MGE Energy, Inc. (MGEE) is a publicly traded company in the Utilities — Regulated Electric industry listed on NASDAQ. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
MGE Energy, Inc. operates as a public utility holding company, primarily conducting its business in Wisconsin through various subsidiary entities. The company's operations are divided into several key segments: Regulated Electric Utility, Regulated Gas Utility, Nonregulated Energy, Transmission Investments, and an "All Other" category.
Is MGE Energy, Inc. stock overvalued or undervalued in 2026?
MGE Energy, Inc. (MGEE) trades at 18.0× earnings (P/E), below the median of the 83 utilities companies over $2bn in Kaplio's universe. At the decade median (26.5×) $108 (+47 %); at its sector median (20.7×) $84 (+15 %).
Kaplio overview: MGE Energy, Inc.
Market cap $3B · 52 weeks $68 – $86 (12 % below the high) · P/E 18.0× · 2027 expected P/E 17.8× · Dividend 2.6 % · 11 years rising · Next earnings November 4, 2026 · expected EPS $1.17 · Closing price, Oct 28 · accounts published Aug 5.
- Valuation: P/E 18.0× (cheap).
- Business: ROE 11.1 % (solid).
- Balance sheet: Net debt/EBITDA 3.0× (solid).
- Earnings: 4 of 8 (uneven).
What would it be worth at its usual multiples?
At the decade median (26.5×) $108 (+47 %); at its sector median (20.7×) $84 (+15 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in utilities: 5 of 6 pass
- 5y EPS growth 7.5 %, borderline.
- Regulated ROE (8-12%) 11.1 %, passes.
- 10y dividend growth 4.8 %, passes.
- Net debt / EBITDA 3.0×, passes.
- Interest coverage 5.0×, passes.
- Payout Ratio 49.7 %, passes.
Against its peers (reference peers) — MGE Energy, Inc.: P/E 18.1×; EV/EBITDA 12.5×; ROIC 4.7 %; $2.8B. Northwestern Energy Group Inc (P/E 28.4×; EV/EBITDA 14.2×; ROIC 3.9 %; $4.8B), Portland General Electric Company (P/E 19.4×; EV/EBITDA 9.4×; ROIC 3.7 %; $5.2B), IDACORP, Inc. (P/E 23.1×; EV/EBITDA 14.7×; ROIC 3.6 %; $8.1B).
Expensive or cheap against its last ten years?
P/E at each close: today 18.1× · median 26.5× · minimum 17.2× · maximum 33.8× · cheap below 24.3× · expensive above 29.5×. It has been cheaper than today only 1% of the time over its last ten years.
Dividend
tight · Yield 2.6 % ($1.85 per share in 2025) · Years raising it ≥ 11 · 5-year growth +5 % a year · Free cash flow coverage -0.1× · With $1,000 invested today you'd collect $26.10 a year ($2.18 a month).
Profitability
| Return on Equity | 11.10% |
| Return on Invested Capital | 4.72% |
| Return on Assets | 4.53% |
| Gross Margin | 40.22% |
| Operating Margin | 22.02% |
| Net Margin | 19.45% |
Financial Health
| Debt / Equity | 0.62 |
| Current Ratio | 1.14 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 1.69 |
Price Performance
| 1 month | +7.12% |
| 3 months | -6.74% |
| Year-to-date | -5.42% |
| 1 year | -10.63% |
| 3 years | +3.95% |
| 5 years | -2.27% |
| 10 years | +26.89% |
Dividend History
Paid in the last 12 months: $1.9333 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-12-01 | $0.5083 |
| 2026-09-01 | $0.5083 |
| 2026-06-01 | $0.4750 |
| 2026-02-27 | $0.4750 |
| 2025-12-01 | $0.4750 |
| 2025-08-29 | $0.4750 |
| 2025-05-30 | $0.4500 |
| 2025-02-28 | $0.4500 |
| 2024-11-29 | $0.4500 |
| 2024-08-30 | $0.4500 |
Amounts adjusted for stock splits.
Related companies: XEL · LNT · NWE · SO · DUK · DTE · CMS · OGE
Explore sector: Utilities · Regulated Electric
More sections of MGEE: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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