Stocks · Utilities · Regulated Electric

MGE Energy, Inc. MGEE

$70.77 +1.03% Close, Oct 2, 2026 · NASDAQ · Market cap $2.67B

High quality

Next earnings report: Nov 4, 2026

Scroll or pinch to zoom, drag to move. Daily prices adjusted for splits. Markers: E = earnings (green beat, red miss), S = split, D = dividend.

Three things to know

  1. At 17.4× trailing earnings, the shares trade at the lowest P/E of the company's past five years.
  2. Net debt is 3.0× EBITDA, a high level of leverage.
  3. The stock is in a downtrend: below its 200-day average, with the 50-day average below the 200-day.

PromtFinance scores

Each score is a percentile within the Utilities sector (0–100). Under each score: how the stock ranks in its sector on every component. As of Oct 5, 2026.

Growth36Weak

How fast revenue, earnings and cash flow are growing.

  • Revenue growth (TTM, YoY)Top 50%
  • EPS growth (TTM, YoY)Top 26%
  • FCF growth (TTM, YoY)Bottom 26%
  • Revenue growth, 3-year CAGRBottom 39%
  • Revenue growth accelerationBottom 41%
Quality96Exceptional

Returns on capital, margins, earnings quality and balance-sheet strength.

  • Return on invested capitalTop 24%
  • Gross marginTop 2%
  • Operating marginBottom 49%
  • Cash conversion (OCF / net income)Bottom 29%
  • Accruals (lower is better)Top 25%
  • Net debt / EBITDA (lower is better)Top 13%
  • Interest coverTop 10%
Value63Neutral

How cheap the shares are relative to earnings, cash flow and their own history.

  • Earnings yieldTop 42%
  • Free-cash-flow yieldBottom 44%
  • EBITDA / enterprise valueBottom 48%
  • Sales / enterprise valueBottom 46%
  • P/E vs own 5-year history (lower is better)Top 13%
Momentum27Very weak

Strength and persistence of the price trend, including versus the S&P 500.

  • 12-month return excluding last monthBottom 33%
  • 6-month returnBottom 50%
  • 1-year return vs S&P 500Bottom 26%
  • Distance from 52-week highBottom 37%
  • Trend checklist (0–4)Bottom 32%
Revisions27Very weak

Earnings surprises and analyst sentiment (estimate-revision history is being collected).

  • Average EPS surprise, last 4 quartersTop 25%
  • Consecutive EPS beatsTop 35%
  • Share of analysts rating BuyBottom 14%
  • Upside to consensus price targetBottom 9%
Stability40Weak

Low volatility, shallow drawdowns, low market sensitivity and modest leverage.

  • Volatility, 60 days (lower is better)Top 47%
  • Maximum drawdown, 3 yearsBottom 24%
  • Beta vs S&P 500 (lower is better)Bottom 27%
  • Net debt / EBITDA (lower is better)Top 13%

What changed

Latest four quarters versus the same period a year earlier (growth: versus one quarter earlier).

MeasureBeforeNow
Revenue growth (YoY)8.9%7.1%↓
EPS growth (YoY)10.2%13.1%↑
Gross margin41.5%85.4%↑
Operating margin22.7%22.0%↓
FCF margin6.2%-21.4%↓

Fundamental momentum

MeasureNow (TTM)Year / quarter beforeSector rank
Revenue growth (TTM, YoY)7.1%8.9%↓Top 50%
EPS growth (TTM, YoY)13.1%10.2%↑Top 26%
Gross margin85.4%41.5%↑Top 2%
Operating margin22.0%22.7%↓Bottom 49%
Net margin19.5%18.2%↑—
Free-cash-flow margin-21.4%6.2%↓—
Return on invested capital4.7%—Top 24%
Revenue growth, 3-year CAGR1.3%—Bottom 39%

Quality of earnings and balance sheet

Cash conversion (OCF / net income)Above 1× means profits are backed by cash.
1.86×
Accruals (net income − OCF) / assetsLower is better; high accruals can signal weaker earnings quality.
-3.9%
Stock-based compensation / revenueA cost to shareholders through dilution.
0.0%
Receivables growth vs revenue growthReceivables growing much faster than sales can be a warning.
-3.0 pp
Net debt / EBITDABelow 1× is conservative; above 3× is high leverage.
3.01×
Interest cover (operating income / interest)How many times operating profit covers interest.
4.6×

Shareholder returns

Dividend yield (dividends paid, TTM)
2.62%
Net buyback yield (TTM)
-3.33%
Shareholder yield
-0.71%
Share count change, 1 year
+2.4%
Share count change, 3-year CAGR
+1.2%

Shareholder yield = dividends + net buybacks over the last four quarters, divided by market cap.

Based on the four quarters through Jun 30, 2026 (filed Aug 5, 2026).

Earnings and expectations

Earnings momentum

Consecutive EPS beats
2
Beats in the last 8 reports
4 of 8
Average EPS surprise, last 4
+8.7%
Average 2-day reaction, last 8
+1.2%
Positive 20 days after report
1 of 8

Analysts

Consensus price target
$76.00
Target vs current price
+7.4%
Analysts with a rating
4
Share rating Buy or Strong Buy
25%
Consensus rating
Hold

How the stock reacted to recent reports

Report dateEPS surprise2 days5 days20 days60 days
Aug 5, 2026+15.6%+0.4%+1.4%-3.1%—
May 5, 2026+16.8%+0.8%-7.8%-7.1%-0.8%
Feb 25, 2026+0.0%-1.2%-1.6%-7.0%-8.2%
Nov 5, 2025+2.5%+1.4%+1.1%-4.0%-5.1%
Aug 6, 2025-1.4%-0.8%+0.6%-0.1%-1.9%
May 7, 2025+16.3%+0.7%-1.4%-2.9%-8.2%
Feb 25, 2025-27.4%+1.2%-0.4%-1.4%-1.0%
Nov 6, 2024-3.4%+7.2%+17.7%+13.1%-2.0%

Returns from the close before each report. Past reactions do not determine future ones.

Earnings history

Report dateEPSEstimateSurpriseRevenue
Aug 5, 2026$0.89$0.77+15.6%$161.2M
May 5, 2026$1.32$1.13+16.8%$242.7M
Feb 25, 2026$0.64$0.64+0.0%$189.6M
Nov 5, 2025$1.22$1.19+2.5%$175.7M
Aug 6, 2025$0.72$0.73-1.4%$159.5M
May 7, 2025$1.14$0.98+16.3%$219.0M
Feb 25, 2025$0.61$0.84-27.4%$171.4M
Nov 6, 2024$1.13$1.17-3.4%$168.5M

Valuation in context

MultipleNow5-year median5-year percentileSector rank (cheapness)
P/E (trailing)17.4×24.4×0thTop 42%
P/E (forward)17.9×———
EV / EBITDA12.1×——Bottom 48%
EV / Sales4.63×——Bottom 46%
Free-cash-flow yield-6.15%——Bottom 44%
Earnings yield5.75%——Top 42%

P/E over the past five years

Range 19.7× – 29.8× since Jun 30, 2021. Each point: price on the filing date divided by trailing-twelve-month EPS known then.

What moved the stock over the past year

Price return, 1 year
-14.8%
Earnings per share growth (TTM)
+13.1%
Change in P/E multiple
-15.4%

Most of the move came from a change in the valuation multiple.

Technical state

Trend checklist

  • ✗ Price above 20-day average
  • ✗ Price above 50-day average
  • ✗ Price above 200-day average
  • ✗ 50-day average above 200-day
  • ✗ MACD histogram positive

Trend quality

Days above the 50-day average
0
Days above the 200-day average
0
50-day average slope (20 days)
-4.2%
200-day average slope (20 days)
-0.9%
Distance from 50-day average
-8.4%
Distance from 200-day average
-9.6%
RSI (14)
34.8
Relative volume
0.84×

Risk and drawdowns

Volatility, 60 days (annualized)
17.4%
Volatility vs own 5-year history
10th percentile · Low for this stock
Beta vs S&P 500 (2 years, weekly)
0.28
Correlation with S&P 500
0.18
Current drawdown from 1-year high
-18.7%
Maximum drawdown, 3 years
-36.7%

Largest declines in the past six years

From peakTo lowDeclineLengthRecovery
Nov 13, 2024Sep 24, 2026-36.7%465 daysNot yet recovered
Aug 19, 2022Oct 12, 2022-27.6%37 days447 days (Jul 25, 2024)
Aug 20, 2021Mar 1, 2022-15.2%132 days25 days (Apr 5, 2022)
Nov 16, 2020Jan 27, 2021-14.2%48 days57 days (Apr 20, 2021)
Apr 6, 2022Jun 17, 2022-11.8%50 days38 days (Aug 12, 2022)

Declines of 10% or more from a closing high, measured on daily closes.

Financial statements

Market cap
$2.67B
P/E (TTM)
17.4
EPS, diluted (TTM)
$4.07
Revenue (TTM)
$769.1M
Dividend yield
2.73%
52-week range
$68.01 – $87.94
FY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$606.6M$714.5M$690.4M$676.9M$743.7M
Gross profit$213.6M$243.9M$269.0M$278.8M$723.6M
Operating income$117.3M$137.7M$146.4M$146.3M$170.7M
Net income$105.8M$111.0M$117.7M$120.6M$135.9M
EPS (diluted)$2.92$3.07$3.25$3.33$3.72
Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026
Revenue$168.5M$171.4M$219.0M$159.5M$175.7M$189.6M$242.7M$161.2M
Net income$40.9M$22.0M$41.6M$26.5M$44.5M$23.3M$48.5M$33.4M
EPS (diluted)$1.13$0.61$1.14$0.72$1.22$0.64$1.32$0.89
FY 2021FY 2022FY 2023FY 2024FY 2025
Operating cash flow$137.5M$153.7M$237.6M$277.8M$263.2M
Capital expenditure-$153.2M-$175.0M-$222.1M-$236.9M-$343.2M
Free cash flow-$15.6M-$21.3M$15.5M$40.9M-$80.0M
Dividends paid-$54.8M-$57.5M-$60.4M-$63.6M-$67.6M
Net share buybacks$0$0$0$31.6M$3.8M

Cash outflows are shown as negative numbers.

Cash and short-term investments
$10.7M
Total assets
$3.30B
Total liabilities
$1.86B
Total debt
$899.6M
Net debt
$888.9M
Shareholders’ equity
$1.44B

As of Jun 30, 2026 (filed Aug 5, 2026).

Dividends

Ex-dateAmountPaid
Sep 1, 2026$0.51Sep 15, 2026
Jun 1, 2026$0.48Jun 15, 2026
Feb 27, 2026$0.48Mar 15, 2026
Dec 1, 2025$0.48Dec 15, 2025
Aug 29, 2025$0.48Sep 15, 2025
May 30, 2025$0.45Jun 15, 2025
Feb 28, 2025$0.45Mar 15, 2025
Nov 29, 2024$0.45Dec 15, 2024

Short interest

Shares sold short
1,746,686
Days to cover
12.87
Change vs previous report
+0.7%

FINRA short interest, settlement date Sep 15, 2026.

Stock splits

Feb 10, 2014
3-for-2
Feb 21, 1996
3-for-2
Jan 22, 1992
3-for-2