Latest Ratios: P/E Ratio 22.3x · EV/EBITDA 14.2x · ROE 7.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.3B | $4.0B | $3.7B | $2.2B | $2.3B | $2.4B | $2.0B | $2.2B | $1.8B | $2.0B | $2.1B |
| Enterprise Value | $7.0B | $6.7B | $5.9B | $4.7B | $4.8B | $5.2B | $4.3B | $4.5B | $3.8B | $3.7B | $3.9B |
| P/E Ratio → | 22.30 | 20.99 | 13.15 | 5.40 | 6.36 | 6.26 | 5.13 | 6.68 | 6.52 | 7.14 | 33.12 |
| P/S Ratio | 2.31 | 2.14 | 2.10 | 1.24 | 1.34 | 0.69 | 0.36 | 0.42 | 0.39 | 0.45 | 0.52 |
| P/B Ratio | 1.54 | 1.45 | 1.37 | 0.77 | 0.65 | 0.70 | 0.65 | 0.79 | 0.69 | 0.82 | 0.92 |
| P/FCF | — | — | — | — | 34.73 | 224.00 | 9.54 | — | — | 18.74 | 28.88 |
| P/OCF | 9.16 | 8.47 | 7.34 | 6.72 | 4.60 | 4.78 | 2.61 | 4.14 | 3.56 | 4.46 | 4.63 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.58 | 3.37 | 2.59 | 2.74 | 1.50 | 0.78 | 0.85 | 0.85 | 0.83 | 0.94 |
| EV / EBITDA | 14.18 | 13.52 | 12.73 | 11.26 | 12.29 | 9.79 | 5.22 | 6.15 | 6.16 | 5.78 | 6.21 |
| EV / EBIT | 24.27 | 21.08 | 19.32 | 10.51 | 23.45 | 14.53 | 7.58 | 9.12 | 9.55 | 8.50 | 9.37 |
| EV / FCF | — | — | — | — | 70.94 | 489.82 | 20.59 | — | — | 34.50 | 52.44 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.6% | 21.6% | 32.5% | 28.8% | 28.0% | 19.9% | 18.9% | 17.5% | 17.4% | 18.1% | 18.8% |
| Operating Margin | 15.5% | 15.5% | 15.1% | 12.5% | 11.5% | 9.6% | 9.8% | 9.0% | 8.9% | 9.6% | 9.9% |
| Net Profit Margin | 10.2% | 10.2% | 16.0% | 23.0% | 21.0% | 10.9% | 7.1% | 6.3% | 6.0% | 6.3% | 1.6% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.0% | 7.0% | 10.0% | 12.8% | 10.5% | 11.7% | 13.2% | 12.4% | 10.9% | 11.8% | 2.6% |
| ROA | 2.6% | 2.6% | 3.8% | 4.7% | 4.0% | 4.5% | 5.0% | 4.6% | 4.1% | 4.5% | 1.0% |
| ROIC | 4.2% | 4.2% | 3.9% | 3.0% | 2.5% | 4.3% | 7.8% | 7.4% | 6.9% | 7.9% | 7.2% |
| ROCE | 4.3% | 4.3% | 4.1% | 3.0% | 2.5% | 4.4% | 7.8% | 7.5% | 7.0% | 7.7% | 7.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.99 | 0.99 | 0.85 | 0.86 | 0.69 | 0.85 | 0.77 | 0.83 | 0.82 | 0.71 | 0.77 |
| Debt / EBITDA | 5.51 | 5.51 | 4.92 | 6.00 | 6.36 | 5.42 | 2.87 | 3.20 | 3.39 | 2.70 | 2.86 |
| Net Debt / Equity | — | 0.98 | 0.83 | 0.84 | 0.68 | 0.83 | 0.75 | 0.81 | 0.80 | 0.69 | 0.75 |
| Net Debt / EBITDA | 5.46 | 5.46 | 4.81 | 5.88 | 6.27 | 5.31 | 2.80 | 3.11 | 3.30 | 2.64 | 2.79 |
| Debt / FCF | — | — | — | — | 36.21 | 265.82 | 11.05 | — | — | 15.76 | 23.56 |
| Interest Coverage | 2.96 | 2.96 | 2.83 | 3.89 | 2.53 | 5.05 | 5.92 | 5.04 | 4.75 | 5.23 | 4.71 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.84 | 0.84 | 0.98 | 1.27 | 1.36 | 1.42 | 1.39 | 1.50 | 1.20 | 1.32 | 1.46 |
| Quick Ratio | 0.78 | 0.78 | 0.92 | 1.19 | 1.32 | 1.11 | 1.09 | 1.18 | 0.91 | 1.04 | 1.10 |
| Cash Ratio | 0.04 | 0.04 | 0.07 | 0.05 | 0.02 | 0.05 | 0.06 | 0.08 | 0.05 | 0.04 | 0.07 |
| Asset Turnover | — | 0.24 | 0.25 | 0.23 | 0.18 | 0.39 | 0.69 | 0.69 | 0.65 | 0.70 | 0.66 |
| Inventory Turnover | 37.65 | 37.65 | 26.39 | 14.70 | 19.57 | 8.25 | 15.41 | 15.82 | 13.02 | 16.07 | 14.07 |
| Days Sales Outstanding | — | 50.34 | 56.95 | 190.82 | 222.33 | 100.03 | 57.66 | 57.22 | 58.23 | 59.72 | 55.72 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.5% | 2.7% | 2.8% | 7.2% | 7.5% | 7.2% | 8.3% | 7.1% | 8.7% | 7.5% | 6.9% |
| Payout Ratio | 56.9% | 56.9% | 36.6% | 38.9% | 48.1% | 45.3% | 42.6% | 47.8% | 56.8% | 53.6% | 228.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 4.8% | 7.6% | 18.5% | 15.7% | 16.0% | 19.5% | 15.0% | 15.3% | 14.0% | 3.0% |
| FCF Yield | — | — | — | — | 2.9% | 0.4% | 10.5% | — | — | 5.3% | 3.5% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.2% | 0.3% | 0.3% | 0.0% | 0.0% | 0.3% | 0.9% | 0.0% |
| Total Shareholder Yield | 2.5% | 2.7% | 2.8% | 7.4% | 7.9% | 7.5% | 8.3% | 7.1% | 9.0% | 8.4% | 6.9% |
| Shares Outstanding | — | $205M | $205M | $204M | $203M | $202M | $201M | $199M | $196M | $196M | $196M |
Regulatory Rate Case Lag
According to recent market data, MDU trades at a forward P/E of 22.46, which appears to price in a premium relative to peers like Avista, suggesting investors are anticipating a successful re-rating following the company's transition into a pure-play regulated utility and midstream energy delivery provider.
The current valuation multiple suggests the market is beginning to look past the historical conglomerate discount, though the premium remains sensitive to the company's ability to execute on its rate base growth strategy. Investors should monitor whether this valuation is supported by sustainable earnings growth or if it reflects an overly optimistic outlook on the midstream segment's contribution to total returns.
Based on reported financial figures, MDU's ROIC has remained in a low range, peaking at 2.0% in 2023Q4 and declining to 1.6% in 2026Q1, which indicates that the company's capital-intensive infrastructure investments are currently struggling to generate returns that exceed the cost of capital in the near term.
The persistent low ROIC suggests that the company's heavy investment in regulated assets is subject to significant regulatory lag, where the time between capital deployment and rate recovery suppresses returns. This trend warrants further investigation into whether future rate case outcomes can meaningfully improve capital efficiency or if the current asset base will continue to yield muted returns.
As reported in recent financial statements, MDU's cash conversion cycle has shown extreme volatility, with the CCC reaching 106 days in 2024Q3, highlighting the operational challenges of managing working capital within a seasonal utility and midstream business model that is highly dependent on regional energy demand patterns.
The wide fluctuations in DSO and DPO suggest that the company's cash flow is frequently tied up in accounts receivable, likely due to the timing of utility billing and regulatory settlement processes. This inefficiency appears to be a structural byproduct of the business model rather than a temporary operational failure, necessitating a cautious approach to assessing short-term liquidity.
Financial analysis of MDU often relies on the P/E ratio, which, as reported in industry research, frequently obscures the true earning power of capital-intensive utilities by failing to account for the significant non-cash depreciation charges and regulatory assets that dominate the company's balance sheet and income statement.
Investors should prioritize EV/EBITDA or P/FCF over P/E, as these metrics better capture the cash-generating capacity of the underlying infrastructure assets. Relying on P/E may lead to a distorted view of the company's valuation, as it ignores the substantial capital expenditures required to maintain the rate base, which are essential for long-term earnings durability.
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Quick answers to the most common questions about buying MDU stock.
MDU Resources Group, Inc.'s current P/E ratio is 22.3x. The historical average is 8.1x. This places it at the 96th percentile of its historical range.
MDU Resources Group, Inc.'s current EV/EBITDA is 14.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.3x.
MDU Resources Group, Inc.'s return on equity (ROE) is 7.0%. The historical average is 9.6%.
Based on historical data, MDU Resources Group, Inc. is trading at a P/E of 22.3x. This is at the 96th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
MDU Resources Group, Inc.'s current dividend yield is 2.54% with a payout ratio of 56.9%.
MDU Resources Group, Inc. has 21.6% gross margin and 15.5% operating margin. Operating margin between 10-20% is typical for established companies.
MDU Resources Group, Inc.'s Debt/EBITDA ratio is 5.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.