Black Hills vs MDU Resources Group
Black Hills is the larger business, with $2.31bn of revenue in fiscal 2025 against $1.88bn for MDU Resources Group (1.2 times as much). Black Hills grew faster (8.6% against 6.7%). Black Hills kept more of each dollar of sales as profit: a net margin of 12.6% against 10.2%. MDU Resources Group carries less debt relative to equity (96.5% against 122.9%).
| Latest fiscal year | Black HillsBKH, 2025 | MDU Resources GroupMDU, 2025 |
|---|---|---|
| Revenue | $2.31bn | $1.88bn |
| Revenue growth | 8.6% | 6.7% |
| Net income | $292m | $190m |
| Operating margin | 23.3% | 15.5% |
| Net margin | 12.6% | 10.2% |
| Return on equity | 8.0% | 7.0% |
| Free cash flow | −$146m | −$297m |
| Cash | $183m | $28.2m |
| Total debt | $4.70bn | $2.68bn |
| Debt to equity | 122.9% | 96.5% |
| Dividend per share | $2.70 | $0.54 |
| Dividend yield | 3.3% | 2.7% |
| Share buybacks | — | $0 |
| Employees | — | 2,096 |
| Market value | $6.23bn | $4.19bn |
| Price vs our value range | — | — |
| Moat score | 40 (Weak) | 48 (Moderate) |
| Insider trades, 12 months | 0 buys, 2 sales | 1 buys, 0 sales |