MDU Resources Group vs NorthWestern Energy
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KIRA’s take AI analyst
I put MDU Resources Group and NorthWestern Energy side by side, using each one’s latest annual report. Here is what stands out:
- MDU Resources Group is the larger business, with $1.9B of revenue in fiscal 2025 against $1.6B for NorthWestern Energy.
- NorthWestern Energy kept more of each dollar of sales as operating profit (20.2% operating margin, against 15.5%).
- NorthWestern Energy turned more of its sales into free cash flow (−8.1% FCF margin, against −15.8%).
- Investors pay more for each dollar of NorthWestern Energy’s earnings: a P/E of 28.0x against 20.4x for MDU Resources Group.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
MDU Resources Group
MDU
3/10
Revenue growthReturn on equityNet debt / EBITDA
NorthWestern Energy
NWE
7/10
5-year growthOperating marginNet marginFCF marginReturn on capitalPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | MDU FY25 | NWE FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.1B | $4.8B |
| Revenue | $1.9B | $1.6B |
| Free cash flow | −$297M | −$130M |
| Net income | $190M | $181M |
| Growth | ||
| Revenue growth | 6.7% | 6.4% |
| 5-year growth | −19.5% | 6.1% |
| Share count change | 0.3% | 0.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 15.5% | 20.2% |
| Net margin | 10.2% | 11.2% |
| FCF margin | −15.8% | −8.1% |
| Return on capital | 5.1% | 5.1% |
| Return on equity | 7.0% | 6.3% |
| Balance sheet | ||
| Net debt | $2.6B | $3.4B |
| Net debt / EBITDA | 5.3x | 6.0x |
| Dividends and buybacks | $108M | $161M |
| Valuation & quality | ||
| P/E | 20.4x | 28.0x |
| Piotroski F-score | 4 | 5 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.