Stocks BKH Financial statements
Financial statementsBLACK HILLS CORP /SD/ financial statements
Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data BLACK HILLS CORP /SD/ files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,539 | 1,680 | 1,754 | 1,735 | 1,697 | 1,949 | 2,552 | 2,331 | 2,128 | 2,310 |
| Operating expenses | 1,203 | 1,264 | 1,357 | 1,329 | 1,269 | 1,540 | 2,097 | 1,859 | 1,625 | 1,773 |
| Operating income | 336 | 417 | 397 | 406 | 428 | 409 | 455 | 473 | 503 | 538 |
| Interest expense | 136 | 137 | 140 | 138 | 143 | 152 | 161 | 168 | 182 | 200 |
| Interest income | 1.43 | 1.02 | 1.64 | 1.63 | 1.46 | 1.7 | 1.6 | 12.1 | 13.5 | 6.8 |
| Other non-operating income | 4.39 | 2.11 | -141 | -163 | -153 | -151 | -159 | -171 | -183 | -194 |
| Pre-tax income | 206 | 282 | 256 | 243 | 276 | 258 | 296 | 302 | 320 | 344 |
| Income tax | 59.1 | 73.4 | -23.7 | 29.6 | 32.9 | 7.2 | 25.2 | 25.6 | 36.3 | 43.7 |
| Income from continuing operations | 137 | 194 | 265 | |||||||
| Net income to minority interests | 9.66 | 14.2 | 14.2 | 14 | 15.2 | 14.5 | 12.4 | 13.8 | 10.6 | 8.2 |
| Net income | 73 | 177 | 258 | 199 | 228 | 237 | 258 | 262 | 273 | 292 |
| EBITDA | 512 | 605 | 593 | 615 | 653 | 645 | 706 | 730 | 773 | 821 |
| EPS, basic | 1.41 | 3.33 | 4.75 | 3.29 | 3.65 | 3.74 | 3.98 | 3.91 | 3.91 | 3.99 |
| EPS, diluted | 1.37 | 3.21 | 4.66 | 3.28 | 3.65 | 3.74 | 3.97 | 3.91 | 3.91 | 3.98 |
| Shares, basic (weighted) | 51.9 | 53.2 | 54.4 | 60.7 | 62.4 | 63.2 | 64.9 | 67 | 69.8 | 73 |
| Shares, diluted (weighted) | 53.3 | 55.1 | 55.5 | 60.8 | 62.4 | 63.3 | 73.2 | 67.1 | 69.9 | 73.2 |
| Dividend per share | 1.68 | 1.81 | 1.93 | 2.05 | 2.17 | 2.29 | 2.41 | 2.50 | 2.60 | 2.70 |
Balance sheet
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | 13.5 | 15.4 | 20.8 | 9.78 | 6.36 | 8.92 | 21.4 | 86.6 | 16.1 | 183 |
| Receivables | 259 | 248 | 269 | 256 | 266 | 322 | 508 | 350 | 351 | 389 |
| Inventory | 104 | 113 | 117 | 117 | 117 | 151 | 207 | 161 | 154 | 172 |
| Other current assets | 23.9 | 25.4 | 30 | 26.5 | 26.2 | 29 | 50.6 | 28.2 | 39.2 | 81.1 |
| Total current assets | 467 | 571 | 504 | 473 | 493 | 808 | 1,072 | 827 | 742 | 996 |
| Property, plant and equipment | 4,386 | 4,541 | 4,855 | 5,503 | 6,020 | 6,449 | 6,798 | 7,119 | 7,630 | 8,234 |
| Lease right-of-use assets | 4.63 | 4.19 | ||||||||
| Goodwill | 1,299 | 1,299 | 1,299 | 1,299 | 1,299 | 1,299 | 1,300 | 1,300 | 1,300 | 1,300 |
| Intangible assets | 8.39 | 7.56 | 14.3 | 13.3 | 11.9 | 10.8 | 9.6 | 8.4 | 7.6 | 6.4 |
| Long-term investments | 12.6 | 13.1 | 41 | 21.9 | 15.8 | 15.5 | ||||
| Other non-current assets | 11.5 | 10.1 | 14.4 | 41.3 | 37.8 | 38.1 | 46.7 | 62.2 | 70.4 | 78.8 |
| Total assets | 6,542 | 6,659 | 6,963 | 7,558 | 8,089 | 9,132 | 9,618 | 9,620 | 10,023 | 10,870 |
| Accounts payable | 152 | 161 | 211 | 194 | 183 | 218 | 310 | 186 | 229 | 312 |
| Accrued liabilities | 236 | 219 | 216 | 227 | 244 | 245 | 244 | 293 | 302 | 323 |
| Short-term debt | 5.74 | 5.74 | 5.74 | 5.74 | 8.44 | 0 | 525 | 600 | 0 | 0 |
| Total current liabilities | 528 | 649 | 648 | 811 | 697 | 902 | 1,667 | 1,185 | 763 | 740 |
| Long-term debt | 3,211 | 3,109 | 2,951 | 3,140 | 3,528 | 4,127 | 3,607 | 3,801 | 4,250 | 4,701 |
| Other non-current liabilities | 116 | 106 | 109 | 125 | 135 | 141 | 156 | 189 | 201 | 213 |
| Total liabilities | 4,812 | 4,839 | 4,676 | 5,094 | 5,426 | 6,245 | 6,528 | 6,315 | 6,437 | 6,964 |
| Total debt | 3,217 | 3,115 | 2,957 | 3,146 | 3,537 | 4,127 | 4,132 | 4,401 | 4,250 | 4,701 |
| Paid-in capital | 1,139 | 1,150 | 1,451 | 1,553 | 1,657 | 1,783 | 1,883 | 2,008 | 2,193 | 2,418 |
| Retained earnings | 458 | 549 | 700 | 779 | 871 | 962 | 1,064 | 1,158 | 1,249 | 1,343 |
| Treasury stock | -0.79 | -2.31 | -2.51 | -0.27 | -2.12 | -3.51 | -2.4 | -4.1 | -3.3 | -2.6 |
| Other comprehensive income | -34.9 | -41.2 | -26.9 | -30.7 | -27.3 | -20.1 | -15.6 | -14.8 | -9.4 | -9.7 |
| Shareholders' equity | 1,615 | 1,709 | 2,182 | 2,362 | 2,561 | 2,787 | 2,995 | 3,215 | 3,502 | 3,824 |
| Total equity | 1,730 | 1,820 | 2,287 | 2,464 | 2,663 | 2,887 | 3,090 | 3,306 | 3,585 | 3,906 |
| Total liabilities and equity | 6,542 | 6,659 | 6,963 | 7,558 | 8,089 | 9,132 | 9,618 | 9,620 | 10,023 | 10,870 |
| Shares outstanding | 68 | 71.7 | 75.5 |
Cash flow statement
| FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income | 82.6 | 191 | 273 | 213 | 243 | 251 | 271 | 276 | 284 | 300 |
| Depreciation and amortization | 176 | 188 | 196 | 209 | 224 | 236 | 251 | 257 | 270 | 284 |
| Stock-based compensation | 10.9 | 7.63 | 12.4 | 12.1 | 5.37 | 9.7 | 8.6 | 7 | 10.6 | 11.8 |
| Deferred income tax | 82.7 | 81 | -24.2 | 38 | 38.1 | 7.3 | 25.6 | 25.4 | 52 | 54.3 |
| Change in inventory | 1.21 | -10.1 | -2.92 | 2.05 | 2.76 | -35.7 | -75.4 | 51.4 | 13.2 | -17.8 |
| Cash from operations | 320 | 428 | 489 | 506 | 542 | -64.6 | 585 | 944 | 719 | 673 |
| Capital expenditures | -455 | -326 | -458 | -818 | -767 | -678 | -604 | -556 | -744 | -820 |
| Cash from investing | -1,588 | -317 | -466 | -816 | -762 | -664 | -604 | -537 | -746 | -828 |
| Debt issued | 1,768 | 0 | 700 | 1,100 | 400 | 600 | 0 | 800 | 450 | 450 |
| Debt repaid | -1,164 | -106 | -855 | -906 | -8.6 | -8.4 | 0 | -525 | -600 | 0 |
| Stock issued | 122 | 4.41 | 301 | 101 | 99.3 | 119 | 90.1 | 118 | 181 | 219 |
| Dividends paid | -87.6 | -96.7 | -107 | -125 | -135 | -145 | -157 | -168 | -182 | -198 |
| Cash from financing | 841 | -109 | -17.1 | 300 | 217 | 732 | 32.3 | -342 | -42.9 | 322 |
| Net change in cash | -427 | 1.9 | 5.91 | -10.5 | -2.92 | 3.1 | 13.2 | 66 | -69.6 | 167 |
| Free cash flow | -134 | 102 | 31.3 | -313 | -226 | -742 | -19.6 | 389 | -24.9 | -146 |
| Interest paid | 114 | 132 | 138 | 132 | 137 | 143 | 153 | 157 | 174 | 196 |
| Income taxes paid | 1.16 | -1.78 | 14.7 | -4.68 | -2.17 | -1.5 | -0.8 | 1 | -14.4 | -8.8 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Operating margin | 23.9% | Operating income / revenue. |
| EBITDA margin | 36.7% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 15.3% | Pre-tax income / revenue. |
| Net margin | 13.0% | Net income / revenue. |
| FCF margin | -13.3% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 27.3% | Cash from operations / revenue. |
| Effective tax rate | 12.5% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 7.6% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 2.7% | Net income / average total assets. |
| Return on invested capital (ROIC) | 5.8% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| Stock-based pay / revenue | 0.5% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 40.6% | Capital expenditures / revenue. |
| D&A / revenue | 12.8% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 8.6% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | -3.3% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 6.4% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | 6.8% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | 5.7% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | 4.6% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | 6.2% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | 5.2% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | 4.7% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | 6.8% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 4.1% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 5.1% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | 1.8% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | 0.1% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 1.7% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -6.4% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 4.8% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | 4.4% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 4.0% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 3.9% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Dividend per share CAGR, 5y | 4.5% | Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Book value growth, 1y | 9.2% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 8.5% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value CAGR, 5y | 8.3% | Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Total assets growth, 1y | 8.5% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 4.2% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets CAGR, 5y | 6.1% | Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Share count change, 1y | 4.7% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 0.0% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 3.2% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 0.52x | Current assets / current liabilities. |
| Quick ratio | 0.25x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.05x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 1.12x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 39.9% | Total debt / total assets. |
| Liabilities / assets | 63.5% | Total liabilities / total assets. |
| Net debt | $4.33B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 5.13x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Interest coverage | 2.70x | Operating income / interest expense. |
| Working capital | -$680.1M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 11.8% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | $2.64B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.21x | Revenue / average total assets. |
| Fixed asset turnover | 0.27x | Revenue / average property, plant and equipment. |
| Receivables turnover | 8.15x | Revenue / average receivables. |
| Days sales outstanding | 45 days | 365 x average receivables / revenue. |
| FCF conversion | -102.1% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 148.6% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $3.93 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $30.21 | Revenue / diluted weighted shares. |
| FCF per share | -$4.01 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $8.26 | Cash from operations / diluted weighted shares. |
| Book value per share | $51.82 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | $34.67 | Tangible book value / shares outstanding. |
| Cash per share | $0.94 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 69.2% | Dividends paid / net income, when net income is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $5.37B | Share price x shares outstanding. |
| Enterprise value | $9.71B | Market cap + total debt - cash - short-term investments. |
| P/E | 18.0x | Market cap / net income. Only when net income is positive. |
| P/S | 2.34x | Market cap / revenue. |
| P/B | 1.36x | Market cap / shareholders' equity. Only when equity is positive. |
| Price / tangible book | 2.04x | Market cap / tangible book value, when positive. |
| P/OCF | 8.55x | Market cap / cash from operations, when positive. |
| EV/Sales | 4.22x | Enterprise value / revenue. |
| EV/EBIT | 17.7x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 11.5x | Enterprise value / EBITDA, when both are positive. |
| FCF yield | -5.7% | Free cash flow / market cap. |
| Earnings yield | 5.6% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 3.9% | Dividends paid over the period / market cap. |
| Shareholder yield | 3.9% | (Dividends paid + share buybacks) / market cap. |
| PEG | 214x | P/E / EPS growth per year over 3 years (in percent). Only when both are positive. |
What was BLACK HILLS CORP /SD/'s revenue in fiscal 2025?
BLACK HILLS CORP /SD/ reported revenue of $2.31B for fiscal 2025, 8.6% higher than the year before.
Was BLACK HILLS CORP /SD/ profitable in fiscal 2025?
Yes. Net income was $291.6M, a net margin of 12.6%.
How much free cash flow did BLACK HILLS CORP /SD/ generate in fiscal 2025?
Cash from operations of $673.4M minus capital expenditures of $819.8M left free cash flow of -$146.4M.