MDU
MDU RESOURCES GROUP INC
Next earnings Aug 5, 2026 · consensus $0.08 EPS, $388M rev
Last earnings +0.7% on 2026-05-07
$21.88
▲ +0.83%$21.88▲ +36.43%
over 1Y
L $15.53EODHDH $22.65
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today+0.8%
1W+3.2%
1M+0.5%
3M+6.9%
YTD+11.6%
1Y+36.4%
Hold
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 12 analysts
Buy
Post-spin pure-play regulated utility: stable rate-base growth, but heavy capex and a 23x P/E on $0.93 EPS leave little margin for error.
Diluted EPS (continuing ops) $0.93 · FY2025
The read
Middling fundamentals and a rich price (~67% above fair value) leave little margin of safety — a wait-and-see.
MDU is now a clean pure-play regulated energy delivery company after spinning off Knife River (May 2023) and Everus (October 2024). The MD&A's 'CORE' framing confirms the strategic reset: continuing operations are electric utility ($64.9M), natural gas distribution ($56.1M) and pipeline ($68.2M), with continuing-ops EPS of $0.93 essentially flat YoY ($0.94 basic in 2025 vs. $0.89 in 2024). The headline 32% net-income decline is a comparability artifact — 2024 included $100M of Everus discontinued-ops earnings — not an operational collapse. Revenue grew 6.3% to $1.86B and operating income rose 9.3% to $290M, both consistent with a regulated utility benefiting from rate relief (explicitly cited as boosting the gas-distribution reporting unit's goodwill cushion to 41% above carrying value).
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $3.40B | $1.75B | $1.81B | $1.75B | $1.86B |
| Gross profit | — | — | — | — | — |
| Operating income | $331M | $201M | $225M | $266M | $290M |
| Net income | $378M | $367M | $415M | $281M | $190M |
| Diluted EPS | $1.87 | $1.81 | $2.03 | $1.37 | $0.93 |
| Net margin | 11.1% | 20.9% | 23.0% | 16.0% | 10.2% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$7.12B
EV / EBITDA14.3
EV / Sales3.8
EV / FCF—
P / FCF—
PEG (trailing)—
Earnings yield4.3%
FCF yield-6.6%
Quality & risk
ROIC (est.)4.2%
Free cash flow-$297M
Total debt$2.68B
Net cash-$2.65B
Piotroski F-Score3/8
Capital returns
Buyback yield0.0%
Dividend yield (est.)2.4%
Shareholder yield2.4%
Shares Δ YoY+0.0%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has skewed negative — read the flagged items.
- 8-K Officer / director change2026-05-13
Annual meeting vote results, ethics code update and board/officer change disclosed
- 8-K Earnings results2026-05-07
Q1 2026 results from pure-play regulated utility post-Everus/Knife River spins
- 10-Q Quarterly report2026-05-07
Q1 2026 results from pure-play regulated utility post-Everus/Knife River spins
- DEF 14A Proxy statement2026-04-01
- 10-K Annual report2026-02-20
FY25: rev +6% to $1.86B but net income -32% to $190M; capex +47%, LT debt +19%
- 8-K Earnings results2026-02-05
FY2025 earnings release: net income fell 32% on lower other/discontinued ops
- 8-K Material agreement2026-01-16
Entered new credit/debt agreement creating direct financial obligation
- 8-K Material agreement2025-12-29
Material agreement signed with related other-event disclosure
- 8-K Material agreement2025-12-12
Closed an acquisition/disposition tied to a newly executed material agreement
Recent filings
all on EDGAR ↗11-KPeriod ending 2025-12-312026-06-18open ↗8-KPeriod ending 2026-05-112026-05-13open ↗SCHEDULE 13GFiling2026-05-13open ↗10-QPeriod ending 2026-03-312026-05-07open ↗8-KPeriod ending 2026-05-072026-05-07open ↗SCHEDULE 13GFiling2026-04-30open ↗SCHEDULE 13GFiling2026-04-29open ↗SCHEDULE 13GFiling2026-04-09open ↗4Period ending 2026-03-312026-04-01open ↗4Period ending 2026-03-312026-04-01open ↗ARSPeriod ending 2026-03-312026-04-01open ↗DEFA14AFiling2026-04-01open ↗
Frequently asked
- Is MDU RESOURCES GROUP INC (MDU) a buy?
- MDU currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Post-spin pure-play regulated utility: stable rate-base growth, but heavy capex and a 23x P/E on $0.93 EPS leave little margin for error.
- What is MDU's fair value?
- A Modified-Graham model based on MDU's SEC fundamentals estimates a fair value of about $7.11. It is an estimate from reported earnings, not a price target.
- Is MDU overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, MDU currently appears overvalued relative to its SEC-grounded earnings power.
- What is MDU RESOURCES GROUP INC's quality score?
- MDU scores 65.11764705882352/100 (grade B-) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000067716, latest 10-Q filed 2026-05-07) · EODHD · analysis by claude-code · as of 6/25/2026, 12:49:12 PM.
Research and education only — not financial advice. EDGAR is not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities EDGAR rates; see Disclosures. Past performance does not guarantee future results. Do your own research.