F
MGE Energy Inc. — Earnings Quality Grade F
MGEE · Utilities
Major red flags
Revenue
$744M
2025
Net Income
$136M
2025
Gross Margin
41.5%
Free Cash Flow
-$80M
01
Screening Summary
11
Passed
1
Watch
3
Failed
—
M-Score
管理层信号
最近 SEC 8-K 文件中未发现 CEO、CFO、董事会或审计负责人变动信号。
02
Financial Trends
Revenue & Net Income ($B)
Margins (%)
03
18-Point Screening
01
Revenue Quality
✓
A1DSO Change
DSO 28 days, change +1 days YoY
✗
A2AR vs Revenue Growth
AR outpaced revenue for 2 consecutive years
✓
A3Revenue vs CFFO
Revenue 9.9%, CFFO -5.2%. Cash follows revenue
02
Expense Quality
✓
B1Inventory vs COGS
Inventory -5.1% vs COGS 9.2%. Normal
!
B2CapEx vs Revenue
CapEx growth 44.9% is >2x revenue growth 9.9%
—
B3SG&A Ratio
Insufficient data
✓
B4Gross Margin
Gross margin 41.5%, change +0.3pp. Stable
03
Cash Flow Quality
✓
C1CFFO vs Net Income
CFFO/NI = 1.94. Profits backed by cash
✗
C2Free Cash Flow
FCF < 50% of Net Income for 3 years
✓
C3Accruals Ratio
Accruals ratio = -4.0%. Low accruals
✗
C4Cash vs Debt
Cash $0.0B covers only 1% of debt $0.9B
04
Balance Sheet Health
✓
D1Goodwill + Intangibles
No goodwill. Clean balance sheet
✓
D2Leverage
Debt/EBITDA = 3.0x. Healthy
✓
D3Soft Asset Growth
Other assets -30.2% vs revenue 9.9%. Normal
—
D4Asset Impairment
No write-off data
05
Acquisition Risk
✓
E1Serial Acquirer FCF
FCF after acquisitions positive
✓
E2Goodwill Surge
No goodwill
06
Manipulation Score
—
F1Beneish M-Score
Insufficient data
05
Altman Z-Score
1.86
Grey Zone0 Distress1.102.605.0+ Safe
-0.0216
Liquidity
0.2638
Cumulative profit
0.0604
Operating efficiency
0.7043
Leverage
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25