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MDU Resources Group, Inc. engages in the regulated energy delivery businesses in the United States. The company operates through three segments: Electric, Natural Gas Distribution, and Pipeline. It generates, transmits, and distributes electricity in Montana, North Dakota, South Dakota, and Wyoming through approximately 3,400 miles of transmission and 4,900 miles of distribution lines, as well as 86 transmission and 299 distribution substations. The company also distributes natural gas in Idaho, Minnesota, Montana, North Dakota, Oregon, South Dakota, Washington, and Wyoming through approximately 22,000 miles of distribution and 540 miles transmission systems; and supplies related value-added services. In addition, it provides natural gas transportation and underground storage services through a regulated pipeline system primarily in the Rocky Mountain and northern Great Plains regions; and cathodic protection non-regulated energy-related services. Further, the company offers transportation and storage services. MDU Resources Group, Inc. was incorporated in 1924 and is headquartered in Bismarck, North Dakota.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $1.9B | $525M | $190M | $-297M | 6.9% | 6.7% | -32.3% |
| 2024 | $1.8B | $507M | $281M | $-21M | 10.4% | -2.5% | -32.2% |
| 2023 | $1.8B | $635M | $415M | $-152M | 14.3% | 3.2% | 12.8% |
| 2022 | $1.7B | $393M | $367M | $67M | 10.2% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,747.30 | 1,803.35 | 1,757.98 | 1,875.07 |
| Operating Revenue | - | 1,747.30 | 1,803.35 | 1,757.98 | 1,875.07 |
| Cost Of Revenue | - | 1,257.24 | 1,284.82 | 1,186.04 | 1,263.48 |
| Gross Profit | - | 490.06 | 518.53 | 571.94 | 611.58 |
| Operating Expense | - | 289.19 | 293.58 | 306.29 | 321.20 |
| Total Expenses | - | 1,546.43 | 1,578.41 | 1,492.34 | 1,584.69 |
| Operating Income | - | 200.87 | 224.94 | 265.64 | 290.38 |
| Total Operating Income As Reported | - | 200.87 | 224.94 | 265.64 | 290.38 |
| EBITDA | - | 392.69 | 635.40 | 507.09 | 525.43 |
| Normalized EBITDA | - | 392.69 | 448.85 | 507.09 | 525.43 |
| EBIT | - | 204.13 | 444.95 | 307.01 | 318.73 |
| Interest Expense | - | 80.68 | 104.62 | 108.35 | 107.75 |
| Net Interest Income | - | -80.68 | -104.62 | -108.35 | -107.75 |
| Other Non Operating Income Expenses | - | 3.26 | 33.45 | 41.37 | 28.35 |
| Other Income Expense | - | 3.26 | 220.01 | 41.37 | 28.35 |
| Interest Expense Non Operating | - | 80.68 | 104.62 | 108.35 | 107.75 |
| Net Non Operating Interest Income Expense | - | -80.68 | -104.62 | -108.35 | -107.75 |
| Pretax Income | - | 123.45 | 340.33 | 198.66 | 210.98 |
| Tax Provision | - | 6.20 | 10.21 | 17.59 | 19.57 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 5.60 | 0 | 0 |
| Net Income Continuous Operations | - | 117.25 | 330.12 | 181.07 | 191.41 |
| Net Income From Continuing And Discontinued Operation | - | 367.49 | 414.71 | 281.11 | 190.40 |
| Net Income From Continuing Operation Net Minority Interest | - | 117.25 | 330.12 | 181.07 | 191.41 |
| Net Income | - | 367.49 | 414.71 | 281.11 | 190.40 |
| Net Income Common Stockholders | - | 367.49 | 414.71 | 281.11 | 190.40 |
| Net Income Including Noncontrolling Interests | - | 367.49 | 414.71 | 281.11 | 190.40 |
| Normalized Income | - | 117.25 | 149.16 | 181.07 | 191.41 |
| Diluted NI Availto Com Stockholders | - | 367.49 | 414.71 | 281.11 | 190.40 |
| Basic Average Shares | - | 203.40 | 203.60 | 203.90 | 204.30 |
| Diluted Average Shares | - | 203.50 | 203.90 | 204.70 | 205.30 |
| Reconciled Depreciation | - | 188.56 | 190.45 | 200.08 | 206.71 |
| Reconciled Cost Of Revenue | - | 1,257.24 | 1,284.82 | 1,186.04 | 1,263.48 |
| Total Unusual Items | - | - | 186.56 | - | - |
| Total Unusual Items Excluding Goodwill | - | - | 186.56 | - | - |
| Net Income Discontinuous Operations | - | 250.24 | 84.59 | 100.04 | -1.01 |
| Gain On Sale Of Security | - | - | 186.56 | - | - |
| Depreciation Amortization Depletion Income Statement | - | 188.56 | 190.45 | 200.08 | 206.71 |
| Depreciation And Amortization In Income Statement | - | 188.56 | 190.45 | 200.08 | 206.71 |
| Other Taxes | - | 100.63 | 103.13 | 106.22 | 114.50 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| MDU Resources Group, Inc.this co. | MDU | $4.4B | 23.22↑ premium | 1.59 | 6.9% | 13.45 |
| Avista Corporation | AVA | $3.4B | 17.82 | 1.27 | 7.1% | 10.25 |
| American States Water Company | AWR | $3.0B | 23.22 | 2.89 | 12.4% | 14.84 |
| Chesapeake Utilities Corporation | CPK | $2.9B | 20.75 | 1.82 | 8.8% | 12.16 |
| MGE Energy, Inc. | MGEE | $2.8B |
| - |
| - |
| - |
| - |
| - |
| - |
| 20.52 |
| 2.14 |
| 10.4% |
| 12.11 |
| California Water Service Group | CWT | $2.7B | 21.12 | 1.60 | 7.6% | 11.83 |
| H2O America | HTO | $2.4B | 23.07 | 1.54 | 6.7% | 14.03 |
| Hawaiian Electric Industries, Inc. | HE | $2.3B | 18.37 | 1.44 | 7.9% | 8.28 |
| Northwest Natural Holding Company | NWN | $2.1B | 18.16 | 1.39 | 7.7% | 10.07 |
| Peer Median | - | 20.63 | 1.57 | 7.8% | 11.97 | |