MDU

MKT CAP:$4B

MDU Resources Group, Inc.

Market Cap

$4B

Industrials·Conglomerates·🇺🇸 United States·NYSE

Industrials·Conglomerates·🇺🇸·NYSE

Stock Price

$21.89+$2.02 (+10.14%)

Apr 24, 2026

Company Details

MDU Resources Group, Inc. engages in the regulated energy delivery, and construction materials and services businesses in the United States. The company's Electric segment generates, transmits, and distributes electricity for residential, c...

CEO

Nicole A. Kivisto

IPO Date

Nov 5, 1987

Website

www.mdu.com

Key Metrics TTM

Revenue

$3.7B

-34.0% YoY

Net Income

$213M

EPS (Diluted)

$1.04

Free Cash Flow

-$619M

Revenue / Share

$18.03

Gross Margin

19.2%

Operating Margin

9.1%

Net Margin

5.7%

FCF Margin

-16.7%

P/S

1.2x

P/E

21.0x

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 20, 2026

$1.9BEPS $0.93

Q4 2025

Feb 20, 2026

$534MEPS $0.37

Q3 2025

Nov 10, 2025

$315MEPS $0.09

FY 2023

Feb 22, 2024

$1.8BEPS $2.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 17	$1.2B	$217M	$126M
Q3 18	$1.3B	$234M	$140M
Q1 19	$1.1B	$178M	$64M
Q4 19	$1.4B	$246M	$130M
Q2 20	$1.4B	$262M	$138M
Q3 20	$1.6B	$326M	$204M
Q4 20	$1.4B	$268M	$146M
Q1 21	$1.2B	$221M	$85M
Q2 21	$1.4B	$265M	$138M
Q3 21	$1.6B	$312M	$189M
Q4 21	$1.4B	$246M	$122M
Q1 22	$1.4B	$215M	$67M
Q3 25	$315M	$114M	$40M
Q4 25	$534M	$136M	$107M

Valuation

Quarter	P/S	P/E
Q4 17	—	—
Q3 18	—	—
Q1 19	—	—
Q4 19	0.9x	12.5x
Q2 20	0.9x	13.0x
Q3 20	0.8x	11.5x
Q4 20	0.8x	9.7x
Q1 21	0.8x	10.7x
Q2 21	0.8x	10.7x
Q3 21	0.8x	11.1x
Q4 21	0.8x	11.8x
Q1 22	0.8x	12.5x
Q3 25	0.9x	16.2x
Q4 25	1.2x	21.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 17	$176M	$57M
Q3 18	$141M	$6M
Q1 19	$2M	-$132M
Q4 19	$339M	$186M
Q2 20	$182M	$73M
Q3 20	$220M	$55M
Q4 20	$287M	$142M
Q1 21	$96M	-$15M
Q2 21	$87M	-$64M
Q3 21	$183M	$17M
Q4 21	$130M	-$101M
Q1 22	$112M	-$38M
Q3 25	$58M	-$122M
Q4 25	$81M	-$358M

Capital Expenditures

Quarter	CapEx
Q4 17	$119M
Q3 18	$135M
Q1 19	$134M
Q4 19	$153M
Q2 20	$109M
Q3 20	$165M
Q4 20	$144M
Q1 21	$111M
Q2 21	$151M
Q3 21	$166M
Q4 21	$231M
Q1 22	$150M
Q3 25	$180M
Q4 25	$438M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q2 20	+17.0%	+17.8%
Q3 20	+23.9%	+21.3%
Q4 20	+26.9%	+20.7%
Q1 21	-10.9%	-8.4%
Q2 21	+4.5%	+5.0%
Q3 21	-0.1%	+1.0%
Q4 21	+4.2%	+6.6%
Q1 22	+15.4%	+18.1%
Q3 25	-77.9%	-78.6%
Q4 25	-66.3%	-69.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 17	$3M	0.2%
Q3 18	$0	0.0%
Q1 19	-$3M	-0.3%
Q4 19	$0	0.0%
Q2 20	$0	0.0%
Q3 20	$0	0.0%
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$3M	0.2%
Q3 25	$2M	0.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q4 17	$2M
Q3 18	$676.0K
Q1 19	$653.0K

Revenue Segments

Quarter	Construction materials and contracting	Construction services	Corporate and Other	Electric	Natural gas distribution	Pipeline and Midstream	Pipeline
Q4 19	$497M	$483M	$25.0K	$88M	$296M	$14M	—
Q2 20	$621M	$496M	-$112.0K	$76M	$141M	$28M	—
Q3 20	$822M	$551M	$24.0K	$87M	$95M	—	$32M
Q1 21	$266M	$517M	$17.0K	$85M	$350M	—	$10M
Q2 21	$634M	$525M	$28.0K	$84M	$154M	—	$28M
Q3 21	$831M	$515M	$25.0K	$99M	$110M	—	$31M
Q1 22	$310M	$552M	—	$94M	$450M	—	$11M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$65M	$0	$65M
Q2 22	$65M	$0	$65M
Q3 22	$75M	$0	$75M
Q4 22	$35M	$0	$35M
Q1 23	$93M	$0	$93M
Q2 23	$51M	$246M	$297M
Q3 23	$32M	$276M	$309M
Q4 23	$60M	$0	$60M
Q1 24	$89M	$0	$89M
Q2 24	$94M	$0	$94M
Q3 24	$104M	$0	$104M
Q4 24	$50M	$0	$50M
Q1 25	$60M	$0	$60M
Q2 25	$59M	$0	$59M
Q3 25	$76M	$0	$76M
Q4 25	$28M	$0	$28M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 17	196M	—	—
Q3 18	196M	+0.4%	—
Q1 19	196M	+0.1%	—
Q4 19	201M	+2.1%	—
Q2 20	201M	0.0%	+2.5%
Q3 20	201M	+0.0%	+2.2%
Q4 20	201M	+0.1%	+2.3%
Q1 21	201M	+0.0%	+0.2%
Q2 21	202M	+0.4%	+0.6%
Q3 21	203M	+0.7%	+1.3%
Q4 21	204M	+0.3%	+1.4%
Q1 22	203M	-0.2%	+1.2%
Q3 25	205M	+0.9%	+1.8%
Q4 25	206M	+0.2%	+1.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 17	$114.9K	10K
Q3 18	$126.3K	10K
Q1 19	$92.5K	12K
Q4 19	$103.2K	13K
Q2 20	$102.0K	13K
Q3 20	$118.8K	13K
Q4 20	$88.8K	16K
Q1 21	$78.7K	16K
Q2 21	$91.3K	16K
Q3 21	$101.7K	16K
Q4 21	$90.2K	16K
Q1 22	$88.5K	16K
Q3 25	$153.6K	2K
Q4 25	$254.8K	2K

Revenue / Employee