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Regulated electric and natural gas utility holding company serving the Madison, Wisconsin area.
Regulated electric and natural gas utility holding company serving the Madison, Wisconsin area.
Rates are set by the Public Service Commission of Wisconsin so as to earn an approved return on the equipment it owns, which is why earnings track how much it invests in plants and grid. Madison Gas and Electric, its main subsidiary, serves the Madison area.
Moat: wide (regulatory licence, scale). Exclusive regulated service territory with state-approved rate-base returns.
Headquarters: Madison, Wisconsin, US · Founded: 1896 · Employees: 726
Size MGE Energy (MGEE) is a United States Utilities company (Electric Utilities) with a market value of $3.03B, the 1546th largest of 3,117 United States companies the cockpit tracks. Shares closed at $80.26 on 6 Nov 2026.
Performance Over six months the shares gained 9.0%, against -17.4% for the median peer and -1.1% for the United States market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 8.0% over the last twelve months (peer median +0.2%); the operating margin is 22.6% (peer median 14.6%).
Valuation It trades at 19.0× forward earnings against a peer median of 12.6× (6th most expensive of 19).
Capital Return on invested capital runs 1.8 points below its cost of capital (7.6% WACC).
Short interest Short interest is 4.2% of the free float (15 Oct 2026).
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $784M | $744M | $677M | $690M | $715M |
| Revenue growth | — | +10% | -2% | -3% | — |
| Gross profit | $203M | $198M | $176M | $182M | $155M |
| EBITDA | $293M | $288M | $260M | $260M | $220M |
| Net income | $161M | $136M | $121M | $118M | $111M |
| Free cash flow | -$104M | -$80.0M | $40.9M | $15.5M | -$21.3M |
| Capital expenditure | $380M | $343M | $237M | $222M | $175M |
| Total debt | $934M | $936M | $797M | $789M | $736M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MGE Energy MGEE | $3.03B | +9% | +8% | 23% | 19.0× | n/a |
| WEC Energy WEC | $38.1B | +5% | +8% | 25% | 21.6× | n/a |
| Alliant Energy LNT | $18.8B | +1% | +5% | 23% | 20.8× | n/a |
| NorthWestern Energy NWE | $5.09B | +14% | +11% | 19% | 20.6× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MGEE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.5% | -3.1% | highest of 21 |
| 6-month return | +9.0% | -17.4% | 3rd highest of 21 |
| Distance from 52-week high | -5.9% | -34.2% | highest of 21 |
| Revenue growth (TTM) | +8.0% | +0.2% | 9th highest of 21 |
| Operating margin | 22.6% | 14.6% | 4th highest of 20 |
| Forward P/E | 19.0× | 12.6× | 6th most expensive of 19 |
| ROIC minus cost of capital | -1.8 pp | -0.7 pp | 7th lowest of 20 |
| EV / EBITDA | 13.5× | 10.5× | 2nd most expensive of 10 |
| Net debt / EBITDA | 3.1× | 4.5× | 4th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MGE Energy MGEE | United States | $3.03B | +9% | +8% | 23% | 19.0× | n/a | n/a |
| CECEP Wind-Power 601016.SS | China | $3.00B | -28% | -8% | 24% | 30.7× | 2.0% | +11.0% |
| Kenon KEN | United States | $2.99B | -35% | +53% | 8% | n/a | n/a | n/a |
| China Southern Power Grid Energy Efficiency & Clean Energy 003035.SZ | China | $2.89B | -31% | +10% | 18% | 39.1× | 11.6% | +12.9% |
| GEPIC Energy Development 000791.SZ | China | $3.23B | -18% | -30% | 40% | 10.2× | -7.8% | +32.3% |
| GCL Energy Technology 002015.SZ | China | $3.27B | -24% | -3% | 15% | 21.5× | n/a | n/a |
| Enea ENA.WA | Poland | $2.80B | -3% | -11% | n/a | 4.4× | -7.7% | +9.1% |
| Otter Tail OTTR | United States | $3.29B | -11% | +1% | 23% | 14.6× | n/a | n/a |
| Avista AVA | United States | $3.37B | -1% | -1% | 19% | 15.0× | n/a | n/a |
| NLC India NLCINDIA.NS | India | $3.50B | -28% | +17% | 18% | 9.9× | n/a | n/a |
| Iren IRE.MI | Italy | $3.54B | -9% | -8% | 9% | 10.6× | 5.5% | +12.0% |
| Guangzhou Development 600098.SS | China | $3.56B | -3% | +4% | 4% | 14.9× | -1.0% | +9.9% |
| State Grid Information & Communication 600131.SS | China | $2.55B | -17% | +13% | 6% | 21.2× | 7.0% | +8.7% |
| Guangdong Electric Power Development 000539.SZ | China | $3.64B | -21% | +8% | -1% | n/a | 9.8% | +8.9% |
| An Hui Wenergy 000543.SZ | China | $2.52B | -8% | -18% | 11% | 9.2× | 1.3% | +10.4% |
| Pampa Energia SA Sponsored ADR PAM | United States | $3.78B | -19% | +29% | 21% | 7.4× | n/a | n/a |
| Chugoku Electric Power 9504.T | Japan | $2.41B | +18% | 0% | 0% | 9.3× | n/a | n/a |
| SJVN SJVN.NS | India | $2.38B | -28% | +99% | 48% | 15.9× | n/a | n/a |
| Drax DRX.L | United Kingdom | $3.88B | 0% | -8% | 9% | 10.4× | -0.2% | +4.8% |
| Tohoku Electric Power 9506.T | Japan | $3.89B | +13% | +17% | 3% | 4.9× | n/a | n/a |
| SPIC Green Energy 000875.SZ | China | $2.34B | -34% | -4% | 16% | 35.0× | -0.2% | +5.6% |