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Regulated electric and natural gas utility holding company serving the Upper Midwest/Northwest US.
Regulated electric and natural gas utility holding company serving the Upper Midwest/Northwest US.
Paid mostly through rates set by state regulators, which let it earn an allowed return on the utility assets it builds (the rate base), so growth comes from investing in new plant. It shed construction materials (Knife River) in 2023 and construction services (Everus) in 2024, leaving a pure regulated electric, gas and pipeline company.
Moat: wide (regulatory licence, scale). Exclusive regulated service territories with state-approved rate-base returns.
Headquarters: Bismarck, North Dakota, US · Founded: 1924 · Employees: 2,096
Size MDU Resources (MDU) is a United States Utilities company (Gas Distributors) with a market value of $3.92B, the 1360th largest of 3,117 United States companies the cockpit tracks. Shares closed at $18.63 on 6 Nov 2026.
Performance Over six months the shares fell 17.2%, against -3.7% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue fell 29.9% over the last twelve months (peer median +1.7%); the operating margin is 17.0% (peer median 16.3%).
Valuation It trades at 18.9× forward earnings against a peer median of 16.6× (7th most expensive of 21).
Capital Return on invested capital runs 2.8 points below its cost of capital (7.3% WACC).
Backlog Backlog (remaining performance obligations) was $485M at 30 Sep 2026, down 12% on a year earlier — 0.3 years of trailing revenue. Backlog detail →
Short interest Short interest is 8.6% of the free float (15 Oct 2026).
Next results Next results expected around 11 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.83B | $1.88B | $1.76B | $1.80B | $4.44B |
| Revenue growth | — | +7% | -3% | -59% | — |
| Gross profit | $423M | $405M | $372M | $328M | $556M |
| EBITDA | $524M | $497M | $466M | $415M | $580M |
| Net income | $197M | $190M | $281M | $415M | $367M |
| Free cash flow | -$386M | -$297M | -$20.5M | -$152M | $31.6M |
| Capital expenditure | $790M | $770M | $523M | $484M | $478M |
| Total debt | $2.58B | $2.71B | $2.31B | $2.26B | $2.48B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| MDU Resources MDU | $3.92B | -17% | -30% | 17% | 18.9× | n/a |
| NorthWestern Energy NWE | $5.09B | +14% | +11% | 19% | 20.6× | n/a |
| Otter Tail OTTR | $3.29B | -11% | +1% | 23% | 14.6× | n/a |
| Black Hills BKH | $6.47B | +13% | +3% | 24% | 18.2× | n/a |
| Avista AVA | $3.37B | -1% | -1% | 19% | 15.0× | n/a |
| IDACORP IDA | $8.63B | +2% | +4% | 23% | 21.7× | n/a |
| Xcel Energy XEL | $51.1B | +1% | +4% | 22% | 18.1× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MDU | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.0% | +2.5% | 7th lowest of 21 |
| 6-month return | -17.2% | -3.7% | 4th lowest of 21 |
| Distance from 52-week high | -18.9% | -15.7% | 10th lowest of 21 |
| Revenue growth (TTM) | -29.9% | +1.7% | 2nd lowest of 21 |
| Operating margin | 17.0% | 16.3% | 11th highest of 21 |
| Forward P/E | 18.9× | 16.6× | 7th most expensive of 21 |
| ROIC minus cost of capital | -2.8 pp | -0.9 pp | 3rd lowest of 21 |
| EV / EBITDA | 12.3× | 11.3× | 7th most expensive of 17 |
| Net debt / EBITDA | 4.8× | 4.8× | 9th least indebted of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MDU Resources MDU | United States | $3.92B | -17% | -30% | 17% | 18.9× | n/a | n/a |
| Transportadora de Gas del Sur SA Sponsored ADR Class B RegS TGS | United States | $3.80B | -27% | +11% | 44% | 8.2× | -14.6% | +11.8% |
| Excelerate Energy EE | United States | $4.17B | +9% | +49% | 22% | 18.6× | 18.1% | +23.3% |
| China Gas 0384.HK | Hong Kong | $3.52B | -31% | -7% | 8% | 9.9× | 3.8% | +1.0% |
| China Suntien Green Energy 600956.SS | China | $3.40B | -18% | -12% | 13% | 15.9× | n/a | n/a |
| Chesapeake Utilities CPK | United States | $3.38B | +11% | +15% | 27% | 20.4× | n/a | n/a |
| China Resources Gas 1193.HK | Hong Kong | $4.77B | -13% | +1% | 6% | 10.7× | 1.8% | +11.8% |
| Brookfield Infrastructure BIPC.TO | Canada | $4.91B | +5% | +6% | 60% | 22.0× | n/a | n/a |
| Beijing Enterprises 0392.HK | Hong Kong | $4.93B | -3% | +5% | 4% | 6.3× | 7.7% | +6.7% |
| ONE Gas OGS | United States | $5.09B | -5% | -2% | 21% | 16.6× | n/a | n/a |
| Enagas ENG.MC | Spain | $5.22B | +7% | -2% | 21% | 19.4× | 15.0% | -2.2% |
| Spire SR | United States | $5.25B | +4% | +4% | 20% | 17.9× | n/a | n/a |
| TOHO GAS 9533.T | Japan | $2.83B | +3% | -2% | 1% | 21.3× | 24.6% | +8.4% |
| Shenzhen Gas 601139.SS | China | $2.79B | -7% | -1% | 7% | 10.7× | -9.2% | +14.7% |
| New Jersey Resources NJR | United States | $5.51B | -2% | +7% | 24% | 16.6× | n/a | n/a |
| Black Hills BKH | United States | $6.47B | +13% | +3% | 24% | 18.2× | n/a | n/a |
| Keppel Infrastructure Trust A7RU.SI | Singapore | $2.34B | -8% | +4% | 10% | 23.5× | 8.7% | +8.7% |
| Southwest Gas SWX | United States | $6.62B | +2% | -57% | 29% | 18.9× | n/a | n/a |
| Kogas 036460.KS | South Korea | $2.31B | -7% | -10% | 7% | 2.9× | -1.5% | +11.4% |
| Foran Energy 002911.SZ | China | $2.27B | -5% | -10% | 4% | 12.3× | -6.9% | +34.8% |
| Enn Energy 2688.HK | Hong Kong | $7.02B | -17% | +6% | 7% | 7.6× | -3.4% | +8.6% |
MDU Resources reported $485M of remaining performance obligations at 30 Sep 2026, down 12% from a year earlier and down 1% from the previous quarter. That is 0.3 years of trailing revenue already under contract. Book-to-bill last quarter: 0.98.