MDU Resources Group vs OGE Energy
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The short version
- OGE Energy is the larger business, with $3.3B of revenue in fiscal 2025 against $1.9B for MDU Resources Group, about 1.7 times as much.
- OGE Energy grew revenue faster (9.2%, against 6.7%).
- OGE Energy kept more of each dollar of sales as operating profit (24.5% operating margin, against 15.5%).
- OGE Energy turned more of its sales into free cash flow (2.5% FCF margin, against −15.8%).
- OGE Energy earned a higher return on the capital invested in it (6.5%, against 5.1%).
- Investors pay more for each dollar of OGE Energy’s earnings: a P/E of 21.6x against 20.2x for MDU Resources Group.
| Latest fiscal year | MDU · FY25 | OGE · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.1B | $10.0B |
| Revenue | $1.9B | $3.3B |
| Free cash flow | −$297M | $82.7M |
| Net income | $190M | $471M |
| Growth | ||
| Revenue growth | 6.7% | 9.2% |
| 5-year growth | −19.5% | 9.0% |
| Share count change | 0.3% | 0.6% |
| Profitability | ||
| Gross margin | — | 61.4% |
| Operating margin | 15.5% | 24.5% |
| Net margin | 10.2% | 14.4% |
| FCF margin | −15.8% | 2.5% |
| Return on capital | 5.1% | 6.5% |
| Return on equity | 7.0% | 9.8% |
| Balance sheet | ||
| Net debt | $2.6B | $5.7B |
| Net debt / EBITDA | 5.3x | 4.2x |
| Dividends and buybacks | $108M | $342M |
| Valuation & quality | ||
| P/E | 20.2x | 21.6x |
| Piotroski F-score | 4 | 6 |
Revenue
FY16
MDU $4.1B
OGE $2.3B
FY17
MDU $4.4B
OGE $2.3B
FY18
MDU $4.5B
OGE $2.3B
FY19
MDU $5.3B
OGE $2.2B
FY20
MDU $5.5B
OGE $2.1B
FY21
MDU $3.5B
OGE $3.7B
FY22
MDU $1.7B
OGE $3.4B
FY23
MDU $1.8B
OGE $2.7B
FY24
MDU $1.8B
OGE $3.0B
FY25
MDU $1.9B
OGE $3.3B
MDU
OGE
Operating margin
FY16
MDU 9.9%
OGE 23.5%
FY17
MDU 9.5%
OGE 23.5%
FY18
MDU 8.9%
OGE 21.6%
FY19
MDU 9.0%
OGE 22.6%
FY20
MDU 9.9%
OGE 24.6%
FY21
MDU 9.6%
OGE 14.9%
FY22
MDU 11.5%
OGE 19.2%
FY23
MDU 12.5%
OGE 24.3%
FY24
MDU 15.1%
OGE 25.0%
FY25
MDU 15.5%
OGE 24.5%
MDU
OGE
Free cash flow
FY16
MDU $74.0M
OGE −$15.4M
FY17
MDU $107M
OGE −$39.6M
FY18
MDU −$68.4M
OGE $378M
FY19
MDU −$33.8M
OGE $46.0M
FY20
MDU $210M
OGE $62.3M
FY21
MDU $10.6M
OGE −$1.0B
FY22
MDU $67.5M
OGE −$98.5M
FY23
MDU −$152M
OGE $54.1M
FY24
MDU −$20.5M
OGE −$278M
FY25
MDU −$297M
OGE $82.7M
MDU
OGE
Return on capital
FY16
MDU 7.0%
OGE 6.0%
FY17
MDU 8.5%
OGE 8.0%
FY18
MDU 7.8%
OGE 6.0%
FY19
MDU 8.4%
OGE 6.5%
FY20
MDU 8.7%
OGE 5.6%
FY21
MDU 4.9%
OGE 5.6%
FY22
MDU 3.2%
OGE 6.1%
FY23
MDU 4.0%
OGE 6.3%
FY24
MDU 4.8%
OGE 6.5%
FY25
MDU 5.1%
OGE 6.5%
MDU
OGE
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.