%201834%2019-9%202020%2021-13%20225%202333%2024-15%2025-5%2026*
-1%2017-3%201834%2019-9%202020%2021-13%20225%202333%2024-15%2025-5%2026*
Calendar-year total returns from price data, dividends reinvested (last 20 years; all in the table). * 2026 is year to date.
Show as a table
YearPrice data
2026 (to date)-4.5%
2025-14.7%
2024+32.8%
2023+5.1%
2022-12.6%
2021+19.9%
2020-9.3%
2019+34.0%
2018-2.9%
2017-1.5%
2016+44.0%
2015+4.7%
2014+21.8%
2013+16.7%
2012+13.5%
2011+13.4%
2010+24.6%
2009+13.2%
2008-3.0%
2007+1.1%
2006+11.3%
2008 financial crisis
stocks fell Oct 9, 2007 – Mar 9, 2009
Lost 15% over that stretch · deepest drop along the way 21.7%, back to its old high 4.3 months after the low
2020 COVID crash
stocks fell Feb 19, 2020 – Mar 23, 2020
Lost 29.3% over that stretch · deepest drop along the way 33.6%, back to its old high 16.7 months after the low
2022 bear market
stocks fell Jan 3, 2022 – Oct 12, 2022
Lost 22.1% over that stretch · deepest drop along the way 27.2%, back to its old high 21.1 months after the low

Insider activity

Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 3 open-market purchases ($71K) and 0 sales ($0.00).

DateInsiderTypeValue
Mar 11, 2026James G Berbee Directorbuy$29K
Sep 9, 2026James G Berbee Directorbuy$21K
Aug 19, 2026James G Berbee Directorbuy$21K

Who owns it

Large shareholders (13G filings)

BlackRock, Inc.15.4%Sep 30, 2025
Vanguard Portfolio Management7.34%Mar 31, 2026
STATE STREET CORPORATION5.4%Mar 31, 2025
Vanguard Capital Management5.29%Mar 31, 2026

ETFs with the most weight in MGEE

PSCU Invesco S&P SmallCap Utilities & Communication Services ETF4.87%
SIXL ETC 6 Meridian Low Beta Equity ETF0.43%
FYC First Trust Small Cap Growth AlphaDEX Fund0.37%
IJT iShares S&P Small-Cap 600 Growth ETF0.35%
SLYG SPDR S&P 600 Small Cap Growth ETF0.33%
AFSM First Trust Active Factor Small Cap ETF0.32%
VIOG Vanguard S&P Small-Cap 600 Growth ETF0.3%
QVMS Invesco S&P SmallCap 600 QVM Multi-factor ETF0.29%
Held by 75 ETFs in our database.

What could go wrong

  1. Heavy reliance on co-owned coal plants. Co-owned coal plants supply a significant part of MGE's electricity. Coal supply problems could limit their operation, and plans to switch Elm Road to natural gas still need Wisconsin regulators' approval.
  2. Grid operator rules could force extra spending. Changes in how MISO, the regional grid operator, credits plants such as solar farms toward reserve requirements could force MGE to add or purchase capacity, possibly at costs rates won't cover.
  3. Regulators decide what it can charge. Wisconsin's utility regulator (PSCW) sets MGE's prices. It may reject some costs, decisions can be slow, and costs set aside for later recovery would hit earnings at once if recovery is denied.
  4. Changes to federal tax credits. Changes to federal tax law, including the Inflation Reduction Act and the One Big Beautiful Bill Act, or an inability to use tax credits, could hurt earnings, cash flow and credit ratings.
  5. Big capital projects depend on borrowing. In 2025, capital spending exceeded cash from operations by about $80 million, and total debt was $934 million as of June 30, 2026. Project delays, higher interest rates or a credit downgrade could raise costs.
  6. Weather and a small service area. Mild winters or cool summers cut energy use, and storms can disrupt facilities. MGE's electric service covers only 264 square miles of Dane County, so local weather and economic swings matter.

Recent events

  • Major agreement signed; New debt or financial obligation
  • Other company announcement
  • Quarterly results released; Investor presentation or announcement
  • Executive or board change
  • Shareholder vote results
  • Investor presentation or announcement
  • Major agreement signed; Other company announcement
  • Quarterly results released
  • Executive or board change
  • Investor presentation or announcement

For income and retirement investors

MGE Energy has raised its dividend at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share rose from $1.45 in 2020 to $1.85 in 2025, about 5% a year, and took about half of 2025 earnings. Free cash flow, the cash left after capital spending, was negative in 2025, so it did not cover the dividend. The company bought back no shares in fiscal 2021–2025, and its share count rose 4.5% from October 2021 to July 2026. The yield was 2.65% as of October 28, 2026.

In the 2008 financial crisis the stock's deepest fall was about 22%, and it regained its high about four months after the March 2009 low. It fell about 34% in the 2020 COVID crash, needing nearly 17 months to recover, and about 27% in the 2022 market downturn, needing about 21 months. As a single stock, MGEE carries more risk than a diversified fund.

Questions investors ask

How does MGE Energy make money?

Mainly by supplying electricity and natural gas through its regulated utility, MGE, which had about 170,000 electric customers in a 264-square-mile area of Dane County, Wisconsin, including Madison, as of December 31, 2025. Wisconsin's utility regulator (the PSCW) sets its prices, giving it a chance to recover reasonable costs and earn a return on what it invests. Electricity made up about 72% of MGE's regulated revenue in 2025. Smaller sums come from power plant stakes leased to the utility and an investment in American Transmission Company.

Does MGE Energy raise its dividend every year?

Yes, it has raised its dividend at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share rose from $1.45 in 2020 to $1.85 in 2025, about 5% a year, and took about half of 2025 earnings. The yield was 2.65% as of October 28, 2026. Free cash flow (cash left after capital spending) was negative in 2025, so it did not cover the dividend. As a holding company, MGE Energy depends on cash from its subsidiaries to pay dividends.

Is MGE Energy moving away from coal?

Yes, gradually. Coal was MGE's largest fuel source in 2025, but the company targets net-zero carbon electricity by 2050. In October 2025, MGE and the plant's co-owners asked Wisconsin regulators to switch the Elm Road Units from coal to natural gas, with coal expected to be only a backup by the end of 2030 and gone by the end of 2032. MGE also expects to add about 252 megawatts (MW) of solar, 18 MW of wind and 125 MW of battery storage by the end of 2030.

How has MGE Energy stock performed over the long run?

Modestly. As of October 28, 2026, the share price had gained about 4.6% a year over 10 years (58% in total), 1.5% a year over five years and 3.7% a year over three years, before dividends. It fell 11.7% in the year to that date, after dropping 14.7% in 2025 and rising 32.8% in 2024. Its deepest decline, about 34%, came in the 2020 COVID crash, and recovery took nearly 17 months.

How much debt does MGE Energy have?

About $934 million of total debt as of June 30, 2026, against $16.6 million of cash and $1.44 billion of shareholders' equity. Borrowing is normal for utilities, which fund long-lived plants and lines partly with debt. In 2025 capital spending exceeded cash from operations by about $80 million. The company's annual report warns that higher interest rates, market disruptions or a credit-rating change could raise its financing costs. An October 5, 2026, filing reported a new debt or financial obligation.

Sources

  • SEC company facts (XBRL financial data), filed Aug 5, 2026 — SEC EDGAR
  • 10-K annual report, filed Feb 24, 2026 — SEC EDGAR
  • Prices: daily prices and dividends through Oct 28, 2026

For education only, not investment advice. Past performance does not predict future results.