Black Hills Corporation (BKH) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 10, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 6, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the BKH SEC filings page.
Black Hills Corporation (BKH) reported $2.3B in revenue over the twelve months to Jun 30, 2026, up 2.5% from the prior twelve months. 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).
Black Hills converts recurring operating profit into cash, but its asset-heavy expansion repeatedly consumes more cash than operations generate.
The key cash-conversion mismatch is visible across periods: in FY2023, operating cash flow of$944M exceeded$556M of capital spending, leaving free cash flow positive. By FY2025, capital spending had risen to$820M and free cash flow was-$146M despite positive operating cash flow, showing that reinvestment absorbs much of the cash created by operations.
Revenue fell in FY2024 and recovered in FY2025, yet operating margin remained roughly within an
Total assets rose from
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 Corporation'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 Corporation 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 68/100, reflecting efficient cost management and pricing power. This is down from 23.6% the prior year.
Black Hills Corporation's revenue grew 8.6% year-over-year to $2.3B, a solid pace of expansion. This earns a growth score of 22/100.
Black Hills Corporation has elevated debt relative to equity (D/E of 1.23), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 21/100, reflecting increased financial risk.
With a current ratio of 1.35, Black Hills Corporation holds $1.35 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 85/100.
While Black Hills Corporation generated $673.4M in operating cash flow, capex of $819.8M consumed most of it, leaving -$146.4M in free cash flow. This results in a low score of 73/100, reflecting heavy capital investment rather than weak cash generation.
Black Hills Corporation earns a strong 7.6% return on equity (ROE), meaning it generates $8 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 76/100. This is down from 7.8% the prior year.
Black Hills Corporation scores 1.07, 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 Corporation 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 Corporation 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 Corporation 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 Corporation generated $452.8M in revenue in Q2 2026. This represents an increase of 3.1% from the same quarter a year earlier. Against the prior quarter it is down 42.0%.
Black Hills Corporation's EBITDA was $172.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 13.1% from the same quarter a year earlier. Against the prior quarter it is down 37.7%.
Black Hills Corporation reported $38.2M in net income in Q2 2026. This represents an increase of 38.9% from the same quarter a year earlier. Against the prior quarter it is down 70.8%.
Black Hills Corporation earned $0.50 per diluted share (EPS) in Q2 2026. This represents an increase of 31.6% from the same quarter a year earlier. Against the prior quarter it is down 71.1%.
Cash & Balance Sheet
Black Hills Corporation recorded an outflow of $23.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents an increase of 24.1% from the same quarter a year earlier. Against the prior quarter it is up 74.8%.
Black Hills Corporation held $71.5M in cash against $4.0B in long-term debt as of Q2 2026.
Black Hills Corporation paid $0.70 per share in dividends in Q2 2026. This represents an increase of 4.0% from the same quarter a year earlier. It is unchanged from the prior quarter.
Margins & Returns
Black Hills Corporation's operating margin was 21.4% in Q2 2026, reflecting core business profitability. This is up 2.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 4.4 percentage points.
Black Hills Corporation's net profit margin was 8.4% in Q2 2026, showing the share of revenue converted to profit. This is up 2.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 8.3 percentage points.
Black Hills Corporation's ROE was 1.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.4 percentage points.
Not reported for Q2 2026.
Capital Allocation
Black Hills Corporation invested $218.1M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 0.4% from the same quarter a year earlier. Against the prior quarter it is down 18.4%.
Not reported for Q2 2026.
Not reported for Q2 2026.
BKH Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $452.8M+3.1% | $780.7M-3.0% | $635.6M+6.4% | $430.2M+7.1% | $439.0M+9.0% | $805.2M+10.8% | $597.1M+0.9% | $401.6M-1.4% |
| Operating Income | $97.0M+17.6% | $201.9M-1.5% | $171.3M+4.8% | $78.7M+3.8% | $82.5M+16.9% | $205.0M+6.1% | $163.4M+19.7% | $75.8M-22.5% |
| EBITDA | $172.3M+13.1% | $276.7M+0.9% | $244.6M+5.6% | $150.2M+3.5% | $152.3M+11.0% | $274.2M+5.8% | $231.7M+14.7% | $145.1M-10.8% |
| Interest Expense | $51.6M+5.5% | $51.9M+1.2% | $50.5M+1.2% | $49.4M+9.3% | $48.9M+14.8% | $51.3M+16.6% | $49.9M | $45.2M |
| Income Tax | $5.2M+18.2% | $17.6M-2.8% | $17.2M+34.4% | $4.0M+37.9% | $4.4M+18.9% | $18.1M+7.1% | $12.8M+33.3% | $2.9M-60.8% |
| Net Income | $38.2M+38.9% | $131.0M-2.5% | $104.9M+7.0% | $24.9M+2.0% | $27.5M+20.6% | $134.3M+5.0% | $98.0M+23.1% | $24.4M-46.3% |
| EPS (Basic) | $0.50+31.6% | $1.74-7.0% | $1.41+2.2% | $0.34-2.9% | $0.38+15.2% | $1.87-0.5% | $1.38+17.9% | $0.35-47.8% |
| EPS (Diluted) | $0.50+31.6% | $1.73-7.5% | $1.40+0.7% | $0.34-2.9% | $0.38+15.2% | $1.870.0% | $1.39+18.8% | $0.35-47.8% |
| Diluted Shares (Avg) | 76M+5.1% | 76M+5.3% | N/A | 73M+3.3% | 72M+4.9% | 72M+5.1% | N/A | 71M+4.7% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses.
BKH Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $11.0B+9.4% | $10.8B+7.5% | $10.9B+8.5% | $10.3B+6.3% | $10.1B-0.9% | $10.1B+4.0% | $10.0B+4.2% | $9.7B-2.2% |
| Current Assets | $745.1M+22.5% | $788.2M+11.3% | $995.9M+34.2% | $667.6M+11.4% | $608.4M-48.2% | $708.1M-11.2% | $742.3M-10.2% | $599.5M-51.7% |
| Cash & Equivalents | $71.5M+782.7% | $23.6M+257.6% | $182.8M+1035.4% | $21.1M+68.8% | $8.1M-98.7% | $6.6M-94.6% | $16.1M-81.4% | $12.5M-97.9% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $157.9M+8.7% | $146.8M+14.6% | $172.4M+12.0% | $173.0M+11.3% | $145.2M+7.7% | $128.1M-1.9% | $153.9M-4.4% | $155.4M-7.5% |
| Accounts Receivable | $282.1M+8.2% | $383.4M+1.5% | $389.0M+10.8% | $251.4M+22.4% | $260.8M+17.7% | $377.9M+13.0% | $351.2M+0.3% | $205.4M-10.2% |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| 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% |
| Total Liabilities | $7.1B+9.9% | $6.9B+7.0% | $7.0B+8.1% | $6.6B+4.6% | $6.5B-5.5% | $6.4B+1.3% | $6.5B+1.8% | $6.3B-7.3% |
| Current Liabilities | $1.4B+49.4% | $1.2B+31.4% | $740.0M-3.1% | $734.6M+37.0% | $953.9M-13.8% | $928.9M-14.7% | $763.4M-35.6% | $536.2M-66.5% |
| Non-Current Liabilities | $5.7B+3.1% | $5.7B+2.9% | $6.3B+9.5% | $5.8B+1.6% | $5.5B-3.8% | $5.5B+4.6% | $5.8B+10.3% | $5.7B+11.1% |
| Long-Term Debt | $4.0B+1.0% | $4.0B+1.0% | $4.7B+10.6% | $4.3B+0.1% | $4.0B-6.9% | $4.0B+3.9% | $4.3B+11.8% | $4.2B+11.8% |
| Total Equity | $3.9B+8.5% | $3.9B+8.5% | $3.8B+9.2% | $3.8B+9.3% | $3.6B+8.3% | $3.6B+9.0% | $3.5B+8.9% | $3.4B+8.8% |
| Retained Earnings | $1.4B+7.0% | $1.4B+6.4% | $1.3B+7.5% | $1.3B+7.6% | $1.3B+7.7% | $1.3B+7.5% | $1.2B+7.8% | $1.2B+6.8% |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $195.1M+3.4% | $176.2M-22.7% | $168.1M+9.7% | $88.9M-12.9% | $188.6M-18.2% | $227.8M-2.4% | $153.2M-18.7% | $102.1M-32.3% |
| Depreciation & Amortization | $75.3M+7.9% | $74.8M+8.1% | $73.3M+7.3% | $71.5M+3.2% | $69.8M+4.8% | $69.2M+5.0% | $68.3M+4.2% | $69.3M+6.8% |
| Stock-Based Compensation | N/A | $3.2M+23.1% | N/A | N/A | N/A | $2.6M+8.3% | N/A | N/A |
| Capital Expenditures | $218.1M-0.4% | $267.4M+74.9% | $269.6M+26.2% | $178.4M-5.2% | $218.9M+31.7% | $152.9M-13.2% | $213.7M+59.7% | $188.1M+17.5% |
| Free Cash Flow | -$23.0M+24.1% | -$91.2M-221.8% | -$101.5M-67.8% | -$89.5M-4.1% | -$30.3M-147.0% | $74.9M+30.9% | -$60.5M-210.8% | -$86.0M-834.8% |
| Investing Cash Flow | -$222.1M-0.5% | -$270.0M-74.0% | -$271.8M-27.0% | -$180.2M+5.8% | -$221.0M-34.9% | -$155.2M+12.3% | -$214.0M-61.0% | -$191.3M-20.8% |
| Financing Cash Flow | $75.1M+120.2% | -$65.2M+20.4% | $265.0M+310.2% | $104.6M+120.0% | $34.1M-92.2% | -$81.9M-313.6% | $64.6M+111.5% | -$522.9M-216.4% |
| Dividends Paid | $53.5M+9.2% | $53.1M+9.3% | $51.1M+9.9% | $49.2M+5.8% | $49.0M+9.1% | $48.6M+9.5% | $46.5M+8.9% | $46.5M+9.9% |
Not reported in any period shown, so not listed: Share Buybacks.
BKH Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 21.4%+2.6pp | 25.9%+0.4pp | 27.0%-0.4pp | 18.3%-0.6pp | 18.8%+1.3pp | 25.5%-1.2pp | 27.4%+4.3pp | 18.9%-5.1pp |
| Net Margin | 8.4%+2.2pp | 16.8%+0.1pp | 16.5%+0.1pp | 5.8%-0.3pp | 6.3%+0.6pp | 16.7%-0.9pp | 16.4%+3.0pp | 6.1%-5.1pp |
| Return on Equity | 1.0%+0.2pp | 3.3%-0.4pp | 2.7%-0.1pp | 0.7%-0.1pp | 0.8%+0.1pp | 3.7%-0.1pp | 2.8%+0.3pp | 0.7%-0.7pp |
| Return on Assets | 0.4%+0.1pp | 1.2%-0.1pp | 1.0%0.0pp | 0.2%0.0pp | 0.3%+0.1pp | 1.3%0.0pp | 1.0%+0.1pp | 0.3%-0.2pp |
| Current Ratio | 0.52-0.1x | 0.65-0.1x | 1.35+0.4x | 0.91-0.2x | 0.64-0.4x | 0.760.0x | 0.97+0.3x | 1.12+0.3x |
| Debt-to-Equity | 1.01-0.1x | 1.01-0.1x | 1.230.0x | 1.13-0.1x | 1.09-0.2x | 1.09-0.1x | 1.210.0x | 1.230.0x |
| Asset Turnover | 0.040.0x | 0.070.0x | 0.060.0x | 0.040.0x | 0.040.0x | 0.080.0x | 0.060.0x | 0.040.0x |
| FCF Margin | -5.1%+1.8pp | -11.7%-21.0pp | -16.0%-5.8pp | -20.8%+0.6pp | -6.9%-22.9pp | 9.3%+1.4pp | -10.1%-19.4pp | -21.4%-19.1pp |
Not reported in any period shown, so not listed: Gross Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Black Hills Corporation BKH | FY2025 | $2.3B | $291.6M | 12.6% | $5.8B | 58/100 |
| Spire Inc. SR | FY2025 | $2.5B | $271.7M | 11.0% | $4.6B | 43/100 |
| ONE GAS, INC. OGS | FY2025 | N/A | $264.2M | N/A | $4.6B | — |
| New Jersey Resources Corp NJR | FY2025 | $1.4B | $335.6M | 24.8% | $5.2B | 59/100 |
| Southwest Gas Holdings, Inc. SWX | FY2025 | N/A | $439.8M | N/A | $6.1B | — |
| MDU Resources Group, Inc. MDU | FY2025 | $1.9B | $190.4M | 10.2% | $3.9B | 39/100 |
Where Black Hills Corporation Ranks
Frequently Asked Questions
What is Black Hills Corporation's annual revenue?
Black Hills Corporation (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 Corporation's revenue growing?
Black Hills Corporation (BKH) revenue grew by 8.6% year-over-year, from $2.1B to $2.3B in fiscal year 2025.
Is Black Hills Corporation profitable?
Yes, Black Hills Corporation (BKH) reported a net income of $291.6M in fiscal year 2025, with a net profit margin of 12.6%.
What is Black Hills Corporation's EBITDA?
Black Hills Corporation (BKH) had EBITDA of $821.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Black Hills Corporation have?
As of fiscal year 2025, Black Hills Corporation (BKH) had $182.8M in cash and equivalents against $4.7B in long-term debt.
What is Black Hills Corporation's operating margin?
Black Hills Corporation (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 Corporation's net profit margin?
Black Hills Corporation (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 Corporation pay dividends?
Yes, Black Hills Corporation (BKH) paid $2.70 per share in dividends during fiscal year 2025.
What is Black Hills Corporation's return on equity (ROE)?
Black Hills Corporation (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 Corporation's free cash flow?
Black Hills Corporation (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 Corporation's operating cash flow?
Black Hills Corporation (BKH) generated $673.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Black Hills Corporation's total assets?
Black Hills Corporation (BKH) had $10.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Black Hills Corporation's capital expenditures?
Black Hills Corporation (BKH) invested $819.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Black Hills Corporation's current ratio?
Black Hills Corporation (BKH) had a current ratio of 1.35 as of fiscal year 2025, which is considered adequate.
What is Black Hills Corporation's debt-to-equity ratio?
Black Hills Corporation (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 Corporation's return on assets (ROA)?
Black Hills Corporation (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 Corporation's P/E ratio?
Black Hills Corporation (BKH) trades at 19.4x earnings, its market capitalization divided by net income of $299.0M net income, trailing 12 months to June 30, 2026. The market capitalization is $5.8B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Black Hills Corporation's price-to-sales ratio?
Black Hills Corporation (BKH) trades at 2.5x sales, its market capitalization divided by revenue of $2.3B revenue, trailing 12 months to June 30, 2026. The market capitalization is $5.8B as of Oct 10, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Black Hills Corporation's Altman Z-Score?
Black Hills Corporation (BKH) has an Altman Z-Score of 1.07, 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 Corporation's Piotroski F-Score?
Black Hills Corporation (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 Corporation's earnings high quality?
Black Hills Corporation (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 Corporation cover its interest payments?
Black Hills Corporation (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 Corporation?
Black Hills Corporation (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.