MDU Resources Group (MDU) Financials

$22.67 +0.05 (+0.22%)

As of 10:23 AM 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	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-623	64	280	272	335	390	378	367	415	281	190
Consolidated Net Income / (Loss)	-658	-67	281	272	335	390	378	367	415	281	190
Net Income / (Loss) Continuing Operations	176	233	285	269	335	391	243	117	330	181	191
Total Pre-Tax Income	247	326	350	317	398	475	286	123	340	199	211
Total Operating Income	320	409	424	402	481	545	331	201	225	266	290
Total Gross Profit	3,478	3,671	3,934	4,047	4,829	5,076	2,897	870	926	986	1,045
Total Revenue	4,014	4,129	4,443	4,532	5,337	5,533	3,454	1,747	1,803	1,758	1,875
Operating Revenue	4,014	4,129	4,443	4,532	5,337	5,533	3,454	1,747	1,803	1,758	1,875
Total Cost of Revenue	536	458	510	485	508	457	557	877	878	772	830
Operating Cost of Revenue	536	458	510	485	508	457	557	877	878	772	830
Total Operating Expenses	3,158	3,262	3,510	3,645	4,347	4,531	2,566	669	701	721	754
Selling, General & Admin Expense	2,805	2,894	3,135	3,256	3,895	4,028	2,210	380	407	414	433
Depreciation Expense	212	216	207	220	256	285	198	189	190	200	207
Other Operating Expenses / (Income)	141	152	167	169	196	217	158	101	103	106	114
Total Other Income / (Expense), net	-73	-83	-74	-85	-83	-70	-45	-77	115	-67	-79
Interest Expense	91	88	83	85	99	97	71	81	105	108	108
Interest & Investment Income	-	-	-	-	-	-	0.00	-	187	0.00	0.00
Other Income / (Expense), net	18	5.17	8.77	-0.24	16	27	26	3.26	33	41	28
Income Tax Expense	71	93	65	47	63	85	44	6.20	10	18	20
Net Income / (Loss) Discontinued Operations	-834	-300	-3.78	2.93	0.29	-0.32	136	250	85	100	-1.01
Basic Earnings per Share	($3.20)	$0.33	$1.44	$1.39	$1.69	$1.95	$1.87	$1.81	$2.04	$1.38	$0.93
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	204.29M
Diluted Earnings per Share	($3.20)	$0.33	$1.43	$1.39	$1.69	$1.95	$1.87	$1.81	$2.03	$1.37	$0.93
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	205.30M
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	204.38M
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	$0.54

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	75	171	101	60	65	55	82	14	18	76	81
Consolidated Net Income / (Loss)	75	171	101	60	65	55	82	14	18	76	81
Net Income / (Loss) Continuing Operations	156	-58	75	20	16	-105	82	14	18	76	81
Total Pre-Tax Income	92	-62	82	23	16	-73	91	15	21	84	86
Total Operating Income	85	-60	97	40	35	-51	113	30	40	107	116
Total Gross Profit	916	-1,980	290	213	204	-1,831	314	220	215	295	321
Total Revenue	1,001	-1,719	588	344	290	-1,554	675	351	315	534	606
Operating Revenue	1,001	-1,719	588	344	290	-1,554	675	351	315	534	606
Total Cost of Revenue	85	261	298	131	86	277	361	131	100	239	285
Operating Cost of Revenue	85	261	298	131	86	277	361	131	100	239	285
Total Operating Expenses	831	-1,920	193	174	169	-1,780	201	190	176	188	205
Selling, General & Admin Expense	739	-1,898	108	100	101	-1,777	111	113	102	107	115
Depreciation Expense	53	32	50	50	50	32	51	52	52	52	54
Other Operating Expenses / (Income)	39	-53	36	24	18	-36	39	25	22	29	36
Total Other Income / (Expense), net	6.94	-1.49	-15	-16	-18	-22	-22	-16	-19	-23	-30
Interest Expense	32	22	27	27	27	22	27	25	26	29	33
Other Income / (Expense), net	8.92	191	12	10	8.97	-0.92	5.00	9.95	7.30	6.11	2.61
Income Tax Expense	13	-82	7.32	3.20	0.88	-31	8.57	0.66	2.37	7.97	4.68
Net Income / (Loss) Discontinued Operations	-3.29	150	26	40	49	98	-0.50	-0.40	-0.04	-0.07	-0.13
Basic Earnings per Share	$0.37	$0.84	$0.50	$0.30	$0.32	$0.27	$0.40	$0.07	$0.09	$0.37	$0.39
Weighted Average Basic Shares Outstanding	203.64M	203.64M	203.78M	203.89M	203.89M	203.87M	204.14M	204.33M	204.33M	204.29M	205.44M
Diluted Earnings per Share	$0.37	$0.84	$0.49	$0.30	$0.32	$0.27	$0.40	$0.07	$0.09	$0.37	$0.39
Weighted Average Diluted Shares Outstanding	203.89M	203.94M	204.19M	204.58M	204.68M	204.65M	204.96M	205.21M	205.29M	205.30M	206.99M
Weighted Average Basic & Diluted Shares Outstanding	203.64M	203.69M	203.89M	203.89M	203.89M	204.33M	204.33M	204.33M	204.33M	204.38M	209.01M
Cash Dividends to Common per Share	$0.13	$0.13	$0.13	$0.13	$0.13	$0.13	$0.13	$0.13	$0.14	-	$0.14

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	23	-38	-12	19	13	-6.91	-5.39	26	-3.54	-10	-39
Net Cash From Operating Activities	662	462	448	500	542	768	496	510	333	502	473
Net Cash From Continuing Operating Activities	464	423	349	504	542	770	299	322	305	412	474
Net Income / (Loss) Continuing Operations	176	233	285	269	335	391	243	117	330	181	191
Consolidated Net Income / (Loss)	-658	-67	281	272	335	390	378	367	415	281	190
Net Income / (Loss) Discontinued Operations	-834	-300	-3.78	2.93	0.29	-0.32	136	250	85	100	-1.01
Depreciation Expense	212	216	207	220	256	285	198	189	190	200	207
Amortization Expense	-	-	-	-	1.33	2.16	0.93	0.89	1.01	1.83	1.26
Non-Cash Adjustments To Reconcile Net Income	-	-	-	-	-37	-9.68	-4.69	16	-194	1.35	2.78
Changes in Operating Assets and Liabilities, net	76	-26	-143	14	-14	102	-138	-1.13	-22	27	72
Net Cash From Discontinued Operating Activities	198	39	99	-3.94	0.46	-1.38	197	188	27	91	-0.73
Net Cash From Investing Activities	-382	-305	-214	-711	-604	-630	-886	-639	-541	-553	-781
Net Cash From Continuing Investing Activities	-481	-345	-216	-712	-604	-630	-488	-457	-465	-524	-781
Purchase of Property, Plant & Equipment	-537	-388	-341	-568	-576	-558	-485	-443	-484	-523	-770
Purchase of Investments	-	-1.40	-1.61	-2.32	-	-1.81	-	-2.57	-2.42	-5.16	-4.18
Sale of Property, Plant & Equipment	55	45	127	26	30	36	15	0.00	0.26	0.69	0.00
Sale and/or Maturity of Investments	1.52	-	-	-	-2.01	-	-3.14	0.00	20	9.00	5.00
Other Investing Activities, net	-	-	-	-	-	-	-11	-12	1.17	-5.54	-11
Net Cash From Discontinued Investing Activities	98	40	2.23	1.24	-	-	-398	-182	-76	-29	0.00
Net Cash From Financing Activities	-256	-195	-245	230	74	-145	385	155	205	40	269
Net Cash From Continuing Financing Activities	-342	-154	-245	230	74	-145	103	-2.79	230	-77	269
Repayment of Debt	-566	-316	-217	-175	-643	-174	-126	-40	-1,005	-280	-184
Repurchase of Common Equity	0.00	0.00	-1.68	-5.03	0.00	0.00	-6.70	-7.40	-4.81	0.00	0.00
Payment of Dividends	-143	-147	-151	-155	-160	-166	-171	-177	-161	-103	-108
Issuance of Debt	346	309	141	567	774	192	322	226	1,405	309	565
Issuance of Common Equity	22	-	0.00	0.00	107	3.39	89	-0.15	0.00	-0.05	-0.08
Other Financing Activities, net	0.00	-0.32	-0.76	-2.33	-3.02	-0.36	-4.13	-4.90	-3.04	-2.62	-4.48
Net Cash From Discontinued Financing Activities	86	-41	-	-	-	-	282	158	-26	117	0.00
Cash Interest Paid	-	-	-	-	-	-	-	-	113	108	99
Cash Income Taxes Paid	-	-	-	-	-	-	-	-	12	44	31

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-28	44	12	5.14	9.58	-37	-7.36	-0.74	17	-48	25
Net Cash From Operating Activities	102	158	165	136	140	61	217	117	58	81	149
Net Cash From Continuing Operating Activities	105	-30	144	137	138	-28	218	118	58	81	149
Net Income / (Loss) Continuing Operations	78	20	75	61	62	-43	82	14	18	76	81
Consolidated Net Income / (Loss)	75	171	101	60	65	55	82	14	18	76	81
Net Income / (Loss) Discontinued Operations	-3.29	150	26	-0.14	2.46	98	-0.50	-0.40	-0.04	-0.07	-0.13
Depreciation Expense	53	32	50	56	56	32	51	52	52	52	54
Amortization Expense	0.20	0.02	0.23	0.50	0.44	0.66	0.31	0.31	0.31	0.33	0.37
Non-Cash Adjustments To Reconcile Net Income	-33	-16	1.97	-0.44	-4.94	6.38	4.62	-3.78	1.04	0.84	5.19
Changes in Operating Assets and Liabilities, net	6.90	-66	17	20	24	-24	79	55	-14	-49	8.66
Net Cash From Discontinued Operating Activities	-3.28	188	21	-0.14	2.46	88	-0.50	-0.20	-0.04	0.02	-0.13
Net Cash From Investing Activities	-139	-125	-117	-119	-156	-160	-95	-80	-185	-421	-91
Net Cash From Continuing Investing Activities	-139	-104	-111	-119	-156	-131	-95	-80	-185	-421	-91
Purchase of Property, Plant & Equipment	-138	-114	-117	-117	-158	-122	-93	-81	-180	-417	-92
Purchase of Investments	-0.37	0.92	-2.58	-	-0.57	-1.28	-2.57	-	-	-0.89	-2.05
Sale and/or Maturity of Investments	-	20	9.00	2.91	-	-	0.00	2.14	2.86	-	4.00
Other Investing Activities, net	-3.31	0.44	0.03	-3.66	-2.51	0.59	0.87	-3.45	-5.08	-3.63	-0.74
Net Cash From Financing Activities	8.92	12	-36	-13	26	63	-130	-38	144	293	-33
Net Cash From Continuing Financing Activities	9.71	131	-36	-13	26	-54	-130	-38	144	293	-33
Repayment of Debt	71	-375	-96	-12	-137	-34	-99	-12	48	-121	-219
Payment of Dividends	-45	-25	-26	-26	-26	-26	-27	-27	-27	-29	-29
Issuance of Debt	-16	531	89	25	189	6.20	0.00	-	123	442	138
Issuance of Common Equity	-	-	-0.04	-0.02	-	-	0.00	-	-0.05	-0.03	81
Other Financing Activities, net	-	-	-2.62	-	-	-	-4.48	-	-	-	-4.46
Cash Interest Paid	-	-	-	-	-	-	20	-	-	-	24
Cash Income Taxes Paid	-	-	-	-	-	-	0.17	-	-	-	-1.68

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	2025
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	12/31/2025
Total Assets	6,565	6,284	6,335	6,988	7,683	8,053	8,910	9,661	7,833	7,039	7,622
Total Current Assets	991	977	1,070	1,184	1,298	1,337	1,551	2,012	1,364	666	572
Cash & Equivalents	84	46	35	54	66	60	54	70	60	67	28
Accounts Receivable	582	630	727	723	837	874	947	1,064	250	274	259
Inventories, net	241	238	227	287	278	291	336	64	45	45	39
Other Current Assets	30	48	81	120	116	113	214	220	239	280	247
Plant, Property, & Equipment, net	3,898	3,931	4,079	4,579	4,917	5,167	5,756	4,776	5,005	5,344	5,960
Plant, Property & Equipment, gross	6,388	6,510	6,771	7,397	7,909	8,301	8,973	6,875	7,081	7,554	8,265
Accumulated Depreciation	2,489	2,579	2,692	2,819	2,991	3,134	3,216	2,098	2,076	2,210	2,305
Total Noncurrent Assets	1,675	1,376	1,185	1,225	1,468	1,549	1,603	2,873	1,465	1,028	1,090
Long-Term Investments	120	126	138	139	149	165	175	129	112	115	121
Goodwill	635	632	632	665	681	715	765	489	346	346	346
Other Noncurrent Operating Assets	352	415	408	409	623	644	640	565	658	567	623
Total Liabilities & Shareholders' Equity	6,565	6,284	6,335	6,988	7,683	8,053	8,910	9,661	7,833	7,039	7,622
Total Liabilities	4,045	3,968	3,906	4,421	4,836	4,974	5,528	6,074	4,928	4,348	4,849
Total Current Liabilities	947	670	813	986	866	964	1,092	1,480	1,076	679	685
Short-Term Debt	239	44	148	252	17	52	148	86	156	162	145
Accounts Payable	286	280	312	359	403	426	479	526	160	150	149
Accrued Expenses	45	66	-	-	-	-	-	-	-	20	24
Dividends Payable	37	38	39	40	42	43	44	45	25	27	29
Current Deferred & Payable Income Tax Liabilities	47	48	43	42	49	89	80	62	50	43	45
Current Employee Benefit Liabilities	-	-	73	69	99	91	82	59	41	35	35
Other Current Liabilities	167	184	186	221	257	264	259	204	200	242	260
Total Noncurrent Liabilities	3,097	3,299	3,093	3,435	3,969	4,011	4,435	4,594	3,852	3,670	4,164
Long-Term Debt	1,558	1,747	1,566	1,857	2,227	2,212	2,594	2,318	2,105	2,131	2,532
Asset Retirement Reserve & Litigation Obligation	-	-	-	-	861	868	887	821	905	924	1,012
Noncurrent Deferred & Payable Income Tax Liabilities	664	668	347	430	507	516	592	455	452	441	437
Other Noncurrent Operating Liabilities	812	884	1,179	1,148	376	415	363	233	210	173	182
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	2,773
Total Preferred & Common Equity	2,397	2,316	2,429	2,567	2,847	3,079	3,383	3,587	2,905	2,691	2,773
Total Common Equity	2,382	2,301	2,433	2,570	2,847	3,079	3,383	3,587	2,905	2,691	2,773
Common Stock	1,426	1,428	1,429	1,445	1,556	1,572	1,665	1,670	1,670	1,678	1,681
Retained Earnings	996	912	1,041	1,164	1,337	1,558	1,762	1,951	1,254	1,030	1,109
Accumulated Other Comprehensive Income / (Loss)	-37	-36	-37	-38	-42	-48	-41	-31	-18	-17	-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	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	9,607	9,843	7,685	7,869	7,840	7,960	8,173	6,961	6,946	7,186	7,684
Total Current Assets	2,024	2,109	1,545	1,515	1,320	1,397	1,468	542	442	501	560
Cash & Equivalents	58	86	51	32	73	79	88	60	59	76	53
Accounts Receivable	850	1,086	934	893	239	146	128	269	157	132	223
Inventories, net	90	53	60	80	14	21	45	18	20	44	19
Other Current Assets	236	263	254	233	224	291	317	194	207	249	264
Plant, Property, & Equipment, net	4,718	4,835	4,923	5,020	5,060	5,147	5,251	5,379	5,435	5,591	5,997
Plant, Property & Equipment, gross	6,815	6,963	7,083	7,212	7,175	7,291	7,421	7,617	7,711	7,864	8,325
Accumulated Depreciation	2,096	2,128	2,160	2,192	2,115	2,144	2,169	2,238	2,276	2,272	2,328
Total Noncurrent Assets	2,865	2,899	1,217	1,334	1,460	1,417	1,453	1,041	1,069	1,093	1,127
Long-Term Investments	126	137	140	139	109	110	113	118	116	118	118
Goodwill	489	489	489	489	346	346	346	346	346	346	346
Other Noncurrent Operating Assets	602	581	586	703	653	594	602	578	608	629	663
Total Liabilities & Shareholders' Equity	9,607	9,843	7,685	7,869	7,840	7,960	8,173	6,961	6,946	7,186	7,684
Total Liabilities	6,115	6,267	4,979	5,112	4,859	4,943	5,115	4,218	4,214	4,463	4,780
Total Current Liabilities	1,468	1,636	1,132	1,174	923	1,150	1,281	635	595	667	718
Short-Term Debt	86	341	346	368	61	62	87	162	137	165	215
Accounts Payable	452	429	399	414	113	107	107	109	107	122	124
Accrued Expenses	-	-	-	-	-	-	-	20	-	-	24
Dividends Payable	44	45	45	25	25	25	26	27	27	29	29
Current Deferred & Payable Income Tax Liabilities	81	75	60	50	59	52	48	65	53	43	44
Current Employee Benefit Liabilities	72	51	67	94	16	19	30	18	21	32	20
Other Current Liabilities	199	245	214	222	210	283	306	234	250	276	262
Total Noncurrent Liabilities	4,647	4,631	3,847	3,938	3,936	3,793	3,833	3,584	3,619	3,796	4,062
Long-Term Debt	2,192	2,192	2,246	2,280	2,194	2,207	2,234	2,032	2,045	2,188	2,381
Asset Retirement Reserve & Litigation Obligation	878	831	836	879	912	855	862	950	883	893	1,047
Noncurrent Deferred & Payable Income Tax Liabilities	442	467	516	527	455	450	453	430	427	434	448
Other Noncurrent Operating Liabilities	231	244	249	252	193	224	229	172	264	280	185
Commitments & Contingencies	0.00	0.00	0.00	0.00	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	2,743	2,732	2,723	2,904
Total Preferred & Common Equity	3,492	3,575	2,706	2,757	2,981	3,018	3,058	2,743	2,732	2,723	2,904
Total Common Equity	3,492	3,575	2,706	2,757	2,981	3,018	3,058	2,743	2,732	2,723	2,904
Common Stock	1,656	1,665	1,664	1,667	1,670	1,672	1,674	1,675	1,676	1,678	1,759
Retained Earnings	1,880	1,944	1,060	1,109	1,329	1,364	1,402	1,085	1,072	1,061	1,161
Accumulated Other Comprehensive Income / (Loss)	-43	-30	-18	-18	-18	-18	-18	-17	-16	-16	-17

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.45%	2.86%	7.62%	1.99%	17.77%	3.67%	-37.56%	-49.42%	3.21%	-2.52%	6.66%
EBITDA Growth	1.96%	14.62%	1.57%	-2.91%	21.34%	13.86%	-35.27%	-29.21%	61.70%	-20.03%	3.49%
EBIT Growth	0.57%	22.42%	4.53%	-7.24%	23.80%	15.01%	-37.59%	-42.78%	117.98%	-31.00%	3.82%
NOPAT Growth	-5.92%	27.97%	18.17%	-1.08%	18.53%	10.65%	-37.34%	-32.02%	14.36%	10.97%	8.81%
Net Income Growth	-323.45%	89.77%	518.10%	-3.16%	23.18%	16.32%	-3.09%	-2.81%	12.85%	-32.22%	-32.27%
EPS Growth	-306.45%	110.31%	333.33%	-2.80%	21.58%	15.38%	-3.09%	-2.81%	12.15%	-32.51%	-32.12%
Operating Cash Flow Growth	12.74%	-30.16%	-3.07%	11.58%	8.48%	41.69%	-35.48%	2.88%	-34.79%	51.02%	-5.76%
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%	-292.68%
Invested Capital Growth	-3.98%	1.27%	6.53%	12.61%	8.68%	4.95%	15.10%	-18.82%	-6.17%	6.69%	10.39%
Revenue Q/Q Growth	2.79%	0.02%	3.47%	0.99%	3.26%	0.13%	-38.56%	-33.96%	-60.23%	-60.47%	-0.08%
EBITDA Q/Q Growth	12.59%	1.23%	2.12%	-1.12%	4.29%	3.80%	-37.12%	55.34%	-11.01%	-30.85%	1.78%
EBIT Q/Q Growth	19.91%	2.89%	3.36%	-3.27%	4.32%	4.60%	-39.45%	72.32%	-11.65%	-40.04%	2.83%
NOPAT Q/Q Growth	5.47%	3.88%	19.62%	-9.91%	3.59%	1.79%	-38.19%	51.46%	-40.02%	-44.97%	4.00%
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%	12.52%
EPS Q/Q Growth	-5.61%	26.92%	20.17%	-11.47%	4.97%	4.84%	-6.38%	9.07%	14.69%	-29.74%	12.05%
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%	4.42%
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%	-54,286.43%
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%	8.52%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	86.64%	88.90%	88.53%	89.30%	90.48%	91.74%	83.87%	49.79%	51.33%	56.11%	55.71%
EBITDA Margin	13.70%	15.27%	14.41%	13.72%	14.14%	15.52%	16.09%	22.52%	35.29%	28.95%	28.09%
Operating Margin	7.97%	9.90%	9.54%	8.87%	9.02%	9.85%	9.58%	11.50%	12.47%	15.11%	15.49%
EBIT Margin	8.43%	10.03%	9.74%	8.86%	9.31%	10.33%	10.33%	11.68%	24.67%	17.46%	17.00%
Profit (Net Income) Margin	-16.38%	-1.63%	6.33%	6.01%	6.29%	7.05%	10.95%	21.03%	23.00%	15.99%	10.15%
Tax Burden Percent	-266.21%	-20.62%	80.34%	85.94%	84.19%	82.13%	132.18%	297.69%	121.85%	141.50%	90.24%
Interest Burden Percent	73.04%	78.78%	80.87%	78.92%	80.16%	83.12%	80.18%	60.47%	76.49%	64.71%	66.19%
Effective Tax Rate	28.60%	28.55%	18.58%	14.99%	15.88%	17.80%	15.22%	5.02%	3.00%	8.85%	9.28%
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%	5.19%
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%	2.07%
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%	1.78%
Return on Equity (ROE)	-22.80%	-2.78%	11.85%	10.90%	12.39%	13.17%	11.70%	10.54%	12.78%	10.05%	6.97%
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%	-4.69%
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%	4.35%
Return on Assets (ROA)	-9.14%	-1.05%	4.46%	4.09%	4.57%	4.96%	4.46%	3.96%	4.74%	3.78%	2.60%
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%	6.97%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	228	292	345	342	405	448	281	191	218	242	263
NOPAT Margin	5.69%	7.08%	7.77%	7.54%	7.59%	8.10%	8.12%	10.92%	12.10%	13.77%	14.05%
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%	3.11%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	3.18%	4.22%	4.86%	4.83%
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%	44.29%
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%	23.09%
R&D to Revenue	0.00%	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%	40.22%
Earnings before Interest and Taxes (EBIT)	338	414	433	401	497	572	357	204	445	307	319
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	550	630	640	622	754	859	556	394	636	509	527
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	1.44
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	1.64
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	2.13
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	20.95
Dividend Yield	5.17%	3.28%	3.50%	3.93%	3.13%	3.50%	2.98%	5.67%	6.03%	77.05%	2.77%
Earnings Yield	0.00%	1.42%	6.48%	6.86%	6.44%	8.16%	6.48%	11.71%	19.61%	7.65%	4.77%
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	1.22
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	3.48
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	12.37
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	20.44
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	24.73
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	13.77
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	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	0.97
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	0.91
Financial Leverage	0.32	0.55	0.64	0.71	0.74	0.70	0.72	0.54	0.44	0.67	0.86
Leverage Ratio	2.50	2.66	2.66	2.67	2.71	2.66	2.63	2.66	2.69	2.66	2.68
Compound Leverage Factor	1.82	2.09	2.15	2.10	2.17	2.21	2.10	1.61	2.06	1.72	1.78
Debt to Total Capital	41.61%	43.59%	41.38%	45.10%	44.07%	42.36%	44.77%	40.13%	43.77%	46.01%	49.12%
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%	2.66%
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%	46.46%
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%	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%	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%	50.88%
Debt to EBITDA	3.27	2.84	2.68	3.39	2.97	2.63	4.93	6.11	3.55	4.50	5.08
Net Debt to EBITDA	2.90	2.57	2.41	3.08	2.69	2.37	4.52	5.60	3.28	4.15	4.80
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	4.81
Debt to NOPAT	7.87	6.13	4.97	6.17	5.54	5.05	9.77	12.60	10.36	9.47	10.16
Net Debt to NOPAT	6.98	5.54	4.47	5.61	5.01	4.55	8.95	11.56	9.57	8.72	9.59
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	9.61
Altman Z-Score	1.41	1.82	1.87	1.64	1.87	1.82	1.49	0.91	0.94	1.10	1.06
Noncontrolling Interest Sharing Ratio	4.68%	3.18%	0.24%	-0.15%	-0.07%	0.00%	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	0.84
Quick Ratio	0.70	1.01	0.94	0.79	1.04	0.97	0.92	0.77	0.29	0.50	0.42
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	383	245	99	-165	12	204	-498	1,308	515	-61	-238
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%	61.44%
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	-2.21
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	4.39
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	-2.76
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.56	0.64	0.70	0.68	0.73	0.70	0.41	0.19	0.21	0.24	0.26
Accounts Receivable Turnover	6.79	6.81	6.55	6.25	6.84	6.47	3.79	1.74	2.74	6.70	7.04
Inventory Turnover	2.02	1.91	2.19	1.89	1.80	1.61	1.78	4.39	16.12	17.22	19.77
Fixed Asset Turnover	1.03	1.05	1.11	1.05	1.12	1.10	0.63	0.33	0.37	0.34	0.33
Accounts Payable Turnover	1.90	1.62	1.72	1.45	1.33	1.10	1.23	1.75	2.56	4.98	5.55
Days Sales Outstanding (DSO)	53.72	53.60	55.75	58.40	53.33	56.42	96.19	210.05	133.03	54.45	51.87
Days Inventory Outstanding (DIO)	180.33	190.69	166.45	193.43	203.19	227.35	205.28	83.18	22.65	21.20	18.46
Days Payable Outstanding (DPO)	192.31	225.41	212.08	252.50	273.66	331.17	296.47	208.96	142.54	73.34	65.72
Cash Conversion Cycle (CCC)	41.74	18.88	10.12	-0.68	-17.13	-47.39	5.00	84.27	13.14	2.31	4.61
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	5,329
Invested Capital Turnover	1.06	1.10	1.14	1.06	1.13	1.10	0.62	0.32	0.39	0.38	0.37
Increase / (Decrease) in Invested Capital	-154	47	246	507	393	243	779	-1,118	-297	303	502
Enterprise Value (EV)	4,505	6,135	5,870	5,884	7,238	6,819	8,347	5,343	4,203	5,784	6,516
Market Capitalization	2,773	4,501	4,327	3,968	5,210	4,780	5,835	3,138	2,115	3,674	3,989
Book Value per Share	$12.20	$11.78	$12.46	$13.11	$14.21	$15.36	$16.64	$17.64	$14.27	$13.20	$13.57
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	$11.88
Total Capital	4,317	4,106	4,144	4,675	5,090	5,342	6,125	5,991	5,166	4,983	5,450
Total Debt	1,796	1,790	1,715	2,109	2,243	2,263	2,742	2,404	2,261	2,293	2,677
Total Long-Term Debt	1,558	1,747	1,566	1,857	2,227	2,212	2,594	2,318	2,105	2,131	2,532
Net Debt	1,593	1,618	1,543	1,916	2,028	2,039	2,512	2,205	2,088	2,110	2,527
Capital Expenditures (CapEx)	482	343	215	542	546	522	471	443	484	522	770
Debt-free, Cash-free Net Working Capital (DFCFNWC)	199	305	371	396	381	366	553	548	384	82	3.70
Debt-free Net Working Capital (DFNWC)	283	351	406	450	448	425	607	618	444	149	32
Net Working Capital (NWC)	44	308	257	198	431	374	459	532	288	-12	-113
Net Nonoperating Expense (NNE)	886	359	64	69	69	58	-97	-177	-197	-39	73
Net Nonoperating Obligations (NNO)	1,203	1,455	1,588	1,957	2,070	2,081	2,556	1,235	1,619	2,137	2,556
Total Depreciation and Amortization (D&A)	212	216	207	220	257	287	199	189	191	202	208
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%	0.20%
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%	1.70%
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%	-6.02%
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	$0.93
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	204.29M
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	$0.93
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	205.30M
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	$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	204.38M
Normalized Net Operating Profit after Tax (NOPAT)	228	292	345	342	405	448	281	191	218	242	263
Normalized NOPAT Margin	5.69%	7.08%	7.77%	7.54%	7.59%	8.10%	8.12%	10.92%	12.10%	13.77%	14.05%
Pre Tax Income Margin	6.15%	7.90%	7.88%	6.99%	7.47%	8.59%	8.28%	7.07%	18.87%	11.30%	11.25%
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	2.96
NOPAT to Interest Expense	2.50	3.33	4.17	4.04	4.11	4.64	3.97	2.36	2.09	2.23	2.45
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	-4.19
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	-4.70
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%	56.85%
Augmented Payout Ratio	-21.72%	-218.79%	54.20%	58.61%	47.77%	42.65%	47.09%	50.16%	40.06%	36.62%	56.85%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	204,382,821.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	204,382,821.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.40
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.17%	-2.21%	-15.12%	-3.99%	4.97%	9.59%	14.71%	1.95%	8.75%	-0.29%	-10.20%
EBITDA Growth	23.56%	284.10%	13.42%	10.11%	9.78%	-111.61%	6.86%	-7.68%	5.74%	5.89%	2.02%
EBIT Growth	40.05%	977.57%	16.17%	13.50%	11.89%	-139.66%	8.56%	-19.34%	7.58%	8.37%	0.38%
NOPAT Growth	30.28%	-700.92%	19.64%	21.73%	3.86%	15.54%	16.13%	-15.17%	6.93%	11.82%	6.99%
Net Income Growth	-49.36%	45.82%	163.08%	-53.76%	-13.77%	-67.69%	-18.76%	-77.20%	-71.66%	38.40%	-1.40%
EPS Growth	-49.32%	44.83%	157.89%	-53.13%	-13.51%	-67.86%	-18.37%	-76.67%	-71.88%	37.04%	-2.50%
Operating Cash Flow Growth	-38.60%	-29.95%	478.25%	16.89%	37.72%	-61.62%	31.72%	-13.97%	-58.70%	33.11%	-31.39%
Free Cash Flow Firm Growth	-129.17%	-77.31%	-108.95%	40.46%	11.49%	-232.62%	-122.37%	-146.93%	-160.93%	-87.37%	-330.00%
Invested Capital Growth	7.51%	-6.17%	4.34%	6.48%	6.41%	6.69%	4.58%	4.61%	5.45%	10.39%	11.93%
Revenue Q/Q Growth	-8.28%	-271.73%	6.91%	-13.70%	0.28%	-247.92%	143.43%	-47.96%	-10.29%	69.51%	13.48%
EBITDA Q/Q Growth	0.57%	10.40%	-1.19%	-21.84%	0.28%	-111.68%	999.93%	-45.44%	7.63%	66.17%	4.55%
EBIT Q/Q Growth	1.67%	39.59%	-2.29%	-30.27%	0.22%	-149.48%	327.64%	-65.83%	17.03%	140.68%	4.28%
NOPAT Q/Q Growth	22.70%	-158.31%	-35.00%	-36.72%	4.69%	-147.41%	387.20%	-71.64%	21.69%	175.50%	12.53%
Net Income Q/Q Growth	-42.67%	127.86%	-40.90%	-40.10%	6.91%	-14.63%	48.60%	-83.19%	32.88%	316.90%	5.87%
EPS Q/Q Growth	-42.19%	127.03%	-41.67%	-38.78%	6.67%	-15.63%	48.15%	-82.50%	28.57%	311.11%	5.41%
Operating Cash Flow Q/Q Growth	-12.79%	54.90%	4.68%	-17.34%	2.74%	-56.83%	259.27%	-46.01%	-50.68%	39.14%	85.19%
Free Cash Flow Firm Q/Q Growth	33.32%	192.47%	19.33%	-141.44%	0.89%	-38.57%	68.29%	-68.79%	-20.60%	-85.15%	-14.09%
Invested Capital Q/Q Growth	1.53%	-9.19%	1.19%	0.81%	1.46%	-8.95%	-0.85%	-0.43%	3.04%	8.52%	0.53%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	91.51%	0.00%	76.01%	88.13%	92.52%	0.00%	46.52%	62.71%	68.38%	55.25%	52.89%
EBITDA Margin	14.68%	0.00%	16.95%	15.35%	15.35%	0.00%	25.11%	26.32%	31.58%	30.96%	28.53%
Operating Margin	8.45%	0.00%	11.20%	8.57%	8.64%	0.00%	16.72%	8.64%	12.65%	20.10%	19.09%
EBIT Margin	9.34%	0.00%	12.34%	9.97%	9.96%	0.00%	17.47%	11.47%	14.96%	21.25%	19.52%
Profit (Net Income) Margin	7.49%	0.00%	8.31%	5.77%	6.15%	0.00%	12.15%	3.92%	5.81%	14.30%	13.34%
Tax Burden Percent	81.85%	-276.69%	83.37%	79.73%	85.95%	-75.21%	90.03%	92.91%	88.37%	90.46%	94.38%
Interest Burden Percent	97.88%	-47.27%	80.83%	72.60%	71.84%	141.65%	77.24%	36.83%	43.96%	74.38%	72.37%
Effective Tax Rate	14.56%	0.00%	16.63%	20.09%	17.32%	0.00%	9.41%	4.42%	11.44%	9.45%	5.46%
Return on Invested Capital (ROIC)	6.81%	0.00%	8.17%	5.94%	6.18%	0.00%	5.97%	3.28%	4.39%	6.72%	6.43%
ROIC Less NNEP Spread (ROIC-NNEP)	6.97%	0.00%	7.48%	5.43%	5.71%	0.00%	4.86%	2.43%	3.50%	5.83%	5.16%
Return on Net Nonoperating Assets (RNNOA)	3.76%	0.00%	4.10%	4.18%	4.39%	0.00%	3.09%	1.51%	2.29%	5.01%	4.11%
Return on Equity (ROE)	10.57%	0.00%	12.27%	10.13%	10.57%	0.00%	9.06%	4.79%	6.68%	11.73%	10.54%
Cash Return on Invested Capital (CROIC)	0.32%	11.03%	3.57%	2.29%	2.35%	-1.30%	1.00%	0.86%	-0.01%	-4.69%	-5.91%
Operating Return on Assets (OROA)	4.85%	0.00%	6.20%	5.60%	5.52%	0.00%	4.35%	2.85%	3.66%	5.43%	4.82%
Return on Assets (ROA)	3.89%	0.00%	4.18%	3.24%	3.41%	0.00%	3.03%	0.97%	1.42%	3.66%	3.29%
Return on Common Equity (ROCE)	10.57%	0.00%	12.27%	10.13%	10.57%	0.00%	9.06%	4.79%	6.68%	11.73%	10.54%
Return on Equity Simple (ROE_SIMPLE)	13.09%	0.00%	16.01%	13.49%	12.97%	0.00%	9.56%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	72	-42	113	72	75	-36	102	29	35	97	109
NOPAT Margin	7.22%	0.00%	9.34%	6.85%	7.15%	0.00%	15.15%	8.26%	11.20%	18.20%	18.05%
Net Nonoperating Expense Percent (NNEP)	-0.16%	-14.92%	0.69%	0.51%	0.47%	-4.83%	1.11%	0.85%	0.90%	0.89%	1.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.82%	-	-	-	-0.71%	2.07%	0.59%	0.70%	1.78%	1.99%
Cost of Revenue to Revenue	8.49%	0.00%	23.99%	11.87%	7.48%	0.00%	53.48%	37.29%	31.62%	44.75%	47.11%
SG&A Expenses to Revenue	73.81%	0.00%	55.36%	69.97%	74.88%	0.00%	16.46%	32.14%	32.30%	20.10%	18.96%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	83.06%	0.00%	64.81%	79.57%	83.88%	0.00%	29.79%	54.08%	55.73%	35.14%	33.80%
Earnings before Interest and Taxes (EBIT)	94	131	150	104	105	-52	118	40	47	113	118
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	147	162	206	161	161	-19	169	92	99	165	173
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.76	0.73	1.71	1.70	0.98	1.37	1.26	1.25	1.34	1.44	1.46
Price to Tangible Book Value (P/TBV)	0.92	0.83	2.05	2.02	1.17	1.57	1.44	1.43	1.53	1.64	1.66
Price to Revenue (P/Rev)	0.46	1.17	1.15	1.16	0.67	2.09	1.87	1.84	1.94	2.13	2.34
Price to Earnings (P/E)	5.79	5.10	10.70	12.57	7.56	13.07	13.18	15.80	21.51	20.95	22.38
Dividend Yield	6.38%	6.03%	2.38%	1.99%	3.43%	77.05%	82.14%	83.35%	78.07%	2.77%	2.65%
Earnings Yield	17.26%	19.61%	9.35%	7.95%	13.23%	7.65%	7.59%	6.33%	4.65%	4.77%	4.47%
Enterprise Value to Invested Capital (EV/IC)	0.86	0.93	1.41	1.40	0.98	1.20	1.14	1.14	1.18	1.22	1.24
Enterprise Value to Revenue (EV/Rev)	0.95	2.33	1.64	1.66	1.17	3.29	2.97	2.92	3.09	3.48	3.69
Enterprise Value to EBITDA (EV/EBITDA)	6.00	6.60	10.31	10.12	7.09	11.37	10.53	10.57	11.20	12.37	12.56
Enterprise Value to EBIT (EV/EBIT)	8.52	9.45	14.91	14.57	10.19	18.84	17.30	17.65	18.71	20.44	20.87
Enterprise Value to NOPAT (EV/NOPAT)	11.80	19.26	18.36	16.81	11.85	23.89	21.35	21.63	22.89	24.73	24.59
Enterprise Value to Operating Cash Flow (EV/OCF)	10.73	12.64	13.45	13.01	8.70	11.52	9.86	10.11	12.79	13.77	16.44
Enterprise Value to Free Cash Flow (EV/FCFF)	275.96	8.15	40.17	62.80	43.21	0.00	117.12	134.84	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.96	0.78	0.80	0.80	0.80	0.85	0.80	0.80	0.86	0.97	0.89
Long-Term Debt to Equity	0.83	0.72	0.78	0.73	0.73	0.79	0.74	0.75	0.80	0.91	0.82
Financial Leverage	0.54	0.44	0.55	0.77	0.77	0.67	0.64	0.62	0.66	0.86	0.80
Leverage Ratio	2.80	2.69	2.70	2.73	2.76	2.66	2.59	2.59	2.66	2.68	2.59
Compound Leverage Factor	2.74	-1.27	2.18	1.98	1.98	3.76	2.00	0.95	1.17	2.00	1.88
Debt to Total Capital	48.98%	43.77%	44.46%	44.30%	44.50%	46.01%	44.44%	44.40%	46.36%	49.12%	47.20%
Short-Term Debt to Total Capital	6.80%	3.03%	1.13%	3.57%	3.97%	3.24%	3.28%	2.78%	3.24%	2.66%	3.90%
Long-Term Debt to Total Capital	42.18%	40.74%	43.33%	40.73%	40.53%	42.76%	41.16%	41.62%	43.11%	46.46%	43.30%
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%	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%	0.00%
Common Equity to Total Capital	51.02%	56.23%	55.54%	55.70%	55.50%	53.99%	55.56%	55.60%	53.64%	50.88%	52.80%
Debt to EBITDA	3.70	3.55	3.38	3.33	3.33	4.50	4.22	4.26	4.55	5.08	4.90
Net Debt to EBITDA	3.08	3.28	3.08	3.03	3.01	4.15	3.88	3.92	4.17	4.80	4.57
Long-Term Debt to EBITDA	3.19	3.31	3.29	3.06	3.04	4.19	3.91	3.99	4.23	4.81	4.49
Debt to NOPAT	7.28	10.36	6.02	5.53	5.57	9.47	8.56	8.72	9.29	10.16	9.58
Net Debt to NOPAT	6.05	9.57	5.49	5.03	5.04	8.72	7.87	8.02	8.52	9.59	8.95
Long-Term Debt to NOPAT	6.27	9.65	5.86	5.08	5.08	8.80	7.93	8.17	8.64	9.61	8.79
Altman Z-Score	1.11	0.81	1.56	1.49	1.21	0.94	1.01	0.96	0.95	0.97	1.00
Noncontrolling Interest Sharing Ratio	-0.01%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.29	1.27	1.43	1.22	1.15	0.98	0.85	0.74	0.75	0.84	0.78
Quick Ratio	1.02	0.29	1.11	0.89	0.81	0.50	0.52	0.36	0.31	0.42	0.38
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-276	255	-102	-246	-244	-338	-107	-181	-218	-404	-461
Operating Cash Flow to CapEx	75.18%	125.37%	133.80%	119.04%	91.43%	46.30%	233.76%	145.05%	32.20%	19.34%	161.46%
Free Cash Flow to Firm to Interest Expense	-8.59	11.55	-3.56	-8.61	-8.29	-15.69	-4.00	-7.12	-8.27	-13.92	-14.12
Operating Cash Flow to Interest Expense	3.17	7.14	5.75	4.77	4.76	2.81	8.11	4.61	2.19	2.77	4.57
Operating Cash Flow Less CapEx to Interest Expense	-1.05	1.45	1.45	0.76	-0.45	-3.26	4.64	1.43	-4.61	-11.56	1.74
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.52	0.21	0.50	0.56	0.55	0.24	0.25	0.25	0.24	0.26	0.25
Accounts Receivable Turnover	5.20	2.74	4.40	4.73	4.87	6.70	7.25	12.23	14.41	7.04	7.34
Inventory Turnover	11.22	16.12	13.57	11.31	8.46	17.22	51.74	40.80	18.99	19.77	39.80
Fixed Asset Turnover	0.93	0.37	0.89	0.86	0.86	0.34	0.35	0.35	0.35	0.33	0.32
Accounts Payable Turnover	2.20	2.56	1.76	1.75	1.61	4.98	7.50	7.80	7.41	5.55	6.47
Days Sales Outstanding (DSO)	70.15	133.03	82.95	77.23	74.99	54.45	50.31	29.84	25.33	51.87	49.73
Days Inventory Outstanding (DIO)	32.54	22.65	26.90	32.26	43.13	21.20	7.05	8.95	19.22	18.46	9.17
Days Payable Outstanding (DPO)	165.90	142.54	207.55	209.13	226.40	73.34	48.67	46.78	49.23	65.72	56.44
Cash Conversion Cycle (CCC)	-63.21	13.14	-97.70	-99.63	-108.28	2.31	8.69	-7.99	-4.68	4.61	2.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,982	4,525	5,184	5,226	5,302	4,827	4,786	4,766	4,911	5,329	5,357
Invested Capital Turnover	0.94	0.39	0.87	0.87	0.86	0.38	0.39	0.40	0.39	0.37	0.36
Increase / (Decrease) in Invested Capital	348	-297	215	318	319	303	210	210	254	502	571
Enterprise Value (EV)	4,291	4,203	7,284	7,300	5,215	5,784	5,472	5,414	5,798	6,516	6,660
Market Capitalization	2,092	2,115	5,106	5,118	2,998	3,674	3,455	3,406	3,639	3,989	4,235
Book Value per Share	$13.54	$14.27	$14.63	$14.80	$15.00	$13.20	$13.43	$13.37	$13.33	$13.57	$14.21
Tangible Book Value per Share	$11.13	$12.57	$12.22	$12.40	$12.60	$11.50	$11.73	$11.68	$11.63	$11.88	$12.52
Total Capital	5,405	5,166	5,367	5,418	5,510	4,983	4,937	4,914	5,076	5,450	5,500
Total Debt	2,648	2,261	2,386	2,401	2,452	2,293	2,194	2,182	2,353	2,677	2,596
Total Long-Term Debt	2,280	2,105	2,326	2,207	2,234	2,131	2,032	2,045	2,188	2,532	2,381
Net Debt	2,200	2,088	2,178	2,183	2,218	2,110	2,017	2,007	2,159	2,527	2,425
Capital Expenditures (CapEx)	135	126	123	115	153	131	93	81	180	417	92
Debt-free, Cash-free Net Working Capital (DFCFNWC)	400	384	369	346	301	82	9.13	-75	-76	3.70	2.61
Debt-free Net Working Capital (DFNWC)	709	444	458	441	405	149	69	-16	-0.48	32	56
Net Working Capital (NWC)	341	288	397	247	186	-12	-93	-153	-165	-113	-159
Net Nonoperating Expense (NNE)	-2.64	-213	12	11	10	-91	20	15	17	21	29
Net Nonoperating Obligations (NNO)	2,225	1,619	2,203	2,208	2,244	2,137	2,043	2,034	2,187	2,556	2,453
Total Depreciation and Amortization (D&A)	53	32	56	56	57	33	52	52	52	52	55
Debt-free, Cash-free Net Working Capital to Revenue	8.83%	21.28%	8.30%	7.88%	6.77%	4.69%	0.50%	-4.05%	-4.07%	0.20%	0.14%
Debt-free Net Working Capital to Revenue	15.64%	24.64%	10.31%	10.02%	9.11%	8.50%	3.72%	-0.87%	-0.03%	1.70%	3.10%
Net Working Capital to Revenue	7.53%	15.97%	8.94%	5.62%	4.19%	-0.70%	-5.04%	-8.26%	-8.80%	-6.02%	-8.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.37	$0.84	$0.50	$0.30	$0.32	$0.27	$0.40	$0.07	$0.09	$0.37	$0.39
Adjusted Weighted Average Basic Shares Outstanding	203.64M	203.64M	203.78M	203.89M	203.89M	203.87M	204.14M	204.33M	204.33M	204.29M	205.44M
Adjusted Diluted Earnings per Share	$0.37	$0.84	$0.49	$0.30	$0.32	$0.27	$0.40	$0.07	$0.09	$0.37	$0.39
Adjusted Weighted Average Diluted Shares Outstanding	203.89M	203.94M	204.19M	204.58M	204.68M	204.65M	204.96M	205.21M	205.29M	205.30M	206.99M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.84	$0.00	$0.00	$0.00	$0.27	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	203.64M	203.69M	203.89M	203.89M	203.89M	204.33M	204.33M	204.33M	204.33M	204.38M	209.01M
Normalized Net Operating Profit after Tax (NOPAT)	72	-42	113	72	75	-36	102	29	35	97	109
Normalized NOPAT Margin	7.22%	0.00%	9.34%	6.85%	7.15%	0.00%	15.15%	8.26%	11.20%	18.20%	18.05%
Pre Tax Income Margin	9.15%	0.00%	9.97%	7.24%	7.16%	0.00%	13.49%	4.22%	6.58%	15.80%	14.13%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.91	5.91	5.22	3.65	3.55	-2.40	4.39	1.58	1.78	3.90	3.62
NOPAT to Interest Expense	2.25	-1.91	3.95	2.51	2.55	-1.65	3.81	1.14	1.34	3.34	3.35
EBIT Less CapEx to Interest Expense	-1.30	0.22	0.92	-0.36	-1.65	-8.46	0.93	-1.60	-5.02	-10.43	0.79
NOPAT Less CapEx to Interest Expense	-1.97	-7.61	-0.35	-1.50	-2.66	-7.71	0.34	-2.04	-5.47	-10.99	0.52
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	49.88%	38.90%	29.75%	30.02%	25.81%	36.62%	39.50%	48.54%	62.44%	56.85%	58.31%
Augmented Payout Ratio	51.21%	40.06%	29.75%	30.02%	25.81%	36.62%	39.50%	48.54%	62.44%	56.85%	58.31%

Financials Breakdown Chart

Key Financial Trends

MDU Resources Group (NYSE: MDU) reported a mixed but largely constructive near-term quarter in Q4 2025, with solid profitability, decent cash generation from operations, and ongoing heavy capital investment typical for a regulated utilities/energy infrastructure company. Below are the key items across the last four years, with a focus on the most relevant quarterly signals.

Gross margin strength in Q4 2025: Total Gross Profit was about $295.0 million on Operating Revenue of $534.0 million, a gross margin around 55% for that quarter.
Solid quarterly profitability for Q4 2025: Net income attributable to common shareholders was $76.339 million, with basic and diluted earnings per share of $0.37.
Healthy cash generation from operations in Q4 2025: Net cash from continuing operating activities was about $80.6 million.
Access to capital for financing activities in Q4 2025: Net cash from financing activities was about $292.9 million, indicating continued funding capacity for capital programs.
Quarterly revenue shows seasonality and mix effect: Q4 2025 revenue was $534.0 million, with earlier 2025 quarters showing lower reported revenue levels, suggesting seasonality and project timing influence quarterly results.
Heavy capital investment profile continues: Purchase of Property, Plant & Equipment in Q4 2025 was about $416.6 million, consistent with the asset-intensive nature of the business.
Leverage and asset base: Long-term debt around $2.19 billion and total liabilities near $4.46 billion as of the latest balance sheet data, reflecting a sizable asset base underpinning regulated assets.
Negative quarterly cash delta in Q4 2025: Net change in cash and equivalents was approximately -$47.6 million, signaling a cash outflow for the quarter despite operating cash generation.
Investing cash outflows remained large: Net cash from investing activities in Q4 2025 was about -$421.1 million, driven by capex and investments.
Debt load remains sizable: Long-term debt near $2.19 billion and total liabilities around $4.46 billion, highlighting ongoing leverage that can influence interest costs and credit metrics.

05/14/26 10:23 AM ETAI Generated. May Contain Errors.

MDU Resources Group Financials - Frequently Asked Questions

According to the most recent income statement we have on file, MDU Resources Group's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

MDU Resources Group's net income appears to be on an upward trend, with a most recent value of $190.40 million in 2025, falling from -$657.69 million in 2015. The previous period was $281.11 million in 2024. Find out what analysts predict for MDU Resources Group in the coming months.

MDU Resources Group's total operating income in 2025 was $290.38 million, based on the following breakdown:

Total Gross Profit: $1.04 billion
Total Operating Expenses: $754.23 million

Over the last 10 years, MDU Resources Group's total revenue changed from $4.01 billion in 2015 to $1.88 billion in 2025, a change of -53.3%.

MDU Resources Group's total liabilities were at $4.85 billion at the end of 2025, a 11.5% increase from 2024, and a 19.9% increase since 2015.

In the past 10 years, MDU Resources Group's cash and equivalents has ranged from $28.21 million in 2025 to $83.90 million in 2015, and is currently $28.21 million as of their latest financial filing in 2025.

Over the last 10 years, MDU Resources Group's book value per share changed from 12.20 in 2015 to 13.57 in 2025, a change of 11.3%.

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Financial statements for NYSE:MDU last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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MDU Resources Group (MDU) Financials

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MDU Resources Group (MDU) Financials

Annual Income Statements for MDU Resources Group

Quarterly Income Statements for MDU Resources Group

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Quarterly Cash Flow Statements for MDU Resources Group

Annual Balance Sheets for MDU Resources Group

Quarterly Balance Sheets for MDU Resources Group

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Quarterly Metrics And Ratios for MDU Resources Group

Financials Breakdown Chart

Key Financial Trends

MDU Resources Group Financials - Frequently Asked Questions

When does MDU Resources Group's fiscal year end?

How has MDU Resources Group's net income changed over the last 10 years?

What is MDU Resources Group's operating income?

How has MDU Resources Group's revenue changed over the last 10 years?

How much debt does MDU Resources Group have?

How much cash does MDU Resources Group have?

How has MDU Resources Group's book value per share changed over the last 10 years?

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