NYSE: WEC
WEC Energy Group
Utilities · Electric & Other Services Combined
52-week range
$99.80$119.91
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$33.2B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $18.5B |
| FY2017, ended Dec 31, 2017 | $21.0B |
| FY2018, ended Dec 31, 2018 | $21.8B |
| FY2019, ended Dec 31, 2019 | $29.1B |
| FY2020, ended Dec 31, 2020 | $29.0B |
| FY2021, ended Dec 31, 2021 | $30.6B |
| FY2022, ended Dec 31, 2022 | $29.6B |
| FY2023, ended Dec 31, 2023 | $26.6B |
| FY2024, ended Dec 31, 2024 | $29.9B |
| FY2025, ended Dec 31, 2025 | $34.3B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $33.2B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$10.3B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.47B |
| FY2017, ended Dec 31, 2017 | $7.65B |
| FY2018, ended Dec 31, 2018 | $7.68B |
| FY2019, ended Dec 31, 2019 | $7.52B |
| FY2020, ended Dec 31, 2020 | $7.24B |
| FY2021, ended Dec 31, 2021 | $8.32B |
| FY2022, ended Dec 31, 2022 | $9.60B |
| FY2023, ended Dec 31, 2023 | $8.89B |
| FY2024, ended Dec 31, 2024 | $8.60B |
| FY2025, ended Dec 31, 2025 | $9.80B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $10.3B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $939M | $680M |
| FY2017, ended Dec 31, 2017 | $1.20B | $119M |
| FY2018, ended Dec 31, 2018 | $1.06B | $28.4M |
| FY2019, ended Dec 31, 2019 | $1.13B | −$184M |
| FY2020, ended Dec 31, 2020 | $1.20B | −$678M |
| FY2021, ended Dec 31, 2021 | $1.30B | −$340M |
| FY2022, ended Dec 31, 2022 | $1.41B | −$636M |
| FY2023, ended Dec 31, 2023 | $1.33B | $526M |
| FY2024, ended Dec 31, 2024 | $1.53B | $431M |
| FY2025, ended Dec 31, 2025 | $1.56B | −$1.02B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.81B | −$759M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$58.8M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $37.5M |
| FY2017, ended Dec 31, 2017 | $38.9M |
| FY2018, ended Dec 31, 2018 | $84.5M |
| FY2019, ended Dec 31, 2019 | $37.5M |
| FY2020, ended Dec 31, 2020 | $24.8M |
| FY2021, ended Dec 31, 2021 | $16.3M |
| FY2022, ended Dec 31, 2022 | $28.9M |
| FY2023, ended Dec 31, 2023 | $42.9M |
| FY2024, ended Dec 31, 2024 | $9.80M |
| FY2025, ended Dec 31, 2025 | $27.6M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $58.8M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$22.8B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $10.2B |
| FY2017, ended Dec 31, 2017 | $10.2B |
| FY2018, ended Dec 31, 2018 | $11.8B |
| FY2019, ended Dec 31, 2019 | $12.7B |
| FY2020, ended Dec 31, 2020 | $14.2B |
| FY2021, ended Dec 31, 2021 | $15.5B |
| FY2022, ended Dec 31, 2022 | $17.1B |
| FY2023, ended Dec 31, 2023 | $18.7B |
| FY2024, ended Dec 31, 2024 | $20.0B |
| FY2025, ended Dec 31, 2025 | $21.9B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $22.8B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 4.2% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.329M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 316M |
| FY2017, ended Dec 31, 2017 | 316M |
| FY2018, ended Dec 31, 2018 | 315M |
| FY2019, ended Dec 31, 2019 | 315M |
| FY2020, ended Dec 31, 2020 | 315M |
| FY2021, ended Dec 31, 2021 | 315M |
| FY2022, ended Dec 31, 2022 | 315M |
| FY2023, ended Dec 31, 2023 | 316M |
| FY2024, ended Dec 31, 2024 | 318M |
| FY2025, ended Dec 31, 2025 | 326M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 329M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $398M more issued than bought back
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| Period | Bought back | Paid to employees | Sold for cash |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $108M | $18.0M | — |
| FY2017, ended Dec 31, 2017 | $71.3M | $29.0M | — |
| FY2018, ended Dec 31, 2018 | $72.4M | $36.1M | — |
| FY2019, ended Dec 31, 2019 | $140M | $50.2M | — |
| FY2020, ended Dec 31, 2020 | $99.2M | $35.7M | — |
| FY2021, ended Dec 31, 2021 | $33.1M | $15.7M | — |
| FY2022, ended Dec 31, 2022 | $69.2M | $34.8M | $0 |
| FY2023, ended Dec 31, 2023 | $16.6M | $9.70M | $0 |
| FY2024, ended Dec 31, 2024 | $3.20M | $39.3M | $163M |
| FY2025, ended Dec 31, 2025 | $1.30M | $48.2M | $762M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | — | — | $398M |
Revenue (TTM)
$10.3B
+8.1% YoY
Net income (TTM)
$1.81B
+6.8% YoY
Cash
$58.8M
+15.1% YoY
Total debt
$22.8B
+9.3% YoY
Valuation
At current price- Market Cap
- $38.2B
- P/E
- 21.1×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 3.7×
- Price / Book
- 2.5×
- EV / EBITDA
- 15.4×
Growth
Trailing 12 months- Revenue (TTM)
- $10.3B
- Revenue Growth YoY
- 8.1%
- Revenue CAGR 3Y
- 0.7%
- Revenue CAGR 5Y
- 6.2%
- EPS Growth YoY
- —. Diluted EPS, TTM vs. TTM a year earlier
- Net Income Growth YoY
- 6.8%
Profitability
Trailing 12 months- Gross Margin
- 65.9%
- Operating Margin
- 23.5%
- Net Margin
- 17.5%
- FCF Margin
- −7.4%
- Return on Equity
- 12.5%
Earnings
Trailing 12 months- Net Income
- $1.81B
- EPS (diluted)
- —
- EBITDA
- $3.96B
- Operating Income
- $2.43B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $58.8M
- Total Debt
- $22.8B
- Net Debt
- $22.7B
- Total Assets
- $53.9B
- Total Liabilities
- $38.9B
- Shareholders' Equity
- $15.0B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $3.84B
- Capital Expenditure
- $4.60B
- Free Cash Flow
- −$759M
Dividends and risk
Last 12 months- Dividend Yield
- 3.2%
- Dividend / Share
- $3.75
- Beta (5Y)
- 0.45
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 8.1% year over year, at $10.3B.
Note
Net margin of 17.5% over the last 12 months.
Watch
Net debt is 5.7× EBITDA ($22.7B), a heavy load.
Watch
Free cash flow was negative (−$759M) over the last year.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 30, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K64Mildly positive
64Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Feb 20, 2026 · Read the filing on EDGAR
- Profit rose 2% to $1.56 billion, but earnings per share slipped to $4.81 from $4.83 because of a $205 million charge for an Illinois settlement.
- Wisconsin profit jumped 22% on new rates and a colder winter. Illinois profit fell 52% because of the settlement over past pipe and bad-debt cost recovery.
- The five-year spending plan grew to $37.5 billion for 2026–2030, up from $28 billion. Much of it is to power planned Microsoft and Vantage data centers in Wisconsin.
- The dividend was raised 6.7% for 2026. The company sold more new shares and borrowed more short-term to pay for record spending.
Business momentum
Improving
“Earnings increased $30.3 million during 2025, compared with 2024.”
Outlook
Positive
“We anticipate electric demand growth in the years ahead from these economic developments.”
Financial stress
Low
“we currently believe that our cash and cash equivalents, our available capacity under existing revolving credit facilities, cash generated from ongoing operations, and access to the capital markets are adequate to meet our short-term and long-term cash requirements.”
Tone against the previous report
About the same
Red flags
- Medium
Large write-down
“As a result of this agreement, we recorded a $205.0 million charge to income during the fourth quarter of 2025.”
Positives
Strong Wisconsin earnings growth
“The Wisconsin segment's contribution to net income attributed to common shareholders for the year ended December 31, 2025 was $1,054.8 million, representing a $191.7 million, or 22.2%, increase over the prior year.”
Large data-center demand pipeline
“we expect up to 2.6 GWs of load growth in the Milwaukee-to-Chicago corridor through 2030.”
Dividend raised again
“On January 22, 2026, our Board of Directors increased our quarterly dividend to $0.9525 per share effective with the first quarter of 2026 dividend payment, an increase of 6.7%.”
Concerns
Illinois settlement charge and remaining cost-recovery risk
“The Illinois segment's contribution to net income attributed to common shareholders for the year ended December 31, 2025 was $122.1 million, representing a $130.0 million, or 51.6%, decrease from the prior year.”
Rising interest costs at the holding company
“Interest expense at the corporate and other segment increased $49.0 million during 2025, compared with 2024”
Spending outpaces operating cash, so more borrowing and share sales are needed
“we may be required to issue additional debt and/or equity to support these projects, which could negatively impact our earnings, balance sheet, and/or credit metrics.”
New risks since the previous report
Heavy reliance on a few data-center customers
“This concentration of business with a small number of customers in an industry based on emerging technologies, including AI and machine learning, presents several risks.”
Cancellation penalties if data-center projects are dropped
“significant cancellation penalties under the equipment purchase orders and construction contracts could occur.”
Federal orders could keep coal plants open
“Future orders impacting our planned retirements of coal plants could impact our ability to execute on our capital plan and to meet our environmental goal.”
Moody's negative outlook on WPS utility
“The negative outlook of WPS reflects the change in its financial ratios during 2025 along with the growing leverage associated with WPS's investments.”
Tighter deadlines for wind and solar tax credits
“wind and solar projects that begin construction more than one year after enactment of the OBBBA must be placed in service by December 31, 2027 to qualify for PTCs and ITCs.”
Biggest risks named
- Illinois regulators limiting cost recovery and imposing pipe-replacement rules
- Data-center projects being delayed, reduced or cancelled
- Reliance on debt and share sales to fund the $37.5 billion plan
- Solar tariffs, supply-chain problems and tax-credit cuts raising project costs
- Policy moves away from natural gas, such as Chicago's proposed building ordinance
Artificial intelligence in this business: Material to the business
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −3 | |
| New risks | −2 | |
| Score | 64 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 30, 2026 | Pro | |||
| 10-K | Feb 20, 2026 | 64 | Improving | 1 medium | |
| 10-K | Feb 21, 2025 | 66 | Improving | 1 medium1 minor | |
| 10-K | Feb 22, 2024 | 48 | Weakening | 2 medium | |
| 10-K | Feb 23, 2023 | 66 | Improving | 1 minor | |
| 10-K | Feb 24, 2022 | 67 | Improving | None | |
| 10-K | Feb 25, 2021 | 67 | Improving | None | |
| 10-K | Feb 27, 2020 | 68 | Improving | 1 minor | |
| 10-K | Feb 26, 2019 | 56 | Mixed | 2 minor | |
| 10-K | Feb 28, 2018 | 65 | Improving | 2 minor |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 30, 2026. View filings on SEC EDGAR