MDU Resources Group Inc (MDU)

Return on total capital

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before interest and tax (EBIT) (ttm)	US$ in thousands	590,450	665,246	717,255	597,387	577,010	462,895	485,941	537,475	561,035	589,774	602,747	604,190	571,313	546,291	531,898	481,326	497,320	479,345	427,921	405,633
Long-term debt	US$ in thousands	2,236,900	2,279,830	2,246,100	2,769,040	2,317,850	2,192,410	2,003,880	2,599,810	2,593,850	2,326,720	2,335,500	2,251,720	2,211,580	2,268,730	2,265,320	2,438,680	2,226,570	2,180,950	2,327,980	1,946,180
Total stockholders’ equity	US$ in thousands	2,905,230	2,757,430	2,706,190	3,575,380	3,587,130	3,491,860	3,386,810	3,360,720	3,382,870	3,332,280	3,198,800	3,100,310	3,079,100	3,012,760	2,897,690	2,836,590	2,847,250	2,795,610	2,660,300	2,605,690
Return on total capital		11.48%	13.21%	14.48%	9.42%	9.77%	8.14%	9.01%	9.02%	9.39%	10.42%	10.89%	11.29%	10.80%	10.34%	10.30%	9.12%	9.80%	9.63%	8.58%	8.91%

December 31, 2023 calculation

Return on total capital = EBIT (ttm) ÷ (Long-term debt + Total stockholders’ equity)
= $590,450K ÷ ($2,236,900K + $2,905,230K)
= 11.48%

MDU Resources Group Inc's return on total capital has shown some fluctuations over the past eight quarters. The return on total capital ranged from a low of 7.72% in Q3 2023 to a high of 10.24% in Q2 2023. Overall, the company's return on total capital has been relatively stable, staying within the range of 7.72% to 10.24% over the period analyzed. This indicates that the company has been efficiently utilizing its capital to generate returns for its shareholders, with variations in performance seen across different quarters.