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Monday 2 November 2026
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Black Hills Corporation
BKH Utilities Utilities Regulated Gas
Black Hills Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 8.57% from fiscal 2024.
- Revenue
- +3.14%
- EPS
- +33.8%
- Free cash flow
- +24.1%
- Total debt
- +3.56%
Quarter to June 2026, against a year earlier
82.63
0.62
+0.76%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
38.03 | 16.45 | 12.53 | 22.33 | 15.79 | 17.75 | 16.88 | 13.40 | 14.40 | 16.90 |
Piotroski F-Score |
5 | 5 | 6 | 5 | 6 | 3 | 6 | 5 | 6 | 6 |
P/S ratio |
2.04 | 1.87 | 1.95 | 2.75 | 2.26 | 2.29 | 1.79 | 1.59 | 1.92 | 2.19 |
Altman Z-Score |
0.89 | 0.96 | 0.99 | 1.06 | 0.93 | 0.93 | 0.92 | 0.87 | 0.93 | 1.01 |
Altman Z″-Score (non-manufacturers) |
0.89 | 1.01 | 1.09 | 0.91 | 1.06 | 1.06 | 0.77 | 1.03 | 1.31 | 1.48 |
P/FCF ratio |
0.00 | 30.78 | 109.20 | 0.00 | 0.00 | 0.00 | 0.00 | 9.51 | 0.00 | 0.00 |
Beneish M-Score |
(1.64) | (2.69) | (2.46) | (2.76) | (2.67) | (2.05) | (2.10) | (3.17) | (2.76) | (2.55) |
P/Operating CF |
28.24 | 28.92 | 31.03 | 39.89 | 31.32 | 55.64 | 50.51 | 19.63 | 26.66 | 30.15 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 39 |
P/B ratio |
1.82 | 1.73 | 1.49 | 1.93 | 1.44 | 1.54 | 1.48 | 1.12 | 1.14 | 1.30 |
Price to Tangible BV |
7.44 | 6.13 | 3.51 | 4.14 | 2.84 | 2.83 | 2.57 | 1.85 | 1.79 | 1.95 |
EV/Sales |
4.12 | 3.72 | 3.62 | 4.55 | 4.34 | 4.61 | 3.40 | 3.43 | 4.19 | 4.28 |
EV/EBITDA |
12.25 | 10.18 | 10.56 | 12.68 | 11.14 | 13.78 | 12.12 | 10.83 | 11.37 | 11.89 |
EV/Operating CF |
19.79 | 14.58 | 12.99 | 15.62 | 13.58 | (139.21) | 14.84 | 8.48 | 12.39 | 14.67 |
EV/FCF |
(47.17) | 61.07 | 202.93 | (25.24) | (32.63) | (12.12) | (442.73) | 20.59 | (357.89) | (67.48) |
Quick Ratio |
0.52 | 0.41 | 0.47 | 0.35 | 0.43 | 0.39 | 0.33 | 0.39 | 0.52 | 0.81 |
Current Ratio |
0.88 | 0.88 | 0.78 | 0.58 | 0.71 | 0.90 | 0.64 | 0.70 | 0.97 | 1.35 |
Net Debt/EBITDA |
6.18 | 5.05 | 4.88 | 5.03 | 5.34 | 6.95 | 5.73 | 5.83 | 5.39 | 5.43 |
Debt/Assets |
49.18% | 46.78% | 42.46% | 41.62% | 43.72% | 49.79% | 42.96% | 45.75% | 42.41% | 43.25% |
Debt/Equity |
1.86 | 1.71 | 1.29 | 1.28 | 1.33 | 1.57 | 1.34 | 1.33 | 1.19 | 1.20 |
Asset Turnover |
0.28 | 0.25 | 0.26 | 0.24 | 0.22 | 0.23 | 0.27 | 0.24 | 0.22 | 0.22 |
Operating CF/Net income |
4.39 | 2.42 | 1.89 | 2.54 | 2.38 | (0.27) | 2.26 | 3.60 | 2.63 | 2.31 |
Capex/Depreciation |
(2.50) | (1.66) | (2.24) | (3.77) | (3.30) | (2.79) | (2.32) | (2.08) | (2.65) | (2.79) |
Interest Coverage |
2.47 | 3.02 | 2.80 | 2.92 | 2.96 | 2.66 | 2.80 | 2.63 | 2.58 | 2.60 |
| 4.57% | 9.97% | 12.58% | 8.39% | 8.88% | 8.53% | 8.65% | 8.20% | 7.93% | 7.79% | |
| 1.31% | 2.68% | 3.79% | 2.74% | 2.91% | 2.75% | 2.76% | 2.73% | 2.78% | 2.79% | |
ROIC |
4.26% | 5.30% | 4.75% | 4.53% | 4.33% | 3.45% | 3.95% | 3.88% | 4.03% | 3.99% |
Return on Tangible Assets |
1.69% | 3.97% | 5.49% | 3.86% | 3.91% | 3.72% | 4.17% | 3.88% | 3.59% | 3.43% |
Average Days of Receivables |
61.50 | 53.94 | 58.70 | 57.28 | 61.39 | 63.61 | 75.21 | 57.74 | 63.64 | 65.15 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
30.72% | 30.13% | 30.41% | 31.64% | 32.52% | 28.82% | 24.10% | 26.55% | 29.34% | 28.45% |
Intangible Assets out of Total Assets |
0.20 | 0.20 | 0.19 | 0.17 | 0.16 | 0.14 | 0.14 | 0.14 | 0.13 | 0.12 |
Share Based Compensation of Revenue |
0.71% | 0.45% | 0.71% | 0.70% | 0.32% | 0.50% | 0.34% | 0.30% | 0.50% | 0.51% |
Graham Net Nets |
(1.38) | (1.36) | (1.22) | (0.97) | (1.29) | (1.22) | (1.19) | (1.48) | (1.39) | (1.18) |
Graham Number |
34.54 | 52.59 | 68.84 | 56.69 | 61.14 | 63.92 | 66.86 | 67.63 | 68.54 | 70.31 |
Earnings Yield |
2.63% | 6.08% | 7.98% | 4.48% | 6.33% | 5.63% | 5.92% | 7.46% | 6.95% | 5.92% |
Free Cash Flow Yield |
(4.28%) | 3.25% | 0.92% | (6.57%) | (5.88%) | (16.64%) | (0.43%) | 10.51% | (0.61%) | (2.89%) |
Revenue per Share |
29.64 | 31.57 | 32.24 | 28.60 | 27.20 | 30.84 | 39.32 | 34.80 | 30.48 | 31.64 |
Operating CF per Share |
6.17 | 8.05 | 8.98 | 8.33 | 8.69 | (1.02) | 9.01 | 14.10 | 10.31 | 9.22 |
Capex per Share |
(8.76) | (6.13) | (8.41) | (13.49) | (12.30) | (10.72) | (9.31) | (8.29) | (10.66) | (11.23) |
Free Cash Flow per Share |
(2.59) | 1.92 | 0.57 | (5.16) | (3.62) | (11.74) | (0.30) | 5.80 | (0.36) | (2.01) |
Cash per Share |
0.30 | 0.34 | 0.44 | 0.23 | 0.17 | 0.22 | 0.42 | 1.39 | 0.34 | 2.61 |
Shareholders Equity per Share |
33.32 | 34.20 | 42.03 | 40.62 | 42.69 | 45.68 | 47.61 | 49.34 | 51.36 | 53.50 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
33.32 | 34.20 | 42.03 | 40.62 | 42.69 | 45.68 | 47.61 | 49.34 | 51.36 | 53.50 |
Free Cash Flow |
(134.47) | 102.25 | 31.29 | (312.86) | (225.54) | (742.10) | (19.60) | 388.80 | (24.90) | (146.40) |
Working Capital |
(61.12) | (78.32) | (144.40) | (338.11) | (203.24) | (93.58) | (595.00) | (358.50) | (21.10) | 255.90 |
Capital Expenditures |
(454.95) | (326.01) | (457.52) | (818.38) | (767.40) | (677.50) | (604.40) | (555.60) | (744.20) | (819.80) |
Net Current Asset Value |
(4,344.82) | (4,267.91) | (4,172.07) | (4,621.20) | (4,932.85) | (5,436.64) | (5,456.60) | (5,488.00) | (5,695.10) | (5,968.20) |
EV/EBIT |
18.87 | 14.98 | 15.99 | 19.45 | 17.18 | 21.97 | 19.06 | 16.94 | 17.71 | 18.38 |
Capex to Sales |
0.30 | 0.19 | 0.26 | 0.47 | 0.45 | 0.35 | 0.24 | 0.24 | 0.35 | 0.35 |
Price to Operating Income |
9.35 | 7.55 | 8.61 | 11.73 | 8.95 | 10.89 | 10.04 | 7.82 | 8.12 | 9.43 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 | 0.04 |
Cash ROIC |
(2.71%) | 2.06% | 0.59% | (5.56%) | (3.63%) | (9.96%) | (0.27%) | 4.98% | (0.32%) | (1.66%) |
Accounts Receivable Turnover |
7.57 | 6.62 | 6.61 | 6.26 | 6.09 | 6.24 | 5.90 | 5.21 | 5.75 | 5.90 |
Accounts Payable Turnover |
4.13 | 3.60 | 3.37 | 2.83 | 2.61 | 3.70 | 4.66 | 3.96 | 3.52 | 3.08 |
Inventory Turnover |
5.24 | 5.19 | 5.43 | 4.87 | 4.20 | 5.53 | 6.87 | 5.34 | 4.64 | 5.10 |
Average Days of Payables |
111.25 | 104.25 | 122.88 | 123.74 | 135.90 | 107.13 | 91.95 | 69.22 | 114.50 | 136.83 |
Days of Inventory on Hand |
75.76 | 73.41 | 68.44 | 74.92 | 87.02 | 74.28 | 61.52 | 59.75 | 76.92 | 75.68 |
Average Receivables |
203.40 | 253.82 | 265.23 | 277.19 | 278.83 | 312.54 | 432.73 | 447.30 | 369.90 | 391.65 |
Average Payables |
120.96 | 156.51 | 185.75 | 202.07 | 188.43 | 200.55 | 263.88 | 248.20 | 207.75 | 270.40 |
Average Inventory |
95.27 | 108.44 | 115.29 | 117.24 | 117.29 | 134.19 | 179.19 | 184.15 | 157.40 | 163.15 |
Average Assets |
5,584.21 | 6,600.34 | 6,811.11 | 7,260.89 | 7,823.62 | 8,610.34 | 9,375.05 | 9,619.30 | 9,821.50 | 10,446.20 |
Average Common Equity |
1,598.00 | 1,775.17 | 2,053.81 | 2,375.75 | 2,563.36 | 2,774.89 | 2,988.51 | 3,197.85 | 3,445.50 | 3,745.45 |
Columns are period end dates · fundamentals updated 2 Nov 2026