BKH Financials Black Hills

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 9, 2026, 10:13 UTC Overview →

Growth & profitability

Revenue has grown 6.3% per year over the past 5 years.
Net income has grown slower than revenue (5.1% vs 6.3% per year).
Operating margin has contracted, at 23.5% in the latest year.

Financial health

Total debt ($4.7B) exceeds cash ($183M); net debt is $4.5B.
Total debt has grown in line with revenue (4.5% vs 6.3% per year).
Operating income covered interest expense 2.7× in the latest year, down from 3.0× 5 years ago.
Total debt is 5.7× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 67.9% of earnings.
The dividend has grown 7.9% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$2.3B	$292M	0.0%	23.5%	7.6%	2.7%	-$146M	$4.7B	$183M
2024	$2.1B	$273M	0.0%	24.0%	7.8%	2.7%	-$25M	$4.4B	$16M
2023	$2.3B	$262M	0.0%	20.5%	8.2%	2.7%	$389M	$4.4B	$87M
2022	$2.5B	$258M	0.0%	17.9%	8.6%	2.7%	-$20M	$4.7B	$21M
2021	$1.9B	$237M	0.0%	21.2%	8.5%	2.6%	-$742M	$4.5B	$9M
2020	$1.7B	$228M	0.0%	25.5%	8.9%	2.8%	-$226M	$3.8B	$6M
2019	$1.7B	$199M	0.0%	23.5%	8.4%	2.6%	-$313M	$3.5B	$10M
2018	$1.7B	$258M	0.0%	22.7%	11.8%	3.7%	$31M	$3.1B	$21M
2017	—	$177M	—	—	10.4%	2.7%	$102M	$3.3B	$15M
2016	—	$73M	—	—	4.5%	1.1%	-$134M	$3.3B	$14M
2015	—	-$32M	—	—	-2.2%	-0.7%	$158M	$1.9B	$441M
2013	—	$115M	—	—	9.0%	3.0%	-$30M	$1.5B	$8M
2012	—	$82M	—	—	6.8%	2.2%	-$32M	$1.3B	$15M
2011	—	$50M	—	—	4.3%	1.2%	-$217M	$1.6B	$22M
2010	—	$69M	—	—	6.2%	1.9%	—	$1.4B	$16M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$441M	$38M	0.0%	22.0%	1.0%	0.3%	-$23M	$4.5B	$72M
Mar '26	$762M	$131M	0.0%	26.5%	3.3%	1.2%	-$91M	$4.7B	$24M
Dec '25	$623M	$105M	0.0%	27.5%	2.7%	1.0%	-$102M	$4.7B	$183M
Sep '25	$427M	$25M	0.0%	18.4%	0.7%	0.2%	-$90M	$4.4B	$21M
Jun '25	$436M	$28M	0.0%	18.9%	0.8%	0.3%	-$30M	$4.4B	$8M
Mar '25	$800M	$134M	0.0%	25.6%	3.7%	1.3%	$75M	$4.3B	$7M
Dec '24	$585M	$98M	0.0%	27.9%	2.8%	1.0%	-$61M	$4.4B	$16M
Sep '24	$399M	$24M	0.0%	19.0%	0.7%	0.3%	-$86M	$4.3B	$13M
Jun '24	$397M	$23M	0.0%	17.8%	0.7%	0.2%	$64M	$4.8B	$625M
Mar '24	$717M	$128M	0.0%	27.0%	3.8%	1.3%	$57M	$4.4B	$123M
Dec '23	$584M	$80M	0.0%	23.4%	2.5%	0.8%	$55M	$4.4B	$87M
Sep '23	$400M	$45M	0.0%	24.4%	1.4%	0.5%	-$9M	$4.9B	$594M
Jun '23	$405M	$23M	0.0%	15.7%	0.7%	0.2%	$134M	$4.5B	$153M
Mar '23	$912M	$114M	0.0%	19.2%	3.7%	1.2%	$210M	$4.5B	$39M
Dec '22	$790M	$72M	0.0%	16.5%	2.4%	0.8%	-$48M	$4.7B	$21M
Sep '22	$461M	$35M	0.0%	17.2%	1.2%	0.4%	-$120M	$4.6B	$12M
Jun '22	$470M	$33M	0.0%	15.4%	1.2%	0.4%	$21M	$4.5B	$10M
Mar '22	$822M	$118M	0.0%	21.1%	4.1%	1.3%	$127M	$4.5B	$16M
Dec '21	$554M	$71M	0.0%	20.6%	2.6%	0.8%	-$99M	$4.5B	$9M
Sep '21	$379M	$44M	0.0%	23.7%	1.6%	0.5%	-$73M	$4.5B	$10M

Valuation over time

How the market has priced BKH against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 18.6× (Mar '23) to 21.5× (Nov '26).
The price-to-sales ratio has risen from 1.9× (Mar '23) to 2.7× (Nov '26).
The dividend yield has fallen from 3.3% (Mar '23) to 3.2% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is BKH growing its revenue and profit?

Over the past 5 years, Black Hills's revenue has grown 6.3% per year, and net income grown 5.1% per year. These are computed facts, not advice.

How much debt does BKH have?

As of FY2025, Black Hills reported $4.7B of total debt against $183M of cash; operating income covered interest expense 2.7×.

What is BKH's profit margin?

In FY2025, gross margin was —, operating margin 23.5%, and net margin 12.8%.

What is BKH's P/E ratio?

Black Hills's P/E (TTM) is 20.95 as of the 2026-11-03 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the BKH stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 21.5× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.