MDU Resources Group, Inc. (MDU) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-165.9%

-$13.07

vs $19.84 price

Levered DCF

-$26.17

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.11

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	20.99×	13.06×	5.37×	6.36×	6.26×	5.13×	6.68×	6.52×
P/B	1.44×	1.37×	0.77×	0.65×	0.7×	0.65×	0.79×	0.69×
P/S	2.13×	2.09×	1.24×	1.34×	0.69×	0.36×	0.42×	0.39×
EV / EBITDA	12.75×	11.67×	7.36×	12.19×	9.33×	5.06×	6.02×	6.16×
Gross margin	21.6%	32.5%	28.8%	28.0%	19.9%	18.9%	17.5%	17.4%
Operating margin	15.5%	15.1%	12.5%	11.5%	9.6%	9.8%	9.0%	8.9%
Net margin	10.2%	16.0%	23.0%	21.0%	10.9%	7.1%	6.3%	6.0%
Current ratio	0.84×	0.98×	1.27×	1.36×	1.42×	1.39×	1.5×	1.2×
Debt / equity	0.99×	0.85×	0.86×	0.69×	0.85×	0.77×	0.83×	0.82×
Interest coverage	2.7×	2.45×	1.97×	2.49×	4.68×	5.65×	4.88×	4.75×
Dividend yield	2.7%	2.8%	7.2%	7.6%	7.2%	8.3%	7.1%	8.7%
Payout ratio	56.9%	36.6%	38.9%	48.1%	45.3%	42.6%	47.8%	56.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.9%	10.4%	14.3%	10.2%	11.2%	12.7%	11.8%	10.6%
Return on invested capital	3.6%	3.7%	3.1%	2.3%	3.5%	6.2%	5.9%	5.5%
Return on assets	2.5%	4.0%	5.3%	3.8%	4.2%	4.8%	4.4%	3.9%
Free cash flow yield	-8.0%	-0.6%	-8.4%	2.9%	0.4%	10.5%	-1.5%	-3.9%
Earnings yield	4.8%	7.7%	18.6%	15.7%	16.0%	19.4%	15.0%	15.4%
Enterprise value	$6.7B	$5.9B	$4.7B	$4.8B	$5.2B	$4.3B	$4.5B	$3.8B
Net debt / EBITDA	5.16×	4.42×	3.84×	6.22×	5.07×	2.71×	3.04×	3.31×
Cash conversion cycle (days)	23	25	145	88	81	47	47	51