Black Hills Financials
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Black Hills has an operating margin of 23.3%, meaning the company retains $23 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is down from 23.6% the prior year.
Black Hills's revenue declined 100% year-over-year, from $2.1B to $2K. This contraction results in a growth score of 0/100.
Black Hills carries a low D/E ratio of 1.23, meaning only $1.23 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 66/100, indicating a strong balance sheet with room for future borrowing.
Black Hills's current ratio of 1.35 indicates adequate short-term liquidity, earning a score of 34/100. The company can meet its near-term obligations, though with limited headroom.
While Black Hills generated $673 in operating cash flow, capex of $820 consumed most of it, leaving -$146 in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Black Hills's ROE of 7.6% shows moderate profitability relative to equity, earning a score of 31/100. This is down from 7.8% the prior year.
Black Hills scores 475909.21, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($5.6B) relative to total liabilities ($7K). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Black Hills passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Black Hills generates $2.31 in operating cash flow ($673 OCF vs $292 net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Black Hills earns $2.7 in operating income for every $1 of interest expense ($538 vs $200). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
This page shows Black Hills (BKH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Black Hills generated $2K in revenue in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Black Hills's EBITDA was $690 in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 100.0% from the prior year.
Black Hills generated -$146 in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 100.0% from the prior year.
Black Hills reported $292 in net income in fiscal year 2025. This represents a decrease of 100.0% from the prior year.
Black Hills earned $3.98 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1.8% from the prior year.
Black Hills held $183 in cash against $5K in long-term debt as of fiscal year 2025.
Black Hills paid $2.50 per share in dividends in fiscal year 2025. This represents a decrease of 3.8% from the prior year.
Black Hills had 75M shares outstanding in fiscal year 2025. This represents an increase of 5.4% from the prior year.
Black Hills's operating margin was 23.3% in fiscal year 2025, reflecting core business profitability. This is down 0.4 percentage points from the prior year.
Black Hills's net profit margin was 12.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.2 percentage points from the prior year.
Black Hills's ROE was 7.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.2 percentage points from the prior year.
Black Hills invested $820 in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 100.0% from the prior year.
BKH Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $635.6M+47.7% | $430.2M-2.0% | $439.0M-45.5% | $805.2M+34.9% | $597.1M+48.7% | $401.6M-0.2% | $402.6M-44.6% | $726.4M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $171.3M+117.7% | $78.7M-4.6% | $82.5M-59.8% | $205.0M+25.5% | $163.4M+115.6% | $75.8M+7.4% | $70.6M-63.5% | $193.3M |
| Interest Expense | $50.5M+2.2% | $49.4M+1.0% | $48.9M-4.7% | $51.3M+2.8% | $49.9M+10.4% | $45.2M+6.1% | $42.6M-3.2% | $44.0M |
| Income Tax | $17.2M+330.0% | $4.0M-9.1% | $4.4M-75.7% | $18.1M+41.4% | $12.8M+341.4% | $2.9M-21.6% | $3.7M-78.1% | $16.9M |
| Net Income | $104.9M+321.3% | $24.9M-9.5% | $27.5M-79.5% | $134.3M+37.0% | $98.0M+301.6% | $24.4M+7.0% | $22.8M-82.2% | $127.9M |
| EPS (Diluted) | $1.39+308.8% | $0.34-10.5% | $0.38-79.7% | $1.87+37.5% | $1.36+288.6% | $0.35+6.1% | $0.33-82.4% | $1.87 |
BKH Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.9B+5.2% | $10.3B+2.4% | $10.1B+0.3% | $10.1B+0.4% | $10.0B+3.1% | $9.7B-4.6% | $10.2B+5.3% | $9.7B |
| Current Assets | $995.9M+49.2% | $667.6M+9.7% | $608.4M-14.1% | $708.1M-4.6% | $742.3M+23.8% | $599.5M-48.9% | $1.2B+47.1% | $797.6M |
| Cash & Equivalents | $182.8M+766.4% | $21.1M+160.5% | $8.1M+22.7% | $6.6M-59.0% | $16.1M+28.8% | $12.5M-98.0% | $624.8M+408.0% | $123.0M |
| Inventory | $172.4M-0.3% | $173.0M+19.1% | $145.2M+13.3% | $128.1M-16.8% | $153.9M-1.0% | $155.4M+15.3% | $134.8M+3.2% | $130.6M |
| Accounts Receivable | $389.0M+54.7% | $251.4M-3.6% | $260.8M-31.0% | $377.9M+7.6% | $351.2M+71.0% | $205.4M-7.3% | $221.5M-33.8% | $334.4M |
| Goodwill | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B |
| Total Liabilities | $7.0B+7.4% | $6.6B+1.6% | $6.5B+0.5% | $6.4B-1.5% | $6.5B+4.0% | $6.3B-8.1% | $6.8B+7.7% | $6.3B |
| Current Liabilities | $740.0M+0.7% | $734.6M-23.0% | $953.9M+2.7% | $928.9M+21.7% | $763.4M+42.4% | $536.2M-51.6% | $1.1B+1.7% | $1.1B |
| Long-Term Debt | $4.7B+10.5% | $4.3B+7.6% | $4.0B0.0% | $4.0B-7.0% | $4.3B0.0% | $4.2B0.0% | $4.2B+11.7% | $3.8B |
| Total Equity | $3.8B+1.5% | $3.8B+3.6% | $3.6B0.0% | $3.6B+3.8% | $3.5B+1.6% | $3.4B+2.7% | $3.4B+0.7% | $3.3B |
| Retained Earnings | $1.3B+4.2% | $1.3B-1.9% | $1.3B-1.6% | $1.3B+6.9% | $1.2B+4.3% | $1.2B-1.8% | $1.2B-1.8% | $1.2B |
BKH Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $168.1M+89.1% | $88.9M-52.9% | $188.6M-17.2% | $227.8M+48.7% | $153.2M+50.0% | $102.1M-55.7% | $230.6M-1.2% | $233.4M |
| Capital Expenditures | $269.6M+51.1% | $178.4M-18.5% | $218.9M+43.2% | $152.9M-28.5% | $213.7M+13.6% | $188.1M+13.2% | $166.2M-5.7% | $176.2M |
| Free Cash Flow | -$101.5M-13.4% | -$89.5M-195.4% | -$30.3M-140.5% | $74.9M+223.8% | -$60.5M+29.7% | -$86.0M-233.5% | $64.4M+12.6% | $57.2M |
| Investing Cash Flow | -$271.8M-50.8% | -$180.2M+18.5% | -$221.0M-42.4% | -$155.2M+27.5% | -$214.0M-11.9% | -$191.3M-16.8% | -$163.8M+7.4% | -$176.9M |
| Financing Cash Flow | $265.0M+153.3% | $104.6M+206.7% | $34.1M+141.6% | -$81.9M-226.8% | $64.6M+112.4% | -$522.9M-220.2% | $435.2M+2298.0% | -$19.8M |
| Dividends Paid | $51.1M+3.9% | $49.2M+0.4% | $49.0M+0.8% | $48.6M+4.5% | $46.5M0.0% | $46.5M+3.6% | $44.9M+1.1% | $44.4M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BKH Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 27.0%+8.7pp | 18.3%-0.5pp | 18.8%-6.7pp | 25.5%-1.9pp | 27.4%+8.5pp | 18.9%+1.3pp | 17.5%-9.1pp | 26.6% |
| Net Margin | 16.5%+10.7pp | 5.8%-0.5pp | 6.3%-10.4pp | 16.7%+0.3pp | 16.4%+10.3pp | 6.1%+0.4pp | 5.7%-12.0pp | 17.6% |
| Return on Equity | 2.7%+2.1pp | 0.7%-0.1pp | 0.8%-2.9pp | 3.7%+0.9pp | 2.8%+2.1pp | 0.7%+0.0pp | 0.7%-3.2pp | 3.8% |
| Return on Assets | 1.0%+0.7pp | 0.2%-0.0pp | 0.3%-1.1pp | 1.3%+0.3pp | 1.0%+0.7pp | 0.3%+0.0pp | 0.2%-1.1pp | 1.3% |
| Current Ratio | 1.35+0.4 | 0.91+0.3 | 0.64-0.1 | 0.76-0.2 | 0.97-0.1 | 1.12+0.1 | 1.06+0.3 | 0.73 |
| Debt-to-Equity | 1.23+0.1 | 1.13+0.0 | 1.090.0 | 1.09-0.1 | 1.21-0.0 | 1.23-0.0 | 1.26+0.1 | 1.14 |
| FCF Margin | -16.0%+4.8pp | -20.8%-13.9pp | -6.9%-16.2pp | 9.3%+19.4pp | -10.1%+11.3pp | -21.4%-37.4pp | 16.0%+8.1pp | 7.9% |
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Frequently Asked Questions
What is Black Hills's annual revenue?
Black Hills (BKH) reported $2K in total revenue for fiscal year 2025. This represents a -100.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Black Hills's revenue growing?
Black Hills (BKH) revenue declined by 100% year-over-year, from $2.1B to $2K in fiscal year 2025.
Is Black Hills profitable?
Yes, Black Hills (BKH) reported a net income of $292 in fiscal year 2025, with a net profit margin of 12.6%.
What is Black Hills's earnings per share (EPS)?
Black Hills (BKH) reported diluted earnings per share of $3.98 for fiscal year 2025. This represents a 1.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Black Hills's EBITDA?
Black Hills (BKH) had EBITDA of $690 in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Black Hills have?
As of fiscal year 2025, Black Hills (BKH) had $183 in cash and equivalents against $5K in long-term debt.
What is Black Hills's operating margin?
Black Hills (BKH) had an operating margin of 23.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Black Hills's net profit margin?
Black Hills (BKH) had a net profit margin of 12.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Black Hills pay dividends?
Yes, Black Hills (BKH) paid $2.50 per share in dividends during fiscal year 2025.
What is Black Hills's return on equity (ROE)?
Black Hills (BKH) has a return on equity of 7.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Black Hills's free cash flow?
Black Hills (BKH) generated -$146 in free cash flow during fiscal year 2025. This represents a 100.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Black Hills's operating cash flow?
Black Hills (BKH) generated $673 in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Black Hills's total assets?
Black Hills (BKH) had $11K in total assets as of fiscal year 2025, including both current and long-term assets.
What are Black Hills's capital expenditures?
Black Hills (BKH) invested $820 in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How many shares does Black Hills have outstanding?
Black Hills (BKH) had 75M shares outstanding as of fiscal year 2025.
What is Black Hills's current ratio?
Black Hills (BKH) had a current ratio of 1.35 as of fiscal year 2025, which is considered adequate.
What is Black Hills's debt-to-equity ratio?
Black Hills (BKH) had a debt-to-equity ratio of 1.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Black Hills's return on assets (ROA)?
Black Hills (BKH) had a return on assets of 2.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Black Hills's Altman Z-Score?
Black Hills (BKH) has an Altman Z-Score of 475909.21, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Black Hills's Piotroski F-Score?
Black Hills (BKH) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Black Hills's earnings high quality?
Black Hills (BKH) has an earnings quality ratio of 2.31x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Black Hills cover its interest payments?
Black Hills (BKH) has an interest coverage ratio of 2.7x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Black Hills?
Black Hills (BKH) scores 38 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.