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MDU Resources Group, Inc.

MDU Utilities Utilities Regulated Gas

MDU Resources Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.9 billion, up 6.66% from fiscal 2024.

Revenue
+6.87%
EPS
+42.9%
Free cash flow
−58.9%
Total debt
+18.1%

Quarter to June 2026, against a year earlier

19.86 0.14 +0.71%
Market cap
$4.2B
P/E
20.9×
Fwd P/E
20.1×
Dividend yield
2.84%
F-score
4/9
Altman Z
1.05
Beneish M
−2.71
Dividend safety
32/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Bought, $m 0.10
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — 1 — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 2.74%

Capital & Financial Ratios $m

Size
Market Cap 4,150.00
Revenue ttm 1,830.33
Net income ttm 196.71
Free cash flow ttm (386.13)
Net debt Q 2,530.89
Valuation
P/E 20.91
Forward P/E 20.10
Price / sales 2.27
Forward P/S Powerpack
Price / FCF 0.00
Price / book 1.42
Financial health
Current ratio Q 0.99 (below 1: weak)
Debt / equity Q 0.88
Interest coverage Q 1.52
Growth
Revenue growth Q +6.87% (above 0%: growing)
Operating income growth Q +58.07% (above 0%: growing)
EPS, this year +5.11%
EPS, next year A +8.08%
Revenue, next year A +6.18%
EPS, past 5 yrs −13.76% (below 0%: weak)
EPS, next 5 yrs A +7.60%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.7×, against a ten-year median of 0.9×; over the ten years it ranged from −12.7× in 2024 to 24.1× in 2024.
P/E against its own 10 years 83.48%
10-year low 10-year high
P/S against its own 10 years 90.68%
10-year low 10-year high
P/B against its own 10 years 91.89%
10-year low 10-year high
EV/Sales against its own 10 years 90.49%
10-year low 10-year high

Dividends

Yield
2.84%
Annual rate
0.57
Payout ratio
59.5%
Growth, 2016–25
+1.75%/yr
  1. 0.46 ’16
  2. 0.47 ’17 +3%
  3. 0.49 ’18 +3%
  4. 0.31 ’19 −36%
  5. 0.32 ’20 +2%
  6. 0.33 ’21 +2%
  7. 0.33 ’22 +2%
  8. 0.35 ’23 +4%
  9. 0.34 ’24 −2%
  10. 0.54 ’25 +59%
  11. 0.59 ’26e +9%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 60 67 28 46
Receivables 250 274 259 152
Inventory 45 45 39 19
Other 172 239 206 217
1,364 666 572 496
2023 2024 2025 Q'26
Payables 160 150 149 111
ST’ Debt 156 162 145 5
Other 71 157 173 181
1,076 679 685 500

Compound Annual Growth %

10y 5y 3y
Sales (7.33%) (19.46%) 2.38%
Cash Flow (3.30%) (9.23%) (2.46%)
Earnings 0.00% (13.37%) (19.68%)
Book Value 0.96% (2.07%) (8.22%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 0.08 Actual 0.09

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 0.07 0.09 Beat by 0.02
Q4 FY25 0.37 0.37 Met by 0.00
Q1 FY26 0.42 0.39 Miss by 0.03
Q2 FY26 0.08 0.09 Beat by 0.01
Q3 FY26 0.10 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 0.39 0.10 — — —
’25 0.40 0.07 0.09 0.37 0.93
’24 0.49 0.30 0.32 0.27 1.37
’23 0.19 0.64 0.37 0.84 2.03
’22 0.16 0.35 0.73 0.57 1.81
’21 0.26 0.50 0.68 0.42 1.87
’20 0.13 0.50 0.76 0.56 1.95
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 606 375 — — —
’25 675 351 315 534 1,875
’24 588 344 290 536 1,758
’23 1,430 1,091 1,001 (1,719) 1,803
’22 1,417 1,010 1,002 (1,681) 1,747
’21 1,228 1,424 1,586 (783) 3,454
’20 1,197 1,363 1,587 1,385 5,533
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 149 116 — — —
’25 217 117 58 81 473
’24 165 136 140 61 502
’23 (44) 117 102 158 333
’22 112 7 166 225 510
’21 96 87 183 130 496
’20 79 182 220 287 768
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 57 15 — — —
’25 124 36 (122) (336) (297)
’24 48 27 1 (95) (20)
’23 (152) 3 (34) 32 (151)
’22 (33) (57) 30 128 67
’21 (15) (51) 17 75 25
’20 (56) 91 56 155 246
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.8
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 4,129 4,443 4,532 5,337 5,533 3,454 1,747 1,803 1,758 1,875 1,830 (8.4%) 1,991 2,131 2,241 +6.1%
Gross margin, % 88.90 88.53 89.30 90.48 91.74 83.87 49.79 51.33 56.11 55.71 58.68 (33.2) pt
EBT 326 350 317 398 475 286 123 340 199 211 213 (4.7%)
EBT margin, % 7.90 7.88 6.99 7.47 8.59 8.28 7.07 18.87 11.30 11.25 11.66 +3.4 pt
Net income (67) 281 272 335 390 378 367 415 281 190 197 n/m
Per share, $
Per share, $ Revenue 21.14 22.75 23.15 26.87 27.59 17.09 8.59 8.86 8.62 9.18 8.73 (8.9%)
Earnings 0.33 1.44 1.39 1.69 1.95 1.87 1.81 2.04 1.38 0.93 0.95 +12.2%
Cash flow 2.37 2.29 2.55 2.73 3.83 2.45 2.51 1.63 2.46 2.32 1.93 (0.2%)
Capex (1.76) (1.10) (2.77) (2.75) (2.61) (2.33) (2.18) (2.38) (2.56) (3.77) (3.77) +8.8%
Free cash flow 0.61 1.19 (0.22) (0.02) 1.23 0.12 0.33 (0.74) (0.10) (1.45) (1.84) n/m
Book value 11.86 12.44 13.11 14.34 15.36 16.74 17.64 14.27 13.20 13.57 13.96 +1.5%
Shares, m 195 195 196 199 201 202 203 204 204 204 206 +0.5%
Valuation, ×
Valuation, × P/E 33.15 7.09 6.55 6.76 5.16 6.33 6.44 5.26 12.96 20.99 20.91 11.1
P/S 0.52 0.45 0.39 0.42 0.36 0.69 1.36 1.21 2.09 2.13 2.27 1.0
P/B 0.93 0.82 0.69 0.79 0.66 0.70 0.66 0.75 1.37 1.44 1.42 0.9
EV/Sales 0.94 0.83 0.85 0.83 0.76 1.47 2.69 2.43 3.36 3.54 3.66 1.8
EV/FCF 32.65 15.75 (90.84) (1,115.25) 17.16 201.40 69.69 (29.01) (297.72) (22.34) (17.34) (121.9)
Cash, $m
Cash, $m Operating cash flow 462 448 500 542 768 496 510 333 502 473 404 +0.3%
Capex (343) (215) (542) (546) (522) (471) (443) (484) (522) (770) (790) +9.4%
Free cash flow 119 233 (42) (4) 246 25 67 (151) (20) (297) (386) n/m
Balance, $m
Balance, $m Working capital 308 257 198 431 374 459 532 288 (12) (113) (4) n/m
Net debt 1,744 1,680 2,055 2,177 2,204 2,688 2,334 2,201 2,226 2,649 2,531 +4.8%
Shareholders’ equity 2,316 2,429 2,567 2,847 3,079 3,383 3,587 2,905 2,691 2,773 2,927 +2.0%
Returns, %
Returns, % ROA 0.99 4.44 4.09 4.57 4.96 4.46 3.96 4.74 3.78 2.60 2.68 +1.6 pt
ROIC 6.29 6.45 5.43 5.99 6.45 3.41 2.12 2.75 3.38 3.35 3.56 (2.9) pt
ROE 2.65 11.86 10.90 12.39 13.17 11.70 10.54 12.78 10.05 6.97 6.95 +4.3 pt
People
People Employees 9,598 10,140 11,797 13,359 12,994 14,700 14,929 9,145 2,052 2,096 — (15.6%)
Revenue/emp, $m 0.43 0.44 0.38 0.40 0.43 0.23 0.12 0.20 0.86 0.89 — +8.5%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

MDU Resources Group, Inc. vs peers in Utilities Regulated Gas (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SWX Southwest Gas Corporation $6.7B 12.1× 21.4× −9.63% (below 0%: shrinking) n/m −157.57% (below 0%: shrinking) 89.27% 23.54% Compare
BKH Black Hills Corporation $6.3B 20.7× 19.0× +3.14% (above 0%: growing) +31.58% (above 0%: growing) +24.09% (above 0%: growing) 74.93% 21.42% Compare
NJR NewJersey Resources Corporation $5.4B 14.6× 15.0× +16.80% (above 0%: growing) n/m −3.14% (below 0%: shrinking) 57.69% 9.13% Compare
SR Spire Inc. $5.2B 9.8× 21.9× −0.40% (below 0%: shrinking) +1,131.03% (above 0%: growing) +0.22% (above 0%: growing) 75.92% 5.57% Compare
OGS ONE Gas, Inc. $4.9B 16.9× 16.2× −2.86% (below 0%: shrinking) +39.62% (above 0%: growing) +511.45% (above 0%: growing) 78.07% 20.08% Compare
MDU MDU Resources Group, Inc. $4.2B 20.8× 20.1× +6.87% (above 0%: growing) +42.86% (above 0%: growing) −58.85% (below 0%: shrinking) 64.77% 12.78%
CPK Chesapeake Utilities Corporation $3.3B 21.7× 21.2× +4.72% (above 0%: growing) +2.91% (above 0%: growing) +38.63% (above 0%: growing) 74.39% 26.20% Compare
CTRI Centuri Holdings, Inc. $2.2B 69.3× 69.5× +32.86% (above 0%: growing) −33.33% (below 0%: shrinking) +85.38% (above 0%: growing) 7.19% 2.51% Compare
NWN Northwest Natural Gas Company $2.1B 16.6× 16.3× +3.12% (above 0%: growing) n/m +36.83% (above 0%: growing) 74.64% 13.61% Compare
Median of peers $5.1B 16.7× 20.1× +3.13% +31.58% +30.46% 74.78% 16.85%

All 14 Utilities Regulated Gas stocks →

Pay and ownership Proxy statement filed 1 April 2026

Ownership

Directors and executive officers, together 0.50%
BlackRock, Inc. 12.40%
The Vanguard Group, Inc. 11.30%
Barrow Hanley Mewhinney & Strauss LLC 6.01%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

MDU Resources Group, Inc. (MDU) Latest News

2 Oct

Impact 4 · · Simply Wall St.

30 Sep

Impact 4 · · PR Newswire

24 Sep

Impact 4 ·

11 Sep

Impact 3 ·

28 Aug

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13 Aug

Impact 3 · · The Motley Fool transcript

10 Aug

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9 Aug

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8 Aug

Impact 3 · · MarketBeat transcript

7 Aug

Impact 3 · · Moby transcript

6 Aug

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5 Aug

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30 Jun

Impact 4 · · Barchart

22 Jun

Impact 4 · · PR Newswire

18 Jun

Impact 3 ·

11 May

Impact 3 · · StockStory
Impact 3 · · MarketBeat

9 May

Impact 4 · · Simply Wall St.

8 May

Impact 3 · · Zacks

7 May

Impact 4 · · Moby
Impact 4 · · The Motley Fool transcript
Impact 4 · · PR Newswire
Impact 3 · · Zacks

5 May

Impact 3 · · Zacks

30 Apr

Impact 3 ·

31 Mar

Impact 4 ·

26 Feb

Impact 4 · · Simply Wall St.
stockrow.com/MDU · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com