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 29 h ago 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

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	FCF	Total debt	Cash
2025	$2.3B	$292M	0.0%	23.5%	-$146M	$4.7B	$183M
2024	$2.1B	$273M	0.0%	24.0%	-$25M	$4.4B	$16M
2023	$2.3B	$262M	0.0%	20.5%	$389M	$4.4B	$87M
2022	$2.5B	$258M	0.0%	17.9%	-$20M	$4.7B	$21M
2021	$1.9B	$237M	0.0%	21.2%	-$742M	$4.5B	$9M
2020	$1.7B	$228M	0.0%	25.5%	-$226M	$3.8B	$6M
2019	$1.7B	$199M	0.0%	23.5%	-$313M	$3.5B	$10M
2018	$1.7B	$258M	0.0%	22.7%	$31M	$3.1B	$21M
2017	—	$177M	—	—	$102M	$3.3B	$15M
2016	—	$73M	—	—	-$134M	$3.3B	$14M
2015	—	-$32M	—	—	$158M	$1.9B	$441M
2013	—	$115M	—	—	-$30M	$1.5B	$8M
2012	—	$82M	—	—	-$32M	$1.3B	$15M
2011	—	$50M	—	—	-$217M	$1.6B	$22M
2010	—	$69M	—	—	—	$1.4B	$16M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

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	FCF	Total debt	Cash
Mar '26	$762M	$131M	0.0%	26.5%	-$91M	$4.7B	$24M
Dec '25	$623M	$105M	0.0%	27.5%	-$102M	$4.7B	$183M
Sep '25	$427M	$25M	0.0%	18.4%	-$90M	$4.4B	$21M
Jun '25	$436M	$28M	0.0%	18.9%	-$30M	$4.4B	$8M
Mar '25	$800M	$134M	0.0%	25.6%	$75M	$4.3B	$7M
Dec '24	$585M	$98M	0.0%	27.9%	-$61M	$4.4B	$16M
Sep '24	$399M	$24M	0.0%	19.0%	-$86M	$4.3B	$13M
Jun '24	$397M	$23M	0.0%	17.8%	$64M	$4.8B	$625M
Mar '24	$717M	$128M	0.0%	27.0%	$57M	$4.4B	$123M
Dec '23	$584M	$80M	0.0%	23.4%	$55M	$4.4B	$87M
Sep '23	$400M	$45M	0.0%	24.4%	-$9M	$4.9B	$594M
Jun '23	$405M	$23M	0.0%	15.7%	$134M	$4.5B	$153M
Mar '23	$912M	$114M	0.0%	19.2%	$210M	$4.5B	$39M
Dec '22	$790M	$72M	0.0%	16.5%	-$48M	$4.7B	$21M
Sep '22	$461M	$35M	0.0%	17.2%	-$120M	$4.6B	$12M
Jun '22	$470M	$33M	0.0%	15.4%	$21M	$4.5B	$10M
Mar '22	$822M	$118M	0.0%	21.1%	$127M	$4.5B	$16M
Dec '21	$554M	$71M	0.0%	20.6%	-$99M	$4.5B	$9M
Sep '21	$379M	$44M	0.0%	23.7%	-$73M	$4.5B	$10M
Jun '21	$368M	$25M	0.0%	18.3%	-$37M	$4.4B	$1M

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 19.4× (Jun '26).
The price-to-sales ratio has risen from 1.9× (Mar '23) to 2.5× (Jun '26).
The dividend yield has risen from 3.3% (Mar '23) to 3.5% (Jun '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?

As of Jun '26, Black Hills traded at a price-to-earnings ratio of about 19.4× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.