MGEE
MGE Energy, Inc.Utilities·Diversified Utilities
$75.50
$2.8B market cap
Revenue
$432.3M
Free Cash Flow
$-73.6M
Rev Growth
+0.0%
FCF Margin
-17.0%
P/FCF
--
EV/FCF
--
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
MGE Energy, Inc., through its subsidiaries, operates as a public utility holding company primarily in Wisconsin. It operates through Regulated Electric Utility Operations; Regulated Gas Utility Operations; Nonregulated Energy Operations; Transmission Investments; and All Other. The company generates, purchases, and distributes electricity; owns or leases electric generation facilities located in Wisconsin and Iowa; and plans, constructs, operates, maintains, and expands transmission facilities t
2-Year Price History
$76.06+2.5%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q1 | 242.7 | 92.2 | 53.2 | 48.5 | 80.7 | -20.5 | -101.1 | 9.5 | 941.1 | 36.6 | 13.5% | 9.4x | -- |
| Act | 2025-Q4 | 189.6 | 65.6 | 31.5 | 23.3 | 34.5 | -53.1 | -87.6 | 6.6 | 935.7 | 36.6 | 8.2% | 7.2x | -- |
Valuation & Metrics
Market Stats
Price$75.50
Market Cap$2.8B
Enterprise Value$3.8B
P/S Ratio6.6x
P/FCF--
EV/FCF--
FCF Margin (TTM)-17.0%
FCF Yield-2.6%
Dividend Yield (TTM)2.5%
Annual Dilution0.0%
CurrencyUSD
TTM Financial Snapshot
Revenue$432.3M
Net Income$71.8M
Free Cash Flow$-73.6M
Revenue Growth (YoY)+0.0%
EBITDA Margin36.5%
Net Margin16.6%
FCF Margin-17.0%
CapEx % of Revenue43.7%
SBC % of Revenue0.0%
ROIC10.8%
WC Change % Rev-10.3%
Interest Coverage8.3x
Forward Outlook & Risk
Short Interest
Short % of Float--
Short Shares0.5M
Days to Cover2.4
Change (vs Prior)+9.0%
Need at least 2 settlement dates for chart
Employees
Headcount717
Revenue / Employee$602,868
Gross Profit / Employee$649,243
Cash Runway
1.5months
CRITICAL
Institutional Ownership
Headline & net flow
NEUTRAL
Net flow · —still filing
No float data — flow unavailable.
Ownership composition
Active
21.3%(-5.4% YoY)
297 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
38.8%(-9.0% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.4%(-0.2% YoY)
6 filers
Citadel, Susquehanna
Insiders
—
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| BlackRock, Inc.Passive | $422M | $88.58 | −$20.1M | −$23.0M | -0.2% | $5.69T |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $206M | $77.29 | +$206M | +$206M | — | $1.91T |
| STATE STREET CORPPassive | $148M | $82.45 | +$2.0M | −$3.5M | -0.2% | $2.89T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $127M | $77.29 | +$127M | +$127M | — | $4.04T |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $71.6M | $74.70 | +$295K | +$2.2M | +2.3% | $1.61T |
| DIMENSIONAL FUND ADVISORS LPPassive | $52.9M | $72.14 | −$235K | −$4.3M | -0.4% | $480.92B |
| FIRST TRUST ADVISORS LP | $34.5M | $77.49 | −$701K | +$26.9M | +0.1% | $139.72B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $32.3M | $73.92 | −$258K | −$709K | +0.7% | $645.81B |
| NORTHERN TRUST CORPPassive | $27.9M | $83.52 | +$675K | −$2.6M | -0.2% | $755.34B |
| Qube Research & Technologies Ltd | $25.5M | $78.88 | +$5.1M | +$23.0M | +0.3% | $70.36B |
| Bank of New York Mellon Corp | $24.8M | $73.36 | +$136K | −$2.0M | -0.2% | $543.21B |
| MORGAN STANLEY | $23.7M | $75.14 | −$1.7M | −$1.9M | -0.3% | $1.65T |
| DEPRINCE RACE & ZOLLO INC | $21.4M | $74.66 | +$14.7M | +$21.4M | -1.1% | $5.29B |
| GABELLI FUNDS LLC | $21.0M | $71.64 | +$0 | −$209K | -0.2% | $14.68B |
| VANGUARD FIDUCIARY TRUST COPassive | $19.0M | $77.29 | +$19.0M | +$19.0M | — | $395.83B |
| GOLDMAN SACHS GROUP INC | $17.5M | $83.69 | +$797K | +$1.9M | -0.2% | $760.93B |
| SILVERCREST ASSET MANAGEMENT GROUP LLC | $17.1M | $72.04 | −$2.9M | −$7.9M | -0.3% | $13.84B |
| SPEECE THORSON CAPITAL GROUP INC | $14.7M | $78.04 | −$468K | +$6.2M | -1.5% | $439M |
| Nuveen, LLC | $14.3M | $89.49 | +$2.0M | −$3.1M | +0.0% | $368.63B |
| Legal & General Group Plc | $14.1M | $74.86 | −$1.5M | −$1.7M | -0.1% | $432.24B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.16%
avg per quarter
Holders (ex-self)
-0.16%
excl. this stock
Buyers (this Q)
-0.21%
122 buyers · $0.45B in
Sellers (this Q)
-0.22%
113 sellers · $0.11B out
alpha coverage: 79% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-14.7%
how holders react when this stock falls
On quiet Qs
-9.4%
−10% to +10% baseline
On rallies (+10%+)
-4.9%
how they react when this stock rises
Holders' portfolio flow this Q
+2.1%
inflows — adds are organic
Sellers' portfolio flow this Q
-4.3%
Sellers shed AUM broadly — partly forced.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-3.1%
Holder mid (any stock)
-3.1%
Holder rally (any stock)
-6.3%
Biggest decreases this quarter
VICTORY CAPITAL MANAGEMENT INC−$45.4Mα-0.2BlackRock, Inc.−$20.1Mα-0.2KEMPEN CAPITAL MANAGEMENT N.V.exited−$6.3MSILVERCREST ASSET MANAGEMENT GROUP LLC−$2.9Mα-0.3ROYAL LONDON ASSET MANAGEMENT LTDexited−$2.8MMORGAN STANLEY−$1.7Mα-0.3Legal & General Group Plc−$1.5Mα-0.1BALYASNY ASSET MANAGEMENT LLCexited−$1.4MD. E. Shaw & Co., Inc.exited−$1.3MSusquehanna Portfolio Strategies, LLCexited−$709K
New buyers this quarter
Top-5 holders · 57.9%
BlackRock, Inc.--
VANGUARD PORTFOLIO MANAGEMENT LLC--
STATE STREET CORP--
VANGUARD CAPITAL MANAGEMENT LLC--
GEODE CAPITAL MANAGEMENT, LLC--
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
T. Rowe Price Investment Management, Inc.—PRICE T ROWE ASSOCIATES INC /MD/54KVICTORY CAPITAL MANAGEMENT INC134KFIRST TRUST ADVISORS LP447KGOLDMAN SACHS GROUP INC226KSILVERCREST ASSET MANAGEMENT GROUP LLC221KCHARLES SCHWAB INVESTMENT MANAGEMENT INC418KBank of New York Mellon Corp320KMORGAN STANLEY306KGABELLI FUNDS LLC271K
Analyst Coverage
Analyst Coverage
Price Targets
Last Year (1 analysts)$73.00-330.0%
Current Price$75.50
Analyst Ratings
3
1
Hold: 3Sell: 1Consensus: Hold
Corporate
Insider Trading (last 12mo)
Open-market only (Form 4 P-Purchase + S-Sale). Excludes grants, option exercises, tax withholding, gifts.
Officers & directors
Buys ($, 12mo)
$114K
4 txns · 1 insider · 1,403 sh
Sells ($, 12mo)
$0
0 txns · 0 insiders · 0 sh
Recent transactions
| Date | Side | Insider | Title | Shares | Price | Dollars | Owned $ |
|---|---|---|---|---|---|---|---|
| 2026-03-11 | BUY | Berbee James G | director | 373 | $77.74 | $29K | $728K |
| 2025-12-05 | BUY | Berbee James G | director | 270 | $78.57 | $21K | $541K |
| 2025-09-08 | BUY | Berbee James G | director | 254 | $83.75 | $21K | $551K |
| 2025-08-15 | BUY | Berbee James G | director | 507 | $83.83 | $42K | $531K |
Order Flow (FINRA, ~3w lag)
12.0%retail-2.0pp
23.1%dark+1.4pp
week of 2026-04-13
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Filing Risk Analysis
Filing Risk Scores
MGE Energy: Regulatory Deferral Dependency and Escalating Capital Expenditure Pressure
Overall Risk
4/10
Fraud
2/10
Dilution
3/10
Insolvency
4/10
Earnings Overstated
3/10
Hidden Liabilities
5/10
Legal
5/10
Audit Warnings
2/10
Hidden Upside
6/10
Contextually Acceptable
9/10