# MDU Resources Group, Inc. (MDU)

> Source: Nexqual · https://nexqual.com/MDU · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, MDU Resources Group, Inc. (MDU), nexqual.com/MDU" · informational, not investment advice.

**Price:** USD 19.37 (+1.31% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 19.12 · day 19.15–19.4 · 52w 18.24–22.98 · market cap $4.07B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.83B, net income $197M (10.7% margin), free cash flow -$386M (SEC filings).
- Valuation: P/E 20.7x (avg 13.2x at the last 3 fiscal year-ends).
- Analysts: Buy (mean 2.22 on a 1–5 scale) (9 analysts), mean target USD 23 (range 21–25).
- Total return with dividends: 1Y +1.2% vs S&P 500 +14.9%; 5Y +88.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.1, revenue estimate $347M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.45B | $1.75B | $1.81B | $1.76B | $1.88B | $1.83B |
| Operating income | $331M | $201M | $225M | $266M | $290M | $311M |
| Net income | $378M | $367M | $415M | $281M | $190M | $197M |
| EPS (diluted) | $1.04 | $1.81 | $2.03 | $1.37 | $0.93 | — |
| Free cash flow | $10.6M | $67.5M | -$152M | -$20.5M | -$297M | -$386M |
| Operating margin | 9.6% | 11.5% | 12.5% | 15.1% | 15.5% | 17.0% |
| Net margin | 10.9% | 20.9% | 23.0% | 16.0% | 10.2% | 10.7% |
| Revenue growth | -37.6% | -49.2% | +2.9% | -2.6% | +6.7% | — |
| Cash + short-term investments | $54.2M | $70.4M | $60.5M | — | — | — |
| Total debt | $2.74B | $2.37B | $2.17B | $2.29B | $2.68B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.7x · P/S 2.2x · P/B 1.4x · FCF yield -9.48% · Earnings yield 4.83% · Dividend yield (paid, TTM) 2.76%
P/E at fiscal year-ends: Dec 2025 21.0x, Dec 2024 13.1x, Dec 2023 5.4x.

## Analysts
Consensus Buy (mean 2.22 on a 1–5 scale), 9 analysts; mean target USD 23 (low 21, high 25).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-06 | JP Morgan | Upgrade | Neutral → Overweight | $27 |
| 2026-07-13 | Wells Fargo | Initiated | Overweight | $25 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +1.2% | +88.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +1.2% | +13.5% |
| Volatility (annualized) | 19.9% | 22.9% |
| Max drawdown | -18.2% (May 2026→Sep 2026) | -19.2% (Jan 2022→Mar 2022) |

## Peers (Utilities - Regulated Gas)
BIPC (Brookfield Infrastructure Corpo) USD 37.63 +2.53% · CPK (Chesapeake Utilities Corporatio) USD 134.17 +3.27% · OGS (ONE Gas, Inc.) USD 78.25 +3.57% · SR (Spire Inc.) USD 85.56 +3.70% · NJR (NewJersey Resources Corporation) USD 53.63 +2.94% · BKH (Black Hills Corporation) USD 79.31 +0.97%

## More
Full page: https://nexqual.com/MDU · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Natural gas distribution | $209.1M | 55.7% | +3.4% |
| Electric | $117.1M | 31.2% | +17.0% |
| Pipeline | $46.7M | 12.4% | +0.5% |
| Total revenue | $375.3M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Other | $18.6M | 5.0% | +8.6% |
| Total revenue | $375.3M | 100% | — |
The lines above cover 5% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.10 | $0.10 | -3.1% | $346.5M | 7 |
| Next quarter (ends 2026-12-31) | $0.39 | $0.39 | +0.3% | $647.8M | 6 |
| Current fiscal year (ends 2026-12-31) | $0.98 | $0.97 | +0.4% | $1.99B | 8 |
| Next fiscal year (ends 2027-12-31) | $1.06 | $1.06 | +0.0% | $2.13B | 8 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±6.8%; last 8 reports averaged ±4.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 27.3% | ±6.8% |
| 2027-01-15 | 84 | 24.5% | ±9.9% |
| 2027-04-16 | 175 | 23.4% | ±13.3% |