GBAF Logo
Global Banking & Finance Awards® 2026 Nominations open, free to enter Nominate now →
B

Black Hills BKH · USD

Utilities · US listing · 🇺🇸 United States

Compare

86.35

+1.74%

Close of 9 Nov 2026, in USD

Search any instrument

Reference data, closing prices and charts across 45,000 companies, plus crypto, commodities and currencies.

At a glance

Figures in USD, from our data supplier.

FY2025

Revenue

$2.31bn

FY2016FY2025

Net income

$291.6m

FY2016FY2025

Free cash flow

−$146.4m

FY2016FY2025

Shareholders' equity

$3.82bn

FY2016FY2025

Income statement

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue$2.31bn$2.13bn$2.33bn$2.55bn$1.95bn$1.70bn$1.73bn$1.75bn$1.68bn$1.54bn
Gross profit$888.7m$840.4m$796.4m$772.8m$705.5m$709.1m$668.1m$647.0m$662.4m$613.2m
Operating income$537.5m$503.1m$472.7m$455.2m$409.4m$428.3m$406.0m$397.0m$416.7m$336.2m
Net income$291.6m$273.1m$262.2m$258.4m$236.7m$227.6m$199.3m$258.4m$177.0m$73.0m
Diluted earnings per share3.873.813.863.953.693.633.254.433.221.34

Balance sheet

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Total assets$10.87bn$10.02bn$9.62bn$9.62bn$9.13bn$8.09bn$7.56bn$6.96bn$6.66bn$6.52bn
Cash and short-term investments$182.8m$16.1m$86.6m$21.4m$8.9m$6.4m$9.8m$20.8m$15.4m$13.6m
Total liabilities$6.96bn$6.44bn$6.31bn$6.53bn$6.24bn$5.43bn$5.09bn$4.68bn$4.84bn$4.79bn
Debt$4.70bn$4.38bn$4.40bn$4.67bn$4.55bn$3.77bn$3.50bn$3.14bn$3.33bn$3.31bn
Shareholders' equity$3.82bn$3.50bn$3.22bn$2.99bn$2.79bn$2.56bn$2.36bn$2.18bn$1.71bn$1.61bn
Shares outstanding75m72m68m65m64m63m61m58m55m54m

Cash flow

Fiscal years

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash from operations$673.4m$719.3m$944.4m$584.8m−$64.6m$541.9m$505.5m$488.8m$428.3m$320.5m
Capital spending−$819.8m−$744.2m−$555.6m−$604.4m−$677.5m−$767.4m−$818.4m−$457.5m−$326.0m−$474.8m
Free cash flow−$146.4m−$24.9m$388.8m−$19.6m−$742.1m−$225.5m−$312.9m$31.3m$102.3m−$154.3m
Dividends paid−$197.9m−$182.3m−$168.1m−$156.7m−$145.0m−$135.4m−$124.6m−$106.6m−$96.7m−$87.6m

Latest quarters

By quarter end

Jun 2026Mar 2026Dec 2025Sept 2025Jun 2025Mar 2025Dec 2024Sept 2024
Revenue$452.8m$780.7m$635.5m$430.2m$439.0m$805.2m$597.1m$401.6m
Gross profit$339.3m$218.0m$262.1m$167.4m$167.4m$291.8m$248.8m$161.5m
Operating income$97.0m$199.9m$171.4m$78.7m$82.5m$205.0m$163.3m$75.8m
Net income$38.2m$131.0m$104.9m$24.9m$27.5m$134.3m$98.1m$24.4m
Diluted earnings per share0.501.721.390.330.361.781.370.34
Cash from operations$195.0m$176.0m$168.0m$88.0m$188.0m$227.0m$153.0m$102.0m
Capital spending−$218.0m−$267.0m−$269.0m−$178.0m−$218.0m−$152.0m−$213.0m−$188.0m
Free cash flow−$23.0m−$91.0m−$101.0m−$90.0m−$30.0m$75.0m−$60.0m−$86.0m
Total assets$11.04bn$10.82bn$10.87bn$10.33bn$10.09bn$10.06bn$10.02bn$9.72bn
Cash and short-term investments$71.5m$31.4m$182.8m$21.1m$8.1m$6.6m$16.1m$12.5m
Debt$4.49bn$4.65bn$4.70bn$4.38bn$4.38bn$4.31bn$4.38bn$4.27bn
Shareholders' equity$3.94bn$3.95bn$3.82bn$3.77bn$3.64bn$3.64bn$3.50bn$3.45bn

Financial ratios

Data as of 14 Oct 2026

FY2025FY2024FY2023FY2022FY2021FY2020
Gross margin38.5%39.5%34.2%30.3%36.2%41.8%
Operating margin23.5%24.2%20.7%18.0%21.2%24.8%
Net margin12.6%12.8%11.2%10.1%12.1%13.4%
Return on equity7.6%7.8%8.2%8.6%8.5%8.9%
Return on assets2.7%2.7%2.7%2.7%2.6%2.8%
Free cash flow yield25.6%26.5%28.6%23.5%12.4%27.0%
Revenue growth8.6%-8.7%-8.6%30.9%14.9%-2.2%
Earnings growth6.8%4.2%1.5%9.2%4.0%14.2%
Current ratio1.35x0.97x0.70x0.64x0.90x0.71x
Debt to equity1.23x1.25x1.37x1.56x1.63x1.47x
Equity ratio35.2%34.9%33.4%31.1%30.5%31.7%
Interest coverage2.63x2.64x2.68x2.82x2.68x2.90x
Buybacks as a share of market value-5.3%-5.3%-3.9%-2.0%-2.3%-2.0%

Growth per year

Compound annual rate

3 years5 years10 years
Revenue-3.3%6.4%6.2%
Operating income5.7%4.6%6.0%
Net income4.1%5.1%—

Average margins

Over each period

1 year3 years5 years10 years
Gross margin39.0%35.4%36.3%37.2%
Operating margin23.4%21.1%21.6%22.3%
Net margin12.7%11.6%12.0%10.6%

Valuation history

At each fiscal year end

FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Price to earnings17.915.314.017.819.116.924.214.218.645.7
Price to sales2.32.01.61.82.32.32.82.12.02.2

Market value over time

30 Nov 2016 to 13 Oct 2026, in USD

$3.17bn$5.88bn

Share price return

Finished calendar years

2025202420232022202120202019201820172016
Return19%5%-20%1%16%-25%22%10%-6%33%

Dividends and splits

Per share, in the currency the company pays

Paid for 36 years. Last went ex-dividend on 17 Aug 2026.

FY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Paid in the year2.1092.7042.602.502.412.292.172.445
  • 3-for-2 split · 11 Mar 1998
  • 3-for-2 split · 3 Mar 1992

Sources and methodology

Data on this tab
Our data supplier
Chart on the Overview
TradingView

Nothing here is investment advice. Prices can be delayed or wrong, so check with the exchange before relying on them. Data for this page. How we cover markets.