Black Hills vs MDU Resources Group
Add, change or remove companies; up to four.
The short version
- Black Hills is the larger business, with $2.3B of revenue in fiscal 2025 against $1.9B for MDU Resources Group.
- Black Hills grew revenue faster (8.6%, against 6.7%).
- Black Hills kept more of each dollar of sales as operating profit (23.3% operating margin, against 15.5%).
- Black Hills turned more of its sales into free cash flow (−6.3% FCF margin, against −15.8%).
- Black Hills earned a higher return on the capital invested in it (5.7%, against 5.1%).
- Investors pay more for each dollar of MDU Resources Group’s earnings: a P/E of 20.2x against 20.0x for Black Hills.
| Latest fiscal year | BKH · FY25 | MDU · FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.0B | $4.1B |
| Revenue | $2.3B | $1.9B |
| Free cash flow | −$146M | −$297M |
| Net income | $292M | $190M |
| Growth | ||
| Revenue growth | 8.6% | 6.7% |
| 5-year growth | 6.4% | −19.5% |
| Share count change | 4.7% | 0.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 23.3% | 15.5% |
| Net margin | 12.6% | 10.2% |
| FCF margin | −6.3% | −15.8% |
| Return on capital | 5.7% | 5.1% |
| Return on equity | 8.0% | 7.0% |
| Balance sheet | ||
| Net debt | $4.5B | $2.6B |
| Net debt / EBITDA | 5.5x | 5.3x |
| Dividends and buybacks | $198M | $108M |
| Valuation & quality | ||
| P/E | 20.0x | 20.2x |
| Piotroski F-score | 6 | 4 |
Revenue
FY16
BKH $1.5B
MDU $4.1B
FY17
BKH $1.7B
MDU $4.4B
FY18
BKH $1.8B
MDU $4.5B
FY19
BKH $1.7B
MDU $5.3B
FY20
BKH $1.7B
MDU $5.5B
FY21
BKH $1.9B
MDU $3.5B
FY22
BKH $2.6B
MDU $1.7B
FY23
BKH $2.3B
MDU $1.8B
FY24
BKH $2.1B
MDU $1.8B
FY25
BKH $2.3B
MDU $1.9B
BKH
MDU
Operating margin
FY16
BKH 21.9%
MDU 9.9%
FY17
BKH 24.8%
MDU 9.5%
FY18
BKH 22.6%
MDU 8.9%
FY19
BKH 23.4%
MDU 9.0%
FY20
BKH 25.2%
MDU 9.9%
FY21
BKH 21.0%
MDU 9.6%
FY22
BKH 17.8%
MDU 11.5%
FY23
BKH 20.3%
MDU 12.5%
FY24
BKH 23.7%
MDU 15.1%
FY25
BKH 23.3%
MDU 15.5%
BKH
MDU
Free cash flow
FY16
BKH −$134M
MDU $74.0M
FY17
BKH $102M
MDU $107M
FY18
BKH $31.3M
MDU −$68.4M
FY19
BKH −$313M
MDU −$33.8M
FY20
BKH −$226M
MDU $210M
FY21
BKH −$742M
MDU $10.6M
FY22
BKH −$19.6M
MDU $67.5M
FY23
BKH $389M
MDU −$152M
FY24
BKH −$24.9M
MDU −$20.5M
FY25
BKH −$146M
MDU −$297M
BKH
MDU
Return on capital
FY16
BKH 6.0%
MDU 7.0%
FY17
BKH 6.1%
MDU 8.5%
FY18
BKH 7.5%
MDU 7.8%
FY19
BKH 6.3%
MDU 8.4%
FY20
BKH 6.1%
MDU 8.7%
FY21
BKH 5.8%
MDU 4.9%
FY22
BKH 5.5%
MDU 3.2%
FY23
BKH 5.6%
MDU 4.0%
FY24
BKH 5.7%
MDU 4.8%
FY25
BKH 5.7%
MDU 5.1%
BKH
MDU
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.