MDU MDU RESOURCES GROUP INC

Overview and Growth

In fiscal 2025, MDU RESOURCES GROUP INC recorded $1.88B of revenue, net income of $190.40M, and an operating cash inflow of $473.37M. The $1.88B revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $1.76B in fiscal 2024, revenue recorded a 6.7% year-over-year increase. Diluted earnings per share were $0.93, translating the period’s attributable earnings into the amount reported for each diluted share. The per-share result recorded a 32.1% decrease from fiscal 2024 diluted EPS of $1.37. The revenue-to-assets relationship was 0.25x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Operating income was $290.38M, the earnings remaining from reported operations after the company’s recognized operating cost structure. The operating result equaled 15.5% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. Net income came to $190.40M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 10.2%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $210.98M of earnings, providing a bridge between the operating result and final net income. The pretax margin was 11.3%, relating income before taxes directly to revenue. The company recognized $19.57M of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 9.3% of pretax income, showing the tax burden absorbed by the year’s earnings. The relationship between net income and period-end equity was 6.9%, indicating the profitability achieved on book capital.

Liquidity and Capital Structure

At period end, the $7.62B asset base was financed through $4.85B of liabilities and $2.77B of equity. Current assets were $572.44M against $685.22M of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. The current ratio was 0.84x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. Reported cash and equivalents were $28.21M, separating immediately recognizable cash resources from the rest of the current-asset base. Cash and equivalents represented 4.1% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The company carried $2.68B of total debt at period end, which frames its leverage and debt-service burden. Against book equity, debt measured 0.97x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 35.1%, showing how much of the asset base was matched by borrowing. Relative to total assets, liabilities measured 63.6%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 0.4%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $7.04B in fiscal 2024, the current asset base moved 8.3% and finished higher.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $473.37M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 2.49x of net income, showing how strongly accounting earnings converted into cash from operations. Capital expenditures used $770.39M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 162.7% of operating cash flow, quantifying the share of cash from operations directed to investment. Negative free cash flow was $297.03M, leaving a cash deficit after capital spending and reducing financial flexibility. Free-cash-flow margin was -15.8%, reflecting a cash deficit equal to 15.8% of revenue after capital spending. The cash deficit after capital spending represented 3.9% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.