Detailed financial statements for Black Hills Corporation (BKH): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Black Hills Corporation operates as an American utility firm, delivering both electric power and natural gas through its subsidiaries. Its business is organized into two primary divisions: Electric Utilities and Gas Utilities. The Electric Utilities segment is responsible for generating, transmitting, and distributing electricity to approximately 218,000 customers spanning Colorado, Montana, South Dakota, and Wyoming.
Analysis Summary
Black Hills Corporation reported revenue of $2.31B in the most recent fiscal year, growing at a 5-year CAGR of 6.4%. Net income reached $291.6M, with a 5.1% 5-year CAGR.
Trailing-twelve-month margins: gross margin 42.9%, operating margin 23.8%, net margin 13.0%.
At $81.75 (closing price, October 29, 2026), BKH trades at a P/E of 20.64 and an ROE of 7.73%. Market capitalisation stands at $6.2B.
Balance sheet quality for BKH: current ratio of 1.3, net debt of $4.52B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is below average: free cash flow of -$146.4M represents -50% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.54B | $1.68B | $1.75B | $1.73B | $1.70B | $1.95B | $2.55B | $2.33B | $2.13B | $2.31B |
| Cost of Revenue | $925.7M | $1.02B | $1.11B | $1.07B | $987.8M | $1.24B | $1.78B | $1.53B | $1.29B | $1.42B |
| Gross Profit | $613.2M | $662.4M | $647.0M | $668.1M | $709.1M | $705.5M | $772.8M | $796.4M | $840.4M | $888.7M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $277.0M | $245.6M | $249.9M | $262.0M | $280.8M | $296.1M | $317.6M | $323.7M | $337.3M | $351.2M |
| Operating Income | $336.2M | $416.7M | $397.0M | $406.0M | $428.3M | $409.4M | $455.2M | $472.7M | $503.1M | $537.5M |
| EBITDA | $517.5M | $608.1M | $593.8M | $591.3M | $645.1M | $648.5M | $709.5M | $738.4M | $785.3M | $827.4M |
| Interest Expense | $136.1M | $138.1M | $141.6M | $139.3M | $144.9M | $154.1M | $162.6M | $180.0M | $195.2M | $206.9M |
| Pre-tax Income | $205.9M | $281.7M | $255.9M | $242.9M | $275.7M | $258.4M | $296.0M | $301.6M | $320.0M | $343.5M |
| 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 | $177.0M | $258.4M | $199.3M | $227.6M | $236.7M | $258.4M | $262.2M | $273.1M | $291.6M |
| EPS | $1.41 | $3.46 | $4.75 | $3.29 | $3.65 | $3.74 | $3.98 | $3.91 | $3.91 | $3.99 |
| EPS (Diluted) | $1.37 | $3.34 | $4.66 | $3.28 | $3.65 | $3.74 | $3.97 | $3.91 | $3.91 | $3.98 |
| Shares Outstanding (Diluted) | 53.3 M | 55.1 M | 55.5 M | 60.8 M | 62.4 M | 63.3 M | 65.0 M | 67.1 M | 69.9 M | 73.2 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $430.2M | $635.5M | $780.7M | $452.8M |
| Gross Profit | $167.4M | $262.1M | $218.0M | $339.3M |
| Operating Income | $78.7M | $171.4M | $199.9M | $97.0M |
| EBITDA | $150.8M | $249.6M | $277.9M | $172.5M |
| Net Income | $24.9M | $104.9M | $131.0M | $38.2M |
| EPS | $0.34 | $1.40 | $1.74 | $0.50 |
| EPS (Diluted) | $0.34 | $1.39 | $1.73 | $0.50 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $13.6M | $15.4M | $20.8M | $9.8M | $6.4M | $8.9M | $21.4M | $86.6M | $16.1M | $182.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $259.3M | $248.3M | $282.1M | $272.3M | $285.4M | $339.7M | $525.8M | $368.8M | $371.0M | $412.3M |
| Inventory | $107.2M | $113.3M | $117.3M | $117.2M | $117.4M | $151.0M | $207.4M | $160.9M | $153.9M | $172.4M |
| Total Current Assets | $466.8M | $570.8M | $503.8M | $473.2M | $493.3M | $808.1M | $1.07B | $826.6M | $742.3M | $995.9M |
| Property, Plant & Equipment | $4.47B | $4.54B | $4.85B | $5.50B | $6.02B | $6.45B | $6.80B | $7.12B | $7.63B | $8.23B |
| Goodwill | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B |
| Intangible Assets | $8.4M | $7.6M | $14.3M | $13.3M | $11.9M | $10.8M | $9.6M | $8.4M | $7.6M | $6.4M |
| Total Assets | $6.52B | $6.66B | $6.96B | $7.56B | $8.09B | $9.13B | $9.62B | $9.62B | $10.02B | $10.87B |
| Accounts Payable | $152.1M | $160.9M | $210.6M | $193.5M | $183.3M | $217.8M | $310.0M | $186.4M | $229.1M | $311.7M |
| Short-term Debt | $102.3M | $217.0M | $191.4M | $355.2M | $242.5M | $420.2M | $1.06B | $600.0M | $133.8M | 0 |
| Total Current Liabilities | $527.9M | $649.1M | $648.2M | $811.3M | $696.5M | $901.7M | $1.67B | $1.19B | $763.4M | $740.0M |
| Long-term Debt | $3.21B | $3.11B | $2.95B | $3.14B | $3.53B | $4.13B | $3.61B | $3.80B | $4.25B | $4.70B |
| Total Liabilities | $4.79B | $4.84B | $4.68B | $5.09B | $5.43B | $6.24B | $6.53B | $6.31B | $6.44B | $6.96B |
| Retained Earnings | $457.9M | $548.6M | $700.4M | $778.8M | $870.7M | $962.5M | $1.06B | $1.16B | $1.25B | $1.34B |
| Total Equity | $1.61B | $1.71B | $2.18B | $2.36B | $2.56B | $2.79B | $2.99B | $3.22B | $3.50B | $3.82B |
| Total Debt | $3.31B | $3.33B | $3.14B | $3.50B | $3.77B | $4.55B | $4.67B | $4.40B | $4.38B | $4.70B |
| Net Debt | $3.30B | $3.31B | $3.12B | $3.49B | $3.76B | $4.54B | $4.65B | $4.31B | $4.37B | $4.52B |
| Working Capital | -$61.1M | -$78.3M | -$144.4M | -$338.1M | -$203.2M | -$93.6M | -$595.0M | -$358.5M | -$21.1M | $255.9M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $21.1M | $182.8M | $31.4M | $71.5M |
| Total Assets | $10.33B | $10.87B | $10.82B | $11.04B |
| Total Liabilities | $6.48B | $6.96B | $6.79B | $7.01B |
| Total Equity | $3.77B | $3.82B | $3.95B | $3.94B |
| Total Debt | $4.38B | $4.70B | $4.65B | $4.49B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $82.6M | $208.4M | $279.5M | $213.3M | $242.8M | $251.3M | $270.8M | $262.2M | $283.7M | $299.8M |
| Depreciation & Amortization | $175.5M | $188.2M | $196.3M | $209.1M | $224.5M | $236.0M | $250.9M | $256.8M | $270.1M | $283.8M |
| Stock-based Compensation | $10.9M | $7.6M | $12.4M | $12.1M | $5.4M | $9.7M | $8.6M | $7.0M | $10.6M | $11.8M |
| Change in Working Capital | -$78.0M | -$53.7M | $8.6M | -$16.8M | $818,000 | -$592.4M | $33.4M | $382.8M | $106.3M | $20.3M |
| Operating Cash Flow | $320.5M | $428.3M | $488.8M | $505.5M | $541.9M | -$64.6M | $584.8M | $944.4M | $719.3M | $673.4M |
| Capital Expenditure | -$474.8M | -$326.0M | -$457.5M | -$818.4M | -$767.4M | -$677.5M | -$604.4M | -$555.6M | -$744.2M | -$819.8M |
| Acquisitions | -$907.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -$87.6M | -$96.7M | -$106.6M | -$124.6M | -$135.4M | -$145.0M | -$156.7M | -$168.1M | -$182.3M | -$197.9M |
| Free Cash Flow | -$154.3M | $102.3M | $31.3M | -$312.9M | -$225.5M | -$742.1M | -$19.6M | $388.8M | -$24.9M | -$146.4M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $88.9M | $168.1M | $176.2M | $195.1M |
| Capital Expenditure | -$178.4M | -$269.6M | -$267.4M | -$218.1M |
| Free Cash Flow | -$89.5M | -$101.5M | -$91.2M | -$23.0M |
| Dividends Paid | -$49.2M | -$51.1M | -$53.1M | -$53.5M |
| Stock-based Compensation | $2.3M | $3.8M | 0 | $3.2M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.2% | +4.4% | -1.1% | -2.2% | +14.9% | +30.9% | -8.6% | -8.7% | +8.6% | |
| Net Income Growth (YoY) | +142.6% | +46.0% | -22.9% | +14.2% | +4.0% | +9.2% | +1.5% | +4.2% | +6.8% | |
| EPS Growth (YoY) | +145.4% | +37.3% | -30.7% | +10.9% | +2.5% | +6.4% | -1.8% | +0.0% | +2.0% | |
| Shares Change (YoY) | +3.4% | +0.7% | +9.5% | +2.7% | +1.4% | +2.7% | +3.2% | +4.2% | +4.7% | |
| FCF Growth (YoY) | +166.3% | -69.4% | -1,100.0% | +27.9% | -229.0% | +97.4% | +2,083.7% | -106.4% | -488.0% | |
| Gross Margin | 39.8% | 39.4% | 36.9% | 38.5% | 41.8% | 36.2% | 30.3% | 34.2% | 39.5% | 38.5% |
| Operating Margin | 21.8% | 24.8% | 22.6% | 23.4% | 25.2% | 21.0% | 17.8% | 20.3% | 23.6% | 23.3% |
| EBITDA Margin | 33.6% | 36.2% | 33.9% | 34.1% | 38.0% | 33.3% | 27.8% | 31.7% | 36.9% | 35.8% |
| Net Margin | 4.7% | 10.5% | 14.7% | 11.5% | 13.4% | 12.1% | 10.1% | 11.2% | 12.8% | 12.6% |
| FCF Margin | -10.0% | 6.1% | 1.8% | -18.0% | -13.3% | -38.1% | -0.8% | 16.7% | -1.2% | -6.3% |
| Effective Tax Rate | 28.7% | 26.0% | -9.2% | 12.2% | 11.9% | 2.8% | 8.5% | 8.5% | 11.3% | 12.7% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-2.90 | $1.86 | $0.56 | $-5.15 | $-3.61 | $-11.72 | $-0.30 | $5.79 | $-0.36 | $-2.00 |
| Dividends Per Share | $1.64 | $1.76 | $1.92 | $2.05 | $2.17 | $2.29 | $2.41 | $2.51 | $2.61 | $2.70 |
| Shares Outstanding (Basic) | 51.9 M | 53.2 M | 54.4 M | 60.7 M | 62.4 M | 63.2 M | 64.9 M | 67.0 M | 69.8 M | 73.0 M |
What to look at in Utilities
Regulated businesses with slow growth but reliable dividends. They are bonds on steroids — look at debt, rates, and payout consistency.
- Regulated ROE (8-12%) — Utilities have an "allowed" ROE set by the regulator. Out of range = anomaly
- 5y EPS growth — Stable utilities grow EPS 4-6% annually — more = anomaly, less = dead
- 10y dividend growth — Top utilities ("Dividend Aristocrats") raise dividend 25+ consecutive years
- Net debt / EBITDA — Utilities use a lot of debt — >6x with high rates is an alarm
- Interest coverage — EBIT / interest. If it drops <3x during rate hikes, the dividend is in danger
- Payout Ratio — In utilities it is normally high (60-80%), but >90% indicates stress
Profitability
| Return on Equity | 7.73% |
| Return on Invested Capital | 4.73% |
| Return on Assets | 2.71% |
| Gross Margin | 42.92% |
| Operating Margin | 23.79% |
| Net Margin | 13.00% |
Financial Health
| Debt / Equity | 1.14 |
| Current Ratio | 0.52 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 1.01 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 43.50 | 17.37 | 13.22 | 23.87 | 16.84 | 18.87 | 17.67 | 13.80 | 14.97 | 17.40 |
| P/B | 1.97 | 1.87 | 1.57 | 2.02 | 1.50 | 1.60 | 1.52 | 1.12 | 1.17 | 1.33 |
| P/S | 2.07 | 1.90 | 1.95 | 2.75 | 2.26 | 2.29 | 1.79 | 1.55 | 1.92 | 2.19 |
| Gross Margin | 39.8% | 39.4% | 36.9% | 38.5% | 41.8% | 36.2% | 30.3% | 34.2% | 39.5% | 38.5% |
| Operating Margin | 21.8% | 24.8% | 22.6% | 23.4% | 25.2% | 21.0% | 17.8% | 20.3% | 23.6% | 23.3% |
| Net Margin | 4.7% | 10.5% | 14.7% | 11.5% | 13.4% | 12.1% | 10.1% | 11.2% | 12.8% | 12.6% |
Related companies: NWE · OTTR · PCG · POR · NJR · OGS · DTW · AVA
Explore sector: Utilities · Regulated Gas
More sections of BKH: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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