MDU RESOURCES GROUP INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MDU RESOURCES GROUP INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	4,129	4,443	4,532	5,337	5,533	3,454	1,754	1,806	1,758	1,875
Selling, general and administrative	2,894	3,135	3,256	3,895	4,028	2,210	380	407	414	433
Operating expenses	3,720	4,019	4,130	4,856	4,988	3,123	1,546	1,578	1,492	1,585
Operating income	409	424	402	481	545	331	201	225	266	290
Interest expense	87.8	82.8	84.6	98.6	96.5	70.7	80.7	114	108	108
Other non-operating income	5.17	8.77	-0.24	15.8	26.7	25.7	3.26	33.5	41.4	28.3
Pre-tax income	326	350	317	398	475	286	123	340	199	211
Income tax	93.1	65	47.5	63.3	84.6	43.5	6.2	10.2	17.6	19.6
Income from continuing operations	233	285	269	335	391	243	117	330	181	191
Net income	63.7	281	272	335	390	378	367	415	281	190
EBITDA	625	632	622	737	830	529	389	415	466	497
EPS, basic	0.33	1.44	1.39	1.69	1.95	1.87	1.81	2.04	1.38	0.93
EPS, diluted	0.33	1.43	1.39	1.69	1.95	1.87	1.81	2.03	1.37	0.93
Shares, basic (weighted)	195	195	196	199	201	202	203	204	204	204
Shares, diluted (weighted)	196	196	196	199	201	202	203	204	205	205
Dividend per share	0.76	0.78	0.80	0.82	0.84	0.86	0.88	0.70	0.51	0.54

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	46.1	34.6	53.9	66.5	59.5	54.2	70.4	60.5	66.9	28.2
Short-term investments							0	0
Receivables	630	727	723	837	874	947	1,064	250	274	259
Inventory	238	227	287	278	291	336	64.2	44.7	44.9	39.1
Other current assets	48.5	81.3	120	52.6	44.1	95.7	55.1	66.4	41.4	40.8
Total current assets	977	1,070	1,184	1,298	1,337	1,551	2,012	1,364	666	572
Property, plant and equipment	3,931	4,079	4,579	4,917	5,167	4,506	4,776	5,005	5,344	5,960
Lease right-of-use assets			0	115	120	124	73.5	74.4
Goodwill	632	632	665	681	715	765	489	346	346	346
Intangible assets	5.93	3.84	10.8	15.2	25.5	22.6	4.1	2
Long-term investments	126	138	139	149	165	175	129	112	115	121
Other non-current assets	415	408	409	154	144	158	162	211	179	213
Total assets	6,284	6,335	6,988	7,683	8,053	8,910	9,661	7,833	7,039	7,622
Accounts payable	280	312	359	403	426	479	526	160	150	149
Accrued liabilities		72.9	69	99.3	90.6	81.9	59.5	40.8	35.3	34.7
Deferred revenue		84.1	93.9	143	159	147	168	202
Short-term debt	43.6	148	252	16.5	1.56	148	47.8	61.3	162	145
Total current liabilities	670	813	986	866	964	1,092	1,480	1,076	679	685
Long-term debt	1,747	1,566	1,857	2,227	2,212	2,594	2,318	2,105	2,131	2,532
Lease liabilities			0	83.7	86.9	89.3	52.9	51.6
Other non-current liabilities	884	1,179	1,148	292	328	273	181	210	173	182
Total liabilities	3,968	3,907	4,421	4,836	4,974	5,528	6,074	4,928	4,348	4,849
Total debt	1,790	1,715	2,109	2,243	2,213	2,742	2,366	2,166	2,293	2,677
Paid-in capital	1,232	1,233	1,249	1,355	1,371	1,461	1,466	1,466	1,474	1,476
Retained earnings	912	1,041	1,164	1,337	1,558	1,762	1,951	1,254	1,030	1,109
Treasury stock	-3.63	-3.63	-3.63	-3.63	-3.63	-3.63	-3.63	0
Other comprehensive income	-35.7	-37.3	-38.3	-42.1	-48.1	-41	-30.6	-18.4	-16.8	-16.7
Shareholders' equity	2,316	2,429	2,567	2,847	3,079	3,383	3,587	2,905	2,691	2,773
Minority interests	0
Total equity	2,316	2,428	2,567	2,847	3,079	3,383	3,587	2,905	2,691	2,773
Total liabilities and equity	6,284	6,335	6,988	7,683	8,053	8,910	9,661	7,833	7,039	7,622

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-67.3	281	272	335	390	378	367	415	281	190
Depreciation and amortization	216	207	220	256	285	198	189	190	200	207
Stock-based compensation				7.35	13.1	12.9	7.91	5.51	8.42	6.56
Deferred income tax	-2.05	-25.4	59.7	63.4	-1.8	27.4	20.2	-1.31	-16.1	-8.92
Change in receivables	-25.6	-108	28.2	-112	-2.78	-75.4	-91.2	79.1	-30.3	8.35
Change in inventory	2.43	9.14	-46.8	9.33	-7.22	0.14	0.24	-21.7	0.25	4.34
Change in payables	7.04	26	21.1	30.1	16	25.5	84.5	-87.2	-0.44	-9.62
Cash from operations	462	448	500	542	768	496	510	333	502	473
Capital expenditures	-388	-341	-568	-576	-558	-485	-443	-484	-523	-770
Acquisitions	0	0	-168	-55.6	-106	-2.5	0	0
Cash from investing	-305	-214	-711	-604	-630	-886	-639	-541	-553	-781
Debt issued	309	141	567	604	117	272	215	595	309	565
Debt repaid	-316	-217	-175	-469	-149	-24.8	-38.8	-569	-182	-179
Stock issued	0	0	0	107	3.39	88.8	-0.15	0	-0.05	-0.08
Share buybacks	0	-1.68	-5.02	0	0	-6.7	-7.4	-4.81	0	0
Dividends paid	-147	-151	-155	-160	-166	-171	-177	-161	-103	-108
Cash from financing	-195	-245	230	74.1	-145	385	155	205	40.3	269
Exchange rate effect	0	-0	-0	0	0
Net change in cash	-37.8	-11.5	19.3	12.5	-6.91	-5.39	26.4	-3.54	-10.1	-38.7
Free cash flow	74	107	-68.3	-33.8	210	10.6	67.5	-152	-20.5	-297
Interest paid	87.9	79.6	83	93.4	88.7	72.2	49	113	108	99.2
Income taxes paid	106	112	16	-8.48	65.5	36.3	-27.9	12.2	43.6	30.8

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $18.76 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	17.0%	Operating income / revenue.
EBITDA margin	28.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	11.7%	Pre-tax income / revenue.
Net margin	10.8%	Net income / revenue.
FCF margin	-21.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	22.1%	Cash from operations / revenue.
Effective tax rate	8.6%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	6.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	2.6%	Net income / average total assets.
Return on invested capital (ROIC)	5.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	24.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	43.2%	Capital expenditures / revenue.
D&A / revenue	11.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	6.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	2.2%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-19.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	9.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	13.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-11.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	6.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-9.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-32.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-19.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-13.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-32.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-19.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-13.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-5.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-2.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-9.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-14.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-8.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	3.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-8.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-2.1%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-7.6%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.99x	Current assets / current liabilities.
Quick ratio	0.40x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.09x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.88x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	33.4%	Total debt / total assets.
Liabilities / assets	62.0%	Total liabilities / total assets.
Net debt	$2.53B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.83x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	2.60x	Operating income / interest expense.
Working capital	-$3.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	4.5%	(Goodwill + intangible assets) / total assets.
Tangible book value	$2.58B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.24x	Revenue / average total assets.
Fixed asset turnover	0.30x	Revenue / average property, plant and equipment.
Receivables turnover	12.0x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.
FCF conversion	-196.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	195.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.93	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$8.63	Revenue / diluted weighted shares.
FCF per share	-$1.82	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.91	Cash from operations / diluted weighted shares.
Book value per share	$13.83	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.19	Tangible book value / shares outstanding.
Cash per share	$0.22	(Cash + short-term investments) / shares outstanding.
Payout ratio	57.2%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.95B	Share price x shares outstanding.
Enterprise value	$6.48B	Market cap + total debt - cash - short-term investments.
P/E	20.1x	Market cap / net income. Only when net income is positive.
P/S	2.16x	Market cap / revenue.
P/B	1.35x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.53x	Market cap / tangible book value, when positive.
P/OCF	9.77x	Market cap / cash from operations, when positive.
EV/Sales	3.54x	Enterprise value / revenue.
EV/EBIT	20.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.4x	Enterprise value / EBITDA, when both are positive.
FCF yield	-9.8%	Free cash flow / market cap.
Earnings yield	5.0%	Net income / market cap (the inverse of P/E).
Dividend yield	2.8%	Dividends paid over the period / market cap.
Shareholder yield	2.8%	(Dividends paid + share buybacks) / market cap.

What was MDU RESOURCES GROUP INC's revenue in fiscal 2025?

MDU RESOURCES GROUP INC reported revenue of $1.88B for fiscal 2025, 6.7% higher than the year before.

Was MDU RESOURCES GROUP INC profitable in fiscal 2025?

Yes. Net income was $190.4M, a net margin of 10.2%.

How much free cash flow did MDU RESOURCES GROUP INC generate in fiscal 2025?

Cash from operations of $473.4M minus capital expenditures of $770.4M left free cash flow of -$297.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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