Mdu Resources Financials

MDU

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Mdu Resources (MDU) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 40/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Mdu Resources has an operating margin of 15.1%, meaning the company retains $15 of operating profit per $100 of revenue. This strong profitability earns a score of 76/100, reflecting efficient cost management and pricing power. This is up from 12.5% the prior year.

Growth

Mdu Resources's revenue declined 2.5% year-over-year, from $1.8B to $1.8B. This contraction results in a growth score of 21/100.

Leverage

Mdu Resources carries a low D/E ratio of 0.79, meaning only $0.79 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 82/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Mdu Resources's current ratio of 0.98 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 19/100, which could limit financial flexibility.

Cash Flow

While Mdu Resources generated $502.3M in operating cash flow, capex of $522.8M consumed most of it, leaving -$20.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Returns

Mdu Resources's ROE of 10.4% shows moderate profitability relative to equity, earning a score of 42/100. This is down from 14.3% the prior year.

Altman Z-Score Distress

1.20

Mdu Resources scores 1.20, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($4.5B) relative to total liabilities ($4.3B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

4/9

Mdu Resources passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.79x

For every $1 of reported earnings, Mdu Resources generates $1.79 in operating cash flow ($502.3M OCF vs $281.1M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Adequate

2.5x

Mdu Resources earns $2.5 in operating income for every $1 of interest expense ($265.6M vs $108.3M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.

Key Financial Metrics

Export CSV

Revenue

$1.8B

YoY-2.5%

5Y CAGR-19.9%

10Y CAGR-8.2%

Mdu Resources generated $1.8B in revenue in fiscal year 2024. This represents a decrease of 2.5% from the prior year.

EBITDA

$465.7M

YoY+12.1%

5Y CAGR-8.8%

10Y CAGR-1.3%

Mdu Resources's EBITDA was $465.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 12.1% from the prior year.

Free Cash Flow

-$20.5M

YoY+86.5%

Mdu Resources generated -$20.5M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 86.5% from the prior year.

Net Income

$281.1M

YoY-32.2%

5Y CAGR-3.5%

10Y CAGR-0.5%

Mdu Resources reported $281.1M in net income in fiscal year 2024. This represents a decrease of 32.2% from the prior year.

EPS (Diluted)

$1.37

YoY-32.5%

5Y CAGR-4.1%

10Y CAGR-1.2%

Mdu Resources earned $1.37 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 32.5% from the prior year.

Cash & Debt

$66.9M

YoY+10.6%

5Y CAGR+0.1%

10Y CAGR+1.0%

Mdu Resources held $66.9M in cash against $2.1B in long-term debt as of fiscal year 2024.

Dividends Per Share

$0.51

YoY-26.6%

5Y CAGR-8.9%

10Y CAGR-3.3%

Mdu Resources paid $0.51 per share in dividends in fiscal year 2024. This represents a decrease of 26.6% from the prior year.

Shares Outstanding

204M

5Y CAGR+0.4%

10Y CAGR+0.5%

Mdu Resources had 204M shares outstanding in fiscal year 2024.

Gross Margin

N/A

Operating Margin

15.1%

YoY+2.6pp

5Y CAGR+6.1pp

10Y CAGR+7.2pp

Mdu Resources's operating margin was 15.1% in fiscal year 2024, reflecting core business profitability. This is up 2.6 percentage points from the prior year.

Net Margin

16.0%

YoY-7.0pp

5Y CAGR+9.7pp

10Y CAGR+8.8pp

Mdu Resources's net profit margin was 16.0% in fiscal year 2024, showing the share of revenue converted to profit. This is down 7.0 percentage points from the prior year.

Return on Equity

10.4%

YoY-3.8pp

5Y CAGR-1.3pp

10Y CAGR+1.1pp

Mdu Resources's ROE was 10.4% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 3.8 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

YoY-100.0%

Mdu Resources spent $0 on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 100.0% from the prior year.

Capital Expenditures

$522.8M

YoY+8.0%

5Y CAGR-1.9%

10Y CAGR+2.0%

Mdu Resources invested $522.8M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 8.0% from the prior year.

MDU Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$1.8B-2.5%	$1.8B+3.2%	$1.7B-49.4%	$3.5B-37.6%	$5.5B+3.7%	$5.3B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$414.5M+1.8%	$407.1M+7.1%	$380.0M-82.8%	$2.2B-45.1%	$4.0B+3.4%	$3.9B
Operating Income	$265.6M+18.1%	$224.9M+12.0%	$200.9M-39.3%	$331.1M-39.2%	$544.9M+13.2%	$481.2M
Interest Expense	$108.3M-5.2%	$114.3M+41.6%	$80.7M+14.1%	$70.7M-26.7%	$96.5M-2.1%	$98.6M
Income Tax	$17.6M+72.2%	$10.2M+64.9%	$6.2M-85.8%	$43.5M-48.5%	$84.6M+33.7%	$63.3M
Net Income	$281.1M-32.2%	$414.7M+12.8%	$367.5M-2.8%	$378.1M-3.1%	$390.2M+16.3%	$335.5M
EPS (Diluted)	$1.37-32.5%	$2.03+12.2%	$1.81-3.2%	$1.87-4.1%	$1.95+15.4%	$1.69

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$315.0M-10.3%	$351.2M-48.0%	$674.8M+26.0%	$535.5M+55.5%	$344.5M-41.4%	$588.3M	N/A	$1.0B
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$101.8M-9.9%	$112.9M+1.7%	$111.0M+5.0%	$105.7M+5.8%	$100.0M-7.1%	$107.6M	N/A	$738.7M
Operating Income	$39.8M+31.3%	$30.3M-73.1%	$112.9M+19.3%	$94.6M+139.0%	$39.6M-59.1%	$96.7M	N/A	$84.6M
Interest Expense	$26.4M+3.8%	$25.4M-5.1%	$26.8M+3.9%	$25.8M-2.6%	$26.5M-7.7%	$28.7M	N/A	$32.1M
Income Tax	$2.4M+262.0%	$655K-92.4%	$8.6M+38.3%	$6.2M+94.0%	$3.2M-56.3%	$7.3M	N/A	$13.3M
Net Income	$18.3M+32.9%	$13.8M-83.2%	$82.0M+48.6%	$55.2M-8.7%	$60.4M-40.1%	$100.9M	N/A	$74.9M
EPS (Diluted)	$0.09+28.6%	$0.07-82.5%	$0.40+53.8%	$0.26-13.3%	$0.30-38.8%	$0.49	N/A	$0.37

MDU Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$7.0B-10.1%	$7.8B-18.9%	$9.7B+8.4%	$8.9B+10.6%	$8.1B+4.8%	$7.7B
Current Assets	$666.3M-51.1%	$1.4B-32.2%	$2.0B+29.7%	$1.6B+16.0%	$1.3B+3.1%	$1.3B
Cash & Equivalents	$66.9M+10.6%	$60.5M-14.1%	$70.4M+30.0%	$54.2M-9.0%	$59.5M-10.4%	$66.5M
Inventory	$44.9M+0.6%	$44.7M-30.5%	$64.2M-80.9%	$335.6M+15.3%	$291.2M+4.6%	$278.4M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$345.7M0.0%	$345.7M-29.3%	$489.0M-36.1%	$765.4M+7.1%	$715.0M+4.9%	$681.4M
Total Liabilities	$4.3B-11.8%	$4.9B-18.9%	$6.1B+9.9%	$5.5B+11.1%	$5.0B+2.9%	$4.8B
Current Liabilities	$678.6M-36.9%	$1.1B-27.3%	$1.5B+35.5%	$1.1B+13.4%	$963.5M+11.2%	$866.4M
Long-Term Debt	$2.1B+1.2%	$2.1B-9.2%	$2.3B-10.6%	$2.6B+17.3%	$2.2B-0.7%	$2.2B
Total Equity	$2.7B-7.4%	$2.9B-19.0%	$3.6B+6.0%	$3.4B+9.9%	$3.1B+8.1%	$2.8B
Retained Earnings	$1.0B-17.9%	$1.3B-35.7%	$2.0B+10.7%	$1.8B+13.1%	$1.6B+16.6%	$1.3B

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$7.2B+3.5%	$6.9B-0.2%	$7.0B-1.1%	$7.0B-11.6%	$8.0B+1.5%	$7.8B+0.1%	$7.8B-0.5%	$7.9B
Current Assets	$501.4M+13.5%	$441.9M-18.4%	$541.6M-18.7%	$666.3M-52.3%	$1.4B+5.8%	$1.3B-3.2%	$1.4B-10.0%	$1.5B
Cash & Equivalents	$75.9M+29.0%	$58.8M-1.2%	$59.5M-11.0%	$66.9M-15.1%	$78.8M+8.3%	$72.7M+20.3%	$60.5M+86.1%	$32.5M
Inventory	$44.3M+124.6%	$19.7M+6.8%	$18.5M-58.9%	$44.9M+112.4%	$21.2M+53.5%	$13.8M-69.2%	$44.7M-44.3%	$80.2M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	$345.7M0.0%	$345.7M0.0%	$345.7M0.0%	$345.7M0.0%	$345.7M0.0%	$345.7M0.0%	$345.7M-29.3%	$489.0M
Total Liabilities	$4.5B+5.9%	$4.2B-0.1%	$4.2B-3.0%	$4.3B-12.0%	$4.9B+1.7%	$4.9B-1.4%	$4.9B-3.6%	$5.1B
Current Liabilities	$666.5M+12.1%	$594.8M-6.3%	$634.6M-6.5%	$678.6M-41.0%	$1.1B+24.6%	$922.8M-14.2%	$1.1B-8.3%	$1.2B
Long-Term Debt	$2.2B+7.0%	$2.0B+0.7%	$2.0B-4.6%	$2.1B-3.4%	$2.2B+0.6%	$2.2B+4.2%	$2.1B-7.7%	$2.3B
Total Equity	$2.7B-0.3%	$2.7B-0.4%	$2.7B+2.0%	$2.7B-10.8%	$3.0B+1.2%	$3.0B+2.6%	$2.9B+5.4%	$2.8B
Retained Earnings	$1.1B-1.0%	$1.1B-1.2%	$1.1B+5.4%	$1.0B-24.5%	$1.4B+2.6%	$1.3B+6.0%	$1.3B+13.1%	$1.1B

MDU Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$502.3M+51.0%	$332.6M-34.8%	$510.1M+2.9%	$495.8M-35.5%	$768.4M+41.7%	$542.3M
Capital Expenditures	$522.8M+8.0%	$484.1M+9.4%	$442.6M-8.8%	$485.2M-13.0%	$558.0M-3.1%	$576.1M
Free Cash Flow	-$20.5M+86.5%	-$151.5M-324.5%	$67.5M+537.8%	$10.6M-95.0%	$210.4M+722.7%	-$33.8M
Investing Cash Flow	-$552.7M-2.2%	-$540.8M+15.4%	-$638.9M+27.9%	-$885.9M-40.6%	-$630.2M-4.4%	-$603.9M
Financing Cash Flow	$40.3M-80.3%	$204.6M+31.9%	$155.2M-59.7%	$384.7M+365.2%	-$145.0M-295.8%	$74.1M
Dividends Paid	$102.9M-36.2%	$161.3M-8.8%	$176.9M+3.2%	$171.4M+3.0%	$166.4M+3.8%	$160.3M
Share Buybacks	$0-100.0%	$4.8M-35.0%	$7.4M+10.4%	$6.7M	$0	$0

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$57.9M-50.7%	$117.4M-46.0%	$217.5M+259.3%	$60.5M-55.6%	$136.5M-17.3%	$165.1M+4.7%	$157.7M+54.9%	$101.8M
Capital Expenditures	$179.8M+122.1%	$80.9M-13.0%	$93.0M-40.5%	$156.3M+42.2%	$110.0M-6.0%	$117.0M+3.0%	$113.6M-18.0%	$138.4M
Free Cash Flow	-$121.9M-434.3%	$36.5M-70.7%	$124.4M+229.9%	-$95.8M-461.3%	$26.5M-44.9%	$48.1M+8.9%	$44.2M+220.5%	-$36.6M
Investing Cash Flow	-$185.3M-132.6%	-$79.7M+15.9%	-$94.7M+40.9%	-$160.3M-35.0%	-$118.7M-1.2%	-$117.3M+6.3%	-$125.1M+10.1%	-$139.1M
Financing Cash Flow	$144.5M+475.5%	-$38.5M+70.4%	-$130.1M-307.7%	$62.6M+595.9%	-$12.6M+64.4%	-$35.5M-399.4%	$11.9M+33.0%	$8.9M
Dividends Paid	$26.6M0.0%	$26.6M+0.2%	$26.5M+1.9%	$26.0M+2.1%	$25.5M-1.6%	$25.9M+1.8%	$25.5M-43.8%	$45.3M
Share Buybacks	N/A	N/A	N/A	$0	$0	$0	$0	$0

MDU Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	15.1%+2.6pp	12.5%+1.0pp	11.5%+1.9pp	9.6%-0.3pp	9.8%+0.8pp	9.0%
Net Margin	16.0%-7.0pp	23.0%+2.0pp	21.0%+10.1pp	10.9%+3.9pp	7.0%+0.8pp	6.3%
Return on Equity	10.4%-3.8pp	14.3%+4.0pp	10.2%-0.9pp	11.2%-1.5pp	12.7%+0.9pp	11.8%
Return on Assets	4.0%-1.3pp	5.3%+1.5pp	3.8%-0.4pp	4.2%-0.6pp	4.9%+0.5pp	4.4%
Current Ratio	0.98-0.3	1.27-0.1	1.36-0.1	1.42+0.0	1.39-0.1	1.50
Debt-to-Equity	0.79+0.1	0.72+0.1	0.65-0.1	0.77+0.0	0.72-0.1	0.78
FCF Margin	-1.2%+7.2pp	-8.4%-12.3pp	3.9%+3.6pp	0.3%-3.5pp	3.8%+4.4pp	-0.6%

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	12.7%+4.0pp	8.6%-8.1pp	16.7%-0.9pp	17.7%+6.2pp	11.5%-4.9pp	16.4%	N/A	8.5%
Net Margin	5.8%+1.9pp	3.9%-8.2pp	12.2%+1.9pp	10.3%-7.2pp	17.5%+0.4pp	17.2%	N/A	7.5%
Return on Equity	0.7%+0.2pp	0.5%-2.5pp	3.0%+0.9pp	2.1%+0.1pp	2.0%-1.4pp	3.4%	N/A	2.7%
Return on Assets	0.3%+0.1pp	0.2%-1.0pp	1.2%+0.4pp	0.8%+0.0pp	0.8%-0.5pp	1.3%	N/A	0.9%
Current Ratio	0.750.0	0.74-0.1	0.85-0.1	0.98-0.2	1.22-0.2	1.43+0.2	1.27-0.0	1.29
Debt-to-Equity	0.80+0.1	0.750.0	0.74-0.1	0.79+0.1	0.730.0	0.74+0.0	0.72-0.1	0.83
FCF Margin	-38.7%-49.1pp	10.4%-8.1pp	18.4%+36.3pp	-17.9%-25.6pp	7.7%-0.5pp	8.2%	N/A	-3.7%

Note: The current ratio is below 1.0 (0.98), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

Similar Companies

Black Hills BKH

$5.6B

Chesapeake Utils Corp CPK

$3.2B

One Gas Inc OGS

$5.2B

Spire Inc SR

$5.4B

New Jersey Res NJR

$5.5B

Frequently Asked Questions

What is Mdu Resources's annual revenue?

Mdu Resources (MDU) reported $1.8B in total revenue for fiscal year 2024. This represents a -2.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Mdu Resources's revenue growing?

Mdu Resources (MDU) revenue declined by 2.5% year-over-year, from $1.8B to $1.8B in fiscal year 2024.

Is Mdu Resources profitable?

Yes, Mdu Resources (MDU) reported a net income of $281.1M in fiscal year 2024, with a net profit margin of 16.0%.

What is Mdu Resources's earnings per share (EPS)?

Mdu Resources (MDU) reported diluted earnings per share of $1.37 for fiscal year 2024. This represents a -32.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Mdu Resources's EBITDA?

Mdu Resources (MDU) had EBITDA of $465.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Mdu Resources have?

As of fiscal year 2024, Mdu Resources (MDU) had $66.9M in cash and equivalents against $2.1B in long-term debt.

What is Mdu Resources's operating margin?

Mdu Resources (MDU) had an operating margin of 15.1% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Mdu Resources's net profit margin?

Mdu Resources (MDU) had a net profit margin of 16.0% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Mdu Resources pay dividends?

Yes, Mdu Resources (MDU) paid $0.51 per share in dividends during fiscal year 2024.

What is Mdu Resources's return on equity (ROE)?

Mdu Resources (MDU) has a return on equity of 10.4% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Mdu Resources's free cash flow?

Mdu Resources (MDU) generated -$20.5M in free cash flow during fiscal year 2024. This represents a 86.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Mdu Resources's operating cash flow?

Mdu Resources (MDU) generated $502.3M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Mdu Resources's total assets?

Mdu Resources (MDU) had $7.0B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Mdu Resources's capital expenditures?

Mdu Resources (MDU) invested $522.8M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How many shares does Mdu Resources have outstanding?

Mdu Resources (MDU) had 204M shares outstanding as of fiscal year 2024.

What is Mdu Resources's current ratio?

Mdu Resources (MDU) had a current ratio of 0.98 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.

What is Mdu Resources's debt-to-equity ratio?

Mdu Resources (MDU) had a debt-to-equity ratio of 0.79 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Mdu Resources's return on assets (ROA)?

Mdu Resources (MDU) had a return on assets of 4.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Mdu Resources's Altman Z-Score?

Mdu Resources (MDU) has an Altman Z-Score of 1.20, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Mdu Resources's Piotroski F-Score?

Mdu Resources (MDU) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Mdu Resources's earnings high quality?

Mdu Resources (MDU) has an earnings quality ratio of 1.79x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Mdu Resources cover its interest payments?

Mdu Resources (MDU) has an interest coverage ratio of 2.5x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Mdu Resources?

Mdu Resources (MDU) scores 40 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.