# WEC Energy Group, Inc. (WEC)

> Source: Nexqual · https://nexqual.com/WEC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, WEC Energy Group, Inc. (WEC), nexqual.com/WEC" · informational, not investment advice.

**Price:** USD 112.15 (+3.36% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 108.5 · day 108.48–112.23 · 52w 99.8–119.91 · market cap $36.5B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $10.1B, net income $1.69B (16.7% margin) (SEC filings).
- Valuation: P/E 21.6x (avg 20.5x at the last 3 fiscal year-ends), EV/EBITDA 14.9x, net debt $20.6B.
- Earnings quality: non-operating income -$503M vs operating income $2.32B over the last four quarters; P/E excluding non-operating income ≈16.9x (estimate: non-operating income taxed at the company's 6.5% effective rate).
- 1 of 80 tracked superinvestors hold WEC (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 2 Form 4 filings, $621K; 2 not under a Rule 10b5-1 plan ($621K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.55 on a 1–5 scale) (20 analysts), mean target USD 116.83 (range 106.5–131).
- Total return with dividends: 1Y +0.1% vs S&P 500 +14.9%; 5Y +45.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-29, EPS estimate USD 0.98, revenue estimate $2.27B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $8.32B | $9.60B | $8.89B | $8.60B | $9.80B | $10.1B |
| Gross profit | $5.00B | $5.24B | $5.70B | $5.94B | $6.53B | — |
| Operating income | $1.71B | $1.92B | $1.91B | $2.15B | $2.24B | $2.32B |
| Net income | $1.30B | $1.41B | $1.33B | $1.52B | $1.56B | $1.69B |
| EPS (diluted) | $4.11 | $4.45 | $4.22 | $4.83 | $4.81 | — |
| Free cash flow | -$340M | -$636M | — | — | — | — |
| Gross margin | 60.2% | 54.6% | 64.1% | 69.1% | 66.7% | — |
| Operating margin | 20.6% | 20.0% | 21.5% | 25.0% | 22.9% | 22.8% |
| Net margin | 15.6% | 14.7% | 15.0% | 17.7% | 15.9% | 16.7% |
| Revenue growth | +14.8% | +15.4% | -7.3% | -3.3% | +14.0% | — |
| Cash + short-term investments | $16.3M | $28.9M | $42.9M | $9.8M | $27.6M | — |
| Total debt | $13.6B | $15.5B | $16.6B | $18.9B | $20.0B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 21.6x · P/E ex non-operating (est.) ≈16.9x · P/S 3.6x · EV/EBITDA 14.9x · EV/Sales 5.6x · P/B 2.5x · Earnings yield 4.64% · Dividend yield (paid, TTM) 3.28% · Net debt $20.6B · EV $57.1B
P/E at fiscal year-ends: Dec 2025 22.0x, Dec 2024 19.5x, Dec 2023 20.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold WEC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Mairs & Power | Mairs & Power Funds | 1.92% | $209M | Reduced -6.4% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 2 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-11 | Payne Ulice Jr | Director | 980 | $103K | 4.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-19 | Krueger Daniel | EVP WEC Infrastructure | 4,665 | $518K | 31.7% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.55 on a 1–5 scale), 20 analysts; mean target USD 116.83 (low 106.5, high 131).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | HSBC | Initiated | Hold | $106.5 |
| 2026-10-19 | Barclays | Target lowered | Equal-Weight | $117 → $108 |
| 2026-10-16 | Truist Securities | Target lowered | Hold | $114 → $113 |
| 2026-10-13 | Keybanc | Target lowered | Overweight | $117 → $111 |
| 2026-08-13 | Truist Securities | Target lowered | Hold | $122 → $114 |
| 2026-07-23 | Keybanc | Target lowered | Overweight | $126 → $117 |
| 2026-07-22 | BMO Capital | Target lowered | Market Perform | $120 → $117 |
| 2026-07-16 | JP Morgan | Target raised | Neutral | $120 → $124 |
| 2026-07-16 | Truist Securities | Target raised | Hold | $119 → $122 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +0.1% | +45.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +0.1% | +7.7% |
| Volatility (annualized) | 16.6% | 18.7% |
| Max drawdown | -14.5% (Jun 2026→Sep 2026) | -24.8% (Aug 2022→Feb 2024) |

## Peers (Utilities - Regulated Electric)
PEG (Public Service Enterprise Group) USD 72.72 +2.42% · PCG (Pacific Gas & Electric Co.) USD 12.98 -1.29% · ED (Consolidated Edison, Inc.) USD 116.26 +3.97% · AEE (Ameren Corporation) USD 108.94 +2.31% · FTS (Fortis Inc.) USD 57.88 +3.41% · EXC (Exelon Corporation) USD 44.85 +4.18%

## More
Full page: https://nexqual.com/WEC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in WEC's own 10-K filed 2026-02-20 (https://www.sec.gov/Archives/edgar/data/783325/000078332526000018/wec-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Power | "We are a diversified holding company with natural gas and electric utility operations (serving customers in Wisconsin, Illinois, Michigan, and Minnesota), an approximately 60% equity ownership interest in ATC (a for-prof…" |
| Customer | NISOURCE INC. (NI) | "NiSource is a public utility holding company whose operating subsidiaries provide natural gas and electric service to customers across Indiana, Kentucky, Maryland, Ohio, Pennsylvania, and Virginia." |
| Partner | Enbridge Gas | "Our natural gas distribution and gas storage systems included distribution and transmission mains connected to the pipeline transmission systems of Alliance Pipeline, ANR Pipeline Company, Centra Pipelines, Consumers Ene…" |
| Partner | Guardian Pipeline | "Our natural gas distribution and gas storage systems included distribution and transmission mains connected to the pipeline transmission systems of Alliance Pipeline, ANR Pipeline Company, Centra Pipelines, Consumers Ene…" |
| Partner | Northwest Gas of Cottonwood County | "Our natural gas distribution and gas storage systems included distribution and transmission mains connected to the pipeline transmission systems of Alliance Pipeline, ANR Pipeline Company, Centra Pipelines, Consumers Ene…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Utility Operations | $1.97B | 95.4% | +1.4% |
| — Wisconsin (part of Total Utility Operations) | $1.62B | 78.6% | +2.2% |
| — Illinois (part of Total Utility Operations) | $262.2M | 12.7% | -3.1% |
| — Other States (part of Total Utility Operations) | $84.3M | 4.1% | +2.4% |
| Non-Utility Energy Infrastructure | $215.6M | 10.5% | +13.8% |
| Total revenue | $2.06B | 100% | — |
The lines above cover 105.9% of total revenue.

## Company outlook (8-K filed 2026-07-29)

- "On a weather-normal basis, retail deliveries of electricity during the second quarter of this year – excluding the iron ore mine and VLCs – increased by 1.2 percent. 1 Exhibit 99.1 The company is reaffirming its 2026 earnings guidance of $5.51 to $5.61 per share."
- "This assumes normal weather for the remainder of the year."
- "The call will review 2026 second-quarter earnings and the company's outlook for the future."
- "Forward-looking statements include, among other 2 Exhibit 99.1 things, statements concerning management's expectations and projections regarding earnings, earnings growth rates, dividend payments and future results."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.98 | $0.92 | +6.0% | $2.27B | 8 |
| Next quarter (ends 2026-12-31) | $1.29 | $1.42 | -9.4% | $2.76B | 5 |
| Current fiscal year (ends 2026-12-31) | $5.60 | $5.59 | +0.2% | $10.31B | 11 |
| Next fiscal year (ends 2027-12-31) | $6.01 | $6.01 | -0.1% | $10.86B | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-10-29): ±4.8%; last 8 reports averaged ±1.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 19.1% | ±4.8% |
| 2026-12-18 | 56 | 17.5% | ±5.7% |
| 2027-01-15 | 84 | 18.0% | ±7.0% |
| 2027-04-16 | 175 | 18.0% | ±9.9% |