MDU Resources (MDU)
Market Price (5/23/2026): $22.155 | Market Cap: $4.6 BilSector: Utilities | Industry: Multi-Utilities
MDU Resources (MDU)
Market Price (5/23/2026): $22.155Market Cap: $4.6 BilSector: UtilitiesIndustry: Multi-Utilities
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, Dividend Yield is 2.4% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22% Low stock price volatilityVol 12M is 22% Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Water Infrastructure, and Renewable Energy Transition. Themes include Grid Automation, Show more. | Trading close to highsDist 52W High is -2.8%, Dist 3Y High is -2.8% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 56% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.1%, Rev Chg QQuarterly Revenue Change % is -10% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -20% Key risksMDU key risks include [1] financial instability and uncertainty from its significant business restructuring and spin-offs, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.6%, Dividend Yield is 2.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 22% |
| Low stock price volatilityVol 12M is 22% |
| Megatrend and thematic driversMegatrends include Smart Grids & Grid Modernization, Water Infrastructure, and Renewable Energy Transition. Themes include Grid Automation, Show more. |
| Trading close to highsDist 52W High is -2.8%, Dist 3Y High is -2.8% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 56% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.1%, Rev Chg QQuarterly Revenue Change % is -10% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -20% |
| Key risksMDU key risks include [1] financial instability and uncertainty from its significant business restructuring and spin-offs, Show more. |
Qualitative Assessment
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MDU Resources (MDU) stock has gained about 10% since 1/31/2026 because of the following key factors:
1. Favorable Regulatory Rate Relief and Recovery of Capital Investments. MDU Resources benefited from multiple approved utility rate increases becoming effective across its service territories. For instance, new rates in Idaho became effective January 1, 2026, reflecting an annual increase of $13 million. In Washington, year-two rates under a multi-year plan added an annual increase of $10.8 million effective March 1, 2026. Additionally, interim electric rates in Montana provided an annual increase of $10.4 million effective April 1, 2026, and a general rate case settlement in Wyoming approved an annual increase of $5.8 million, also effective April 1, 2026. These rate adjustments are crucial for recovering investments in infrastructure, including the Badger Wind Farm, and supporting customer demand.
2. Significant Progress on the Bakken East Pipeline Project. The company reported substantial advancements on its proposed Bakken East Pipeline Project. A successful binding open season concluded with approximately 1.4 billion cubic feet per day of submitted interest, with roughly 40% of this total already secured under precedent agreements. This project is anticipated to involve a capital investment ranging from $2.7 billion to $3.2 billion, which is incremental to the company's existing capital investment forecast of $3.1 billion, signaling considerable future growth potential.
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1. Favorable Regulatory Rate Relief and Recovery of Capital Investments. MDU Resources benefited from multiple approved utility rate increases becoming effective across its service territories. For instance, new rates in Idaho became effective January 1, 2026, reflecting an annual increase of $13 million. In Washington, year-two rates under a multi-year plan added an annual increase of $10.8 million effective March 1, 2026. Additionally, interim electric rates in Montana provided an annual increase of $10.4 million effective April 1, 2026, and a general rate case settlement in Wyoming approved an annual increase of $5.8 million, also effective April 1, 2026. These rate adjustments are crucial for recovering investments in infrastructure, including the Badger Wind Farm, and supporting customer demand.
2. Significant Progress on the Bakken East Pipeline Project. The company reported substantial advancements on its proposed Bakken East Pipeline Project. A successful binding open season concluded with approximately 1.4 billion cubic feet per day of submitted interest, with roughly 40% of this total already secured under precedent agreements. This project is anticipated to involve a capital investment ranging from $2.7 billion to $3.2 billion, which is incremental to the company's existing capital investment forecast of $3.1 billion, signaling considerable future growth potential.
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Stock Movement Drivers
Fundamental Drivers
The 8.8% change in MDU stock from 1/31/2026 to 5/22/2026 was primarily driven by a 16.2% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5222026 | Change |
|---|---|---|---|
| Stock Price ($) | 20.37 | 22.16 | 8.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,877 | 1,806 | -3.8% |
| Net Income Margin (%) | 9.0% | 10.5% | 16.2% |
| P/E Multiple | 24.6 | 24.1 | -2.2% |
| Shares Outstanding (Mil) | 204 | 205 | -0.5% |
| Cumulative Contribution | 8.8% |
Market Drivers
1/31/2026 to 5/22/2026| Return | Correlation | |
|---|---|---|
| MDU | 8.8% | |
| Market (SPY) | 8.1% | 20.0% |
| Sector (XLU) | 5.6% | 54.4% |
Fundamental Drivers
The 17.1% change in MDU stock from 10/31/2025 to 5/22/2026 was primarily driven by a 34.1% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 5222026 | Change |
|---|---|---|---|
| Stock Price ($) | 18.92 | 22.16 | 17.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,851 | 1,806 | -2.4% |
| Net Income Margin (%) | 11.6% | 10.5% | -10.0% |
| P/E Multiple | 17.9 | 24.1 | 34.1% |
| Shares Outstanding (Mil) | 204 | 205 | -0.5% |
| Cumulative Contribution | 17.1% |
Market Drivers
10/31/2025 to 5/22/2026| Return | Correlation | |
|---|---|---|
| MDU | 17.1% | |
| Market (SPY) | 9.9% | 20.8% |
| Sector (XLU) | 3.3% | 49.0% |
Fundamental Drivers
The 33.2% change in MDU stock from 4/30/2025 to 5/22/2026 was primarily driven by a 99.4% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5222026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.63 | 22.16 | 33.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,758 | 1,806 | 2.7% |
| Net Income Margin (%) | 16.0% | 10.5% | -34.5% |
| P/E Multiple | 12.1 | 24.1 | 99.4% |
| Shares Outstanding (Mil) | 204 | 205 | -0.7% |
| Cumulative Contribution | 33.2% |
Market Drivers
4/30/2025 to 5/22/2026| Return | Correlation | |
|---|---|---|
| MDU | 33.2% | |
| Market (SPY) | 36.0% | 21.2% |
| Sector (XLU) | 18.2% | 50.5% |
Fundamental Drivers
The 122.4% change in MDU stock from 4/30/2023 to 5/22/2026 was primarily driven by a 336.2% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5222026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.97 | 22.16 | 122.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,057 | 1,806 | -12.2% |
| Net Income Margin (%) | 17.9% | 10.5% | -41.4% |
| P/E Multiple | 5.5 | 24.1 | 336.2% |
| Shares Outstanding (Mil) | 203 | 205 | -1.0% |
| Cumulative Contribution | 122.4% |
Market Drivers
4/30/2023 to 5/22/2026| Return | Correlation | |
|---|---|---|
| MDU | 122.4% | |
| Market (SPY) | 86.3% | 38.9% |
| Sector (XLU) | 44.1% | 54.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MDU Return | 20% | 1% | -3% | 74% | 12% | 13% | 160% |
| Peers Return | 13% | 7% | -8% | 17% | 19% | 10% | 70% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| MDU Win Rate | 67% | 50% | 50% | 58% | 50% | 80% | |
| Peers Win Rate | 53% | 55% | 57% | 58% | 62% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| MDU Max Drawdown | -20% | -20% | -19% | -12% | -16% | -7% | |
| Peers Max Drawdown | -15% | -21% | -23% | -13% | -10% | -9% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BKH, ATO, XEL, OGE, NWE. See MDU Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/22/2026 (YTD)
How Low Can It Go
| Event | MDU | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.3% | -9.5% |
| % Gain to Breakeven | 22.4% | 10.5% |
| Time to Breakeven | 115 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -17.5% | -24.5% |
| % Gain to Breakeven | 21.2% | 32.4% |
| Time to Breakeven | 92 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -50.8% | -33.7% |
| % Gain to Breakeven | 103.4% | 50.9% |
| Time to Breakeven | 355 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -13.4% | -12.2% |
| % Gain to Breakeven | 15.5% | 13.9% |
| Time to Breakeven | 32 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -46.1% | -6.8% |
| % Gain to Breakeven | 85.5% | 7.3% |
| Time to Breakeven | 459 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -18.0% | -17.9% |
| % Gain to Breakeven | 21.9% | 21.8% |
| Time to Breakeven | 161 days | 123 days |
In The Past
MDU Resources's stock fell -6.7% during the 2025 US Tariff Shock. Such a loss loss requires a 7.2% gain to breakeven.
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| Event | MDU | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -50.8% | -33.7% |
| % Gain to Breakeven | 103.4% | 50.9% |
| Time to Breakeven | 355 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -46.1% | -6.8% |
| % Gain to Breakeven | 85.5% | 7.3% |
| Time to Breakeven | 459 days | 15 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -22.7% | -15.4% |
| % Gain to Breakeven | 29.4% | 18.2% |
| Time to Breakeven | 288 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -52.1% | -53.4% |
| % Gain to Breakeven | 108.8% | 114.4% |
| Time to Breakeven | 1439 days | 1085 days |
In The Past
MDU Resources's stock fell -6.7% during the 2025 US Tariff Shock. Such a loss loss requires a 7.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About MDU Resources (MDU)
MDU Resources Group, Inc. engages in the regulated energy delivery, and construction materials and services businesses in the United States. The company's Electric segment generates, transmits, and distributes electricity for residential, commercial, industrial, and municipal customers in Montana, North Dakota, South Dakota, and Wyoming, as well as operates 3,500 miles of transmission lines and 4,800 miles of distribution lines. Its Natural Gas Distribution segment distributes natural gas for residential, commercial, and industrial customers in Idaho, Minnesota, Montana, North Dakota, Oregon, South Dakota, Washington, and Wyoming; and offers supply-related value-added services. The company's Pipeline segment provides natural gas transportation and underground storage services through a regulated pipeline system primarily in the Rocky Mountain and northern Great Plains regions; and cathodic protection and other energy-related services. Its Construction Materials and Contracting segment mines, processes, and sells construction aggregates; produces and sells asphalt mix; and supplies ready-mixed concrete. This segment is also involved in the sale of cement, finished concrete products, and other building materials and related contracting services. The company's Construction Services segment designs, constructs, and maintains electrical and communication wiring and infrastructure, fire suppression systems, mechanical piping and services; overhead and underground electrical, gas, and communication infrastructure; and manufactures and distributes transmission lines construction equipment. It serves manufacturing, commercial, industrial, transportation, institutional, and renewable and government customers, as well as utilities. The company was founded in 1924 and is headquartered in Bismarck, North Dakota.
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Think of it as Dominion Energy meets Vulcan Materials in the Rocky Mountain and Great Plains regions.
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Major products and services of MDU Resources (MDU) include:
- Electricity Delivery: Generates, transmits, and distributes electricity to residential, commercial, industrial, and municipal customers.
- Natural Gas Distribution: Distributes natural gas to residential, commercial, and industrial customers.
- Natural Gas Transportation & Storage: Provides natural gas transportation and underground storage services through regulated pipelines.
- Construction Aggregates: Mines, processes, and sells construction aggregates.
- Asphalt Mix: Produces and sells asphalt mix.
- Ready-Mixed Concrete: Supplies ready-mixed concrete.
- Building Materials Sales: Sells cement, finished concrete products, and other building materials.
- Construction Contracting: Provides contracting services related to construction materials.
- Electrical & Communication Infrastructure Services: Designs, constructs, and maintains electrical, communication, and gas infrastructure.
- Mechanical & Fire Suppression Services: Designs, constructs, and maintains mechanical piping and fire suppression systems.
- Transmission Line Construction Equipment: Manufactures and distributes equipment for constructing transmission lines.
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Major Customers of MDU Resources (MDU)
MDU Resources Group, Inc. serves a broad base of customers across its diverse segments, primarily categorized by type rather than specific named companies. The company's regulated energy delivery businesses (Electric, Natural Gas Distribution, and Pipeline) and its construction-related segments (Construction Materials and Contracting, Construction Services) cater to a wide array of end-users and other entities.
Based on the company description, MDU Resources primarily serves the following categories of customers:
- Residential Customers: Individuals and households who consume electricity and natural gas in their homes, primarily served by the Electric and Natural Gas Distribution segments.
- Commercial Customers: Businesses, offices, retail establishments, and other non-industrial enterprises that utilize MDU's electricity, natural gas, and various construction materials and services.
- Industrial Customers: Large manufacturing facilities, factories, and other heavy industry operations requiring significant energy supplies (electricity, natural gas, pipeline services) and benefiting from MDU's construction materials and services.
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Nicole A. Kivisto, President and Chief Executive OfficerNicole A. Kivisto was appointed President and Chief Executive Officer of MDU Resources Group in January 2024. She has a long history with the company, having joined in 1995. Throughout her tenure, she has held numerous positions of increasing responsibility, including controller, vice president of operations for Montana-Dakota Utilities Co. and Great Plains Natural Gas Co., and president and CEO of MDU Resources' electric and natural gas utility companies. Kivisto holds a degree in accounting from the University of Minnesota-Moorhead and is a certified public accountant. She is also a graduate of the Carlson School of Management Minnesota Executive Program and the University of Idaho's Utility Executive Course. Under her leadership, MDU Resources completed the spin-off of its construction group subsidiary, Everus Construction Group, in October 2024, to refocus on its core regulated energy delivery business.
Jason L. Vollmer, Chief Financial OfficerJason L. Vollmer serves as the Chief Financial Officer of MDU Resources Group. He assumed this role effective September 30, 2017. Vollmer began his career with MDU Resources in 2005 as a financial analyst. His progression within the company includes roles such as manager of the treasury, cash and risk management department, treasurer and director of cash, risk management and general accounting, and vice president, chief accounting officer and treasurer. Before joining MDU Resources, he gained experience at the North Dakota Office of the State Auditor. Mr. Vollmer is a certified public accountant and holds a bachelor's degree in accounting from Minot State University in North Dakota.
Garret Senger, Chief Utilities OfficerGarret Senger is the Chief Utilities Officer of MDU Resources Group, overseeing Montana-Dakota Utilities Co., Cascade Natural Gas Corporation, and Intermountain Gas Company. He has held this position since January 2024. Prior to this, from June 2018 through December 2023, he served as Executive Vice President-Regulatory Affairs, Customer Service, and Administration.
Anne M. Jones, Chief Human Resources, Administration and Safety OfficerAnne M. Jones holds the title of Chief Human Resources, Administration and Safety Officer at MDU Resources Group. Her previous roles include Vice President and Chief Human Resources Officer from November 2021 through January 2025, and Vice President-Human Resources from January 2016 through October 2021.
Rob L. Johnson, President, WBI Energy, Inc.Rob L. Johnson is the President of WBI Energy, Inc., a subsidiary of MDU Resources Group.
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The key risks to MDU Resources' business are primarily associated with its operations as a regulated energy delivery company and its significant capital investment plans.
Key Risks
- Regulatory and Environmental Risks: MDU Resources operates in a highly regulated environment, subject to extensive federal, state, and local regulations, including evolving environmental standards. Compliance with these regulations, such as proposed rules on greenhouse gas (GHG) emissions and mercury emissions, can necessitate substantial capital investments and increase operating costs. The company's ability to recover these costs through approved rate adjustments from customers is subject to regulatory approval, which can lead to potential delays or shortfalls that negatively impact profitability.
- Capital Expenditure and Equity Dilution Risks: MDU Resources has significant capital investment plans, with projections of approximately $2.5 billion to $3.4 billion for the 2026-2030 period, aimed at expanding and modernizing its infrastructure. To fund these substantial projects, the company anticipates issuing equity, with plans for between $150 million and $175 million in 2026 and an additional $100 million to $125 million in 2027. This equity issuance could dilute per-share earnings and existing shareholder value. Furthermore, a high net debt-to-EBITDA ratio and negative free cash flow raise concerns about the company's capacity to finance these initiatives without further increasing leverage or diluting shareholders.
- Market Risks (Inflation, Interest Rates, Commodity Prices, and Supply Chain): MDU Resources is exposed to various market risks, including inflationary pressures, fluctuations in interest rates, and the volatility of commodity prices for natural gas and electricity. These factors can directly influence the company's operational costs and the pricing of its services. While the company employs hedging strategies to manage some of these exposures, significant and sustained adverse movements in these areas could impact earnings and cash flow. Additionally, ongoing supply chain disruptions pose a risk by potentially increasing lead times for essential raw materials and equipment, which could delay projects and escalate costs.
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Emerging Threats:
- The accelerating transition towards the electrification of heating, transportation, and industrial processes, driven by climate policies and technological advancements (e.g., heat pumps, electric vehicles), poses a significant threat to MDU's Natural Gas Distribution and Pipeline segments by potentially reducing long-term demand for natural gas.
- The increasing adoption and cost-effectiveness of distributed energy resources, such as rooftop solar and battery storage solutions, threaten MDU's Electric segment by enabling residential, commercial, and industrial customers to generate and store their own power, thereby reducing their reliance on grid-supplied electricity and potentially decreasing demand for MDU's centralized generation, transmission, and distribution services.
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Here are the addressable markets for MDU Resources' main products and services:
Regulated Energy Delivery
- Electric Generation, Transmission, and Distribution: The U.S. electric distribution utility market was estimated at USD 439.1 billion in 2025 and is projected to reach USD 801.1 billion by 2035. The U.S. electricity transmission and distribution market was valued at USD 82.96 billion in 2022. These market sizes are for the entire U.S., encompassing the regions where MDU Resources operates its electric segment (Montana, North Dakota, South Dakota, and Wyoming).
- Natural Gas Distribution: The U.S. natural gas distribution market was valued at USD 170.0 billion in 2024 and is expected to increase to USD 186.0 billion by 2032. Another source indicates the industry revenue is projected to reach $222.5 billion by the end of 2025. This market size is for the U.S., covering the states where MDU Resources distributes natural gas (Idaho, Minnesota, Montana, North Dakota, Oregon, South Dakota, Washington, and Wyoming).
- Natural Gas Pipeline Transportation and Storage: This service is encompassed within the broader U.S. natural gas distribution market, which relies heavily on pipeline networks. The pipeline category represents the largest mode of supply in the U.S. natural gas distribution market, holding a 40% value share. The U.S. has over 2.5 million miles of gas pipelines. The Rocky Mountain and northern Great Plains regions, where MDU operates its pipelines, are part of the broader U.S. natural gas infrastructure.
Construction Materials and Contracting
- Construction Aggregates (Mines, Processes, Sells): The U.S. construction aggregates market was valued at USD 164.65 billion in 2024, anticipated to reach USD 170.26 billion in 2025, and projected to reach USD 222.24 billion by 2033. This market size is for the U.S.
- Asphalt Mix (Produces and Sells): The U.S. asphalt market size was valued at USD 261.91 million in 2024 and is expected to grow to USD 389.9 million by 2032. This market size is for the U.S.
- Ready-Mixed Concrete (Supplies): The U.S. ready-mix concrete market was valued at over USD 130 billion in 2024. This market size is for the U.S.
- Cement (Sells): Total cement shipments in the U.S. in 2024 were valued at approximately USD 17 billion. This market size is for the U.S.
Construction Services
- Electrical and Communication Wiring and Infrastructure: The U.S. electrical contracting industry was valued at $255 billion in 2024 and is projected to reach $295 billion by 2030. This market size is for the U.S.
- Mechanical Piping and Services, Fire Suppression Systems: The North America mechanical, electrical & plumbing (MEP) service market size was estimated at USD 31,348.1 million in 2023. Within this, the mechanical services market is projected to reach USD 17.5 billion by 2035, growing from USD 10,263 million in 2024. These market sizes are for North America and the U.S. respectively.
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```htmlMDU Resources (NYSE: MDU) is expected to experience future revenue growth over the next 2-3 years driven by several key factors across its regulated energy delivery and construction services businesses. The company's strategic focus on its utility and pipeline operations, coupled with expansion and rate adjustments, are anticipated to contribute to this growth.
Expected Drivers of Future Revenue Growth:
- Customer Growth in Regulated Energy Delivery: MDU Resources anticipates a consistent annual growth rate of 1% to 2% in its electric and natural gas utility customer base. This steady increase in customers directly translates to higher demand for their essential energy services.
- Strategic Capital Investments and Rate Base Expansion: The company plans significant capital investments, including an approximate $3.1 billion for the 2026-2030 period, which is a substantial increase over previous plans. These investments are aimed at modernizing and expanding its electric, natural gas distribution, and pipeline infrastructure, leading to an anticipated 7% to 8% compound annual growth rate in its utility rate base over the long term. Successful execution of these capital projects and associated rate recovery plans are crucial for revenue generation.
- Pipeline Segment Expansion and Increased Transportation/Storage Revenue: The pipeline segment is a strong contributor to revenue growth, driven by the completion and placement into service of various expansion projects, such as the Minot Expansion Project in November 2025. Increased customer demand for short-term natural gas transportation and storage contracts also contributes to higher transportation and storage revenue.
- Rate Relief and Regulatory Approvals in Utility Segments: MDU Resources expects revenue growth from approved rate increases in its utility segments. For instance, the natural gas distribution segment saw a multi-year rate plan in Washington, with annual increases effective in 2025 and 2026, and a general rate case filed in Oregon in November 2025. These rate adjustments are vital for recovering costs and ensuring a fair return on investment.
- Increasing Demand from Data Centers: The company is capitalizing on the growing demand from data centers, having benefited from an electric service agreement with a data center customer. MDU Resources has 580 MW of load under signed agreements for data centers, with portions already online or expected to come online in 2026 and 2027, representing a significant opportunity for increased electric utility revenue.
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Share Repurchases
- MDU Resources' share repurchases for the last twelve months (LTM) as of September 26, 2025, totaled $4.81 million.
- The company's share buybacks for 2025 and 2026 were reported as $0 USD.
Share Issuance
- In December 2025, MDU Resources initiated a public offering of $200 million of its common stock, involving 10,152,284 shares priced at $19.70 per share.
- The company granted underwriters an option to purchase up to an additional $30 million in shares, or 1,522,842 additional shares.
- MDU Resources anticipates issuing between $150 million and $175 million of equity in 2026 and between $100 million and $125 million in 2027 to support capital expenditures. A substantial portion of these equity issuance needs is expected to be met by 11,675,126 shares of common stock from forward sale agreements.
Inbound Investments
- As of June 2025, institutional investors held a significant majority of MDU Resources Group stock, approximately 84.12%.
- Major institutional investors such as BlackRock, Inc. and Vanguard Group Inc. held substantial stakes in MDU Resources Group as of March 31, 2025.
Outbound Investments
- MDU Resources completed the acquisition of a 49% ownership interest in the Badger Wind Farm in 2025 for an estimated cost of $294 million.
- The company strategically divested its construction materials and services businesses, spinning off Knife River in 2023 and Everus Construction (formerly MDU Construction Services Group) in 2024, to concentrate on its regulated energy delivery business.
- MDU Resources joined the North Plains Connector utility consortium in November 2025, signing a non-binding memorandum of understanding for 150 megawatts of capacity on the multi-billion-dollar high-voltage direct current (HVDC) transmission project.
Capital Expenditures
- MDU Resources' capital expenditures averaged $498.5 million annually from fiscal years 2020 to 2024. Specific annual expenditures were $558 million in 2020, $485.2 million in 2021, $442.6 million in 2022, $484.1 million in 2023, and $522.8 million in 2024.
- The company projects capital expenditures of $531 million for 2025.
- MDU Resources announced a capital investment plan totaling $3.4 billion for the period from 2026 through 2030, a 34% increase over the previous five-year plan (2021-2025), primarily focused on modernizing and expanding its electric, natural gas distribution, and pipeline infrastructure. This includes approximately $1.38 billion for the electric utility segment and $1.354 billion for natural gas distribution.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| MDU Resources Earnings Notes | 12/28/2026 | |
| How Low Can MDU Resources Stock Really Go? | 10/17/2025 | |
| MDU Resources vs Newmont: Which Is A Better Investment? | 08/18/2025 | |
| How Does MDU Resources Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Better Bet Than MDU Stock: Pay Less Than MDU Resources To Get More From OKE, PR | 08/12/2025 | |
| MDU Resources (MDU) Operating Income Comparison | 08/08/2025 | |
| MDU Resources (MDU) Operating Cash Flow Comparison | 08/08/2025 | |
| MDU Resources (MDU) Tax Expense Comparison | 08/08/2025 | |
| ARTICLES | ||
| Small Cap Stocks Trading At 52-Week High | 04/11/2026 |
Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03312026 | SRE | Sempra | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | -2.1% | -2.1% | -4.9% |
| 12122025 | CTRI | Centuri | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 41.5% | 41.5% | -5.5% |
| 11212025 | PEG | Public Service Enterprise | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.1% | 2.1% | -4.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 73.11 |
| Mkt Cap | 7.8 |
| Rev LTM | 2,775 |
| Op Inc LTM | 657 |
| FCF LTM | -339 |
| FCF 3Y Avg | -107 |
| CFO LTM | 959 |
| CFO 3Y Avg | 895 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.0% |
| Rev Chg 3Y Avg | 1.3% |
| Rev Chg Q | 0.6% |
| QoQ Delta Rev Chg LTM | 0.2% |
| Op Inc Chg LTM | 3.9% |
| Op Inc Chg 3Y Avg | 6.9% |
| Op Mgn LTM | 21.6% |
| Op Mgn 3Y Avg | 22.2% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 29.7% |
| CFO/Rev 3Y Avg | 34.4% |
| FCF/Rev LTM | -16.9% |
| FCF/Rev 3Y Avg | -6.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 7.8 |
| P/S | 2.9 |
| P/Op Inc | 14.8 |
| P/EBIT | 13.9 |
| P/E | 23.0 |
| P/CFO | 10.8 |
| Total Yield | 7.1% |
| Dividend Yield | 3.0% |
| FCF Yield 3Y Avg | -2.8% |
| D/E | 0.7 |
| Net D/E | 0.7 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 3.7% |
| 3M Rtn | 2.8% |
| 6M Rtn | 8.8% |
| 12M Rtn | 27.6% |
| 3Y Rtn | 48.6% |
| 1M Excs Rtn | -4.4% |
| 3M Excs Rtn | -7.4% |
| 6M Excs Rtn | -2.9% |
| 12M Excs Rtn | -1.7% |
| 3Y Excs Rtn | -33.0% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Natural gas distribution | 1,201 | 1,288 | 1,274 | 972 | 848 |
| Electric | 414 | 401 | 377 | 350 | 332 |
| Pipeline | 212 | 178 | 156 | 143 | 144 |
| Other | 0 | 0 | 6 | 14 | 12 |
| Intersegment operating revenues | -70 | -63 | -70 | -78 | -77 |
| Construction services | 2,699 | 2,052 | 2,096 | ||
| Construction materials and contracting | 2,229 | 2,178 | |||
| Total | 1,758 | 1,803 | 4,442 | 5,681 | 5,533 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Other | 91 | 248 | -17 | -6 | -3 |
| Electric | 75 | 72 | 57 | 52 | 56 |
| Pipeline | 68 | 47 | 36 | 41 | 37 |
| Natural gas distribution | 47 | 49 | 45 | 52 | 44 |
| Construction services | 129 | 109 | 110 | ||
| Discontinued operations, net of tax | 117 | 0 | -0 | ||
| Construction materials and contracting | 130 | 147 | |||
| Total | 281 | 415 | 367 | 378 | 390 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Natural gas distribution | 3,731 | 3,532 | 3,214 | 2,930 | 2,303 |
| Electric | 1,977 | 1,956 | 1,856 | 1,811 | 2,124 |
| Pipeline | 1,151 | 1,046 | 962 | 914 | 703 |
| Other | 180 | 1,300 | 2,502 | 249 | 305 |
| Construction services | 1,126 | 845 | 819 | ||
| Construction materials and contracting | 2,162 | 1,798 | |||
| Assets held for sale | 1 | ||||
| Total | 7,039 | 7,833 | 9,661 | 8,910 | 8,053 |
Price Behavior
Price Behavior
| Market Price | $22.16 | |
| Market Cap ($ Bil) | 4.5 | |
| First Trading Date | 11/05/1987 | |
| Distance from 52W High | -2.8% | |
| 50 Days | 200 Days | |
| DMA Price | $21.66 | $19.60 |
| DMA Trend | up | up |
| Distance from DMA | 2.3% | 13.1% |
| 3M | 1YR | |
| Volatility | 20.5% | 21.7% |
| Downside Capture | 7.22 | 32.58 |
| Upside Capture | 40.92 | 57.95 |
| Correlation (SPY) | 23.1% | 24.9% |
MDU Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.12 | 0.33 | 0.29 | 0.33 | 0.38 | 0.59 |
| Up Beta | 0.26 | 0.25 | 0.46 | 0.63 | 0.26 | 0.53 |
| Down Beta | 2.78 | 0.74 | 0.80 | 0.57 | 0.25 | 0.50 |
| Up Capture | 34% | 41% | 23% | 27% | 47% | 50% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 15 | 26 | 38 | 70 | 138 | 398 |
| Down Capture | -107% | 10% | -8% | -2% | 45% | 83% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 7 | 17 | 26 | 53 | 110 | 346 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MDU | |
|---|---|---|---|---|
| MDU | 33.5% | 21.7% | 1.24 | - |
| Sector ETF (XLU) | 14.9% | 14.3% | 0.74 | 48.8% |
| Equity (SPY) | 29.5% | 12.0% | 1.86 | 24.7% |
| Gold (GLD) | 35.5% | 26.8% | 1.11 | 13.5% |
| Commodities (DBC) | 42.9% | 18.7% | 1.77 | -5.3% |
| Real Estate (VNQ) | 15.2% | 13.1% | 0.82 | 36.9% |
| Bitcoin (BTCUSD) | -29.5% | 41.7% | -0.73 | 13.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MDU | |
|---|---|---|---|---|
| MDU | 14.9% | 22.9% | 0.57 | - |
| Sector ETF (XLU) | 10.1% | 17.2% | 0.44 | 57.5% |
| Equity (SPY) | 14.0% | 17.0% | 0.64 | 47.1% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | 15.2% |
| Commodities (DBC) | 10.4% | 19.4% | 0.42 | 11.8% |
| Real Estate (VNQ) | 3.8% | 18.8% | 0.10 | 55.6% |
| Bitcoin (BTCUSD) | 12.2% | 55.3% | 0.42 | 16.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MDU | |
|---|---|---|---|---|
| MDU | 13.9% | 27.1% | 0.51 | - |
| Sector ETF (XLU) | 9.7% | 19.2% | 0.43 | 58.5% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 53.6% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 10.1% |
| Commodities (DBC) | 7.8% | 17.9% | 0.35 | 22.3% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 62.9% |
| Bitcoin (BTCUSD) | 67.2% | 66.9% | 1.06 | 16.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | 0.7% | 1.4% | |
| 2/5/2026 | -4.1% | -2.4% | -0.3% |
| 11/6/2025 | 4.7% | 7.6% | -1.7% |
| 8/7/2025 | -6.7% | -3.4% | -7.5% |
| 5/8/2025 | -0.6% | -4.5% | -4.6% |
| 2/6/2025 | -5.9% | -6.4% | -7.6% |
| 11/7/2024 | 3.3% | 7.7% | 14.9% |
| 8/8/2024 | -1.8% | -4.8% | -2.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 13 | 12 |
| # Negative | 13 | 11 | 11 |
| Median Positive | 1.8% | 3.6% | 6.8% |
| Median Negative | -2.4% | -4.5% | -4.6% |
| Max Positive | 6.3% | 10.5% | 18.6% |
| Max Negative | -8.5% | -6.5% | -12.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | 0.93 | 0.96 | 1 | 0 | Affirmed | Guidance: 0.96 for 2026 | |
| 2026 EPS Growth | 6.0% | 7.0% | 8.0% | 0 | 0 | Affirmed | Guidance: 7.0% for 2026 |
| 2026 Equity Issuance | 150.00 Mil | 162.50 Mil | 175.00 Mil | ||||
| 2027 Equity Issuance | 100.00 Mil | 112.50 Mil | 125.00 Mil | ||||
| 2026 Bakken East Pipeline Capital Investment | 2.70 Bil | 2.95 Bil | 3.20 Bil | ||||
Prior: Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | 0.93 | 0.96 | 1 | 4.3% | Raised | Guidance: 0.93 for 2025 | |
| 2026 Capital Expenditures | 560.00 Mil | 5.5% | Raised | Guidance: 531.00 Mil for 2025 | |||
| 2026 EPS Growth | 6.0% | 7.0% | 8.0% | 0 | 0 | Affirmed | Guidance: 7.0% for 2025 |
| 2026-2030 Capital Expenditures | 3.10 Bil | ||||||
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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