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BLACK HILLS CORP /SD/

BKH

$74.67 ▲ +1.84 (+2.53%) at close

19 Visible periods

33 Metrics

Peer-ranked Benchmarks

Price Chart

Health

Fair

Neutral

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Analytical Summary

BLACK HILLS CORP /SD/ shows mixed fundamentals. Consider comparing against peers in the Utilities sector before making investment decisions.

Market Cap $5.5B

Dividend Yield 3.62%

Revenue Growth 8.6% ↗

Op. Margin 23.3% →

ROIC 5.5% ↘

FCF / Share None

Trailing P/E 18.7x

Price / Book 1.5x

FCF Yield —

Debt / Equity 1.23

info Valuation on last close. End-of-day price, Aug 7, 2026.

19-Year Financial Trajectory

Annual

Metric Value Trend Year over Year Percentile

Revenue Total top-line sales

$2.31B

↑ +8.6% —

Net Income Profit after all expenses

$291.60M

↑ +6.8% —

Operating Margin Operating profit as % of sales

23.3%

↓ -1.6% 80th

Long-Term Debt Long-term obligations

$4.70B

↑ +10.6% —

trending_up

Bullish Indicators

Operating Margin (%)Operating Margin (%) is in the top quartile

warning

Bearish Risks

Debt to EquityDebt to Equity is concerning (bottom quartile)

Health Breakdown

Profitability ↑

Returns ↓

Financial Health ↓

Dividend History

Dividend / share · sourced from SEC filings

$2.70 Latest / share

+4.0% YoY

+5.1% 12-yr CAGR

$1.56

FY 2014

$1.62

FY 2015

$1.68

FY 2016

$1.81

FY 2017

$1.93

FY 2018

$2.05

FY 2019

$2.17

FY 2020

$2.29

FY 2021

$2.41

FY 2022

$2.50

FY 2023

$2.60

FY 2024

$2.70

FY 2025

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📈 Is growth accelerating? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Revenue Growth YoY (%)	8.6% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+186%)	-8.7% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-391%)	-8.6% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-388%)	30.9% Excellent ↑ Excellent Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+931%)	14.9% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+395%)	-2.2% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-173%)	-1.1% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-137%)	4.4% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+47%)	9.2% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+206%)	18.0% Good ↑ Good Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+499%)	-6.4% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-313%)	9.2% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+208%)	8.7% Fair ↑ Fair Improving Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+190%)	-7.7% Weak ↓ Weak Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-358%)	4.3% Caution ↓ Caution Declining Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+43%)	-3.9% Weak Weak Year-over-year change in total revenue Optimal: > 10% vs Sector: Below avg (-231%)	26.2% Excellent Excellent Year-over-year change in total revenue Optimal: > 10% vs Sector: Above avg (+774%)	—	—
EPS Growth YoY (%)	2.0% Caution ↑ Caution Improving Year-over-year change in earnings per share Optimal: > 10%	0.0% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	-1.8% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	6.4% Fair ↑ Fair Improving Year-over-year change in earnings per share Optimal: > 10%	2.5% Caution ↓ Caution Declining Year-over-year change in earnings per share Optimal: > 10%	10.9% Fair ↓ Fair Declining Year-over-year change in earnings per share Optimal: > 10%	-30.7% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	42.6% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	136.2% Excellent Excellent Year-over-year change in earnings per share Optimal: > 10%	N/M	N/M	13.5% Fair ↓ Fair Declining Year-over-year change in earnings per share Optimal: > 10%	39.8% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	48.8% Excellent ↑ Excellent Improving Year-over-year change in earnings per share Optimal: > 10%	-29.0% Weak ↓ Weak Declining Year-over-year change in earnings per share Optimal: > 10%	-16.6% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	-23.3% Weak Weak Year-over-year change in earnings per share Optimal: > 10%	—	—
Net Income Growth YoY (%)	6.8% Fair ↑ Fair Improving Year-over-year change in net income	4.2% Caution ↓ Caution Declining Year-over-year change in net income	1.5% Caution ↓ Caution Declining Year-over-year change in net income	9.1% Fair ↑ Fair Improving Year-over-year change in net income	4.0% Caution ↓ Caution Declining Year-over-year change in net income	14.2% Fair ↓ Fair Declining Year-over-year change in net income	-22.9% Weak ↓ Weak Declining Year-over-year change in net income	46.0% Excellent Excellent Year-over-year change in net income	142.6% Excellent Excellent Year-over-year change in net income	N/M	N/M	13.9% Fair ↓ Fair Declining Year-over-year change in net income	41.0% Excellent ↑ Excellent Improving Year-over-year change in net income	63.9% Excellent ↑ Excellent Improving Year-over-year change in net income	-27.6% Weak ↓ Weak Declining Year-over-year change in net income	-15.8% Weak Weak Year-over-year change in net income	-22.5% Weak Weak Year-over-year change in net income	—	—
FCF Growth YoY (%) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Revenue CAGR 3Y (%)	-3.3% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	3.0% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	11.2% Good ↑ Good Improving Compound annual revenue growth over 3 years	13.7% Good ↑ Good Improving Compound annual revenue growth over 3 years	3.6% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	0.3% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	4.1% Caution ↓ Caution Declining Compound annual revenue growth over 3 years	10.4% Good ↑ Good Improving Compound annual revenue growth over 3 years	6.4% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	6.4% Fair ↑ Fair Improving Compound annual revenue growth over 3 years	3.6% Caution ↑ Caution Improving Compound annual revenue growth over 3 years	3.1% Caution ↑ Caution Improving Compound annual revenue growth over 3 years	1.5% Weak ↓ Weak Declining Compound annual revenue growth over 3 years	-2.6% Weak Weak Compound annual revenue growth over 3 years	8.1% Fair Fair Compound annual revenue growth over 3 years	—	—	—	—
Revenue CAGR 5Y (%)	6.4% Fair → Fair Stable Compound annual revenue growth over 5 years	4.2% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	5.9% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	8.7% Good ↑ Good Improving Compound annual revenue growth over 5 years	4.8% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	5.4% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	4.5% Fair ↓ Fair Declining Compound annual revenue growth over 5 years	6.6% Fair ↑ Fair Improving Compound annual revenue growth over 5 years	7.4% Fair ↑ Fair Improving Compound annual revenue growth over 5 years	3.9% Caution ↑ Caution Improving Compound annual revenue growth over 5 years	1.4% Caution ↓ Caution Declining Compound annual revenue growth over 5 years	1.9% Caution Caution Compound annual revenue growth over 5 years	4.9% Fair Fair Compound annual revenue growth over 5 years	—	—	—	—	—	—
EPS CAGR 3Y (%)	0.1% Caution ↓ Caution Declining Compound annual EPS growth over 3 years	1.5% Caution ↑ Caution Improving Compound annual EPS growth over 3 years	2.3% Caution ↑ Caution Improving Compound annual EPS growth over 3 years	6.6% Fair ↓ Fair Declining Compound annual EPS growth over 3 years	-7.7% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	3.1% Caution ↓ Caution Declining Compound annual EPS growth over 3 years	32.6% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	—	4.1% Caution ↓ Caution Declining Compound annual EPS growth over 3 years	-18.5% Weak ↓ Weak Declining Compound annual EPS growth over 3 years	—	33.1% Excellent ↑ Excellent Improving Compound annual EPS growth over 3 years	13.9% Good ↑ Good Improving Compound annual EPS growth over 3 years	-4.1% Weak Weak Compound annual EPS growth over 3 years	-23.1% Weak Weak Compound annual EPS growth over 3 years	—	—	—	—

💰 Are margins durable? 5 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Operating Margin (%) (%)	23.3% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+16%)	23.6% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+18%)	20.3% Good ↓ Good Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	17.8% Fair ↓ Fair Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-11%)	21.0% Good ↓ Good Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+5%)	25.2% Excellent ↑ Excellent Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+26%)	23.4% Good → Good Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+17%)	22.6% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+13%)	24.8% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+24%)	21.8% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+9%)	2.3% Weak ↓ Weak Declining Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-89%)	18.9% Good → Good Stable Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-5%)	20.0% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	20.8% Good ↑ Good Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	14.6% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-27%)	15.0% Fair ↑ Fair Improving Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-25%)	10.0% Caution Caution Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-50%)	5.6% Weak Weak Operating income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-72%)	—
Effective Tax Rate (%) (%)	12.7% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	11.3% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	8.5% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	8.5% Excellent ↑ Excellent Improving Actual taxes paid relative to pre-tax income Optimal: 15-25%	2.8% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	11.9% Excellent Excellent Actual taxes paid relative to pre-tax income Optimal: 15-25%	—	—	—	—	—	—	—	—	—	—	—	—	—
Profit Margin (%) (%)	12.6% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+5%)	12.8% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+7%)	11.2% Fair ↓ Fair Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-6%)	10.1% Fair ↓ Fair Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-16%)	12.1% Fair ↓ Fair Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	13.4% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+12%)	11.5% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: At sector avg	14.7% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Above avg (+23%)	10.5% Fair ↑ Fair Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-12%)	4.7% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-60%)	-2.5% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-121%)	9.4% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-22%)	9.0% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-25%)	6.9% Caution ↑ Caution Improving Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-42%)	3.9% Weak ↓ Weak Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-67%)	5.6% Caution ↓ Caution Declining Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-53%)	6.4% Caution Caution Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-46%)	10.5% Fair Fair Net income as a percentage of revenue Optimal: > 15% vs Sector: Below avg (-13%)	—
FCF Margin (%) (%) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
FCF / Net Income (x) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

🎯 Is capital allocation efficient? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Return on Invested Capital (%)	5.5% Caution ↓ Caution Declining Return earned on debt + equity capital invested Optimal: > 10%	5.8% Caution ↓ Caution Declining Return earned on debt + equity capital invested Optimal: > 10%	6.2% Caution → Caution Stable Return earned on debt + equity capital invested Optimal: > 10%	6.3% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	5.8% Caution → Caution Stable Return earned on debt + equity capital invested Optimal: > 10%	6.2% Caution → Caution Stable Return earned on debt + equity capital invested Optimal: > 10%	5.8% Caution ↓ Caution Declining Return earned on debt + equity capital invested Optimal: > 10%	6.1% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	6.8% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	5.5% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	0.7% Weak ↓ Weak Declining Return earned on debt + equity capital invested Optimal: > 10%	7.2% Fair → Fair Stable Return earned on debt + equity capital invested Optimal: > 10%	7.5% Fair ↑ Fair Improving Return earned on debt + equity capital invested Optimal: > 10%	8.5% Fair ↑ Fair Improving Return earned on debt + equity capital invested Optimal: > 10%	5.9% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	6.3% Caution ↑ Caution Improving Return earned on debt + equity capital invested Optimal: > 10%	4.8% Caution Caution Return earned on debt + equity capital invested Optimal: > 10%	4.2% Caution Caution Return earned on debt + equity capital invested Optimal: > 10%	—
Return on Capital (%) (%)	4.9% Caution → Caution Stable Operating profit relative to total assets Optimal: > 10%	5.0% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	4.9% Caution → Caution Stable Operating profit relative to total assets Optimal: > 10%	4.7% Caution ↓ Caution Declining Operating profit relative to total assets Optimal: > 10%	4.5% Caution ↓ Caution Declining Operating profit relative to total assets Optimal: > 10%	5.3% Caution ↓ Caution Declining Operating profit relative to total assets Optimal: > 10%	5.4% Caution ↓ Caution Declining Operating profit relative to total assets Optimal: > 10%	5.7% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	6.3% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	5.1% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	0.6% Weak ↓ Weak Declining Operating profit relative to total assets Optimal: > 10%	6.2% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	6.6% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	6.5% Caution ↑ Caution Improving Operating profit relative to total assets Optimal: > 10%	4.5% Caution → Caution Stable Operating profit relative to total assets Optimal: > 10%	4.9% Caution Caution Operating profit relative to total assets Optimal: > 10%	3.8% Weak Weak Operating profit relative to total assets Optimal: > 10%	—	—
Return on Common Equity (%) (%)	7.6% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-24%)	7.8% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-22%)	8.2% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-18%)	8.6% Caution → Caution Stable Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-14%)	8.5% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-15%)	8.9% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-11%)	8.4% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-16%)	11.8% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Above avg (+18%)	10.4% Fair ↑ Fair Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: At sector avg	4.5% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-55%)	-2.2% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-122%)	9.7% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: At sector avg	8.8% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-12%)	6.6% Caution ↑ Caution Improving Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-34%)	4.1% Weak ↓ Weak Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-59%)	6.2% Caution ↓ Caution Declining Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-38%)	7.5% Caution Caution Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: Below avg (-25%)	10.0% Fair Fair Profit generated per dollar of shareholder equity Optimal: > 15% vs Sector: At sector avg	—

⚖️ Is the balance sheet risky? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Debt to Equity (x)	1.23x Caution → Caution Stable Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-5%)	1.25x Caution ↓ Caution Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: At sector avg	1.18x Caution ↓ Caution Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-9%)	1.38x Caution ↓ Caution Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+6%)	1.63x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+25%)	1.47x Caution ↓ Caution Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+13%)	1.48x Caution ↓ Caution Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+14%)	1.44x Caution ↓ Caution Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+11%)	1.94x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+49%)	2.05x Weak ↑ Weak Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Above avg (+58%)	1.33x Caution ↑ Caution Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: At sector avg	1.19x Caution → Caution Stable Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-8%)	1.13x Caution ↓ Caution Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-13%)	1.07x Caution ↓ Caution Declining Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-18%)	1.35x Caution ↑ Caution Improving Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: At sector avg	1.31x Caution Caution Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: At sector avg	0.94x Fair Fair Total debt relative to shareholder equity Optimal: < 0.6x vs Sector: Below avg (-28%)	—	—
Interest Coverage (x)	2.69x Caution → Caution Stable Operating income divided by interest expense Optimal: > 5x	2.77x Caution → Caution Stable Operating income divided by interest expense Optimal: > 5x	2.82x Caution → Caution Stable Operating income divided by interest expense Optimal: > 5x	2.83x Caution → Caution Stable Operating income divided by interest expense Optimal: > 5x	2.69x Caution ↓ Caution Declining Operating income divided by interest expense Optimal: > 5x	2.99x Caution → Caution Stable Operating income divided by interest expense Optimal: > 5x	2.95x Caution ↑ Caution Improving Operating income divided by interest expense Optimal: > 5x	2.80x Caution ↑ Caution Improving Operating income divided by interest expense Optimal: > 5x	3.02x Fair ↑ Fair Improving Operating income divided by interest expense Optimal: > 5x	2.47x Caution ↑ Caution Improving Operating income divided by interest expense Optimal: > 5x	0.36x Weak ↓ Weak Declining Operating income divided by interest expense Optimal: > 5x	3.72x Fair ↑ Fair Improving Operating income divided by interest expense Optimal: > 5x	2.29x Caution ↑ Caution Improving Operating income divided by interest expense Optimal: > 5x	2.15x Caution ↑ Caution Improving Operating income divided by interest expense Optimal: > 5x	2.04x Caution ↑ Caution Improving Operating income divided by interest expense Optimal: > 5x	2.02x Caution ↑ Caution Improving Operating income divided by interest expense Optimal: > 5x	1.40x Weak Weak Operating income divided by interest expense Optimal: > 5x	0.96x Weak Weak Operating income divided by interest expense Optimal: > 5x	—
Net Debt (USD)	$4.52B	$4.37B	$3.71B	$4.12B	$4.54B	$3.76B	$3.48B	$3.12B	$3.31B	$3.29B	$1.49B	$1.60B	$1.47B	$1.30B	$1.61B	$1.42B	$903.01M	$-168.53M	$-81.25M
Debt / EBITDA (x)	5.72x Weak → Weak Stable Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	5.67x Weak ↓ Weak Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	5.21x Weak ↓ Weak Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	5.87x Weak → Weak Stable Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	7.05x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	5.76x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	5.67x Weak → Weak Stable Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	5.29x Weak ↓ Weak Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	5.49x Weak ↓ Weak Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	6.46x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	10.50x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	3.96x Caution → Caution Stable Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	3.73x Caution ↓ Caution Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	3.31x Caution ↓ Caution Declining Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	5.06x Weak ↑ Weak Improving Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	4.65x Weak Weak Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	4.09x Weak Weak Debt relative to earnings before interest, taxes, depreciation Optimal: < 2x	—	—

📊 What does each share earn? 7 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Revenue per Share (USD)	$31.64	$30.48	$34.80	$39.32	$30.83	$27.20	$28.60	$32.24	$31.57	$29.64	$28.81	$31.39	$28.89	$26.79	$31.91	$31.34	$32.88	$26.33	—
Basic EPS, GAAP (USD)	$3.99	$3.91	$3.91	$3.98	$3.74	$3.65	$3.29	$4.75	$3.33	$1.41	$-0.71	$2.95	$2.60	$1.86	$1.25	$1.76	$2.11	$2.75	—
Free Cash Flow per Share (USD) N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividend per Share (USD)	$2.70	$2.60	$2.50	$2.41	$2.29	$2.17	$2.05	$1.93	$1.81	$1.68	$1.62	$1.56	$1.52	$1.48	$1.46	$1.44	—	—	—
Book Value per Share (USD)	$50.64	$48.84	$47.99	$46.15	$44.09	$41.06	$38.94	$40.09	$32.11	$31.10	$28.63	$30.31	$29.39	$27.88	$27.51	$0.03	$27.83	$27.51	—
Tangible Book Value per Share (USD)	$33.35	$30.61	$28.47	$25.98	$23.36	$20.04	$17.30	$15.95	$7.55	$5.91	$21.54	$22.33	$21.37	$19.80	$19.38	$0.02	$18.65	$27.51	—
Basic Weighted Avg Shares (shares)	73.00M	69.80M	67.00M	64.90M	63.22M	62.38M	60.66M	54.42M	53.22M	51.92M	45.29M	44.39M	44.16M	43.82M	39.86M	38.92M	38.61M	38.19M	—

🏦 How resilient is the balance sheet? 3 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Working Capital (USD)	$255.90M	$-21.10M	$-358.50M	$-595.00M	$-93.58M	$-203.24M	$-338.11M	$-144.40M	$-78.32M	$-61.12M	$400.12M	$-197.25M	$-33.11M	$-329.78M	$-119.15M	$-109.45M	$-19.99M	—	—
LT Debt (USD)	$4.70B	$4.25B	$3.80B	$3.61B	$4.13B	$3.53B	$3.14B	$2.95B	$3.11B	$3.21B	$1.87B	$1.54B	$1.40B	$1.04B	$1.28B	$1.19B	$1.02B	—	—
Total Equity (USD)	$3.82B	$3.50B	$3.22B	$2.99B	$2.79B	$2.56B	$2.36B	$2.18B	$1.71B	$1.61B	$1.47B	$1.35B	$1.31B	$1.23B	$1.21B	$1.10B	$1.08B	$1.05B	$969.86M

📋 What is driving earnings? 4 metrics

Metric	FY 2025 Dec 31, 2025 10-K ↗	FY 2024 Dec 31, 2024 10-K ↗	FY 2023 Dec 31, 2023 10-K ↗	FY 2022 Dec 31, 2022 10-K ↗	FY 2021 Dec 31, 2021 10-K ↗	FY 2020 Dec 31, 2020 10-K ↗	FY 2019 Dec 31, 2019 10-K ↗	FY 2018 Dec 31, 2018 10-K ↗	FY 2017 Dec 31, 2017 10-K ↗	FY 2016 Dec 31, 2016 10-K ↗	FY 2015 Dec 31, 2015 10-K ↗	FY 2014 Dec 31, 2014 10-K ↗	FY 2013 Dec 31, 2013 10-K ↗	FY 2012 Dec 31, 2012 10-K ↗	FY 2011 Dec 31, 2011 10-K ↗	FY 2010 Dec 31, 2010 10-K ↗	FY 2009 Dec 31, 2009 10-K ↗	FY 2008 Dec 31, 2008 10-K ↗	FY 2007 Dec 31, 2007 10-K ↗
Sales/Revenue/Turnover (USD)	$2.31B	$2.13B	$2.33B	$2.55B	$1.95B	$1.70B	$1.73B	$1.75B	$1.68B	$1.54B	$1.30B	$1.39B	$1.28B	$1.17B	$1.27B	$1.22B	$1.27B	$1.01B	—
Depreciation Expense (USD)	$283.80M	$270.10M	$256.80M	$250.90M	$235.95M	$224.46M	$209.12M	$196.33M	$188.25M	$175.53M	$155.37M	$144.75M	$141.22M	$154.63M	$135.59M	$126.61M	$121.30M	$107.26M	—
Net Income, GAAP (USD)	$291.60M	$273.10M	$262.20M	$258.40M	$236.74M	$227.61M	$199.31M	$258.44M	$177.03M	$72.97M	$-32.11M	$130.89M	$114.96M	$81.53M	$49.73M	$68.69M	$81.56M	$105.21M	—
Operating Cash Flow (USD)	$673.40M	$719.30M	$944.40M	$584.80M	$-64.56M	$541.86M	$505.51M	$488.81M	$428.26M	$320.48M	$428.00M	$323.46M	$324.63M	$316.97M	$223.70M	$147.75M	$270.50M	$145.64M	—

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bar_chart Data from SEC EDGAR XBRL filings

Synced 1 week ago 19 years · 71 quarters

BLACK HILLS CORP /SD/

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19-Year Financial Trajectory

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