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WISCONSIN ELECTRIC POWER COMPANY

WELPM · Utilities · $3.4B mkt cap · FY2025 filings · · Shallow moat ·

Doesn't clear the bar

Shallow moat
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The five investor questions

—

Fewer than two aligned fiscal years of revenue and diluted EPS are available; the filing history does not contain a measurable trend.

99

Median gross margin 65.6% over 10y, very stable.

16

Median ROIC 8.7%, above the 12% hurdle in 0% of years.

16

Net debt/EBITDA 2.9x, interest coverage 2x.

35

Owner earnings changed -0.8%/yr over up to the ten most recent annual observations.

The businessTrend component abstained: Fewer than two aligned fiscal years of revenue and diluted EPS are available; the filing history does not contain a measurable trend. The other four 20% weights were renormalized over the scored 80%.

Price vs. value if growth stopped today

A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.

Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$103.00
No price data

This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. The recent FY revenue series does not trigger the three-consecutive-declines flag.

Among the current top-score group, the median current price is 254% above the zero-growth estimate across 49 of the current top 50 companies by Moat Score with both values.

Score records captured Oct 20, 2026.

Exactly which 50 companies?

FTNT, IBEX, META, MEDP, MSFT, GOOG, LULU, ANF, IDXX, TXRH, FHI, QLYS, FFIV, ADBE, LLY, MANH, CPRT, VEEV, RMD, GRMN, PCTY, EAT, UI, SSD, MNST, DOCS, LRCX, MCO, NTAP, NVDA, CORT, SFM, MPTI, ULTA, SN, ROL, CTAS, PAYC, IRMD, DECK, MORN, INTU, JKHY, TPR, LGCY, DAL, GWW, ISRG, MPWR, LOPE

Missing a usable price or zero-growth estimate: ANF.

Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.

18 years of fundamentals

The business, in plain English

WISCONSIN ELECTRIC POWER COMPANY booked $4.5B of revenue in FY2025 in the Utilities sector and kept 66.6% of it as gross profit — a high-margin business by that measure.

Across the filed record, revenue grew from $3.7B (FY2011) to $4.5B (FY2025) — about 1.3% a year compounded over 14 years.

It earned 8.3% on invested capital in the latest filed year, FY2025. Across the full 17-year measurable filed record, median ROIC was 6.8%. Over the v3 recent window (10 measurable filed years), median ROIC was 8.7%. The Returns on Capital filter above scores it 16/100.

The balance sheet carried $5.2B of total debt in FY2025. Balance-Sheet Safety scores it 16/100.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2008–FY2025 · 18 fiscal years, normalized from WELPM’s SEC filings

Sales, as filed$4.5B FY2025
$0$2B$4B2008201420202025
Revenue kept after cost of goods66.6% FY2025
0%25%50%2008201420202025
Standard ROIC or separately labeled Operating ROICStandard ROIC 9.1% FY2025

Exact FY and FY-1 financing invested-capital inputs are required.

0%5%10%2008201420202025
Cash an owner could take out$360M FY2018
$0$200M$400M2008201420202025

The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Flagship explainer

How WISCONSIN ELECTRIC POWER COMPANY makes its money

WISCONSIN ELECTRIC POWER COMPANY's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:

Table alternative
Filed lineValue% of revenueSource
$4.5B100%
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Cost of revenue$1.5B33%
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
$3.0B67%
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
$1.2B26%
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Income before tax$743M17%
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Income tax$115M3%
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
· event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set

Flagship explainer

What WISCONSIN ELECTRIC POWER COMPANY owns — and owes

WISCONSIN ELECTRIC POWER COMPANY's filing tags don't support a full breakdown — here's what is filed:

Table alternative
Filed lineValue% of assetsSource
Total assets$19.7B100%
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Cash and equivalents$00%
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
$5.2B26%
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Stockholders’ equity$6.8B34%
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
· event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set

Flagship explainer

What drives WISCONSIN ELECTRIC POWER COMPANY’s return on equity?

One or more filed inputs needed for the five-factor decomposition are unavailable.

DuPont source inputs
InputValueFiscal yearSource
Net incomeUnavailableFY2025
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Income before tax$743MFY2025
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Operating income$1.2BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Revenue$4.5BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Ending assets$19.7BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Beginning assets$17.2BFY2024
  • 10-K · FY 2024Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Ending equity$6.8BFY2025
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Beginning equity$5.5BFY2024
  • 10-K · FY 2024Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Source: · event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set

Flagship explainer

Where WISCONSIN ELECTRIC POWER COMPANY's cash went

WISCONSIN ELECTRIC POWER COMPANY’s filing does not supply enough provenance-matched cash-flow lines for a truthful flow chart — here’s what is filed:

Table alternative
Filed lineValue% of cash from operationsSource
Cash from operations$1.1B100%
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Depreciation and amortization$630M56%
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0000107815-26-000003 · filed Feb 20, 2026
· event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set

Curated 19-manager tier

Who reported holding WISCONSIN ELECTRIC POWER COMPANY

Delayed public 13F reports for 2026-Q2—not live positions, trades, or recommendations.

0 holding0 exited0 not holding0/19 resolved19 not retrieved

Named manager positions and quarter-over-quarter changes
ManagerReported positionQuarter-over-quarterFiling accession
Abrams CapitalNot retrievedComparison not retrievedFiling not retrieved
Akre CapitalNot retrievedComparison not retrievedFiling not retrieved
Baupost GroupNot retrievedComparison not retrievedFiling not retrieved
Berkshire HathawayNot retrievedComparison not retrievedFiling not retrieved
Brave Warrior AdvisorsNot retrievedComparison not retrievedFiling not retrieved
Dodge & CoxNot retrievedComparison not retrievedFiling not retrieved
First EagleNot retrievedComparison not retrievedFiling not retrieved
FundsmithNot retrievedComparison not retrievedFiling not retrieved
Gardner Russo & QuinnNot retrievedComparison not retrievedFiling not retrieved
Gates Foundation TrustNot retrievedComparison not retrievedFiling not retrieved
Mairs & PowerNot retrievedComparison not retrievedFiling not retrieved
Markel / Markel-GaynerNot retrievedComparison not retrievedFiling not retrieved
Oakmark / Harris AssociatesNot retrievedComparison not retrievedFiling not retrieved
Pershing SquareNot retrievedComparison not retrievedFiling not retrieved
Polen CapitalNot retrievedComparison not retrievedFiling not retrieved
Sequoia / Ruane CunniffNot retrievedComparison not retrievedFiling not retrieved
Southeastern Asset ManagementNot retrievedComparison not retrievedFiling not retrieved
Tweedy, BrowneNot retrievedComparison not retrievedFiling not retrieved
Yacktman Asset ManagementNot retrievedComparison not retrievedFiling not retrieved

Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.

Source: Filing source not retrieved · event Jun 30, 2026 · retrieved Oct 20, 2026

Flagship explainer

What WISCONSIN ELECTRIC POWER COMPANY insiders reported

The complete Form 4 source snapshot retrieved on Oct 20, 2026 contains no transaction rows.

Verified empty: the retrieved source snapshot contains no transaction event.

Source snapshot retrieved 2026-10-20T07:00:04.208Z · SEC Form 4

Moat Score history

16 logged readings since Sep 4, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale41.5 / 100
0406080100WideNarrowShallowNo moatSep 4, 2026Oct 20, 2026

Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars

None yet — WELPM has read Shallow moat for every logged capture since Sep 4, 2026.

Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.

Insider activity

Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”

These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.

This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.

No reported Form 4 transactions were found in the complete checked issuer window for WELPM, –. The totals and cluster result below are arithmetic over that certified window.

$0
P purchases minus S sales only, Oct 21, 2025–Oct 21, 2026.
0 P / 0 S
Only P and S are included; awards, gifts, exercises, withholding, and other mechanics are excluded.
No
Requires at least 3 distinct insiders with P purchases.

Transaction-code histogram

Supporting event counts for the same certified window, Oct 21, 2025–Oct 21, 2026.

P
0
S
0
A
0
F
0
M
0
G
0
C
0
J
0
W
0

Retrieved .

Utilities context

#32 of 102 scored Utilities companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #30WEC WEC ENERGY GROUP, INC.42.0Shallow moat
  2. #31WTRG Essential Utilities, Inc.41.6Shallow moat
  3. #33CWT CALIFORNIA WATER SERVICE GROUP41.4Shallow moat
  4. #34PNW PINNACLE WEST CAPITAL CORP41.1Shallow moat

Compare WELPM with its nearest peers →All Utilities companies on the Index →

Common questions about WELPM

Does WISCONSIN ELECTRIC POWER COMPANY have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores WISCONSIN ELECTRIC POWER COMPANY (WELPM) 41.5 out of 100 — a Shallow moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend not measurable from the filings, pricing power 99, returns on capital 16, balance-sheet safety 16, capital allocation 35.
How has WELPM's Moat Score changed over time?
The record logs 16 readings since Sep 4, 2026; the latest reads 41.5 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell WELPM. See the disclaimer.