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Stocks · Utilities · Electric Services

BLACK HILLS CORP /SD/

BKH Clue Score34
United States Fiscal year ends December CIK 0001130464
$76.08 -0.58% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $76.08 +20.53% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1.54Operating income0.34Net income0.07EPS, diluted1.37Fiscal year 2017Revenue1.68 +9.2%Operating income0.42Net income0.18 +142.6%EPS, diluted3.21 +134.3%Fiscal year 2018Revenue1.75 +4.1%Operating income0.40Net income0.26 +46.0%EPS, diluted4.66 +45.2%Fiscal year 2019Revenue1.73 −1.3%Operating income0.41Net income0.20 −22.9%EPS, diluted3.28 −29.6%Fiscal year 2020Revenue1.68 −2.6%Operating income0.43Net income0.23 +14.2%EPS, diluted3.65 +11.3%Fiscal year 2021Revenue1.93 +14.9%Operating income0.41Net income0.24 +4.0%EPS, diluted3.74 +2.5%Fiscal year 2022Revenue2.54 +31.7%Operating income0.46Net income0.26 +9.2%EPS, diluted3.97 +6.1%Fiscal year 2023Revenue2.30 −9.5%Operating income0.47Net income0.26 +1.5%EPS, diluted3.91 −1.5%Fiscal year 2024Revenue2.10 −8.8%Operating income0.50Net income0.27 +4.2%EPS, diluted3.91 +0.0%Fiscal year 2025Revenue2.29 +9.0%Operating income0.54Net income0.29 +6.8%EPS, diluted3.98 +1.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1.54 1.68 1.75 1.73 1.68 1.93 2.54 2.30 2.10 2.29
Growth +9.2% +4.1% −1.3% −2.6% +14.9% +31.7% −9.5% −8.8% +9.0%
Operating income 0.34 0.42 0.40 0.41 0.43 0.41 0.46 0.47 0.50 0.54
Net income 0.07 0.18 0.26 0.20 0.23 0.24 0.26 0.26 0.27 0.29
Growth +142.6% +46.0% −22.9% +14.2% +4.0% +9.2% +1.5% +4.2% +6.8%
EPS, diluted 1.37 3.21 4.66 3.28 3.65 3.74 3.97 3.91 3.91 3.98
Growth +134.3% +45.2% −29.6% +11.3% +2.5% +6.1% −1.5% +0.0% +1.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin21.8%Net margin4.7%Free cash flow margin−8.7%Fiscal year 2017Operating margin24.8%Net margin10.5%Free cash flow margin6.1%Fiscal year 2018Operating margin22.7%Net margin14.8%Free cash flow margin1.8%Fiscal year 2019Operating margin23.5%Net margin11.5%Free cash flow margin−18.1%Fiscal year 2020Operating margin25.5%Net margin13.5%Free cash flow margin−13.4%Fiscal year 2021Operating margin21.2%Net margin12.3%Free cash flow margin−38.4%Fiscal year 2022Operating margin17.9%Net margin10.2%Free cash flow margin−0.8%Fiscal year 2023Operating margin20.5%Net margin11.4%Free cash flow margin16.9%Fiscal year 2024Operating margin24.0%Net margin13.0%Free cash flow margin−1.2%Fiscal year 2025Operating margin23.5%Net margin12.8%Free cash flow margin−6.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 21.8% 24.8% 22.7% 23.5% 25.5% 21.2% 17.9% 20.5% 24.0% 23.5%
Net margin 4.7% 10.5% 14.8% 11.5% 13.5% 12.3% 10.2% 11.4% 13.0% 12.8%
Free cash flow margin −8.7% 6.1% 1.8% −18.1% −13.4% −38.4% −0.8% 16.9% −1.2% −6.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.32Capital expenditure−0.45Free cash flow−0.13Dividends paid−0.09Fiscal year 2017Operating cash flow0.43Capital expenditure−0.33Free cash flow0.10Dividends paid−0.10Fiscal year 2018Operating cash flow0.49Capital expenditure−0.46Free cash flow0.03 −69.4%Dividends paid−0.11Fiscal year 2019Operating cash flow0.51Capital expenditure−0.82Free cash flow−0.31 −1,100.0%Dividends paid−0.12Fiscal year 2020Operating cash flow0.54Capital expenditure−0.77Free cash flow−0.23Dividends paid−0.14Fiscal year 2021Operating cash flow−0.06Capital expenditure−0.68Free cash flow−0.74Dividends paid−0.15Fiscal year 2022Operating cash flow0.58Capital expenditure−0.60Free cash flow−0.02Dividends paid−0.16Fiscal year 2023Operating cash flow0.94Capital expenditure−0.56Free cash flow0.39Dividends paid−0.17Fiscal year 2024Operating cash flow0.72Capital expenditure−0.74Free cash flow−0.02 −106.4%Dividends paid−0.18Fiscal year 2025Operating cash flow0.67Capital expenditure−0.82Free cash flow−0.15Dividends paid−0.20
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.32 0.43 0.49 0.51 0.54 −0.06 0.58 0.94 0.72 0.67
Capital expenditure −0.45 −0.33 −0.46 −0.82 −0.77 −0.68 −0.60 −0.56 −0.74 −0.82
Free cash flow −0.13 0.10 0.03 −0.31 −0.23 −0.74 −0.02 0.39 −0.02 −0.15
Growth −69.4% −1,100.0% −106.4%
Dividends paid −0.09 −0.10 −0.11 −0.12 −0.14 −0.15 −0.16 −0.17 −0.18 −0.20

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.01Total debt3.22Net cash (debt)−3.20Shareholders’ equity1.61Debt to equity1.99Fiscal year 2017Cash0.02Total debt3.12Net cash (debt)−3.10Shareholders’ equity1.71Debt to equity1.82Fiscal year 2018Cash0.02Total debt2.96Net cash (debt)−2.94Shareholders’ equity2.18Debt to equity1.36Fiscal year 2019Cash0.01Total debt3.15Net cash (debt)−3.14Shareholders’ equity2.36Debt to equity1.33Fiscal year 2020Cash0.01Total debt3.54Net cash (debt)−3.53Shareholders’ equity2.56Debt to equity1.38Fiscal year 2021Cash0.01Total debt4.13Net cash (debt)−4.12Shareholders’ equity2.79Debt to equity1.48Fiscal year 2022Cash0.02Total debt4.13Net cash (debt)−4.11Shareholders’ equity2.99Debt to equity1.38Fiscal year 2023Cash0.09Total debt4.40Net cash (debt)−4.31Shareholders’ equity3.22Debt to equity1.37Fiscal year 2024Cash0.02Total debt4.25Net cash (debt)−4.23Shareholders’ equity3.50Debt to equity1.21Fiscal year 2025Cash0.18Total debt4.70Net cash (debt)−4.52Shareholders’ equity3.82Debt to equity1.23
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.01 0.02 0.02 0.01 0.01 0.01 0.02 0.09 0.02 0.18
Total debt 3.22 3.12 2.96 3.15 3.54 4.13 4.13 4.40 4.25 4.70
Net cash (debt) −3.20 −3.10 −2.94 −3.14 −3.53 −4.12 −4.11 −4.31 −4.23 −4.52
Shareholders’ equity 1.61 1.71 2.18 2.36 2.56 2.79 2.99 3.22 3.50 3.82
Debt to equity 1.99 1.82 1.36 1.33 1.38 1.48 1.38 1.37 1.21 1.23

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
21.8% 24.8% 22.7% 23.5% 25.5% 21.2% 17.9% 20.5% 24.0% 23.5%
13.4% 16.8% 14.6% 14.1% 16.4% 13.4% 11.6% 13.1% 15.3% 15.0%
4.7% 10.5% 14.8% 11.5% 13.5% 12.3% 10.2% 11.4% 13.0% 12.8%
−8.7% 6.1% 1.8% −18.1% −13.4% −38.4% −0.8% 16.9% −1.2% −6.4%
Spending
29.6% 19.4% 26.2% 47.4% 45.7% 35.1% 23.8% 24.1% 35.5% 35.9%
28.7% 26.0% −9.2% 12.2% 11.9% 2.8% 8.5% 8.5% 11.3% 12.7%
Returns
4.5% 10.4% 11.8% 8.4% 8.9% 8.5% 8.6% 8.2% 7.8% 7.6%
1.1% 2.7% 3.7% 2.6% 2.8% 2.6% 2.7% 2.7% 2.7% 2.7%
Balance and payout
1.99 1.82 1.36 1.33 1.38 1.48 1.38 1.37 1.21 1.23
120.0% 54.6% 41.2% 62.5% 59.5% 61.3% 60.6% 64.1% 66.8% 67.9%
n/a 94.6% 340.7% n/a n/a n/a n/a 43.2% n/a n/a