MGE ENERGY INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MGE ENERGY INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	545	563	560	569	539	607	715	690	677	744
Operating income	124	125	114	111	110	117	138	146	146	171
Other non-operating income	14.1	14.4	17.1	18.8	25.4	16.7	26.1	29.5	17.8	19.8
Pre-tax income	118	120	112	107	112	110	137	146	131	157
Income tax	42.5	22.1	27.4	19.8	19.4	4.12	26.2	27.8	10.6	20.8
Net income	75.6	97.6	84.2	86.9	92.4	106	111	118	121	136
EPS, basic	2.18	2.82	2.43	2.51	2.60	2.92	3.07	3.25	3.33	3.72
EPS, diluted	2.18	2.82	2.43	2.51	2.60	2.92	3.07	3.25	3.33	3.72
Shares, basic (weighted)	34.7	34.7	34.7	34.7	35.6	36.2	36.2	36.2	36.2	36.5
Shares, diluted (weighted)	34.7	34.7	34.7	34.7	35.6	36.2	36.2	36.2	36.2	36.6
Dividend per share	1.21	1.26	1.32	1.38	1.45	1.52	1.59	1.67	1.76	1.85

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	96	108	83.1	23.5	44.7	17.4	11.6	11.1	21.3	5.67
Receivables	39.9	42.3	43.6	40.5	41.4	46.2	55.4	46.7	51.3	57.6
Other current assets	12.3	12.5	8.59	10.2	11.4	11.2	19	15.6	14.2	17.2
Total current assets	276	291	241	182	210	199	243	238	227	229
Property, plant and equipment	1,282	1,341	1,509	1,643	1,769	1,879	1,971	2,128	2,287	2,573
Lease right-of-use assets				0.67	5.99	7.96	7.79	7.56	7.4	7.25
Other non-current assets	1.09	0.73	12.5	19.1	22.3	27.5	24.4	20.7	26.3	18.3
Total assets	1,801	1,855	1,989	2,082	2,254	2,372	2,518	2,675	2,828	3,155
Accounts payable	47.8	47.6	46.2	55.2	54.6	64.1	59.3	65.5	77.5	118
Accrued liabilities	11.9	12.2	13	12.8	12.6	13	13.1	15.9	15.9	17.2
Short-term debt	4.33	24.5	4.55	19.7	4.77	4.89	54.3	5.15	5.29	21.6
Total current liabilities	104	127	121	129	191	118	225	157	126	297
Long-term debt	383	398	493	524	519	614	585	719	764	792
Lease liabilities				0.5	5.84	7.97	7.92	7.8	7.78	7.71
Other non-current liabilities	66.4	69	66.4	63	72.2	91.7	46.7	61.7	64.6	63.4
Total liabilities	1,077	1,077	1,172	1,226	1,278	1,344	1,436	1,535	1,598	1,851
Total debt	387	423	498	543	524	619	640	724	769	814
Paid-in capital	316	316	316	316	394	395	396	397	430	435
Retained earnings	373	427	466	505	545	596	650	707	764	832
Other comprehensive income	0.2	0.38	0
Shareholders' equity	724	778	817	856	976	1,027	1,082	1,140	1,230	1,304
Total equity	724	778	817	856	976	1,027	1,082	1,140	1,230	1,304
Total liabilities and equity	1,801	1,855	1,989	2,082	2,254	2,372	2,518	2,675	2,828	3,155
Shares outstanding	34.7	34.7	34.7	34.7	36.2	36.2	36.2	36.2	36.5	36.5

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	75.6	97.6	84.2	86.9	92.4	106	111	118	121	136
Stock-based compensation	3.1	1	1.1	3	1.3	2.9	1.3	2.7	4.5	3.3
Deferred income tax	22.4	-4.08	3.75	7.21	10.4	4.84	23.4	23	0.61	7.62
Change in inventory	7.27	-2.57	2.72	-3.42	-0.84	-6.34	-22.2	-0.85	5.54	5.07
Change in payables	9.88	-5.29	-4.86	-7.43	14.4	2.73	5.1	-5.21	6.49	8.48
Cash from operations	148	131	153	130	172	138	154	238	278	263
Capital expenditures	-83.7	-108	-212	-164	-203	-153	-175	-222	-237	-343
Sales and maturities of investments	0.41	0.68	0.96	0.22	0.62	1.68	0.92	1	2.55	4.5
Cash from investing	-86.8	-116	-218	-172	-210	-157	-180	-230	-241	-351
Debt issued	0	70	100	50	19.3	100	25	139	50	50
Debt repaid	-4.27	-34.4	-24.5	-4.55	-39	-4.77	-4.89	-54.3	-5.15	-5.29
Stock issued			0	0	79.6	0	0	0	31.6	3.75
Dividends paid	-41.8	-43.7	-45.8	-47.8	-51.7	-54.8	-57.5	-60.4	-63.6	-67.6
Cash from financing	-46.1	-4.64	38.1	-17.2	59.2	-8.76	25.5	-10.5	-26.8	71.6
Net change in cash	14.9	10.5	-27.2	-59.1	21.2	-28.2	-0.87	-2.94	9.47	-15.8
Free cash flow	64.2	23.2	-59.2	-33.6	-30.7	-15.6	-21.3	15.5	40.9	-80
Interest paid	19.4	19.2	20	23.2	23.9	23.5	26	29.5	34.3	35.8
Income taxes paid	21.8	27.1	12.6	14.6	8.13	4	3.17	9.8	-13.1

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $70.06 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	22.3%	Operating income / revenue.
Pre-tax margin	21.3%	Pre-tax income / revenue.
Net margin	18.6%	Net income / revenue.
FCF margin	-17.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	34.7%	Cash from operations / revenue.
Effective tax rate	12.5%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.5%	Net income / average total assets.
Return on invested capital (ROIC)	6.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	51.7%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	9.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	1.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	16.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	9.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	12.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	8.0%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	11.7%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	6.6%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	7.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-5.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	19.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	8.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-295.8%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	5.1%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.0%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	11.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.15x	Current assets / current liabilities.
Quick ratio	0.37x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.67x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	28.3%	Total debt / total assets.
Liabilities / assets	57.6%	Total liabilities / total assets.
Net debt	$891.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$28.0M	Current assets - current liabilities.
Tangible book value	$1.35B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.24x	Revenue / average total assets.
Fixed asset turnover	0.29x	Revenue / average property, plant and equipment.
Receivables turnover	13.0x	Revenue / average receivables.
Days sales outstanding	28 days	365 x average receivables / revenue.
FCF conversion	-91.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	149.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.90	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$20.96	Revenue / diluted weighted shares.
FCF per share	-$3.57	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.27	Cash from operations / diluted weighted shares.
Book value per share	$36.72	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$36.72	Tangible book value / shares outstanding.
Cash per share	$0.26	(Cash + short-term investments) / shares outstanding.
Payout ratio	48.0%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$2.65B	Share price x shares outstanding.
Enterprise value	$3.54B	Market cap + total debt - cash - short-term investments.
P/E	18.5x	Market cap / net income. Only when net income is positive.
P/S	3.45x	Market cap / revenue.
P/B	1.96x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.96x	Market cap / tangible book value, when positive.
P/OCF	9.95x	Market cap / cash from operations, when positive.
EV/Sales	4.61x	Enterprise value / revenue.
EV/EBIT	20.7x	Enterprise value / operating income, when both are positive.
FCF yield	-4.9%	Free cash flow / market cap.
Earnings yield	5.4%	Net income / market cap (the inverse of P/E).
Dividend yield	2.6%	Dividends paid over the period / market cap.
Shareholder yield	2.6%	(Dividends paid + share buybacks) / market cap.
PEG	2.80x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MGE ENERGY INC's revenue in fiscal 2025?

MGE ENERGY INC reported revenue of $743.7M for fiscal 2025, 9.9% higher than the year before.

Was MGE ENERGY INC profitable in fiscal 2025?

Yes. Net income was $135.9M, a net margin of 18.3%.

How much free cash flow did MGE ENERGY INC generate in fiscal 2025?

Cash from operations of $263.2M minus capital expenditures of $343.2M left free cash flow of -$80.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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