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MDU

MDU Resources Group, Inc.

MDU

MDU Resources Group, Inc. • NYSE
$21.32 ▲ 0.76% (+0.16)
Market Cap $4.36 B
52w High $21.49
52w Low $15.04
Dividend Yield 0.53%
P/E 23.69
Volume 1.08M
Outstanding Shares 204.33M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $315.1M ▼ $73.8M ▼ $18.4M ▲ 5.839% ▲ $0.09 ▲ $99.186M ▲
Q2-2025 $351.186M ▼ $77.019M ▼ $13.78M ▼ 3.924% ▼ $0.067 ▼ $92.13M ▼
Q1-2025 $674.833M ▲ $90.018M ▲ $81.965M ▲ 12.146% ▲ $0.4 ▲ $169.121M ▲
Q4-2024 $535.538M ▲ $79.271M ▲ $55.159M ▼ 10.3% ▼ $0.26 ▼ $155.477M ▲
Q3-2024 $289.694M $67.684M $64.615M 22.305% $0.32 $93.651M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $75.853M ▲ $7.186B ▲ $4.463B ▲ $2.723B ▼
Q2-2025 $58.801M ▼ $6.946B ▼ $4.214B ▼ $2.732B ▼
Q1-2025 $59.541M ▲ $6.961B ▼ $4.218B ▼ $2.743B ▲
Q4-2024 $50.204M ▼ $7.039B ▼ $4.348B ▼ $2.691B ▼
Q3-2024 $104.016M $8.173B $5.115B $3.058B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $18.35M ▲ $57.909M ▼ $-185.328M ▼ $144.471M ▲ $17.052M ▲ $-121.913M ▼
Q2-2025 $14.177M ▼ $117.412M ▼ $-79.678M ▲ $-38.474M ▲ $-740K ▲ $36.464M ▼
Q1-2025 $81.965M ▲ $217.472M ▲ $-94.739M ▲ $-130.096M ▼ $-7.363M ▲ $124.438M ▲
Q4-2024 $70.5M ▼ $60.532M ▼ $-160.275M ▼ $62.631M ▲ $-37.112M ▼ $-61.303M ▼
Q3-2024 $128.654M $140.217M $-156.446M $25.807M $9.578M $-33.833M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Natural Gas Transportation
Natural Gas Transportation
 $120.00M ▲$70.00M ▼$60.00M ▼$60.00M ▲
Natural Gas Storage
Natural Gas Storage
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Other Revenues
Other Revenues
 $60.00M ▲$40.00M ▼$30.00M ▼$30.00M ▲

Five-Year Company Overview

Income Statement

Income Statement MDU’s income statement shows a company that has reshaped itself rather than one that has simply shrunk. Revenue has stepped down as it spun off non-utility businesses and moved toward being a focused regulated energy delivery company. Despite that smaller top line, profits have held up reasonably well, which suggests the remaining utility core is steadier and likely higher quality. Earnings per share have eased back from earlier peaks, but not in a dramatic way, and profitability looks consistent with a typical, mature utility: more about stability than fast growth. The main watchpoints are whether the company can keep improving efficiency and securing rate approvals to translate its large investment plans into steady earnings over time.

Balance Sheet

Balance Sheet The balance sheet looks fairly solid for a utility. Total assets have come down as MDU has simplified its business, but so has debt, and equity still comfortably exceeds borrowings. Cash on hand is low in absolute terms, which is normal for a regulated utility that relies more on long-term financing and predictable cash inflows than on large cash piles. Leverage appears moderate and has been drifting in a healthier direction, which gives MDU some room to fund its big capital program, though it will remain sensitive to interest rates and credit market conditions.

Cash Flow

Cash Flow MDU generates steady cash flow from operations, which is what you want to see from a regulated energy provider. However, free cash flow is often negative because the company is spending heavily on capital projects like grid upgrades, gas system replacement, and new transmission. This pattern is typical in the utility space: strong recurring cash in, but even larger planned cash out for investment, funded through a mix of debt and equity. The key question is whether regulators continue to allow timely recovery of these investments in customer rates so that today’s heavy spending translates into tomorrow’s stable cash flows.

Competitive Edge

Competitive Edge MDU’s competitive position rests on its role as a regulated utility with defined service territories, not on outcompeting rivals in an open market. It provides essential electric and natural gas service to a captive customer base across several states, with high barriers to entry due to regulation, infrastructure needs, and long permitting timelines. The recent spin-offs sharpened its focus on this regulated core, which generally supports more predictable returns but also ties performance closely to regulatory decisions. Geographic diversification across multiple states helps reduce the impact of local economic or weather swings, while gradual customer growth provides a slow but steady tailwind. The main structural risks are regulatory pushback, political pressure on rates, and exposure to extreme weather and infrastructure reliability demands.

Innovation and R&D

Innovation and R&D MDU is not an innovation leader in a Silicon Valley sense, but it is actively modernizing its network. Its “innovation” is mostly about doing utility work smarter and more efficiently: upgrading substations, strengthening transmission lines, replacing older gas infrastructure, and using advanced mapping and data tools to manage its systems. It is also selectively integrating renewables and renewable natural gas into its mix, and paying attention to cybersecurity through a dedicated oversight committee. These efforts support reliability, safety, and regulatory relationships more than they create disruptive new products. Execution quality on these projects—on time, on budget, and well coordinated with regulators—will largely determine how much value they add.

Summary

Overall, MDU looks like a utility in transition that has largely completed its shift toward being a focused, regulated energy delivery company. The income statement shows a smaller but cleaner business, the balance sheet appears reasonable, and cash flows are typical for a capital-intensive utility heavily reinvesting in its network. Its moat is grounded in regulation, essential services, and infrastructure barriers, not in rapid innovation, though it is investing meaningfully in modernization and technology to run its systems better. The big opportunities lie in turning its large capital program and modest customer growth into steady, long-term earnings and dividend support. The main uncertainties revolve around regulatory outcomes, cost control on major projects, funding that investment at acceptable terms, and adapting to ongoing changes in the energy landscape, including renewables and distributed resources.

NEWS

November 20, 2025 · 4:30 PM UTC

MDU Resources Group Announces Increased Capital Investment Plan for 2026-2030

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November 14, 2025 · 8:00 AM UTC

RUCKUS Networks Unveils AI and Wi-Fi 7 Innovations to Elevate Resident Experience and help Optimize Costs for MDU Stakeholders

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November 13, 2025 · 4:30 PM UTC

MDU Resources Announces Quarterly Dividend on Common Stock

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November 11, 2025 · 2:17 PM UTC

MDU Resources Joins North Plains Connector Utility Consortium

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November 6, 2025 · 8:30 AM UTC

MDU Resources Announces Third Quarter 2025 Results; Narrows Guidance

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