Loading financials from SEC filings…
Utilities - Regulated gas · Utilities · Fiscal year ends Dec 31
MDU Resources reported revenue of $1.9B in the fiscal year ended Dec 2025, up 6.3% from the year before. Operating income was $290M, an operating margin of 15.6%, and net income was $190M. Operating cash flow of $473M less capital expenditure of $770M left free cash flow of −$297M. Net debt was $2.6B.
Ranks among the 16 utilities - regulated gas companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,402 | 1,754 | 1,806 | 1,753 | 1,863 |
| Selling, general & admin | 2,210 | 380 | 407 | 414 | 433 |
| Operating income | 331 | 201 | 225 | 266 | 290 |
| Interest expense | 70.7 | 80.7 | 114 | 108 | 108 |
| Pre-tax income | 286 | 123 | 340 | 199 | 211 |
| Income tax | 43.5 | 6.2 | 10.2 | 17.6 | 19.6 |
| Net income | 378 | 367 | 415 | 281 | 190 |
| Diluted EPS | 1.87 | 1.81 | 2.03 | 1.37 | 0.93 |
| Diluted shares | 202 | 203 | 204 | 205 | 205 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 54.2 | 70.4 | 60.5 | 66.9 | 28.2 |
| Receivables | 947 | 1,064 | 250 | 274 | 259 |
| Inventory | 336 | 64.2 | 44.7 | 44.9 | 39.1 |
| Current assets | 1,551 | 2,012 | 1,364 | 666 | 572 |
| Net PP&E | 4,506 | 4,776 | 5,005 | 5,344 | 5,960 |
| Goodwill | 765 | 489 | 346 | 346 | 346 |
| Total assets | 8,910 | 9,661 | 7,833 | 7,039 | 7,622 |
| Payables | 479 | 526 | 160 | 150 | 149 |
| Deferred revenue | 147 | 168 | 202 | – | – |
| Current liabilities | 1,092 | 1,480 | 1,076 | 679 | 685 |
| Short-term debt | 148 | 47.8 | 61.3 | 162 | 145 |
| Long-term debt | 2,594 | 2,318 | 2,105 | 2,131 | 2,532 |
| Total liabilities | 5,528 | 6,074 | 4,928 | 4,348 | 4,849 |
| Shareholders' equity | 3,383 | 3,587 | 2,905 | 2,691 | 2,773 |
| Backlog (remaining obligations) | 2,500 | 3,500 | 2,600 | 607 | 532 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 496 | 510 | 333 | 502 | 473 |
| Capital expenditure | 485 | 443 | 484 | 523 | 770 |
| Free cash flow | 10.6 | 67.5 | −152 | −20.5 | −297 |
| Depreciation & amortisation | 198 | 189 | 190 | 200 | 207 |
| Stock-based compensation | 12.9 | 7.9 | 5.5 | 8.4 | 6.6 |
| Acquisitions | 2.5 | 0.0 | 0.0 | – | – |
| Share buybacks | 6.7 | 7.4 | 4.8 | 0.0 | 0.0 |
| Dividends paid | 171 | 177 | 161 | 103 | 108 |
| Dividend per share | 0.85 | 0.88 | 0.69 | 0.51 | 0.54 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −48.4% | 2.9% | −2.9% | 6.3% |
| Operating income growth (YoY) | – | −39.3% | 12.0% | 18.1% | 9.3% |
| EPS growth (YoY) | – | −3.2% | 12.2% | −32.5% | −32.1% |
| Operating margin | 9.7% | 11.5% | 12.5% | 15.2% | 15.6% |
| Net margin | 11.1% | 20.9% | 23.0% | 16.0% | 10.2% |
| Return on equityBlank when equity is negative | 11.2% | 10.2% | 14.3% | 10.4% | 6.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.2% | 2.5% | 3.3% | 4.2% | 4.2% |
| Free cash flow margin | 0.3% | 3.8% | −8.4% | −1.2% | −15.9% |
| Cash conversion (CFO ÷ net income) | 1.31x | 1.39x | 0.80x | 1.79x | 2.49x |
| Receivable days | 102 | 221 | 51 | 57 | 51 |
| Interest cover | 4.68x | 2.49x | 1.97x | 2.45x | 2.69x |
| Debt ÷ equity | 0.81x | 0.66x | 0.75x | 0.85x | 0.97x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 2,688 | 2,295 | 2,106 | 2,226 | 2,649 |
| Current ratio | 1.42x | 1.36x | 1.27x | 0.98x | 0.84x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.