BKH · Black Hills Corp /Sd/ - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $2.31B | $2.13B | $2.33B | $2.55B | $1.95B | $1.70B |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - |
| Total Operating Expenses | $1.77B | $1.62B | $1.86B | $2.10B | $1.54B | $1.27B |
| D&A | $283.80M | $270.10M | $256.80M | $250.91M | $235.95M | $224.46M |
| Operating Income | $537.50M | $503.10M | $472.70M | $455.24M | $409.43M | $428.30M |
| Interest Expense | $200.10M | $181.70M | $167.90M | $160.99M | $152.40M | $143.47M |
| Income Tax | $43.70M | $36.30M | $25.60M | $25.20M | $7.17M | $32.92M |
| Net Income | $291.60M | $273.10M | $262.20M | $258.39M | $236.74M | $227.61M |
| EPS - Basic | $3.99 | $3.91 | $3.91 | $3.98 | $3.74 | $3.65 |
| EPS - Diluted | $3.98 | $3.91 | $3.91 | $3.97 | $3.74 | $3.65 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $182.80M | $16.10M | $86.60M | $21.43M | $8.92M | $6.36M |
| Accounts Receivable | $389.00M | $351.20M | $350.30M | $508.19M | $321.65M | $265.96M |
| Inventory | $172.40M | $153.90M | $160.90M | $207.42M | $150.98M | $117.40M |
| Accounts Payable | $311.70M | $229.10M | $186.40M | $310.02M | $217.76M | $183.34M |
| Current Assets | $995.90M | $742.30M | $826.60M | $1.07B | $808.13M | $493.29M |
| Total Assets | $10.87B | $10.02B | $9.62B | $9.62B | $9.13B | $8.09B |
| Current Liabilities | $740.00M | $763.40M | $1.19B | $1.67B | $901.71M | $696.53M |
| Long-term Debt | $4.70B | $4.25B | $3.80B | $3.61B | $4.13B | $3.53B |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $3.82B | $3.50B | $3.22B | $2.99B | $2.79B | $2.56B |
| Retained Earnings | $1.34B | $1.25B | $1.16B | $1.06B | $962.46M | $870.74M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $673.40M | $719.30M | $944.40M | $584.80M | ($64.56M) | $541.86M |
| Investing Cash Flow | ($828.20M) | ($746.00M) | ($536.70M) | ($603.88M) | ($664.23M) | ($761.66M) |
| Financing Cash Flow | $321.80M | ($42.90M) | ($341.70M) | $32.25M | $731.87M | $216.88M |
| CapEx | $819.80M | $744.20M | $555.60M | $604.37M | $677.49M | $767.40M |
| Free Cash Flow | ($146.40M) | ($24.90M) | $388.80M | ($19.56M) | ($742.06M) | ($225.54M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 23.3% | 23.6% | 20.3% | 17.8% | 21.0% | 25.2% |
| EBITDA margin | 35.6% | 36.3% | 31.3% | 27.7% | 33.1% | 38.5% |
| Net margin | 12.6% | 12.8% | 11.2% | 10.1% | 12.1% | 13.4% |
| Free cash flow margin | -6.3% | -1.2% | 16.7% | -0.8% | -38.1% | -13.3% |
| FCF / Net income | -0.50 | -0.09 | 1.48 | -0.08 | -3.13 | -0.99 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - |
| Effective tax rate | 13.0% | 11.7% | 8.9% | 8.9% | 2.9% | 12.6% |
| Return on assets | 2.7% | 2.7% | 2.7% | 2.7% | 2.6% | 2.8% |
| Return on equity | 7.6% | 7.8% | 8.2% | 8.6% | 8.5% | 8.9% |
| Return on invested capital | 5.5% | 5.7% | 6.1% | 6.3% | 5.7% | 6.1% |
| Liquidity | ||||||
| Current ratio | 1.35 | 0.97 | 0.70 | 0.64 | 0.90 | 0.71 |
| Quick ratio | 1.11 | 0.77 | 0.56 | 0.52 | 0.73 | 0.54 |
| Cash ratio | 0.25 | 0.02 | 0.07 | 0.01 | 0.01 | 0.01 |
| Leverage | ||||||
| Debt / Equity | 1.23 | 1.21 | 1.18 | 1.20 | 1.48 | 1.38 |
| Debt / Assets | 0.43 | 0.42 | 0.40 | 0.38 | 0.45 | 0.44 |
| Debt / EBITDA | 5.72 | 5.50 | 5.21 | 5.11 | 6.39 | 5.40 |
| Interest coverage | 2.7x | 2.8x | 2.8x | 2.8x | 2.7x | 3.0x |
| Equity multiplier | 2.84 | 2.86 | 2.99 | 3.21 | 3.28 | 3.16 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 0.21 | 0.21 | 0.24 | 0.27 | 0.21 | 0.21 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 61d | 60d | 55d | 73d | 60d | 57d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 17.4x | 15.0x | 13.8x | 17.7x | 18.9x | 16.8x |
| P / B | 1.3x | 1.2x | 1.1x | 1.5x | 1.6x | 1.5x |
| P / S | 2.2x | 1.9x | 1.6x | 1.8x | 2.3x | 2.3x |
| EV / EBITDA | 11.7x | 10.8x | 10.1x | 11.6x | 13.3x | 11.3x |
| Growth | ||||||
| Revenue growth (YoY) | 8.6% | -8.7% | -8.6% | 30.9% | 14.9% | -2.2% |
| Revenue CAGR (3y) | -3.3% | 3.0% | 11.2% | 13.7% | 3.7% | 0.3% |
| Revenue CAGR (5y) | 6.4% | 4.2% | 5.9% | 8.7% | 4.4% | 5.4% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | 6.8% | 6.4% | 3.8% | 11.2% | -4.4% | 5.5% |
| Net income growth (YoY) | 6.8% | 4.2% | 1.5% | 9.1% | 4.0% | 14.2% |
| EPS growth (YoY) | 1.8% | 0.0% | -1.5% | 6.1% | 2.5% | 11.3% |
| EPS CAGR (3y) | 0.1% | 1.5% | 2.3% | 6.6% | -7.1% | 4.4% |
| EPS CAGR (5y) | 1.7% | 3.6% | -3.4% | 4.3% | 22.2% | - |
| FCF growth (YoY) | -488.0% | - | - | 97.4% | -229.0% | 27.9% |
| FCF CAGR (5y) | - | - | 65.5% | - | - | - |
| Book value growth (YoY) | 9.2% | 8.9% | 7.4% | 7.5% | 8.8% | 8.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$4.64B totalReportable Segment Aggregation Before Other Operating Segment$2.31B · 49.8%
Gas Utilities$1.38B · 29.8%
Electric Utilities$942.80M · 20.3%
Product / service
$4.30M totalAlternative Revenue And Other$4.30M · 100.0%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
5/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Electric Services
Comparing BLACK HILLS CORP /SD/ against the 5 most active filers in the same SIC group.
Dividends
$2.76/share trailing 12 months · +4.0% YoY
| Ex-date | Per share |
|---|---|
| May 15, 2026 | $0.7030 |
| Feb 17, 2026 | $0.7030 |
| Nov 17, 2025 | $0.6760 |
| Aug 18, 2025 | $0.6760 |
| May 16, 2025 | $0.6760 |
| Feb 18, 2025 | $0.6760 |
| Nov 18, 2024 | $0.6500 |
| Aug 19, 2024 | $0.6500 |
| May 16, 2024 | $0.6500 |
| Feb 15, 2024 | $0.6500 |
| Nov 16, 2023 | $0.6250 |
| Aug 17, 2023 | $0.6250 |
| May 17, 2023 | $0.6250 |
| Feb 13, 2023 | $0.6250 |
| Nov 16, 2022 | $0.6250 |
| Aug 17, 2022 | $0.5950 |
| May 17, 2022 | $0.5950 |
| Feb 11, 2022 | $0.5950 |
| Nov 16, 2021 | $0.5950 |
| Aug 17, 2021 | $0.5650 |
| May 17, 2021 | $0.5650 |
| Feb 11, 2021 | $0.5650 |
| Nov 16, 2020 | $0.5650 |
| Aug 17, 2020 | $0.5350 |