MDU Resources Group
MDU NYSE Multi-Utilities Financials FY2016–FY2025
MDU Resources Group's revenue rose 6.7% to $1.9 billion in fiscal 2025. Its operating margin was 15.5%, up from 15.1% a year earlier. Free cash flow was −$297 million. It paid out $108 million in dividends and buybacks. The diluted share count rose 0.3%.
Revenue
Total sales reported in the income statement.
$1.9B
6.7%
vs prior year
Operating margin
Operating income as a share of revenue.
15.5%
0.4 pts
Net income
Profit after all expenses, interest and tax.
$190M
32.3%
Free cash flow
Cash from operations minus capital spending.
−$297M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.1%
0.3 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
$4.1B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
20.2x
On $0.95 EPS (TTM)
What MDU Resources Group does
No business description yet.
- Legal name
- MDU RESOURCES GROUP INC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- —
- Accession · CIK
- 0000067716-26-000014
0000067716
Revenue and margins
MDU Resources Group had $1.9B of revenue in fiscal 2025, up 6.7% on the year before.
FY16
Revenue $4.1B
FY17
Revenue $4.4B
FY18
Revenue $4.5B
FY19
Revenue $5.3B
FY20
Revenue $5.5B
FY21
Revenue $3.5B
FY22
Revenue $1.7B
FY23
Revenue $1.8B
FY24
Revenue $1.8B
FY25
Revenue $1.9B
Q3 '23
Revenue $1.0B
Q4 '23
Revenue —
Q1 '24
Revenue $588M
Q2 '24
Revenue $345M
Q3 '24
Revenue $290M
Q4 '24
Revenue $536M
Q1 '25
Revenue $675M
Q2 '25
Revenue $351M
Q3 '25
Revenue $315M
Q4 '25
Revenue $534M
Q1 '26
Revenue $606M
Q2 '26
Revenue $375M
FY16
Gross —
Operating 9.9%
Net −1.6%
FCF 1.8%
FY17
Gross —
Operating 9.5%
Net 6.3%
FCF 2.4%
FY18
Gross —
Operating 8.9%
Net 6.0%
FCF −1.5%
FY19
Gross —
Operating 9.0%
Net 6.3%
FCF −0.6%
FY20
Gross —
Operating 9.9%
Net 7.1%
FCF 3.8%
FY21
Gross —
Operating 9.6%
Net 11.0%
FCF 0.3%
FY22
Gross —
Operating 11.5%
Net 21.0%
FCF 3.9%
FY23
Gross —
Operating 12.5%
Net 23.0%
FCF −8.4%
FY24
Gross —
Operating 15.1%
Net 16.0%
FCF −1.2%
FY25
Gross —
Operating 15.5%
Net 10.2%
FCF −15.8%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 8.5%
Net 7.5%
FCF −3.7%
Q4 '23
Gross —
Operating —
Net —
FCF —
Q1 '24
Gross —
Operating 16.4%
Net 17.2%
FCF 8.2%
Q2 '24
Gross —
Operating 11.5%
Net 17.5%
FCF 7.7%
Q3 '24
Gross —
Operating 12.0%
Net 22.3%
FCF 0.2%
Q4 '24
Gross —
Operating 17.7%
Net 10.3%
FCF −17.9%
Q1 '25
Gross —
Operating 16.7%
Net 12.2%
FCF 18.4%
Q2 '25
Gross —
Operating 8.6%
Net 3.9%
FCF 10.4%
Q3 '25
Gross —
Operating 12.7%
Net 5.8%
FCF −38.7%
Q4 '25
Gross —
Operating 20.1%
Net 14.3%
FCF −62.9%
Q1 '26
Gross —
Operating 19.1%
Net 13.3%
FCF 9.4%
Q2 '26
Gross —
Operating 12.8%
Net 5.7%
FCF 4.0%
Gross
Operating
Net
FCF
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 12.2% a year. Loss periods are shown in red.
FY16
Net income −$67.3M
FY17
Net income $281M
FY18
Net income $272M
FY19
Net income $336M
FY20
Net income $390M
FY21
Net income $378M
FY22
Net income $368M
FY23
Net income $415M
FY24
Net income $281M
FY25
Net income $190M
Q3 '23
Net income $74.9M
Q4 '23
Net income $171M
Q1 '24
Net income $101M
Q2 '24
Net income $60.4M
Q3 '24
Net income $64.6M
Q4 '24
Net income $55.2M
Q1 '25
Net income $82.0M
Q2 '25
Net income $13.8M
Q3 '25
Net income $18.3M
Q4 '25
Net income $76.3M
Q1 '26
Net income $80.8M
Q2 '26
Net income $21.2M
FY16
Diluted EPS $0.33
FY17
Diluted EPS $1.43
FY18
Diluted EPS $1.39
FY19
Diluted EPS $1.69
FY20
Diluted EPS $1.95
FY21
Diluted EPS $1.87
FY22
Diluted EPS $1.81
FY23
Diluted EPS $2.03
FY24
Diluted EPS $1.37
FY25
Diluted EPS $0.93
Q3 '23
Diluted EPS $0.37
Q4 '23
Diluted EPS $0.83
Q1 '24
Diluted EPS $0.49
Q2 '24
Diluted EPS $0.30
Q3 '24
Diluted EPS $0.32
Q4 '24
Diluted EPS $0.26
Q1 '25
Diluted EPS $0.40
Q2 '25
Diluted EPS $0.07
Q3 '25
Diluted EPS $0.09
Q4 '25
Diluted EPS $0.37
Q1 '26
Diluted EPS $0.39
Q2 '26
Diluted EPS $0.10
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY16
Return on capital 7.0%
Return on equity −2.9%
Return on assets −1.1%
FY17
Return on capital 8.5%
Return on equity 11.9%
Return on assets 4.5%
FY18
Return on capital 7.8%
Return on equity 10.9%
Return on assets 4.1%
FY19
Return on capital 8.4%
Return on equity 12.4%
Return on assets 4.6%
FY20
Return on capital 8.7%
Return on equity 13.2%
Return on assets 5.0%
FY21
Return on capital 4.9%
Return on equity 11.7%
Return on assets 4.5%
FY22
Return on capital 3.2%
Return on equity 10.5%
Return on assets 4.0%
FY23
Return on capital 4.0%
Return on equity 12.8%
Return on assets 4.7%
FY24
Return on capital 4.8%
Return on equity 10.1%
Return on assets 3.8%
FY25
Return on capital 5.1%
Return on equity 7.0%
Return on assets 2.6%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$297M in fiscal 2025, −15.8% of revenue. Cash from operations minus capital spending.
FY16
Free cash flow $74.0M
FY17
Free cash flow $107M
FY18
Free cash flow −$68.4M
FY19
Free cash flow −$33.8M
FY20
Free cash flow $210M
FY21
Free cash flow $10.6M
FY22
Free cash flow $67.5M
FY23
Free cash flow −$152M
FY24
Free cash flow −$20.5M
FY25
Free cash flow −$297M
Q3 '23
Free cash flow −$36.6M
Q4 '23
Free cash flow $44.2M
Q1 '24
Free cash flow $48.1M
Q2 '24
Free cash flow $26.5M
Q3 '24
Free cash flow $0.7M
Q4 '24
Free cash flow −$95.8M
Q1 '25
Free cash flow $124M
Q2 '25
Free cash flow $36.5M
Q3 '25
Free cash flow −$122M
Q4 '25
Free cash flow −$336M
Q1 '26
Free cash flow $56.8M
Q2 '26
Free cash flow $15.0M
FY16
Cash from operations $462M
Capital spending $388M
FY17
Cash from operations $448M
Capital spending $341M
FY18
Cash from operations $500M
Capital spending $568M
FY19
Cash from operations $542M
Capital spending $576M
FY20
Cash from operations $768M
Capital spending $558M
FY21
Cash from operations $496M
Capital spending $485M
FY22
Cash from operations $510M
Capital spending $443M
FY23
Cash from operations $333M
Capital spending $484M
FY24
Cash from operations $502M
Capital spending $523M
FY25
Cash from operations $473M
Capital spending $770M
Cash from operations
Capital spending
Q3 '23
Cash from operations $102M
Capital spending $138M
Q4 '23
Cash from operations $158M
Capital spending $114M
Q1 '24
Cash from operations $165M
Capital spending $117M
Q2 '24
Cash from operations $137M
Capital spending $110M
Q3 '24
Cash from operations $140M
Capital spending $140M
Q4 '24
Cash from operations $60.5M
Capital spending $156M
Q1 '25
Cash from operations $218M
Capital spending $93.0M
Q2 '25
Cash from operations $117M
Capital spending $80.9M
Q3 '25
Cash from operations $57.9M
Capital spending $180M
Q4 '25
Cash from operations $80.6M
Capital spending $417M
Q1 '26
Cash from operations $149M
Capital spending $92.4M
Q2 '26
Cash from operations $116M
Capital spending $101M
Cash from operations
Capital spending
Dividends, buybacks and share count
MDU Resources Group returned $108M to shareholders in fiscal 2025. The diluted share count rose 0.3%.
FY16
Dividends $147M
Buybacks $0.0M
FY17
Dividends $151M
Buybacks $1.7M
FY18
Dividends $155M
Buybacks $5.0M
FY19
Dividends $160M
Buybacks $0.0M
FY20
Dividends $166M
Buybacks $0.0M
FY21
Dividends $171M
Buybacks $6.7M
FY22
Dividends $177M
Buybacks $7.4M
FY23
Dividends $161M
Buybacks $4.8M
FY24
Dividends $103M
Buybacks $0.0M
FY25
Dividends $108M
Buybacks $0.0M
Dividends
Buybacks
Q3 '23
Dividends $45.3M
Buybacks $0.0M
Q4 '23
Dividends $25.5M
Buybacks $0.0M
Q1 '24
Dividends $25.9M
Buybacks $0.0M
Q2 '24
Dividends $25.5M
Buybacks $0.0M
Q3 '24
Dividends $25.5M
Buybacks $0.0M
Q4 '24
Dividends $26.0M
Buybacks $0.0M
Q1 '25
Dividends $26.5M
Buybacks $0.0M
Q2 '25
Dividends $26.6M
Buybacks $0.0M
Q3 '25
Dividends $26.6M
Buybacks $0.0M
Q4 '25
Dividends $28.6M
Buybacks $0.0M
Q1 '26
Dividends $28.6M
Buybacks $0.0M
Q2 '26
Dividends $28.7M
Buybacks $0.0M
Dividends
Buybacks
FY16
Diluted shares 0.20B
FY17
Diluted shares 0.20B
FY18
Diluted shares 0.20B
FY19
Diluted shares 0.20B
FY20
Diluted shares 0.20B
FY21
Diluted shares 0.20B
FY22
Diluted shares 0.20B
FY23
Diluted shares 0.20B
FY24
Diluted shares 0.20B
FY25
Diluted shares 0.21B
Value MDU Resources Group yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$2.6B and divides by 205.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 20.2x · peers 20.8x · sector 20.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably MDU Resources Group can carry it.
FY16
Cash $46.1M
Debt $1.8B
FY17
Cash $34.6M
Debt $1.7B
FY18
Cash $53.9M
Debt $2.1B
FY19
Cash $66.5M
Debt $2.2B
FY20
Cash $59.5M
Debt $2.3B
FY21
Cash $54.2M
Debt $2.7B
FY22
Cash $70.4M
Debt $2.4B
FY23
Cash $60.5M
Debt $2.3B
FY24
Cash $66.9M
Debt $2.3B
FY25
Cash $28.2M
Debt $2.7B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $54.2M | $70.4M | $60.5M | $66.9M | $28.2M |
| Debt incl. finance leases | $2.7B | $2.4B | $2.3B | $2.3B | $2.7B |
| Net debt / EBITDA | 5.1x | 6.0x | 5.3x | 4.8x | 5.3x |
| Debt / equity | 0.8x | 0.7x | 0.8x | 0.9x | 1.0x |
| Interest coverage | 4.7x | 2.5x | 2.0x | 2.5x | 2.7x |
| Current ratio | 1.4x | 1.4x | 1.3x | 1.0x | 0.8x |
| Quick ratio | 1.1x | 1.3x | 1.2x | 0.9x | 0.8x |
| Total assets | $8.9B | $9.7B | $7.8B | $7.0B | $7.6B |
| Total liabilities | $5.5B | $6.1B | $4.9B | $4.3B | $4.8B |
| Shareholders' equity | $3.4B | $3.6B | $2.9B | $2.7B | $2.8B |
| Net debt (− = net cash) | $2.7B | $2.3B | $2.2B | $2.2B | $2.6B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.1M
1 insider
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Feb 13, 2026 | Charles M KelleyDirector | Bought | 5,000 | $20.85 | $0.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✕ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✕ | ✕ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✓ |
| F-score | 4 / 8 | 4 / 8 | 4 / 8 |
| Accruals ratio | 0.9% | −3.0% | −3.9% |
| Altman Z'' | 1.57 | 1.37 | 1.23 |
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10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $4.1B | $4.4B | $4.5B | $5.3B | $5.5B | $3.5B | $1.7B | $1.8B | $1.8B | $1.9B |
| Operating income | $409M | $424M | $402M | $481M | $545M | $331M | $201M | $225M | $266M | $290M |
| Interest expense | $87.8M | $82.8M | $84.6M | $98.6M | $96.5M | $70.7M | $80.7M | $114M | $108M | $108M |
| Pretax income | $326M | $350M | $317M | $398M | $475M | $286M | $123M | $340M | $199M | $211M |
| Income tax | $93.1M | $65.0M | $47.5M | $63.3M | $84.6M | $43.5M | $6.2M | $10.2M | $17.6M | $19.6M |
| Net income | −$67.3M | $281M | $272M | $336M | $390M | $378M | $368M | $415M | $281M | $190M |
| Diluted EPS | $0.33 | $1.43 | $1.39 | $1.69 | $1.95 | $1.87 | $1.81 | $2.03 | $1.37 | $0.93 |
| Diluted shares | 0.20B | 0.20B | 0.20B | 0.20B | 0.20B | 0.20B | 0.20B | 0.20B | 0.20B | 0.21B |
| Cash flow | ||||||||||
| Cash from operations | $462M | $448M | $500M | $542M | $768M | $496M | $510M | $333M | $502M | $473M |
| Capital expenditure | $388M | $341M | $568M | $576M | $558M | $485M | $443M | $484M | $523M | $770M |
| Free cash flow | $74.0M | $107M | −$68.4M | −$33.8M | $210M | $10.6M | $67.5M | −$152M | −$20.5M | −$297M |
| Depreciation and amortization | $216M | $208M | $220M | $256M | $285M | $198M | $189M | $190M | $200M | $207M |
| Stock-based compensation | — | — | — | $7.4M | $13.1M | $12.9M | $7.9M | $5.5M | $8.4M | $6.6M |
| Acquisitions | $0.0M | $0.0M | $168M | $55.6M | $106M | $2.5M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $1.7M | $5.0M | $0.0M | $0.0M | $6.7M | $7.4M | $4.8M | $0.0M | $0.0M |
| Dividends paid | $147M | $151M | $155M | $160M | $166M | $171M | $177M | $161M | $103M | $108M |
| Dividends and buybacks | $147M | $152M | $160M | $160M | $166M | $178M | $184M | $166M | $103M | $108M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $46.1M | $34.6M | $53.9M | $66.5M | $59.5M | $54.2M | $70.4M | $60.5M | $66.9M | $28.2M |
| Total debt | $1.8B | $1.7B | $2.1B | $2.2B | $2.3B | $2.7B | $2.4B | $2.3B | $2.3B | $2.7B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $978M | $1.1B | $1.2B | $1.3B | $1.3B | $1.6B | $2.0B | $1.4B | $666M | $572M |
| Current liabilities | $670M | $813M | $986M | $866M | $964M | $1.1B | $1.5B | $1.1B | $679M | $685M |
| Inventory | $238M | $227M | $287M | $278M | $291M | $336M | $64.2M | $44.7M | $44.9M | $39.1M |
| Property and equipment, net | $3.9B | $4.1B | $4.6B | $4.9B | $5.2B | $4.5B | $4.8B | $5.0B | $5.3B | $6.0B |
| Total assets | $6.3B | $6.3B | $7.0B | $7.7B | $8.1B | $8.9B | $9.7B | $7.8B | $7.0B | $7.6B |
| Total liabilities | $4.0B | $3.9B | $4.4B | $4.8B | $5.0B | $5.5B | $6.1B | $4.9B | $4.3B | $4.8B |
| Shareholders' equity | $2.3B | $2.4B | $2.6B | $2.8B | $3.1B | $3.4B | $3.6B | $2.9B | $2.7B | $2.8B |
| Margins | ||||||||||
| Operating margin | 9.9% | 9.5% | 8.9% | 9.0% | 9.9% | 9.6% | 11.5% | 12.5% | 15.1% | 15.5% |
| EBITDA margin | 15.1% | 14.2% | 13.7% | 13.8% | 15.0% | 15.3% | 22.3% | 23.0% | 26.5% | 26.5% |
| Net margin | −1.6% | 6.3% | 6.0% | 6.3% | 7.1% | 11.0% | 21.0% | 23.0% | 16.0% | 10.2% |
| FCF margin | 1.8% | 2.4% | −1.5% | −0.6% | 3.8% | 0.3% | 3.9% | −8.4% | −1.2% | −15.8% |
| Returns | ||||||||||
| Return on capital | 7.0% | 8.5% | 7.8% | 8.4% | 8.7% | 4.9% | 3.2% | 4.0% | 4.8% | 5.1% |
| Return on capital employed | 7.3% | 7.6% | 7.0% | 7.5% | 7.8% | 4.4% | 2.5% | 3.0% | 4.1% | 4.4% |
| Return on equity | −2.9% | 11.9% | 10.9% | 12.4% | 13.2% | 11.7% | 10.5% | 12.8% | 10.1% | 7.0% |
| Return on assets | −1.1% | 4.5% | 4.1% | 4.6% | 5.0% | 4.5% | 4.0% | 4.7% | 3.8% | 2.6% |
| Growth | ||||||||||
| Revenue growth | 2.9% | 7.6% | 2.0% | 17.8% | 3.7% | −37.6% | −49.4% | 3.2% | −2.5% | 6.7% |
| Net income growth | — | — | −3.2% | 23.2% | 16.3% | −3.1% | −2.8% | 12.9% | −32.2% | −32.3% |
| EPS growth | — | 333.3% | −2.8% | 21.6% | 15.4% | −4.1% | −3.2% | 12.2% | −32.5% | −32.1% |
| FCF growth | −40.8% | 44.0% | −164.1% | — | — | −95.0% | 537.8% | −324.5% | — | — |
| Share count change | 0.3% | 0.0% | 0.2% | 1.3% | 1.0% | 0.9% | 0.5% | 0.2% | 0.4% | 0.3% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.8x | 2.7x | 3.3x | 3.0x | 2.7x | 5.1x | 6.0x | 5.3x | 4.8x | 5.3x |
| Debt / equity | 0.8x | 0.7x | 0.8x | 0.8x | 0.7x | 0.8x | 0.7x | 0.8x | 0.9x | 1.0x |
| Interest coverage | 4.7x | 5.1x | 4.8x | 4.9x | 5.7x | 4.7x | 2.5x | 2.0x | 2.5x | 2.7x |
| Current ratio | 1.5x | 1.3x | 1.2x | 1.5x | 1.4x | 1.4x | 1.4x | 1.3x | 1.0x | 0.8x |
| Quick ratio | 1.1x | 1.0x | 0.9x | 1.2x | 1.1x | 1.1x | 1.3x | 1.2x | 0.9x | 0.8x |
| Capital allocation | ||||||||||
| Capex / revenue | 9.4% | 7.7% | 12.5% | 10.8% | 10.1% | 14.1% | 25.3% | 26.9% | 29.7% | 41.1% |
| Stock comp / revenue | — | — | — | 0.1% | 0.2% | 0.4% | 0.5% | 0.3% | 0.5% | 0.4% |
| Payouts / FCF | 198.8% | 142.9% | — | — | 79.1% | 1,682.9% | 273.1% | — | — | — |
| Quality scores | ||||||||||
| Piotroski F-score | 5.0 | 6.0 | 4.0 | 7.0 | 5.0 | 4.0 | 4.0 | 4.0 | 4.0 | 4.0 |
| Altman Z'' | 1.8 | 1.9 | 1.7 | 2.0 | 2.0 | 1.9 | 1.8 | 1.6 | 1.4 | 1.2 |
| Accruals ratio | −8.2% | −2.6% | −3.4% | −2.8% | −4.8% | −1.4% | −1.5% | 0.9% | −3.0% | −3.9% |
Source: SEC EDGAR XBRL filings (CIK 0000067716). Data updated October 22, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.