Forensic Analysis · Combined Electric & Other Services · as of Nov 9, 2026
WEC Energy Group, Inc. (WEC)
A forensic read on WEC Energy Group, 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
11.6%
ROE
14.0%
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.
WEC Energy Group, 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 ($1.0B)
FY2025
Shareholder returns.Returned $1.1B to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($1.0B) after capex — there was no free cash flow to fund the payout from at all, though operating cash flow alone was $3.4B — 34% of that. Capex and the payout together ran $2.2B 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. New debt covered part of it: total debt rose $1.1B over FY2025, while cash rose $18M — $1.1B of the $2.2B. The FY2025 cash-flow statement filed $2.8B of debt issued against $1.7B repaid; $762M from shares issued; net cash used in investing activities of $4.9B; net cash provided by financing activities of $1.5B.
4.4%
FY2025
Return on invested capital.Return on invested capital is 4.4% in the latest fiscal year and steady across FY2023–FY2025, inside a 0.3-point range. After-tax operating profit was $1.7B in FY2023 and $2.0B in FY2025, with operating income at 21.5% of revenue in FY2023, 25.0% in FY2024 and 22.9% in FY2025. The capital base behind it grew +14% across FY2023–FY2025, from $40.0B to $45.8B, and the return did not fall doing it, so the dollars added over that window earned at least the 4.1% the older base was already earning.
Key fundamentals
Latest Revenue$9.80B
Revenue Growth YoY+14.0%
Revenue CAGR (2yr)+5.0%
Net Margin15.9%
Free Cash Flow-$1.02B
Return on Equity11.6%
Debt / Equity1.42x
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 WEC Energy Group, Inc.'s actual 10-K/10-Q/8-K filings?