Latest Ratios: P/E Ratio 22.3x · EV/EBITDA 14.0x · ROE 10.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.0B | $2.9B | $3.4B | $2.6B | $2.5B | $3.0B | $2.5B | $2.7B | $2.1B | $2.2B | $2.3B |
| Enterprise Value | $4.0B | $3.8B | $4.2B | $3.4B | $3.3B | $3.6B | $3.0B | $3.3B | $2.5B | $2.5B | $2.6B |
| P/E Ratio → | 22.30 | 21.08 | 28.22 | 22.25 | 22.93 | 28.17 | 26.93 | 33.83 | 24.67 | 22.38 | 29.95 |
| P/S Ratio | 4.10 | 3.86 | 5.03 | 3.79 | 3.56 | 4.90 | 4.63 | 4.80 | 3.71 | 3.88 | 4.16 |
| P/B Ratio | 2.33 | 2.20 | 2.77 | 2.30 | 2.35 | 2.90 | 2.56 | 3.19 | 2.17 | 2.38 | 2.70 |
| P/FCF | — | — | 83.34 | 168.92 | — | — | — | — | — | 87.99 | 35.45 |
| P/OCF | 11.58 | 10.89 | 12.26 | 11.01 | 16.57 | 21.63 | 14.46 | 20.94 | 13.58 | 16.45 | 15.35 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.11 | 6.16 | 4.90 | 4.57 | 5.93 | 5.65 | 5.75 | 4.48 | 4.45 | 4.69 |
| EV / EBITDA | 13.96 | 13.32 | 16.37 | 13.72 | 14.61 | 18.53 | 16.52 | 17.92 | 14.69 | 13.78 | 14.78 |
| EV / EBIT | 23.31 | 19.94 | 25.42 | 19.24 | 19.91 | 26.86 | 22.48 | 25.21 | 19.10 | 18.03 | 18.52 |
| EV / FCF | — | — | 102.09 | 218.56 | — | — | — | — | — | 100.81 | 40.01 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 97.3% | 97.3% | 41.2% | 39.0% | 34.1% | 35.2% | 37.9% | 35.6% | 33.9% | 35.7% | 35.4% |
| Operating Margin | 22.9% | 22.9% | 21.6% | 21.2% | 19.3% | 19.3% | 20.4% | 19.5% | 20.4% | 22.9% | 23.5% |
| Net Profit Margin | 18.3% | 18.3% | 17.8% | 17.0% | 15.5% | 17.4% | 17.2% | 15.3% | 15.0% | 17.3% | 13.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 10.7% | 10.7% | 10.2% | 10.6% | 10.5% | 10.6% | 10.1% | 9.6% | 9.0% | 11.1% | 9.0% |
| ROA | 4.5% | 4.5% | 4.4% | 4.5% | 4.5% | 4.6% | 4.3% | 4.3% | 4.4% | 5.3% | 4.3% |
| ROIC | 6.1% | 6.1% | 5.6% | 5.9% | 6.0% | 5.5% | 5.7% | 6.0% | 6.5% | 8.2% | 8.5% |
| ROCE | 6.1% | 6.1% | 5.6% | 6.1% | 6.1% | 5.4% | 5.5% | 5.8% | 6.4% | 7.5% | 7.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.72 | 0.72 | 0.64 | 0.68 | 0.67 | 0.62 | 0.61 | 0.66 | 0.53 | 0.46 | 0.46 |
| Debt / EBITDA | 3.28 | 3.28 | 3.09 | 3.16 | 3.26 | 3.30 | 3.23 | 3.07 | 2.99 | 2.35 | 2.24 |
| Net Debt / Equity | — | 0.71 | 0.62 | 0.67 | 0.66 | 0.61 | 0.56 | 0.63 | 0.45 | 0.35 | 0.35 |
| Net Debt / EBITDA | 3.26 | 3.26 | 3.01 | 3.12 | 3.20 | 3.21 | 2.98 | 2.94 | 2.51 | 1.75 | 1.68 |
| Debt / FCF | — | — | 18.75 | 49.64 | — | — | — | — | — | 12.82 | 4.56 |
| Interest Coverage | 5.63 | 5.63 | 4.98 | 5.78 | 6.15 | 5.56 | 5.75 | 5.62 | 6.69 | 7.19 | 6.94 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.77 | 0.77 | 1.81 | 1.52 | 1.08 | 1.69 | 1.10 | 1.41 | 1.99 | 2.30 | 2.66 |
| Quick Ratio | 0.55 | 0.55 | 1.27 | 1.05 | 0.75 | 1.25 | 0.85 | 1.06 | 1.65 | 1.95 | 2.26 |
| Cash Ratio | 0.02 | 0.02 | 0.17 | 0.07 | 0.05 | 0.15 | 0.23 | 0.18 | 0.69 | 0.85 | 0.93 |
| Asset Turnover | — | 0.24 | 0.24 | 0.26 | 0.28 | 0.26 | 0.24 | 0.27 | 0.28 | 0.30 | 0.30 |
| Inventory Turnover | 0.31 | 0.31 | 5.89 | 5.80 | 6.34 | 7.56 | 7.08 | 8.09 | 8.80 | 8.27 | 8.55 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.2% | 2.4% | 1.9% | 2.3% | 2.3% | 1.8% | 2.1% | 1.8% | 2.2% | 2.0% | 1.8% |
| Payout Ratio | 49.7% | 49.7% | 52.7% | 51.3% | 51.8% | 51.8% | 56.0% | 55.1% | 54.3% | 44.8% | 55.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 4.7% | 3.5% | 4.5% | 4.4% | 3.6% | 3.7% | 3.0% | 4.1% | 4.5% | 3.3% |
| FCF Yield | — | — | 1.2% | 0.6% | — | — | — | — | — | 1.1% | 2.8% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 2.2% | 2.4% | 1.9% | 2.3% | 2.3% | 1.8% | 2.1% | 1.8% | 2.2% | 2.0% | 1.8% |
| Shares Outstanding | — | $37M | $36M | $36M | $36M | $36M | $36M | $35M | $35M | $35M | $35M |
Regulatory lag and transition
According to recent market data, MGEE trades at a forward P/E of 20.30, reflecting a valuation premium that suggests investors are pricing in the stability of the Madison service territory rather than aggressive earnings growth, as evidenced by the current 2.3% dividend yield relative to Treasury alternatives.
The valuation appears anchored to the utility's defensive moat, with the P/E multiple remaining elevated compared to broader regional peers. This suggests that the market views MGEE as a low-beta bond proxy, where the premium is justified by the institutional and government-heavy customer base in Dane County.
Based on reported financial statements, MGEE's quarterly ROE has fluctuated between 1.8% and 3.7% over the last ten quarters, indicating that the utility's earned returns are sensitive to the timing of rate case outcomes and the non-cash impact of AFUDC during major infrastructure build-outs.
The variance in quarterly ROE suggests that the company may be experiencing temporary regulatory lag as it transitions its generation portfolio. Investors should monitor whether the PSCW allows for timely recovery of these capital investments to ensure the earned ROE aligns with the authorized target.
As reported in recent filings, MGEE maintains a debt-to-capital ratio of approximately 0.41, which appears to provide a robust buffer for the utility to fund its ongoing renewable energy transition without compromising its credit quality or exceeding regulatory capital structure limits set by the PSCW.
This conservative leverage profile is a key component of the company's financial stability, allowing for consistent access to capital markets. The moderate interest coverage ratio, which has remained above 4.0x in most recent periods, suggests that the debt burden remains well-managed despite the intensive capital expenditure cycle.
Based on the company's reported figures, the dividend payout ratio has shown significant quarterly variance, ranging from 39% to 77%, which highlights the tension between returning capital to shareholders and funding the substantial infrastructure requirements of the Energy 2050 plan.
While the dividend remains a primary return driver, the fluctuation in payout ratios suggests that management prioritizes internal funding for growth projects. Investors should interpret the lower payout periods as a sign of disciplined capital allocation during peak construction phases.
As indicated by industry analysis, the P/E ratio is frequently misapplied to MGEE by ignoring the distortive impact of non-cash AFUDC earnings, which can artificially inflate reported net income and mask the underlying cash-generating capacity of the regulated utility operations.
Analysts should instead focus on cash-based metrics or adjusted earnings that strip out non-cash credits to better assess the true regulatory return. Relying solely on the P/E ratio may obscure the reality of regulatory lag and the actual cash flow available for dividend support.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
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Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying MGEE stock.
MGE Energy, Inc.'s current P/E ratio is 22.3x. The historical average is 21.3x. This places it at the 67th percentile of its historical range.
MGE Energy, Inc.'s current EV/EBITDA is 14.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 11.2x.
MGE Energy, Inc.'s return on equity (ROE) is 10.7%. The historical average is 10.7%.
Based on historical data, MGE Energy, Inc. is trading at a P/E of 22.3x. This is at the 67th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MGE Energy, Inc.'s current dividend yield is 2.23% with a payout ratio of 49.7%.
MGE Energy, Inc. has 97.3% gross margin and 22.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
MGE Energy, Inc.'s Debt/EBITDA ratio is 3.3x, indicating high leverage. A ratio between 2-4x is manageable but warrants monitoring.