BLACK HILLS CORP /SD/ BKH

Utilities SIC 4911 - Electric Services NAICS Utilities › Electric Power Generation, Transmission and Distribution derived NYSE

Black Hills Corporation, a South Dakota corporation (together with its subsidiaries, referred to herein as the "Company," "BHC," "we," "us", or "our"), is a customer-focused, growth-oriented utility company headquartered in Rapid City, South Dakota (incorporated in South Dakota in 1941).

We operate our business in the United States, reporting our operating results through our Electric Utilities and Gas Utilities segments. Certain unallocated corporate expenses that support our operating segments are presented as Corporate and Other.

Our Electric Utilities segment generates, transmits and distributes electricity to approximately 227,000 electric utility customers in Colorado, Montana, South Dakota, and Wyoming. Our Electric Utilities own 1,386 MW of generation and 9,478 miles of electric transmission and distribution lines.

Last close 79.41 2026-10-23
Market cap $6.06B 2026-06-30 share count
52-week range 62.27 - 79.86

Valuation FY2025 figures against the last close

P/S2.6x
P/E20.0x
P/FCF—
EV/EBITDA12.9x
Dividend yield3.3%
Diluted EPS3.98

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $2.29B$2.10B$2.30B$2.54B$1.93B$1.68B$1.73B$1.75B$1.68B$1.54B
Total operating expenses $1.77B$1.62B$1.86B$2.10B$1.54B$1.27B$1.33B$1.36B$1.26B$1.20B
Operating income $537.5M$503.1M$472.7M$455.2M$409.4M$428.3M$406.0M$397.0M$416.7M$336.2M
Interest expense $200.1M$181.7M$167.9M$161.0M$152.4M$143.5M$137.7M$140.0M$137.1M$136.1M
Pre-tax income $343.5M$320.0M$301.6M$296.0M$258.4M$275.7M$242.9M$255.9M$281.7M$205.9M
Income tax $43.7M$36.3M$25.6M$25.2M$7.2M$32.9M$29.6M$23.7M$73.4M$59.1M
Net income $291.6M$273.1M$262.2M$258.4M$236.7M$227.6M$199.3M$258.4M$177.0M$73.0M
EPS, basic 3.993.913.913.983.743.653.294.753.331.41
EPS, diluted 3.983.913.913.973.743.653.284.663.211.37
Shares, diluted (wtd. avg.) 73.2M69.9M67.1M73.2M63.3M62.4M60.8M55.5M55.1M53.3M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $182.8M$16.1M$93.0M$27.0M$13.8M$10.7M$13.7M$24.1M$15.4M$13.5M
Receivables $389.0M$351.2M$350.3M$508.2M$321.7M$266.0M$255.8M$269.2M$248.3M$259.3M
Inventory $172.4M$153.9M$160.9M$207.4M$151.0M$117.4M$117.2M$117.3M$113.3M$103.6M
Total current assets $995.9M$742.3M$826.6M$1.07B$808.1M$493.3M$473.2M$503.8M$570.8M$466.8M
Property, plant and equipment $8.23B$7.63B$7.12B$6.80B$6.45B$6.02B$5.50B$4.85B$4.54B$4.39B
Goodwill $1.30B$1.30B$1.30B$1.30B$1.30B$1.30B$1.30B$1.30B$1.30B$1.30B
Other intangibles $6.4M$7.6M$8.4M$9.6M$10.8M$11.9M$13.3M$14.3M$7.6M$8.4M
Total assets $10.87B$10.02B$9.62B$9.62B$9.13B$8.09B$7.56B$6.96B$6.66B$6.54B
Accounts payable $311.7M$229.1M$186.4M$310.0M$217.8M$183.3M$193.5M$210.6M$160.9M$152.1M
Short-term debt $0$0$600.0M$525.0M$0$8.4M$5.7M$5.7M$5.7M$5.7M
Total current liabilities $740.0M$763.4M$1.19B$1.67B$901.7M$696.5M$811.3M$648.2M$649.1M$527.9M
Long-term debt $4.70B$4.25B$3.80B$3.61B$4.13B$3.53B$3.14B$2.95B$3.11B$3.21B
Retained earnings $1.34B$1.25B$1.16B$1.06B$962.5M$870.7M$778.8M$700.4M$548.6M$457.9M
Total equity $3.82B$3.50B$3.31B$3.09B$2.89B$2.66B$2.46B$2.29B$1.82B$1.73B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $673.4M$719.3M$944.4M$584.8M-$64.6M$541.9M$505.5M$488.8M$428.3M$320.5M
Depreciation and amortisation $283.8M$270.1M$256.8M$250.9M$236.0M$224.5M$209.1M$196.3M$188.2M$175.5M
Stock-based compensation $11.8M$10.6M$7.0M$8.6M$9.7M$5.4M$12.1M$12.4M$7.6M$10.9M
Capital expenditure $819.8M$744.2M$555.6M$604.4M$677.5M$767.4M$818.4M$457.5M$326.0M$455.0M
Investing cash flow -$828.2M-$746.0M-$536.7M-$603.9M-$664.2M-$761.7M-$816.2M-$465.8M-$317.1M-$1.59B
Financing cash flow $321.8M-$42.9M-$341.7M$32.3M$731.9M$216.9M$300.2M-$17.1M-$108.7M$841.0M
Dividends paid $197.9M$182.3M$168.1M$156.7M$145.0M$135.4M$124.6M$106.6M$96.7M$87.6M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-046028.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 1B 2B 3B Revenue, FY2016: 1.5B Net income, FY2016: 73M Revenue, FY2017: 1.7B Net income, FY2017: 177M Revenue, FY2018: 1.7B Net income, FY2018: 258.4M Revenue, FY2019: 1.7B Net income, FY2019: 199.3M Revenue, FY2020: 1.7B Net income, FY2020: 227.6M Revenue, FY2021: 1.9B Net income, FY2021: 236.7M Revenue, FY2022: 2.5B Net income, FY2022: 258.4M Revenue, FY2023: 2.3B Net income, FY2023: 262.2M Revenue, FY2024: 2.1B Net income, FY2024: 273.1M Revenue, FY2025: 2.3B Net income, FY2025: 291.6M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.54B $1.68B $1.75B $1.73B $1.68B $1.93B $2.54B $2.30B $2.10B $2.29B
Gross profit — — — — — — — — — —
Net income $73.0M $177.0M $258.4M $199.3M $227.6M $236.7M $258.4M $262.2M $273.1M $291.6M

Recent filings and events

  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Other event Item 8.01
  • Results announced Item 2.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Shareholder vote Item 5.07
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Other event Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 4911

TickerCompanyMarket capP/ERevenue growth
NEE NEXTERA ENERGY INC $171.21B 24.9x 9.8%
CEG Constellation Energy Corp $89.80B 34.2x 19.5%
AEP AMERICAN ELECTRIC POWER CO INC $70.56B 19.5x 8.7%
D DOMINION ENERGY, INC $57.34B 18.9x 16.5%
VST Vistra Corp. $47.04B 64.3x 19.1%
DTE DTE ENERGY CO $27.44B 18.8x —
CNP CENTERPOINT ENERGY INC $26.87B 25.7x 9.2%
FE FIRSTENERGY CORP $26.69B 26.2x 12.0%