Black Hills vs MDU Resources Group
Add, change or remove companies; up to four.
KIRA’s take AI analyst
I put Black Hills and MDU Resources Group side by side, using each one’s latest annual report. Here is what stands out:
- 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 20.4x against 20.2x for Black Hills.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Black Hills
BKH
8/10
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-score
MDU Resources Group
MDU
2/10
Net debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | BKH FY25 | MDU FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.1B | $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 | 20.2x | 20.4x |
| Piotroski F-score | 6 | 4 |
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.