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Black Hills

BKH NYSE Multi-Utilities Financials FY2016–FY2025

Black Hills' revenue rose 8.6% to $2.3 billion in fiscal 2025. Its operating margin was 23.3%, down from 23.6% a year earlier. Free cash flow was −$146 million. It paid out $198 million in dividends and buybacks. The diluted share count rose 4.7%.

Last close · Oct 23, 2026

$79.41

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$2.3B
8.6% vs prior year
Operating margin Operating income as a share of revenue.
23.3%
0.4 pts
Net income Profit after all expenses, interest and tax.
$292M
6.8%
Free cash flow Cash from operations minus capital spending.
−$146M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.7%
0.0 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$6.0B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
20.0x
On $3.97 EPS (TTM)

What Black Hills does

No business description yet.

Legal name
Black Hills Corporation
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-046028
0001130464

Revenue and margins

Black Hills had $2.3B of revenue in fiscal 2025, up 8.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 12.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$146M in fiscal 2025, −6.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Black Hills returned $198M to shareholders in fiscal 2025. The diluted share count rose 4.7%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Black Hills yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$4.5B and divides by 73.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 20.0x · peers 20.9x · sector 20.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Black Hills can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $8.9M$21.4M$86.6M$16.1M$183M
Debt incl. finance leases $4.5B$4.7B$4.4B$4.4B$4.7B
Net debt / EBITDA 7.0x6.6x5.9x5.7x5.5x
Debt / equity 1.6x1.6x1.4x1.3x1.2x
Interest coverage 2.7x2.8x2.8x2.8x2.7x
Current ratio 0.9x0.6x0.7x1.0x1.4x
Quick ratio 0.7x0.5x0.6x0.8x1.1x
Total assets $9.1B$9.6B$9.6B$10.0B$10.9B
Total liabilities $6.2B$6.5B$6.3B$6.4B$7.0B
Shareholders' equity $2.8B$3.0B$3.2B$3.5B$3.8B
Net debt (− = net cash) $4.5B$4.6B$4.3B$4.4B$4.5B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.3M

2 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
May 27, 2026 Robert P OttoDirector Sold 4,109 $74.22 $0.3M Form 4
Nov 10, 2025 Kimberly F NooneySVP & CFO Sold 14,500 $70.70 $1.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✓ ✕
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✕ ✓
F-score 6 / 86 / 86 / 8
Accruals ratio −7.1%−4.5%−3.7%
Altman Z'' 1.031.311.48

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Black Hills BKH $6.0B 8.6% 23.3% −6.3% 5.7% 20.0x 6
Avista AVA $3.1B 1.3% 18.0% −5.1% — 13.6x — Compare →
MDU Resources Group MDU $4.1B 6.7% 15.5% −15.8% 5.1% 20.2x 4 Compare →
OGE Energy OGE $10.0B 9.2% 24.5% 2.5% 6.5% 21.6x 6 Compare →
NorthWestern Energy NWE $4.8B 6.4% 20.2% −8.1% 5.1% 28.0x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $1.5B $1.7B $1.8B $1.7B $1.7B $1.9B $2.6B $2.3B $2.1B $2.3B
Operating income $336M $417M $397M $406M $428M $409M $455M $473M $503M $538M
Interest expense $136M $137M $140M $138M $144M $152M $161M $168M $182M $200M
Pretax income $206M $282M $256M $243M $276M $258M $296M $302M $320M $344M
Income tax $59.1M $73.4M −$23.7M $29.6M $32.9M $7.2M $25.2M $25.6M $36.3M $43.7M
Net income $73.0M $177M $258M $199M $228M $237M $258M $262M $273M $292M
Diluted EPS $1.37 $3.21 $4.66 $3.28 $3.65 $3.74 $3.97 $3.91 $3.91 $3.98
Diluted shares 0.05B 0.06B 0.06B 0.06B 0.06B 0.06B 0.07B 0.07B 0.07B 0.07B
Cash flow
Cash from operations $321M $428M $489M $506M $542M −$64.6M $585M $944M $719M $673M
Capital expenditure $455M $326M $458M $818M $767M $678M $604M $556M $744M $820M
Free cash flow −$134M $102M $31.3M −$313M −$226M −$742M −$19.6M $389M −$24.9M −$146M
Depreciation and amortization $176M $188M $196M $209M $225M $236M $251M $257M $270M $284M
Stock-based compensation $10.9M $7.6M $12.4M $12.1M $5.4M $9.7M $8.6M $7.0M $10.6M $11.8M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $87.6M $96.7M $107M $125M $135M $145M $157M $168M $182M $198M
Dividends and buybacks $87.6M $96.7M $107M $125M $135M $145M $157M $168M $182M $198M
Balance sheet
Cash and short-term investments $13.5M $15.4M $20.8M $9.8M $6.4M $8.9M $21.4M $86.6M $16.1M $183M
Total debt $3.3B $3.3B $3.1B $3.5B $3.8B $4.5B $4.7B $4.4B $4.4B $4.7B
Finance lease liabilities $0.0M $0.0M $0.0M $0.5M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $467M $571M $504M $473M $493M $808M $1.1B $827M $742M $996M
Current liabilities $528M $649M $648M $811M $697M $902M $1.7B $1.2B $763M $740M
Inventory $104M $113M $117M $117M $117M $151M $207M $161M $154M $172M
Property and equipment, net $4.4B $4.5B $4.9B $5.5B $6.0B $6.4B $6.8B $7.1B $7.6B $8.2B
Total assets $6.5B $6.7B $7.0B $7.6B $8.1B $9.1B $9.6B $9.6B $10.0B $10.9B
Total liabilities $4.8B $4.8B $4.7B $5.1B $5.4B $6.2B $6.5B $6.3B $6.4B $7.0B
Shareholders' equity $1.6B $1.7B $2.2B $2.4B $2.6B $2.8B $3.0B $3.2B $3.5B $3.8B
Margins
Operating margin 21.9% 24.8% 22.6% 23.4% 25.2% 21.0% 17.8% 20.3% 23.7% 23.3%
EBITDA margin 33.3% 36.0% 33.8% 35.5% 38.5% 33.1% 27.7% 31.3% 36.3% 35.6%
Net margin 4.7% 10.5% 14.7% 11.5% 13.4% 12.1% 10.1% 11.3% 12.8% 12.6%
FCF margin −8.7% 6.1% 1.8% −18.0% −13.3% −38.1% −0.8% 16.7% −1.2% −6.3%
Returns
Return on capital 6.0% 6.1% 7.5% 6.3% 6.1% 5.8% 5.5% 5.6% 5.7% 5.7%
Return on capital employed 6.6% 6.9% 6.4% 6.2% 6.1% 5.2% 5.6% 5.8% 5.7% 5.5%
Return on equity 4.7% 10.7% 13.3% 8.8% 9.3% 8.9% 8.9% 8.4% 8.1% 8.0%
Return on assets 1.3% 2.7% 3.8% 2.7% 2.9% 2.8% 2.8% 2.7% 2.8% 2.8%
Growth
Revenue growth 22.0% 9.2% 4.4% −1.1% −2.2% 14.9% 30.9% −8.6% −8.7% 8.6%
Net income growth — 142.6% 46.0% −22.9% 14.2% 4.0% 9.2% 1.5% 4.2% 6.8%
EPS growth — 134.3% 45.2% −29.6% 11.3% 2.5% 6.2% −1.5% 0.0% 1.8%
FCF growth −185.1% — −69.4% −1,100.0% — — — — −106.4% —
Share count change 17.6% 3.5% 0.7% 9.6% 2.7% 1.4% 15.6% −8.3% 4.2% 4.7%
Financial health
Net debt / EBITDA 6.5x 5.5x 5.3x 5.7x 5.8x 7.0x 6.6x 5.9x 5.7x 5.5x
Debt / equity 2.1x 2.0x 1.4x 1.5x 1.5x 1.6x 1.6x 1.4x 1.3x 1.2x
Interest coverage 2.5x 3.0x 2.8x 3.0x 3.0x 2.7x 2.8x 2.8x 2.8x 2.7x
Current ratio 0.9x 0.9x 0.8x 0.6x 0.7x 0.9x 0.6x 0.7x 1.0x 1.4x
Quick ratio 0.7x 0.7x 0.6x 0.4x 0.5x 0.7x 0.5x 0.6x 0.8x 1.1x
Capital allocation
Capex / revenue 29.6% 19.4% 26.1% 47.2% 45.2% 34.8% 23.7% 23.8% 35.0% 35.5%
Stock comp / revenue 0.7% 0.5% 0.7% 0.7% 0.3% 0.5% 0.3% 0.3% 0.5% 0.5%
Payouts / FCF — 94.6% 340.7% — — — — 43.2% — —
Quality scores
Piotroski F-score 5.0 5.0 6.0 3.0 5.0 3.0 5.0 6.0 6.0 6.0
Altman Z'' 0.9 1.0 1.1 0.9 1.1 1.1 0.8 1.0 1.3 1.5
Accruals ratio −4.4% −3.8% −3.4% −4.2% −4.0% 3.5% −3.5% −7.1% −4.5% −3.7%

Source: SEC EDGAR XBRL filings (CIK 0001130464). Data updated October 14, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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