MDU Resources Group Inc. (MDU) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$0.09	$0.09	0.0%	—	—	—
Q4 26	$0.4	$0.39	-2.5%	—	—	—
Q3 26	$0.36	$0.37	+2.8%	—	—	—
Q2 26	$0.11	$0.09	-18.2%	—	—	—
Q1 26	$0.13	$0.07	-46.2%	—	—	—
Q4 25	$0.36	$0.4	+11.1%	—	—	—
Q3 25	$0.34	$0.34	0.0%	—	—	—
Q2 25	$0.21	$0.32	+52.4%	—	—	—
Q1 25	$0.21	$0.32	+52.4%	—	—	—
Q4 24	$0.47	$0.52	+10.6%	—	—	—
Q3 24	$0.49	$0.48	-2.0%	—	—	—
Q2 24	$0.25	$0.29	+16.0%	—	—	—
Q1 24	$0.32	$0.29	-9.4%	—	—	—
Q4 23	$0.2	$0.23	+15.0%	—	—	—
Q3 23	$0.53	$0.61	+15.1%	—	—	—
Q2 23	$0.77	$0.75	-2.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.93	—	—	$1.9B	—
FY24	—	$1.38	—	—	$1.8B	—
FY23	—	$2.04	—	—	$4.7B	—
FY22	—	$1.81	—	—	$4.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$4.1B	$4.4B	$4.5B	$5.3B	$5.5B	$3.5B	$4.4B	$4.7B	$1.8B	$1.9B
YoY change	+2.86%	+7.62%	+1.99%	+17.8%	+3.67%	-37.6%	+28.6%	+4.85%	-62.3%	+6.66%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	4.1B	4.4B	4.5B	5.3B	5.5B	3.5B	4.4B	4.7B	1.8B	1.9B
Cost of revenue	3.4B	3.6B	3.7B	4.4B	4.5B	2.8B	3.7B	3.8B	1.2B	1.3B
Gross profit	777.1M	798.2M	790.6M	933.4M	1B	687.3M	766.2M	835.6M	571.9M	611.6M
Gross margin	18.8%	18%	17.4%	17.5%	18.9%	19.9%	17.2%	17.9%	32.5%	32.6%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—
Operating income	408.9M	424M	401.7M	481.2M	544.9M	331.1M	370M	426M	265.6M	290.4M
Operating margin	9.9%	9.54%	8.87%	9.02%	9.85%	9.58%	8.33%	9.15%	15.1%	15.5%
Non-operating income, net	5.2M	8.8M	-238K	15.8M	26.7M	25.7M	11.2M	228.2M	41.4M	28.3M
Pretax income	326.2M	350M	316.9M	398.4M	475.1M	286.1M	300.5M	539.9M	198.7M	211M
Income tax	93.1M	65M	47.5M	63.3M	84.6M	43.5M	49.8M	59.5M	17.6M	19.6M
Net income	-67.3M	281.2M	272.3M	335.5M	390.2M	378.1M	367.5M	414.7M	281.1M	190.4M
Net margin	-1.63%	6.33%	6.01%	6.29%	7.05%	10.9%	8.27%	8.9%	16%	10.2%
EBITDA	630.4M	640.3M	621.7M	753M	856.7M	555M	591.3M	681.2M	507.1M	525.4M
EPS	0.33	1.44	1.39	1.69	1.95	1.87	1.81	2.04	1.38	0.93
Diluted EPS	0.33	1.43	1.39	1.69	1.95	1.87	1.81	2.03	1.37	0.93

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1B	1.1B	1.2B	1B	1.1B	-1.6B	674.8M	351.2M	315M	534M	606M	375.3M
Cost of revenue	823.6M	900.3M	963.1M	857.3M	865.2M	-1.5B	472M	243.8M	201.4M	346.3M	400.4M	246.2M
Gross profit	177.2M	235M	250.7M	190.2M	185.3M	-54.3M	202.9M	107.4M	113.7M	187.7M	205.6M	129.1M
Gross margin	17.7%	20.7%	20.7%	18.2%	17.6%	3.49%	30.1%	30.6%	36.1%	35.1%	33.9%	34.4%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	84.6M	140.8M	135.9M	89.7M	90.8M	-50.9M	112.9M	30.3M	39.8M	107.3M	115.7M	47.9M
Operating margin	8.45%	12.4%	11.2%	8.57%	8.64%	3.27%	16.7%	8.64%	12.6%	20.1%	19.1%	12.8%
Non-operating income, net	39.1M	28.8M	13.8M	14.7M	13.8M	-920K	5M	9.9M	7.3M	6.1M	2.6M	6.2M
Pretax income	91.5M	137.9M	121M	75.8M	75.2M	-73.3M	91M	14.8M	20.7M	84.4M	85.6M	22.6M
Income tax	13.3M	-32.8M	20.1M	15.2M	13M	-30.8M	8.6M	655K	2.4M	8M	4.7M	3.4M
Net income	74.9M	170.7M	100.9M	60.4M	64.6M	55.2M	82M	13.8M	18.3M	76.3M	80.8M	21.2M
Net margin	7.49%	15%	8.31%	5.77%	6.15%	-3.55%	12.1%	3.92%	5.81%	14.3%	13.3%	5.66%
EBITDA	146.7M	208M	205.5M	166.3M	173M	-19.5M	169.1M	92.1M	99.2M	165M	172.5M	109.4M
EPS	0.37	0.84	0.5	0.3	0.32	0.27	0.4	0.07	0.09	0.37	0.39	0.1
Diluted EPS	0.37	0.84	0.49	0.3	0.32	0.27	0.4	0.07	0.09	0.37	0.39	0.1

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	2.1B	2B	1.8B	2.2B	2B	2.4B	2.3B	2.2B	3.7B	4B	3.9B
Enterprise value	3.9B	3.7B	3.8B	4.5B	4.3B	5.2B	4.8B	4.7B	5.9B	6.6B	6.5B
Shares outstanding	195.3M	195.3M	195.7M	198.6M	200.5M	202.1M	203.4M	203.6M	203.9M	204.3M	204.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	7.1	6.51	6.69	5.15	6.27	6.39	5.39	13.1	20.9	19.5
P/S	0.52	0.45	0.39	0.42	0.36	0.69	0.53	0.48	2.09	2.13	2.11
P/B	0.92	0.82	0.69	0.79	0.65	0.7	0.65	0.77	1.37	1.44	1.32
EV/EBITDA	6.16	5.74	6.16	6.02	5.06	9.34	8.1	6.83	11.7	12.6	12.4
EV/Sales	0.94	0.83	0.84	0.85	0.78	1.5	1.08	1	3.37	3.54	3.54
Earnings yield	—	14.1%	15.4%	15%	19.4%	16%	15.7%	18.6%	7.65%	4.77%	5.13%
FCF yield	3.46%	5.34%	-3.85%	-1.51%	10.5%	0.45%	1.35%	-8.38%	-0.56%	-7.45%	-12.3%
PEG	—	—	—	—	—	—	—	—	—	—	0.45

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	18.8%	18%	17.4%	17.5%	18.9%	19.9%	17.2%	17.9%	32.5%	32.6%	34.4%
Operating margin	9.9%	9.54%	8.87%	9.02%	9.85%	9.58%	8.33%	9.15%	15.1%	15.5%	12.5%
Net margin	-1.63%	6.33%	6.01%	6.29%	7.05%	10.9%	8.27%	8.9%	16%	10.2%	10.7%
ROE	-2.9%	11.6%	10.6%	11.8%	12.7%	11.2%	10.2%	14.3%	10.4%	6.87%	6.89%
ROA	-1.07%	4.44%	3.9%	4.37%	4.85%	4.24%	3.8%	5.29%	3.99%	2.5%	2.65%
ROIC	7.2%	8.4%	7.39%	7.88%	8.29%	4.53%	5.12%	7.12%	4.91%	4.86%	5.2%
Return on tangible assets	-1.34%	5.55%	4.83%	5.33%	5.94%	5.16%	4.24%	6.05%	4.43%	2.75%	2.8%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.46	1.32	1.2	1.5	1.39	1.42	1.36	1.27	0.98	0.84	0.99
Quick ratio	1.1	1.04	0.91	1.18	1.09	1.11	1.32	1.19	0.92	0.78	0.95
Debt / equity	0.77	0.71	0.82	0.83	0.77	0.85	0.69	0.85	0.85	0.97	0.88
Debt / assets	0.28	0.27	0.3	0.31	0.3	0.32	0.26	0.32	0.33	0.35	0.33
Net debt / EBITDA	2.77	2.62	3.31	3.04	2.71	5.07	4.13	3.55	4.42	5.04	4.64
Interest coverage	4.71	5.23	4.74	5.04	5.92	5.05	4.72	5.72	2.83	2.96	2.78
Effective tax rate	28.5%	18.6%	15%	15.9%	17.8%	15.2%	16.6%	11%	8.85%	9.28%	8.61%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	21.1	22.8	23.2	26.9	27.6	17.1	21.8	22.9	8.62	9.18	8.89
EPS (basic)	0.33	1.44	1.39	1.69	1.95	1.87	1.81	2.04	1.38	0.93	0.93
EPS (diluted)	0.33	1.43	1.39	1.69	1.95	1.87	1.81	2.03	1.37	0.93	0.94
Book value per share	11.9	12.4	13.1	14.3	15.4	16.7	17.6	14.3	13.2	13.6	13.9
FCF per share	0.38	0.55	-0.35	-0.17	1.05	0.05	0.16	-0.92	-0.1	-1.45	-1.82
Cash per share	0.24	0.18	0.28	0.33	0.3	0.27	0.17	0.24	0.25	0.14	0.22
Capex per share	0.23	0.65	0.13	0.15	0.18	0.07	0.06	0.08	0	3.77	3.73

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.09%	2.85%	0.58%	0.56%	0.64%	0.42%	0.26%	0.35%	0.04%	41.1%	43.2%
Capex / operating cash flow	11.3%	38.3%	5.61%	5.5%	4.32%	5.59%	3.71%	3.29%	0.17%	162.7%	195.6%
Payout ratio	-218.8%	53.6%	56.8%	47.8%	42.6%	45.3%	48.1%	38.9%	36.6%	56.9%	59.6%
Dividend yield	6.89%	7.55%	8.71%	7.14%	8.29%	7.23%	7.54%	7.22%	2.8%	2.71%	3.13%

Yield

3.13%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.145

ex-dividend Sep 10, 2026

Payout ratio

60%

of earnings

Dividend growth

1 year

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 10, 2026	$0.145
Jun 11, 2026	$0.14
Mar 12, 2026	$0.14

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1B	$1.1B	$1.2B	$1B	$1.1B	-$1.6B	$674.8M	$351.2M	$315M	$534M	$606M	$375.3M
YoY change	-0.17%	-38.9%	-15.1%	-3.99%	+4.97%	-236.9%	-44.4%	-66.5%	-70%	+134.4%	-10.2%	+6.87%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	46.1M	34.6M	53.9M	66.5M	59.5M	54.2M	34.8M	48.9M	50.2M	28.2M
Receivables	630.2M	727M	722.9M	836.6M	874M	946.7M	1.1B	942.8M	274.3M	258.6M
Inventory	238.3M	226.6M	287.3M	278.4M	291.2M	335.6M	64.2M	87.4M	44.9M	39.1M
Total current assets	977.5M	1.1B	1.2B	1.3B	1.3B	1.6B	2B	1.4B	666.3M	572.4M
Property, plant & equipment	3.9B	3.9B	4.4B	4.9B	5.1B	5.7B	4.9B	5.1B	5.3B	-911.9M
Goodwill & intangibles	1.3B	1.3B	1.4B	1.4B	1.5B	1.6B	986.1M	981.9M	691.5M	691.5M
Total assets	6.3B	6.3B	7B	7.7B	8.1B	8.9B	9.7B	7.8B	7B	7.6B
Accounts payable	280M	312.3M	358.5M	403.4M	426.3M	478.9M	525.6M	475.2M	150.1M	149M
Short-term debt	43.6M	148.5M	251.9M	48.2M	85.2M	183.4M	107.6M	179.2M	161.7M	144.7M
Total current liabilities	669.7M	812.9M	986M	866.4M	963.5M	1.1B	1.5B	1.1B	678.6M	685.2M
Long-term debt	1.7B	1.6B	1.9B	2.3B	2.3B	2.7B	2.4B	2.3B	2.1B	2.5B
Total liabilities	4B	3.9B	4.4B	4.8B	5B	5.5B	6.1B	4.9B	4.3B	4.8B
Shareholders' equity	2.3B	2.4B	2.6B	2.8B	3.1B	3.4B	3.6B	2.9B	2.7B	2.8B
Total debt	1.8B	1.7B	2.1B	2.4B	2.4B	2.9B	2.5B	2.5B	2.3B	2.7B
Net debt	1.7B	1.7B	2.1B	2.3B	2.3B	2.8B	2.4B	2.4B	2.2B	2.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	308.7M	48.9M	89.3M	94.4M	104M	50.2M	59.5M	58.8M	75.9M	28.2M	53.3M	46.3M
Receivables	900.8M	942.8M	942.3M	926.8M	934.5M	274.3M	269.2M	156.7M	132.2M	258.6M	223M	151.7M
Inventory	80.2M	87.4M	57.4M	69.7M	91.9M	44.9M	18.5M	19.7M	44.3M	39.1M	19.5M	19.3M
Total current assets	1.5B	1.4B	1.3B	1.4B	1.5B	666.3M	541.6M	441.9M	501.4M	572.4M	559.5M	496M
Property, plant & equipment	5.1B	5.1B	5.3B	5.3B	5.5B	5.3B	5.4B	5.4B	5.6B	-911.9M	6B	6.1B
Goodwill & intangibles	983M	981.9M	980.9M	979.8M	978.9M	691.5M	691.5M	691.5M	691.5M	691.5M	691.5M	691.5M
Total assets	7.9B	7.8B	7.8B	8B	8.2B	7B	7B	6.9B	7.2B	7.6B	7.7B	7.7B
Accounts payable	414.5M	475.2M	420.2M	442.6M	489.1M	150.1M	109.1M	107.2M	122.1M	149M	124.4M	110.7M
Short-term debt	390.8M	179.2M	83.8M	218.2M	246.9M	161.7M	161.7M	136.7M	164.7M	144.7M	214.7M	4.7M
Total current liabilities	1.2B	1.1B	922.8M	1.1B	1.3B	678.6M	634.6M	594.8M	666.5M	685.2M	718.3M	499.7M
Long-term debt	2.3B	2.3B	2.4B	2.3B	2.3B	2.1B	2B	2B	2.2B	2.5B	2.4B	2.6B
Total liabilities	5.1B	4.9B	4.9B	4.9B	5.1B	4.3B	4.2B	4.2B	4.5B	4.8B	4.8B	4.8B
Shareholders' equity	2.8B	2.9B	3B	3B	3.1B	2.7B	2.7B	2.7B	2.7B	2.8B	2.9B	2.9B
Total debt	2.7B	2.5B	2.5B	2.5B	2.5B	2.3B	2.2B	2.2B	2.4B	2.7B	2.6B	2.6B
Net debt	2.7B	2.4B	2.4B	2.4B	2.4B	2.2B	2.1B	2.1B	2.3B	2.6B	2.5B	2.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	233.1M	285M	269.4M	335.2M	390.5M	242.5M	250.8M	480.4M	181.1M	191.4M
Depreciation & amortization	216.3M	207.5M	220.2M	256M	285.1M	198.2M	210M	213.6M	200.1M	206.7M
Stock-based compensation	—	—	—	7.4M	13.1M	12.9M	9M	6.3M	8.4M	6.6M
Change in working capital	-24.4M	-117.8M	-45.5M	-77.5M	103.4M	-169M	-175.5M	20.3M	45.2M	82M
Operating cash flow	396.5M	330.4M	465.3M	542.5M	822.4M	261M	305.8M	500.5M	415.9M	473.4M
Capital expenditure	44.8M	126.6M	26.1M	29.8M	35.6M	14.6M	11.3M	16.5M	691K	-770.4M
Investing cash flow	43.4M	126.6M	-143.9M	-27.8M	-72.2M	-2.4M	-4.6M	33.9M	4.2M	-776.7M
Dividends paid	-147.2M	-150.7M	-154.6M	-160.3M	-166.4M	-171.4M	-176.9M	-161.3M	-102.9M	-108.2M
Share repurchases	0	-17.3M	-5M	0	0	-6.7M	-7.5M	-4.8M	0	0
Financing cash flow	-154.1M	-245.3M	230.4M	-95.9M	-170M	3M	155.3M	-349.8M	-171.6M	268.8M
Net change in cash	285.9M	211.7M	551.8M	418.8M	580.1M	261.6M	456.5M	184.7M	248.4M	-34.5M
Free cash flow	74M	106.6M	-68.3M	-33.8M	210.4M	10.6M	31.6M	-187.1M	-20.5M	-297M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	78.2M	170.7M	100.9M	86.7M	128.7M	-42.6M	82.5M	14.2M	18.4M	76.4M	80.9M	19.3M
Depreciation & amortization	53.1M	54.7M	55.8M	61.9M	68.3M	32.3M	51.3M	51.9M	52M	51.5M	54.2M	55.2M
Stock-based compensation	2.2M	2.4M	3.2M	2.3M	2.6M	1.4M	1.6M	1.6M	1.6M	1.6M	1.9M	1.9M
Change in working capital	3.6M	36.8M	31.6M	-14.8M	5M	-54.2M	95.1M	70M	-15.8M	-67.4M	12.1M	44M
Operating cash flow	133.1M	-9.3M	167.9M	161.5M	148M	-33.1M	214.5M	117.4M	57.9M	80.6M	149.2M	116.1M
Capital expenditure	3M	3.2M	2.8M	5.4M	9.6M	-8.9M	0	-80.9M	-179.8M	-416.6M	-92.4M	-101.1M
Investing cash flow	-294K	3.2M	11.9M	1.8M	7.1M	-8.3M	869K	-79.4M	-179.9M	-420.2M	-91.2M	-104.9M
Dividends paid	-45.3M	-25.5M	-25.9M	-25.5M	-25.5M	-26M	-26.5M	-26.6M	-26.6M	-28.6M	-28.6M	-28.7M
Share repurchases	0	0	0	0	0	0	—	—	—	—	—	—
Financing cash flow	9.7M	-255.5M	-130.5M	-12.6M	25.8M	-54.3M	-130.1M	-38.5M	144.5M	292.9M	-32.9M	-18.2M
Net change in cash	142.6M	-261.7M	49.3M	150.7M	180.8M	-95.7M	85.3M	-456K	22.5M	-46.7M	25.1M	-7M
Free cash flow	-36.6M	8.6M	38.9M	10M	-33.8M	-61.3M	124.4M	36.5M	-121.9M	-336M	56.8M	15M

Date	Ratio
Jun 1, 2023	1457:1000
Jul 27, 2006	3:2
Oct 30, 2003	3:2
Jul 14, 1998	3:2
Oct 16, 1995	3:2
Jul 16, 1986	2:1
Feb 1, 1978	2:1

MDU Resources Group Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history