Analysts Issue Sell Rating on MDU Resources, Point to Persistent Cash Burn

On June 2, 2026, investment research firm StockStory recommended investors sell MDU Resources Group (MDU), highlighting deteriorating fundamentals. The stock, trading at $20.69, has returned just 0.7% over the past six months, well behind the S&P 500's 11% gain. MDU's revenue declined at a 20.1% annual rate over the past five years, while earnings per share fell 15% annually over four years. Free cash flow margin worsened to negative 20.2% in the trailing 12 months, signaling a cash-burning operation. With a forward price-to-earnings ratio of 20.2x, the firm argues the stock prices in optimistic assumptions that are unsupported by the company's performance. It suggests investors consider alternatives, including a large aerospace company with a strong acquisition track record.