BLACK HILLS CORP /SD/
BLACK HILLS CORP /SD/
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Financial Statements
Values in Millions ($) | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | Subscriber-only column | Subscriber-only column | Subscriber-only column | Subscriber-only column | Financial statements beyond 3 years are for subscribers only. Unlock 17+ years of income statements, balance sheets, and cash flow statements Start 7-day free trial |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets | |||||||||||||||||
Assets Current | |||||||||||||||||
Cash And Cash Equivalents At Carrying Value | 72 | 24 | 183 | 21 | 8 | 7 | 16 | 13 | 625 | 123 | 87 | 594 | |||||
Restricted Cash And Investments Current | 8 | 8 | 8 | 8 | 8 | 8 | 7 | 7 | 7 | 7 | 6 | 6 | |||||
Accounts Receivable Net Current | 282 | 383 | 389 | 251 | 261 | 378 | 351 | 205 | 222 | 334 | 350 | 229 | |||||
Inventory Net | 158 | 147 | 172 | 173 | 145 | 128 | 154 | 155 | 135 | 131 | 161 | 168 | |||||
Derivative Assets Current | - | - | - | - | - | 0 | - | - | - | - | 0 | 0 | |||||
Income Taxes Receivable | 24 | 23 | 23 | 21 | 21 | 20 | 20 | 20 | 20 | 18 | 19 | 18 | |||||
Regulatory Assets Current | 121 | 123 | 140 | 138 | 132 | 129 | 155 | 156 | 143 | 147 | 176 | 192 | |||||
Other Assets Current | 80 | 81 | 81 | 55 | 34 | 39 | 39 | 43 | 23 | 37 | 28 | 33 | |||||
Assets Current | 745 | 788 | 996 | 668 | 608 | 708 | 742 | 600 | 1,174 | 798 | 827 | 1,240 | |||||
Property Plant And Equipment Gross | 10,851 | 10,556 | 10,345 | 10,104 | 9,895 | 9,715 | 9,567 | 9,383 | 9,238 | 9,068 | 8,917 | 8,768 | |||||
Accumulated Depreciation Depletion And Amortizatio… | -2,211 | -2,163 | -2,111 | -2,077 | -2,034 | -1,993 | -1,937 | -1,913 | -1,883 | -1,845 | -1,798 | -1,756 | |||||
Property Plant And Equipment Net | 8,640 | 8,394 | 8,234 | 8,028 | 7,860 | 7,722 | 7,630 | 7,470 | 7,356 | 7,223 | 7,119 | 7,012 | |||||
Other Assets Noncurrent | |||||||||||||||||
Goodwill | 1,300 | 1,300 | 1,300 | 1,300 | 1,300 | 1,300 | 1,300 | 1,300 | 1,300 | 1,300 | 1,300 | 1,299 | |||||
Intangible Assets Net Excluding Goodwill | 6 | 6 | 6 | 7 | 7 | 7 | 8 | 8 | 8 | 8 | 8 | 9 | |||||
Regulatory Assets Noncurrent | 257 | 252 | 255 | 253 | 248 | 252 | 273 | 276 | 282 | 284 | 304 | 313 | |||||
Other Assets Noncurrent | 91 | 81 | 79 | 75 | 69 | 72 | 70 | 66 | 67 | 64 | 62 | 59 | |||||
Assets Noncurrent Other Than Noncurrent Investment… | 1,653 | 1,638 | 1,640 | 1,634 | 1,623 | 1,631 | 1,650 | 1,650 | 1,657 | 1,656 | 1,675 | 1,680 | |||||
Assets | 11,038 | 10,820 | 10,870 | 10,329 | 10,092 | 10,061 | 10,023 | 9,719 | 10,186 | 9,677 | 9,620 | 9,933 | |||||
Liabilities And Stockhold… | |||||||||||||||||
Liabilities Current | |||||||||||||||||
Accounts Payable Current | 275 | 211 | 312 | 219 | 181 | 217 | 229 | 136 | 155 | 133 | 186 | 124 | |||||
Accrued Liabilities Current | 269 | 260 | 323 | 292 | 251 | 253 | 302 | 292 | 260 | 264 | 293 | 257 | |||||
Derivative Liabilities Current | 1 | 2 | 6 | 5 | 2 | 0 | 4 | 5 | 2 | 2 | 7 | 2 | |||||
Regulatory Liability Current | 94 | 86 | 100 | 92 | 97 | 99 | 94 | 86 | 90 | 90 | 99 | 94 | |||||
Short Term Borrowings | 90 | 252 | 0 | 126 | 124 | 60 | 134 | 18 | 0 | 0 | 0 | 0 | |||||
Long Term Debt Current | 410 | 410 | 0 | - | 300 | 300 | 0 | 0 | 600 | 600 | 600 | 1,125 | |||||
Liabilities Current | 1,425 | 1,221 | 740 | 735 | 954 | 929 | 763 | 536 | 1,107 | 1,088 | 1,185 | 1,603 | |||||
Long Term Debt Noncurrent | 3,994 | 3,993 | 4,701 | 4,253 | 3,952 | 3,952 | 4,250 | 4,249 | 4,247 | 3,803 | 3,801 | 3,800 | |||||
Liabilities Noncurrent | |||||||||||||||||
Deferred Income Tax Liabilities Net | 742 | 737 | 698 | 680 | 674 | 667 | 625 | 603 | 599 | 576 | 548 | 531 | |||||
Regulatory Liability Noncurrent | 494 | 490 | 488 | 485 | 480 | 475 | 475 | 471 | 467 | 464 | 468 | 469 | |||||
Pension And Other Postretirement Defined Benefit P… | 121 | 121 | 123 | 121 | 120 | 122 | 123 | 123 | 122 | 124 | 124 | 119 | |||||
Other Liabilities Noncurrent | 237 | 232 | 213 | 206 | 192 | 200 | 201 | 205 | 201 | 199 | 189 | 152 | |||||
Liabilities Other Than Longterm Debt Noncurrent | 1,595 | 1,580 | 1,523 | 1,491 | 1,466 | 1,464 | 1,424 | 1,402 | 1,389 | 1,363 | 1,328 | 1,271 | |||||
Common Stock Value | 76 | 76 | 76 | 76 | 73 | 73 | 72 | 72 | 70 | 69 | 68 | 68 | |||||
Additional Paid In Capital | 2,472 | 2,459 | 2,418 | 2,415 | 2,261 | 2,238 | 2,193 | 2,194 | 2,084 | 2,040 | 2,008 | 1,994 | |||||
Retained Earnings Accumulated Deficit | 1,406 | 1,421 | 1,343 | 1,289 | 1,313 | 1,335 | 1,249 | 1,198 | 1,220 | 1,242 | 1,158 | 1,121 | |||||
Treasury Stock Value | -4 | -4 | -3 | -3 | -3 | -2 | -3 | -6 | -5 | -5 | -4 | -3 | |||||
Accumulated Other Comprehensive Income Loss Net Of… | -7 | -8 | -10 | -9 | -8 | -8 | -9 | -11 | -11 | -12 | -15 | -13 | |||||
Stockholders Equity | 3,943 | 4,027 | 3,824 | 3,851 | 3,719 | 3,717 | 3,585 | 3,447 | 3,357 | 3,423 | 3,215 | 3,167 | |||||
Noncontrolling Interest In Variable Interest Entit… | 80 | 82 | 82 | 83 | 83 | 82 | 84 | 86 | 86 | 89 | 91 | 92 | |||||
Liabilities And Stockholders Equity | 11,038 | 10,820 | 10,870 | 10,329 | 10,092 | 10,061 | 10,023 | 9,719 | 10,186 | 9,677 | 9,620 | 9,933 | |||||
Common Stock Par Or Stated Value Per Share | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |||||
Common Stock Shares Authorized | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | 100 | |||||
Common Stock Shares Issued | 76 | 76 | 76 | 76 | 73 | 73 | 72 | 72 | 70 | 69 | 68 | 68 | |||||
Treasury Stock Common Shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
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Interactive Financial Visualizations
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Earnings Market Reaction
| Fiscal Year | Q1 1 Month | Q1 2 Month | Q1 3 Month | Q2 1 Month | Q2 2 Month | Q2 3 Month | Q3 1 Month | Q3 2 Month | Q3 3 Month | Q4 1 Month | Q4 2 Month | Q4 3 Month |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -2.27% | 2.05% | 1.05% | - | - | - | - | - | - | - | - | - |
| 2025 | 0.48% | -3.87% | -2.61% | 6.81% | 2.56% | 10.40% | 9.98% | 3.30% | 6.83% | 2.21% | -1.52% | 4.98% |
| 2024 | -0.83% | -4.47% | 3.28% | -0.65% | 3.51% | 5.35% | 8.68% | -0.68% | -2.36% | 1.11% | -1.80% | 3.13% |
| 2023 | - | - | - | - | - | - | 3.95% | 10.15% | 1.86% | 6.05% | 5.85% | 9.85% |
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Performance and Valuation Metrics
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Metrics | 2026-06-30 | 2026-03-31 | 2025-12-31 | 2025-09-30 | 2025-06-30 | 2025-03-31 | 2024-12-31 | 2024-09-30 | 2024-06-30 | 2024-03-31 | 2023-12-31 | 2023-09-30 | Subscriber-only column | Subscriber-only column | Subscriber-only column | Subscriber-only column | Metric history beyond 3 years is for subscribers only. Unlock 17+ years of history across 90+ calculated metrics Start 7-day free trial |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Liquidity Ratios | |||||||||||||||||
| Current Ratio | 0.52 | 0.65 | 1.35 | 0.91 | 0.64 | 0.76 | 0.97 | 1.12 | 1.06 | 0.73 | 0.70 | 0.77 | |||||
| Quick Ratio | 0.41 | 0.53 | 1.11 | 0.67 | 0.49 | 0.62 | 0.77 | 0.83 | 0.94 | 0.61 | 0.56 | 0.67 | |||||
| Working Capital | -680.10M | -432.70M | 255.90M | -67.00M | -345.50M | -220.80M | -21.10M | 63.30M | 66.80M | -290.80M | -358.50M | -362.40M | |||||
Leverage & Debt | |||||||||||||||||
| Debt to Equity | 0.36 | 0.30 | 0.19 | 0.19 | 0.26 | 0.25 | 0.21 | 0.16 | 0.33 | 0.32 | 0.36 | 0.51 | |||||
| Debt Ratio | 0.13 | 0.11 | 0.07 | 0.07 | 0.09 | 0.09 | 0.08 | 0.06 | 0.11 | 0.11 | 0.12 | 0.16 | |||||
Efficiency & Turnover | |||||||||||||||||
| Asset Turnover TTM | 0.22 | 0.22 | 0.22 | 0.23 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.22 | 0.24 | 0.26 | |||||
| Days Sales Outstanding TTM | 43.09 | 60.79 | 58.48 | 36.70 | 39.24 | 58.91 | 60.17 | 37.34 | 41.33 | 69.32 | 67.21 | 34.51 | |||||
| Receivables Turnover TTM | 8.47 | 6.00 | 6.24 | 9.95 | 9.30 | 6.20 | 6.07 | 9.78 | 8.83 | 5.27 | 5.43 | 10.58 | |||||
Per Share Metrics | |||||||||||||||||
| Diluted EPS TTM | 3.91 | 3.79 | 3.98 | 3.94 | 3.97 | 3.92 | 3.91 | 3.59 | 3.95 | 3.99 | 3.91 | 4.02 | |||||
| Free Cash Flow Per Share TTM | -4.02 | -4.14 | -2.01 | -1.45 | -1.41 | -0.10 | -0.36 | 1.28 | 2.42 | 3.47 | 5.80 | 4.26 | |||||
| Dividend Per Share TTM | 2.73 | 2.68 | 2.71 | 2.66 | 2.63 | 2.60 | 2.61 | 2.53 | 2.53 | 2.51 | 2.51 | 2.47 | |||||
Margin Metrics | |||||||||||||||||
| Operating Profit Margin TTM | 23.87% | 23.38% | 23.27% | 23.31% | 23.48% | 23.33% | 23.65% | 22.44% | 23.41% | 22.99% | 20.28% | 18.42% | |||||
| Net Profit Margin TTM | 12.95% | 12.52% | 12.62% | 12.64% | 12.82% | 12.76% | 12.84% | 11.94% | 12.80% | 12.76% | 11.25% | 10.70% | |||||
Growth Metrics | |||||||||||||||||
| Net Revenue Growth (1Y) | 2.51% | 3.58% | 8.57% | 7.03% | 5.41% | 3.28% | -8.73% | -16.15% | -17.74% | -19.36% | -8.64% | 8.96% | |||||
| Net Income Growth (1Y) | 3.55% | 1.63% | 6.77% | 13.30% | 5.58% | 3.26% | 4.16% | -6.42% | 4.62% | 0.75% | -3.18% | 0.87% | |||||
| EPS Growth (1Y) | -1.23% | -3.49% | 2.09% | 9.72% | 0.62% | -1.64% | -0.02% | -10.67% | 0.99% | -2.50% | -6.21% | -2.77% | |||||
Valuation Metrics | |||||||||||||||||
| P/E TTM | 18.78 | 17.94 | 16.89 | 15.03 | 13.44 | 14.51 | 13.91 | 15.66 | 12.54 | 12.29 | 12.25 | 11.04 | |||||
| P/B TTM | 1.42 | 1.28 | 1.26 | 1.12 | 1.04 | 1.10 | 1.06 | 1.15 | 1.02 | 0.98 | 0.97 | 0.94 | |||||
| P/S TTM | 2.43 | 2.25 | 2.13 | 1.90 | 1.72 | 1.85 | 1.79 | 1.87 | 1.61 | 1.57 | 1.38 | 1.18 | |||||
| Market Cap | 5.59B | 5.14B | 4.93B | 4.32B | 3.87B | 4.09B | 3.80B | 3.97B | 3.42B | 3.35B | 3.21B | 2.99B | |||||
| Enterprise Value | 10.01B | 9.76B | 9.49B | 8.67B | 8.23B | 8.38B | 8.16B | 8.21B | 7.63B | 7.62B | 7.52B | 7.31B | |||||
Calculated Values | |||||||||||||||||
| Free Cash Flow TTM | -305.20M | -312.50M | -146.40M | -105.40M | -101.90M | -7.20M | -24.90M | 90.20M | 167.00M | 236.40M | 388.80M | 286.62M | |||||
| Net Debt | 4.41B | 4.62B | 4.57B | 4.35B | 4.36B | 4.30B | 4.36B | 4.25B | 4.22B | 4.27B | 4.31B | 4.32B | |||||
Per-Share and Margin | |||||||||||||||||
| EPS TTM | |||||||||||||||||
| Adjusted EPS TTM | |||||||||||||||||
| Cash Flow Per Share TTM | |||||||||||||||||
| Pretax Margin TTM | |||||||||||||||||
| Stock Comp to Revenue TTM | |||||||||||||||||
Turnover Ratios and Averages | |||||||||||||||||
| Average Assets | |||||||||||||||||
| Average Equity | |||||||||||||||||
| Average Inventory | |||||||||||||||||
| Average Receivables | |||||||||||||||||
| Average Accounts Payables | |||||||||||||||||
| Inventory Turnover TTM | |||||||||||||||||
| Payables Turnover TTM | |||||||||||||||||
| Days Inventory Outstanding TTM | |||||||||||||||||
| Days Payables Outstanding TTM | |||||||||||||||||
| Cash Conversion Cycle TTM | |||||||||||||||||
| Working Capital to Revenue | |||||||||||||||||
| Deferred Revenue to Revenue | |||||||||||||||||
Growth Rates | |||||||||||||||||
| Total Assets Growth (1Y) | |||||||||||||||||
| Total Assets Growth (3Y) | |||||||||||||||||
| Total Assets Growth (5Y) | |||||||||||||||||
| Dividends Paid Growth (1Y) | |||||||||||||||||
| Dividends Paid Growth (3Y) | |||||||||||||||||
| Dividends Paid Growth (5Y) | |||||||||||||||||
| EPS Growth (3Y) | |||||||||||||||||
| EPS Growth (5Y) | |||||||||||||||||
| Net Income Growth (3Y) | |||||||||||||||||
| Net Income Growth (5Y) | |||||||||||||||||
| Net Profit Margin Growth (1Y) | |||||||||||||||||
| Net Profit Margin Growth (3Y) | |||||||||||||||||
| Net Profit Margin Growth (5Y) | |||||||||||||||||
| Net Revenue Growth (3Y) | |||||||||||||||||
| Net Revenue Growth (5Y) | |||||||||||||||||
| Deferred Revenue Growth (1Y) | |||||||||||||||||
| Retained Earnings Growth (1Y) | |||||||||||||||||
Credit, Liquidity, Returns, Payout | |||||||||||||||||
| Cash Ratio | |||||||||||||||||
| Net Working Capital | |||||||||||||||||
| Debt to EBITDA TTM | |||||||||||||||||
| Net Debt to EBITDA TTM | |||||||||||||||||
| Net Debt to Equity | |||||||||||||||||
| Altman A | |||||||||||||||||
| Altman B | |||||||||||||||||
| Altman C | |||||||||||||||||
| Altman D | |||||||||||||||||
| Altman E | |||||||||||||||||
| Altman Z-Score | |||||||||||||||||
| ROA TTM | |||||||||||||||||
| ROE TTM | |||||||||||||||||
| NOPAT TTM | |||||||||||||||||
| ROIC TTM | |||||||||||||||||
| Effective Tax Rate TTM | |||||||||||||||||
| Payout Ratio TTM | |||||||||||||||||
| Dilution Ratio | |||||||||||||||||
| Retained Earnings to Equity | |||||||||||||||||
| Treasury Stock to Equity | |||||||||||||||||
| Treasury Stock Change (1Y) | |||||||||||||||||
| Accrued to Current Liabilities | |||||||||||||||||
| NCAV | |||||||||||||||||
| NCAV Per Share TTM | |||||||||||||||||
Valuation Ratios | |||||||||||||||||
| P/CF TTM | |||||||||||||||||
| Dividend Yield TTM | |||||||||||||||||
| Free Cash Flow Yield TTM | |||||||||||||||||
| EV EBITDA TTM | |||||||||||||||||
| EV EBIT TTM | |||||||||||||||||
| Stock Compensation TTM | |||||||||||||||||
| Adjusted Net Income TTM | |||||||||||||||||
| Billings TTM | |||||||||||||||||
| Total Debt | |||||||||||||||||
| Invested Capital | |||||||||||||||||
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Insider Transactions
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Institutional Ownership
BLACK HILLS CORP /SD/ (BKH) — SEC Financial Statements & Analysis
BLACK HILLS CORP /SD/ (BKH) is a electric services company, incorporated in SD. BLACK HILLS CORP /SD/ trades on NYSE as: BKH. Based on its latest SEC filing (Form 10-Q, period ending 2026-06-30), BLACK HILLS CORP /SD/ reported a 2.51% year-over-year revenue growth, a Debt-to-Equity ratio of 0.36x, a Price-to-Sales (P/S) ratio of 2.43x (TTM), a Price-to-Book (P/B) ratio of 1.42x (TTM), at a market cap of $5.59B. Figures below are sourced from SEC EDGAR, as-filed.
- Net Revenue TTM Growth 1Y
- 2.51%
- Debt To Equity
- 0.36x
- P/S TTM
- 2.43x
- P/B TTM
- 1.42x
- Market Cap
- $5.59B
Data as of 2026-06-30 · Source: SEC EDGAR
Frequently Asked Questions
What industry is BLACK HILLS CORP /SD/ in?
BLACK HILLS CORP /SD/ (BKH) operates in the Electric Services industry.
What is BKH's market cap?
BLACK HILLS CORP /SD/ (BKH) has a market capitalization of $5.59B as of 2026-06-30.
What is BKH's P/E ratio?
BLACK HILLS CORP /SD/ (BKH)'s trailing twelve month P/E ratio is 18.78x as of 2026-06-30.
What exchange does BKH trade on?
BLACK HILLS CORP /SD/ (BKH) trades on the NYSE.
Where is BLACK HILLS CORP /SD/ incorporated?
BLACK HILLS CORP /SD/ is incorporated in SD.