MGE Energy vs Otter Tail
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The short version
- Otter Tail is the larger business, with $1.3B of revenue in fiscal 2025 against $744M for MGE Energy, about 1.7 times as much.
- MGE Energy grew revenue faster (9.9%, against −2.3%).
- Otter Tail kept more of each dollar of sales as operating profit (26.6% operating margin, against 23.0%).
- Otter Tail turned more of its sales into free cash flow (7.5% FCF margin, against −10.8%).
- Otter Tail earned a higher return on the capital invested in it (12.3%, against 7.0%).
- Investors pay more for each dollar of Otter Tail’s earnings: a P/E of 19.5x against 18.8x for MGE Energy.
| Latest fiscal year | MGEE · FY25 | OTTR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.7B | $3.8B |
| Revenue | $744M | $1.3B |
| Free cash flow | −$80.0M | $97.9M |
| Net income | $136M | $276M |
| Growth | ||
| Revenue growth | 9.9% | −2.3% |
| 5-year growth | 6.7% | 8.0% |
| Share count change | 0.9% | 0.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 23.0% | 26.6% |
| Net margin | 18.3% | 21.2% |
| FCF margin | −10.8% | 7.5% |
| Return on capital | 7.0% | 12.3% |
| Return on equity | 10.7% | 15.6% |
| Balance sheet | ||
| Net debt | $922M | $583M |
| Net debt / EBITDA | — | 1.3x |
| Dividends and buybacks | $67.6M | $88.1M |
| Valuation & quality | ||
| P/E | 18.8x | 19.5x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
MGEE $545M
OTTR $804M
FY17
MGEE $563M
OTTR $849M
FY18
MGEE $560M
OTTR $916M
FY19
MGEE $569M
OTTR $920M
FY20
MGEE $539M
OTTR $883M
FY21
MGEE $607M
OTTR $1.2B
FY22
MGEE $715M
OTTR $1.5B
FY23
MGEE $690M
OTTR $1.4B
FY24
MGEE $677M
OTTR $1.3B
FY25
MGEE $744M
OTTR $1.3B
MGEE
OTTR
Operating margin
FY16
MGEE 22.7%
OTTR 14.5%
FY17
MGEE 22.1%
OTTR 15.6%
FY18
MGEE 20.4%
OTTR 14.1%
FY19
MGEE 19.5%
OTTR 14.7%
FY20
MGEE 20.4%
OTTR 16.7%
FY21
MGEE 19.3%
OTTR 20.9%
FY22
MGEE 19.3%
OTTR 26.6%
FY23
MGEE 21.2%
OTTR 27.9%
FY24
MGEE 21.6%
OTTR 28.6%
FY25
MGEE 23.0%
OTTR 26.6%
MGEE
OTTR
Free cash flow
FY16
MGEE $64.2M
OTTR $2.1M
FY17
MGEE $23.2M
OTTR $40.7M
FY18
MGEE −$59.2M
OTTR $38.0M
FY19
MGEE −$33.6M
OTTR −$22.3M
FY20
MGEE −$30.7M
OTTR −$160M
FY21
MGEE −$15.6M
OTTR $59.4M
FY22
MGEE −$21.3M
OTTR $218M
FY23
MGEE $15.5M
OTTR $117M
FY24
MGEE $40.9M
OTTR $94.1M
FY25
MGEE −$80.0M
OTTR $97.9M
MGEE
OTTR
Return on capital
FY16
MGEE 7.9%
OTTR —
FY17
MGEE 9.6%
OTTR 7.6%
FY18
MGEE 7.4%
OTTR 8.4%
FY19
MGEE 6.9%
OTTR 8.0%
FY20
MGEE 6.2%
OTTR 7.7%
FY21
MGEE 7.1%
OTTR 11.6%
FY22
MGEE 6.5%
OTTR 16.4%
FY23
MGEE 6.4%
OTTR 15.1%
FY24
MGEE 6.9%
OTTR 13.9%
FY25
MGEE 7.0%
OTTR 12.3%
MGEE
OTTR
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.