Idacorp vs MGE Energy
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The short version
- Idacorp is the larger business, with $1.7B of revenue in fiscal 2025 against $744M for MGE Energy, about 2.3 times as much.
- MGE Energy grew revenue faster (9.9%, against −1.2%).
- MGE Energy kept more of each dollar of sales as operating profit (23.0% operating margin, against 20.3%).
- MGE Energy turned more of its sales into free cash flow (−10.8% FCF margin, against −33.1%).
- MGE Energy earned a higher return on the capital invested in it (7.0%, against 5.5%).
| Latest fiscal year | IDA · FY25 | MGEE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $7.7B | $2.7B |
| Revenue | $1.7B | $744M |
| Free cash flow | −$577M | −$80.0M |
| Net income | $324M | $136M |
| Growth | ||
| Revenue growth | −1.2% | 9.9% |
| 5-year growth | 6.3% | 6.7% |
| Share count change | 4.2% | 0.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 20.3% | 23.0% |
| Net margin | 18.5% | 18.3% |
| FCF margin | −33.1% | −10.8% |
| Return on capital | 5.5% | 7.0% |
| Return on equity | 9.4% | 10.7% |
| Balance sheet | ||
| Net debt | $3.3B | $922M |
| Net debt / EBITDA | 5.5x | — |
| Dividends and buybacks | $192M | $67.6M |
| Valuation & quality | ||
| P/E | — | 18.8x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
IDA $1.2B
MGEE $545M
FY17
IDA $1.3B
MGEE $563M
FY18
IDA $1.3B
MGEE $560M
FY19
IDA $1.3B
MGEE $569M
FY20
IDA $1.3B
MGEE $539M
FY21
IDA $1.4B
MGEE $607M
FY22
IDA $1.6B
MGEE $715M
FY23
IDA $1.6B
MGEE $690M
FY24
IDA $1.8B
MGEE $677M
FY25
IDA $1.7B
MGEE $744M
IDA
MGEE
Operating margin
FY16
IDA 23.3%
MGEE 22.7%
FY17
IDA 23.9%
MGEE 22.1%
FY18
IDA 22.6%
MGEE 20.4%
FY19
IDA 23.2%
MGEE 19.5%
FY20
IDA 24.1%
MGEE 20.4%
FY21
IDA 23.8%
MGEE 19.3%
FY22
IDA 21.0%
MGEE 19.3%
FY23
IDA 19.1%
MGEE 21.2%
FY24
IDA 18.5%
MGEE 21.6%
FY25
IDA 20.3%
MGEE 23.0%
IDA
MGEE
Free cash flow
FY16
IDA $47.3M
MGEE $64.2M
FY17
IDA $150M
MGEE $23.2M
FY18
IDA $214M
MGEE −$59.2M
FY19
IDA $87.9M
MGEE −$33.6M
FY20
IDA $77.2M
MGEE −$30.7M
FY21
IDA $63.3M
MGEE −$15.6M
FY22
IDA −$81.3M
MGEE −$21.3M
FY23
IDA −$344M
MGEE $15.5M
FY24
IDA −$415M
MGEE $40.9M
FY25
IDA −$577M
MGEE −$80.0M
IDA
MGEE
Return on capital
FY16
IDA 6.3%
MGEE 7.9%
FY17
IDA 6.6%
MGEE 9.6%
FY18
IDA 7.0%
MGEE 7.4%
FY19
IDA 6.7%
MGEE 6.9%
FY20
IDA 6.6%
MGEE 6.2%
FY21
IDA 6.6%
MGEE 7.1%
FY22
IDA 6.2%
MGEE 6.5%
FY23
IDA 5.6%
MGEE 6.4%
FY24
IDA 5.5%
MGEE 6.9%
FY25
IDA 5.5%
MGEE 7.0%
IDA
MGEE
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.