Black Hills vs OGE Energy
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KIRA’s take AI analyst
I put Black Hills and OGE Energy side by side, using each one’s latest annual report. Here is what stands out:
- OGE Energy is the larger business, with $3.3B of revenue in fiscal 2025 against $2.3B for Black Hills.
- OGE Energy grew revenue faster (9.2%, against 8.6%).
- OGE Energy kept more of each dollar of sales as operating profit (24.5% operating margin, against 23.3%).
- OGE Energy turned more of its sales into free cash flow (2.5% FCF margin, against −6.3%).
- OGE Energy earned a higher return on the capital invested in it (6.5%, against 5.7%).
- Investors pay more for each dollar of OGE Energy’s earnings: a P/E of 21.6x against 20.2x for Black Hills.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Black Hills
BKH
0/10
OGE Energy
OGE
9/10
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | BKH FY25 | OGE FY25 |
|---|---|---|
| Size | ||
| Market cap | $6.1B | $10.0B |
| Revenue | $2.3B | $3.3B |
| Free cash flow | −$146M | $82.7M |
| Net income | $292M | $471M |
| Growth | ||
| Revenue growth | 8.6% | 9.2% |
| 5-year growth | 6.4% | 9.0% |
| Share count change | 4.7% | 0.6% |
| Profitability | ||
| Gross margin | — | 61.4% |
| Operating margin | 23.3% | 24.5% |
| Net margin | 12.6% | 14.4% |
| FCF margin | −6.3% | 2.5% |
| Return on capital | 5.7% | 6.5% |
| Return on equity | 8.0% | 9.8% |
| Balance sheet | ||
| Net debt | $4.5B | $5.7B |
| Net debt / EBITDA | 5.5x | 4.2x |
| Dividends and buybacks | $198M | $342M |
| Valuation & quality | ||
| P/E | 20.2x | 21.6x |
| Piotroski F-score | 6 | 6 |
Ten years
Revenue
FY16
BKH $1.5B
OGE $2.3B
FY17
BKH $1.7B
OGE $2.3B
FY18
BKH $1.8B
OGE $2.3B
FY19
BKH $1.7B
OGE $2.2B
FY20
BKH $1.7B
OGE $2.1B
FY21
BKH $1.9B
OGE $3.7B
FY22
BKH $2.6B
OGE $3.4B
FY23
BKH $2.3B
OGE $2.7B
FY24
BKH $2.1B
OGE $3.0B
FY25
BKH $2.3B
OGE $3.3B
BKH
OGE
Operating margin
FY16
BKH 21.9%
OGE 23.5%
FY17
BKH 24.8%
OGE 23.5%
FY18
BKH 22.6%
OGE 21.6%
FY19
BKH 23.4%
OGE 22.6%
FY20
BKH 25.2%
OGE 24.6%
FY21
BKH 21.0%
OGE 14.9%
FY22
BKH 17.8%
OGE 19.2%
FY23
BKH 20.3%
OGE 24.3%
FY24
BKH 23.7%
OGE 25.0%
FY25
BKH 23.3%
OGE 24.5%
BKH
OGE
Free cash flow
FY16
BKH −$134M
OGE −$15.4M
FY17
BKH $102M
OGE −$39.6M
FY18
BKH $31.3M
OGE $378M
FY19
BKH −$313M
OGE $46.0M
FY20
BKH −$226M
OGE $62.3M
FY21
BKH −$742M
OGE −$1.0B
FY22
BKH −$19.6M
OGE −$98.5M
FY23
BKH $389M
OGE $54.1M
FY24
BKH −$24.9M
OGE −$278M
FY25
BKH −$146M
OGE $82.7M
BKH
OGE
Return on capital
FY16
BKH 6.0%
OGE 6.0%
FY17
BKH 6.1%
OGE 8.0%
FY18
BKH 7.5%
OGE 6.0%
FY19
BKH 6.3%
OGE 6.5%
FY20
BKH 6.1%
OGE 5.6%
FY21
BKH 5.8%
OGE 5.6%
FY22
BKH 5.5%
OGE 6.1%
FY23
BKH 5.6%
OGE 6.3%
FY24
BKH 5.7%
OGE 6.5%
FY25
BKH 5.7%
OGE 6.5%
BKH
OGE
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.