企業概要
MDU Resources Group, Inc. is a utility enterprise that engages in regulated energy delivery businesses across the United States, specifically operating through Electric, Natural Gas Distribution, and Pipeline segments to generate, transmit, and distribute electricity within Montana, North Dakota, South Dakota, and Wyoming. The company functions within the Utilities sector as a Regulated Gas industry participant, a classification that signifies its operations are subject to regulatory oversight regarding rates and service standards rather than pure market competition. In terms of scale, the entity commands a market capitalization of $4.57B with an annual revenue (TTM) of $1.88B and employs a workforce of 2096 individuals. These valuation figures indicate that the market assigns a significant size to the firm, positioning it as a substantial player in the regional energy infrastructure landscape where stable cash flows from regulated tariffs are the primary revenue driver.
財務健全性
The company reported a revenue of $1.88B and net income of $191.41M for the trailing twelve months, while EBITDA reached $498.48M, revealing a cost structure where operating expenses and taxes consume approximately 60% of gross revenue before interest and depreciation. The free cash flow stands at -$365,005,248, which indicates that the company is currently burning cash, likely due to significant capital expenditures required for utility infrastructure maintenance and expansion that exceed operating cash generation. Analyzing the profitability margins, the gross margin is 32.6%, the operating margin is 20.2%, and the profit margin is 10.2%, suggesting that while the core business generates healthy operating leverage, regulatory pass-throughs and high fixed costs limit the final bottom-line profitability to roughly one-tenth of revenue. Regarding liquidity and solvency, the total cash on hand is $12.71M while total debt sits at $2.71B, resulting in a debt-to-equity ratio of 97.75, which characterizes a highly leveraged balance sheet typical for capital-intensive utility firms. The current ratio of 0.83 further highlights potential short-term liquidity constraints, as current liabilities exceed current assets, implying the company must rely on debt servicing or equity issuance to meet immediate obligations. Finally, the return on equity is 7.0% and the return on assets is 2.5%, metrics that reveal the management's effectiveness in generating returns is moderate given the high asset base, with equity returns reflecting the impact of the substantial debt load on net income.
バリュエーション評価
The stock trades with a P/E Ratio (TTM) of 23.74 and a Forward P/E of 21.04, implying that the market expects earnings to increase in the coming year to justify the lower forward multiple relative to the trailing one. The price-to-book ratio is 1.65, indicating that the market values the company at a 65% premium over its book value, a valuation often seen in regulated utilities where intangible assets like franchise rights are not fully captured on the balance sheet. Alternative valuation metrics such as the price-to-sales ratio of 2.44 and an EV/EBITDA of 14.56 suggest that investors are willing to pay a moderate multiple for the company's earnings power relative to its sales and enterprise value. The 52-week high is $22.47 and the 52-week low is $15.08, meaning the current market price sits at a level that reflects recent volatility but remains within a historical trading range established over the past year. With a Beta of 0.37, the stock exhibits low price volatility relative to the broader market, suggesting it behaves as a defensive asset that is less sensitive to general equity market fluctuations.
Growth & Income
Revenue growth (YoY) is -0.3% while earnings growth (YoY) is 39.4%, demonstrating that earnings are growing significantly faster than revenue, likely driven by operational efficiencies, regulatory rate adjustments, or portfolio optimization rather than top-line expansion. As a dividend payer, the company offers a dividend yield of 2.5% with a payout ratio of 58.1%, a level that appears sustainable given the high earnings growth rate, which provides the flexibility to cover dividend obligations without jeopardizing capital maintenance needs. Since the company is a utility, the substantial earnings growth supports the current dividend policy rather than indicating a shift toward reinvesting solely for growth, although the negative free cash flow requires careful management to ensure dividend continuity. The overall growth and income profile presents a scenario of modest revenue stability coupled with strong earnings expansion and a reliable dividend yield, catering to income-focused investors seeking defensive exposure within the utility sector.