MGE Energy vs TXNM Energy
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The short version
- TXNM Energy is the larger business, with $2.2B of revenue in fiscal 2025 against $744M for MGE Energy, about 2.9 times as much.
- MGE Energy kept more of each dollar of sales as operating profit (23.0% operating margin, against 20.4%).
- MGE Energy turned more of its sales into free cash flow (−10.8% FCF margin, against −28.2%).
- MGE Energy earned a higher return on the capital invested in it (7.0%, against 4.8%).
- Investors pay more for each dollar of TXNM Energy’s earnings: a P/E of 44.1x against 18.8x for MGE Energy.
| Latest fiscal year | MGEE · FY25 | TXNM · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.7B | $6.6B |
| Revenue | $744M | $2.2B |
| Free cash flow | −$80.0M | −$611M |
| Net income | $136M | $170M |
| Growth | ||
| Revenue growth | 9.9% | 9.9% |
| 5-year growth | 6.7% | 7.3% |
| Share count change | 0.9% | 13.0% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 23.0% | 20.4% |
| Net margin | 18.3% | 7.8% |
| FCF margin | −10.8% | −28.2% |
| Return on capital | 7.0% | 4.8% |
| Return on equity | 10.7% | 5.7% |
| Balance sheet | ||
| Net debt | $922M | $5.6B |
| Net debt / EBITDA | — | 6.1x |
| Dividends and buybacks | $67.6M | $175M |
| Valuation & quality | ||
| P/E | 18.8x | 44.1x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
MGEE $545M
TXNM $1.4B
FY17
MGEE $563M
TXNM $1.4B
FY18
MGEE $560M
TXNM $1.4B
FY19
MGEE $569M
TXNM $1.5B
FY20
MGEE $539M
TXNM $1.5B
FY21
MGEE $607M
TXNM $1.8B
FY22
MGEE $715M
TXNM $2.2B
FY23
MGEE $690M
TXNM $1.9B
FY24
MGEE $677M
TXNM $2.0B
FY25
MGEE $744M
TXNM $2.2B
MGEE
TXNM
Operating margin
FY16
MGEE 22.7%
TXNM 20.9%
FY17
MGEE 22.1%
TXNM 21.8%
FY18
MGEE 20.4%
TXNM 16.4%
FY19
MGEE 19.5%
TXNM 9.9%
FY20
MGEE 20.4%
TXNM 18.7%
FY21
MGEE 19.3%
TXNM 17.3%
FY22
MGEE 19.3%
TXNM 17.5%
FY23
MGEE 21.2%
TXNM 11.9%
FY24
MGEE 21.6%
TXNM 23.0%
FY25
MGEE 23.0%
TXNM 20.4%
MGEE
TXNM
Free cash flow
FY16
MGEE $64.2M
TXNM −$192M
FY17
MGEE $23.2M
TXNM $23.0M
FY18
MGEE −$59.2M
TXNM −$73.0M
FY19
MGEE −$33.6M
TXNM −$113M
FY20
MGEE −$30.7M
TXNM −$193M
FY21
MGEE −$15.6M
TXNM −$387M
FY22
MGEE −$21.3M
TXNM −$345M
FY23
MGEE $15.5M
TXNM −$525M
FY24
MGEE $40.9M
TXNM −$739M
FY25
MGEE −$80.0M
TXNM −$611M
MGEE
TXNM
Return on capital
FY16
MGEE 7.9%
TXNM 4.6%
FY17
MGEE 9.6%
TXNM 3.5%
FY18
MGEE 7.4%
TXNM 4.8%
FY19
MGEE 6.9%
TXNM 3.0%
FY20
MGEE 6.2%
TXNM 5.0%
FY21
MGEE 7.1%
TXNM 4.7%
FY22
MGEE 6.5%
TXNM 5.5%
FY23
MGEE 6.4%
TXNM 3.4%
FY24
MGEE 6.9%
TXNM 5.5%
FY25
MGEE 7.0%
TXNM 4.8%
MGEE
TXNM
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.