At a glance
MDU Resources Group Inc is worth $4.10B, about 21 times its fiscal 2025 earnings. Revenue grew 6.7% to $1.88B in fiscal 2025, with 10.2% kept as profit; over 3 years it has grown 2.4% a year. It pays a 2.92% dividend yield, and returned $739.7M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +0.9% over the past year with dividends reinvested and +15.5% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 51.1% in the 2020 crash (S&P 500: 33.7%) and 19.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 3 months after the lows.
The business in plain English
MDU Resources calls itself a "pure-play regulated energy delivery business," meaning that is its only line of work. Based in Bismarck, North Dakota, it generates, transmits and distributes electricity, and it distributes, transports and stores natural gas. State utility commissions and the Federal Energy Regulatory Commission (FERC) regulate the rates it charges. In simple terms, MDU makes money by building pipes, power lines and power plants. It then collects regulator-approved rates meant to cover its costs and earn a return on that investment.
Natural gas distribution is the largest segment. It brought in $1.28 billion, or 68%, of $1.88 billion in revenue for the year ended December 31, 2025. Three utilities run it: Montana-Dakota, Cascade and Intermountain. Electric added $438 million, or 23%. Montana-Dakota sells power to homes, businesses, industry and towns in 185 communities and nearby rural areas. It owns interests in 15 generating units at 12 facilities. The WBI Energy pipeline segment supplied the remaining $154 million, or 8%.
MDU also used to own construction businesses. It spun off Knife River, its construction materials and contracting arm, on May 31, 2023. It spun off Everus, its construction services arm, on October 31, 2024. Both became independent public companies. Because of those separations, revenue from before 2022 can't be compared with later years.
Price history
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MDU +0.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Natural gas distribution | $1.28B | 68.4% |
| Electric | $437.8M | 23.3% |
| Pipeline | $154.2M | 8.2% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $375.3M, up 6.9% from a year earlier, and net income was $21.2M (+54.1%).
- For fiscal 2025, revenue was $1.88B (+6.7% year over year; +2.4% a year from FY2022 to FY2025) with a 10.2% net margin.
Financial health check
| Revenue growth a year (FY2022–FY2025) | +2.4% watch |
|---|---|
| Operating margin | 15.5% good |
| Free cash flow margin | -15.8% weak |
| Return on equity (FY2025) | 6.9% weak |
| Return on assets (FY2025) | 2.5% weak |
| Net cash (cash minus debt) | $-2.41B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $5.53B | $390.2M | $210.4M |
| FY2021 | $3.45B | $378.1M | $10.6M |
| FY2022 | $1.75B | $367.5M | $67.5M |
| FY2023 | $1.80B | $414.7M | $-151.5M |
| FY2024 | $1.76B | $281.1M | $-20.5M |
| FY2025 | $1.88B | $190.4M | $-297.0M |
Valuation snapshot
| Market value | $4.10B |
|---|---|
| P/E ratio | 21 |
| Dividend yield | 2.92% |
Rank among 1514 US companies
Market value at each year end
MDU Resources Group’s market value went from $2.13B at the end of 2016 to $4.10B on Oct 28, 2026, up 93%; since the end of 2025 it is up 3%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $4.10B | +2.8% |
| 2025 | $3.99B | +8.6% |
| 2024 | $3.67B | +64.9% |
| 2023 | $2.23B | -4.6% |
| 2022 | $2.33B | -1.6% |
| 2021 | $2.37B | +18.7% |
| 2020 | $2.00B | -11.3% |
| 2019 | $2.25B | +27.4% |
| 2018 | $1.77B | -11.0% |
| 2017 | $1.99B | -6.6% |
| 2016 | $2.13B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MDU price data to Oct 28, 2026 | +2.0% | +0.9% | +28.7% | +15.5% | +12.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +2.0% |
| 2025 | +11.8% |
| 2024 | +70.8% |
| 2023 | +0.8% |
| 2022 | +4.0% |
| 2021 | +23.0% |
| 2020 | -5.7% |
| 2019 | +31.5% |
| 2018 | -6.4% |
| 2017 | -1.6% |
| 2016 | +66.6% |
| 2015 | -16.3% |
| 2014 | -19.6% |
| 2013 | +50.8% |
| 2012 | +4.7% |
| 2011 | +11.8% |
| 2010 | -9.0% |
| 2009 | +16.6% |
| 2008 | -18.4% |
| 2007 | +11.9% |
| 2006 | +22.3% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 51.6% over that stretch · deepest drop along the way 61.7%, back to its old high 49.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 43.8% over that stretch · deepest drop along the way 51.1%, back to its old high 11.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 6.4% over that stretch · deepest drop along the way 19%, back to its old high 3 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 1 open-market purchases ($104K) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 13, 2026 | Charles M Kelley Director | buy | $104K |
Who owns it
Large shareholders (13G filings)
| BARROW HANLEY MEWHINNEY & STRAUSS LLC | 6.3% | Jun 30, 2026 |
| Vanguard Portfolio Management | 6.14% | Mar 31, 2026 |
| Vanguard Capital Management | 5.26% | Mar 31, 2026 |
| Dimensional Fund Advisors LP | 5.1% | Sep 30, 2026 |
ETFs with the most weight in MDU
| PSCU Invesco S&P SmallCap Utilities & Communication Services ETF | 5.01% |
| PKB Invesco Building & Construction ETF | 2.9% |
| VAMO Cambria Value & Momentum ETF | 0.8% |
| LST Leuthold Select Industries ETF | 0.62% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.61% |
| IJS iShares S&P Small-Cap 600 Value ETF | 0.59% |
| SLYV SPDR S&P 600 Small Cap Value ETF | 0.57% |
| WCEO Hypatia Women CEO ETF | 0.57% |
What could go wrong
- Regulators decide when and what it charges. MDU often puts new equipment in service before regulators approve higher rates. This gap is called regulatory lag, and rate reviews can last up to 11 months in some states. Regulators can also disallow costs.
- Big new customers like data centers. Serving data centers and other large users may need regulatory approvals and costly new infrastructure. Contract rates may not cover costs, and relying on a few big customers could make earnings more volatile.
- Aging pipelines and power facilities. Significant parts of MDU's natural gas pipelines, power plants and transmission lines are aging. Keeping them running could require major maintenance or replacement spending that weighs on results.
- Coal plants and tighter climate rules. MDU's greenhouse gas emissions come mainly from fossil-fuel power plants. Tighter rules could raise costs or force early plant closures whose costs regulators may not let it fully recover. Co-owning coal plants limits its control.
- Borrowing costs and credit ratings. MDU had about $2.58 billion of debt as of June 30, 2026, and negative free cash flow in 2025. Higher rates or a credit-rating cut could make new financing costlier or harder to get.
- Weather affects sales and equipment. Demand for gas and electricity is seasonal, so mild weather can cut sales. Severe storms and shifting weather patterns can also damage facilities, and insurance has limits and exclusions.
Recent events
- Quarterly results released; Investor presentation or announcement
- Executive or board change; Code of ethics changed; Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Major agreement signed; Other company announcement
- Major agreement signed; Acquisition or sale of assets completed
- Major agreement signed; Other company announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
MDU pays a dividend, but its record is uneven. Dividends per share fell from $0.875 in 2022 to $0.51 in 2024, while the company spun off Knife River and Everus. They then rose to $0.54 in 2025, a one-year streak of increases. MDU paid out about 57% of 2025 earnings as dividends. Free cash flow (cash from operations minus capital spending) was negative $297 million, so it did not cover the dividend. Share repurchases totaled $18.9 million over 2021–2025. The yield was 2.92% as of October 28, 2026.
Past crashes hit the shares hard. They dropped 61.7% in the 2008 financial crisis and took about 50 months to recover. They fell 51.1% in the 2020 COVID crash and recovered in about 12 months. A 19% drop in 2022 was made up in three months. All three came while MDU still owned its construction businesses. A single stock carries more risk than a diversified fund.
Questions investors ask
How does MDU Resources make money?
MDU makes money by delivering natural gas and electricity at rates its regulators approve. Natural gas distribution brought in $1.28 billion, or 68% of its $1.88 billion in revenue for the year ended December 31, 2025. Electric service added 23%, and the WBI Energy pipeline business added 8%. State utility commissions and the Federal Energy Regulatory Commission oversee those rates. The rates aim to cover costs and give the company a return on what it invests in pipes, power lines and plants.
Does MDU Resources still own Knife River and Everus?
No. MDU spun off Knife River, its construction materials and contracting business, on May 31, 2023. It then spun off Everus, its construction services business, on October 31, 2024. Both became independent, publicly traded companies. What remains is what MDU calls a pure-play regulated energy delivery business, with three segments: electric, natural gas distribution and pipeline. Because of these changes, its revenue from before 2022 can't be compared with later years.
Does MDU Resources raise its dividend every year?
No. Dividends per share rose from $0.51 in 2024 to $0.54 in 2025, a one-year streak of increases. Before that, the dividend had fallen from $0.875 in 2022, during the years MDU spun off its construction businesses. From 2020 to 2025, regular dividends per share shrank by about 8.3% a year. MDU paid out about 57% of its 2025 earnings as dividends, and the yield was 2.92% as of October 28, 2026.
What is MDU Resources' P/E ratio?
About 21 as of October 28, 2026, based on 2025 earnings, with a market value of about $4.1 billion. The P/E (price-to-earnings) ratio compares the share price with profit per share. Earnings per share fell to $0.93 in 2025 from $1.37 in 2024, and net income dropped 32.3% to $190 million. Lower earnings push the P/E up at any given share price. Revenue rose 6.7% to $1.88 billion over the same year.
How much debt does MDU Resources have?
About $2.58 billion as of June 30, 2026. That compares with $169 million in cash and investments and $2.93 billion of shareholders' equity. Utilities borrow to build pipes, power lines and plants. MDU's free cash flow was negative $297 million in 2025, which means it spent more on capital projects than its operations brought in. Its annual report (10-K) warns that higher interest rates or a credit-rating downgrade could raise financing costs or make money harder to raise.