MGE Energy

MGEE

Regulated Electric · Utilities

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Good

Stability

Good

Valuation

Good

Dividends

Good

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Winston Score History

The full picture

MGE Energy is a utility holding company based in Madison, Wisconsin. Its main subsidiary, Madison Gas and Electric, delivers electricity and natural gas to homes and businesses in south-central Wisconsin. The company serves roughly 160,000 electric customers and 165,000 natural gas customers, making it one of the smaller regulated utilities in the Midwest.

MGE Energy earns money by charging customers for electricity and gas delivery under rates approved by state regulators, which limits competition but also caps how much profit the company can make. Because it operates in a tightly regulated environment, its revenue is predictable and stable. The company has been investing in renewable energy, including wind and solar projects, to meet Wisconsin's clean energy goals — and how quickly it can recover those capital costs through approved rate increases will be a key factor in its future earnings growth.

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2 Congressional buys and 2 sells on MGEE in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.1% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+21.9% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

0.3%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~11 months

$146M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

MGE Energy has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

82.6%

Premium pricing power — 82.6% gross margin

Profit after running costs

Operating Margin

20.2%

Excellent — 20.2% operating margin

Return on the money invested

ROCE

7.2%

Weak — 7.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+7.1%

Steady sales growth (+7.1% YoY)

Profit growth

EPS YoY

+12.5%

Earnings growing (+12.5% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

186%

Turns 186% of profit into real cash

Spare cash per sale

FCF Margin

-21.4%

Burning cash (-21.4%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.62

Moderate — manageable debt (0.62)

Covers its interest

Interest Cover

4.60x

Adequate interest coverage (4.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.4x

no trend

Fair value — P/E 19.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+1.7

GROWING

Earnings expected to grow — slightly cheaper on forward P/E

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Dividends

Dividend

Dividend Yield

2.42%

no trend

Moderate income — 2.42% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+5.6%

no trend

Dividend growing modestly (5.6% YoY)

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