This page shows Mdu Resources (MDU) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 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).
MDU’s core operations generate cash, but capital spending now outruns internal funding and tightens the balance sheet.
In FY2025, operating cash flow of$473M covered only61.4% of capital spending at$770M , so the business was cash-generative before reinvestment but cash-consuming after it. That gap helps explain why long-term debt rose from$2.13B to$2.53B while cash fell to$28M , even though reported earnings stayed positive.
The improvement in operating margin from
MDU is also running with tighter short-term liquidity: the current ratio moved from 1.3x in FY2023 to 0.8x in FY2025, and cash ended FY2025 at
Financial Health Signals
Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Mdu Resources's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Mdu Resources scores 1.10, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Mdu Resources passes 3 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Mdu Resources generates $2.49 in operating cash flow ($473.4M OCF vs $190.4M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Mdu Resources earns $2.7 in operating income for every $1 of interest expense ($290.4M vs $107.7M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Mdu Resources generated $1.9B in revenue in fiscal year 2025. This represents an increase of 6.7% from the prior year.
Mdu Resources's EBITDA was $497.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.7% from the prior year.
Mdu Resources reported $190.4M in net income in fiscal year 2025. This represents a decrease of 32.3% from the prior year.
Mdu Resources earned $0.93 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 32.1% from the prior year.
Cash & Balance Sheet
Mdu Resources generated -$297.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 1348.5% from the prior year.
Mdu Resources held $28.2M in cash against $2.5B in long-term debt as of fiscal year 2025.
Mdu Resources paid $0.54 per share in dividends in fiscal year 2025. This represents an increase of 5.9% from the prior year.
Mdu Resources had 204M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.
Margins & Returns
Mdu Resources's operating margin was 15.5% in fiscal year 2025, reflecting core business profitability. This is up 0.4 percentage points from the prior year.
Mdu Resources's net profit margin was 10.2% in fiscal year 2025, showing the share of revenue converted to profit. This is down 5.8 percentage points from the prior year.
Mdu Resources's ROE was 6.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.6 percentage points from the prior year.
Capital Allocation
Mdu Resources spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Mdu Resources invested $770.4M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 47.4% from the prior year.
MDU Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $606.0M+13.5% | $534.0M+69.5% | $315.0M-10.3% | $351.2M-48.0% | $674.8M+26.0% | $535.5M+84.9% | $289.7M-15.9% | $344.5M |
| 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 | $114.9M+7.1% | $107.3M+5.5% | $101.8M-9.9% | $112.9M+1.7% | $111.0M+5.0% | $105.7M+4.4% | $101.2M+1.3% | $100.0M |
| Operating Income | $115.7M+7.8% | $107.3M+169.4% | $39.8M+31.3% | $30.3M-73.1% | $112.9M+19.3% | $94.6M+171.4% | $34.8M-11.9% | $39.6M |
| Interest Expense | $32.7M+12.5% | $29.1M+10.0% | $26.4M+3.8% | $25.4M-5.1% | $26.8M+3.9% | $25.8M-5.6% | $27.3M+3.2% | $26.5M |
| Income Tax | $4.7M-41.3% | $8.0M+236.3% | $2.4M+262.0% | $655K-92.4% | $8.6M+38.3% | $6.2M+607.6% | $876K-72.6% | $3.2M |
| Net Income | $80.8M+5.9% | $76.3M+316.9% | $18.3M+32.9% | $13.8M-83.2% | $82.0M+48.6% | $55.2M-14.6% | $64.6M+6.9% | $60.4M |
| EPS (Diluted) | $0.39 | N/A | $0.09+28.6% | $0.07-82.5% | $0.40 | N/A | $0.32+6.7% | $0.30 |
MDU Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $7.7B+0.8% | $7.6B+6.1% | $7.2B+3.5% | $6.9B-0.2% | $7.0B-1.1% | $7.0B-13.9% | $8.2B+2.7% | $8.0B |
| Current Assets | $559.5M-2.3% | $572.4M+14.2% | $501.4M+13.5% | $441.9M-18.4% | $541.6M-18.7% | $666.3M-54.6% | $1.5B+5.1% | $1.4B |
| Cash & Equivalents | $53.3M+88.9% | $28.2M-62.8% | $75.9M+29.0% | $58.8M-1.2% | $59.5M-11.0% | $66.9M-24.2% | $88.3M+12.1% | $78.8M |
| Inventory | $19.5M-50.1% | $39.1M-11.8% | $44.3M+124.6% | $19.7M+6.8% | $18.5M-58.9% | $44.9M-0.1% | $45.0M+112.5% | $21.2M |
| 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% | $345.7M0.0% | $345.7M |
| Total Liabilities | $4.8B-1.4% | $4.8B+8.7% | $4.5B+5.9% | $4.2B-0.1% | $4.2B-3.0% | $4.3B-15.0% | $5.1B+3.5% | $4.9B |
| Current Liabilities | $718.3M+4.8% | $685.2M+2.8% | $666.5M+12.1% | $594.8M-6.3% | $634.6M-6.5% | $678.6M-47.0% | $1.3B+11.4% | $1.1B |
| Long-Term Debt | $2.4B-6.0% | $2.5B+15.7% | $2.2B+7.0% | $2.0B+0.7% | $2.0B-4.6% | $2.1B-4.6% | $2.2B+1.2% | $2.2B |
| Total Equity | $2.9B+4.7% | $2.8B+1.8% | $2.7B-0.3% | $2.7B-0.4% | $2.7B+2.0% | $2.7B-12.0% | $3.1B+1.3% | $3.0B |
| Retained Earnings | $1.2B+4.7% | $1.1B+4.5% | $1.1B-1.0% | $1.1B-1.2% | $1.1B+5.4% | $1.0B-26.5% | $1.4B+2.8% | $1.4B |
MDU Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $149.2M+85.2% | $80.6M+39.1% | $57.9M-50.7% | $117.4M-46.0% | $217.5M+259.3% | $60.5M-56.8% | $140.2M+2.7% | $136.5M |
| Capital Expenditures | $92.4M-77.8% | $416.6M+131.7% | $179.8M+122.1% | $80.9M-13.0% | $93.0M-40.5% | $156.3M+12.0% | $139.5M+26.9% | $110.0M |
| Free Cash Flow | $56.8M+116.9% | -$336.0M-175.6% | -$121.9M-434.3% | $36.5M-70.7% | $124.4M+229.9% | -$95.8M-14336.1% | $673K-97.5% | $26.5M |
| Investing Cash Flow | -$91.2M+78.3% | -$421.1M-127.2% | -$185.3M-132.6% | -$79.7M+15.9% | -$94.7M+40.9% | -$160.3M-2.4% | -$156.4M-31.8% | -$118.7M |
| Financing Cash Flow | -$32.9M-111.2% | $292.9M+102.7% | $144.5M+475.5% | -$38.5M+70.4% | -$130.1M-307.7% | $62.6M+142.7% | $25.8M+304.3% | -$12.6M |
| Dividends Paid | $28.6M0.0% | $28.6M+7.7% | $26.6M0.0% | $26.6M+0.2% | $26.5M+1.9% | $26.0M+2.0% | $25.5M0.0% | $25.5M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | $0 | $0 | $0 |
MDU Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 19.1%-1.0pp | 20.1%+7.5pp | 12.7%+4.0pp | 8.6%-8.1pp | 16.7%-0.9pp | 17.7%+5.6pp | 12.0%+0.5pp | 11.5% |
| Net Margin | 13.3%-1.0pp | 14.3%+8.5pp | 5.8%+1.9pp | 3.9%-8.2pp | 12.2%+1.9pp | 10.3%-12.0pp | 22.3%+4.8pp | 17.5% |
| Return on Equity | 2.8%+0.0pp | 2.8%+2.1pp | 0.7%+0.2pp | 0.5%-2.5pp | 3.0%+0.9pp | 2.1%-0.1pp | 2.1%+0.1pp | 2.0% |
| Return on Assets | 1.1%+0.1pp | 1.0%+0.8pp | 0.3%+0.1pp | 0.2%-1.0pp | 1.2%+0.4pp | 0.8%-0.0pp | 0.8%+0.0pp | 0.8% |
| Current Ratio | 0.78-0.1 | 0.84+0.1 | 0.750.0 | 0.74-0.1 | 0.85-0.1 | 0.98-0.2 | 1.15-0.1 | 1.22 |
| Debt-to-Equity | 0.82-0.1 | 0.91+0.1 | 0.80+0.1 | 0.750.0 | 0.74-0.1 | 0.79+0.1 | 0.730.0 | 0.73 |
| FCF Margin | 9.4%+72.3pp | -62.9%-24.2pp | -38.7%-49.1pp | 10.4%-8.1pp | 18.4%+36.3pp | -17.9%-18.1pp | 0.2%-7.5pp | 7.7% |
Note: The current ratio is below 1.0 (0.84), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Mdu Resources's annual revenue?
Mdu Resources (MDU) reported $1.9B in total revenue for fiscal year 2025. This represents a 6.7% 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 grew by 6.7% year-over-year, from $1.8B to $1.9B in fiscal year 2025.
Is Mdu Resources profitable?
Yes, Mdu Resources (MDU) reported a net income of $190.4M in fiscal year 2025, with a net profit margin of 10.2%.
What is Mdu Resources's EBITDA?
Mdu Resources (MDU) had EBITDA of $497.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Mdu Resources have?
As of fiscal year 2025, Mdu Resources (MDU) had $28.2M in cash and equivalents against $2.5B in long-term debt.
What is Mdu Resources's operating margin?
Mdu Resources (MDU) had an operating margin of 15.5% in fiscal year 2025, 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 10.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Mdu Resources pay dividends?
Yes, Mdu Resources (MDU) paid $0.54 per share in dividends during fiscal year 2025.
What is Mdu Resources's return on equity (ROE)?
Mdu Resources (MDU) has a return on equity of 6.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Mdu Resources's free cash flow?
Mdu Resources (MDU) generated -$297.0M in free cash flow during fiscal year 2025. This represents a -1348.5% 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 $473.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Mdu Resources's total assets?
Mdu Resources (MDU) had $7.6B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Mdu Resources's capital expenditures?
Mdu Resources (MDU) invested $770.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Mdu Resources's current ratio?
Mdu Resources (MDU) had a current ratio of 0.84 as of fiscal year 2025, 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 0.91 as of fiscal year 2025, 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 2.5% for fiscal year 2025, 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 1.10, 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 3 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 2.49x, 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 2.7x, 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 39 out of 100 on our Financial Health Score, indicating weak standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.