MDU Resources Group (MDU) Financials

$17.60 +0.20 (+1.12%)

As of 03:00 PM Eastern

Annual Income Statements for MDU Resources Group

This table shows MDU Resources Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-623	64	280	272	335	390	378	367	415	281
Consolidated Net Income / (Loss)	-658	-67	281	272	335	390	378	367	415	281
Net Income / (Loss) Continuing Operations	176	233	285	269	335	391	243	117	330	181
Total Pre-Tax Income	247	326	350	317	398	475	286	123	340	199
Total Operating Income	320	409	424	402	481	545	331	201	225	266
Total Gross Profit	3,478	3,671	3,934	4,047	4,829	5,076	2,897	870	926	986
Total Revenue	4,014	4,129	4,443	4,532	5,337	5,533	3,454	1,747	1,803	1,758
Operating Revenue	4,014	4,129	4,443	4,532	5,337	5,533	3,454	1,747	1,803	1,758
Total Cost of Revenue	536	458	510	485	508	457	557	877	878	772
Operating Cost of Revenue	536	458	510	485	508	457	557	877	878	772
Total Operating Expenses	3,158	3,262	3,510	3,645	4,347	4,531	2,566	669	701	721
Selling, General & Admin Expense	2,805	2,894	3,135	3,256	3,895	4,028	2,210	380	407	414
Depreciation Expense	212	216	207	220	256	285	198	189	190	200
Other Operating Expenses / (Income)	141	152	167	169	196	217	158	101	103	106
Total Other Income / (Expense), net	-73	-83	-74	-85	-83	-70	-45	-77	115	-67
Interest Expense	91	88	83	85	99	97	71	81	105	108
Other Income / (Expense), net	18	5.17	8.77	-0.24	16	27	26	3.26	220	41
Income Tax Expense	71	93	65	47	63	85	44	6.20	10	18
Net Income / (Loss) Discontinued Operations	-834	-300	-3.78	2.93	0.29	-0.32	136	250	85	100
Basic Earnings per Share	($3.20)	$0.33	$1.44	$1.39	$1.69	$1.95	$1.87	$1.81	$2.04	$1.38
Weighted Average Basic Shares Outstanding	194.93M	195.30M	195.30M	195.72M	198.61M	200.50M	202.08M	203.36M	203.64M	203.87M
Diluted Earnings per Share	($3.20)	$0.33	$1.43	$1.39	$1.69	$1.95	$1.87	$1.81	$2.03	$1.37
Weighted Average Diluted Shares Outstanding	194.99M	195.62M	195.69M	196.15M	198.63M	200.57M	202.38M	203.46M	203.94M	204.65M
Weighted Average Basic & Diluted Shares Outstanding	194.70M	193.20M	194.70M	195.90M	200.39M	200.52M	203.35M	203.62M	203.69M	204.33M
Cash Dividends to Common per Share	$0.74	$0.76	$0.78	$0.80	$0.82	$0.84	$0.86	$0.88	$0.70	$0.51

This table shows MDU Resources Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	148	117	38	131	75	171	101	60	65	55
Consolidated Net Income / (Loss)	148	117	38	131	75	171	101	60	65	55
Net Income / (Loss) Continuing Operations	42	7.39	84	148	156	-58	101	61	124	-105
Total Pre-Tax Income	47	-3.93	105	206	92	-62	121	76	75	-73
Total Operating Income	61	10	119	82	85	-60	136	90	91	-51
Total Gross Profit	921	-2,046	1,035	955	916	-1,980	923	923	972	-1,831
Total Revenue	1,002	-1,681	1,430	1,091	1,001	-1,719	1,214	1,048	1,051	-1,554
Operating Revenue	1,002	-1,681	1,430	1,091	1,001	-1,719	1,214	1,048	1,051	-1,554
Total Cost of Revenue	82	364	395	136	85	261	291	124	79	277
Operating Cost of Revenue	82	364	395	136	85	261	291	124	79	277
Total Operating Expenses	860	-2,056	916	873	831	-1,920	787	833	881	-1,780
Selling, General & Admin Expense	767	-2,005	797	770	739	-1,898	672	733	787	-1,777
Depreciation Expense	52	1.59	52	53	53	32	56	56	56	32
Other Operating Expenses / (Income)	40	-53	67	50	39	-53	59	45	38	-36
Total Other Income / (Expense), net	-14	-14	-14	124	6.94	-1.49	-15	-14	-16	-22
Interest Expense	20	16	24	26	32	22	29	29	29	22
Other Income / (Expense), net	5.77	2.10	10	9.96	8.92	191	14	15	14	-0.92
Income Tax Expense	4.21	-11	21	58	13	-82	20	15	13	-31
Net Income / (Loss) Discontinued Operations	106	110	-46	-17	-3.29	150	0.00	-0.14	2.46	98
Basic Earnings per Share	$0.73	$0.58	$0.19	$0.64	$0.37	$0.84	$0.50	$0.30	$0.32	$0.27
Weighted Average Basic Shares Outstanding	203.35M	203.36M	203.62M	203.64M	203.64M	203.64M	203.78M	203.89M	203.89M	203.87M
Diluted Earnings per Share	$0.73	$0.58	$0.19	$0.64	$0.37	$0.84	$0.49	$0.30	$0.32	$0.27
Weighted Average Diluted Shares Outstanding	203.64M	203.46M	203.91M	203.88M	203.89M	203.94M	204.19M	204.58M	204.68M	204.65M
Basic & Diluted Earnings per Share	-	$0.58	-	-	-	$0.84	-	-	-	$0.27
Weighted Average Basic & Diluted Shares Outstanding	203.35M	203.62M	203.64M	203.64M	203.64M	203.69M	203.89M	203.89M	203.89M	204.33M
Cash Dividends to Common per Share	$0.22	$0.22	$0.22	$0.22	$0.13	$0.13	$0.13	$0.13	$0.13	$0.13

This table details how cash moves in and out of MDU Resources Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	23	-38	-12	19	13	-6.91	-5.39	26	-3.54	-10
Net Cash From Operating Activities	662	462	448	500	542	768	496	510	333	502
Net Cash From Continuing Operating Activities	464	423	349	504	542	770	299	322	305	412
Net Income / (Loss) Continuing Operations	176	233	285	269	335	391	243	117	330	181
Consolidated Net Income / (Loss)	-658	-67	281	272	335	390	378	367	415	281
Net Income / (Loss) Discontinued Operations	-834	-300	-3.78	2.93	0.29	-0.32	136	250	85	100
Depreciation Expense	212	216	207	220	256	285	198	189	190	200
Amortization Expense	-	-	-	-	1.33	2.16	0.93	0.89	1.01	1.83
Non-Cash Adjustments To Reconcile Net Income	-	-	-	-	-37	-9.68	-4.69	16	-194	1.35
Changes in Operating Assets and Liabilities, net	76	-26	-143	14	-14	102	-138	-1.13	-22	27
Net Cash From Discontinued Operating Activities	198	39	99	-3.94	0.46	-1.38	197	188	27	91
Net Cash From Investing Activities	-382	-305	-214	-711	-604	-630	-886	-639	-541	-553
Net Cash From Continuing Investing Activities	-481	-345	-216	-712	-604	-630	-488	-457	-465	-524
Purchase of Property, Plant & Equipment	-537	-388	-341	-568	-576	-558	-485	-443	-484	-523
Purchase of Investments	-	-1.40	-1.61	-2.32	-	-1.81	-	-2.57	-2.42	-5.16
Sale of Property, Plant & Equipment	55	45	127	26	30	36	15	0.00	0.26	0.69
Sale and/or Maturity of Investments	1.52	-	-	-	-2.01	-	-3.14	0.00	20	9.00
Other Investing Activities, net	-	-	-	-	-	-	-11	-12	1.17	-5.54
Net Cash From Discontinued Investing Activities	98	40	2.23	1.24	-	-	-398	-182	-76	-29
Net Cash From Financing Activities	-256	-195	-245	230	74	-145	385	155	205	40
Net Cash From Continuing Financing Activities	-342	-154	-245	230	74	-145	103	-2.79	230	-77
Repayment of Debt	-566	-316	-217	-175	-643	-174	-126	-40	-1,005	-280
Repurchase of Common Equity	0.00	0.00	-1.68	-5.03	0.00	0.00	-6.70	-7.40	-4.81	0.00
Payment of Dividends	-143	-147	-151	-155	-160	-166	-171	-177	-161	-103
Issuance of Debt	346	309	141	567	774	192	322	226	1,405	309
Issuance of Common Equity	22	-	0.00	0.00	107	3.39	89	-0.15	0.00	-0.05
Other Financing Activities, net	0.00	-0.32	-0.76	-2.33	-3.02	-0.36	-4.13	-4.90	-3.04	-2.62
Net Cash From Discontinued Financing Activities	86	-41	-	-	-	-	282	158	-26	117

This table details how cash moves in and out of MDU Resources Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Net Change in Cash & Equivalents	7.57	5.90	13	-32	-28	44	12	5.14	9.58	-37
Net Cash From Operating Activities	166	225	-44	117	102	158	165	136	140	61
Net Cash From Continuing Operating Activities	-7.71	68	38	192	105	-30	165	137	138	-28
Net Income / (Loss) Continuing Operations	42	-30	84	148	78	20	101	61	62	-43
Consolidated Net Income / (Loss)	148	117	38	131	75	171	101	60	65	55
Net Income / (Loss) Discontinued Operations	106	147	-46	-17	-3.29	150	0.00	-0.14	2.46	98
Depreciation Expense	52	30	52	53	53	32	56	56	56	32
Amortization Expense	0.24	0.16	0.25	0.54	0.20	0.02	0.23	0.50	0.44	0.66
Non-Cash Adjustments To Reconcile Net Income	-0.01	4.93	0.41	-145	-33	-16	0.34	-0.44	-4.94	6.38
Changes in Operating Assets and Liabilities, net	-102	63	-99	136	6.90	-66	7.88	20	24	-24
Net Cash From Discontinued Operating Activities	174	157	-81	-76	-3.28	188	0.00	-0.14	2.46	88
Net Cash From Investing Activities	-174	-174	-151	-126	-139	-125	-117	-119	-156	-160
Net Cash From Continuing Investing Activities	-135	-109	-110	-111	-139	-104	-117	-119	-156	-131
Purchase of Property, Plant & Equipment	-131	-101	-112	-120	-138	-114	-126	-117	-158	-122
Purchase of Investments	-	-	-	-	-0.37	0.92	-	-	-0.57	-1.28
Sale of Property, Plant & Equipment	-4.13	4.10	3.17	6.32	3.02	-12	2.82	2.60	4.17	-8.90
Other Investing Activities, net	-	-	0.89	3.15	-3.31	0.44	0.03	-3.66	-2.51	0.59
Net Cash From Discontinued Investing Activities	-40	-64	-41	-14	-	-21	0.00	-	-	-29
Net Cash From Financing Activities	16	-46	207	-24	8.92	12	-36	-13	26	63
Net Cash From Continuing Financing Activities	144	-78	76	14	9.71	131	-36	-13	26	-54
Repayment of Debt	147	-40	-190	-512	71	-375	-96	-12	-137	-34
Payment of Dividends	-44	-44	-45	-45	-45	-25	-26	-26	-26	-26
Issuance of Debt	41	6.04	319	571	-16	531	89	25	189	6.20
Net Cash From Discontinued Financing Activities	-128	32	132	-37	-0.79	-119	0.00	-	-	117

This table presents MDU Resources Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	6,565	6,284	6,335	6,988	7,683	8,053	8,910	9,661	7,833	7,039
Total Current Assets	991	977	1,070	1,184	1,298	1,337	1,551	2,012	1,364	666
Cash & Equivalents	84	46	35	54	66	60	54	70	60	67
Accounts Receivable	582	630	727	723	837	874	947	1,064	250	274
Inventories, net	241	238	227	287	278	291	336	64	45	45
Other Current Assets	30	48	81	120	116	113	214	220	239	280
Other Current Nonoperating Assets	55	14	0.48	0.43	-	-	-	593	769	0.00
Plant, Property, & Equipment, net	3,898	3,931	4,079	4,579	4,917	5,167	5,756	4,776	5,005	5,344
Plant, Property & Equipment, gross	6,388	6,510	6,771	7,397	7,909	8,301	8,973	6,875	7,081	7,554
Accumulated Depreciation	2,489	2,579	2,692	2,819	2,991	3,134	3,216	2,098	2,076	2,210
Total Noncurrent Assets	1,675	1,376	1,185	1,225	1,468	1,549	1,603	2,873	1,465	1,028
Long-Term Investments	120	126	138	139	149	165	175	129	112	115
Goodwill	635	632	632	665	681	715	765	489	346	346
Other Noncurrent Operating Assets	352	415	408	409	623	644	640	565	658	567
Other Noncurrent Nonoperating Assets	562	197	4.39	2.09	-	-	-	1,686	348	0.00
Total Liabilities & Shareholders' Equity	6,565	6,284	6,335	6,988	7,683	8,053	8,910	9,661	7,833	7,039
Total Liabilities	4,045	3,968	3,906	4,421	4,836	4,974	5,528	6,074	4,928	4,348
Total Current Liabilities	947	670	813	986	866	964	1,092	1,480	1,076	679
Short-Term Debt	239	44	148	252	17	52	148	86	156	162
Accounts Payable	286	280	312	359	403	426	479	526	160	150
Dividends Payable	37	38	39	40	42	43	44	45	25	27
Current Deferred & Payable Income Tax Liabilities	47	48	43	42	49	89	80	62	50	43
Current Employee Benefit Liabilities	-	-	73	69	99	91	82	59	41	35
Other Current Liabilities	167	184	186	221	257	264	259	204	200	262
Other Current Nonoperating Liabilities	126	9.92	12	4.00	-	-	-	497	443	0.00
Total Noncurrent Liabilities	3,097	3,299	3,093	3,435	3,969	4,011	4,435	4,594	3,852	3,670
Long-Term Debt	1,558	1,747	1,566	1,857	2,227	2,212	2,594	2,318	2,105	2,131
Asset Retirement Reserve & Litigation Obligation	-	-	-	-	861	868	887	821	905	866
Noncurrent Deferred & Payable Income Tax Liabilities	664	668	347	430	507	516	592	455	452	441
Other Noncurrent Operating Liabilities	812	884	1,179	1,148	376	415	363	233	210	232
Other Noncurrent Nonoperating Liabilities	64	-	-	-	-	-	-	766	180	0.00
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,521	2,316	2,429	2,567	2,847	3,079	3,383	3,587	2,905	2,691
Total Preferred & Common Equity	2,397	2,316	2,429	2,567	2,847	3,079	3,383	3,587	2,905	2,691
Total Common Equity	2,382	2,301	2,433	2,570	2,847	3,079	3,383	3,587	2,905	2,691
Common Stock	1,426	1,428	1,429	1,445	1,556	1,572	1,665	1,670	1,670	1,678
Retained Earnings	996	912	1,041	1,164	1,337	1,558	1,762	1,951	1,254	1,030
Accumulated Other Comprehensive Income / (Loss)	-37	-36	-37	-38	-42	-48	-41	-31	-18	-17

This table presents MDU Resources Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024
Total Assets	9,607	9,843	7,685	7,869	7,840	7,960	8,173
Total Current Assets	2,024	2,109	1,545	1,515	1,320	1,397	1,468
Cash & Equivalents	58	86	51	32	89	94	104
Short-Term Investments	0.00	-	246	276	-	0.00	0.00
Accounts Receivable	850	1,086	934	893	932	927	934
Inventories, net	90	53	60	80	57	70	92
Other Current Assets	236	263	254	233	241	306	337
Plant, Property, & Equipment, net	4,718	4,835	4,923	5,020	5,179	5,265	5,381
Plant, Property & Equipment, gross	6,815	6,963	7,083	7,212	7,442	7,560	7,703
Accumulated Depreciation	2,096	2,128	2,160	2,192	2,263	2,295	2,323
Total Noncurrent Assets	2,865	2,899	1,217	1,334	1,341	1,298	1,324
Long-Term Investments	126	137	140	139	119	123	131
Goodwill	489	489	489	489	489	489	489
Intangible Assets	4.65	3.57	3.05	2.53	1.48	0.96	0.47
Other Noncurrent Operating Assets	602	581	586	703	731	685	704
Total Liabilities & Shareholders' Equity	9,607	9,843	7,685	7,869	7,840	7,960	8,173
Total Liabilities	6,115	6,267	4,979	5,112	4,859	4,943	5,115
Total Current Liabilities	1,468	1,636	1,132	1,174	923	1,150	1,281
Short-Term Debt	86	341	346	368	61	194	219
Accounts Payable	452	429	399	414	420	443	489
Dividends Payable	44	45	45	25	25	25	26
Current Deferred & Payable Income Tax Liabilities	81	75	60	50	82	63	62
Current Employee Benefit Liabilities	72	51	67	94	47	64	97
Other Current Liabilities	199	245	214	222	288	362	389
Total Noncurrent Liabilities	4,647	4,631	3,847	3,938	3,936	3,793	3,833
Long-Term Debt	2,192	2,192	2,246	2,280	2,326	2,207	2,234
Asset Retirement Reserve & Litigation Obligation	878	831	836	879	912	855	862
Noncurrent Deferred & Payable Income Tax Liabilities	442	467	516	527	462	455	453
Other Noncurrent Operating Liabilities	231	244	249	252	237	276	285
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,492	3,575	2,706	2,757	2,981	3,018	3,058
Total Preferred & Common Equity	3,492	3,575	2,706	2,757	2,981	3,018	3,058
Total Common Equity	3,492	3,575	2,706	2,757	2,981	3,018	3,058
Common Stock	1,656	1,665	1,664	1,667	1,670	1,672	1,674
Retained Earnings	1,880	1,944	1,060	1,109	1,329	1,364	1,402
Accumulated Other Comprehensive Income / (Loss)	-43	-30	-18	-18	-18	-18	-18

This table displays calculated financial ratios and metrics derived from MDU Resources Group's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.45%	2.86%	7.62%	1.99%	17.77%	3.67%	-37.56%	-49.42%	3.21%	-2.52%
EBITDA Growth	1.96%	14.62%	1.57%	-2.91%	21.34%	13.86%	-35.27%	-29.21%	61.70%	-20.03%
EBIT Growth	0.57%	22.42%	4.53%	-7.24%	23.80%	15.01%	-37.59%	-42.78%	117.98%	-31.00%
NOPAT Growth	-5.92%	27.97%	18.17%	-1.08%	18.53%	10.65%	-37.34%	-32.02%	14.36%	10.97%
Net Income Growth	-323.45%	89.77%	518.10%	-3.16%	23.18%	16.32%	-3.09%	-2.81%	12.85%	-32.22%
EPS Growth	-306.45%	110.31%	333.33%	-2.80%	21.58%	15.38%	-3.09%	-2.81%	12.15%	-32.51%
Operating Cash Flow Growth	12.74%	-30.16%	-3.07%	11.58%	8.48%	41.69%	-35.48%	2.88%	-34.79%	51.02%
Free Cash Flow Firm Growth	-60.23%	-36.04%	-59.58%	-266.95%	107.30%	1,595.52%	-343.79%	362.49%	-60.60%	-111.77%
Invested Capital Growth	-3.98%	1.27%	6.53%	12.61%	8.68%	4.95%	15.10%	-18.82%	-6.17%	6.69%
Revenue Q/Q Growth	2.79%	0.02%	3.47%	0.99%	3.26%	0.13%	-38.56%	-33.96%	-60.23%	-60.47%
EBITDA Q/Q Growth	12.59%	1.23%	2.12%	-1.12%	4.29%	3.80%	-37.12%	55.34%	-11.01%	-30.85%
EBIT Q/Q Growth	19.91%	2.89%	3.36%	-3.27%	4.32%	4.60%	-39.45%	72.32%	-11.65%	-40.04%
NOPAT Q/Q Growth	5.47%	3.88%	19.62%	-9.91%	3.59%	1.79%	-38.19%	51.46%	-40.02%	-44.97%
Net Income Q/Q Growth	-7.24%	28.94%	21.41%	-11.81%	5.09%	4.62%	-6.38%	9.07%	14.86%	-29.14%
EPS Q/Q Growth	-5.61%	26.92%	20.17%	-11.47%	4.97%	4.84%	-6.38%	9.07%	14.69%	-29.74%
Operating Cash Flow Q/Q Growth	15.83%	-13.56%	-2.10%	1.29%	40.63%	-6.40%	-24.01%	22.94%	-16.85%	-16.21%
Free Cash Flow Firm Q/Q Growth	59.75%	102.05%	-65.20%	-1,692.67%	103.45%	-25.99%	-576.76%	28.72%	3,214.92%	-150.26%
Invested Capital Q/Q Growth	-0.37%	-3.25%	2.96%	5.93%	-1.89%	-0.29%	7.51%	4.05%	-9.19%	-8.95%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	86.64%	88.90%	88.53%	89.30%	90.48%	91.74%	83.87%	49.79%	51.33%	56.11%
EBITDA Margin	13.70%	15.27%	14.41%	13.72%	14.14%	15.52%	16.09%	22.52%	35.29%	28.95%
Operating Margin	7.97%	9.90%	9.54%	8.87%	9.02%	9.85%	9.58%	11.50%	12.47%	15.11%
EBIT Margin	8.43%	10.03%	9.74%	8.86%	9.31%	10.33%	10.33%	11.68%	24.67%	17.46%
Profit (Net Income) Margin	-16.38%	-1.63%	6.33%	6.01%	6.29%	7.05%	10.95%	21.03%	23.00%	15.99%
Tax Burden Percent	-266.21%	-20.62%	80.34%	85.94%	84.19%	82.13%	132.18%	297.69%	121.85%	141.50%
Interest Burden Percent	73.04%	78.78%	80.87%	78.92%	80.16%	83.12%	80.18%	60.47%	76.49%	64.71%
Effective Tax Rate	28.60%	28.55%	18.58%	14.99%	15.88%	17.80%	15.22%	5.02%	3.00%	8.85%
Return on Invested Capital (ROIC)	6.01%	7.80%	8.87%	8.00%	8.58%	8.89%	5.06%	3.55%	4.67%	5.18%
ROIC Less NNEP Spread (ROIC-NNEP)	-90.75%	-19.25%	4.66%	4.09%	5.13%	6.11%	9.26%	12.87%	18.44%	7.25%
Return on Net Nonoperating Assets (RNNOA)	-28.80%	-10.58%	2.99%	2.91%	3.82%	4.28%	6.65%	7.00%	8.11%	4.87%
Return on Equity (ROE)	-22.80%	-2.78%	11.85%	10.90%	12.39%	13.17%	11.70%	10.54%	12.78%	10.05%
Cash Return on Invested Capital (CROIC)	10.07%	6.53%	2.54%	-3.87%	0.26%	4.06%	-8.98%	24.32%	11.03%	-1.30%
Operating Return on Assets (OROA)	4.70%	6.45%	6.86%	6.03%	6.78%	7.27%	4.21%	2.20%	5.09%	4.13%
Return on Assets (ROA)	-9.14%	-1.05%	4.46%	4.09%	4.57%	4.96%	4.46%	3.96%	4.74%	3.78%
Return on Common Equity (ROCE)	-21.73%	-2.69%	11.82%	10.92%	12.40%	13.17%	11.70%	10.54%	12.78%	10.05%
Return on Equity Simple (ROE_SIMPLE)	-27.44%	-2.90%	11.58%	10.61%	11.78%	12.67%	11.18%	10.24%	14.27%	10.45%
Net Operating Profit after Tax (NOPAT)	228	292	345	342	405	448	281	191	218	242
NOPAT Margin	5.69%	7.08%	7.77%	7.54%	7.59%	8.10%	8.12%	10.92%	12.10%	13.77%
Net Nonoperating Expense Percent (NNEP)	96.76%	27.05%	4.21%	3.90%	3.44%	2.78%	-4.20%	-9.32%	-13.77%	-2.08%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	3.18%	4.22%	4.86%
Cost of Revenue to Revenue	13.36%	11.10%	11.47%	10.70%	9.52%	8.26%	16.13%	50.21%	48.67%	43.89%
SG&A Expenses to Revenue	69.89%	70.08%	70.57%	71.85%	72.99%	72.81%	63.97%	21.75%	22.57%	23.58%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	78.67%	79.00%	78.99%	80.44%	81.46%	81.89%	74.29%	38.30%	38.85%	41.00%
Earnings before Interest and Taxes (EBIT)	338	414	433	401	497	572	357	204	445	307
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	550	630	640	622	754	859	556	394	636	509
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.16	1.96	1.78	1.54	1.83	1.55	1.72	0.87	0.73	1.37
Price to Tangible Book Value (P/TBV)	1.59	2.71	2.41	2.09	2.42	2.04	2.25	1.01	0.83	1.57
Price to Revenue (P/Rev)	0.69	1.09	0.97	0.88	0.98	0.86	1.69	1.80	1.17	2.09
Price to Earnings (P/E)	0.00	70.61	15.43	14.57	15.53	12.25	15.43	8.54	5.10	13.07
Dividend Yield	5.17%	3.28%	3.50%	3.93%	3.13%	3.50%	2.98%	5.67%	6.03%	77.05%
Earnings Yield	0.00%	1.42%	6.48%	6.86%	6.44%	8.16%	6.48%	11.71%	19.61%	7.65%
Enterprise Value to Invested Capital (EV/IC)	1.21	1.63	1.46	1.30	1.47	1.32	1.41	1.11	0.93	1.20
Enterprise Value to Revenue (EV/Rev)	1.12	1.49	1.32	1.30	1.36	1.23	2.42	3.06	2.33	3.29
Enterprise Value to EBITDA (EV/EBITDA)	8.19	9.73	9.17	9.46	9.59	7.94	15.01	13.57	6.60	11.37
Enterprise Value to EBIT (EV/EBIT)	13.32	14.82	13.56	14.66	14.56	11.93	23.40	26.17	9.45	18.84
Enterprise Value to NOPAT (EV/NOPAT)	19.73	21.00	17.00	17.23	17.88	15.22	29.74	28.00	19.26	23.89
Enterprise Value to Operating Cash Flow (EV/OCF)	6.81	13.27	13.10	11.77	13.35	8.87	16.84	10.47	12.64	11.52
Enterprise Value to Free Cash Flow (EV/FCFF)	11.77	25.06	59.33	0.00	600.24	33.35	0.00	4.08	8.15	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.71	0.77	0.71	0.82	0.79	0.74	0.81	0.67	0.78	0.85
Long-Term Debt to Equity	0.62	0.75	0.64	0.72	0.78	0.72	0.77	0.65	0.72	0.79
Financial Leverage	0.32	0.55	0.64	0.71	0.74	0.70	0.72	0.54	0.44	0.67
Leverage Ratio	2.50	2.66	2.66	2.67	2.71	2.66	2.63	2.66	2.69	2.66
Compound Leverage Factor	1.82	2.09	2.15	2.10	2.17	2.21	2.10	1.61	2.06	1.72
Debt to Total Capital	41.61%	43.59%	41.38%	45.10%	44.07%	42.36%	44.77%	40.13%	43.77%	46.01%
Short-Term Debt to Total Capital	5.53%	1.06%	3.58%	5.39%	0.32%	0.97%	2.42%	1.44%	3.03%	3.24%
Long-Term Debt to Total Capital	36.08%	42.53%	37.80%	39.71%	43.74%	41.40%	42.35%	38.69%	40.74%	42.76%
Preferred Equity to Total Capital	0.35%	0.37%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	55.17%	56.04%	58.70%	54.98%	55.93%	57.64%	55.23%	59.87%	56.23%	53.99%
Debt to EBITDA	3.27	2.84	2.68	3.39	2.97	2.63	4.93	6.11	3.55	4.50
Net Debt to EBITDA	2.90	2.57	2.41	3.08	2.69	2.37	4.52	5.60	3.28	4.15
Long-Term Debt to EBITDA	2.83	2.77	2.45	2.99	2.95	2.57	4.67	5.89	3.31	4.19
Debt to NOPAT	7.87	6.13	4.97	6.17	5.54	5.05	9.77	12.60	10.36	9.47
Net Debt to NOPAT	6.98	5.54	4.47	5.61	5.01	4.55	8.95	11.56	9.57	8.72
Long-Term Debt to NOPAT	6.82	5.98	4.54	5.44	5.50	4.94	9.24	12.15	9.65	8.80
Altman Z-Score	1.41	1.82	1.87	1.64	1.87	1.82	1.49	0.91	0.94	1.10
Noncontrolling Interest Sharing Ratio	4.68%	3.18%	0.24%	-0.15%	-0.07%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.05	1.46	1.32	1.20	1.50	1.39	1.42	1.36	1.27	0.98
Quick Ratio	0.70	1.01	0.94	0.79	1.04	0.97	0.92	0.77	0.29	0.50
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	383	245	99	-165	12	204	-498	1,308	515	-61
Operating Cash Flow to CapEx	137.23%	134.61%	208.58%	92.21%	99.27%	147.07%	105.35%	115.25%	68.74%	96.21%
Free Cash Flow to Firm to Interest Expense	4.20	2.79	1.20	-1.95	0.12	2.12	-7.05	16.22	4.93	-0.56
Operating Cash Flow to Interest Expense	7.26	5.26	5.41	5.91	5.50	7.96	7.01	6.32	3.18	4.64
Operating Cash Flow Less CapEx to Interest Expense	1.97	1.35	2.82	-0.50	-0.04	2.55	0.36	0.84	-1.45	-0.18
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.56	0.64	0.70	0.68	0.73	0.70	0.41	0.19	0.21	0.24
Accounts Receivable Turnover	6.79	6.81	6.55	6.25	6.84	6.47	3.79	1.74	2.74	6.70
Inventory Turnover	2.02	1.91	2.19	1.89	1.80	1.61	1.78	4.39	16.12	17.22
Fixed Asset Turnover	1.03	1.05	1.11	1.05	1.12	1.10	0.63	0.33	0.37	0.34
Accounts Payable Turnover	1.90	1.62	1.72	1.45	1.33	1.10	1.23	1.75	2.56	4.98
Days Sales Outstanding (DSO)	53.72	53.60	55.75	58.40	53.33	56.42	96.19	210.05	133.03	54.45
Days Inventory Outstanding (DIO)	180.33	190.69	166.45	193.43	203.19	227.35	205.28	83.18	22.65	21.20
Days Payable Outstanding (DPO)	192.31	225.41	212.08	252.50	273.66	331.17	296.47	208.96	142.54	73.34
Cash Conversion Cycle (CCC)	41.74	18.88	10.12	-0.68	-17.13	-47.39	5.00	84.27	13.14	2.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,724	3,771	4,017	4,524	4,917	5,160	5,939	4,822	4,525	4,827
Invested Capital Turnover	1.06	1.10	1.14	1.06	1.13	1.10	0.62	0.32	0.39	0.38
Increase / (Decrease) in Invested Capital	-154	47	246	507	393	243	779	-1,118	-297	303
Enterprise Value (EV)	4,505	6,135	5,870	5,884	7,238	6,819	8,347	5,343	4,203	5,784
Market Capitalization	2,773	4,501	4,327	3,968	5,210	4,780	5,835	3,138	2,115	3,674
Book Value per Share	$12.20	$11.78	$12.46	$13.11	$14.21	$15.36	$16.64	$17.64	$14.27	$13.20
Tangible Book Value per Share	$8.91	$8.52	$9.20	$9.67	$10.73	$11.66	$12.76	$15.22	$12.57	$11.50
Total Capital	4,317	4,106	4,144	4,675	5,090	5,342	6,125	5,991	5,166	4,983
Total Debt	1,796	1,790	1,715	2,109	2,243	2,263	2,742	2,404	2,261	2,293
Total Long-Term Debt	1,558	1,747	1,566	1,857	2,227	2,212	2,594	2,318	2,105	2,131
Net Debt	1,593	1,618	1,543	1,916	2,028	2,039	2,512	2,205	2,088	2,110
Capital Expenditures (CapEx)	482	343	215	542	546	522	471	443	484	522
Debt-free, Cash-free Net Working Capital (DFCFNWC)	199	305	371	396	381	366	553	548	384	82
Debt-free Net Working Capital (DFNWC)	283	351	406	450	448	425	607	618	444	149
Net Working Capital (NWC)	44	308	257	198	431	374	459	532	288	-12
Net Nonoperating Expense (NNE)	886	359	64	69	69	58	-97	-177	-197	-39
Net Nonoperating Obligations (NNO)	1,203	1,455	1,588	1,957	2,070	2,081	2,556	1,235	1,619	2,137
Total Depreciation and Amortization (D&A)	212	216	207	220	257	287	199	189	191	202
Debt-free, Cash-free Net Working Capital to Revenue	4.95%	7.39%	8.35%	8.74%	7.15%	6.61%	16.00%	31.36%	21.28%	4.69%
Debt-free Net Working Capital to Revenue	7.04%	8.51%	9.13%	9.93%	8.39%	7.69%	17.56%	35.40%	24.64%	8.50%
Net Working Capital to Revenue	1.10%	7.46%	5.79%	4.37%	8.08%	6.76%	13.28%	30.46%	15.97%	-0.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($2.21)	$0.23	$1.00	$0.96	$1.17	$1.35	$1.29	$1.25	$2.04	$1.38
Adjusted Weighted Average Basic Shares Outstanding	281.86M	282.40M	282.41M	283.01M	287.19M	289.92M	292.20M	294.05M	203.64M	203.87M
Adjusted Diluted Earnings per Share	($2.21)	$0.23	$0.99	$0.96	$1.17	$1.35	$1.29	$1.25	$2.03	$1.37
Adjusted Weighted Average Diluted Shares Outstanding	281.95M	282.86M	282.96M	283.63M	287.21M	290.02M	292.64M	294.20M	203.94M	204.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	282.35M	282.41M	282.41M	283.55M	289.76M	289.95M	294.04M	294.44M	203.69M	204.33M
Normalized Net Operating Profit after Tax (NOPAT)	228	292	345	342	405	448	281	191	218	242
Normalized NOPAT Margin	5.69%	7.08%	7.77%	7.54%	7.59%	8.10%	8.12%	10.92%	12.10%	13.77%
Pre Tax Income Margin	6.15%	7.90%	7.88%	6.99%	7.47%	8.59%	8.28%	7.07%	18.87%	11.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.71	4.71	5.23	4.74	5.04	5.92	5.05	2.53	4.25	2.83
NOPAT to Interest Expense	2.50	3.33	4.17	4.04	4.11	4.64	3.97	2.36	2.09	2.23
EBIT Less CapEx to Interest Expense	-1.58	0.81	2.63	-1.66	-0.50	0.51	-1.61	-2.96	-0.37	-1.99
NOPAT Less CapEx to Interest Expense	-2.79	-0.58	1.58	-2.37	-1.43	-0.77	-2.69	-3.12	-2.54	-2.58
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-21.72%	-218.79%	53.60%	56.76%	47.77%	42.65%	45.32%	48.14%	38.90%	36.62%
Augmented Payout Ratio	-21.72%	-218.79%	54.20%	58.61%	47.77%	42.65%	47.09%	50.16%	40.06%	36.62%

This table displays calculated financial ratios and metrics derived from MDU Resources Group's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-36.79%	-114.70%	0.96%	8.06%	-0.17%	-2.21%	-15.12%	-3.99%	4.97%	9.59%
EBITDA Growth	-56.09%	143.08%	24.74%	67.67%	23.56%	284.10%	13.42%	10.11%	9.78%	-111.61%
EBIT Growth	-65.77%	116.47%	98.47%	52.56%	40.05%	977.57%	16.17%	13.50%	11.89%	-139.66%
NOPAT Growth	-63.76%	112.37%	75.91%	8.35%	30.28%	-700.92%	19.64%	21.73%	3.86%	15.54%
Net Income Growth	6.24%	35.31%	20.75%	84.94%	-49.36%	45.82%	163.08%	-53.76%	-13.77%	-67.69%
EPS Growth	6.24%	35.31%	20.75%	82.86%	-49.32%	44.83%	157.89%	-53.13%	-13.51%	-67.86%
Operating Cash Flow Growth	-9.38%	73.22%	-138.83%	1,643.04%	-38.60%	-29.95%	478.25%	16.89%	37.72%	-61.62%
Free Cash Flow Firm Growth	581.61%	234.55%	254.87%	-140.68%	-129.17%	-77.31%	-108.95%	40.46%	11.49%	-232.62%
Invested Capital Growth	-16.12%	-18.82%	-17.38%	10.66%	7.51%	-6.17%	4.34%	6.48%	6.41%	6.69%
Revenue Q/Q Growth	-0.72%	-267.73%	41.18%	-23.70%	-8.28%	-271.73%	6.91%	-13.70%	0.28%	-247.92%
EBITDA Q/Q Growth	36.48%	-64.49%	-24.70%	-19.49%	0.57%	10.40%	-1.19%	-21.84%	0.28%	-111.68%
EBIT Q/Q Growth	10.75%	-81.86%	-31.88%	-28.63%	1.67%	39.59%	-2.29%	-30.27%	0.22%	-149.48%
NOPAT Q/Q Growth	2.05%	-87.36%	-35.02%	-37.80%	22.70%	-158.31%	-35.00%	-36.72%	4.69%	-147.41%
Net Income Q/Q Growth	109.39%	-20.87%	-67.24%	240.76%	-42.67%	127.86%	-40.90%	-40.10%	6.91%	-14.63%
EPS Q/Q Growth	109.39%	-20.87%	-67.24%	236.84%	-42.19%	127.03%	-41.67%	-38.78%	6.67%	-15.63%
Operating Cash Flow Q/Q Growth	2,375.74%	35.76%	-119.39%	367.48%	-12.79%	54.90%	4.68%	-17.34%	2.74%	-56.83%
Free Cash Flow Firm Q/Q Growth	-7.00%	18.88%	-9.79%	-136.31%	33.32%	192.47%	19.33%	-141.44%	0.89%	-38.57%
Invested Capital Q/Q Growth	4.50%	4.05%	3.04%	-1.22%	1.53%	-9.19%	1.19%	0.81%	1.46%	-8.95%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	91.83%	0.00%	72.35%	87.51%	91.51%	0.00%	76.01%	88.13%	92.52%	0.00%
EBITDA Margin	11.86%	0.00%	12.68%	13.38%	14.68%	0.00%	16.95%	15.35%	15.35%	0.00%
Operating Margin	6.09%	0.00%	8.29%	7.52%	8.45%	0.00%	11.20%	8.57%	8.64%	0.00%
EBIT Margin	6.66%	0.00%	9.01%	8.43%	9.34%	0.00%	12.34%	9.97%	9.96%	0.00%
Profit (Net Income) Margin	14.76%	0.00%	2.68%	11.98%	7.49%	0.00%	8.31%	5.77%	6.15%	0.00%
Tax Burden Percent	317.67%	-2,983.13%	36.55%	63.58%	81.85%	-276.69%	83.37%	79.73%	85.95%	-75.21%
Interest Burden Percent	69.76%	-32.40%	81.42%	223.45%	97.88%	-47.27%	80.83%	72.60%	71.84%	141.65%
Effective Tax Rate	9.04%	0.00%	20.07%	28.18%	14.56%	0.00%	16.63%	20.09%	17.32%	0.00%
Return on Invested Capital (ROIC)	2.88%	0.00%	5.37%	5.24%	6.81%	0.00%	8.17%	5.94%	6.18%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	8.43%	0.00%	2.59%	9.66%	6.97%	0.00%	7.48%	5.43%	5.71%	0.00%
Return on Net Nonoperating Assets (RNNOA)	4.12%	0.00%	1.51%	5.15%	3.76%	0.00%	4.10%	4.18%	4.39%	0.00%
Return on Equity (ROE)	7.00%	0.00%	6.88%	10.40%	10.57%	0.00%	12.27%	10.13%	10.57%	0.00%
Cash Return on Invested Capital (CROIC)	20.01%	24.32%	25.38%	-2.74%	0.32%	11.03%	3.57%	2.29%	2.35%	-1.30%
Operating Return on Assets (OROA)	1.94%	0.00%	4.27%	4.50%	4.85%	0.00%	6.20%	5.60%	5.52%	0.00%
Return on Assets (ROA)	4.30%	0.00%	1.27%	6.39%	3.89%	0.00%	4.18%	3.24%	3.41%	0.00%
Return on Common Equity (ROCE)	7.00%	0.00%	6.88%	10.40%	10.57%	0.00%	12.27%	10.13%	10.57%	0.00%
Return on Equity Simple (ROE_SIMPLE)	9.65%	0.00%	10.46%	16.04%	13.09%	0.00%	16.01%	13.49%	12.97%	0.00%
Net Operating Profit after Tax (NOPAT)	55	7.01	95	59	72	-42	113	72	75	-36
NOPAT Margin	5.54%	0.00%	6.62%	5.40%	7.22%	0.00%	9.34%	6.85%	7.15%	0.00%
Net Nonoperating Expense Percent (NNEP)	-5.55%	-5.81%	2.79%	-4.42%	-0.16%	-14.92%	0.69%	0.51%	0.47%	-4.83%
Return On Investment Capital (ROIC_SIMPLE)	-	0.12%	-	-	-	-0.82%	-	-	-	-0.71%
Cost of Revenue to Revenue	8.17%	0.00%	27.65%	12.49%	8.49%	0.00%	23.99%	11.87%	7.48%	0.00%
SG&A Expenses to Revenue	76.55%	0.00%	55.70%	70.53%	73.81%	0.00%	55.36%	69.97%	74.88%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	85.74%	0.00%	64.07%	79.99%	83.06%	0.00%	64.81%	79.57%	83.88%	0.00%
Earnings before Interest and Taxes (EBIT)	67	12	129	92	94	131	150	104	105	-52
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	119	42	181	146	147	162	206	161	161	-19
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.52	0.87	1.68	2.23	0.76	0.73	1.71	1.70	0.98	1.37
Price to Tangible Book Value (P/TBV)	1.77	1.01	1.95	2.72	0.92	0.83	2.05	2.02	1.17	1.57
Price to Revenue (P/Rev)	2.00	1.80	1.35	1.33	0.46	1.17	1.15	1.16	0.67	2.09
Price to Earnings (P/E)	15.72	8.54	16.04	13.88	5.79	5.10	10.70	12.57	7.56	13.07
Dividend Yield	3.34%	5.67%	2.99%	3.33%	6.38%	6.03%	2.38%	1.99%	3.43%	77.05%
Earnings Yield	6.36%	11.71%	6.24%	7.21%	17.26%	19.61%	9.35%	7.95%	13.23%	7.65%
Enterprise Value to Invested Capital (EV/IC)	1.60	1.11	1.67	1.67	0.86	0.93	1.41	1.40	0.98	1.20
Enterprise Value to Revenue (EV/Rev)	2.79	3.06	1.86	1.80	0.95	2.33	1.64	1.66	1.17	3.29
Enterprise Value to EBITDA (EV/EBITDA)	29.18	13.57	13.23	11.90	6.00	6.60	10.31	10.12	7.09	11.37
Enterprise Value to EBIT (EV/EBIT)	62.42	26.17	18.66	17.15	8.52	9.45	14.91	14.57	10.19	18.84
Enterprise Value to NOPAT (EV/NOPAT)	58.69	28.00	23.82	23.73	11.80	19.26	18.36	16.81	11.85	23.89
Enterprise Value to Operating Cash Flow (EV/OCF)	17.82	10.47	23.47	17.63	10.73	12.64	13.45	13.01	8.70	11.52
Enterprise Value to Free Cash Flow (EV/FCFF)	7.27	4.08	5.96	0.00	275.96	8.15	40.17	62.80	43.21	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.65	0.67	0.71	0.96	0.96	0.78	0.80	0.80	0.80	0.85
Long-Term Debt to Equity	0.63	0.65	0.61	0.83	0.83	0.72	0.78	0.73	0.73	0.79
Financial Leverage	0.49	0.54	0.58	0.53	0.54	0.44	0.55	0.77	0.77	0.67
Leverage Ratio	2.66	2.66	2.71	2.79	2.80	2.69	2.70	2.73	2.76	2.66
Compound Leverage Factor	1.86	-0.86	2.21	6.24	2.74	-1.27	2.18	1.98	1.98	3.76
Debt to Total Capital	39.49%	40.13%	41.47%	48.93%	48.98%	43.77%	44.46%	44.30%	44.50%	46.01%
Short-Term Debt to Total Capital	1.50%	1.44%	5.59%	6.54%	6.80%	3.03%	1.13%	3.57%	3.97%	3.24%
Long-Term Debt to Total Capital	37.99%	38.69%	35.88%	42.39%	42.18%	40.74%	43.33%	40.73%	40.53%	42.76%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	60.52%	59.87%	58.53%	51.07%	51.02%	56.23%	55.54%	55.70%	55.50%	53.99%
Debt to EBITDA	8.99	6.11	4.03	3.77	3.70	3.55	3.38	3.33	3.33	4.50
Net Debt to EBITDA	8.27	5.60	3.68	3.14	3.08	3.28	3.08	3.03	3.01	4.15
Long-Term Debt to EBITDA	8.65	5.89	3.49	3.27	3.19	3.31	3.29	3.06	3.04	4.19
Debt to NOPAT	18.09	12.60	7.26	7.52	7.28	10.36	6.02	5.53	5.57	9.47
Net Debt to NOPAT	16.63	11.56	6.62	6.25	6.05	9.57	5.49	5.03	5.04	8.72
Long-Term Debt to NOPAT	17.40	12.15	6.28	6.52	6.27	9.65	5.86	5.08	5.08	8.80
Altman Z-Score	1.16	0.84	1.40	1.61	1.11	0.81	1.56	1.49	1.21	0.94
Noncontrolling Interest Sharing Ratio	-0.01%	0.00%	-0.01%	0.00%	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.38	1.36	1.29	1.37	1.29	1.27	1.43	1.22	1.15	0.98
Quick Ratio	0.62	0.77	0.72	1.09	1.02	0.29	1.11	0.89	0.81	0.50
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	946	1,125	1,140	-414	-276	255	-102	-246	-244	-338
Operating Cash Flow to CapEx	122.47%	231.34%	-40.24%	102.26%	75.18%	125.37%	133.80%	119.04%	91.43%	46.30%
Free Cash Flow to Firm to Interest Expense	46.84	70.11	47.58	-15.64	-8.59	11.55	-3.56	-8.61	-8.29	-15.69
Operating Cash Flow to Interest Expense	8.21	14.04	-1.82	4.41	3.17	7.14	5.75	4.77	4.76	2.81
Operating Cash Flow Less CapEx to Interest Expense	1.51	7.97	-6.35	0.10	-1.05	1.45	1.45	0.76	-0.45	-3.26
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.29	0.19	0.47	0.53	0.52	0.21	0.50	0.56	0.55	0.24
Accounts Receivable Turnover	2.89	1.74	4.38	5.35	5.20	2.74	4.40	4.73	4.87	6.70
Inventory Turnover	3.65	4.39	4.40	17.11	11.22	16.12	13.57	11.31	8.46	17.22
Fixed Asset Turnover	0.52	0.33	0.84	0.95	0.93	0.37	0.89	0.86	0.86	0.34
Accounts Payable Turnover	1.50	1.75	2.17	2.40	2.20	2.56	1.76	1.75	1.61	4.98
Days Sales Outstanding (DSO)	126.24	210.05	83.33	68.18	70.15	133.03	82.95	77.23	74.99	54.45
Days Inventory Outstanding (DIO)	100.07	83.18	83.03	21.34	32.54	22.65	26.90	32.26	43.13	21.20
Days Payable Outstanding (DPO)	243.41	208.96	168.54	152.37	165.90	142.54	207.55	209.13	226.40	73.34
Cash Conversion Cycle (CCC)	-17.11	84.27	-2.17	-62.85	-63.21	13.14	-97.70	-99.63	-108.28	2.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,634	4,822	4,968	4,908	4,982	4,525	5,184	5,226	5,302	4,827
Invested Capital Turnover	0.52	0.32	0.81	0.97	0.94	0.39	0.87	0.87	0.86	0.38
Increase / (Decrease) in Invested Capital	-890	-1,118	-1,045	473	348	-297	215	318	319	303
Enterprise Value (EV)	7,394	5,343	8,309	8,180	4,291	4,203	7,284	7,300	5,215	5,784
Market Capitalization	5,298	3,138	5,999	6,024	2,092	2,115	5,106	5,118	2,998	3,674
Book Value per Share	$17.17	$17.64	$17.56	$13.29	$13.54	$14.27	$14.63	$14.80	$15.00	$13.20
Tangible Book Value per Share	$14.75	$15.22	$15.14	$10.87	$11.13	$12.57	$12.22	$12.40	$12.60	$11.50
Total Capital	5,771	5,991	6,109	5,299	5,405	5,166	5,367	5,418	5,510	4,983
Total Debt	2,279	2,404	2,533	2,592	2,648	2,261	2,386	2,401	2,452	2,293
Total Long-Term Debt	2,192	2,318	2,192	2,246	2,280	2,105	2,326	2,207	2,234	2,131
Net Debt	2,095	2,205	2,310	2,156	2,200	2,088	2,178	2,183	2,218	2,110
Capital Expenditures (CapEx)	135	97	108	114	135	126	123	115	153	131
Debt-free, Cash-free Net Working Capital (DFCFNWC)	584	548	728	463	400	384	369	346	301	82
Debt-free Net Working Capital (DFNWC)	642	618	814	759	709	444	458	441	405	149
Net Working Capital (NWC)	556	532	472	413	341	288	397	247	186	-12
Net Nonoperating Expense (NNE)	-92	-110	56	-72	-2.64	-213	12	11	10	-91
Net Nonoperating Obligations (NNO)	1,142	1,235	1,393	2,201	2,225	1,619	2,203	2,208	2,244	2,137
Total Depreciation and Amortization (D&A)	52	30	52	54	53	32	56	56	57	33
Debt-free, Cash-free Net Working Capital to Revenue	22.09%	31.36%	16.33%	10.20%	8.83%	21.28%	8.30%	7.88%	6.77%	4.69%
Debt-free Net Working Capital to Revenue	24.28%	35.40%	18.26%	16.74%	15.64%	24.64%	10.31%	10.02%	9.11%	8.50%
Net Working Capital to Revenue	21.02%	30.46%	10.60%	9.11%	7.53%	15.97%	8.94%	5.62%	4.19%	-0.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.50	$0.40	$0.13	$0.64	$0.37	$0.84	$0.50	$0.30	$0.32	$0.27
Adjusted Weighted Average Basic Shares Outstanding	294.04M	294.05M	294.44M	203.64M	203.64M	203.64M	203.78M	203.89M	203.89M	203.87M
Adjusted Diluted Earnings per Share	$0.50	$0.40	$0.13	$0.64	$0.37	$0.84	$0.49	$0.30	$0.32	$0.27
Adjusted Weighted Average Diluted Shares Outstanding	294.47M	294.20M	294.85M	203.88M	203.89M	203.94M	204.19M	204.58M	204.68M	204.65M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.40	$0.00	$0.00	$0.00	$0.84	$0.00	$0.00	$0.00	$0.27
Adjusted Weighted Average Basic & Diluted Shares Outstanding	294.04M	294.44M	294.46M	203.64M	203.64M	203.69M	203.89M	203.89M	203.89M	204.33M
Normalized Net Operating Profit after Tax (NOPAT)	55	7.01	95	59	72	-42	113	72	75	-36
Normalized NOPAT Margin	5.54%	0.00%	6.62%	5.40%	7.22%	0.00%	9.34%	6.85%	7.15%	0.00%
Pre Tax Income Margin	4.65%	0.00%	7.34%	18.84%	9.15%	0.00%	9.97%	7.24%	7.16%	0.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.31	0.76	5.38	3.48	2.91	5.91	5.22	3.65	3.55	-2.40
NOPAT to Interest Expense	2.75	0.44	3.95	2.23	2.25	-1.91	3.95	2.51	2.55	-1.65
EBIT Less CapEx to Interest Expense	-3.40	-5.31	0.85	-0.84	-1.30	0.22	0.92	-0.36	-1.65	-8.46
NOPAT Less CapEx to Interest Expense	-3.96	-5.63	-0.57	-2.09	-1.97	-7.61	-0.35	-1.50	-2.66	-7.71
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	52.21%	48.14%	47.57%	41.24%	49.88%	38.90%	29.75%	30.02%	25.81%	36.62%
Augmented Payout Ratio	54.40%	50.16%	48.85%	42.34%	51.21%	40.06%	29.75%	30.02%	25.81%	36.62%

Frequently Asked Questions About MDU Resources Group's Financials

When does MDU Resources Group's financial year end?

According to the most recent income statement we have on file, MDU Resources Group's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has MDU Resources Group's net income changed over the last 9 years?

MDU Resources Group's net income appears to be on an upward trend, with a most recent value of $281.11 million in 2024, falling from -$657.69 million in 2015. The previous period was $414.71 million in 2023. See where experts think MDU Resources Group is headed by visiting MDU Resources Group's forecast page.

What is MDU Resources Group's operating income?

MDU Resources Group's total operating income in 2024 was $265.64 million, based on the following breakdown:

Total Gross Profit: $986.43 million
Total Operating Expenses: $720.79 million

How has MDU Resources Group revenue changed over the last 9 years?

Over the last 9 years, MDU Resources Group's total revenue changed from $4.01 billion in 2015 to $1.76 billion in 2024, a change of -56.2%.

How much debt does MDU Resources Group have?

MDU Resources Group's total liabilities were at $4.35 billion at the end of 2024, a 11.8% decrease from 2023, and a 7.5% increase since 2015.

How much cash does MDU Resources Group have?

In the past 9 years, MDU Resources Group's cash and equivalents has ranged from $34.60 million in 2017 to $83.90 million in 2015, and is currently $66.90 million as of their latest financial filing in 2024.

How has MDU Resources Group's book value per share changed over the last 9 years?

Over the last 9 years, MDU Resources Group's book value per share changed from 12.20 in 2015 to 13.20 in 2024, a change of 8.2%.

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This page (NYSE:MDU) was last updated on 5/6/2025 by MarketBeat.com Staff

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MDU Resources Group (MDU) Financials

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MDU Resources Group (MDU) Financials

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