BLACK HILLS CORP /SD/ BKH
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | 3.99 | 3.91 | 3.91 | 3.98 | 3.74 | 3.65 | 3.29 | 4.75 | 3.33 | 1.41 |
| EPS, diluted | 3.98 | 3.91 | 3.91 | 3.97 | 3.74 | 3.65 | 3.28 | 4.66 | 3.21 | 1.37 |
| Shares, diluted (wtd. avg.) | $73.2M | $69.9M | $67.1M | $73.2M | $63.3M | $62.4M | $60.8M | $55.5M | $55.1M | $53.3M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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