회사 개요
MDU Resources Group, Inc. is a utility entity that engages in regulated energy delivery businesses throughout the United States, specifically generating, transmitting, and distributing electricity across Montana, North Dakota, South Dakota, and Wyoming. The company operates within the Utilities sector, focusing on the Utilities - Regulated Gas industry, which implies a business model subject to regulatory oversight and typically characterized by stable cash flows derived from essential energy infrastructure services. In terms of scale, the company carries a market capitalization of 4.57 billion 달러, generates annual revenue totaling 1.88 billion 달러, and employs 2,096 staff members. These valuation and revenue figures indicate that MDU is a mid-cap utility provider with a significant operational footprint, positioning it as a substantial player within the regional energy market rather than a micro-cap or mega-cap entity. The combination of its market cap and revenue suggests a mature business with established market share, while the employee count reflects a workforce size capable of managing complex distribution networks and generation assets across multiple states.
재무 건전성
The company reported revenue of 1.88 billion 달러 and net income of 1.9141 billion 달러 for the trailing twelve months, while EBITDA stands at 4.9848 billion 달러. The substantial gap between the revenue of 1.88 billion 달러 and the net income of 1.9141 billion 달러 reveals a cost structure where operating expenses and taxes consume a significant portion of top-line sales, resulting in a profit margin of 10.2%, which is typical for capital-intensive utility sectors. Free cash flow is currently negative at -365,005,248 달러, indicating that capital expenditures for maintaining and expanding utility infrastructure exceed the operating cash generated, which limits immediate financial flexibility for share buybacks or aggressive debt reduction without external financing. The balance sheet shows a cash position of 12.71 billion 달러 against total debt of 2.71 billion 달러, though the debt-to-equity ratio is exceptionally high at 97.75, suggesting a heavily leveraged capital structure that relies heavily on borrowed funds to finance its regulated assets. The current ratio of 0.83 indicates that the company's current assets are insufficient to cover its current liabilities without selling fixed assets or raising new capital, pointing to potential short-term liquidity pressures. Return on Equity is 7.0% and Return on Assets is 2.5%, metrics that reveal management's effectiveness in generating profits relative to shareholder equity and total assets, respectively, with the low ROA being characteristic of asset-heavy utility companies.
밸류에이션 평가
The trailing twelve months P/E ratio is 23.74, while the forward P/E is projected at 21.04, implying that the market expects earnings growth to accelerate in the future, narrowing the valuation multiple over time. The price-to-book ratio of 1.65 suggests that the stock trades at a premium of approximately 65% over its book value, reflecting the market's valuation of the company's intangible assets and regulatory franchise value beyond the tangible asset base. Alternative valuation metrics include a price-to-sales ratio of 2.44 and an EV/EBITDA of 14.56, which suggest that despite high debt levels, the company is valued based on its earnings power relative to enterprise value at a level consistent with regulated utilities. The stock's 52-week trading range spans from a low of 15.08 to a high of 22.47, providing a context for current price positioning relative to recent volatility extremes. The beta of 0.37 indicates that the stock price is significantly less volatile than the broader market, moving with much lower sensitivity to general equity market fluctuations, which aligns with the defensive nature of utility stocks.
Growth & Income
Revenue growth year-over-year is -0.3%, while earnings growth year-over-year is 39.4%, indicating that earnings are growing substantially faster than revenue due to cost controls or margin expansion rather than top-line volume increases. As a dividend payer, the company offers a yield of 2.5% with a payout ratio of 58.1%, a level that is generally sustainable given the high earnings growth rate and the regulated nature of the cash flows that fund these distributions. The high payout ratio combined with negative free cash flow requires careful management to ensure dividend sustainability amidst ongoing capital expenditure needs for infrastructure maintenance. Overall, the growth and income profile presents a scenario of stable income generation supported by earnings growth that outpaces revenue stagnation, though the negative cash flow and high leverage introduce constraints on the speed at which the company can grow without altering its capital structure.