Avista
AVA · Multi-Utilities
$37.69
0.1%Black Hills
BKH · Multi-Utilities
$79.41
0.1%The short version
- Black Hills is the larger business, with $2.3B of revenue in fiscal 2025 against $2.0B for Avista.
- Black Hills grew revenue faster (8.6%, against 1.3%).
- Black Hills kept more of each dollar of sales as operating profit (23.3% operating margin, against 18.0% operating margin).
- Avista turned more of its sales into free cash flow (−5.1% FCF margin, against −6.3% FCF margin).
- Investors pay more for each dollar of Black Hills’s earnings: a P/E of 20.0x against 13.6x for Avista.
| Latest fiscal year | AVA · FY25 | BKH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.1B | $6.0B |
| Revenue | $2.0B | $2.3B |
| Free cash flow | −$101M | −$146M |
| Net income | $193M | $292M |
| Growth | ||
| Revenue growth | 1.3% | 8.6% |
| 5-year growth | 8.2% | 6.4% |
| Share count change | 2.8% | 4.7% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 18.0% | 23.3% |
| Net margin | 9.8% | 12.6% |
| FCF margin | −5.1% | −6.3% |
| Return on capital | — | 5.7% |
| Return on equity | 7.3% | 8.0% |
| Balance sheet | ||
| Net debt | — | $4.5B |
| Net debt / EBITDA | — | 5.5x |
| Dividends and buybacks | $159M | $198M |
| Valuation & quality | ||
| P/E | 13.6x | 20.0x |
| Piotroski F-score | — | 6 |
FY16
AVA $1.4B
BKH $1.5B
FY17
AVA $1.4B
BKH $1.7B
FY18
AVA $1.4B
BKH $1.8B
FY19
AVA $1.3B
BKH $1.7B
FY20
AVA $1.3B
BKH $1.7B
FY21
AVA $1.4B
BKH $1.9B
FY22
AVA $1.7B
BKH $2.6B
FY23
AVA $1.8B
BKH $2.3B
FY24
AVA $1.9B
BKH $2.1B
FY25
AVA $2.0B
BKH $2.3B
AVA
BKH
FY16
AVA 20.8%
BKH 21.9%
FY17
AVA 20.2%
BKH 24.8%
FY18
AVA 18.7%
BKH 22.6%
FY19
AVA 15.6%
BKH 23.4%
FY20
AVA 17.6%
BKH 25.2%
FY21
AVA 15.9%
BKH 21.0%
FY22
AVA 11.1%
BKH 17.8%
FY23
AVA 14.7%
BKH 20.3%
FY24
AVA 15.8%
BKH 23.7%
FY25
AVA 18.0%
BKH 23.3%
AVA
BKH
FY16
AVA −$48.4M
BKH −$134M
FY17
AVA −$2.0M
BKH $102M
FY18
AVA −$62.5M
BKH $31.3M
FY19
AVA −$44.3M
BKH −$313M
FY20
AVA −$73.3M
BKH −$226M
FY21
AVA −$173M
BKH −$742M
FY22
AVA −$328M
BKH −$19.6M
FY23
AVA −$52.0M
BKH $389M
FY24
AVA $1.0M
BKH −$24.9M
FY25
AVA −$101M
BKH −$146M
AVA
BKH
FY16
AVA 5.9%
BKH 6.0%
FY17
AVA 4.9%
BKH 6.1%
FY18
AVA 5.9%
BKH 7.5%
FY19
AVA 4.6%
BKH 6.3%
FY20
AVA 5.3%
BKH 6.1%
FY21
AVA 4.8%
BKH 5.8%
FY22
AVA 3.9%
BKH 5.5%
FY23
AVA —
BKH 5.6%
FY24
AVA —
BKH 5.7%
FY25
AVA —
BKH 5.7%
AVA
BKH
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.