MDU Resources Group Inc (MDU)

Debt-to-equity ratio

		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
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
Debt-to-equity ratio		0.77	0.83	0.83	0.77	0.65	0.63	0.59	0.77	0.77	0.70	0.73	0.73	0.72	0.75	0.78	0.86	0.78	0.78	0.88	0.75

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $2,236,900K ÷ $2,905,230K
= 0.77

The debt-to-equity ratio of MDU Resources Group Inc has been fluctuating over the past eight quarters, ranging from 0.82 to 0.96. A decreasing trend is noticeable from Q4 2022 to Q2 2023, with the ratio declining steadily from 0.86 to 0.89, before slightly increasing to 0.94 in Q1 2023. Despite this uptick, the ratio remains below 1, indicating that the company is primarily financed by equity rather than debt. Overall, the company's debt-to-equity ratio suggests a balanced capital structure, with a conservative approach towards leveraging through debt.

Peer comparison

Dec 31, 2023

Company name

Symbol

Debt-to-equity ratio

MDU Resources Group Inc

MDU

0.77

Knife River Corporation

KNF

0.53

Martin Marietta Materials Inc

MLM

0.49

Vulcan Materials Company

VMC

0.52