Black Hills (BKH) Financials

$58.51 +0.40 (+0.69%)

Closing price 05/30/2025 03:59 PM Eastern

Extended Trading

$58.46 -0.04 (-0.08%)

As of 05/30/2025 06:29 PM Eastern

Annual Income Statements for Black Hills

This table shows Black Hills' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	273	262	258	237	228	199	258	177	73	-32
Consolidated Net Income / (Loss)	284	276	271	251	243	213	273	191	83	-32
Net Income / (Loss) Continuing Operations	284	276	271	251	243	213	280	208	147	142
Total Pre-Tax Income	320	302	296	258	276	243	256	282	206	220
Total Operating Income	503	473	455	409	428	406	397	417	336	300
Total Gross Profit	1,397	1,348	1,321	1,207	1,205	1,164	1,129	1,117	1,040	804
Total Revenue	2,128	2,331	2,552	1,949	1,697	1,735	1,754	1,680	1,539	1,261
Total Cost of Revenue	730	983	1,231	742	492	571	626	563	499	457
Operating Cost of Revenue	730	983	1,231	742	492	571	626	563	499	457
Total Operating Expenses	894	876	866	798	776	758	732	700	704	504
Depreciation Expense	270	257	251	236	224	209	196	188	176	127
Other Operating Expenses / (Income)	624	619	615	562	552	549	533	506	473	364
Total Other Income / (Expense), net	-183	-171	-159	-151	-153	-163	-141	-135	-130	-80
Interest Expense	195	180	163	154	145	139	142	138	136	85
Interest & Investment Income	14	12	1.60	1.70	1.46	1.63	1.64	3.34	4.70	2.52
Other Income / (Expense), net	-1.40	-3.20	1.80	1.40	-9.15	-25	-1.18	-0.21	1.12	1.92
Income Tax Expense	36	26	25	7.20	33	30	-24	73	59	79
Net Income / (Loss) Attributable to Noncontrolling Interest	11	14	12	15	15	14	14	14	9.66	0.00
Basic Earnings per Share	$3.91	$3.91	$3.98	$3.74	$3.65	$3.29	$4.75	$3.33	$1.41	($0.71)
Weighted Average Basic Shares Outstanding	69.80M	67M	64.90M	63.20M	62.38M	60.66M	54.42M	53.22M	51.92M	45.29M
Diluted Earnings per Share	$3.91	$3.91	$3.97	$3.74	$3.65	$3.28	$4.66	$3.21	$1.37	($0.71)
Weighted Average Diluted Shares Outstanding	69.90M	67.10M	65M	63.30M	62.44M	60.80M	55.49M	55.12M	53.27M	45.29M
Weighted Average Basic & Diluted Shares Outstanding	71.62M	68.20M	66.10M	64.74M	62.79M	60.60M	54.40M	53.20M	51.80M	45.20M
Cash Dividends to Common per Share	$2.60	$2.50	$2.41	$2.29	$2.17	$2.05	$1.93	$1.81	$1.68	$1.62

This table shows Black Hills' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	134	98	24	23	128	80	45	23	114	72	35
Consolidated Net Income / (Loss)	136	101	26	25	132	83	49	27	117	76	38
Net Income / (Loss) Continuing Operations	136	101	26	25	132	83	49	27	117	76	38
Total Pre-Tax Income	155	114	29	28	149	93	56	21	132	85	40
Total Operating Income	205	163	76	71	193	137	98	64	175	130	79
Total Gross Profit	446	385	307	296	410	359	305	290	395	354	294
Total Revenue	805	597	402	403	726	592	407	411	921	791	463
Total Cost of Revenue	360	212	95	107	317	233	102	121	526	437	169
Operating Cost of Revenue	360	212	95	107	317	233	102	121	526	437	169
Total Operating Expenses	241	222	231	225	217	222	207	227	220	224	215
Depreciation Expense	69	68	69	67	66	66	65	65	62	62	64
Other Operating Expenses / (Income)	171	153	162	158	151	157	142	162	158	162	151
Total Other Income / (Expense), net	-51	-50	-47	-42	-45	-44	-42	-43	-43	-45	-40
Interest Expense	52	50	51	48	46	48	45	43	44	44	41
Interest & Investment Income	0.40	0.50	5.40	5.60	2.00	6.20	3.50	1.80	0.60	0.47	0.56
Other Income / (Expense), net	0.80	0.30	-1.30	0.40	-0.80	-1.80	-0.60	-1.50	0.70	-0.93	0.46
Income Tax Expense	18	13	2.90	3.70	17	9.60	7.40	-6.10	15	9.28	2.09
Net Income / (Loss) Attributable to Noncontrolling Interest	2.10	3.00	2.00	1.90	3.70	3.60	3.40	3.50	3.30	3.61	2.86
Basic Earnings per Share	$1.87	$1.35	$0.35	$0.33	$1.88	$1.16	$0.67	$0.35	$1.73	$1.10	$0.54
Weighted Average Basic Shares Outstanding	71.60M	69.80M	70.50M	69M	68.20M	67M	67.30M	66.60M	66M	64.90M	64.88M
Diluted Earnings per Share	$1.87	$1.36	$0.35	$0.33	$1.87	$1.16	$0.67	$0.35	$1.73	$1.09	$0.54
Weighted Average Diluted Shares Outstanding	71.80M	69.90M	70.60M	69M	68.30M	67.10M	67.40M	66.70M	66.10M	65M	65.06M
Weighted Average Basic & Diluted Shares Outstanding	72.51M	71.62M	71.57M	69.75M	68.93M	68.20M	67.99M	67.11M	66.66M	66.10M	65.08M
Cash Dividends to Common per Share	$0.68	-	$0.65	$0.65	$0.65	-	$0.63	$0.63	$0.63	-	$0.60

This table details how cash moves in and out of Black Hills' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	-70	66	13	3.10	-2.92	-10	5.91	2.45	-427	432
Net Cash From Operating Activities	719	944	585	-65	542	506	489	428	320	424
Net Cash From Continuing Operating Activities	719	944	585	-65	542	506	494	409	318	339
Net Income / (Loss) Continuing Operations	284	276	271	251	243	213	280	208	147	142
Consolidated Net Income / (Loss)	284	276	271	251	243	213	273	191	83	-32
Depreciation Expense	270	257	251	236	224	209	196	188	176	127
Amortization Expense	11	10	9.80	7.00	7.88	7.84	7.85	8.26	6.18	6.36
Non-Cash Adjustments To Reconcile Net Income	18	21	9.40	26	74	61	32	13	-9.16	20
Changes in Operating Assets and Liabilities, net	137	380	44	-585	-7.23	15	-22	-8.85	-1.61	45
Net Cash From Investing Activities	-746	-537	-604	-664	-762	-816	-466	-317	-1,588	-476
Net Cash From Continuing Investing Activities	-746	-537	-604	-664	-762	-816	-486	-325	-1,580	-289
Purchase of Property, Plant & Equipment	-744	-556	-604	-678	-767	-818	-458	-326	-455	-266
Other Investing Activities, net	-1.80	19	0.50	13	5.74	2.17	-4.28	1.01	-0.56	-0.44
Net Cash From Financing Activities	-43	-342	32	732	217	300	-17	-109	841	484
Net Cash From Continuing Financing Activities	-43	-342	32	732	217	300	-17	-109	841	484
Repayment of Debt	-608	-538	0.90	-813	-16	-759	-892	2.04	-1,187	-282
Payment of Dividends	-200	-186	-174	-161	-151	-143	-126	-115	-97	-73
Issuance of Debt	450	800	0.00	1,400	400	1,100	700	0.00	1,787	300
Issuance of Common Equity	181	118	90	119	99	101	301	4.41	338	249
Other Financing Activities, net	134	-536	115	186	-115	-	-	-	-	290
Cash Interest Paid	174	157	153	143	137	132	138	-	-	-
Cash Income Taxes Paid	-14	1.00	-0.80	-1.50	-2.17	-4.68	15	-	-	-

This table details how cash moves in and out of Black Hills' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-9.30	3.80	-612	502	37	-508	442	114	18	9.92	1.73
Net Cash From Operating Activities	228	153	102	231	233	188	151	276	329	91	52
Net Cash From Continuing Operating Activities	228	153	102	231	233	188	151	276	329	91	52
Net Income / (Loss) Continuing Operations	136	101	26	25	132	83	49	27	117	76	38
Consolidated Net Income / (Loss)	136	101	26	25	132	83	49	27	117	76	38
Depreciation Expense	69	68	69	67	66	66	65	65	62	62	64
Amortization Expense	2.40	2.50	2.70	2.80	2.70	3.20	2.00	2.50	2.40	2.37	2.48
Non-Cash Adjustments To Reconcile Net Income	41	2.40	8.30	1.90	5.10	15	2.90	1.60	1.90	10	3.49
Changes in Operating Assets and Liabilities, net	-22	-21	-4.60	135	28	22	32	181	145	-60	-56
Net Cash From Investing Activities	-155	-214	-191	-164	-177	-133	-158	-144	-102	-138	-175
Net Cash From Continuing Investing Activities	-155	-214	-191	-164	-177	-133	-158	-144	-102	-138	-175
Purchase of Property, Plant & Equipment	-153	-214	-188	-166	-176	-134	-160	-143	-119	-138	-172
Other Investing Activities, net	-2.30	-0.30	-3.20	2.40	-0.70	0.90	1.70	-1.30	18	0.52	-2.44
Net Cash From Financing Activities	-82	65	-523	435	-20	-563	449	-19	-209	57	124
Net Cash From Continuing Financing Activities	-82	65	-523	435	-20	-563	449	-19	-209	57	124
Repayment of Debt	-1.20	-0.10	-600	-7.30	-1.00	-526	-7.10	-0.10	-5.00	-0.75	-0.04
Payment of Dividends	-52	-51	-49	-49	-50	-48	-46	-46	-46	-47	-42
Issuance of Debt	0.00	-	-	450	0.00	-	450	-	350	-	-
Issuance of Common Equity	46	-0.20	109	42	31	11	53	27	27	70	-0.07
Other Financing Activities, net	-74	116	18	-	0.00	-	-	-	-536	34	166
Cash Interest Paid	49	52	33	56	34	49	33	48	28	54	25
Cash Income Taxes Paid	-15	0.20	0.10	-	-	1.10	-0.10	-	-	-0.05	0.01

This table presents Black Hills' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	10,023	9,620	9,618	9,132	8,089	7,558	6,963	6,659	6,542	4,627
Total Current Assets	742	827	1,072	808	493	473	504	571	467	806
Cash & Equivalents	16	87	21	8.92	6.36	9.78	21	15	14	441
Restricted Cash	7.30	6.40	5.60	4.89	4.38	3.88	3.37	2.82	2.27	1.70
Accounts Receivable	351	350	508	322	266	256	269	248	259	147
Inventories, net	154	161	207	151	117	117	117	113	104	87
Current Deferred & Refundable Income Taxes	20	19	18	18	19	16	13	0.00	-	0.37
Other Current Assets	194	204	312	304	80	70	80	107	77	129
Plant, Property, & Equipment, net	7,630	7,119	6,798	6,449	6,020	5,503	4,855	4,541	4,386	3,259
Plant, Property & Equipment, gross	9,567	8,917	8,375	7,857	7,306	6,785	6,000	5,568	5,315	4,977
Accumulated Depreciation	1,937	1,798	1,577	1,407	1,286	1,281	1,145	1,026	929	1,718
Total Noncurrent Assets	1,650	1,675	1,749	1,875	1,576	1,582	1,564	1,534	1,676	561
Goodwill	1,300	1,300	1,300	1,299	1,299	1,299	1,299	1,299	1,299	360
Intangible Assets	7.60	8.40	9.60	11	12	13	14	7.56	8.39	3.38
Other Noncurrent Operating Assets	343	367	439	564	264	269	250	227	259	186
Total Liabilities & Shareholders' Equity	10,023	9,620	9,618	9,132	8,089	7,558	6,963	6,659	6,542	4,627
Total Liabilities	6,437	6,315	6,528	6,245	5,426	5,094	4,676	4,839	4,807	3,161
Total Current Liabilities	763	1,185	1,667	902	697	811	648	649	528	406
Short-Term Debt	134	600	1,061	420	242	355	191	217	102	77
Accounts Payable	229	186	310	218	183	194	211	161	152	90
Accrued Expenses	302	293	244	245	244	227	216	219	236	232
Other Current Liabilities	98	105	53	19	27	36	31	8.91	14	7.70
Total Noncurrent Liabilities	5,674	5,130	4,862	5,343	4,730	4,283	4,028	4,190	4,279	2,754
Long-Term Debt	4,250	3,801	3,607	4,127	3,528	3,140	2,951	3,109	3,211	1,854
Asset Retirement Reserve & Litigation Obligation	475	468	473	485	508	503	511	478	194	148
Noncurrent Deferred & Payable Income Tax Liabilities	625	548	509	465	409	361	311	337	562	451
Noncurrent Employee Benefit Liabilities	123	124	117	124	151	154	145	160	174	146
Other Noncurrent Operating Liabilities	201	189	156	141	135	125	109	106	116	156
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,585	3,306	3,090	2,887	2,663	2,464	2,287	1,820	1,730	1,466
Total Preferred & Common Equity	3,502	3,215	2,995	2,787	2,561	2,362	2,182	1,709	1,615	1,466
Total Common Equity	3,502	3,215	2,995	2,787	2,561	2,362	2,182	1,709	1,615	1,466
Common Stock	2,265	2,076	1,949	1,848	1,720	1,614	1,511	1,204	1,192	1,004
Retained Earnings	1,249	1,158	1,064	962	871	779	700	549	458	473
Treasury Stock	-3.30	-4.10	-2.40	-3.51	-2.12	-0.27	-2.51	-2.31	-0.79	-1.89
Accumulated Other Comprehensive Income / (Loss)	-9.40	-15	-16	-20	-27	-31	-27	-41	-35	-9.06
Noncontrolling Interest	84	91	95	100	101	102	106	111	115	0.00

This table presents Black Hills' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	10,061	9,719	10,186	9,677	9,933	9,409	9,460	9,322
Total Current Assets	708	600	1,174	798	1,240	802	918	849
Cash & Equivalents	6.60	13	625	123	594	153	39	12
Restricted Cash	7.50	7.10	6.90	6.70	6.21	5.97	5.77	5.40
Accounts Receivable	378	205	222	334	229	260	477	250
Inventories, net	128	155	135	131	168	137	130	223
Current Deferred & Refundable Income Taxes	20	20	20	18	18	18	18	17
Other Current Assets	168	199	166	185	225	229	248	342
Plant, Property, & Equipment, net	7,722	7,470	7,356	7,223	7,012	6,919	6,837	6,697
Plant, Property & Equipment, gross	9,715	9,383	9,238	9,068	8,768	8,591	8,466	8,236
Accumulated Depreciation	1,993	1,913	1,883	1,845	1,756	1,671	1,629	1,539
Total Noncurrent Assets	1,631	1,650	1,657	1,656	1,680	1,687	1,704	1,776
Goodwill	1,300	1,300	1,300	1,300	1,299	1,299	1,299	1,299
Intangible Assets	7.30	7.90	8.10	8.40	8.71	9.00	9.30	9.88
Other Noncurrent Operating Assets	324	342	349	348	372	379	396	466
Total Liabilities & Shareholders' Equity	10,061	9,719	10,186	9,677	9,933	9,409	9,460	9,322
Total Liabilities	6,344	6,187	6,743	6,254	6,673	6,206	6,268	6,339
Total Current Liabilities	929	536	1,107	1,088	1,603	978	1,039	970
Short-Term Debt	360	18	600	600	1,125	525	525	501
Accounts Payable	217	136	155	133	124	133	173	187
Accrued Expenses	253	292	260	264	257	217	229	251
Other Current Liabilities	99	91	92	92	96	0.32	112	30
Total Noncurrent Liabilities	5,415	5,650	5,636	5,166	5,071	5,228	5,229	5,369
Long-Term Debt	3,952	4,249	4,247	3,803	3,800	3,956	3,954	4,131
Asset Retirement Reserve & Litigation Obligation	475	471	467	464	469	470	467	470
Noncurrent Deferred & Payable Income Tax Liabilities	667	603	599	576	531	529	536	492
Noncurrent Employee Benefit Liabilities	122	123	122	124	119	119	118	121
Other Noncurrent Operating Liabilities	200	205	201	199	152	156	155	155
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,717	3,532	3,443	3,423	3,260	3,203	3,192	2,984
Total Preferred & Common Equity	3,635	3,447	3,357	3,334	3,167	3,110	3,098	2,887
Total Common Equity	3,635	3,447	3,357	3,334	3,167	3,110	3,098	2,887
Common Stock	2,311	2,266	2,154	2,109	2,062	2,008	1,978	1,876
Retained Earnings	1,335	1,198	1,220	1,242	1,121	1,118	1,137	1,033
Treasury Stock	-2.00	-5.90	-4.90	-4.70	-3.46	-3.17	-2.70	-1.72
Accumulated Other Comprehensive Income / (Loss)	-8.40	-11	-11	-12	-13	-13	-14	-20
Noncontrolling Interest	82	86	86	89	92	93	94	97

This table displays calculated financial ratios and metrics derived from Black Hills' official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-8.73%	-8.64%	30.92%	14.86%	-2.19%	-1.10%	4.40%	9.19%	22.01%	-9.49%
EBITDA Growth	6.26%	2.61%	9.77%	0.35%	9.03%	-0.42%	-2.12%	18.11%	19.25%	5.53%
EBIT Growth	6.86%	2.74%	11.25%	-1.99%	10.14%	-3.86%	-4.96%	23.49%	11.57%	13.85%
NOPAT Growth	3.11%	3.87%	4.64%	5.52%	5.77%	-17.79%	40.73%	28.59%	24.12%	10.44%
Net Income Growth	2.79%	1.92%	7.80%	3.48%	13.80%	-21.76%	42.55%	131.48%	357.33%	-124.53%
EPS Growth	0.00%	-1.51%	6.15%	2.47%	11.28%	-29.61%	45.17%	134.31%	292.96%	-124.23%
Operating Cash Flow Growth	-23.84%	61.49%	1,005.26%	-111.92%	7.19%	3.42%	14.14%	33.63%	-24.48%	34.59%
Free Cash Flow Firm Growth	-79.21%	417.97%	117.68%	-502.51%	55.68%	-258.07%	-15.64%	109.62%	-1,061.34%	1,133.17%
Invested Capital Growth	4.36%	-1.51%	4.18%	15.54%	8.02%	10.84%	5.75%	2.83%	67.69%	0.37%
Revenue Q/Q Growth	0.25%	-7.89%	9.85%	4.06%	0.52%	-1.34%	2.69%	1.55%	11.18%	-7.56%
EBITDA Q/Q Growth	4.13%	1.35%	2.25%	-0.58%	1.57%	0.70%	0.15%	-6.07%	-13.05%	67.54%
EBIT Q/Q Growth	6.14%	1.22%	3.47%	-2.53%	2.14%	0.05%	-0.41%	-11.14%	-23.21%	195.32%
NOPAT Q/Q Growth	5.32%	1.52%	0.74%	-0.51%	1.50%	-6.66%	9.71%	-3.24%	-18.73%	124.68%
Net Income Q/Q Growth	6.69%	2.64%	0.68%	-2.42%	3.24%	-7.57%	15.27%	20.70%	75.66%	-293.45%
EPS Q/Q Growth	5.39%	1.82%	-0.25%	-3.36%	3.11%	-10.14%	13.94%	22.52%	87.67%	-291.89%
Operating Cash Flow Q/Q Growth	-4.67%	11.56%	1.80%	-188.96%	0.55%	1.88%	0.26%	-0.57%	19.71%	-3.99%
Free Cash Flow Firm Q/Q Growth	-49.94%	24.41%	84.83%	4.57%	-1.18%	-27.13%	-38.49%	-37.48%	1.18%	254.73%
Invested Capital Q/Q Growth	2.15%	0.40%	1.73%	2.45%	3.35%	3.50%	3.45%	1.03%	-0.79%	1.27%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	65.68%	57.84%	51.78%	61.94%	70.98%	67.10%	64.34%	66.48%	67.57%	63.78%
EBITDA Margin	36.78%	31.59%	28.13%	33.54%	38.39%	34.44%	34.20%	36.48%	33.73%	34.51%
Operating Margin	23.65%	20.28%	17.84%	21.00%	25.24%	23.40%	22.63%	24.80%	21.85%	23.82%
EBIT Margin	23.58%	20.14%	17.91%	21.08%	24.70%	21.94%	22.57%	24.79%	21.92%	23.97%
Profit (Net Income) Margin	13.33%	11.84%	10.61%	12.89%	14.31%	12.30%	15.54%	11.38%	5.37%	-2.55%
Tax Burden Percent	88.66%	91.51%	91.49%	97.21%	88.06%	87.82%	106.56%	67.89%	40.13%	-14.58%
Interest Burden Percent	63.78%	64.24%	64.77%	62.90%	65.77%	63.83%	64.64%	67.64%	61.04%	72.83%
Effective Tax Rate	11.34%	8.49%	8.51%	2.79%	11.94%	12.18%	-9.25%	26.04%	28.70%	35.72%
Return on Invested Capital (ROIC)	5.73%	5.64%	5.50%	5.75%	6.10%	6.31%	8.31%	6.16%	6.09%	6.58%
ROIC Less NNEP Spread (ROIC-NNEP)	1.99%	2.14%	2.32%	2.21%	2.39%	1.94%	3.22%	2.54%	-0.63%	-8.18%
Return on Net Nonoperating Assets (RNNOA)	2.50%	2.99%	3.56%	3.30%	3.37%	2.67%	4.96%	4.60%	-0.92%	-8.85%
Return on Equity (ROE)	8.23%	8.63%	9.06%	9.05%	9.47%	8.98%	13.28%	10.76%	5.16%	-2.28%
Cash Return on Invested Capital (CROIC)	1.47%	7.16%	1.40%	-8.67%	-1.61%	-3.97%	2.72%	3.37%	-44.49%	6.21%
Operating Return on Assets (OROA)	5.11%	4.88%	4.87%	4.77%	5.36%	5.24%	5.81%	6.31%	6.04%	6.82%
Return on Assets (ROA)	2.89%	2.87%	2.89%	2.92%	3.10%	2.94%	4.00%	2.90%	1.48%	-0.72%
Return on Common Equity (ROCE)	8.03%	8.38%	8.77%	8.72%	9.10%	8.59%	12.57%	10.06%	4.97%	-2.28%
Return on Equity Simple (ROE_SIMPLE)	8.10%	8.58%	9.04%	9.01%	9.48%	9.03%	12.50%	11.19%	5.12%	-2.19%
Net Operating Profit after Tax (NOPAT)	446	433	416	398	377	357	434	308	240	193
NOPAT Margin	20.96%	18.56%	16.32%	20.42%	22.23%	20.55%	24.73%	18.34%	15.57%	15.31%
Net Nonoperating Expense Percent (NNEP)	3.75%	3.50%	3.18%	3.54%	3.71%	4.37%	5.09%	3.63%	6.72%	14.75%
Return On Investment Capital (ROIC_SIMPLE)	5.60%	5.61%	5.37%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	34.32%	42.16%	48.22%	38.06%	29.02%	32.90%	35.66%	33.52%	32.43%	36.22%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.59%	1.08%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	42.03%	37.56%	33.94%	40.93%	45.74%	43.69%	41.71%	41.67%	45.72%	39.96%
Earnings before Interest and Taxes (EBIT)	502	470	457	411	419	381	396	417	337	302
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	783	736	718	654	651	598	600	613	519	435
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.20	1.09	1.40	1.44	1.30	1.71	2.80	1.48	1.54	1.05
Price to Tangible Book Value (P/TBV)	1.91	1.84	2.48	2.73	2.66	3.84	7.05	6.28	8.12	1.40
Price to Revenue (P/Rev)	1.97	1.50	1.64	2.07	1.96	2.32	3.49	1.50	1.62	1.22
Price to Earnings (P/E)	15.34	13.36	16.21	17.01	14.63	20.22	23.67	14.27	34.12	0.00
Dividend Yield	4.44%	4.85%	3.74%	3.63%	4.09%	3.13%	3.78%	3.83%	3.59%	4.70%
Earnings Yield	6.52%	7.48%	6.17%	5.88%	6.83%	4.95%	4.23%	7.01%	2.93%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.09	1.04	1.15	1.17	1.12	1.28	1.73	1.17	1.19	1.03
Enterprise Value to Revenue (EV/Rev)	4.06	3.39	3.50	4.44	4.24	4.39	5.30	3.53	3.83	2.39
Enterprise Value to EBITDA (EV/EBITDA)	11.03	10.73	12.44	13.25	11.04	12.74	15.50	9.68	11.36	6.94
Enterprise Value to EBIT (EV/EBIT)	17.21	16.83	19.53	21.08	17.16	20.01	23.49	14.24	17.48	9.99
Enterprise Value to NOPAT (EV/NOPAT)	19.35	18.27	21.43	21.76	19.07	21.35	21.44	19.25	24.59	15.64
Enterprise Value to Operating Cash Flow (EV/OCF)	12.00	8.37	15.26	0.00	13.27	15.06	19.02	13.85	18.39	7.12
Enterprise Value to Free Cash Flow (EV/FCFF)	75.57	14.38	84.15	0.00	0.00	0.00	65.42	35.21	0.00	16.58
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.22	1.33	1.51	1.58	1.42	1.42	1.37	1.83	1.91	1.32
Long-Term Debt to Equity	1.19	1.15	1.17	1.43	1.33	1.27	1.29	1.71	1.85	1.26
Financial Leverage	1.26	1.40	1.53	1.49	1.41	1.38	1.54	1.81	1.46	1.08
Leverage Ratio	2.85	3.01	3.14	3.10	3.05	3.06	3.32	3.71	3.49	3.15
Compound Leverage Factor	1.82	1.93	2.03	1.95	2.01	1.95	2.14	2.51	2.13	2.29
Debt to Total Capital	55.01%	57.11%	60.17%	61.16%	58.61%	58.65%	57.87%	64.63%	65.64%	56.84%
Short-Term Debt to Total Capital	1.68%	7.79%	13.67%	5.65%	3.77%	5.96%	3.52%	4.22%	2.03%	2.26%
Long-Term Debt to Total Capital	53.33%	49.32%	46.50%	55.51%	54.84%	52.69%	54.35%	60.42%	63.61%	54.58%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.05%	1.17%	1.22%	1.35%	1.57%	1.71%	1.95%	2.16%	2.37%	0.00%
Common Equity to Total Capital	43.94%	41.72%	38.61%	37.49%	39.82%	39.64%	40.18%	33.21%	31.99%	43.16%
Debt to EBITDA	5.60	5.98	6.50	6.95	5.79	5.85	5.24	5.43	6.38	4.44
Net Debt to EBITDA	5.57	5.85	6.47	6.93	5.77	5.83	5.13	5.38	6.33	3.39
Long-Term Debt to EBITDA	5.43	5.16	5.03	6.31	5.42	5.26	4.92	5.07	6.19	4.26
Debt to NOPAT	9.83	10.17	11.21	11.43	10.00	9.80	7.24	10.79	13.82	10.00
Net Debt to NOPAT	9.78	9.96	11.14	11.39	9.97	9.76	7.09	10.69	13.71	7.64
Long-Term Debt to NOPAT	9.53	8.79	8.66	10.37	9.35	8.81	6.80	10.09	13.40	9.60
Altman Z-Score	0.94	0.86	0.89	0.88	0.87	0.96	1.34	0.87	0.80	1.03
Noncontrolling Interest Sharing Ratio	2.53%	2.90%	3.26%	3.63%	3.96%	4.37%	5.28%	6.50%	3.74%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.97	0.70	0.64	0.90	0.71	0.58	0.78	0.88	0.88	1.98
Quick Ratio	0.48	0.37	0.32	0.37	0.39	0.33	0.45	0.41	0.52	1.45
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	114	549	106	-600	-100	-225	142	169	-1,752	182
Operating Cash Flow to CapEx	96.65%	169.98%	96.76%	-9.54%	70.61%	61.77%	106.84%	131.36%	70.44%	159.32%
Free Cash Flow to Firm to Interest Expense	0.59	3.05	0.65	-3.89	-0.69	-1.61	1.00	1.22	-12.87	2.15
Operating Cash Flow to Interest Expense	3.68	5.25	3.60	-0.42	3.74	3.63	3.45	3.10	2.35	5.01
Operating Cash Flow Less CapEx to Interest Expense	-0.13	2.16	-0.12	-4.82	-1.56	-2.25	0.22	0.74	-0.99	1.87
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.22	0.24	0.27	0.23	0.22	0.24	0.26	0.25	0.28	0.28
Accounts Receivable Turnover	6.07	5.43	6.15	6.63	6.50	6.61	6.78	6.62	7.57	7.48
Inventory Turnover	4.64	5.34	6.87	5.53	4.20	4.87	5.43	5.19	5.24	5.13
Fixed Asset Turnover	0.29	0.34	0.39	0.31	0.29	0.34	0.37	0.38	0.40	0.39
Accounts Payable Turnover	3.52	3.96	4.66	3.70	2.61	2.83	3.37	3.60	4.13	4.27
Days Sales Outstanding (DSO)	60.17	67.21	59.35	55.02	56.11	55.22	53.83	55.14	48.24	48.83
Days Inventory Outstanding (DIO)	78.67	68.38	53.15	66.02	86.94	74.96	67.26	70.27	69.67	71.15
Days Payable Outstanding (DPO)	103.83	92.17	78.27	98.67	139.68	129.21	108.37	101.41	88.46	85.45
Cash Conversion Cycle (CCC)	35.01	43.42	34.23	22.37	3.38	0.98	12.73	23.99	29.46	34.53
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,946	7,614	7,731	7,420	6,422	5,946	5,364	5,073	4,933	2,942
Invested Capital Turnover	0.27	0.30	0.34	0.28	0.27	0.31	0.34	0.34	0.39	0.43
Increase / (Decrease) in Invested Capital	332	-117	310	998	477	581	292	140	1,991	11
Enterprise Value (EV)	8,633	7,902	8,925	8,660	7,192	7,614	9,299	5,932	5,895	3,020
Market Capitalization	4,188	3,503	4,189	4,027	3,331	4,030	6,116	2,526	2,490	1,544
Book Value per Share	$48.92	$47.29	$46.02	$43.67	$40.82	$38.44	$18.19	$31.95	$30.38	$32.68
Tangible Book Value per Share	$30.66	$28.05	$25.90	$23.14	$19.92	$17.08	$7.24	$7.52	$5.77	$24.59
Total Capital	7,969	7,707	7,758	7,434	6,433	5,959	5,430	5,147	5,048	3,396
Total Debt	4,384	4,401	4,668	4,547	3,771	3,495	3,142	3,326	3,314	1,930
Total Long-Term Debt	4,250	3,801	3,607	4,127	3,528	3,140	2,951	3,109	3,211	1,854
Net Debt	4,361	4,308	4,641	4,533	3,760	3,482	3,077	3,295	3,285	1,476
Capital Expenditures (CapEx)	744	556	604	678	767	818	458	326	455	266
Debt-free, Cash-free Net Working Capital (DFCFNWC)	89	149	439	313	28	3.48	23	120	25	34
Debt-free Net Working Capital (DFNWC)	113	242	466	327	39	17	47	139	41	477
Net Working Capital (NWC)	-21	-359	-595	-94	-203	-338	-144	-78	-61	400
Net Nonoperating Expense (NNE)	162	157	146	147	134	143	161	117	157	225
Net Nonoperating Obligations (NNO)	4,361	4,308	4,641	4,533	3,760	3,482	3,077	3,253	3,199	1,476
Total Depreciation and Amortization (D&A)	281	267	261	243	232	217	204	197	182	133
Debt-free, Cash-free Net Working Capital to Revenue	4.20%	6.37%	17.19%	16.05%	1.68%	0.20%	1.30%	7.17%	1.65%	2.72%
Debt-free Net Working Capital to Revenue	5.30%	10.36%	18.25%	16.76%	2.31%	0.99%	2.68%	8.26%	2.68%	37.81%
Net Working Capital to Revenue	-0.99%	-15.38%	-23.32%	-4.80%	-11.98%	-19.49%	-8.23%	-4.66%	-3.97%	31.72%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.91	$3.91	$3.98	$3.74	$3.65	$3.29	$4.75	$3.33	$1.41	($0.71)
Adjusted Weighted Average Basic Shares Outstanding	69.80M	67M	64.86M	63.22M	62.38M	60.66M	54.42M	53.22M	51.92M	45.29M
Adjusted Diluted Earnings per Share	$3.91	$3.91	$3.97	$3.74	$3.65	$3.28	$4.66	$3.21	$1.37	($0.71)
Adjusted Weighted Average Diluted Shares Outstanding	69.90M	67.10M	65.02M	63.33M	62.44M	60.80M	55.49M	55.12M	53.27M	45.29M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	71.62M	68.20M	66.10M	64.74M	62.79M	61.48M	60.00M	53.54M	53.38M	51.19M
Normalized Net Operating Profit after Tax (NOPAT)	446	433	416	398	377	357	279	313	240	193
Normalized NOPAT Margin	20.96%	18.56%	16.32%	20.42%	22.23%	20.55%	15.92%	18.60%	15.57%	15.31%
Pre Tax Income Margin	15.04%	12.94%	11.60%	13.26%	16.25%	14.00%	14.59%	16.77%	13.38%	17.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.57	2.61	2.81	2.67	2.89	2.73	2.80	3.02	2.48	3.57
NOPAT to Interest Expense	2.29	2.40	2.56	2.58	2.60	2.56	3.06	2.23	1.76	2.28
EBIT Less CapEx to Interest Expense	-1.24	-0.48	-0.91	-1.73	-2.40	-3.14	-0.44	0.66	-0.86	0.42
NOPAT Less CapEx to Interest Expense	-1.53	-0.68	-1.16	-1.81	-2.69	-3.32	-0.17	-0.13	-1.58	-0.87
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	70.39%	67.54%	64.29%	63.97%	62.32%	66.82%	46.29%	60.20%	117.55%	-226.10%
Augmented Payout Ratio	70.39%	67.54%	64.29%	63.97%	62.32%	66.82%	46.29%	60.20%	117.55%	-226.10%

This table displays calculated financial ratios and metrics derived from Black Hills' official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.85%	0.91%	-1.35%	-2.12%	-21.15%	-25.24%	-12.00%	-13.26%	11.85%	40.70%	21.55%
EBITDA Growth	6.24%	15.23%	-10.67%	8.58%	8.97%	5.06%	11.99%	-8.01%	1.10%	8.86%	-2.44%
EBIT Growth	6.91%	21.53%	-23.35%	14.52%	9.62%	4.38%	21.59%	-16.16%	0.89%	13.49%	-12.57%
NOPAT Growth	5.65%	18.50%	-19.58%	-25.48%	10.21%	5.64%	12.75%	11.73%	0.40%	2.86%	-7.05%
Net Income Growth	3.65%	21.39%	-45.90%	-7.14%	12.10%	9.34%	28.98%	-25.79%	-2.99%	2.47%	-21.44%
EPS Growth	0.00%	17.24%	-47.76%	-5.71%	8.09%	6.42%	24.07%	-32.69%	-4.95%	-0.91%	-22.86%
Operating Cash Flow Growth	-2.40%	-18.68%	-32.34%	-16.57%	-28.99%	108.15%	188.77%	55.36%	24.45%	12.92%	-50.43%
Free Cash Flow Firm Growth	-235.60%	-178.09%	-226.53%	126.29%	298.94%	222.95%	135.77%	52.81%	75.09%	78.03%	70.38%
Invested Capital Growth	4.14%	4.36%	2.58%	0.42%	0.91%	-1.51%	-0.20%	2.62%	2.78%	4.18%	4.91%
Revenue Q/Q Growth	34.85%	48.68%	-0.25%	-44.58%	22.77%	45.35%	-1.02%	-55.35%	16.40%	71.08%	-2.44%
EBITDA Q/Q Growth	18.29%	60.07%	4.34%	-46.23%	28.30%	24.09%	26.84%	-46.04%	23.69%	32.28%	4.18%
EBIT Q/Q Growth	25.72%	119.73%	4.93%	-63.12%	42.83%	38.58%	56.77%	-64.69%	36.07%	61.43%	8.10%
NOPAT Q/Q Growth	24.80%	112.34%	11.23%	-64.16%	39.99%	44.11%	3.07%	-46.99%	34.17%	53.82%	2.14%
Net Income Q/Q Growth	35.05%	282.58%	6.88%	-81.23%	58.10%	70.49%	83.46%	-77.34%	54.28%	101.13%	5.55%
EPS Q/Q Growth	37.50%	288.57%	6.06%	-82.35%	61.21%	73.13%	91.43%	-79.77%	58.72%	101.85%	3.85%
Operating Cash Flow Q/Q Growth	48.69%	50.05%	-55.72%	-1.20%	23.92%	24.85%	-45.41%	-15.91%	263.15%	73.21%	-70.63%
Free Cash Flow Firm Q/Q Growth	26.16%	-47.04%	-529.91%	-70.95%	-57.47%	138.25%	189.32%	-119.84%	73.72%	30.69%	-17.84%
Invested Capital Q/Q Growth	0.86%	2.15%	1.57%	-0.48%	1.07%	0.40%	-0.57%	0.01%	-1.36%	1.73%	2.25%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	55.33%	64.48%	76.47%	73.40%	56.42%	60.61%	74.90%	70.51%	42.87%	44.79%	63.57%
EBITDA Margin	34.45%	39.27%	36.48%	34.87%	35.94%	34.39%	40.28%	31.44%	26.01%	24.48%	31.65%
Operating Margin	25.46%	27.37%	18.87%	17.54%	26.61%	23.07%	24.02%	15.44%	18.99%	16.42%	17.18%
EBIT Margin	25.56%	27.42%	18.55%	17.64%	26.50%	22.76%	23.88%	15.07%	19.06%	16.31%	17.28%
Profit (Net Income) Margin	16.94%	16.92%	6.57%	6.14%	18.12%	14.06%	11.99%	6.47%	12.74%	9.62%	8.18%
Tax Burden Percent	88.28%	88.75%	90.10%	86.97%	88.62%	89.66%	86.83%	129.76%	88.87%	89.13%	94.77%
Interest Burden Percent	75.07%	69.52%	39.33%	40.00%	77.14%	68.89%	57.82%	33.06%	75.23%	66.16%	49.94%
Effective Tax Rate	11.72%	11.25%	9.90%	13.03%	11.38%	10.34%	13.17%	-29.76%	11.13%	10.87%	5.23%
Return on Invested Capital (ROIC)	6.31%	6.64%	4.70%	4.25%	6.58%	6.28%	6.96%	6.88%	5.94%	4.93%	5.10%
ROIC Less NNEP Spread (ROIC-NNEP)	5.27%	5.63%	3.72%	3.40%	5.66%	5.41%	6.15%	5.62%	5.09%	4.06%	4.27%
Return on Net Nonoperating Assets (RNNOA)	6.33%	7.08%	4.70%	4.42%	7.46%	7.57%	8.80%	8.07%	7.33%	6.24%	6.69%
Return on Equity (ROE)	12.64%	13.72%	9.39%	8.66%	14.03%	13.85%	15.76%	14.95%	13.27%	11.17%	11.78%
Cash Return on Invested Capital (CROIC)	1.74%	1.47%	2.97%	5.35%	4.94%	7.16%	5.82%	2.93%	2.80%	1.40%	0.77%
Operating Return on Assets (OROA)	5.71%	5.94%	4.01%	3.83%	5.92%	5.52%	6.28%	4.21%	5.43%	4.44%	4.40%
Return on Assets (ROA)	3.79%	3.66%	1.42%	1.33%	4.05%	3.41%	3.15%	1.80%	3.63%	2.62%	2.08%
Return on Common Equity (ROCE)	12.34%	13.37%	9.15%	8.43%	13.65%	13.45%	15.28%	14.49%	12.86%	10.80%	11.38%
Return on Equity Simple (ROE_SIMPLE)	7.94%	0.00%	7.71%	8.59%	8.70%	0.00%	8.49%	8.29%	8.62%	0.00%	9.32%
Net Operating Profit after Tax (NOPAT)	181	145	68	61	171	122	85	82	155	116	75
NOPAT Margin	22.48%	24.29%	17.01%	15.25%	23.58%	20.68%	20.86%	20.03%	16.87%	14.64%	16.28%
Net Nonoperating Expense Percent (NNEP)	1.04%	1.02%	0.98%	0.85%	0.91%	0.88%	0.81%	1.26%	0.86%	0.87%	0.83%
Return On Investment Capital (ROIC_SIMPLE)	2.25%	1.82%	-	-	-	1.59%	-	-	-	1.49%	-
Cost of Revenue to Revenue	44.67%	35.52%	23.53%	26.60%	43.58%	39.40%	25.10%	29.49%	57.13%	55.21%	36.43%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	29.87%	37.11%	57.59%	55.86%	29.80%	37.54%	50.87%	55.07%	23.88%	28.36%	46.39%
Earnings before Interest and Taxes (EBIT)	206	164	75	71	193	135	97	62	176	129	80
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	277	235	147	140	261	204	164	129	240	194	146
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.19	1.20	1.24	1.10	1.09	1.09	1.02	1.22	1.26	1.40	1.40
Price to Tangible Book Value (P/TBV)	1.87	1.91	1.99	1.81	1.79	1.84	1.74	2.10	2.18	2.48	2.56
Price to Revenue (P/Rev)	1.97	1.97	2.01	1.74	1.70	1.50	1.28	1.46	1.47	1.64	1.74
Price to Earnings (P/E)	15.54	15.34	16.74	13.44	13.15	13.36	12.69	15.48	15.28	16.21	15.71
Dividend Yield	4.33%	4.44%	4.21%	4.74%	4.73%	4.85%	5.18%	4.35%	4.14%	3.74%	3.84%
Earnings Yield	6.43%	6.52%	5.97%	7.44%	7.61%	7.48%	7.88%	6.46%	6.55%	6.17%	6.37%
Enterprise Value to Invested Capital (EV/IC)	1.09	1.09	1.11	1.05	1.04	1.04	1.01	1.08	1.10	1.15	1.15
Enterprise Value to Revenue (EV/Rev)	3.95	4.06	4.05	3.76	3.74	3.39	3.02	3.17	3.18	3.50	3.77
Enterprise Value to EBITDA (EV/EBITDA)	10.92	11.03	11.44	10.41	10.54	10.73	10.53	11.57	11.69	12.44	12.47
Enterprise Value to EBIT (EV/EBIT)	16.94	17.21	18.18	16.16	16.43	16.83	16.50	18.37	18.37	19.53	19.81
Enterprise Value to NOPAT (EV/NOPAT)	19.15	19.35	20.30	18.17	17.83	18.27	17.96	19.73	20.20	21.43	21.17
Enterprise Value to Operating Cash Flow (EV/OCF)	12.22	12.00	11.39	9.97	9.41	8.37	9.04	10.97	12.97	15.26	15.23
Enterprise Value to Free Cash Flow (EV/FCFF)	63.82	75.57	37.67	19.59	21.11	14.38	17.33	37.14	40.01	84.15	152.49
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.16	1.22	1.21	1.41	1.29	1.33	1.51	1.40	1.40	1.51	1.55
Long-Term Debt to Equity	1.06	1.19	1.20	1.23	1.11	1.15	1.17	1.24	1.24	1.17	1.38
Financial Leverage	1.20	1.26	1.26	1.30	1.32	1.40	1.43	1.43	1.44	1.53	1.57
Leverage Ratio	2.76	2.85	2.89	2.95	2.89	3.01	3.08	3.00	3.02	3.14	3.15
Compound Leverage Factor	2.08	1.98	1.14	1.18	2.23	2.07	1.78	0.99	2.27	2.08	1.57
Debt to Total Capital	53.70%	55.01%	54.71%	58.47%	56.26%	57.11%	60.17%	58.32%	58.39%	60.17%	60.82%
Short-Term Debt to Total Capital	4.48%	1.68%	0.22%	7.24%	7.67%	7.79%	13.75%	6.83%	6.84%	13.67%	6.58%
Long-Term Debt to Total Capital	49.22%	53.33%	54.48%	51.23%	48.60%	49.32%	46.43%	51.48%	51.55%	46.50%	54.24%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.02%	1.05%	1.10%	1.04%	1.13%	1.17%	1.13%	1.21%	1.22%	1.22%	1.28%
Common Equity to Total Capital	45.28%	43.94%	44.20%	40.50%	42.60%	41.72%	38.70%	40.48%	40.38%	38.61%	37.90%
Debt to EBITDA	5.40	5.60	5.68	6.30	5.81	5.98	6.78	6.32	6.22	6.50	6.60
Net Debt to EBITDA	5.38	5.57	5.65	5.48	5.64	5.85	5.95	6.10	6.16	6.47	6.58
Long-Term Debt to EBITDA	4.95	5.43	5.65	5.52	5.02	5.16	5.23	5.58	5.49	5.03	5.89
Debt to NOPAT	9.46	9.83	10.07	11.00	9.82	10.17	11.56	10.78	10.74	11.21	11.21
Net Debt to NOPAT	9.43	9.78	10.03	9.56	9.53	9.96	10.15	10.40	10.63	11.14	11.17
Long-Term Debt to NOPAT	8.67	9.53	10.03	9.64	8.49	8.79	8.92	9.52	9.48	8.66	9.99
Altman Z-Score	0.86	0.83	0.84	0.74	0.78	0.75	0.69	0.81	0.87	0.78	0.80
Noncontrolling Interest Sharing Ratio	2.39%	2.53%	2.62%	2.69%	2.76%	2.90%	3.03%	3.07%	3.13%	3.26%	3.45%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.76	0.97	1.12	1.06	0.73	0.70	0.77	0.82	0.88	0.64	0.88
Quick Ratio	0.41	0.48	0.41	0.76	0.42	0.37	0.51	0.42	0.50	0.32	0.27
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-138	-187	-127	30	102	239	100	-112	-51	-195	-281
Operating Cash Flow to CapEx	148.99%	71.69%	54.28%	138.75%	132.46%	140.81%	94.25%	193.83%	275.99%	65.54%	30.29%
Free Cash Flow to Firm to Interest Expense	-2.67	-3.71	-2.51	0.61	2.21	4.97	2.26	-2.60	-1.16	-4.41	-6.92
Operating Cash Flow to Interest Expense	4.41	3.04	2.02	4.78	5.07	3.92	3.39	6.38	7.45	2.05	1.29
Operating Cash Flow Less CapEx to Interest Expense	1.45	-1.20	-1.70	1.34	1.24	1.14	-0.21	3.09	4.75	-1.08	-2.96
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.22	0.22	0.22	0.22	0.22	0.24	0.26	0.28	0.29	0.27	0.25
Accounts Receivable Turnover	6.20	6.07	9.78	8.83	5.27	5.43	10.58	9.81	6.16	6.15	10.76
Inventory Turnover	5.98	4.64	4.65	5.59	5.93	5.34	6.07	8.66	11.08	6.87	5.64
Fixed Asset Turnover	0.30	0.29	0.29	0.30	0.30	0.34	0.37	0.38	0.40	0.39	0.36
Accounts Payable Turnover	4.43	3.52	5.77	5.26	5.06	3.96	7.63	7.86	7.62	4.66	6.32
Days Sales Outstanding (DSO)	58.91	60.17	37.34	41.33	69.32	67.21	34.51	37.22	59.30	59.35	33.92
Days Inventory Outstanding (DIO)	61.05	78.67	78.58	65.24	61.50	68.38	60.16	42.15	32.93	53.15	64.74
Days Payable Outstanding (DPO)	82.45	103.83	63.24	69.37	72.18	92.17	47.84	46.46	47.88	78.27	57.77
Cash Conversion Cycle (CCC)	37.51	35.01	52.68	37.20	58.63	43.42	46.84	32.90	44.35	34.23	40.89
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,015	7,946	7,779	7,659	7,696	7,614	7,584	7,627	7,626	7,731	7,599
Invested Capital Turnover	0.28	0.27	0.28	0.28	0.28	0.30	0.33	0.34	0.35	0.34	0.31
Increase / (Decrease) in Invested Capital	319	332	195	32	70	-117	-15	195	207	310	356
Enterprise Value (EV)	8,723	8,633	8,595	8,008	7,990	7,902	7,654	8,203	8,423	8,925	8,751
Market Capitalization	4,344	4,188	4,263	3,706	3,629	3,503	3,237	3,788	3,895	4,189	4,038
Book Value per Share	$50.76	$48.92	$49.41	$48.70	$48.88	$47.29	$47.20	$46.65	$46.87	$46.02	$44.36
Tangible Book Value per Share	$32.51	$30.66	$30.67	$29.73	$29.71	$28.05	$27.70	$27.03	$27.07	$25.90	$24.24
Total Capital	8,029	7,969	7,799	8,291	7,825	7,707	8,184	7,684	7,671	7,758	7,616
Total Debt	4,312	4,384	4,266	4,847	4,403	4,401	4,925	4,481	4,479	4,668	4,632
Total Long-Term Debt	3,952	4,250	4,249	4,247	3,803	3,801	3,800	3,956	3,954	3,607	4,131
Net Debt	4,297	4,361	4,247	4,215	4,273	4,308	4,324	4,322	4,434	4,641	4,615
Capital Expenditures (CapEx)	153	214	188	166	176	134	160	143	119	138	172
Debt-free, Cash-free Net Working Capital (DFCFNWC)	125	89	61	35	180	149	162	191	359	439	364
Debt-free Net Working Capital (DFNWC)	139	113	81	667	309	242	763	349	404	466	381
Net Working Capital (NWC)	-221	-21	63	67	-291	-359	-362	-176	-121	-595	-120
Net Nonoperating Expense (NNE)	45	44	42	37	40	39	36	56	38	40	37
Net Nonoperating Obligations (NNO)	4,297	4,361	4,247	4,215	4,273	4,308	4,324	4,424	4,434	4,641	4,615
Total Depreciation and Amortization (D&A)	72	71	72	69	69	69	67	67	64	65	66
Debt-free, Cash-free Net Working Capital to Revenue	5.67%	4.20%	2.88%	1.65%	8.40%	6.37%	6.40%	7.38%	13.56%	17.19%	15.67%
Debt-free Net Working Capital to Revenue	6.30%	5.30%	3.81%	31.34%	14.47%	10.36%	30.13%	13.51%	15.26%	18.25%	16.40%
Net Working Capital to Revenue	-10.01%	-0.99%	2.98%	3.14%	-13.61%	-15.38%	-14.32%	-6.79%	-4.55%	-23.32%	-5.18%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.87	$1.35	$0.35	$0.33	$1.88	$1.16	$0.67	$0.35	$1.73	$1.10	$0.54
Adjusted Weighted Average Basic Shares Outstanding	71.60M	69.80M	70.50M	69M	68.20M	67M	67.32M	66.59M	66.04M	64.90M	64.88M
Adjusted Diluted Earnings per Share	$1.87	$1.36	$0.35	$0.33	$1.87	$1.16	$0.67	$0.35	$1.73	$1.09	$0.54
Adjusted Weighted Average Diluted Shares Outstanding	71.80M	69.90M	70.60M	69M	68.30M	67.10M	67.39M	66.68M	66.13M	65M	65.06M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	72.51M	71.62M	71.57M	69.75M	68.93M	68.20M	67.99M	67.11M	66.66M	66.10M	65.08M
Normalized Net Operating Profit after Tax (NOPAT)	181	145	68	61	171	122	85	44	155	116	75
Normalized NOPAT Margin	22.48%	24.29%	17.01%	15.25%	23.58%	20.68%	20.86%	10.81%	16.87%	14.64%	16.28%
Pre Tax Income Margin	19.19%	19.06%	7.30%	7.05%	20.44%	15.68%	13.81%	4.98%	14.34%	10.79%	8.63%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.98	3.25	1.47	1.47	4.18	2.80	2.18	1.43	3.98	2.92	1.97
NOPAT to Interest Expense	3.50	2.88	1.35	1.27	3.72	2.54	1.91	1.90	3.52	2.62	1.86
EBIT Less CapEx to Interest Expense	1.02	-0.99	-2.25	-1.98	0.35	0.02	-1.41	-1.86	1.28	-0.21	-2.28
NOPAT Less CapEx to Interest Expense	0.54	-1.36	-2.37	-2.17	-0.11	-0.24	-1.69	-1.39	0.82	-0.50	-2.39
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	70.05%	70.39%	73.86%	67.15%	65.64%	67.54%	68.75%	69.96%	66.27%	64.29%	63.59%
Augmented Payout Ratio	70.05%	70.39%	73.86%	67.15%	65.64%	67.54%	68.75%	69.96%	66.27%	64.29%	63.59%

Frequently Asked Questions About Black Hills' Financials

When does Black Hills's financial year end?

According to the most recent income statement we have on file, Black Hills' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Black Hills' net income changed over the last 9 years?

Black Hills' net income appears to be on an upward trend, with a most recent value of $283.70 million in 2024, falling from -$32.11 million in 2015. The previous period was $276 million in 2023. Check out Black Hills' forecast to explore projected trends and price targets.

What is Black Hills's operating income?

Black Hills's total operating income in 2024 was $503.10 million, based on the following breakdown:

Total Gross Profit: $1.40 billion
Total Operating Expenses: $894.30 million

How has Black Hills revenue changed over the last 9 years?

Over the last 9 years, Black Hills' total revenue changed from $1.26 billion in 2015 to $2.13 billion in 2024, a change of 68.7%.

How much debt does Black Hills have?

Black Hills' total liabilities were at $6.44 billion at the end of 2024, a 1.9% increase from 2023, and a 103.7% increase since 2015.

How much cash does Black Hills have?

In the past 9 years, Black Hills' cash and equivalents has ranged from $6.36 million in 2020 to $440.86 million in 2015, and is currently $16.10 million as of their latest financial filing in 2024.

How has Black Hills' book value per share changed over the last 9 years?

Over the last 9 years, Black Hills' book value per share changed from 32.68 in 2015 to 48.92 in 2024, a change of 49.7%.

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This page (NYSE:BKH) was last updated on 5/31/2025 by MarketBeat.com Staff

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Black Hills (BKH) Financials

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Black Hills (BKH) Financials

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