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MDU Resources Group Inc. (MDU)

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MDU Resources Group Inc. (MDU) reported revenue of $375 million for Q2 FY2026, the quarter ended 30 June 2026, up 6.9% on the same quarter a year earlier. Net income was $21 million, up 54.1% on the year, and diluted earnings per share $0.10. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue$375 millionup 6.9%
Net income$21 millionup 54.1%
Diluted EPS$0.10
QuarterQ2 FY2026ended 30 June 2026

MDU Resources Group (MDU) in brief

MDU Resources Group (MDU) reported revenue of $1.9 billion for fiscal 2025, the year ended 31 December 2025, up 6.7% on the year before.
Read moreNet income was $190 million and diluted earnings per share $0.93. Revenue was $1.8 billion in fiscal 2024, $1.8 billion in fiscal 2023, $1.7 billion in fiscal 2022 and $3.5 billion in fiscal 2021. Net income in the same years was $281 million, $415 million, $367 million and $378 million. Over the twelve months to 30 June 2026, MDU Resources Group reported revenue of $1.8 billion and net income of $197 million. Revenue fell 19.5% a year, compounded, over the five years to fiscal 2025. MDU Resources Group declared $0.54 a share in dividends over the last four quarters and had 210 million shares outstanding at the latest filed count. At the close of 9 October 2026 the market cap of MDU Resources Group was $3.9 billion, 19.7 times its earnings over the last twelve months.

Ratios

From the filings

ROE6.7%
ROCE5.6%
Operating margin17.0%
Net margin10.7%
FCF margin-21.1%
Interest cover2.60
Debt to equity0.88
Cash conversion2.05
Share count, 1 year2.9%
Sales CAGR, 3 years2.4%
Profit CAGR, 3 years-19.7%
EPS, TTM$0.95

At the close of 9 October 2026

Price$18.73
Market cap$3.9 billion
Stock P/E19.72
Price to book1.35
EV / EBITDA12.35
Dividend yield2.9%
Market cap / sales2.15
52-week high$22.80
52-week low$18.39
Price, 1 year0.1%
Price CAGR, 3 years42.7%
Price CAGR, 5 years0.8%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as MDU Resources Group Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
MDUgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on MDU

Filings20 in twelve months: 10 current reports (8-K), about 5 regulation FD disclosure; 4 results of operations; 4 material agreement; 2 other events; 1 officer or director change
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.03 by open interest at the 9 October 2026 close; the straddle prices a 10.8% move to 16 October 2026
13F holders8 of the followed funds hold it; largest Geode Capital Management; 9 Schedule 13D or 13G filings in twelve months
Insider trading0 sales and 1 purchase on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest18.8 million shares short, 8.09 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024 †Q2 FY2024 †Q3 FY2024 †Q4 FY2024 * †Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,001828588344290536675351315534606375
SG&A739358108100.0101106111113102107115114
Operating income84.618596.739.634.894.611330.339.810711647.9
Operating margin8%22%16%11%12%18%17%9%13%20%19%13%
Interest expense32.1n/a28.728.629.521.626.825.426.429.132.731.5
Pre-tax income91.519582.123.416.576.791.014.820.784.485.622.6
Tax rate15%-11%9%14%5%8%9%4%11%9%5%15%
Net income74.917110160.464.655.282.013.818.376.380.821.2
Net margin7%21%17%18%22%10%12%4%6%14%13%6%
Diluted EPS$0.37$0.83$0.49$0.30$0.32$0.26$0.40$0.07$0.09$0.37$0.39$0.10
Operating cash flow10215816513614060.521711757.980.6149116
Capital expenditure13814911711715812293.080.918041792.4101
Free cash flow-36.68.648.119.2-17.3-61.312436.5-122-33656.815.0
Buybacks0.00.00.00.00.00.0n/an/an/an/an/an/a
Dividends paid45.325.525.925.525.526.026.526.626.628.628.628.7
Shares outstanding204m204m204m204m204m204m204m204m204m204m209m210m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015 †FY2016FY2017 †FY2018FY2019FY2020FY2021 †FY2022 †FY2023 †FY2024FY2025TTM
Revenue4,1154,0144,1294,4434,5325,3375,5333,4541,7471,8031,7581,8751,830
Selling, general and administrativen/an/a2,8943,1353,2563,8954,0282,210380407414433438
Operating income327320409424402481545331201225266290311
Operating margin8.0%8.0%9.9%9.5%8.9%9.0%9.8%9.6%11.5%12.5%15.1%15.5%17.0%
Interest expense87.091.287.882.884.698.696.570.780.7114108108120
Pre-tax income249247326350317398475286123340199211213
Income tax64.470.793.165.047.563.384.643.56.210.217.619.618.4
Effective tax rate25.8%28.6%28.5%18.6%15.0%15.9%17.8%15.2%5.0%3.0%8.9%9.3%8.6%
Net income298-62363.7281272335390378367415281190197
Net margin7.2%-15.5%1.5%6.3%6.0%6.3%7.1%10.9%21.0%23.0%16.0%10.2%10.7%
Diluted EPS$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
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Natural gas distribution1,2871,2011,28368.4%
Electric40141443823.3%
Pipeline1151431548.2%
Other0.00.00.00.0%
Natural gas distributionElectricPipelineOther
1,803FY20231,758FY20241,875FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014 †FY2015 †FY2016FY2017 †FY2018FY2019FY2020FY2021 †FY2022 †FY2023 †FY2024FY2025TTM
Operating cash flow587662462448500542768496510333502473404
Capital expenditure429537388341568576558485443484523770790
Free cash flow15812574.0107-68.3-33.821010.667.5-152-20.5-297-386
Free cash flow margin3.8%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 from investing-904-382-305-214-711-604-630-886-639-541-553-781-803
Cash from financing325-256-195-24523074.1-14538515520540.3269386
Depreciation and amortisation203212216207220256285198189190200207213
Share-based compensationn/an/an/an/an/a7.413.112.97.95.58.46.67.1
Buybacksn/a0.00.01.75.00.00.06.77.44.80.00.0n/a
Dividends paid137143147151155160166171177161103108112
Dividend per share$0.71$0.73$0.76$0.78$0.80$0.81$0.83$0.85$0.88$0.69$0.51$0.54n/a
Diluted shares, weighted193m195m196m196m196m199m201m202m203m204m205m205m212m
Shares outstanding at period endn/an/an/an/an/an/an/an/an/an/an/an/a210m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015 †FY2016FY2017 †FY2018FY2019FY2020FY2021 †FY2022 †FY2023 †FY2024FY2025TTM
Funded by
Shareholders' equity3,1342,3972,3162,4292,5672,8473,0793,3833,5872,9052,6912,7732,927
Non-controlling interest1161240.0n/an/an/an/an/an/an/an/an/an/a
Short-term borrowings0.045.5n/an/a0.00.050.00.038.595.00.0n/an/a
Debt1,8251,7961,7901,7152,1092,2432,2132,7422,3662,1662,2932,6772,577
Operating lease liabilitiesn/an/an/an/a0.083.786.989.352.951.6n/an/an/a
Other liabilities2,7352,2032,1782,1912,3132,5092,6242,6963,6172,6152,0562,1722,208
Total liabilities and equity7,8106,5656,2846,3356,9887,6838,0538,9109,6617,8337,0397,6227,712
Owned
Fixed assets3,5203,8983,9314,0794,5794,9175,1674,5064,7765,0055,3445,9606,057
Goodwill635635632632665681715765489346346346346
Intangible assets9.87.35.93.810.815.225.522.64.12.0n/an/an/a
Investments118120126138139149165175129112115121123
Cash and equivalents60.583.946.134.653.966.559.554.270.460.566.928.246.3
Receivables5995826307277238378749471,064250274259152
Inventory28924123822728727829133664.244.744.939.119.3
Other assets2,5789986754945317397562,1043,0642,013847869969
Total assets7,8106,5656,2846,3356,9887,6838,0538,9109,6617,8337,0397,6227,712
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded-7.3%-19.5%2.4%-1.1%
Profit growth, compoundedn/a-13.4%-19.7%-8.7%
Return on equity, average10.2%10.6%10.5%6.9%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was MDU Resources Group's revenue in fiscal 2025?

MDU Resources Group (MDU) reported revenue of $1.9 billion for fiscal 2025, the year ended 31 December 2025, up 6.7% on the year before.

How much did MDU Resources Group earn in fiscal 2025?

Net income was $190 million for fiscal 2025, and diluted earnings per share $0.93.

What is MDU Resources Group's P/E ratio?

At the close of 9 October 2026, MDU Resources Group traded at 19.7 times its earnings over the twelve months to 30 June 2026.

What is MDU Resources Group's market cap?

The market cap of MDU Resources Group was $3.9 billion at the close of 9 October 2026.

Does MDU Resources Group pay a dividend?

Yes. MDU Resources Group declared $0.54 a share in dividends over the four quarters to 30 June 2026.

Peers: Utilities

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Atmos Energy Corp. ATO$27.3 billion19.299.2%37.0%6.5%0.642.2%
National Fuel GAS Co. NFG$7.5 billion10.9317.2%40.3%15.1%0.912.7%
NEW Jersey Resources Corp. NJR$5.2 billion14.1413.9%24.8%6.4%1.213.6%
Spire Inc. SR$4.6 billion8.7415.3%19.7%4.1%1.614.0%
NorthWestern Energy Group, Inc. NWE$4.6 billion26.775.9%18.8%10.7%1.193.6%
One Gas, Inc. OGS$4.6 billion15.638.1%20.6%-0.8%0.743.7%
Kinetik Holdings Inc. KNTK$4.1 billion19.37n/a10.5%14.1%n/a2.8%
MDU Resources Group Inc. MDU$3.9 billion19.726.7%17.0%-1.1%0.882.9%
Otter Tail Corp. OTTR$3.7 billion18.8510.4%17.2%-0.2%0.602.4%
American States Water Co. AWR$3.3 billion22.5412.8%31.8%13.2%0.642.4%
Chesapeake Utilities Corp. CPK$3.1 billion20.399.0%27.3%14.6%0.902.1%
Northwest Natural Holding Co. NWN$2.0 billion15.908.1%22.8%4.4%1.604.1%
All 69 in Utilities
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
NextEra Energy Inc. NEE$161.4 billion17.3916.3%29.8%10.8%1.732.9%
Constellation Energy Corp. CEG$105.8 billion29.0610.8%14.7%26.0%0.600.1%
Southern Co. SO$97.1 billion20.7611.0%24.2%6.4%1.623.4%
Duke Energy Corp. DUK$91.0 billion17.549.6%27.8%6.3%1.503.6%
Williams Companies, Inc. WMB$88.9 billion28.9523.3%38.2%8.7%2.132.8%
National Grid plc NGG *$79.5 billion17.738.2%30.7%-3.8%1.192.7%
Kinder Morgan, Inc. KMI$72.3 billion20.8211.0%29.0%12.5%0.943.6%
American Electric Power Co. Inc. AEP$66.8 billion21.299.8%23.0%10.3%1.583.0%
TC Energy Corporation TRP *$62.5 billion26.1712.9%52.7%10.7%2.204.0%
Targa Resources Corp. TRGP$61.5 billion27.4062.0%22.9%-2.0%5.351.3%
ONEOK Inc. OKE$56.6 billion15.4815.9%15.5%40.8%1.374.7%
Vistra Corp. VST$54.3 billion27.2440.5%18.5%3.8%3.570.6%
Dominion Energy, Inc. D$54.2 billion21.488.8%21.1%19.0%1.624.3%
Sempra SRE$53.2 billion23.587.0%n/a1.6%0.953.2%
Entergy Corp. ETR$47.1 billion26.369.9%22.9%9.5%1.812.4%
Xcel Energy Inc. XEL$46.1 billion20.219.3%19.1%4.7%1.543.1%
Exelon Corp. EXC$43.1 billion15.269.4%20.8%6.6%1.693.8%
Consolidated Edison Inc. ED$39.1 billion17.458.6%18.0%9.5%1.083.1%
Public Service Enterprise Group Inc. PEG$36.0 billion17.9811.6%23.1%12.7%1.363.5%
WEC Energy Group, Inc. WEC$33.8 billion20.1111.6%22.8%8.9%1.323.4%
Pg&E Corp. PCG$28.9 billion9.519.0%20.0%5.7%1.82n/a
Ameren Corp. AEE$28.3 billion17.9911.4%24.9%3.8%1.392.8%
Atmos Energy Corp. ATO$27.3 billion19.299.2%37.0%6.5%0.642.2%
DTE Energy Co. DTE$26.4 billion20.0410.8%13.3%15.9%2.133.5%
Firstenergy Corp. FE$26.0 billion23.948.4%14.6%12.6%2.104.0%
PPL Corp. PPL$25.8 billion20.268.4%24.1%6.7%1.323.2%
American Water Works Company, Inc. AWK$25.6 billion22.349.7%36.9%6.9%1.202.6%
Centerpoint Energy Inc. CNP$25.4 billion22.719.5%23.2%7.1%1.952.3%
Eversource Energy ES$24.8 billion17.038.9%21.5%7.8%1.634.6%
NRG Energy, Inc. NRG$22.7 billion28.0517.5%6.1%12.8%4.821.6%
Edison International EIX$21.3 billion5.7121.4%32.7%10.7%2.336.1%
CMS Energy Corp. CMS$20.5 billion19.6710.5%18.9%9.9%1.863.3%
Nisource Inc. NI$19.5 billion21.699.5%27.0%12.3%1.632.7%
Evergy, Inc. EVRG$18.7 billion20.609.1%26.2%3.6%1.203.3%
Talen Energy Corp. TLN$18.1 billionn/a-11.4%2.6%60.8%5.92n/a
Alliant Energy Corp. LNT$17.1 billion20.8410.9%22.1%6.8%1.413.1%
DT Midstream, Inc. DTM$12.7 billion27.219.8%49.6%18.1%0.702.7%
Pinnacle West Capital Corp. PNW$12.0 billion18.959.1%20.5%5.7%1.393.6%
Essential Utilities, Inc. WTRG$11.1 billion19.897.9%35.1%9.9%1.204.8%
Antero Midstream Corp. AM$10.0 billion25.1020.5%52.8%6.9%1.83n/a
OGE Energy Corp. OGE$9.6 billion20.409.4%24.2%0.6%1.123.6%
UGI Corp. UGI$8.0 billion12.4112.9%16.2%-0.5%1.284.0%
National Fuel GAS Co. NFG$7.5 billion10.9317.2%40.3%15.1%0.912.7%
Idacorp Inc. IDA$7.4 billion22.429.0%22.8%-0.4%0.972.6%
Txnm Energy Inc. TXNM$6.5 billion32.675.5%22.2%10.0%1.462.8%
Clearway Energy, Inc. CWEN$6.2 billion39.221.7%13.4%9.9%1.551.0%
Southwest Gas Holdings, Inc. SWX$6.1 billionn/an/an/an/a0.832.9%
Black Hills Corp. BKH$5.8 billion19.217.6%23.9%2.5%1.013.6%
Ormat Technologies, Inc. ORA$5.5 billion43.754.9%16.6%31.1%0.600.5%
Kodiak Gas Services, Inc. KGS$5.4 billion63.583.7%27.4%8.2%1.263.6%
Archrock, Inc. AROC$5.3 billion16.2921.2%n/a11.5%1.512.8%
Portland General Electric Co. POR$5.3 billion19.986.2%14.1%1.3%1.204.6%
NEW Jersey Resources Corp. NJR$5.2 billion14.1413.9%24.8%6.4%1.213.6%
Spire Inc. SR$4.6 billion8.7415.3%19.7%4.1%1.614.0%
NorthWestern Energy Group, Inc. NWE$4.6 billion26.775.9%18.8%10.7%1.193.6%
One Gas, Inc. OGS$4.6 billion15.638.1%20.6%-0.8%0.743.7%
Kinetik Holdings Inc. KNTK$4.1 billion19.37n/a10.5%14.1%n/a2.8%
MDU Resources Group Inc. MDU$3.9 billion19.726.7%17.0%-1.1%0.882.9%
Otter Tail Corp. OTTR$3.7 billion18.8510.4%17.2%-0.2%0.602.4%
American States Water Co. AWR$3.3 billion22.5412.8%31.8%13.2%0.642.4%
Chesapeake Utilities Corp. CPK$3.1 billion20.399.0%27.3%14.6%0.902.1%
Avista Corp. AVA$3.0 billion12.818.0%18.8%-1.8%1.165.5%
California Water Service Group CWT$2.8 billion20.697.4%18.5%3.9%0.812.7%
MGE Energy Inc. MGEE$2.7 billion17.2510.4%22.0%7.1%0.612.6%
H2O America HTO$2.4 billion20.665.8%21.5%5.0%1.022.9%
Northwest Natural Holding Co. NWN$2.0 billion15.908.1%22.8%4.4%1.604.1%
Hawaiian Electric Industries Inc. HE$1.5 billion6.7412.9%11.5%5.1%1.2912.3%
Middlesex Water Co. MSEX$1.0 billion20.639.2%29.2%5.3%0.762.6%
Unitil Corp. UTL$953 million16.658.8%18.9%20.8%1.123.4%
6 companies share its SEC industry code (Natural Gas Distribution); the rest are the names nearest in size in its wider industry, Utilities, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20266 August 2026EDGAR
10-Q31 March 20267 May 2026EDGAR
10-K31 December 202520 February 2026EDGAR
10-Q30 September 202510 November 2025EDGAR
10-Q30 June 20257 August 2025EDGAR
10-Q31 March 20258 May 2025EDGAR
10-K31 December 202420 February 2025EDGAR
10-Q30 September 20247 November 2024EDGAR
10-Q30 June 20248 August 2024EDGAR
10-Q31 March 20242 May 2024EDGAR

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