MGE Energy
Owner of Madison's regulated electric and natural gas utility.
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Profile
Provides regulated electricity in Dane County and natural gas across south-central and western Wisconsin through Madison Gas and Electric. Utility rates drive the core business, supplemented by generation assets leased to the utility and minority investments in regional transmission infrastructure.
Owns Madison Gas and Electric, a regulated utility that generates, purchases and distributes electricity in Dane County and transports and distributes natural gas across south-central and western Wisconsin. Regulated electric and gas operations form the core business; nonregulated energy subsidiaries own generation capacity leased to the utility, while transmission investments provide stakes in American Transmission Company and ATC Holdco.
Pairs a long record of electric reliability with grid modernization, renewable generation, battery storage and demand-management programs. The generation mix still includes coal and natural gas as renewable capacity expands. Retail rates and major projects are governed by Wisconsin regulators, alongside federal energy and environmental oversight.
Company facts
Key statistics
Year to date −0.3% · Average volume (30d) 169.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Jul 22, 2026 | Morgan Stanley | Reiterate | Underweight | $70 | $76 | |
| Jun 8, 2026 | Ladenburg Thalmann | Upgrade | Neutral | Buy | ||
| May 21, 2026 | Morgan Stanley | Target | $73 | $70 | ||
| Feb 2, 2026 | Morgan Stanley | Reiterate | Underweight | $71 | $73 | |
| Sep 11, 2025 | Ladenburg Thalmann | Upgrade | Sell | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.77 | $0.89 | +15.6% | $166.4M | $161.2M | −3.1% | +0.38% |
| May 5, 2026Q1 FY26 | $1.13 | $1.32 | +16.8% | $227.1M | $242.7M | +6.9% | +0.06% |
| Feb 25, 2026Q4 FY25 | $0.64 | $0.64 | 0.0% | $179.8M | $189.6M | +5.4% | +0.98% |
| Nov 5, 2025Q3 FY25 | $1.19 | $1.22 | +2.5% | — | $175.7M | — | −1.08% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $219.0M | $159.5M | $175.7M | $189.6M | $242.7M | $161.2M | |
| Gross profit | $86.5M | $68.5M | $58.2M | $378.0M | $87.5M | $133.2M | |
| Operating income | $52.9M | $34.2M | $52.1M | $31.5M | $53.2M | $32.6M | |
| Net income | $41.6M | $26.5M | $44.5M | $23.3M | $48.5M | $33.4M | |
| Diluted EPS | $1.14 | $0.72 | $1.22 | $0.64 | $1.32 | $0.89 | |
| Gross margin | 39.5% | 43.0% | 33.1% | 199.4% | 36.1% | 82.6% | |
| Operating margin | 24.1% | 21.5% | 29.6% | 16.6% | 21.9% | 20.2% |
Fiscal years (4-quarter sums)FY21 $606.6M · FY22 $714.5M · FY23 $690.4M · FY24 $676.9M · FY25 $743.7M
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $10.7M · Total debt $899.6M · Total assets $3.30B · Shareholders' equity $1.44B
Dividends
Raised for 38 straight years — most recently to $0.475 from $0.45 in Aug 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 1, 2026 | Jun 1 | Jun 15 | $0.475 | |
| Feb 27, 2026 | Mar 1 | Mar 15 | $0.475 | |
| Dec 1, 2025 | Dec 1 | Dec 15 | $0.475 | |
| Aug 29, 2025 | Sep 1 | Sep 15 | $0.475 | raised from $0.45 |
| May 30, 2025 | Jun 1 | Jun 15 | $0.45 | |
| Feb 28, 2025 | Mar 1 | Mar 15 | $0.45 | |
| Nov 29, 2024 | Dec 1 | Dec 15 | $0.45 | |
| Aug 30, 2024 | Sep 1 | Sep 15 | $0.45 | raised from $0.4275 |
Ownership
Shares outstanding 37.75M · Float 37.62M · 99.7% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 6.09M | 16.14% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 2.79M | 7.40% | 13F | Aug 13, 2026 |
| State Street Corp | 2.05M | 5.43% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 1.70M | 4.51% | 13F | Aug 13, 2026 |
| Geode Capital Management, LLC | 1.01M | 2.66% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 19, 2026 | James G. Berbee | director | +261 | $81.30 |
| Mar 11, 2026 | James G. Berbee | director | +373 | $77.74 |
| Dec 5, 2025 | James G. Berbee | director | +270 | $78.57 |
| Sep 8, 2025 | James G. Berbee | director | +254 | $83.75 |
Peers
- Alliant Energy
Wisconsin-Iowa electric and gas peer in MISO markets
- WEC Energy Group
Wisconsin electric and gas peer with MISO and ATC overlap
- Xcel Energy
Upper Midwest electric and gas utility with Wisconsin MISO overlap
- Ameren
Midwest electric and gas peer with MISO transmission
- CMS Energy
Michigan electric and gas peer tied to MISO clean-energy needs
- NiSource
Midwest gas-electric utility peer with NIPSCO in MISO
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| MGE Energy | $78.15 | −0.08% | $2.95B | 19.2 | 19.5 | 3.8 | +1.1% |
| Alliant Energy | $68.03 | +0.01% | $17.57B | 21.5 | 19.4 | 4.0 | +1.0% |
| WEC Energy Group | $106.22 | +0.01% | $34.60B | 20.6 | 19.9 | 3.4 | +2.6% |
| Xcel Energy | $76.26 | −0.25% | $47.75B | 20.8 | 18.0 | 3.3 | −5.1% |
| Ameren | $105.85 | −0.25% | $29.37B | 18.7 | 19.3 | 3.4 | −5.8% |
| CMS Energy | $68.78 | +0.84% | $21.39B | 20.2 | 16.4 | 2.4 | −0.5% |
| NiSource | $42.21 | +4.07% | $19.45B | 21.6 | 18.6 | 2.8 | +4.6% |
| Median | 20.7 | 19.0 | 3.3 | +0.3% |