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MDU Resources Group, Inc. (MDU)

NYSE / Industrials / Conglomerates

Share price

19.00 USD Market dataClose of Oct 16, 2026

Market capitalisation

4.00B USD Market dataClose of Oct 16, 2026
Market data
Oct 16, 2026
Filed accounts
FY2025, filed Feb 20, 2026
Ratios computed
Oct 16, 2026
Filed years
18, FY2007 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

4.8% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

20.43x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-7.6% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 4.13B USDFY2016 Net income: -67.3M USDFY2017 Revenue: 4.44B USDFY2017 Net income: 281.2M USDFY2018 Revenue: 4.53B USDFY2018 Net income: 272.3M USDFY2019 Revenue: 5.34B USDFY2019 Net income: 335.5M USDFY2020 Revenue: 5.53B USDFY2020 Net income: 390.2M USDFY2021 Revenue: 3.45B USDFY2021 Net income: 378.1M USDFY2022 Revenue: 1.75B USDFY2022 Net income: 367.5M USDFY2023 Revenue: 1.80B USDFY2023 Net income: 414.7M USDFY2024 Revenue: 1.76B USDFY2024 Net income: 281.1M USDFY2025 Revenue: 1.88B USDFY2025 Net income: 190.4M USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
0 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 20.43x at the close of 2026-10-16 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 15.00x and 25.00x.

Today, against the Industrials sector (411 companies), 20.43x sits at the 40th percentile; the middle half of that group runs from 14.87x to 38.39x.

Is it good

Return on invested capital was 4.8% in FY2025, in the band labelled "Likely below the cost of capital" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns below the usual cost of the capital employed.

Today, against the Industrials sector (316 companies), 4.8% sits at the 31st percentile; the middle half of that group runs from 3.4% to 15.3%.

Is it safe

Interest coverage was 2.69x in FY2025, in the band labelled "Speculative grade" (1.50x to 3.00x), on lines anchored on Damodaran's interest-coverage table.

Year by year against peers
Whether MDU Resources Group, Inc.'s return on invested capital stayed above the median of the Industrials sector, year by year. (FY2018 to FY2025, 8 fiscal years of MDU Resources Group, Inc. with a comparable figure)
The direction
Which way MDU Resources Group, Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of MDU Resources Group, Inc.)
What could explain it
What in MDU Resources Group, Inc.'s filed statements could explain the movements. (9 readings drawn from the statement lines MDU Resources Group, Inc. filed)
What to check next
What to check next on MDU Resources Group, Inc., and where in its filings. (9 questions for MDU Resources Group, Inc.)
In one paragraph
One paragraph on MDU Resources Group, Inc.'s returns, cash, balance sheet and price. (15 of sixteen figures read for MDU Resources Group, Inc.)

These are MDU’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research MDUPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 20, 2026, accession 0000067716-26-000014.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

MDU Resources Group, Inc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax4.8% ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Return on equity6.9% ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Return on capital employed, pre-tax4.2% ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Return on assets2.5% ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Operating margin15.5% ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Net margin10.2% ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
MDU 10.2%
VMI 8.5%SEB 5.1%GFF 2.0%
2.0%10.2%
Net margin: MDU against the 3 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

MDU Resources Group, Inc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.98 ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Current ratio0.84 ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Quick ratio0.78 ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Interest coverage2.69x ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Altman Z-score1.04 ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Net debt2.68B ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Total assets 7.62BTotal liabilities 4.85BShareholders' equity 2.77BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What MDU Resources Group, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 20, 2026, 0000067716-26-000014).

MDU Resources Group, Inc: balance sheet position
Total assets7.62B FiledFY2025 10-K, filed Feb 20, 2026
Total liabilities4.85B FiledFY2025 10-K, filed Feb 20, 2026
Shareholders' equity2.77B FiledFY2025 10-K, filed Feb 20, 2026
Cash28.2M FiledFY2025 10-K, filed Feb 20, 2026
Total debt2.71B FiledFY2025 10-K, filed Feb 20, 2026
Net debt2.68B
Current ratio0.84
Debt to equity0.98

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

MDU Resources Group, Inc: what the market charges, each with its source
FigureValue, source and document
Price to earnings20.43x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
P/E on trailing twelve months20.00x ComputedClose of Oct 16, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book1.41x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Price to sales2.08x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Enterprise value to EBIT22.67x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Enterprise value to EBITDA13.24x ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Price to earnings over growth4.41 ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Diluted earnings per share0.93 USD FiledFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Graham number16.81 USD ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014

We publish no fair value or price target of our own. Value MDU on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for MDU Resources Group, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

MDU Resources Group, Inc: valuation
Share price19.00 USD
Market capitalisation4.00B USD
Enterprise value to EBITDA13.24x
Graham number16.81 USD
Diluted earnings per share, FY20250.93 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Oct 3, 2016: low 5.03x, median 15.17x, high 113.75x, latest 20.00x. 2,499 trading days with a meaningful ratio, 25 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like MDU Resources Group, Inc

  1. Valmont Industries, Inc. (VMI)Market cap 8.58B USD
  2. Seaboard Corporation (SEB)Market cap 3.76B USD
  3. Griffon Corporation (GFF)Market cap 4.26B USD

Same industry (Conglomerates) and size band (Mid, 2B to 10B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

MDU Resources Group, Inc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield-7.6% ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Free cash flow-297.0M USD ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Free cash flow margin-15.8% ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Dividend yield3.0% ComputedClose of Oct 16, 2026 · FY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Payout ratio56.9% ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
FY2016 Free cash flow: 74.0M USDFY2016 Net income: -67.3M USDFY2017 Free cash flow: 106.6M USDFY2017 Net income: 281.2M USDFY2018 Free cash flow: -68.3M USDFY2018 Net income: 272.3M USDFY2019 Free cash flow: -33.8M USDFY2019 Net income: 335.5M USDFY2020 Free cash flow: 210.4M USDFY2020 Net income: 390.2M USDFY2021 Free cash flow: 10.6M USDFY2021 Net income: 378.1M USDFY2022 Free cash flow: 67.5M USDFY2022 Net income: 367.5M USDFY2023 Free cash flow: -151.5M USDFY2023 Net income: 414.7M USDFY2024 Free cash flow: -20.5M USDFY2024 Net income: 281.1M USDFY2025 Free cash flow: -297.0M USDFY2025 Net income: 190.4M USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

MDU Resources Group, Inc.: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
20.43xFY2025Oct 16, 2026
1.41xFY2025Oct 16, 2026
22.67xFY2025Oct 16, 2026
-7.6%FY2025Oct 16, 2026
4.8%FY2025Feb 20, 2026
3.0%FY2025Oct 16, 2026
0.98FY2025Feb 20, 2026
0.84FY2025Feb 20, 2026
2.08xFY2025Oct 16, 2026
4.41FY2025Oct 16, 2026
1.04FY2025Oct 16, 2026
-2.71FY2025Feb 20, 2026
3/9FY2025Feb 20, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 18 filed fiscal years on record, FY2007 to FY2025, from SEC EDGAR. Prices as of Oct 16, 2026. Ratios recomputed Oct 16, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports MDU Resources Group, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

MDU Resources Group, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY20251.88B290.4M190.4M0.93-297.0M15.5%6.9%10-K, Feb 20, 20260000067716-26-000014
FY20241.76B265.6M281.1M1.37-20.5M15.1%10.4%10-K, Feb 20, 20250000067716-25-000016
FY20231.80B224.9M414.7M2.03-151.5M12.5%14.3%10-K, Feb 22, 20240000067716-24-000017
FY20221.75B200.9M367.5M1.8167.5M11.5%10.2%10-K, Feb 24, 20230000067716-23-000017
FY20213.45B331.1M378.1M1.0410.6M9.6%11.2%10-K, Feb 23, 20220000067716-22-000012
FY20205.53B544.9M390.2M0.74210.4M9.8%12.7%10-K, Feb 19, 20210000067716-21-000007
FY20195.34B481.2M335.5M0.64-33.8M9.0%11.8%10-K, Feb 21, 20200000067716-20-000010
FY20184.53B401.7M272.3M0.53-68.3M8.9%10.6%10-K, Feb 22, 20190000067716-19-000019
FY20174.44B424.0M281.2M0.54106.6M9.5%11.6%10-K, Feb 23, 20180000067716-18-000013
FY20164.13B408.9M-67.3M0.1374.0M9.9%-2.9%10-K, Feb 24, 20170000067716-17-000017
  • Revenue, compound annual growth FY2016 to FY2025: -8.4%
  • Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
  • Earnings per share, compound annual growth FY2016 to FY2025: 24.9%
  • Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

MDU Resources Group, Inc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.71 ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Piotroski F-score3/9 ComputedFY2025 10-K, filed Feb 20, 2026, 0000067716-26-000014
Named tests met0 of 30 Computed
Beta0.47 ComputedClose of Oct 16, 2026

The named tests

Of 30 tests value investors published: 0 met, 30 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
None of the named tests.
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; ROIC at or above WACC; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Figures we could not read(2)
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • Dividend Streak: The stored figure is a zero that can stand for data we do not hold, so this test is not measured.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by Javier Sanz Alvarez: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 2 figures could not be read on this company: Gross Margin, Dividend Streak.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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Analyze your own portfolio

ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.