debt_leverage_profile
0.32x Total Debt / Equity (Conservative)
High
SEC-XBRL
interest_rate_sensitivity
A 200bps rate increase raises annual interest expense ~$8-12M given ~$600M long-term debt; rate-regulated cost recovery partially offsets impact over 1-2 year lag
Inferred
Agent_Inference
geopolitical_supply_exposure
High intensity; European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
supply_chain_dependency
Natural gas pipeline infrastructure (Midwest transmission chokepoints); electrical grid equipment sourcing concentrated in Asian transformer/semiconductor manufacturing hubs
Inferred
Agent_Inference
international_expansion_readiness
null
Inferred
Agent_Inference
geographic_footprint
MGE Energy operates exclusively in south-central Wisconsin; zero international revenue exposure and no sovereign currency devaluation risk
Inferred
Agent_Inference
commodity_exposure_profile
High intensity; commodities: Natural Gas, Coal, Uranium, Crude Oil, Copper (grid), Lithium (storage); geopolitical: European gas dependency on Russia exposed structural energy security vulnerabilities.
Medium
GICS-commodity-overlay-v1
vendor_lock_dependency_score
MISO grid operator represents non-substitutable dependency for transmission access; no single equipment vendor exceeds 30% of capex inputs
Inferred
Agent_Inference
business_model_type_primary
Regulated electric and gas utility; cloud infrastructure termination would cause minimal operational disruption as core grid operations run on dedicated OT systems
Inferred
Agent_Inference
business_model_type_secondary
Rate-regulated monopoly utility with renewable energy investments; cloud dependency is administrative only, not mission-critical to power delivery
Inferred
Agent_Inference
switching_cost_profile
Negligible API coupling risk; MGE operates legacy SCADA/OT infrastructure with minimal third-party API dependencies in revenue-generating operations
Inferred
Agent_Inference
howey_test_risk_index
Very low Howey Test risk; revenue model is rate-regulated utility service delivery, not an investment contract or profit-sharing scheme
Inferred
Agent_Inference
regulatory_burden_tier
Very High
Medium
GICS-regulatory-overlay-v1
data_sovereignty_risk
Low GDPR exposure (no EU operations); modest CCPA exposure limited to Wisconsin customer billing data; utility data governance is NERC CIP-regulated
Inferred
Agent_Inference
antitrust_exposure_flag
Low antitrust risk; operates as state-regulated monopoly franchise with PSCW oversight providing legal safe harbor for geographic exclusivity
Inferred
Agent_Inference
regulatory_exposure_profile
Very High burden; regimes: FERC, NERC, EPA, NRC, State PUCs, DOE; Rate-case lag and clean-energy mandates compress returns on regulated asset base.
Medium
GICS-regulatory-overlay-v1
revenue_model_type
~95% recurring regulated tariff revenue under multi-year rate cases; minimal transactional revenue from unregulated solar/renewable projects
Inferred
Agent_Inference
monetization_vector
Regulated volumetric electricity and natural gas delivery charges billed monthly to ~160,000 residential, commercial, and industrial customers
Inferred
Agent_Inference
pricing_architecture
Cost-of-service rate cases filed with PSCW every 2-3 years; stress scenario of flat/declining rates forces efficiency investment but revenue floor is regulatory-protected
Inferred
Agent_Inference
pricing_power_rating
Moderate-high; regulated ROE of ~10% is guaranteed but capped; cannot raise prices unilaterally but cost increases are largely recoverable through rate cases
Inferred
Agent_Inference
target_gross_margin_bracket
Regulated utility gross margin typically 35-45%; MGE's consolidated gross margin approximately 38-42% reflecting mix of electric and gas distribution
Inferred
Agent_Inference
churn_vulnerability_index
Negligible free-rider risk; captive franchise territory with no customer choice for distribution service; minimal bypass risk from large industrial customers
Inferred
Agent_Inference
headcount_cost_structure
Highly sublinear; utility revenue growth driven by capital investment and rate base expansion, not headcount; doubling revenue would require minimal proportional headcount increase
Inferred
Agent_Inference
marginal_cost_of_growth
Marginal cost of growth is capital-intensive (grid infrastructure) but headcount-efficient; incremental revenue from rate base additions requires minimal new operational staff
Inferred
Agent_Inference
franchise_compliance_risk
No franchise network in commercial sense; operates under single PSCW-regulated franchise agreement with low compliance drift risk; periodic rate case process manages compliance
Inferred
Agent_Inference
customer_acquisition_metric
CAC effectively zero in regulated monopoly territory; at 10x scale, unit economics remain strong as fixed infrastructure costs spread over larger customer base
Inferred
Agent_Inference
network_effect_present
No meaningful network effects; utility value does not increase with customer count; durability is regulatory moat, not network-driven competitive advantage
Inferred
Agent_Inference
asset_efficiency_ratio
AI displacement risk low for physical grid operations; moderate risk to back-office/billing functions; asset turnover ~0.25x typical for capital-intensive regulated utilities
Inferred
Agent_Inference
recession_resistance_tier
Tier 1 recession resistant; essential service with inelastic demand; volumetric revenue declines ~2-4% in deep recession but rate recovery mechanisms provide floor
Inferred
Agent_Inference
customer_segment_primary
Residential customers (~40% of revenue); no single residential customer represents meaningful concentration risk across ~160,000 accounts
Inferred
Agent_Inference
customer_segment_secondary
Commercial and industrial customers (~55% of revenue); top 10 industrial customers may represent 10-15% of total revenue, creating modest concentration risk
Inferred
Agent_Inference
characteristic_occupations
["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "17-0000 Architecture and Engineering Occupations", "23-0000 Legal Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "47-0000 Construction and Extraction Occupations", "49-0000 Installation, Maintenance, and Repair Occupations"]
High
SOC-2018/GICS-overlay
agent_automatable_labor_share
0.34 (HIL — ~34% of characteristic roles agent-automatable)
Medium
SOC-2018 + agentic-exposure-v1
capital_expenditure_profile
46.2% CapEx / Revenue (High-CapEx Infrastructure)
High
SEC-XBRL
sec_cik
0001161728
High
SEC-EDGAR
ticker
MGEE
High
SEC-EDGAR