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MDU RESOURCES GROUP INC（MDU）与ROYAL GOLD INC（RGLD）财务数据对比。点击上方公司名可切换其他公司
MDU RESOURCES GROUP INC的季度营收约是ROYAL GOLD INC的1.4倍（$522.6M vs $375.3M），ROYAL GOLD INC净利率更高（24.9% vs 14.6%，领先10.3%），ROYAL GOLD INC同比增速更快（85.3% vs -1.6%），过去两年ROYAL GOLD INC的营收复合增速更高（58.8% vs -5.7%）
MDU资源集团是一家总部位于美国北达科他州俾斯麦的企业，业务涵盖受监管的能源输送供应，以及公用事业相关的建筑材料与服务，业务范围覆盖美国48个州，是当地能源及基建服务领域的重要参与者。
Royal Gold Inc.是全球领先的贵金属流权与特许权经营企业，收购并管理多元化的矿业项目流权、净熔炼收益特许权及相关权益，资产覆盖黄金、白银、铜等品类，业务遍及多地区，无需直接承担采矿运营风险。
MDU vs RGLD — 直观对比
营收规模更大
MDU
是对方的1.4倍
$375.3M
营收增速更快
RGLD
高出86.9%
-1.6%
净利率更高
RGLD
高出10.3%
14.6%
两年增速更快
RGLD
近两年复合增速
-5.7%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $522.6M | $375.3M |
| 净利润 | $76.3M | $93.6M |
| 毛利率 | — | 64.6% |
| 营业利润率 | 20.5% | 56.2% |
| 净利率 | 14.6% | 24.9% |
| 营收同比 | -1.6% | 85.3% |
| 净利润同比 | 38.4% | -12.8% |
| 每股收益（稀释后） | $0.37 | $1.04 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收MDURGLD
| Q4 25 | $522.6M | $375.3M | ||
| Q3 25 | $313.6M | $252.1M | ||
| Q2 25 | $348.7M | $209.6M | ||
| Q1 25 | $678.0M | $193.4M | ||
| Q4 24 | $531.0M | $202.6M | ||
| Q3 24 | $290.7M | $193.8M | ||
| Q2 24 | $343.1M | $174.1M | ||
| Q1 24 | $588.2M | $148.9M |
净利润MDURGLD
| Q4 25 | $76.3M | $93.6M | ||
| Q3 25 | $18.3M | $126.8M | ||
| Q2 25 | $13.8M | $132.3M | ||
| Q1 25 | $82.0M | $113.5M | ||
| Q4 24 | $55.2M | $107.4M | ||
| Q3 24 | $64.6M | $96.2M | ||
| Q2 24 | $60.4M | $81.2M | ||
| Q1 24 | $100.9M | $47.2M |
毛利率MDURGLD
| Q4 25 | — | 64.6% | ||
| Q3 25 | — | 73.6% | ||
| Q2 25 | — | 72.6% | ||
| Q1 25 | — | 69.4% | ||
| Q4 24 | — | 70.3% | ||
| Q3 24 | — | 66.6% | ||
| Q2 24 | — | 64.7% | ||
| Q1 24 | — | 58.4% |
营业利润率MDURGLD
| Q4 25 | 20.5% | 56.2% | ||
| Q3 25 | 12.7% | 64.4% | ||
| Q2 25 | 8.7% | 67.7% | ||
| Q1 25 | 16.6% | 63.6% | ||
| Q4 24 | 17.8% | 65.9% | ||
| Q3 24 | 12.0% | 61.3% | ||
| Q2 24 | 11.5% | 58.6% | ||
| Q1 24 | 16.4% | 50.7% |
净利率MDURGLD
| Q4 25 | 14.6% | 24.9% | ||
| Q3 25 | 5.8% | 50.3% | ||
| Q2 25 | 4.0% | 63.1% | ||
| Q1 25 | 12.1% | 58.7% | ||
| Q4 24 | 10.4% | 53.0% | ||
| Q3 24 | 22.2% | 49.7% | ||
| Q2 24 | 17.6% | 46.6% | ||
| Q1 24 | 17.2% | 31.7% |
每股收益（稀释后）MDURGLD
| Q4 25 | $0.37 | $1.04 | ||
| Q3 25 | $0.09 | $1.92 | ||
| Q2 25 | $0.07 | $2.01 | ||
| Q1 25 | $0.40 | $1.72 | ||
| Q4 24 | $0.26 | $1.63 | ||
| Q3 24 | $0.32 | $1.46 | ||
| Q2 24 | $0.30 | $1.23 | ||
| Q1 24 | $0.49 | $0.72 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $28.2M | $233.7M |
| 总债务越低越好 | $2.7B | — |
| 股东权益账面价值 | $2.8B | $7.2B |
| 总资产 | $7.6B | $9.5B |
| 负债/权益比越低杠杆越低 | 0.97× | — |
8季度趋势，按日历期对齐
现金及短期投资MDURGLD
| Q4 25 | $28.2M | $233.7M | ||
| Q3 25 | $75.9M | $172.8M | ||
| Q2 25 | $58.8M | $248.2M | ||
| Q1 25 | $59.5M | $240.8M | ||
| Q4 24 | $66.9M | $195.5M | ||
| Q3 24 | $88.3M | $127.9M | ||
| Q2 24 | $78.8M | $74.2M | ||
| Q1 24 | $72.7M | $137.9M |
总债务MDURGLD
| Q4 25 | $2.7B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.2B | — | ||
| Q1 25 | $2.2B | — | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.3B | $0 | ||
| Q2 24 | $2.3B | $50.0M | ||
| Q1 24 | $2.3B | — |
股东权益MDURGLD
| Q4 25 | $2.8B | $7.2B | ||
| Q3 25 | $2.7B | $3.4B | ||
| Q2 25 | $2.7B | $3.3B | ||
| Q1 25 | $2.7B | $3.2B | ||
| Q4 24 | $2.7B | $3.1B | ||
| Q3 24 | $3.1B | $3.0B | ||
| Q2 24 | $3.0B | $3.0B | ||
| Q1 24 | $3.0B | $2.9B |
总资产MDURGLD
| Q4 25 | $7.6B | $9.5B | ||
| Q3 25 | $7.2B | $4.5B | ||
| Q2 25 | $6.9B | $3.6B | ||
| Q1 25 | $7.0B | $3.5B | ||
| Q4 24 | $7.0B | $3.4B | ||
| Q3 24 | $8.2B | $3.3B | ||
| Q2 24 | $8.0B | $3.3B | ||
| Q1 24 | $7.8B | $3.3B |
负债/权益比MDURGLD
| Q4 25 | 0.97× | — | ||
| Q3 25 | 0.86× | — | ||
| Q2 25 | 0.80× | — | ||
| Q1 25 | 0.80× | — | ||
| Q4 24 | 0.85× | — | ||
| Q3 24 | 0.76× | 0.00× | ||
| Q2 24 | 0.75× | 0.02× | ||
| Q1 24 | 0.76× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $80.6M | $241.7M |
| 自由现金流经营现金流 - 资本支出 | $-336.0M | — |
| 自由现金流率自由现金流/营收 | -64.3% | — |
| 资本支出强度资本支出/营收 | 79.7% | — |
| 现金转化率经营现金流/净利润 | 1.06× | 2.58× |
| 过去12个月自由现金流最近4个季度 | $-297.0M | — |
8季度趋势，按日历期对齐
经营现金流MDURGLD
| Q4 25 | $80.6M | $241.7M | ||
| Q3 25 | $57.9M | $174.0M | ||
| Q2 25 | $117.4M | $152.8M | ||
| Q1 25 | $217.5M | $136.4M | ||
| Q4 24 | $60.5M | $141.1M | ||
| Q3 24 | $140.2M | $136.7M | ||
| Q2 24 | $136.5M | $113.5M | ||
| Q1 24 | $165.1M | $138.3M |
自由现金流MDURGLD
| Q4 25 | $-336.0M | — | ||
| Q3 25 | $-121.9M | — | ||
| Q2 25 | $36.5M | — | ||
| Q1 25 | $124.4M | — | ||
| Q4 24 | $-95.8M | — | ||
| Q3 24 | $673.0K | — | ||
| Q2 24 | $26.5M | — | ||
| Q1 24 | $48.1M | — |
自由现金流率MDURGLD
| Q4 25 | -64.3% | — | ||
| Q3 25 | -38.9% | — | ||
| Q2 25 | 10.5% | — | ||
| Q1 25 | 18.4% | — | ||
| Q4 24 | -18.0% | — | ||
| Q3 24 | 0.2% | — | ||
| Q2 24 | 7.7% | — | ||
| Q1 24 | 8.2% | — |
资本支出强度MDURGLD
| Q4 25 | 79.7% | — | ||
| Q3 25 | 57.3% | — | ||
| Q2 25 | 23.2% | — | ||
| Q1 25 | 13.7% | — | ||
| Q4 24 | 29.4% | — | ||
| Q3 24 | 48.0% | — | ||
| Q2 24 | 32.0% | — | ||
| Q1 24 | 19.9% | — |
现金转化率MDURGLD
| Q4 25 | 1.06× | 2.58× | ||
| Q3 25 | 3.16× | 1.37× | ||
| Q2 25 | 8.52× | 1.15× | ||
| Q1 25 | 2.65× | 1.20× | ||
| Q4 24 | 1.10× | 1.31× | ||
| Q3 24 | 2.17× | 1.42× | ||
| Q2 24 | 2.26× | 1.40× | ||
| Q1 24 | 1.64× | 2.93× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
MDU
| Natural Gas Distribution | $382.8M | 73% |
| Commercial Utility Sales | $42.7M | 8% |
| Residential Utility Sales | $33.7M | 6% |
| Pipelineand Midstream | $31.1M | 6% |
| Natural Gas Transportation | $17.2M | 3% |
| Industrial Utility Sales | $10.1M | 2% |
| Natural Gas Storage | $6.4M | 1% |
| Other Utility Sales | $1.9M | 0% |
RGLD
| Gold | $216.9M | 58% |
| Pueblo Viejo | $47.3M | 13% |
| Andacollo | $32.6M | 9% |
| Silver | $32.1M | 9% |
| Other | $27.2M | 7% |
| Copper | $13.7M | 4% |
| Cortez Legacy Zone | $5.4M | 1% |
