A forensic read on Mge Energy Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
B · Sound & dependable
Forensic grade
Clean
Earnings quality
2
Forensic signals
10.7%
ROE
9.9%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Mge Energy Inc earns a B (Sound & dependable) forensic quality grade. 2 forensic signals were flagged in its latest SEC filings, led by shareholder returns.
What the filings flag
FCF ($80M)
FY2025
Shareholder returns.Returned $68M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($80M) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $263M — 26% of that. Capex and the payout together ran $148M past operating cash flow — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of. The balance sheet covered it: cash fell $16M and total debt rose $45M over FY2025 — $60M of the $148M. The FY2025 cash-flow statement filed $50M of debt issued against $5M repaid; $4M from shares issued; net cash used in investing activities of $351M; net cash provided by financing activities of $72M.
4.8%
FY2025
Return on invested capital.Return on invested capital is 4.8% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.4-point range. After-tax operating profit was $116M in FY2023 and $135M in FY2025, with operating income at 21.2% of revenue in FY2023, 21.6% in FY2024 and 22.9% in FY2025. The capital base behind it grew +11% across FY2023–FY2025, from $2.5B to $2.8B, and the return did not fall doing it, so the dollars added over that window earned at least the 4.6% the older base was already earning. $293M of the $2.8B base at FY2025 is construction in progress (10.5%) — paid for, not yet in service, and so in the denominator of this return.
Key fundamentals
Latest Revenue$743.7M
Revenue Growth YoY+9.9%
Revenue CAGR (2yr)+3.8%
Net Margin18.3%
Free Cash Flow-$80.0M
Return on Equity10.7%
Debt / Equity0.62x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Mge Energy Inc's actual 10-K/10-Q/8-K filings?