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MDU Resources Group Inc (MDU) stock

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NYSE: MDU NYSE Multi-Utilities Next results ~November 5, 2026

C+ Fundamentals grade

MDU Resources Group Inc is a US-listed company in the multi-utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$20

Valuation models combined (5)

Base case. Range ~$17–$22. Weighted average of 5 models (utility earnings model, forward price-to-earnings vs peers, justified price-to-book, residual income, dividend discount (two-stage)), the utility earnings model counting double.

Price vs value

Modestly overvalued

The price is inside our value range, 0% above our base value.

Price used: $19.82, November 2, 2026

MDU Resources Group Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 0 selling1 purchase and 0 sales by directors and officers, last 12 monthsInsider trades
  • Funds216 adding, 171 cuttingOf 51 active managers that changed their stake, 24 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter MDU Resources Group files

Where MDU Resources stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.83bn, down 1.1% on a year earlier, faster than -2.1% a quarter earlier. That puts it 855 of 931 for growth among all the companies we cover. Free-cash-flow margin fell to -21.1% from 3.6% a year earlier. Operating margin widened to 17.0% from 14.7%. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 0 of our 6 financial-health checks. Our valuation models combined value is $19.32 a share, against a share price of $19.05.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

MDU Resources Group Inc's trailing-twelve-month revenue fell 1.1% year on year, with a free-cash-flow margin of -21.1%. Where it stands out: change in growth rate of +0.9pp ranks 3 of 17 multi-utilities companies we cover. Where it lags: revenue growth of -1.1% ranks 16 of 17 multi-utilities companies we cover.

Current signal Capital expenditure surging: TTM capex grew 68% year over year and now absorbs 43.2% of revenue.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in MDU Resources Group Inc's latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Revenue shrinking. Revenue fell 1.1% over the last 12 months.
  • Burning cash. Free cash flow was -21.1% of revenue over the last 12 months.
  • Weak cash conversion. Free cash flow was -196% of net income over the last 12 months.
  • Below peers: operating margin. Operating margin of 17.0% ranks 14 of 16 multi-utilities companies we cover (median 20.5%).
  • Below peers: net margin. Net margin of 10.7% ranks 13 of 17 multi-utilities companies we cover (median 11.8%).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.09 against an average estimate of $0.09: beat by 3.3%
Revenue
$375m, up 6.9% on a year earlier
Share reaction
+2.6% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
earnings per share $0.93 to $1 (2026); capital expenditures $129m (2026)
Next report
November 5, 2026; average EPS estimate $0.10

MDU Resources Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.5%
  • 1 week+2.2%
  • 1 month+6.5%
  • This year+3.7%
  • 1 year+6.3%
  • 5 years+93.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.8B
Operating margin
17.0%
Net margin
10.7%
EPS (TTM, diluted)
$0.95

Growth

Revenue growth
−1.1%
Change in growth rate
+0.9 pts
Share count change
+1.2%

Cash

Free cash flow (TTM)
-$386M
FCF margin
-21.1%
Stock pay % of revenue
0.4%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Dividend
  3. Results
  4. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

MDU Resources Group Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$20
Price used
$19.82close November 3, 2026
Implied change
▲ +0%
Uncertainty
Low

How we got here: the combined value of 5 valuation models built for a business like MDU Resources Group Inc (see the models table below and how they are combined) , with a 7.72% cost of equity. The models span ~$17–~$22; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of MDU Resources Group Inc's free cash flow after stock-based pay ( $6M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value MDU Resources Group Inc as an utility or power producer, with every model that fits that kind of business. Cost of equity 7.7%: the 10-year Treasury yield (4.9%) plus a beta of 0.62 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$19 ~$16–$24 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$17 ~$16–$20 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$22 ~$18–$28 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$19 ~$14–$28 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$22 ~$18–$29 Included
Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$20 ~$17–$22 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare MDU Resources Group Inc with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$5.06$8.22$7.90$7.22$9.27$8.50$10.23$10.38$10.18$17.11$19.12$19.82
Market value$987m$1.6bn$1.5bn$1.4bn$1.8bn$1.7bn$2.1bn$2.1bn$2.1bn$3.5bn$3.9bn$4.1bn
+ Net debt (− = net cash)$1.8bn$1.7bn$1.7bn$2.1bn$2.2bn$2.2bn$2.7bn$2.3bn$2.2bn$2.2bn$2.6bn$2.5bn
Enterprise value$2.7bn$3.4bn$3.2bn$3.5bn$4.0bn$3.9bn$4.8bn$4.4bn$4.3bn$5.7bn$6.6bn$6.6bn
Multiples
Price / sales 0.2x0.4x0.3x0.3x0.3x0.3x0.6x1.2x1.2x2.0x2.1x2.2x
Price / earnings —25.2x5.5x5.2x5.5x4.4x5.5x5.7x5.0x12.5x20.6x20.9x
Price / free cash flow 7.9x21.7x14.5x——8.1x195.7x31.3x————
EV / EBITDA 5.2x5.4x5.1x5.6x5.4x4.7x9.0x11.4x10.3x12.3x13.2x12.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

48 /100

Moderate moat

How hard MDU Resources Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Net income has been a median 4.1% of total assets over 10 years.

  • Durability 12 / 20

    Operating margin has been a median 9.8%; its worst year was 7.4%.

  • Cash conversion 7 / 20

    Free cash flow was positive in 6 of 10 years, at a median 1.9% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 3.2% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $347m and EPS of $0.10 (range $0.08 to $0.12) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.98 +5% $2.0bn +6%
Next $1.06 +8% $2.1bn +7%

Next year's EPS estimate has moved 0.0% in 90 days, across 8 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.4% on 90 days ago. In the last 30 days, 2 analysts raised MDU Resources Group Inc's forecast and 1 cut it.

Consensus EPS forecast MDU Resources Group Inc, last 90 days
$0.95 $1.00 $1.05 $1.10 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.97 Current fiscal year, 60 days ago: $0.98 Current fiscal year, 30 days ago: $0.98 Current fiscal year, 7 days ago: $0.98 Current fiscal year, Now: $0.98 $0.98 Next fiscal year, 90 days ago: $1.06 Next fiscal year, 60 days ago: $1.06 Next fiscal year, 30 days ago: $1.06 Next fiscal year, 7 days ago: $1.06 Next fiscal year, Now: $1.06 $1.06

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.97$1.06
60 days ago $0.98$1.06
30 days ago $0.98$1.06
7 days ago $0.98$1.06
Now $0.98$1.06

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.09 $0.09 +3.3%
Mar 2026 $0.40 $0.39 −2.4%
Dec 2025 $0.36 $0.37 +2.7%
Sept 2025 $0.11 $0.09 −15.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • earnings per share 2026 $0.93 to $1.00 Maintained
    “MDU Resources is reaffirming guidance and expects earnings per share to be in the range of $0.93 to $1.00.” source
  • capital expenditures · Electric 2026 about $129m
    “Electric $ 129 $ 309 $ 250 $ 184 $ 210 $ 1,082” source
  • capital expenditures · Electric 2027 about $309m
    “Electric $ 129 $ 309 $ 250 $ 184 $ 210 $ 1,082” source
  • capital expenditures · Electric 2028 about $250m
    “Electric $ 129 $ 309 $ 250 $ 184 $ 210 $ 1,082” source
  • capital expenditures · Electric 2029 about $184m
    “Electric $ 129 $ 309 $ 250 $ 184 $ 210 $ 1,082” source
  • capital expenditures · Electric 2030 about $210m
    “Electric $ 129 $ 309 $ 250 $ 184 $ 210 $ 1,082” source
Show 19 more items
  • capital expenditures · Natural gas distribution 2026 about $340m
    “Natural gas distribution 340 295 240 254 223 1,352” source
  • capital expenditures · Natural gas distribution 2027 about $295m
    “Natural gas distribution 340 295 240 254 223 1,352” source
  • capital expenditures · Natural gas distribution 2028 about $240m
    “Natural gas distribution 340 295 240 254 223 1,352” source
  • capital expenditures · Natural gas distribution 2029 about $254m
    “Natural gas distribution 340 295 240 254 223 1,352” source
  • capital expenditures · Natural gas distribution 2030 about $223m
    “Natural gas distribution 340 295 240 254 223 1,352” source
  • capital expenditures · Pipeline 2026 about $60m
    “Pipeline 60 70 181 282 50 643” source
  • capital expenditures · Pipeline 2027 about $70m
    “Pipeline 60 70 181 282 50 643” source
  • capital expenditures · Pipeline 2028 about $181m
    “Pipeline 60 70 181 282 50 643” source
  • capital expenditures · Pipeline 2029 about $282m
    “Pipeline 60 70 181 282 50 643” source
  • capital expenditures · Pipeline 2030 about $50m
    “Pipeline 60 70 181 282 50 643” source
  • capital expenditures 2026 about $529m
    “Total capital expenditures 1 $ 529 $ 674 $ 671 $ 720 $ 483 $ 3,077” source
  • capital expenditures 2027 about $674m
    “Total capital expenditures 1 $ 529 $ 674 $ 671 $ 720 $ 483 $ 3,077” source
  • capital expenditures 2028 about $671m
    “Total capital expenditures 1 $ 529 $ 674 $ 671 $ 720 $ 483 $ 3,077” source
  • capital expenditures 2029 about $720m
    “Total capital expenditures 1 $ 529 $ 674 $ 671 $ 720 $ 483 $ 3,077” source
  • capital expenditures 2030 about $483m
    “Total capital expenditures 1 $ 529 $ 674 $ 671 $ 720 $ 483 $ 3,077” source
  • capital expenditures · Electric 2026-2030 about $1,082m
    “Electric $ 129 $ 309 $ 250 $ 184 $ 210 $ 1,082” source
  • capital expenditures · Natural gas distribution 2026-2030 about $1,352m
    “Natural gas distribution 340 295 240 254 223 1,352” source
  • capital expenditures · Pipeline 2026-2030 about $643m
    “Pipeline 60 70 181 282 50 643” source
  • capital expenditures 2026-2030 about $3,077m
    “Total capital expenditures 1 $ 529 $ 674 $ 671 $ 720 $ 483 $ 3,077” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows MDU Resources Group Inc's revenue by +9.1% next year and +3.6% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+12.6%, weight 67%) and the company's own record (+2.0%, weight 33%) . How the weights are set.

Analyst recommendations

9 analysts, Oct 2026
Buy667%
Hold333%
Sell00%

Monthly trend

  1. Oct 20261539
  2. Sep 20261539
  3. Aug 20261539
  4. Jul 2026549

Counts of recommendations published by analysts covering MDU Resources Group Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
11.3%
of tradable shares
Days to cover
9.49
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
95%
of shares
Held by insiders
0.4%
of shares
Employees
2,096
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +6.3%

$18.65 on October 31, 2025 to $19.82

ThenNowEffect
Revenue (last 12 months) $1.9bn $1.8bn −1.1%
Net margin 11.6% 10.7% −7.7%
P/E multiple 17.7x 20.9x +17.8%
Share count 205m 207m −1.2%

Biggest factor: p/e multiple.

Last 3 years +103.6%

$9.73 on November 3, 2023 to $19.82

ThenNowEffect
Revenue (last 12 months) $2.2bn $1.8bn −14.9%
Net margin 20.2% 10.7% −46.7%
P/E multiple 4.6x 20.9x +357.6%
Share count 204m 207m −1.8%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MDU+20%+2%−2%+68%+12%+4%
Industry peers (median)+10%+3%−3%+14%+14%+10%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MDU67%50%50%58%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MDU−20%−20%−19%−12%−16%−18%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 51% from February 20, 2020 to March 18, 2020. Getting back needed a 106% gain, reached on March 10, 2021, 357 days after the low.

Price behaviour

52-week range
$18.39 – $22.48
From 52-week high
−11.8%
vs 50-day average
+3.7%
vs 200-day average
−2.7%
Volatility (1 year)
20%
Beta vs S&P 500
0.16

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±3.7%
After a week
6 up, 6 down
typical move ±3.6%
After a month
5 up, 7 down
typical move ±5.2%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +2.6% +0.5% +1.3% −2.2%
May 7, 2026 +0.8% +0.5% +1.2% −5.5%
February 5, 2026 −3.3% +0.6% −1.0% +1.5%
November 6, 2025 +6.1% −1.0% +4.7% −1.7%
August 7, 2025 −5.6% +0.7% −4.9% −7.9%
May 8, 2025 −1.4% +0.6% −2.1% −4.4%
February 6, 2025 −7.9% −0.6% −6.1% −6.2%
November 7, 2024 +5.8% +1.2% +5.5% +12.6%
August 8, 2024 −3.8% +2.8% −4.4% −1.8%
May 2, 2024 +0.8% +2.2% +2.8% +0.4%
February 8, 2024 +3.6% +0.6% +6.1% +14.1%
November 2, 2023 +2.2% +2.8% −2.7% +3.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How MDU Resources Group Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

MDU Resources Group Inc in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) MDU Resources Group Inc
-$1B $0 $1B $2B $3B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.1B Revenue (TTM), FY23 Q4: $1.8B Revenue (TTM), FY24 Q1: $961.5M Revenue (TTM), FY24 Q2: $214.9M Revenue (TTM), FY24 Q3: -$496.2M Revenue (TTM), FY24 Q4: $1.8B Revenue (TTM), FY25 Q1: $1.8B Revenue (TTM), FY25 Q2: $1.9B Revenue (TTM), FY25 Q3: $1.9B Revenue (TTM), FY25 Q4: $1.9B Revenue (TTM), FY26 Q1: $1.8B Revenue (TTM), FY26 Q2: $1.8B $1.8B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.1B
FY23 Q4 $1.8B
FY24 Q1 $961.5M
FY24 Q2 $214.9M
FY24 Q3 -$496.2M
FY24 Q4 $1.8B
FY25 Q1 $1.8B
FY25 Q2 $1.9B
FY25 Q3 $1.9B
FY25 Q4 $1.9B
FY26 Q1 $1.8B
FY26 Q2 $1.8B
Revenue growth, TTM YoY MDU Resources Group Inc
-500% 0% 500% 1000% FY23 Q1 FY23 Q4 FY24 Q4 FY26 Q2 Revenue growth, TTM YoY, FY23 Q1: -43.2% Revenue growth, TTM YoY, FY23 Q2: -33.4% Revenue growth, TTM YoY, FY23 Q3: -18.7% Revenue growth, TTM YoY, FY23 Q4: -12.3% Revenue growth, TTM YoY, FY24 Q1: -53.6% Revenue growth, TTM YoY, FY24 Q2: -90.0% Revenue growth, TTM YoY, FY24 Q4: -2.5% Revenue growth, TTM YoY, FY25 Q1: 91.8% Revenue growth, TTM YoY, FY25 Q2: 761.6% Revenue growth, TTM YoY, FY25 Q4: 6.7% Revenue growth, TTM YoY, FY26 Q1: -2.1% Revenue growth, TTM YoY, FY26 Q2: -1.1% -1.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q1 -43.2%
FY23 Q2 -33.4%
FY23 Q3 -18.7%
FY23 Q4 -12.3%
FY24 Q1 -53.6%
FY24 Q2 -90.0%
FY24 Q4 -2.5%
FY25 Q1 91.8%
FY25 Q2 761.6%
FY25 Q4 6.7%
FY26 Q1 -2.1%
FY26 Q2 -1.1%
Operating margin (TTM) MDU Resources Group Inc
-50% 0% 50% 100% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 11.9% Operating margin (TTM), FY23 Q4: 12.5% Operating margin (TTM), FY24 Q1: 21.1% Operating margin (TTM), FY24 Q2: 74.8% Operating margin (TTM), FY24 Q3: -22.3% Operating margin (TTM), FY24 Q4: 15.1% Operating margin (TTM), FY25 Q1: 15.3% Operating margin (TTM), FY25 Q2: 14.7% Operating margin (TTM), FY25 Q3: 14.8% Operating margin (TTM), FY25 Q4: 15.5% Operating margin (TTM), FY26 Q1: 16.2% Operating margin (TTM), FY26 Q2: 17.0% 17.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 11.9%
FY23 Q4 12.5%
FY24 Q1 21.1%
FY24 Q2 74.8%
FY24 Q3 -22.3%
FY24 Q4 15.1%
FY25 Q1 15.3%
FY25 Q2 14.7%
FY25 Q3 14.8%
FY25 Q4 15.5%
FY26 Q1 16.2%
FY26 Q2 17.0%
FCF margin (TTM) MDU Resources Group Inc
-40% -20% 0% 20% 40% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -3.3% FCF margin (TTM), FY23 Q4: -8.4% FCF margin (TTM), FY24 Q1: 5.4% FCF margin (TTM), FY24 Q2: 38.2% FCF margin (TTM), FY24 Q3: -24.1% FCF margin (TTM), FY24 Q4: -1.2% FCF margin (TTM), FY25 Q1: 3.0% FCF margin (TTM), FY25 Q2: 3.6% FCF margin (TTM), FY25 Q3: -3.0% FCF margin (TTM), FY25 Q4: -15.8% FCF margin (TTM), FY26 Q1: -20.2% FCF margin (TTM), FY26 Q2: -21.1% -21.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -3.3%
FY23 Q4 -8.4%
FY24 Q1 5.4%
FY24 Q2 38.2%
FY24 Q3 -24.1%
FY24 Q4 -1.2%
FY25 Q1 3.0%
FY25 Q2 3.6%
FY25 Q3 -3.0%
FY25 Q4 -15.8%
FY26 Q1 -20.2%
FY26 Q2 -21.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar MDU Resources Group took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $1.9B
  2. Selling, general and admin $433M · 23.1%
  3. Other operating costs $1.2B · 61.4%
  4. Operating income $290M · 15.5%
  5. Income tax $19.6M · 1.0%
  6. Interest and other $80.4M · 4.3%
  7. Net income $190M · 10.2%

Shares of revenue. Source: MDU Resources Group's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 4,177 3,910 4,050 4,075 3,920 4,115 4,014 4,129 4,443 4,532 5,337 5,533 3,454 1,747 1,803 1,758 1,875 1,830
EBITDA 177 740 750 378 521 530 532 625 632 622 737 830 529 389 415 466 497 524
Operating income −153 411 406 19 321 327 320 409 424 402 481 545 331 201 225 266 290 311
Net income −123 241 213 −1 278 298 −623 64 281 272 335 390 378 367 415 281 190 197
Diluted EPS — $1.27 $1.12 −$0.01 $1.47 $1.55 −$3.20 $0.33 $1.43 $1.39 $1.69 $1.95 $1.87 $1.81 $2.03 $1.37 $0.93 $0.95
Growth (year on year)
Revenue −16.5% −6.4% +3.6% +0.6% −3.8% +5.0% −2.5% +2.9% +7.6% +2.0% +17.8% +3.7% −37.6% −49.4% +3.2% −2.5% +6.7% −1.1%
EBITDA −79.8% +316.8% +1.4% −49.5% +37.7% +1.8% +0.2% +17.6% +1.0% −1.5% +18.5% +12.6% −36.2% −26.4% +6.7% +12.1% +6.7% +10.0%
Operating income −129.9% — −1.1% −95.3% — +2.0% −2.3% +27.9% +3.7% −5.3% +19.8% +13.2% −39.2% −39.3% +12.0% +18.1% +9.3% +14.0%
Net income −142.0% — −11.5% −100.4% — +6.9% −309.4% — — −3.2% +23.2% +16.3% −3.1% −2.8% +12.8% −32.2% −32.3% −8.7%
Diluted EPS — — −11.8% −100.9% — +5.4% −306.5% — — −2.8% +21.6% +15.4% −4.1% −3.2% +12.2% −32.5% −32.1% −9.8%
Margins
EBITDA margin 4.2% 18.9% 18.5% 9.3% 13.3% 12.9% 13.2% 15.1% 14.2% 13.7% 13.8% 15.0% 15.3% 22.3% 23.0% 26.5% 26.5% 28.6%
Operating margin −3.7% 10.5% 10.0% 0.5% 8.2% 8.0% 8.0% 9.9% 9.5% 8.9% 9.0% 9.8% 9.6% 11.5% 12.5% 15.1% 15.5% 17.0%
Net margin −3.0% 6.2% 5.3% −0.0% 7.1% 7.2% −15.5% 1.5% 6.3% 6.0% 6.3% 7.1% 10.9% 21.0% 23.0% 16.0% 10.2% 10.7%
Free-cash-flow margin — 2.6% 3.2% −7.1% 5.7% 3.8% 3.1% 1.8% 2.4% −1.5% −0.6% 3.8% 0.3% 3.9% −8.4% −1.2% −15.8% −21.1%
Cash flow
Cash from operations 847 552 627 585 754 587 662 462 448 500 542 768 496 510 333 502 473 404
Capital spending — 449 497 873 531 429 537 388 341 568 576 558 485 443 484 523 770 790
Free cash flow — 102 130 −288 223 158 125 74 107 −68 −34 210 11 67 −152 −21 −297 −386
Stock-based pay 3 3 4 4 4 — — — — — 7 13 13 8 6 8 7 7
Free cash flow after stock pay — 99 126 −292 219 — — — — — −41 197 −2 60 −157 −29 −304 −393
Balance sheet
Cash 175 222 163 49 53 60 84 46 35 54 66 60 54 70 60 67 28 46
Total debt 1,510 1,527 1,425 1,773 1,866 2,094 1,842 1,790 1,715 2,109 2,243 2,263 2,742 2,404 2,261 2,293 2,677 2,577
Net debt (negative = net cash) 1,334 1,305 1,262 1,724 1,813 2,033 1,758 1,744 1,680 2,055 2,177 2,204 2,688 2,334 2,201 2,226 2,649 2,531
Diluted shares 185m 188m 189m 189m 190m 193m 195m 196m 196m 196m 199m 201m 202m 203m 204m 205m 205m 207m
Returned to shareholders
Dividends 115 119 123 160 98 137 143 147 151 155 160 166 171 177 161 103 108 112
Buybacks — — — — — — 0 0 2 5 0 0 7 7 5 0 0 —
Total returned 115 119 123 160 98 137 143 147 152 160 160 166 178 184 166 103 108 112

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

0 of 6 checks passed · June 30, 2026
What it owns · $7.7bn
Short-term assets $496mLonger-term assets $7.2bn
What it owes, and who funded it · $3.4bn
Short-term liabilities $500mShareholders' equity $2.9bn
  • Short-term assets cover short-term liabilities $496m of assets due within a year against $500m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $46m of cash against $2.6bn of debt.
  • Debt below 40% of shareholders' equity Debt is 88% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 77% to 88% over five years.
  • A year's operating cash flow covers at least 20% of debt $404m of operating cash flow against $2.6bn of debt.
  • Operating profit covers interest at least five times over Operating income of $311m against $120m of interest.

From MDU Resources Group Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$112M
Buybacks, last 3 fiscal years
$4.8M
Diluted share count
+1.2%
year over year
Total shareholder yield
2.7%
dividends 2.7% + buybacks 0.0% of market value
Dividend payout ratio
57%
of net income paid out
Sales & admin spending
23.9%
of revenue

Competitors: side by side with peers

Closest by revenue in multi-utilities
Last 12 months unless stated MDU AVA NWE BKH UTL PNW Median
Revenue, last 12 months $1.8bn $1.9bn $1.7bn $2.3bn $608m $5.6bn $9.0bn
Revenue growth, last 12 months −1.1% −1.8% 10.7% 2.5% 21.1% 5.7% 7.8%
Revenue growth, 3-year average −5.2% 3.6% 4.0% −3.8% 1.1% 6.9% 2.3%
Revenue growth, latest quarter 6.9% 0.5% 14.6% 3.1% 11.4% 7.1% 6.6%
Operating margin 17.0% 18.8% 18.8% 23.9% 18.6% 20.5% 20.4%
Operating margin, 3-year average 35.5% 17.1% 21.1% 23.6% 18.5% 19.8% 20.4%
Net margin 10.7% 11.8% 10.1% 13.0% 9.1% 11.5% 11.8%
Cash from operations / revenue 22.1% 28.5% 24.6% 27.3% 26.7% 31.9% 28.8%
Free-cash-flow margin −21.1% −5.4% −11.4% −13.3% −6.6% −15.8% −13.3%
Free-cash-flow margin, 3-year average 6.9% −3.8% −9.6% −3.3% −7.6% −14.9% −7.6%
Stock pay / revenue 0.4% 0.6% 0.4% 0.5% — 0.5% 0.5%
Change in share count 1.2% 2.8% 0.3% 4.8% 9.5% 3.9% 2.2%

Median of all 17 companies we cover in multi-utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

17 multi-utilities companies
Measure Company Peer median Rank
Revenue growth Growth -1.1% 7.8% 16 of 17
Change in growth rate Growth +0.9pp -0.2pp 3 of 17
Operating margin Profitability 17.0% 20.5% 14 of 16
Net margin Profitability 10.7% 11.8% 13 of 17
Free-cash-flow margin Cash generation -21.1% -13.3% 13 of 17
Stock pay as % of revenue Cash generation 0.4% 0.5% 3 of 8
Long-term debt as % of assets Balance sheet 33.4% 39.5% 4 of 16
Change in share count Balance sheet 1.2% 2.2% 3 of 17

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue YoY
Natural Gas Transportation $259M ▲ 9.9%
Other Revenues $152M ▲ 34.1%
Natural Gas Storage $23.3M ▼ 1.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From MDU Resources Group Inc's 10-K filed February 20, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$4.1B
Institutions reporting
435
Shares held vs prior quarter
▲ 1.3%
Positions opened / closed
59 / 47

Top buyers and sellers, Q2 2026: 216 institutions bought and 171 sold ; the biggest buyer was Blackrock, Inc (+1.6M shares) and the biggest seller Vaughan Nelson Investment Management, L.P (−2.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $580M 27.4M 14.1% ▲ 6.4%
Barrow Hanley Mewhinney & Strauss LLC $277M 13.1M 6.7% ▼ 5.1%
Vanguard Portfolio Management LLC $269M 12.7M 6.5% ▲ 1.3%
Dimensional Fund Advisors LP $221M 10.4M 5.4% ▲ 1.5%
Earnest Partners LLC $206M 9.7M 5.0% ▼ 1.6%
Vanguard Capital Management LLC $200M 9.4M 4.8% ▲ 2.9%
State Street Corp $157M 7.4M 3.8% ▲ 5.5%
Bank Of America Corp $129M 6.1M 3.1% ▼ 1.8%
Sei Investments Co $111M 5.2M 2.7% ▼ 0.6%
Morgan Stanley $86.7M 4.1M 2.1% ▼ 3.2%
Geode Capital Management, LLC $75.4M 3.6M 1.8% ▲ 1.8%
River Road Asset Management, LLC $72.2M 3.4M 1.8% ▼ 16.5%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not MDU Resources Group Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $104,250 1 trade by 1 insider, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $104,250 net buying
Insider Date Trade Shares Price Value
Kelley Charles M Director February 13, 2026 Buy 5,000 $20.85 $104,250

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 5, 2026
  • November 6, 2025
  • August 7, 2025
  • May 8, 2025

Recent SEC filings

Data status

When each part of this page on MDU Resources Group Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

MDU Resources Group Inc in brief

What does MDU Resources Group Inc do?
MDU Resources Group Inc is a US-listed company in the multi-utilities industry. Its financial year ends in December.
What is MDU Resources Group Inc's stock ticker?
MDU Resources Group Inc trades under the ticker MDU on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is MDU Resources Group Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, MDU Resources Group Inc reported revenue of $1.8B, 1.1% lower than a year earlier, according to its SEC filings.
What is MDU Resources Group Inc's free cash flow?
MDU Resources Group Inc's free-cash-flow margin is -21.1% of revenue over the trailing twelve months, ranking 13 of the 17 multi-utilities companies we cover.
Who are MDU Resources Group Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Barrow Hanley Mewhinney & Strauss LLC and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is MDU Resources Group Inc's market cap?
On November 2, 2026, MDU Resources Group Inc's market capitalisation was about $4.1B, with a price-to-earnings ratio of 20.9 and net debt of $2.5B. Market figures come from third-party market data and may be delayed.
Does MDU Resources Group Inc pay a dividend?
Yes: MDU Resources Group Inc paid $112M in dividends over the trailing twelve months, a dividend yield of 2.68% and a payout ratio of 57.2%.
How much debt does MDU Resources Group Inc have?
MDU Resources Group Inc's debt-to-equity ratio is 88.1%, from its latest balance sheet (76.7% five years earlier). The financial health section below sets out its other solvency checks.
Who are MDU Resources Group Inc's competitors?
In our Multi-Utilities peer group, the companies closest to MDU Resources Group Inc are Avista Corp, Northwestern Energy Group, Inc., Black Hills Corp, Unitil Corp and Pinnacle West Capital. The side-by-side comparison below sets their revenue, margins and growth against MDU Resources Group Inc's.
Are insiders buying or selling MDU Resources Group Inc stock?
Over the last 12 months, MDU Resources Group Inc's directors and officers reported 1 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
When is MDU Resources Group Inc's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — MDU Resources Group Inc announces its own schedule.