Loading financials from SEC filings…
Utilities - Diversified · Utilities · Fiscal year ends Dec 31
Mge Energy reported revenue of $744M in the fiscal year ended Dec 2025, up 9.9% from the year before. Operating income was $171M, an operating margin of 22.9%, and net income was $136M. Operating cash flow of $263M less capital expenditure of $343M left free cash flow of −$80M. Net debt was $808M.
Ranks among the 17 utilities - diversified companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 607 | 715 | 690 | 677 | 744 |
| Operating income | 117 | 138 | 146 | 146 | 171 |
| Net interest incomeBanks | −24.1 | −26.6 | −30.4 | −32.9 | −33.8 |
| Income tax | 4.1 | 26.2 | 27.8 | 10.6 | 20.8 |
| Net income | 106 | 111 | 118 | 121 | 136 |
| Diluted EPS | 2.92 | 3.07 | 3.25 | 3.33 | 3.72 |
| Diluted shares | 36.2 | 36.2 | 36.2 | 36.2 | 36.6 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 17.4 | 11.6 | 11.1 | 21.3 | 5.7 |
| Receivables | 46.2 | 55.4 | 46.7 | 51.3 | 57.6 |
| Current assets | 199 | 243 | 238 | 227 | 229 |
| Net PP&E | 1,879 | 1,971 | 2,128 | 2,287 | 2,573 |
| Total assets | 2,372 | 2,518 | 2,675 | 2,828 | 3,155 |
| Payables | 64.1 | 59.3 | 65.5 | 77.5 | 118 |
| Current liabilities | 118 | 225 | 157 | 126 | 297 |
| Short-term debt | 4.9 | 54.3 | 5.1 | 5.3 | 21.6 |
| Long-term debt | 614 | 585 | 719 | 764 | 792 |
| Total liabilities | 1,344 | 1,436 | 1,535 | 1,598 | 1,851 |
| Shareholders' equity | 1,027 | 1,082 | 1,140 | 1,230 | 1,304 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 138 | 154 | 238 | 278 | 263 |
| Capital expenditure | 153 | 175 | 222 | 237 | 343 |
| Free cash flow | −15.6 | −21.3 | 15.5 | 40.9 | −80.0 |
| Stock-based compensation | 2.9 | 1.3 | 2.7 | 4.5 | 3.3 |
| Dividends paid | 54.8 | 57.5 | 60.4 | 63.6 | 67.6 |
| Dividend per share | 1.52 | 1.59 | 1.67 | 1.76 | 1.85 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 17.8% | −3.4% | −2.0% | 9.9% |
| Operating income growth (YoY) | – | 17.4% | 6.3% | −0.1% | 16.7% |
| EPS growth (YoY) | – | 5.1% | 5.9% | 2.5% | 11.7% |
| Operating margin | 19.3% | 19.3% | 21.2% | 21.6% | 22.9% |
| Net margin | 17.4% | 15.5% | 17.0% | 17.8% | 18.3% |
| Return on equityBlank when equity is negative | 10.3% | 10.3% | 10.3% | 9.8% | 10.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.2% | 6.0% | 5.8% | 5.4% | 6.0% |
| Free cash flow margin | −2.6% | −3.0% | 2.2% | 6.0% | −10.8% |
| Cash conversion (CFO ÷ net income) | 1.30x | 1.39x | 2.02x | 2.30x | 1.94x |
| Receivable days | 28 | 28 | 25 | 28 | 28 |
| Debt ÷ equity | 0.60x | 0.59x | 0.64x | 0.63x | 0.62x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 602 | 628 | 713 | 748 | 808 |
| Current ratio | 1.69x | 1.08x | 1.52x | 1.81x | 0.77x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.