At a glance
WEC Energy Group, Inc. is worth $38.46B, about 24 times its fiscal 2025 earnings. Revenue grew 14.0% to $9.80B in fiscal 2025, with 15.9% kept as profit; over 5 years it has grown 6.2% a year. It pays a 3.2% dividend yield, raised every year for at least 9 years, and returned $5.08B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +8.2% over the past year with dividends reinvested and +8.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 32.3% in the 2020 crash (S&P 500: 33.7%) and 23.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 7 months and 25 months after the lows.
The business in plain English
WEC Energy Group is a Milwaukee-based holding company whose subsidiaries own regulated electric and natural gas utilities, mainly in Wisconsin and Illinois, plus part of Michigan's Upper Peninsula. Most customers are households; businesses served include metals and other manufacturers, paper companies, food makers and health services. It also owns about 60% of ATC, an electric transmission company in Illinois, Michigan, Minnesota and Wisconsin.
As a regulated utility, WEC cannot set its own prices. State commissions approve rates meant to cover costs they judge prudent plus a reasonable return on money invested in power plants, wires and pipes. Growth therefore depends on building new assets and winning rate approvals, which regulators can deny or trim. Retail sales made up 92.3% of electric revenue in 2025, and coal supplied 30.5% of its electricity. The company expects new demand from large data centers and plans gas, wind, solar and battery projects to serve them.
Of $9.8 billion in revenue for the fiscal year ended December 31, 2025, the Wisconsin segment produced 74.4%. It includes the utilities serving metropolitan Milwaukee and much of eastern, central and northern Wisconsin, plus a steam business in Milwaukee. Illinois, where its gas utilities face a state order to replace aging iron pipe, added 17.2%. Non-Utility Energy Infrastructure, which includes We Power's generating units, added 7.9%.
Price history
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WEC +8.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Wisconsin | $7.30B | 74.4% |
| Illinois | $1.68B | 17.2% |
| Non-Utility Energy Infrastructure | $770.2M | 7.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $2.29B, up 8.9% from a year earlier, and net income was $389.3M (+43.5%).
- For fiscal 2025, revenue was $9.80B (+14.0% year over year; +6.2% a year from FY2020 to FY2025) with a 15.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.2% good |
|---|---|
| Operating margin | 22.9% good |
| Free cash flow margin | -10.4% weak |
| Return on equity (FY2025) | 11.1% watch |
| Return on assets (FY2025) | 3% watch |
| Net cash (cash minus debt) | $-22.70B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $7.24B | $1.20B | $-678.3M |
| FY2021 | $8.32B | $1.30B | $-340.0M |
| FY2022 | $9.60B | $1.41B | $-636.2M |
| FY2023 | $8.89B | $1.33B | $525.5M |
| FY2024 | $8.60B | $1.53B | $430.7M |
| FY2025 | $9.80B | $1.56B | $-1.02B |
Valuation snapshot
| Market value | $38.46B |
|---|---|
| P/E ratio | 24.3 |
| Dividend yield | 3.2% |
Rank among 1514 US companies
Market value at each year end
WEC Energy Group’s market value went from $18.51B at the end of 2016 to $38.46B on Nov 2, 2026, about 2.1 times as much; since the end of 2025 it is up 12%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $38.46B | +12.1% |
| 2025 | $34.31B | +15.3% |
| 2024 | $29.75B | +12.1% |
| 2023 | $26.55B | -10.2% |
| 2022 | $29.58B | -3.4% |
| 2021 | $30.62B | +5.5% |
| 2020 | $29.03B | -0.2% |
| 2019 | $29.09B | +33.1% |
| 2018 | $21.85B | +4.2% |
| 2017 | $20.96B | +13.3% |
| 2016 | $18.51B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| WEC price data to Nov 2, 2026 | +13.7% | +8.2% | +15.8% | +8.8% | +10.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +13.7% |
| 2025 | +16.0% |
| 2024 | +16.1% |
| 2023 | -7.0% |
| 2022 | -0.5% |
| 2021 | +8.7% |
| 2020 | +2.5% |
| 2019 | +37.0% |
| 2018 | +7.8% |
| 2017 | +17.1% |
| 2016 | +18.3% |
| 2015 | +1.3% |
| 2014 | +32.1% |
| 2013 | +16.1% |
| 2012 | +8.9% |
| 2011 | +22.9% |
| 2010 | +21.7% |
| 2009 | +22.5% |
| 2008 | -11.7% |
| 2007 | +4.9% |
| 2006 | +23.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 18% over that stretch · deepest drop along the way 24.3%, back to its old high 9.1 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.8% over that stretch · deepest drop along the way 32.3%, back to its old high 7.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 12.5% over that stretch · deepest drop along the way 23.6%, back to its old high 25.2 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 14 sales ($5.8M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 9, 2026 | Scott J Lauber President and CEO, Director | sell | $895K |
| Feb 17, 2026 | Gale E Klappa Director | sell | $583K |
| Feb 13, 2026 | Gale E Klappa Director | sell | $578K |
| Feb 13, 2026 | Gale E Klappa Director | sell | $577K |
| Feb 13, 2026 | Gale E Klappa Director | sell | $577K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.54% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.16% | Mar 31, 2026 |
ETFs with the most weight in WEC
| ELCV Eventide High Dividend ETF | 4.37% |
| PUI Invesco Dorsey Wright Utilities Momentum ETF | 3.85% |
| MDLV Morgan Dempsey Large Cap Value ETF | 3.82% |
| BAMD Brookstone Dividend Stock ETF | 3.56% |
| RSPU Invesco S&P 500 Equal Weight Utilities ETF | 3.3% |
| XLU Utilities Select Sector SPDR Fund | 2.84% |
| FUTY Fidelity MSCI Utilities Index ETF | 2.62% |
| VPU Vanguard Utilities ETF | 2.54% |
What could go wrong
- Illinois regulators have disallowed past costs. Illinois regulators disallowed some past capital costs in 2023, forcing losses, and a proposed settlement led to another charge in late 2025. They also want old iron gas pipe replaced by 2035, with penalties possible.
- Growth depends on a few data centers. WEC plans major spending on gas plants, wind, solar and batteries to serve a small number of large data centers. Projects need Wisconsin regulators' approval, and sales were forecast roughly flat without these customers.
- Costly exit from coal and emissions rules. Coal supplied 30.5% of the electricity WEC sold in 2025. Replacing it by 2032 and meeting changing environmental rules requires heavy spending, and regulators may not allow full recovery of those costs.
- Profits depend on what regulators allow. State regulators set WEC's rates and allowed returns, and the Wisconsin segment produced 74.4% of fiscal 2025 revenue. Concern about energy affordability could lead regulators to deny cost recovery or delay projects.
- Heavy debt and reliance on capital markets. Total debt was $22.56 billion as of June 30, 2026, and free cash flow (cash after capital spending) was negative in fiscal 2025. Higher interest rates or a credit downgrade would raise funding costs.
- Large construction projects can run over budget. WEC is building several major projects at once. Supply chain problems, inflation and tariffs could raise costs or cause delays, and regulators may not let it recover every dollar from customers.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Major agreement signed
- Executive or board change
- Investor presentation or announcement
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results
- Investor presentation or announcement
- Executive or board change
For income and retirement investors
WEC 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 $2.53 in fiscal 2020 to $3.57 in fiscal 2025, about 7.1% a year, and the yield was 3.38% as of October 28, 2026. Dividends took 73.7% of fiscal 2025 earnings. Free cash flow, the cash left after capital spending, was negative $1.02 billion that year, so the dividend leaned on outside funding such as debt. Buybacks are minor: $123 million over fiscal 2021–2025, against $4.96 billion of dividends, and the share count rose 3.3% between September 2021 and June 2026.
In past downturns, the share price fell as much as 24.3% around the 2008 financial crisis, 32.3% in the 2020 COVID crash and 23.6% in the 2022 bear market, then took about 9, 7 and 25 months to regain its earlier highs. A single stock carries more risk than a diversified fund.
Questions investors ask
How does WEC Energy Group make money?
WEC makes most of its money selling electricity and natural gas through regulated utilities, where state regulators set prices meant to cover reasonable costs and a fair return on invested capital. In fiscal 2025, its Wisconsin segment produced 74.4% of $9.8 billion in revenue, Illinois 17.2% and non-utility energy infrastructure 7.9%. It also owns about 60% of ATC, an electric transmission company. Net income was $1.56 billion, or $4.81 per diluted share.
Does WEC Energy raise its dividend every year?
Yes, so far. WEC has raised its dividend at least nine years in a row through fiscal 2025, and the streak may be longer. Dividends per share grew from $2.53 in fiscal 2020 to $3.57 in fiscal 2025, about 7.1% a year. Past increases are not a promise: the board decides each payment, and the company also needs cash for major construction projects. Free cash flow was negative in fiscal 2025.
What is WEC Energy's dividend yield and payout ratio?
The dividend yield was 3.38% as of October 28, 2026, when the stock traded at about 23 times fiscal 2025 earnings and the company was valued at about $36 billion. The payout ratio, the share of earnings paid out as dividends, was 73.7% for fiscal 2025. Free cash flow, the cash left after capital spending, was negative $1.02 billion that year, so dividends were not covered by free cash flow.
How much debt does WEC Energy have?
WEC reported total debt of $22.56 billion as of June 30, 2026, against $50 million of cash and $14.57 billion of shareholder equity. Heavy borrowing is normal for utilities, which build long-lasting plants, power lines and pipes and recover the cost through rates over many years. The risk is that higher interest rates or a credit rating downgrade would raise borrowing costs. The company's annual report lists both its reliance on capital markets and a possible downgrade as risks.
How will data centers affect WEC Energy?
Data centers are WEC's main expected source of electricity sales growth. In its annual report filed February 20, 2026, the company said it was in talks with a small number of customers building large data centers in its service areas. It forecast retail electric sales up 1.6% for 2026, excluding one iron ore mine, but roughly flat without those very large customers. Serving them requires heavy spending on gas plants, wind, solar and batteries, which was awaiting Wisconsin regulators' approval, and the company lists these customers as a risk.