Black Hills Financials
Black Hills (BKH) reported $2.3B in revenue for fiscal year 2025, up 8.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Rising profits are being absorbed by heavy reinvestment, making cash generation hinge more on outside capital than on retained cash.
In the latest year, net income was$291.6M while free cash flow was-$146.4M . That reverses the earlier cash surplus because capex climbed to$819.8M as operating cash flow eased to$673.4M ; the business is profitable, but today's cash is being routed into building and maintaining the asset base rather than piling up on the balance sheet.
The operating margin improved to
Balance-sheet growth has been financed by both creditors and shareholders: long-term debt increased to
Financial Health Signals
Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Black Hills's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Black Hills scores 1.06, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Black Hills passes 5 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 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 ($673.4M OCF vs $291.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Black Hills earns $2.69 in operating income for every $1 of interest expense ($537.5M vs $200.1M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Black Hills generated $2.3B in revenue in fiscal year 2025. This represents an increase of 8.6% from the prior year.
Black Hills's EBITDA was $821.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.2% from the prior year.
Black Hills reported $291.6M in net income in fiscal year 2025. This represents an increase of 6.8% 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.
Cash & Balance Sheet
Black Hills recorded an outflow of $146.4M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 488.0% from the prior year.
Black Hills held $182.8M in cash against $4.7B in long-term debt as of fiscal year 2025.
Black Hills paid $2.70 per share in dividends in fiscal year 2025. This represents an increase of 4.0% from the prior year.
Margins & Returns
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.
Not reported for fiscal year 2025.
Capital Allocation
Black Hills invested $819.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 10.2% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
BKH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3B | $2.3B+8.6% | $2.1B-8.7% | $2.3B-8.6% | $2.6B+30.9% | $1.9B+14.9% | $1.7B-2.2% | $1.7B-1.1% | $1.8B+4.4% | $1.7B+9.2% | $1.5B+22.0% | $1.3B-9.5% | $1.4B+9.2% | $1.3B+8.7% | $1.2B-7.7% | $1.3B |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $766.8M+10.0% | $697.2M |
| Operating Income | $548.9M | $537.5M+6.8% | $503.1M+6.4% | $472.7M+3.8% | $455.2M+11.2% | $409.4M-4.4% | $428.3M+5.5% | $406.0M+2.3% | $397.0M-4.7% | $416.7M+24.0% | $336.2M+11.9% | $300.4M+13.9% | $263.9M+1.7% | $259.4M-6.1% | $276.4M+48.4% | $186.2M |
| Interest Expense | $203.4M | $200.1M+10.1% | $181.7M+8.2% | $167.9M+4.3% | $161.0M+5.6% | $152.4M+6.2% | $143.5M+4.2% | $137.7M-1.7% | $140.0M+2.1% | $137.1M+0.7% | $136.1M+60.8% | $84.7M+19.3% | $71.0M-36.5% | $111.8M-1.6% | $113.6M+24.3% | $91.4M |
| Income Tax | $44.0M | $43.7M+20.4% | $36.3M+41.8% | $25.6M+1.6% | $25.2M+250.0% | $7.2M-78.1% | $32.9M+11.3% | $29.6M+225.0% | -$23.7M-132.3% | $73.4M+24.1% | $59.1M-24.9% | $78.7M+18.1% | $66.6M+5.7% | $63.0M+4.7% | $60.2M+230.4% | $18.2M |
| Net Income | $299.0M | $291.6M+6.8% | $273.1M+4.2% | $262.2M+1.5% | $258.4M+9.2% | $236.7M+4.0% | $227.6M+14.2% | $199.3M-22.9% | $258.4M+46.0% | $177.0M+142.6% | $73.0M+327.2% | -$32.1M-124.5% | $130.9M+13.9% | $115.0M+41.0% | $81.5M+63.9% | $49.7M |
| EPS (Diluted) | — | $3.98+1.8% | $3.910.0% | $3.91-1.5% | $3.97+6.1% | $3.74+2.5% | $3.65+11.3% | $3.28-29.6% | $4.66+45.2% | $3.21+134.3% | $1.37+293.0% | -$0.71-124.2% | $2.93+11.0% | $2.64+13.8% | $2.32+87.1% | $1.24 |
Not reported in any period shown, so not listed: Cost of Revenue, R&D Expenses, SG&A Expenses.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BKH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.9B+8.5% | $10.0B+4.2% | $9.6B0.0% | $9.6B+5.3% | $9.1B+12.9% | $8.1B+7.0% | $7.6B+8.5% | $7.0B+4.6% | $6.7B+1.8% | $6.5B+41.4% | $4.6B+9.0% | $4.2B+10.6% | $3.8B+2.9% | $3.7B-9.6% | $4.1B |
| Current Assets | $995.9M+34.2% | $742.3M-10.2% | $826.6M-22.9% | $1.1B+32.6% | $808.1M+63.8% | $493.3M+4.2% | $473.2M-6.1% | $503.8M-11.7% | $570.8M+22.3% | $466.8M-42.1% | $806.5M+77.6% | $454.0M+31.5% | $345.3M-14.8% | $405.1M-46.6% | $758.9M |
| Cash & Equivalents | $182.8M+1035.4% | $16.1M-81.4% | $86.6M+304.7% | $21.4M+139.9% | $8.9M+40.4% | $6.4M-35.0% | $9.8M-52.9% | $20.8M+34.7% | $15.4M+14.1% | $13.5M-96.9% | $440.9M+1977.8% | $21.2M+170.6% | $7.8M-49.3% | $15.5M-28.5% | $21.6M |
| Inventory | $172.4M+12.0% | $153.9M-4.4% | $160.9M-22.4% | $207.4M+37.4% | $151.0M+28.6% | $117.4M+0.2% | $117.2M-0.1% | $117.3M+3.5% | $113.3M+9.3% | $103.6M+19.2% | $86.9M-4.7% | $91.2M+3.1% | $88.5M+14.0% | $77.6M-7.6% | $84.1M |
| Accounts Receivable | $389.0M+10.8% | $351.2M+0.3% | $350.3M-31.1% | $508.2M+58.0% | $321.7M+20.9% | $266.0M+4.0% | $255.8M-5.0% | $269.2M+8.4% | $248.3M-4.2% | $259.3M+75.8% | $147.5M-22.4% | $190.0M+7.0% | $177.6M+8.5% | $163.7M+4.4% | $156.8M |
| Goodwill | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B+261.2% | $359.8M+1.8% | $353.4M0.0% | $353.4M0.0% | $353.4M0.0% | $353.4M |
| Total Liabilities | $7.0B+8.1% | $6.5B+1.8% | $6.4B-3.3% | $6.6B+4.4% | $6.3B+14.8% | $5.5B+6.4% | $5.2B+8.7% | $4.8B-3.4% | $4.9B+0.5% | $4.9B+55.9% | $3.2B+9.3% | $2.9B+13.2% | $2.6B+1.2% | $2.5B-14.9% | $3.0B |
| Current Liabilities | $740.0M-3.1% | $763.4M-35.6% | $1.2B-28.9% | $1.7B+84.8% | $901.7M+29.5% | $696.5M-14.1% | $811.3M+25.2% | $648.2M-0.1% | $649.1M+23.0% | $527.9M+29.9% | $406.4M-37.6% | $651.3M+72.1% | $378.4M-48.5% | $734.9M-16.3% | $878.1M |
| Long-Term Debt | $4.7B+10.6% | $4.3B+11.8% | $3.8B+5.4% | $3.6B-12.6% | $4.1B+17.0% | $3.5B+12.4% | $3.1B+6.4% | $3.0B-5.1% | $3.1B-3.2% | $3.2B+73.2% | $1.9B+46.2% | $1.3B-9.3% | $1.4B+48.8% | $938.9M-26.7% | $1.3B |
| Total Equity | $3.8B+9.2% | $3.5B+8.9% | $3.2B+7.4% | $3.0B+7.5% | $2.8B+8.8% | $2.6B+8.4% | $2.4B+8.3% | $2.2B+27.7% | $1.7B+5.8% | $1.6B+10.1% | $1.5B+8.3% | $1.4B+5.5% | $1.3B+6.4% | $1.2B+3.8% | $1.2B |
| Retained Earnings | $1.3B+7.5% | $1.2B+7.8% | $1.2B+8.8% | $1.1B+10.6% | $962.5M+10.5% | $870.7M+11.8% | $778.8M+11.2% | $700.4M+27.7% | $548.6M+19.8% | $457.9M-3.1% | $472.5M-18.1% | $577.2M+11.9% | $516.0M+4.7% | $492.9M+3.4% | $476.6M |
BKH Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $628.3M | $673.4M-6.4% | $719.3M-23.8% | $944.4M+61.5% | $584.8M+1005.3% | -$64.6M-111.9% | $541.9M+7.2% | $505.5M+3.4% | $488.8M+14.1% | $428.3M+33.6% | $320.5M-24.5% | $424.4M+34.6% | $315.3M-2.9% | $324.6M+2.4% | $317.0M+41.7% | $223.7M |
| Capital Expenditures | $933.5M | $819.8M+10.2% | $744.2M+33.9% | $555.6M-8.1% | $604.4M-10.8% | $677.5M-11.7% | $767.4M-6.2% | $818.4M+78.9% | $457.5M+40.3% | $326.0M-28.3% | $455.0M+70.8% | $266.4M-33.2% | $398.5M+12.3% | $354.7M+1.6% | $349.1M-20.8% | $440.7M |
| Free Cash Flow | -$305.2M | -$146.4M-488.0% | -$24.9M-106.4% | $388.8M+2083.7% | -$19.6M+97.4% | -$742.1M-229.0% | -$225.5M+27.9% | -$312.9M-1100.0% | $31.3M-69.4% | $102.3M+176.0% | -$134.5M-185.1% | $158.0M+290.0% | -$83.2M-176.2% | -$30.1M+6.3% | -$32.2M+85.2% | -$217.0M |
| Investing Cash Flow | -$944.1M | -$828.2M-11.0% | -$746.0M-39.0% | -$536.7M+11.1% | -$603.9M+9.1% | -$664.2M+12.8% | -$761.7M+6.7% | -$816.2M-75.2% | -$465.8M-46.9% | -$317.1M+80.0% | -$1.6B-233.4% | -$476.4M-18.8% | -$401.1M-14.9% | -$349.3M-3227.2% | $11.2M+102.5% | -$447.0M |
| Financing Cash Flow | $379.5M | $321.8M+850.1% | -$42.9M+87.4% | -$341.7M-1157.9% | $32.3M-95.6% | $731.9M+237.5% | $216.9M-27.8% | $300.2M+1860.0% | -$17.1M+84.3% | -$108.7M-112.9% | $841.0M+73.9% | $483.7M+431.1% | $91.1M+434.8% | $17.0M+104.6% | -$371.4M-248.8% | $249.6M |
| Dividends Paid | $206.9M | $197.9M+8.6% | $182.3M+8.4% | $168.1M+7.3% | $156.7M+8.1% | $145.0M+7.1% | $135.4M+8.7% | $124.6M+16.9% | $106.6M+10.2% | $96.7M+10.5% | $87.6M+20.6% | $72.6M+4.3% | $69.6M+3.0% | $67.6M+3.6% | $65.3M+10.2% | $59.2M |
Not reported in any period shown, so not listed: Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
BKH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 65.3%+10.5pp | 54.8% |
| Operating Margin | 23.3%-0.4pp | 23.6%+3.4pp | 20.3%+2.4pp | 17.8%-3.2pp | 21.0%-4.2pp | 25.2%+1.8pp | 23.4%+0.8pp | 22.6%-2.2pp | 24.8%+2.9pp | 21.9%-2.0pp | 23.8%+4.9pp | 18.9%-1.4pp | 20.3%-3.2pp | 23.5%+8.9pp | 14.6% |
| Net Margin | 12.6%-0.2pp | 12.8%+1.6pp | 11.3%+1.1pp | 10.1%-2.0pp | 12.1%-1.3pp | 13.4%+1.9pp | 11.5%-3.2pp | 14.7%+4.2pp | 10.5%+5.8pp | 4.7%+7.3pp | -2.5%-11.9pp | 9.4%+0.4pp | 9.0%+2.1pp | 7.0%+3.0pp | 3.9% |
| Return on Equity | 7.6%-0.2pp | 7.8%-0.4pp | 8.2%-0.5pp | 8.6%+0.1pp | 8.5%-0.4pp | 8.9%+0.5pp | 8.4%-3.4pp | 11.8%+1.5pp | 10.4%+5.8pp | 4.5%+6.7pp | -2.2%-11.9pp | 9.7%+0.7pp | 9.0%+2.2pp | 6.8%+2.5pp | 4.3% |
| Return on Assets | 2.7%0.0pp | 2.7%0.0pp | 2.7%0.0pp | 2.7%+0.1pp | 2.6%-0.2pp | 2.8%+0.2pp | 2.6%-1.1pp | 3.7%+1.1pp | 2.7%+1.5pp | 1.1%+1.8pp | -0.7%-3.8pp | 3.1%+0.1pp | 3.0%+0.8pp | 2.2%+1.0pp | 1.2% |
| Current Ratio | 1.35+0.4x | 0.97+0.3x | 0.70+0.1x | 0.64-0.3x | 0.90+0.2x | 0.71+0.1x | 0.58-0.2x | 0.78-0.1x | 0.880.0x | 0.88-1.1x | 1.98+1.3x | 0.70-0.2x | 0.91+0.4x | 0.55-0.3x | 0.86 |
| Debt-to-Equity | 1.230.0x | 1.210.0x | 1.180.0x | 1.20-0.3x | 1.48+0.1x | 1.380.0x | 1.330.0x | 1.35-0.5x | 1.82-0.2x | 1.99+0.7x | 1.26+0.3x | 0.94-0.2x | 1.09+0.3x | 0.78-0.3x | 1.10 |
| FCF Margin | -6.3%-5.2pp | -1.2%-17.8pp | 16.7%+17.5pp | -0.8%+37.3pp | -38.1%-24.8pp | -13.3%+4.7pp | -18.0%-19.8pp | 1.8%-4.3pp | 6.1%+14.8pp | -8.7%-21.3pp | 12.5%+18.5pp | -6.0%-3.6pp | -2.4%+0.4pp | -2.7%+14.3pp | -17.1% |
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Where Black Hills Ranks
Frequently Asked Questions
What is Black Hills's annual revenue?
Black Hills (BKH) reported $2.3B in total revenue for fiscal year 2025. This represents a 8.6% 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 grew by 8.6% year-over-year, from $2.1B to $2.3B in fiscal year 2025.
Is Black Hills profitable?
Yes, Black Hills (BKH) reported a net income of $291.6M in fiscal year 2025, with a net profit margin of 12.6%.
What is Black Hills's EBITDA?
Black Hills (BKH) had EBITDA of $821.3M 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 $182.8M in cash and equivalents against $4.7B 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 $2.70 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) recorded an outflow of $146.4M in free cash flow during fiscal year 2025. This represents a -488.0% 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 $673.4M 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 $10.9B 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 $819.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
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 1.06, placing it in the Distress Zone (elevated 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 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 2.69x, 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 58 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.