Black Hills Corp (BKH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.41	$0.54	+31.7%	—	$452.8M	—
Q1 26	$1.84	$1.79	-2.7%	—	$780.7M	—
Q4 25	$1.41	$1.41	0.0%	—	$635.5M	—
Q3 25	$0.4	$0.45	+12.5%	—	$430.2M	—
Q2 25	$0.36	$0.38	+5.6%	—	$439M	—
Q1 25	$1.93	$1.87	-3.1%	—	$805.2M	—
Q4 24	$1.34	$1.37	+2.2%	—	$597.1M	—
Q3 24	$0.47	$0.35	-25.5%	—	$401.6M	—
Q2 24	$0.32	$0.33	+3.1%	—	$402.6M	—
Q1 24	$1.72	$1.87	+8.7%	—	$726.4M	—
Q4 23	$1.1	$1.17	+6.4%	—	$591.7M	—
Q3 23	$0.53	$0.67	+26.4%	—	$407.1M	—
Q2 23	$0.38	$0.35	-7.9%	—	$411.3M	—
Q1 23	$1.66	$1.73	+4.2%	—	$921.2M	—
Q4 22	$1.16	$1.11	-4.3%	—	$791.4M	—
Q3 22	$0.58	$0.54	-6.9%	—	$462.6M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.99	—	—	$2.3B	—
FY24	—	$3.91	—	—	$2.1B	—
FY23	—	$3.91	—	—	$2.3B	—
FY22	—	$3.98	—	—	$2.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.5B	$1.7B	$1.8B	$1.7B	$1.7B	$1.9B	$2.6B	$2.3B	$2.1B	$2.3B
YoY change	+22%	+9.19%	+4.4%	-1.1%	-2.19%	+14.9%	+30.9%	-8.64%	-8.73%	+8.57%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.5B	1.7B	1.8B	1.7B	1.7B	1.9B	2.6B	2.3B	2.1B	2.3B
Cost of revenue	925.7M	1B	1.1B	1.1B	987.8M	1.2B	1.8B	1.5B	1.3B	1.4B
Gross profit	613.2M	662.4M	647M	668.1M	709.1M	705.5M	772.8M	796.4M	840.4M	888.7M
Gross margin	39.8%	39.4%	36.9%	38.5%	41.8%	36.2%	30.3%	34.2%	39.5%	38.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	55.3M	5.8M	1.8M	—	—	—	—	—	—	—
Operating income	336.2M	416.7M	397M	406M	428.3M	409.4M	455.2M	472.7M	503.1M	537.5M
Operating margin	21.8%	24.8%	22.6%	23.4%	25.2%	21%	17.8%	20.3%	23.6%	23.3%
Non-operating income, net	4.4M	2.1M	-1.2M	-25.5M	-9.2M	1.4M	1.8M	-3.2M	-1.4M	6.1M
Pretax income	205.9M	281.7M	255.9M	242.9M	275.7M	258.4M	296M	301.6M	320M	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	82.6M	191.3M	272.7M	213.3M	242.8M	251.2M	270.8M	276M	283.7M	299.8M
Net margin	5.37%	11.4%	15.5%	12.3%	14.3%	12.9%	10.6%	11.8%	13.3%	13%
EBITDA	514.3M	605.8M	593.8M	611.1M	651.9M	648.5M	709.5M	738.4M	785.3M	834.2M
EPS	1.41	3.46	4.75	3.29	3.65	3.74	3.98	3.91	3.91	3.99
Diluted EPS	1.37	3.34	4.66	3.28	3.65	3.74	3.97	3.91	3.91	3.98

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	407.1M	591.7M	726.4M	402.6M	401.6M	597.1M	805.2M	439M	430.2M	635.5M	780.7M	452.8M
Cost of revenue	227.9M	372.6M	450.2M	248.8M	240.1M	348.3M	513.4M	271.6M	262.8M	373.4M	485.9M	264M
Gross profit	179.2M	219.1M	276.2M	153.8M	161.5M	248.8M	291.8M	167.4M	167.4M	262.1M	294.8M	188.8M
Gross margin	44%	37%	38%	38.2%	40.2%	41.7%	36.2%	38.1%	38.9%	41.2%	37.8%	41.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	—	—	—	—	—	—	—	—	—	—	—	—
Operating income	97.8M	136.5M	193.3M	70.6M	75.8M	163.3M	205M	82.5M	78.7M	171.4M	201.9M	97M
Operating margin	24%	23.1%	26.6%	17.5%	18.9%	27.3%	25.5%	18.8%	18.3%	27%	25.9%	21.4%
Non-operating income, net	-600K	-1.7M	-800K	400K	-1.3M	300K	800K	-400K	600K	5M	700K	200K
Pretax income	56.2M	93M	148.5M	28.4M	29.3M	113.8M	154.5M	33.2M	29.9M	125.9M	150.7M	45.6M
Income tax	7.4M	9.7M	16.9M	3.7M	2.9M	12.7M	18.1M	4.4M	4M	17.2M	17.6M	5.2M
Net income	48.8M	83.3M	131.6M	24.7M	26.4M	101.1M	136.4M	28.8M	25.9M	108.7M	133.1M	40.4M
Net margin	12%	14.1%	18.1%	6.14%	6.57%	16.9%	16.9%	6.56%	6.02%	17.1%	17%	8.92%
EBITDA	165.6M	206.7M	260.4M	143.2M	149.2M	232.5M	275.4M	152.8M	152M	253.9M	278.6M	173.6M
EPS	0.67	1.17	1.88	0.33	0.35	1.37	1.87	0.38	0.34	1.39	1.74	0.5
Diluted EPS	0.67	1.17	1.87	0.33	0.35	1.37	1.87	0.38	0.34	1.39	1.73	0.5

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.2B	3.2B	3.4B	—	3.8B	4.4B	4.6B	3.6B	4.1B	5.1B	5.3B
Enterprise value	6.5B	6.5B	6.5B	—	7.6B	9B	9.2B	7.9B	8.5B	9.6B	9.9B
Shares outstanding	51.9M	53.2M	54.4M	60.7M	62.4M	62.6M	64.9M	67M	69.8M	73M	73M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	38.5	16.7	12.5	—	15.8	17.6	16.8	13.1	14.4	16.9	17.4
P/S	2.07	1.9	1.95	—	2.26	2.27	1.79	1.55	1.92	2.19	2.29
P/B	1.84	1.76	1.49	—	1.44	1.53	1.48	1.09	1.14	1.3	1.34
EV/EBITDA	12.6	10.7	11	—	11.7	13.8	13	10.7	10.8	11.5	11.8
EV/Sales	4.21	3.87	3.73	—	4.48	4.59	3.61	3.4	3.97	4.15	4.29
Earnings yield	2.6%	5.98%	7.98%	—	6.33%	5.69%	5.94%	7.64%	6.95%	5.92%	5.75%
FCF yield	-4.22%	3.2%	0.92%	—	-5.88%	-16.8%	-0.43%	10.8%	-0.61%	-2.89%	-1.46%
PEG	—	—	—	—	—	—	—	—	—	—	0.55

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	39.8%	39.4%	36.9%	38.5%	41.8%	36.2%	30.3%	34.2%	39.5%	38.5%	41.7%
Operating margin	21.8%	24.8%	22.6%	23.4%	25.2%	21%	17.8%	20.3%	23.6%	23.3%	21.4%
Net margin	5.37%	11.4%	15.5%	12.3%	14.3%	12.9%	10.6%	11.8%	13.3%	13%	13%
ROE	4.78%	10.5%	11.9%	8.66%	9.12%	8.7%	8.76%	8.35%	7.91%	7.68%	7.96%
ROA	1.26%	2.87%	3.92%	2.82%	3%	2.75%	2.82%	2.87%	2.83%	2.76%	3.22%
ROIC	4.76%	6.01%	7.34%	5.99%	5.87%	5.36%	5.38%	5.68%	5.61%	5.57%	5.69%
Return on tangible assets	2.1%	4.73%	6.29%	4.32%	4.44%	3.86%	3.87%	3.94%	3.83%	3.63%	3.66%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.88	0.88	0.78	0.58	0.71	0.9	0.64	0.7	0.97	1.35	0.52
Quick ratio	0.69	0.7	0.6	0.44	0.54	0.73	0.52	0.56	0.77	1.11	0.41
Debt / equity	1.92	1.83	1.37	1.42	1.42	1.57	1.51	1.33	1.22	1.2	1.12
Debt / assets	0.51	0.5	0.45	0.46	0.47	0.5	0.49	0.46	0.44	0.43	0.41
Net debt / EBITDA	6.42	5.47	5.26	5.7	5.77	7	6.55	5.84	5.56	5.42	5.15
Interest coverage	2.51	3.04	2.81	2.74	2.9	2.68	2.82	2.68	2.64	2.66	2.67
Effective tax rate	28.7%	26%	0%	12.2%	11.9%	2.79%	8.51%	8.49%	11.3%	12.7%	12.5%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	29.7	31.6	32.2	28.6	27.2	31.1	39.3	34.8	30.5	31.6	30.7
EPS (basic)	1.41	3.46	4.75	3.29	3.65	3.74	3.98	3.91	3.91	3.99	3.99
EPS (diluted)	1.37	3.34	4.66	3.28	3.65	3.74	3.97	3.91	3.91	3.98	3.97
Book value per share	33.3	34.2	42	40.6	42.7	46.1	47.6	49.3	51.4	53.5	51.7
FCF per share	-2.59	1.92	0.58	-5.16	-3.62	-11.9	-0.3	5.8	-0.36	-2.01	-4.01
Cash per share	0.26	0.29	0.38	0.16	0.1	0.14	0.33	1.29	0.23	2.5	0.94
Capex per share	8.77	6.13	8.41	13.5	12.3	10.8	9.32	8.29	10.7	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	29.6%	19.4%	26.1%	47.2%	45.2%	34.8%	23.7%	23.8%	35%	—	—
Capex / operating cash flow	149.9%	81.7%	95.3%	172.9%	146.7%	-913.1%	104.3%	59.6%	105.1%	—	—
Payout ratio	106%	50.6%	39.1%	58.4%	55.8%	57.7%	57.9%	60.9%	64.3%	66%	69.5%
Dividend yield	2.75%	3.03%	3.12%	—	3.53%	3.28%	3.43%	4.65%	4.46%	3.91%	4.03%

Yield

4.03%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.703

ex-dividend Aug 17, 2026

Payout ratio

69%

of earnings

Dividend growth

19 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 17, 2026	$0.703
May 15, 2026	$0.703
Feb 17, 2026	$0.703

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$407.1M	$591.7M	$726.4M	$402.6M	$401.6M	$597.1M	$805.2M	$439M	$430.2M	$635.5M	$780.7M	$452.8M
YoY change	-12%	-25.2%	-21.1%	-2.12%	-1.35%	+0.91%	+10.8%	+9.04%	+7.12%	+6.43%	-3.04%	+3.14%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	13.5M	15.4M	20.8M	9.8M	6.4M	8.9M	21.4M	86.6M	16.1M	182.8M
Receivables	136.9M	126.1M	146.7M	144.7M	146.9M	181M	267.6M	198.5M	201.5M	223.3M
Inventory	103.6M	113.3M	117.3M	117.2M	117.4M	151M	207.4M	160.9M	153.9M	172.4M
Total current assets	466.8M	570.8M	503.8M	473.2M	493.3M	808.1M	1.1B	826.6M	742.3M	995.9M
Property, plant & equipment	-751.2M	-855.8M	-947.2M	-1.1B	-1.1B	-1.4B	-1.6B	-1.8B	-1.6B	-1.8B
Goodwill & intangibles	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B
Total assets	6.5B	6.7B	7B	7.6B	8.1B	9.1B	9.6B	9.6B	10B	10.9B
Accounts payable	152.1M	160.9M	210.6M	193.5M	183.3M	217.8M	310M	186.4M	229.1M	311.7M
Short-term debt	102.3M	217M	191.4M	355.2M	242.5M	420.2M	1.1B	600M	133.8M	—
Total current liabilities	527.9M	649.1M	648.2M	811.3M	696.5M	901.7M	1.7B	1.2B	763.4M	740M
Long-term debt	3.2B	3.1B	3B	3.1B	3.5B	4.1B	3.6B	3.8B	4.3B	4.7B
Total liabilities	4.8B	4.8B	4.7B	5.1B	5.4B	6.2B	6.5B	6.3B	6.4B	7B
Shareholders' equity	1.7B	1.8B	2.3B	2.5B	2.7B	2.9B	3.1B	3.3B	3.6B	3.9B
Total debt	3.3B	3.3B	3.1B	3.5B	3.8B	4.5B	4.7B	4.4B	4.4B	4.7B
Net debt	3.3B	3.3B	3.1B	3.5B	3.8B	4.5B	4.6B	4.3B	4.4B	4.5B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	594.3M	86.6M	123M	624.8M	12.5M	16.1M	6.6M	8.1M	21.1M	182.8M	23.6M	71.5M
Receivables	164.2M	198.5M	216.1M	149.1M	136.9M	201.5M	263.6M	180.9M	173.7M	223.3M	269.4M	193.6M
Inventory	168.1M	160.9M	130.6M	134.8M	155.4M	153.9M	128.1M	145.2M	173M	172.4M	146.8M	157.9M
Total current assets	1.2B	826.6M	797.6M	1.2B	599.5M	742.3M	708.1M	608.4M	667.6M	995.9M	788.2M	745.1M
Property, plant & equipment	-1.8B	-1.8B	-1.8B	-1.9B	-1.9B	-1.6B	-2B	-2B	-2.1B	-1.8B	-2.2B	-2.2B
Goodwill & intangibles	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B	2.6B
Total assets	9.9B	9.6B	9.7B	10.2B	9.7B	10B	10.1B	10.1B	10.3B	10.9B	10.8B	11B
Accounts payable	124M	186.4M	132.6M	155.2M	136.3M	229.1M	216.8M	180.8M	219.1M	311.7M	210.8M	275.2M
Short-term debt	1.1B	600M	600M	600M	17.5M	133.8M	359.9M	423.7M	126M	—	662.2M	500M
Total current liabilities	1.6B	1.2B	1.1B	1.1B	536.2M	763.4M	928.9M	953.9M	734.6M	740M	1.2B	1.4B
Long-term debt	3.8B	3.8B	3.8B	4.2B	4.2B	4.3B	4B	4B	4.3B	4.7B	4B	4B
Total liabilities	6.7B	6.3B	6.3B	6.7B	6.2B	6.4B	6.3B	6.4B	6.5B	7B	6.8B	7B
Shareholders' equity	3.3B	3.3B	3.4B	3.4B	3.5B	3.6B	3.7B	3.7B	3.9B	3.9B	4B	4B
Total debt	4.9B	4.4B	4.4B	4.8B	4.3B	4.4B	4.3B	4.4B	4.4B	4.7B	4.7B	4.5B
Net debt	4.3B	4.3B	4.3B	4.2B	4.3B	4.4B	4.3B	4.4B	4.4B	4.5B	4.6B	4.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	146.8M	208.4M	279.5M	213.3M	242.8M	251.2M	270.8M	276M	283.7M	299.8M
Depreciation & amortization	175.5M	188.2M	196.3M	209.1M	224.5M	236M	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	7M	10.6M	11.8M
Change in working capital	-69.5M	-53.7M	8.6M	-16.8M	818K	-592.5M	33.4M	382.8M	106.3M	20.3M
Operating cash flow	303.4M	398.9M	480.3M	473.4M	523M	-74.2M	579.3M	932.9M	708.1M	673.4M
Capital expenditure	-455M	-326M	-457.5M	-818.4M	-767.4M	-677.5M	-604.4M	-555.6M	-744.2M	—
Investing cash flow	-1.6B	-325M	-486.2M	-816.2M	-761.7M	-664.2M	-603.9M	-536.7M	-746M	-8.4M
Dividends paid	-87.6M	-96.7M	-106.6M	-124.6M	-135.4M	-145M	-156.7M	-168.1M	-182.3M	-197.9M
Share repurchases	—	—	—	—	—	—	—	—	—	—
Financing cash flow	841M	-108.7M	-17.1M	300.2M	216.9M	731.9M	32.3M	-341.7M	-42.9M	321.8M
Net change in cash	-435.3M	-34.8M	-23M	-42.6M	-21.8M	-6.5M	7.7M	54.5M	-80.8M	986.8M
Free cash flow	-134.5M	102.3M	31.3M	-312.9M	-225.5M	-742.1M	-19.6M	388.8M	-24.9M	-146.4M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	48.8M	83.3M	131.6M	24.6M	26.4M	101.1M	136.4M	28.8M	25.9M	108.7M	133.1M	40.4M
Depreciation & amortization	64.8M	65.6M	65.9M	66.6M	69.3M	68.3M	69.2M	69.8M	71.5M	73.3M	74.8M	75.3M
Stock-based compensation	300K	2.4M	2.4M	3M	2.8M	2.4M	2.6M	3.1M	2.3M	3.8M	3.2M	3.2M
Change in working capital	33.8M	23.9M	14.3M	124.2M	-3.9M	-28.3M	-20.7M	78.5M	-9.3M	-28.2M	-68.9M	84M
Operating cash flow	148.9M	184.8M	230.4M	228M	98.8M	150.9M	225.6M	188.6M	88.9M	168.1M	176.2M	195.1M
Capital expenditure	-160.1M	-133.8M	-176.2M	-166.2M	-188.1M	-213.7M	-152.9M	—	—	—	—	—
Investing cash flow	-158.4M	-132.9M	-176.9M	-163.8M	-191.3M	-214M	-155.2M	-2.1M	-1.8M	-2.2M	-2.6M	-4M
Dividends paid	-42.3M	-42.7M	-44.4M	-44.9M	-46.5M	-46.5M	-48.6M	-49M	-49.2M	-51.1M	-53.1M	-53.5M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	449.4M	-38M	-19.8M	435.2M	-522.9M	-69.2M	-155.8M	97.9M	104.6M	398.8M	-65.2M	-14.9M
Net change in cash	439.9M	13.9M	33.7M	499.4M	-615.4M	-132.3M	-85.4M	284.4M	191.7M	564.7M	108.4M	176.2M
Free cash flow	-9.2M	54.5M	57.2M	64.4M	-86M	-60.5M	74.9M	-30.3M	-89.5M	-101.5M	-91.2M	-23M

Date	Ratio
Mar 11, 1998	3:2
Mar 3, 1992	3:2
Mar 3, 1986	2:1
Jun 1, 1983	2:1
Feb 2, 1976	2:1

Black Hills Corp Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history