olivLaw · US equity research
MDU Resources Group, Inc. MDU
Natural Gas Distribution · SIC 4924 · Vertical: Natural Gas Distribution (SIC 4924)
MDU Resources Group is a pure-play regulated energy delivery company with electric, natural gas distribution and pipeline segments. In 2026 its attention centres on the Bakken East Pipeline and demand from data centres, which could support long-term growth if regulatory approvals arrive on time. The company reaffirmed 2026 EPS guidance of 0.93 to 1.00 dollars.
At the close of 04 Nov 2026, MDU Resources Group, Inc. (MDU) stock was 19.82 USD (+0.87% on the day), with market capitalisation 4.2 bn USD, P/E 20.8 on diluted EPS of 0.95 USD over the last 12 months, dividend yield 2.83%, beta 0.44, 52-week range 18.39–22.80 USD. Latest reported quarter (Q2 2026): revenue of 375.3 m USD (+6.9% YoY), net income of 21.2 m USD (+54.1% YoY), diluted EPS 0.10 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.1
- strong (55–70)
- Bollinger (20, 2)
- 18.33 – 20.06
- in the upper half of the band · %B 0.86 · band width 9.0%
- SMA 50 / 200
- 19.16 / 20.59
- mixed trend
- MACD (12, 26, 9)
- 0.21 / 0.12
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +6.0% | −1.1% | +7.1 pp | — |
| 3 months | −1.0% | −0.5% | −0.5 pp | — |
| 6 months | −11.2% | +4.4% | −15.6 pp | — |
| Year to date | +1.5% | +12.3% | −10.8 pp | — |
| 1 year | +2.1% | +13.5% | −11.4 pp | +3.9% |
| 3 years | +87.8% | +76.4% | +11.4 pp | +40.1% |
| 5 years | +80.9% | +63.7% | +17.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 289.7 m | 535.5 m | 674.8 m | 351.2 m | 315.0 m | 534.0 m | 606.0 m | 375.3 m |
| SG&A | 101.2 m | 105.7 m | 111.0 m | 112.9 m | 101.8 m | 107.3 m | 114.9 m | 114.0 m |
| Operating income | 34.8 m | 94.6 m | 112.9 m | 30.3 m | 39.8 m | 107.3 m | 115.7 m | 47.9 m |
| Depreciation & amortisation | 49.8 m | 50.8 m | 51.3 m | 51.9 m | 52.0 m | 51.5 m | 54.2 m | 55.2 m |
| Interest expense | 27.3 m | 28.0 m | 26.8 m | 25.4 m | 26.4 m | 29.1 m | 32.7 m | 31.5 m |
| Pre-tax income | 16.5 m | 76.7 m | 91.0 m | 14.8 m | 20.7 m | 84.4 m | 85.6 m | 22.6 m |
| Income tax | 876.0 k | 6.2 m | 8.6 m | 655.0 k | 2.4 m | 8.0 m | 4.7 m | 3.4 m |
| Net income | 64.6 m | 55.2 m | 82.0 m | 13.8 m | 18.3 m | 76.3 m | 80.8 m | 21.2 m |
| Diluted EPS | 0.32 | 0.27 ≈ | 0.40 | 0.07 | 0.09 | 0.37 ≈ | 0.39 | 0.10 |
| Operating cash flow | 140.2 m ≈ | 60.5 m | 217.5 m | 117.4 m ≈ | 57.9 m ≈ | 80.6 m | 149.2 m | 116.1 m ≈ |
| Capex | 139.5 m ≈ | 156.3 m | 93.0 m | 80.9 m ≈ | 179.8 m ≈ | 416.6 m | 92.4 m | 101.1 m ≈ |
| Dividends paid | 25.5 m ≈ | 26.0 m | 26.5 m | 26.6 m ≈ | 26.6 m ≈ | 28.6 m | 28.6 m | 28.7 m ≈ |
| Share repurchases | 0 ≈ | 0 | — | — | — | — | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 85 percentile of its own 39-quarter history (min 4.6, median 6.7, max 34.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | ⚠ 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4.5 bn | 5.3 bn | 5.5 bn | 3.5 bn | 1.7 bn | 1.8 bn | 1.8 bn | 1.9 bn |
| Revenue YoY | +2.0% | +17.8% | +3.7% | — | −49.4% | +3.2% | −2.5% | +6.7% |
| Net income | 272.3 m | 335.5 m | 390.2 m | 378.1 m | 367.5 m | 414.7 m | 281.1 m | 190.4 m |
| Net income YoY | −3.2% | +23.2% | +16.3% | — | −2.8% | +12.8% | −32.2% | −32.3% |
| Diluted EPS | 1.39 | 1.69 | 1.95 | 1.87 | 1.81 | 2.03 | 1.37 | 0.93 |
| Diluted EPS YoY | −2.8% | +21.6% | +15.4% | — | −3.2% | +12.2% | −32.5% | −32.1% |
| net % | 6.0% | 6.3% | 7.1% | 10.9% | 21.0% | 23.0% | 16.0% | 10.2% |
| Free cash flow | -68.3 m | -33.8 m | 210.4 m | 10.6 m | 67.5 m | -151.5 m | -20.5 m | -297.0 m |
The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 28.2 m USD
- Financial debt
- 2.7 bn USD
- Net debt
- 2.6 bn USD
- Equity
- 2.8 bn USD
- Total assets
- 7.6 bn USD
- Debt / equity
- 0.97x
- Current ratio
- 0.84x
- ROE
- 7.0%
- ROA
- 2.6%
- FCF margin
- -15.8%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 5.5 bn | 3.5 bn | 1.7 bn | 1.8 bn | 1.8 bn | 1.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| SG&A | 4.0 bn | 2.2 bn | 380.0 m | 407.1 m | 414.5 m | 433.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Operating income | 544.9 m | 331.1 m | 200.9 m | 224.9 m | 265.6 m | 290.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 285.1 m | 198.2 m | 188.6 m | 190.5 m | 200.1 m | 206.7 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 830.0 m ≈ | 529.3 m ≈ | 389.4 m ≈ | 415.4 m ≈ | 465.7 m ≈ | 497.1 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 96.5 m | 70.7 m | 80.7 m | 114.3 m | 108.3 m | 107.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 475.1 m | 286.1 m | 123.4 m | 340.3 m | 198.7 m | 211.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 84.6 m | 43.5 m | 6.2 m | 10.2 m | 17.6 m | 19.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 390.2 m | 378.1 m | 367.5 m | 414.7 m | 281.1 m | 190.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 1.95 | 1.87 | 1.81 | 2.03 | 1.37 | 0.93 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 200.6 m | 202.4 m | 203.5 m | 203.9 m | 204.7 m | 205.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | 0.84 | 0.86 | 0.88 | 0.70 | 0.51 | 0.54 | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 59.5 m | 54.2 m | 70.4 m | 60.5 m | 66.9 m | 28.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Inventories | 291.2 m | 335.6 m | 64.2 m | 44.7 m | 44.9 m | 39.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 1.3 bn | 1.6 bn | 2.0 bn | 1.4 bn | 666.3 m | 572.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 5.2 bn | 4.5 bn | 4.8 bn | 5.0 bn | 5.3 bn | 6.0 bn | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 715.0 m | 765.4 m | 489.0 m | 345.7 m | 345.7 m | 345.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 25.5 m | 22.6 m | 4.1 m | 2.0 m | — | — | SEC (XBRL)· 22 Feb 2024verified |
| Total assets | 8.1 bn | 8.9 bn | 9.7 bn | 7.8 bn | 7.0 bn | 7.6 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 426.3 m | 478.9 m | 525.6 m | 160.0 m | 150.1 m | 149.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 50.0 m | 0 | 38.5 m | 95.0 m | 0 | 144.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | 2.2 bn | 2.6 bn | 2.3 bn | 2.1 bn | 2.1 bn | 2.5 bn | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 963.5 m | 1.1 bn | 1.5 bn | 1.1 bn | 678.6 m | 685.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 3.1 bn | 3.4 bn | 3.6 bn | 2.9 bn | 2.7 bn † | 2.8 bn † | SEC (XBRL)· 20 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 768.4 m | 495.8 m | 510.1 m | 332.6 m | 502.3 m | 473.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 558.0 m | 485.2 m | 442.6 m | 484.1 m | 522.8 m | 770.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 210.4 m ≈ | 10.6 m ≈ | 67.5 m ≈ | -151.5 m ≈ | -20.5 m ≈ | -297.0 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -630.2 m | -885.9 m | -638.9 m | -540.8 m | -552.7 m | -780.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | -145.0 m | 384.7 m | 155.2 m | 204.6 m | 40.3 m | 268.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 166.4 m | 171.4 m | 176.9 m | 161.3 m | 102.9 m | 108.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | 0 | 6.7 m | 7.4 m | 4.8 m | 0 | 0 | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 18 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 4.2 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet25
- Valuation12
- Quality20
- Growth10
- Returns39
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.10 – 18.67 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDA7.75 – 13.22 (Mid 11.29)6 companies used · median multiple 9.4x · quartiles 7.9x – 10.1xATO, CQP, LNG, NFG, NJR, NWN
- Peers: P/E11.13 – 18.67 (Mid 15.37)10 companies used · median multiple 16.2x · quartiles 11.7x – 19.6xATO, CQP, EE, LNG, NFG, NJR, NWN, OGS, SR, VG
- Dividend discount (DDM)7.10 – 9.54 (Mid 8.14)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 18/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.5% | 20 (vs peers) | 11% |
| Net margin · Quality | 10.7% | 42 (vs peers) | 7% |
| FCF conversion · Quality | -196.3% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 2.4% | 20 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -19.9% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 4.8x | 33 (vs peers) | 11% |
| Interest coverage · Balance sheet | 2.6x | 17 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.0x | 16 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 20.8x | 20 (vs peers) | 11% |
| EV/EBITDA · Valuation | 12.8x | 14 (vs peers) | 11% |
| FCF yield · Valuation | -9.3% | 0 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 2.7% | 39 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet25/100 · 3/3 factors with a value
- Growth10/100 · 2/2 factors with a value
- Quality20/100 · 3/3 factors with a value
- Returns· partial39/100 · 1/2 factors with a value
- Valuation12/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
MDU RESOURCES GROUP INC (MDU). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 1.9 bn USD in 2025; YoY growth 6.7%; net margin 10.7%; ROE 7.0%; net debt/EBITDA 4.8x.
The estimated value range is 7.75–13.22 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 11.29 USD, the price of 19.82 USD leaves a potential of -43.0% (value / price − 1) and a margin of safety of -75.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 18/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: 5.5%
- FCF conversion: -196.3%
- Revenue CAGR 3Y: 2.4%
- EPS CAGR 3Y: -19.9%
- Interest coverage: 2.6x
- Current ratio: 1.0x
- P/E (TTM): 20.8x
- EV/EBITDA: 12.8x
- FCF yield: -9.3%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Natural Gas Distribution (SIC 4924) · same industry (4-digit SIC) · compared with 14 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LNGCheniere Energy, Inc. | 59.6 bn | 20.3 | 45.7% | 13.1% | +27.2% | +40% / +60% |
| ATOAtmos Energy Corp | 29.8 bn | 21.0 | 9.8% | 28.5% | +12.9% | +0% / +55% |
| CQPCheniere Energy Partners, L.P. | 27.4 bn | 8.4 | — | 28.1% | +23.6% | +4% / −8% |
| NFGNational Fuel Gas Company | 7.3 bn | 10.6 | 19.6% | 26.9% | +17.1% | −7% / +51% |
| NJRNew Jersey Resources Corporation | 5.6 bn | 15.2 | 14.5% | 24.0% | +9.9% | +15% / +30% |
| SRSpire Inc. | 5.3 bn | 14.9 | 10.3% | 13.9% | −4.5% | +2% / +48% |
| OGSONE Gas, Inc. | 5.2 bn | 17.5 | 8.7% | — | +42.5% | −2% / +43% |
| MDUMdu Resources Group Inc | 4.2 bn | 20.8 | 7.0% | 10.7% | +6.7% | +2% / +88% |
| NWNNorthwest Natural Holding Company | 2.2 bn | 17.1 | 8.3% | 9.7% | +11.8% | +4% / +40% |
| NFENew Fortress Energy Inc. | 1.2 bn | — | -533.9% | -148.7% | −36.2% | +234% / −89% |
| SLNGStabilis Solutions, Inc. | 71.2 m | — | -14.0% | -17.4% | −6.9% | −18% / −16% |
| CETYClean Energy Technologies, Inc. | 10.4 m | — | -76.3% | -245.9% | −63.8% | −53% / −96% |
| VGVenture Global, Inc. | — | 9.1 | 54.7% | 22.3% | +176.9% | +61% / unavailable |
| EEExcelerate Energy, Inc | — | 26.8 | — | — | +44.3% | +22% / +105% |
| UGPUltrapar Holdings Inc. | — | — | 16.5% | 1.8% | +5.9% | +36% / +10% |
1- and 3-year price returns: for MDU from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 11.27 Total return -41% · Per year -41% | 19.95 Total return 4% · Per year 4% | 30.08 Total return 55% · Per year 55% |
| 3 years | 10.48 Total return -41% · Per year -16% | 20.91 Total return 14% · Per year 5% | 34.69 Total return 86% · Per year 23% |
| 5 years | 9.74 Total return -41% · Per year -10% | 21.92 Total return 26% · Per year 5% | 40.00 Total return 122% · Per year 17% |
- Exit P/E± 5.23
- Net margin± 3.66
- Annual revenue growth± 3.07
- Annual dilution± 0.31
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
MDU Resources Group is a pure-play regulated energy delivery company with electric, natural gas distribution and pipeline segments. In 2026 its attention centres on the Bakken East Pipeline and demand from data centres, which could support long-term growth if regulatory approvals arrive on time. The company reaffirmed 2026 EPS guidance of 1 0.93 to 1.00 dollars.
SWOT
Strengths
- The company has a pure-play regulated profile, a long record of uninterrupted dividend payments and a clear CORE strategy 12.
- Higher retail sales and new rates supported the 2026 quarterly results 3.
- The pipeline portfolio includes signed agreements for the Bakken East Pipeline, providing a basis for future revenue 3.
Weaknesses
Opportunities
Risks
- Regulation and cost recoveryhigh
Decisions by regulators may limit recovery of costs or investments, and a regulatory lag could affect margins 1.
- Wildfire and liability exposurehigh
A wildfire event could create significant liability and higher insurance costs even when mitigation procedures are followed 1.
- Access to financingmedium
Capital needs could exceed operating cash flow, and access to capital markets on good terms is not assured 1.
- Concentration of large customersmedium
Data-centre customers could increase sales concentration and revenue volatility if their demand changes 1.
- Bakken East approvalmedium
The project depends on investment decisions and FERC approvals, and the filing of the Section 7(c) application is now expected in the fourth quarter of 2026 3.
Investment thesis
What would need to be true (bull case)
- If the Bakken East Pipeline and capacity expansions obtain the needed approvals, the company could accelerate pipeline revenue growth 3.
- Data-centre demand could lift long-term electric sales if costs are recovered from large customers 13.
- The company has a long history of uninterrupted dividends and a payout target of 60% to 70% of regulated earnings 2.
What would break the thesis
- Delays in regulatory approval of rates and large projects could reduce earnings and postpone the expected growth 13.
- Interest costs and higher debt could slow earnings growth, especially if rates stay high 23.
- If data-centre demand does not materialise as planned, expected volume growth could be weaker 1.
What to watch
- FERC Section 7(c) filing and final investment decision for the Bakken East PipelineQ4 2026
- Approval of the Applied Digital electric service agreement and North Dakota rate case2026
- FERC decision on transportation and storage rates with proposed effective dateDec 1, 2026
- Delivery against 2026 EPS guidance of 0.93 to 1.00 dollarsQ4 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
MDU Resources Group, Inc. describes itself as a pure-play regulated energy delivery company that generates, transmits and distributes electricity and provides natural gas distribution, transportation and storage services 1. After the separations of Knife River in May 2023 and Everus in October 2024, its activity centres on regulated utilities and pipelines, guided by a strategy called 'CORE' that prioritises customers, operational excellence, returns-focused initiatives and an employee-driven culture 1. At December 31, 2025 the company had 2,096 employees and served more than 1.2 million customers across the Pacific Northwest and Midwest 13.
Montana-Dakota provides retail electric service in 185 communities and adjacent rural areas across North Dakota, Montana, South Dakota and Wyoming, with rates set by state commissions and interstate matters regulated by FERC 1. Its electric assets include interests in 15 generating units at 12 facilities, and the system is connected to the MISO market, where the company sells its generation and buys part of its needs 1. The pipeline business, WBI Energy, operates a network of more than 3,800 miles together with storage 3.
Results for 2026 so far show higher electric and gas revenues supported by new rates and higher volumes, while the seasonal loss in gas distribution narrowed 23. The company reported consolidated net income of 21.3 million dollars in the second quarter of 2026 3.
Market context
The company operates as a regulated utility in a market where demand for energy is rising, particularly from data centres, which could change capacity needs in the MISO area 13. It has reported large-customer agreements such as one with Applied Digital for a 430 MW campus, though regulatory approvals remain pending 3.
Average customer consumption has declined in recent years as efficient appliances spread, and weather strongly influences sales volumes 1. Inflation pressures, higher interest rates and tariff changes remain factors to monitor for the company's costs and customers 2.
Trends
- Data centre demandmixed
Rapid growth of data centres in the service territory could raise electricity demand and the need for grid infrastructure, but development could also be slower than planned 1. The company says data-centre customers pay connection costs, which could protect existing customers 3.
- Demand for gas transportationtailwind
Customer demand for short-term transportation contracts supported pipeline revenue and could support expansion projects such as Line Section 32 and Minot 3.
- Inflation and interest ratesheadwind
Inflation, higher interest rates and tariff changes could raise borrowing and operating costs, which could narrow margins if cost recovery lags 2.
- Efficiency and electrificationmixed
Average customer consumption has fallen as efficient appliances spread, but electrification could raise demand over the long term 1.
Competitive position
Montana-Dakota operates in a regulated environment where direct competition for utility customers is limited, but the company competes indirectly for infrastructure projects and large industrial customers 1. The sources provided do not detail other regional suppliers, so the competitive analysis remains limited.
Competition appears mainly in capacity procurement through MISO markets and energy purchase contracts, where the company buys about 60% of its net needs from the market 1. For pipeline projects, competition depends on contracted demand from customers in the region 3.
- Other regional electric and gas utilities
The sources do not name specific competitors but describe the MISO market and energy purchase contracts as the competitive setting.
- MISO regional transmission organisation
A regional organisation running energy and capacity markets; not a direct competitor, but it shapes the company's costs and market access.
- Other natural gas pipeline owners
The sources do not identify them, but competition for short-term transportation customers is mentioned as relevant.
- Capacity suppliers under power purchase contracts
Competition for capacity through purchase contracts is relevant to the plan to add capacity by 2028.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report13 May 2026Departure or appointment of officers · Item 5.05 · Shareholder vote · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement01 Apr 2026
- Annual report20 Feb 2026
- Current report05 Feb 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report16 Jan 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report29 Dec 2025Material agreement · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / MDU Resources Group, Inc. · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / MDU Resources Group, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / MDU Resources Group, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.