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MDU Resources Group, Inc.
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NYSE: MDU Utilities Energy 🔎 Screen
$3.8B
Market Cap
21.0
P/E
2.47
PEG
5.1%
ROCE
7.0%
ROE
0.98
D/E
15.6%
OPM
-17.2%
% from 52W High
42
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for MDU including FX impact
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📈 Price History
Ratio Health
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About

MDU Resources Group, Inc. engages in the regulated energy delivery businesses in the United States. The company operates through three segments: Electric, Natural Gas Distribution, and Pipeline. It generates, transmits, and distributes electricity in Montana, North Dakota, South Dakota, and Wyoming through approximately 3,400 miles of transmission and 4,900 miles of distribution lines, as well as 86 transmission and 299 distribution substations. The company also distributes natural gas in Idaho, Minnesota, Montana, North Dakota, Oregon, South Dakota, Washington, and Wyoming through approximately 22,000 miles of distribution and 540 miles transmission systems; and supplies related value-added services. In addition, it 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 non-regulated energy-related services. Further, the company offers transportation and storage services. MDU Resources Group, Inc. was incorporated in 1924 and is headquartered in Bismarck, North Dakota.

Key Ratios Snapshot
📈 Growth Pattern
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⭐ Superinvestors Holding MDU
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 929.8K $19.3M 0.03% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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📊 MIXED MDU Resources Q1 2026 EPS $0.39, affirms full-year guidance $0.93-$1.00.
Revenue & Profitability
Q1 2026 net income was $80.8 million, down from $82 million in Q1 2025, with EPS of $0.39 versus $0.40. Segment earnings: electric $14.5M (vs $15M), natural gas $44.2M (vs $44.7M), pipeline $15.3M (vs record $17.2M). Milder weather reduced earnings by approximately $0.03 per share. The company affirmed 2026 EPS guidance of $0.93-$1.00.
Outlook
Management sees encouraging demand trends, including data center interest and continued customer growth (1.4% annual utility retail growth). The company affirmed long-term EPS growth of 6%-8% and a 60%-70% dividend payout ratio. Milder weather was a headwind in Q1 but did not change full-year guidance.
Growth Drivers
Key growth levers include: data center load (580 MW under signed agreements, with 180 MW online and 150 MW expected later in 2026), the proposed Bakken East Pipeline (potential $2.7-$3.2B investment), and rate cases filed in multiple jurisdictions (Wyoming, Montana, Idaho, Washington, Oregon). The pipeline segment also benefits from expansions like Line Section 32 and Minot Industrial.
Balance Sheet & CapEx
Current capital plan is $3.1 billion. The Bakken East Pipeline is projected to require an additional $2.7-$3.2 billion, subject to final investment decision. The Line Section 32 Expansion is ~$70 million, targeted for late 2028. Data center growth may shift to a more capital-intensive model for generation, substation, and transmission assets.
Margins
Not discussed in this earnings call.
Key Risks
Management flagged mild weather impacts ($0.03 EPS headwind in Q1). Regulatory risks are present in pending rate cases (Montana, Oregon, Minnesota, North Dakota). For the Bakken East Pipeline, construction cost variability and steel prices could push the project to the $2.7-$3.2 billion range. The project has not yet reached a final investment decision.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-06
Q2 2026 earnings rose to $21.3 million, driven by higher utility and pipeline performance, new rates, and infrastructure investments. The Bakken East Pipeline advanced with all precedent agreements signed and a FERC filing expected in Q4. EPS guidance and long-term growth targets were reaffirmed.
Q1 2026 Q1 2026 2026-05-07
Q1 2026 earnings were $80.8M ($0.39/share), slightly down year-over-year due to mild weather, but strong operational performance and rate relief offset some impacts. Major pipeline and data center projects are advancing, supporting long-term growth targets.
Q4 2025 Q4 2025 2026-02-05
2025 earnings reached $190.4 million ($0.93/share), with strong pipeline and gas utility performance, a 16% utility rate base increase, and $792 million in capital deployed. 2026 EPS guidance is $0.93–$1.00, with a $3.1 billion five-year capital plan.
Q3 2025 Q3 2025 2025-11-06
Q3 2025 income from continuing operations rose to $18.4 million, driven by strong pipeline results, while higher operating costs impacted utilities. EPS guidance was raised to $0.90–$0.95, and several major infrastructure and rate case initiatives advanced.
Q2 2025 Q2 2025 2025-08-07
Q2 2025 income from continuing operations was $14.1 million, with results impacted by weather and higher costs, but supported by strong pipeline demand and data center growth. EPS guidance was narrowed to $0.88–$0.95, and $3.1 billion in capital investment is planned over five years.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Information Sources:
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