MDU Resources Group (MDU) seasonality heatmap
Returns across monthly, quarterly, and yearly periods. Cell color encodes signed magnitude; the scale auto-fits each table.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +5.1% | +0.8% | +0.9% | +8.7% | -6.4% | +1.3% | -2.0% | — | — | — | — | — |
| 2025 | -1.1% | -3.2% | -1.2% | +1.3% | +0.3% | -2.3% | +3.5% | -5.6% | +10.3% | +7.7% | +11.2% | -7.8% |
| 2024 | -1.5% | +11.2% | +16.8% | -1.9% | +2.2% | -0.1% | +7.3% | -4.6% | +7.3% | +5.2% | +25.4% | -9.5% |
| 2023 | +1.8% | +3.1% | -3.6% | -4.2% | -0.2% | +5.8% | +5.6% | -8.0% | -3.2% | -5.0% | +2.9% | +4.0% |
| 2022 | -4.7% | -8.9% | +0.2% | -3.2% | +6.2% | -0.7% | +5.9% | +5.5% | -8.5% | +4.1% | +10.6% | -3.0% |
| 2021 | -0.2% | +6.8% | +13.4% | +5.9% | +0.5% | -6.4% | +1.3% | +1.4% | -7.2% | +3.6% | -11.4% | +14.2% |
| 2020 | -0.3% | -6.4% | -21.9% | +4.4% | -3.1% | +2.9% | -5.5% | +12.5% | -3.8% | +5.7% | +4.8% | +6.6% |
| 2019 | +7.8% | +2.8% | -1.5% | +1.3% | -5.6% | +5.3% | +3.8% | +0.5% | +5.6% | +2.4% | +0.6% | +3.1% |
| 2018 | -1.5% | -0.8% | +8.0% | +0.0% | -1.3% | +3.9% | +1.2% | -3.9% | -7.2% | -2.8% | +6.1% | -9.2% |
| 2017 | +1.9% | -7.6% | +1.8% | -1.8% | +1.2% | -3.2% | +0.7% | +2.6% | -3.3% | +5.4% | +2.2% | -3.2% |
| 2016 | -7.8% | +7.9% | +8.1% | +3.1% | +14.0% | +5.7% | +0.1% | -2.1% | +8.8% | +3.2% | +6.1% | +4.1% |
| 2015 | -3.8% | -1.5% | -3.5% | +4.5% | -6.1% | -5.8% | -0.2% | -8.3% | -2.9% | +9.7% | -7.7% | +6.3% |
| 2014 | +4.9% | +6.1% | +1.5% | +3.3% | -4.4% | +4.1% | -10.2% | -0.7% | -10.6% | +1.2% | -12.9% | -3.4% |
| 2013 | +9.7% | +3.5% | +4.2% | -0.2% | +3.6% | +0.9% | +8.2% | -4.8% | +5.3% | +6.6% | -0.4% | +3.5% |
| 2012 | -0.4% | +1.5% | +3.9% | +2.3% | -1.9% | -3.0% | +3.5% | -3.7% | +3.1% | -1.4% | -4.7% | +3.4% |
| 2011 | +4.7% | +1.4% | +7.5% | +3.9% | -1.0% | -4.0% | -4.2% | -0.9% | -9.4% | +7.4% | +4.3% | +0.6% |
| 2010 | -6.5% | -7.2% | +6.5% | -1.8% | -11.8% | -2.7% | +9.3% | -4.7% | +7.0% | -0.2% | +2.5% | +0.0% |
| 2009 | -7.8% | -23.8% | +7.6% | +9.0% | +5.0% | +3.6% | +6.2% | -3.7% | +8.3% | -0.4% | +8.7% | +5.2% |
| 2008 | -6.2% | +1.4% | -5.9% | +17.6% | +14.4% | +5.9% | -8.4% | +3.5% | -11.8% | -37.1% | +11.5% | +7.0% |
| 2007 | +0.9% | +2.2% | +9.5% | +5.4% | +0.0% | -7.0% | -2.8% | -0.7% | +3.6% | +1.0% | -3.1% | +1.7% |
| 2006 | +10.6% | -2.7% | -4.4% | +9.9% | -3.6% | +3.8% | +1.0% | -0.6% | -8.2% | +14.8% | +2.7% | -2.3% |
| 2005 | +0.0% | +0.8% | +3.3% | -2.1% | +6.4% | -1.5% | +9.0% | +4.9% | +11.6% | -7.6% | -0.4% | +0.4% |
| 2004 | -0.6% | -1.9% | +1.9% | -4.4% | +4.7% | +3.5% | +1.5% | +3.6% | +4.7% | -2.8% | +6.6% | -1.6% |
| 2003 | +4.1% | +0.4% | +4.7% | +6.6% | +8.1% | +4.6% | -5.1% | +6.8% | +0.3% | +0.7% | +4.7% | +1.0% |
| 2002 | -0.9% | +4.3% | +7.0% | -5.8% | +2.9% | -11.6% | -14.0% | +6.8% | -4.9% | +8.2% | -0.5% | +6.2% |
| 2001 | -10.6% | -2.6% | +27.5% | +12.0% | -8.9% | -12.8% | -3.8% | -6.0% | -17.9% | +3.6% | +1.0% | +15.8% |
| 2000 | -1.3% | -3.2% | +9.3% | +5.5% | +4.6% | -4.4% | +7.5% | +7.5% | +19.5% | -1.7% | +3.8% | +7.8% |
| 1999 | -12.6% | +2.3% | -1.7% | -6.9% | +7.4% | +0.6% | +6.8% | -3.7% | -3.3% | +4.0% | -6.6% | -7.6% |
| 1998 | -5.8% | +4.1% | +21.7% | -7.0% | -4.1% | +7.9% | -4.5% | +12.9% | +3.1% | +1.0% | -5.0% | +4.7% |
| 1997 | -4.6% | -3.8% | +4.0% | +6.7% | +4.5% | -0.9% | -0.9% | +0.9% | +15.7% | +3.8% | +5.1% | +6.9% |
| 1996 | +6.3% | -2.9% | +13.4% | -4.9% | -4.1% | +3.9% | -1.7% | +3.2% | +0.0% | +4.0% | +0.0% | +4.8% |
| 1995 | +1.5% | -2.4% | +0.5% | +3.5% | +1.9% | +7.2% | +0.0% | +1.8% | +6.7% | -0.4% | -4.6% | +0.0% |
| 1994 | -2.5% | -2.2% | +6.3% | -5.5% | -7.6% | -1.0% | +0.0% | +5.5% | -2.4% | +0.0% | -5.4% | +7.4% |
| 1993 | -0.5% | +1.5% | +11.0% | +5.9% | +1.3% | -3.6% | +4.0% | -0.9% | +4.8% | +0.8% | -2.1% | +1.2% |
| 1992 | -4.9% | +6.3% | +4.7% | -7.3% | -3.4% | +5.7% | +5.0% | -0.5% | +2.6% | +1.6% | +0.5% | +3.5% |
| 1991 | -1.3% | +3.9% | -0.2% | +1.3% | +2.5% | -1.5% | -1.9% | +6.5% | +7.9% | +2.3% | +2.3% | +3.8% |
| 1990 | -9.4% | +0.0% | +6.4% | -6.2% | +1.3% | -0.3% | -1.3% | -4.7% | +3.3% | +4.2% | +2.0% | +3.1% |
| 1989 | +0.7% | -3.5% | +0.0% | -0.7% | +11.6% | +1.9% | +0.6% | -1.3% | +0.0% | -2.6% | +8.6% | +4.9% |
| 1988 | +9.9% | +0.7% | -6.2% | +2.2% | +5.8% | -6.8% | +3.7% | +1.4% | -5.6% | +5.9% | +0.7% | -1.4% |
| 1987 | — | — | — | — | — | — | — | — | — | — | — | -5.1% |
| Avg | -0.7% | -0.3% | +4.1% | +1.6% | +0.9% | -0.0% | +0.8% | +0.5% | +0.8% | +1.5% | +1.8% | +2.0% |
| Median | -0.6% | +0.7% | +4.0% | +1.3% | +1.2% | -0.1% | +0.8% | -0.5% | +1.5% | +2.3% | +2.1% | +3.1% |
| Last 5Y Avg | -0.1% | +0.6% | +2.6% | +0.2% | +0.4% | +0.8% | +4.7% | -2.3% | -0.3% | +3.1% | +7.7% | -0.4% |
| Std Dev (σ) | 5.6% | 5.8% | 8.3% | 5.8% | 5.9% | 5.0% | 5.4% | 5.2% | 8.0% | 7.7% | 7.0% | 5.6% |
| Consistency (μ/σ) | -0.12 | -0.05 | 0.50 | 0.27 | 0.16 | -0.00 | 0.15 | 0.09 | 0.10 | 0.19 | 0.26 | 0.35 |
| Win Rate (%) | 36% | 54% | 72% | 56% | 56% | 49% | 58% | 47% | 53% | 68% | 63% | 69% |
| Winning / Losing Months | ▲14▼25 | ▲21▼18 | ▲28▼11 | ▲22▼17 | ▲22▼17 | ▲19▼20 | ▲22▼16 | ▲18▼20 | ▲20▼18 | ▲26▼12 | ▲24▼14 | ▲27▼12 |
| Longest Win / Loss Streak | ▲2▼6 | ▲4▼4 | ▲7▼2 | ▲4▼3 | ▲4▼3 | ▲3▼3 | ▲5▼5 | ▲5▼8 | ▲4▼4 | ▲5▼3 | ▲5▼4 | ▲10▼2 |
| Best | +10.6%in January 2006 | +11.2%in February 2024 | +27.5%in March 2001 | +17.6%in April 2008 | +14.4%in May 2008 | +7.9%in June 1998 | +9.3%in July 2010 | +12.9%in August 1998 | +19.5%in September 2000 | +14.8%in October 2006 | +25.4%in November 2024 | +15.8%in December 2001 |
| Worst | -12.6%in January 1999 | -23.8%in February 2009 | -21.9%in March 2020 | -7.3%in April 1992 | -11.8%in May 2010 | -12.8%in June 2001 | -14.0%in July 2002 | -8.3%in August 2015 | -17.9%in September 2001 | -37.1%in October 2008 | -12.9%in November 2014 | -9.5%in December 2024 |
−37.1%+27.5%
2026
Jan+5.1%
Feb+0.8%
Mar+0.9%
Apr+8.7%
May-6.4%
Jun+1.3%
Jul-2.0%
Aug—
Sep—
Oct—
Nov—
Dec—
2025
Jan-1.1%
Feb-3.2%
Mar-1.2%
Apr+1.3%
May+0.3%
Jun-2.3%
Jul+3.5%
Aug-5.6%
Sep+10.3%
Oct+7.7%
Nov+11.2%
Dec-7.8%
2024
Jan-1.5%
Feb+11.2%
Mar+16.8%
Apr-1.9%
May+2.2%
Jun-0.1%
Jul+7.3%
Aug-4.6%
Sep+7.3%
Oct+5.2%
Nov+25.4%
Dec-9.5%
2023
Jan+1.8%
Feb+3.1%
Mar-3.6%
Apr-4.2%
May-0.2%
Jun+5.8%
Jul+5.6%
Aug-8.0%
Sep-3.2%
Oct-5.0%
Nov+2.9%
Dec+4.0%
2022
Jan-4.7%
Feb-8.9%
Mar+0.2%
Apr-3.2%
May+6.2%
Jun-0.7%
Jul+5.9%
Aug+5.5%
Sep-8.5%
Oct+4.1%
Nov+10.6%
Dec-3.0%
2021
Jan-0.2%
Feb+6.8%
Mar+13.4%
Apr+5.9%
May+0.5%
Jun-6.4%
Jul+1.3%
Aug+1.4%
Sep-7.2%
Oct+3.6%
Nov-11.4%
Dec+14.2%
2020
Jan-0.3%
Feb-6.4%
Mar-21.9%
Apr+4.4%
May-3.1%
Jun+2.9%
Jul-5.5%
Aug+12.5%
Sep-3.8%
Oct+5.7%
Nov+4.8%
Dec+6.6%
2019
Jan+7.8%
Feb+2.8%
Mar-1.5%
Apr+1.3%
May-5.6%
Jun+5.3%
Jul+3.8%
Aug+0.5%
Sep+5.6%
Oct+2.4%
Nov+0.6%
Dec+3.1%
2018
Jan-1.5%
Feb-0.8%
Mar+8.0%
Apr+0.0%
May-1.3%
Jun+3.9%
Jul+1.2%
Aug-3.9%
Sep-7.2%
Oct-2.8%
Nov+6.1%
Dec-9.2%
2017
Jan+1.9%
Feb-7.6%
Mar+1.8%
Apr-1.8%
May+1.2%
Jun-3.2%
Jul+0.7%
Aug+2.6%
Sep-3.3%
Oct+5.4%
Nov+2.2%
Dec-3.2%
2016
Jan-7.8%
Feb+7.9%
Mar+8.1%
Apr+3.1%
May+14.0%
Jun+5.7%
Jul+0.1%
Aug-2.1%
Sep+8.8%
Oct+3.2%
Nov+6.1%
Dec+4.1%
2015
Jan-3.8%
Feb-1.5%
Mar-3.5%
Apr+4.5%
May-6.1%
Jun-5.8%
Jul-0.2%
Aug-8.3%
Sep-2.9%
Oct+9.7%
Nov-7.7%
Dec+6.3%
2014
Jan+4.9%
Feb+6.1%
Mar+1.5%
Apr+3.3%
May-4.4%
Jun+4.1%
Jul-10.2%
Aug-0.7%
Sep-10.6%
Oct+1.2%
Nov-12.9%
Dec-3.4%
2013
Jan+9.7%
Feb+3.5%
Mar+4.2%
Apr-0.2%
May+3.6%
Jun+0.9%
Jul+8.2%
Aug-4.8%
Sep+5.3%
Oct+6.6%
Nov-0.4%
Dec+3.5%
2012
Jan-0.4%
Feb+1.5%
Mar+3.9%
Apr+2.3%
May-1.9%
Jun-3.0%
Jul+3.5%
Aug-3.7%
Sep+3.1%
Oct-1.4%
Nov-4.7%
Dec+3.4%
2011
Jan+4.7%
Feb+1.4%
Mar+7.5%
Apr+3.9%
May-1.0%
Jun-4.0%
Jul-4.2%
Aug-0.9%
Sep-9.4%
Oct+7.4%
Nov+4.3%
Dec+0.6%
2010
Jan-6.5%
Feb-7.2%
Mar+6.5%
Apr-1.8%
May-11.8%
Jun-2.7%
Jul+9.3%
Aug-4.7%
Sep+7.0%
Oct-0.2%
Nov+2.5%
Dec+0.0%
2009
Jan-7.8%
Feb-23.8%
Mar+7.6%
Apr+9.0%
May+5.0%
Jun+3.6%
Jul+6.2%
Aug-3.7%
Sep+8.3%
Oct-0.4%
Nov+8.7%
Dec+5.2%
2008
Jan-6.2%
Feb+1.4%
Mar-5.9%
Apr+17.6%
May+14.4%
Jun+5.9%
Jul-8.4%
Aug+3.5%
Sep-11.8%
Oct-37.1%
Nov+11.5%
Dec+7.0%
2007
Jan+0.9%
Feb+2.2%
Mar+9.5%
Apr+5.4%
May+0.0%
Jun-7.0%
Jul-2.8%
Aug-0.7%
Sep+3.6%
Oct+1.0%
Nov-3.1%
Dec+1.7%
2006
Jan+10.6%
Feb-2.7%
Mar-4.4%
Apr+9.9%
May-3.6%
Jun+3.8%
Jul+1.0%
Aug-0.6%
Sep-8.2%
Oct+14.8%
Nov+2.7%
Dec-2.3%
2005
Jan+0.0%
Feb+0.8%
Mar+3.3%
Apr-2.1%
May+6.4%
Jun-1.5%
Jul+9.0%
Aug+4.9%
Sep+11.6%
Oct-7.6%
Nov-0.4%
Dec+0.4%
2004
Jan-0.6%
Feb-1.9%
Mar+1.9%
Apr-4.4%
May+4.7%
Jun+3.5%
Jul+1.5%
Aug+3.6%
Sep+4.7%
Oct-2.8%
Nov+6.6%
Dec-1.6%
2003
Jan+4.1%
Feb+0.4%
Mar+4.7%
Apr+6.6%
May+8.1%
Jun+4.6%
Jul-5.1%
Aug+6.8%
Sep+0.3%
Oct+0.7%
Nov+4.7%
Dec+1.0%
2002
Jan-0.9%
Feb+4.3%
Mar+7.0%
Apr-5.8%
May+2.9%
Jun-11.6%
Jul-14.0%
Aug+6.8%
Sep-4.9%
Oct+8.2%
Nov-0.5%
Dec+6.2%
2001
Jan-10.6%
Feb-2.6%
Mar+27.5%
Apr+12.0%
May-8.9%
Jun-12.8%
Jul-3.8%
Aug-6.0%
Sep-17.9%
Oct+3.6%
Nov+1.0%
Dec+15.8%
2000
Jan-1.3%
Feb-3.2%
Mar+9.3%
Apr+5.5%
May+4.6%
Jun-4.4%
Jul+7.5%
Aug+7.5%
Sep+19.5%
Oct-1.7%
Nov+3.8%
Dec+7.8%
1999
Jan-12.6%
Feb+2.3%
Mar-1.7%
Apr-6.9%
May+7.4%
Jun+0.6%
Jul+6.8%
Aug-3.7%
Sep-3.3%
Oct+4.0%
Nov-6.6%
Dec-7.6%
1998
Jan-5.8%
Feb+4.1%
Mar+21.7%
Apr-7.0%
May-4.1%
Jun+7.9%
Jul-4.5%
Aug+12.9%
Sep+3.1%
Oct+1.0%
Nov-5.0%
Dec+4.7%
1997
Jan-4.6%
Feb-3.8%
Mar+4.0%
Apr+6.7%
May+4.5%
Jun-0.9%
Jul-0.9%
Aug+0.9%
Sep+15.7%
Oct+3.8%
Nov+5.1%
Dec+6.9%
1996
Jan+6.3%
Feb-2.9%
Mar+13.4%
Apr-4.9%
May-4.1%
Jun+3.9%
Jul-1.7%
Aug+3.2%
Sep+0.0%
Oct+4.0%
Nov+0.0%
Dec+4.8%
1995
Jan+1.5%
Feb-2.4%
Mar+0.5%
Apr+3.5%
May+1.9%
Jun+7.2%
Jul+0.0%
Aug+1.8%
Sep+6.7%
Oct-0.4%
Nov-4.6%
Dec+0.0%
1994
Jan-2.5%
Feb-2.2%
Mar+6.3%
Apr-5.5%
May-7.6%
Jun-1.0%
Jul+0.0%
Aug+5.5%
Sep-2.4%
Oct+0.0%
Nov-5.4%
Dec+7.4%
1993
Jan-0.5%
Feb+1.5%
Mar+11.0%
Apr+5.9%
May+1.3%
Jun-3.6%
Jul+4.0%
Aug-0.9%
Sep+4.8%
Oct+0.8%
Nov-2.1%
Dec+1.2%
1992
Jan-4.9%
Feb+6.3%
Mar+4.7%
Apr-7.3%
May-3.4%
Jun+5.7%
Jul+5.0%
Aug-0.5%
Sep+2.6%
Oct+1.6%
Nov+0.5%
Dec+3.5%
1991
Jan-1.3%
Feb+3.9%
Mar-0.2%
Apr+1.3%
May+2.5%
Jun-1.5%
Jul-1.9%
Aug+6.5%
Sep+7.9%
Oct+2.3%
Nov+2.3%
Dec+3.8%
1990
Jan-9.4%
Feb+0.0%
Mar+6.4%
Apr-6.2%
May+1.3%
Jun-0.3%
Jul-1.3%
Aug-4.7%
Sep+3.3%
Oct+4.2%
Nov+2.0%
Dec+3.1%
1989
Jan+0.7%
Feb-3.5%
Mar+0.0%
Apr-0.7%
May+11.6%
Jun+1.9%
Jul+0.6%
Aug-1.3%
Sep+0.0%
Oct-2.6%
Nov+8.6%
Dec+4.9%
1988
Jan+9.9%
Feb+0.7%
Mar-6.2%
Apr+2.2%
May+5.8%
Jun-6.8%
Jul+3.7%
Aug+1.4%
Sep-5.6%
Oct+5.9%
Nov+0.7%
Dec-1.4%
1987
Jan—
Feb—
Mar—
Apr—
May—
Jun—
Jul—
Aug—
Sep—
Oct—
Nov—
Dec-5.1%
Avg
Jan-0.7%
Feb-0.3%
Mar+4.1%
Apr+1.6%
May+0.9%
Jun-0.0%
Jul+0.8%
Aug+0.5%
Sep+0.8%
Oct+1.5%
Nov+1.8%
Dec+2.0%
Median
Jan-0.6%
Feb+0.7%
Mar+4.0%
Apr+1.3%
May+1.2%
Jun-0.1%
Jul+0.8%
Aug-0.5%
Sep+1.5%
Oct+2.3%
Nov+2.1%
Dec+3.1%
Last 5Y Avg
Jan-0.1%
Feb+0.6%
Mar+2.6%
Apr+0.2%
May+0.4%
Jun+0.8%
Jul+4.7%
Aug-2.3%
Sep-0.3%
Oct+3.1%
Nov+7.7%
Dec-0.4%
Std Dev (σ)
Jan5.6%
Feb5.8%
Mar8.3%
Apr5.8%
May5.9%
Jun5.0%
Jul5.4%
Aug5.2%
Sep8.0%
Oct7.7%
Nov7.0%
Dec5.6%
Consistency (μ/σ)
Jan-0.12
Feb-0.05
Mar0.50
Apr0.27
May0.16
Jun-0.00
Jul0.15
Aug0.09
Sep0.10
Oct0.19
Nov0.26
Dec0.35
Win Rate (%)
Jan36%
Feb54%
Mar72%
Apr56%
May56%
Jun49%
Jul58%
Aug47%
Sep53%
Oct68%
Nov63%
Dec69%
Winning / Losing Months
Jan▲14▼25
Feb▲21▼18
Mar▲28▼11
Apr▲22▼17
May▲22▼17
Jun▲19▼20
Jul▲22▼16
Aug▲18▼20
Sep▲20▼18
Oct▲26▼12
Nov▲24▼14
Dec▲27▼12
Longest Win / Loss Streak
Jan▲2▼6
Feb▲4▼4
Mar▲7▼2
Apr▲4▼3
May▲4▼3
Jun▲3▼3
Jul▲5▼5
Aug▲5▼8
Sep▲4▼4
Oct▲5▼3
Nov▲5▼4
Dec▲10▼2
Best
Jan+10.6%2006
Feb+11.2%2024
Mar+27.5%2001
Apr+17.6%2008
May+14.4%2008
Jun+7.9%1998
Jul+9.3%2010
Aug+12.9%1998
Sep+19.5%2000
Oct+14.8%2006
Nov+25.4%2024
Dec+15.8%2001
Worst
Jan-12.6%1999
Feb-23.8%2009
Mar-21.9%2020
Apr-7.3%1992
May-11.8%2010
Jun-12.8%2001
Jul-14.0%2002
Aug-8.3%2015
Sep-17.9%2001
Oct-37.1%2008
Nov-12.9%2014
Dec-9.5%2024
−37.1%+27.5%
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Data & methodology
MDU Resources Group (MDU) Key Financials
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Income Statement
Balance Sheet
Cash Flow
Forecast & Valuation
Operations
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Income Statement