Black Hills (BKH) Financials

$56.12 +0.15 (+0.26%)

As of 10:58 AM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-32	73	177	258	199	228	237	258	262	273
Consolidated Net Income / (Loss)	-32	83	191	273	213	243	251	271	276	284
Net Income / (Loss) Continuing Operations	142	147	208	280	213	243	251	271	276	284
Total Pre-Tax Income	220	206	282	256	243	276	258	296	302	320
Total Operating Income	300	336	417	397	406	428	409	455	473	503
Total Gross Profit	804	1,040	1,117	1,129	1,164	1,205	1,207	1,321	1,348	1,397
Total Revenue	1,261	1,539	1,680	1,754	1,735	1,697	1,949	2,552	2,331	2,128
Total Cost of Revenue	457	499	563	626	571	492	742	1,231	983	730
Operating Cost of Revenue	457	499	563	626	571	492	742	1,231	983	730
Total Operating Expenses	504	704	700	732	758	776	798	866	876	894
Depreciation Expense	127	176	188	196	209	224	236	251	257	270
Other Operating Expenses / (Income)	364	473	506	533	549	552	562	615	619	624
Total Other Income / (Expense), net	-80	-130	-135	-141	-163	-153	-151	-159	-171	-183
Interest Expense	85	136	138	142	139	145	154	163	180	195
Interest & Investment Income	2.52	4.70	3.34	1.64	1.63	1.46	1.70	1.60	12	14
Other Income / (Expense), net	1.92	1.12	-0.21	-1.18	-25	-9.15	1.40	1.80	-3.20	-1.40
Income Tax Expense	79	59	73	-24	30	33	7.20	25	26	36
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	9.66	14	14	14	15	15	12	14	11
Basic Earnings per Share	($0.71)	$1.41	$3.33	$4.75	$3.29	$3.65	$3.74	$3.98	$3.91	$3.91
Weighted Average Basic Shares Outstanding	45.29M	51.92M	53.22M	54.42M	60.66M	62.38M	63.20M	64.90M	67M	69.80M
Diluted Earnings per Share	($0.71)	$1.37	$3.21	$4.66	$3.28	$3.65	$3.74	$3.97	$3.91	$3.91
Weighted Average Diluted Shares Outstanding	45.29M	53.27M	55.12M	55.49M	60.80M	62.44M	63.30M	65M	67.10M	69.90M
Weighted Average Basic & Diluted Shares Outstanding	45.20M	51.80M	53.20M	54.40M	60.60M	62.79M	64.74M	66.10M	68.20M	71.62M
Cash Dividends to Common per Share	$1.62	$1.68	$1.81	$1.93	$2.05	$2.17	$2.29	$2.41	$2.50	$2.60

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

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

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

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

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

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

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

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

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

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

Key Financial Trends

Black Hills Corp reported robust results in Q1 2025, with total revenue up 10.8% year-over-year to $805.2 million and pre-tax income rising to $154.5 million—a 35.8% sequential increase. Operating cash flow jumped to $227.8 million, reflecting strong underlying demand across its regulated utilities and pipelines.

Despite higher profitability, free cash flow remained negative at –$137.9 million as capital expenditures of $152.9 million outpaced depreciation. The company maintains a 4.33% dividend yield and a net debt/EBITDA ratio near 5.38x, but a current ratio below 1.0 highlights ongoing liquidity pressures.

Over the past year, Black Hills has delivered consistent earnings growth while funding significant infrastructure spending. Retail investors should balance the benefits of improving cash generation with the impact of elevated capex and leverage on financial flexibility.

Revenue growth of 10.8% year-over-year in Q1 2025.
Pre-tax income rose to $154.5 million in Q1 2025, up 35.8% from Q4 2024.
Operating cash flow increased to $227.8 million in Q1 2025, a 48.8% quarter-over-quarter improvement.
EPS held at $1.87 in Q1 2025, essentially flat sequentially.
Dividend yield stands at 4.33%, sustaining investor income returns.
Net debt remains around $4.30 billion, with net debt/EBITDA near 5.38x.
Free cash flow to firm was –$137.9 million in Q1 2025 due to heavy capex.
Capital expenditures of $152.9 million in Q1 2025 exceeded depreciation by over $83 million, straining free cash flow.
Gross margin compressed to 55.33% in Q1 2025 from 56.43% a year earlier.
Current ratio fell to 0.76, below 1.0, suggesting tight short-term liquidity.

06/20/25 09:58 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Black Hills' Financials

When does Black Hills' fiscal year end?

According to the most recent income statement we have on file, Black Hills' financial year ends in December. Their financial 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. View Black Hills' forecast to see where analysts expect Black Hills to go next.

What is Black Hills' operating income?

Black Hills' 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 6/20/2025 by MarketBeat.com Staff

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Black Hills (BKH) Financials

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Black Hills (BKH) Financials

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