WEC Energy Group stock forecast
The weighted price is $114.15 in October 2029, implying an 18% total return. It hinges on timely construction.
Where could WEC Energy Group's shares be by October 2029?
The weighted price is $102.46 in October 2027, a -1% total return. It reaches $108.48 in October 2028, a 9% total return, then $114.15 in October 2029, an 18% total return. Bear, base and bull probabilities are 25%/55%/20%.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 25 % | 87.35 (-15 %) | 83.50 (-15 %) | 79.50 (-15 %) |
| Base | 55 % | 104.38 (+1 %) | 111.31 (+11 %) | 116.91 (+21 %) |
| Bull | 20 % | 116.06 (+12 %) | 131.92 (+31 %) | 149.90 (+52 %) |
| Weighted | 100 % | 102.46 (-1 %) | 108.48 (+9 %) | 114.15 (+18 %) |
What has to go right for WEC Energy Group, and what could go wrong?
The base case assumes 7.5% annual EPS growth and 2.2% annual share growth, producing earnings of $2,012 million, $2,208 million and $2,423 million. The bear case uses 4% EPS growth and 2% share growth, producing $1,946 million, $2,064 million and $2,189 million. The bull case uses 9% EPS growth and 1.8% share growth, producing $2,035 million, $2,258 million and $2,505 million. The differences reflect WEC’s 3.9 GW demand forecast, projects scheduled for 2027–2028, and the risks of delayed recovery or slow customer ramps.
How much cash does WEC Energy Group really make?
WEC is profitable because its operations generate cash, but its construction programme consumes even more. Free cash flow is operating cash less capital spending. In 2025, operations produced $3,379.4 million while capital spending required $4,804.2 million, leaving negative free cash flow of $1,424.8 million. The shortfall reflects heavy investment rather than a collapse in operating cash.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 3,379.4 | 3,211.8 | 3,018.4 | 2,060.7 | 2,032.7 |
| − Capital spending | 4,804.2 | 3,774.8 | 3,507.9 | 2,696.9 | 2,372.7 |
| = Free cash flow | -1,424.8 | -563.0 | -489.5 | -636.2 | -340.0 |
| − Stock pay | 48.2 | 39.3 | 9.7 | 34.8 | 15.7 |
| = Real free cash flow | -1,473.0 | -602.3 | -499.2 | -671.0 | -355.7 |
| Real free cash flow, % of revenue | -15.0% | -7.0% | -5.6% | -7.0% | -4.3% |
What this means. The company brought in cash from daily business but spent more on equipment and buildings, so free cash flow was negative.
What does an investor pay today for WEC Energy Group?
The other measures point to a business valued for future returns rather than spare cash. Enterprise value is 5.7 times revenue, price-to-book is 2.5 times accounting equity, and free-cash-flow yield is negative 4.1%. WEC expected approximately $1.1 billion of common-equity issuance during 2026. At $107.00, that would represent roughly 10.3 million shares before fees. New projects must therefore raise profit per share, not merely make the company larger.
| Today (Oct 19, 2026) | |
|---|---|
| Share price | 107.00 |
| P/E, last 12 months (calculated) | 20.7x |
| P/E, next 12 months (calculated) | 17.8x |
| Free cash flow yield (calculated) | -4.1% |
| Real free cash flow yield (calculated) | -4.2% |
| Dividend yield (calculated) | 3.6% |
What this means. The negative free cash flow yield means the company spent more cash than it generated during the latest year.