WEC Energy Group reported Q3 2024 revenue of $1.8635 billion, down 4.8% year-over-year, with net income of $240.4 million and EPS of $0.76. The quarter featured a solid operating performance ($383.7 million in operating income) but was characterized by elevated capital expenditure and higher debt, which contributed to negative free cash flow (-$67.3 million) despite healthy operating cash flow ($729.0 million). The firm continues to execute its regulated earnings model and grid modernization plans, underpinning a resilient long-term investment thesis, but near-term liquidity and leverage metrics warrant attention given current ratios (current 0.653, quick 0.456, cash ratio 0.0804) and a relatively high debt burden (total debt $19.31B; net debt $18.99B). The company’s dividend yield remains modest at ~0.87% with a payout ratio reported above 100% in this period, underscoring the importance of continued balance sheet discipline as capex remains elevated.