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Mdu Resources Financials

MDU
Source SEC Filings (10-K/10-Q) Data as of Mar 31, 2026 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 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).

Rhea AI MDU FY2025

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 only 61.4% 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 12.5% in FY2023 to 15.5% in FY2025 came with revenue still clustered near $1.8B, which points more to cost discipline or fixed-cost absorption than to a volume surge. But that stronger operating performance did not carry through to shareholder earnings, with net margin falling from 23.0% to 10.2%, so non-operating factors mattered more than the core business trend.

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 $28M. With $108M of dividends paid during a year of -$297M free cash flow, the company relied on balance-sheet capacity rather than internally retained cash to fund both reinvestment and distributions.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 39 / 100
Financial Health Score 39/100
Scored as: Utilities peer group

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.

Profitability
32
Growth
28
Leverage
31
Liquidity
60
Cash Flow
45
Returns
35
Altman Z-Score Distress
1.10

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.

Piotroski F-Score Partial
3/8

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.

Earnings Quality Cash-Backed
2.49x

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.

Interest Coverage Adequate
2.7x

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

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Earnings & Revenue

Revenue
$1.9B
YoY+6.7%
5Y CAGR-19.5%
10Y CAGR-7.3%

Mdu Resources generated $1.9B in revenue in fiscal year 2025. This represents an increase of 6.7% from the prior year.

EBITDA
$497.1M
YoY+6.7%
5Y CAGR-9.7%
10Y CAGR-0.7%

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.

Net Income
$190.4M
YoY-32.3%
5Y CAGR-13.4%

Mdu Resources reported $190.4M in net income in fiscal year 2025. This represents a decrease of 32.3% from the prior year.

EPS (Diluted)
$0.93
YoY-32.1%
5Y CAGR-13.8%

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

Free Cash Flow
-$297.0M
YoY-1348.5%

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.

Cash & Debt
$28.2M
YoY-57.8%
5Y CAGR-13.9%
10Y CAGR-10.3%

Mdu Resources held $28.2M in cash against $2.5B in long-term debt as of fiscal year 2025.

Dividends Per Share
$0.54
YoY+5.9%
5Y CAGR-8.3%
10Y CAGR-3.0%

Mdu Resources paid $0.54 per share in dividends in fiscal year 2025. This represents an increase of 5.9% from the prior year.

Shares Outstanding
204M
YoY+0.0%
5Y CAGR+0.4%
10Y CAGR+0.5%

Mdu Resources had 204M shares outstanding in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Margins & Returns

Gross Margin
N/A
Operating Margin
15.5%
YoY+0.4pp
5Y CAGR+5.6pp
10Y CAGR+7.5pp

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.

Net Margin
10.2%
YoY-5.8pp
5Y CAGR+3.1pp
10Y CAGR+26.5pp

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.

Return on Equity
6.9%
YoY-3.6pp
5Y CAGR-5.8pp
10Y CAGR+34.3pp

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

R&D Spending
N/A
Share Buybacks
$0

Mdu Resources spent $0 on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures
$770.4M
YoY+47.4%
5Y CAGR+6.7%
10Y CAGR+3.7%

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

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.

Mdu Resources (MDU) revenue grew by 6.7% year-over-year, from $1.8B to $1.9B in fiscal year 2025.

Yes, Mdu Resources (MDU) reported a net income of $190.4M in fiscal year 2025, with a net profit margin of 10.2%.

Mdu Resources (MDU) reported diluted earnings per share of $0.93 for fiscal year 2025. This represents a -32.1% 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.

Mdu Resources (MDU) had EBITDA of $497.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Mdu Resources (MDU) had $28.2M in cash and equivalents against $2.5B in long-term debt.

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.

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.

Yes, Mdu Resources (MDU) paid $0.54 per share in dividends during fiscal year 2025.

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.

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.

Mdu Resources (MDU) generated $473.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Mdu Resources (MDU) had $7.6B in total assets as of fiscal year 2025, including both current and long-term assets.

Mdu Resources (MDU) invested $770.4M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Mdu Resources (MDU) had 204M shares outstanding as of fiscal year 2025.

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.

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.

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.

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.

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.

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.

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.

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.

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