Sunday 11 October 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. In the quarter to June 2026, revenue grew 3.14%, EPS grew 31.6%, free cash flow grew 24.1% and total debt rose 3.56%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years.
76.08
0.44
−0.58%
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| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
17.44 | 14.89 | 14.08 | 17.66 | 18.82 | 16.79 | 23.87 | 13.39 | 17.34 | 42.92 |
Piotroski F-Score |
6 | 6 | 5 | 6 | 3 | 6 | 5 | 6 | 5 | 5 |
P/S ratio |
2.19 | 1.92 | 1.59 | 1.79 | 2.29 | 2.26 | 2.75 | 1.95 | 1.87 | 2.04 |
Altman Z-Score |
1.01 | 0.93 | 0.87 | 0.92 | 0.93 | 0.93 | 1.06 | 0.99 | 0.96 | 0.89 |
Altman Z″-Score (non-manufacturers) |
1.48 | 1.31 | 1.03 | 0.77 | 1.06 | 1.06 | 0.91 | 1.09 | 1.01 | 0.89 |
P/FCF ratio |
0.00 | 0.00 | 9.51 | 0.00 | 0.00 | 0.00 | 0.00 | 109.20 | 30.78 | 0.00 |
Beneish M-Score |
(2.55) | (2.76) | (3.17) | (2.10) | (2.05) | (2.67) | (2.76) | (2.46) | (2.69) | (1.64) |
P/Operating CF |
30.15 | 26.66 | 19.63 | 50.51 | 55.64 | 31.32 | 39.89 | 31.03 | 28.92 | 28.24 |
Dividend Safety Score |
39 | — | — | — | — | — | — | — | — | — |
P/B ratio |
1.30 | 1.14 | 1.12 | 1.48 | 1.54 | 1.44 | 1.93 | 1.49 | 1.73 | 1.82 |
Price to Tangible BV |
1.95 | 1.79 | 1.85 | 2.57 | 2.83 | 2.84 | 4.14 | 3.51 | 6.13 | 7.44 |
EV/Sales |
4.28 | 4.19 | 3.43 | 3.40 | 4.61 | 4.34 | 4.55 | 3.62 | 3.72 | 4.12 |
EV/EBITDA |
11.89 | 11.37 | 10.83 | 12.12 | 13.78 | 11.14 | 12.68 | 10.56 | 10.18 | 12.25 |
EV/Operating CF |
14.67 | 12.39 | 8.48 | 14.84 | (139.21) | 13.58 | 15.62 | 12.99 | 14.58 | 19.79 |
EV/FCF |
(67.48) | (357.89) | 20.59 | (442.73) | (12.12) | (32.63) | (25.24) | 202.93 | 61.07 | (47.17) |
Quick Ratio |
0.81 | 0.52 | 0.39 | 0.33 | 0.39 | 0.43 | 0.35 | 0.47 | 0.41 | 0.52 |
Current Ratio |
1.35 | 0.97 | 0.70 | 0.64 | 0.90 | 0.71 | 0.58 | 0.78 | 0.88 | 0.88 |
Net Debt/EBITDA |
5.43 | 5.39 | 5.83 | 5.73 | 6.95 | 5.34 | 5.03 | 4.88 | 5.05 | 6.18 |
Debt/Assets |
43.25% | 42.41% | 45.75% | 42.96% | 49.79% | 43.72% | 41.62% | 42.46% | 46.78% | 49.18% |
Debt/Equity |
1.20 | 1.19 | 1.33 | 1.34 | 1.57 | 1.33 | 1.28 | 1.29 | 1.71 | 1.86 |
Asset Turnover |
0.22 | 0.22 | 0.24 | 0.27 | 0.23 | 0.22 | 0.24 | 0.26 | 0.25 | 0.28 |
Operating CF/Net income |
2.31 | 2.63 | 3.60 | 2.26 | (0.27) | 2.38 | 2.54 | 1.89 | 2.42 | 4.39 |
Capex/Depreciation |
(2.79) | (2.65) | (2.08) | (2.32) | (2.79) | (3.30) | (3.77) | (2.24) | (1.66) | (2.50) |
Interest Coverage |
2.60 | 2.58 | 2.63 | 2.80 | 2.66 | 2.96 | 2.92 | 2.80 | 3.02 | 2.47 |
| 7.79% | 7.93% | 8.20% | 8.65% | 8.53% | 8.88% | 8.39% | 12.58% | 9.97% | 4.57% | |
| 2.79% | 2.78% | 2.73% | 2.76% | 2.75% | 2.91% | 2.74% | 3.79% | 2.68% | 1.31% | |
ROIC |
3.99% | 4.03% | 3.88% | 3.95% | 3.45% | 4.33% | 4.53% | 4.75% | 5.30% | 4.26% |
Return on Tangible Assets |
3.43% | 3.59% | 3.88% | 4.17% | 3.72% | 3.91% | 3.86% | 5.49% | 3.97% | 1.69% |
Average Days of Receivables |
65.15 | 63.64 | 57.74 | 75.21 | 63.61 | 61.39 | 57.28 | 58.70 | 53.94 | 61.50 |
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 |
28.45% | 29.34% | 26.55% | 24.10% | 28.82% | 32.52% | 31.64% | 30.41% | 30.13% | 30.72% |
Intangible Assets out of Total Assets |
0.12 | 0.13 | 0.14 | 0.14 | 0.14 | 0.16 | 0.17 | 0.19 | 0.20 | 0.20 |
Share Based Compensation of Revenue |
0.51% | 0.50% | 0.30% | 0.34% | 0.50% | 0.32% | 0.70% | 0.71% | 0.45% | 0.71% |
Graham Net Nets |
(1.18) | (1.39) | (1.48) | (1.19) | (1.22) | (1.29) | (0.97) | (1.22) | (1.36) | (1.38) |
Graham Number |
69.22 | 67.39 | 65.97 | 65.38 | 62.08 | 59.29 | 54.83 | 66.60 | 51.23 | 32.51 |
Earnings Yield |
5.73% | 6.72% | 7.10% | 5.66% | 5.31% | 5.96% | 4.19% | 7.47% | 5.77% | 2.33% |
Free Cash Flow Yield |
(2.89%) | (0.61%) | 10.51% | (0.43%) | (16.64%) | (5.88%) | (6.57%) | 0.92% | 3.25% | (4.28%) |
Revenue per Share |
31.64 | 30.48 | 34.80 | 39.32 | 30.84 | 27.20 | 28.60 | 32.24 | 31.57 | 29.64 |
Operating CF per Share |
9.22 | 10.31 | 14.10 | 9.01 | (1.02) | 8.69 | 8.33 | 8.98 | 8.05 | 6.17 |
Capex per Share |
(11.23) | (10.66) | (8.29) | (9.31) | (10.72) | (12.30) | (13.49) | (8.41) | (6.13) | (8.76) |
Free Cash Flow per Share |
(2.01) | (0.36) | 5.80 | (0.30) | (11.74) | (3.62) | (5.16) | 0.57 | 1.92 | (2.59) |
Cash per Share |
2.61 | 0.34 | 1.39 | 0.42 | 0.22 | 0.17 | 0.23 | 0.44 | 0.34 | 0.30 |
Shareholders Equity per Share |
53.50 | 51.36 | 49.34 | 47.61 | 45.68 | 42.69 | 40.62 | 42.03 | 34.20 | 33.32 |
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 |
53.50 | 51.36 | 49.34 | 47.61 | 45.68 | 42.69 | 40.62 | 42.03 | 34.20 | 33.32 |
Free Cash Flow |
(146.40) | (24.90) | 388.80 | (19.60) | (742.10) | (225.54) | (312.86) | 31.29 | 102.25 | (134.47) |
Working Capital |
255.90 | (21.10) | (358.50) | (595.00) | (93.58) | (203.24) | (338.11) | (144.40) | (78.32) | (61.12) |
Capital Expenditures |
(819.80) | (744.20) | (555.60) | (604.40) | (677.50) | (767.40) | (818.38) | (457.52) | (326.01) | (454.95) |
Net Current Asset Value |
(5,968.20) | (5,695.10) | (5,488.00) | (5,456.60) | (5,436.64) | (4,932.85) | (4,621.20) | (4,172.07) | (4,267.91) | (4,344.82) |
EV/EBIT |
18.38 | 17.71 | 16.94 | 19.06 | 21.97 | 17.18 | 19.45 | 15.99 | 14.98 | 18.87 |
Capex to Sales |
0.35 | 0.35 | 0.24 | 0.24 | 0.35 | 0.45 | 0.47 | 0.26 | 0.19 | 0.30 |
Price to Operating Income |
9.43 | 8.12 | 7.82 | 10.04 | 10.89 | 8.95 | 11.73 | 8.61 | 7.55 | 9.35 |
| 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 |
(1.66%) | (0.32%) | 4.98% | (0.27%) | (9.96%) | (3.63%) | (5.56%) | 0.59% | 2.06% | (2.71%) |
Accounts Receivable Turnover |
5.90 | 5.75 | 5.21 | 5.90 | 6.24 | 6.09 | 6.26 | 6.61 | 6.62 | 7.57 |
Accounts Payable Turnover |
3.08 | 3.52 | 3.96 | 4.66 | 3.70 | 2.61 | 2.83 | 3.37 | 3.60 | 4.13 |
Inventory Turnover |
5.10 | 4.64 | 5.34 | 6.87 | 5.53 | 4.20 | 4.87 | 5.43 | 5.19 | 5.24 |
Average Days of Payables |
136.83 | 114.50 | 69.22 | 91.95 | 107.13 | 135.90 | 123.74 | 122.88 | 104.25 | 111.25 |
Days of Inventory on Hand |
75.68 | 76.92 | 59.75 | 61.52 | 74.28 | 87.02 | 74.92 | 68.44 | 73.41 | 75.76 |
Average Receivables |
391.65 | 369.90 | 447.30 | 432.73 | 312.54 | 278.83 | 277.19 | 265.23 | 253.82 | 203.40 |
Average Payables |
270.40 | 207.75 | 248.20 | 263.88 | 200.55 | 188.43 | 202.07 | 185.75 | 156.51 | 120.96 |
Average Inventory |
163.15 | 157.40 | 184.15 | 179.19 | 134.19 | 117.29 | 117.24 | 115.29 | 108.44 | 95.27 |
Average Assets |
10,446.20 | 9,821.50 | 9,619.30 | 9,375.05 | 8,610.34 | 7,823.62 | 7,260.89 | 6,811.11 | 6,600.34 | 5,584.21 |
Average Common Equity |
3,745.45 | 3,445.50 | 3,197.85 | 2,988.51 | 2,774.89 | 2,563.36 | 2,375.75 | 2,053.81 | 1,775.17 | 1,598.00 |
Columns are period end dates