Black Hills CorpBlack Hills Corp
Black Hills Corp

Black Hills Corp

BKH
Utilities·Multi-Utilities

Black Hills Corp. is a diversified energy company. It operates through the following segments: Electric Utilities, Gas Utilities, and Corporate and Other. The Electric Utilities segment generates, transmits, and distributes electricity in Colorado, Montana, South Dakota, and Wyoming. The Gas Utilities segment provides natural gas in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming. The Corporate and Other segment covers certain unallocated corporate expenses. The company was founded in 1883 and is headquartered in Rapid City, SD.

South Dakota; U.S.A
Market cap
No dataNo data
Revenue
$2.3B+8.6% YoY
Net income
$291.6M+6.8% YoY
Free cash flow
$-146.4M−488.0% YoY

Market

Listed stock
BKHPriceNYSE
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Financial performance

Revenue
$2.3B+8.6% YoY
Operating income
$537.5M+6.8% YoY
Net income
$291.6M+6.8% YoY
Free cash flow
$-146.4M−488.0% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $1.9B, 2022 $2.6B, 2023 $2.3B, 2024 $2.1B, 2025 $2.3B. Operating income: 2021 $409.4M, 2022 $455.2M, 2023 $472.7M, 2024 $503.1M, 2025 $537.5M. Net income: 2021 $236.7M, 2022 $258.4M, 2023 $262.2M, 2024 $273.1M, 2025 $291.6M. Free cash flow: 2021 $-742.1M, 2022 $-19.6M, 2023 $388.8M, 2024 $-24.9M, 2025 $-146.4M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
8.6%+1730 bps YoY
Gross margin
No dataNo data
Operating margin
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FCF margin
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Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $409.4M, 2022-12-31 $455.2M, 2023-12-31 $472.7M, 2024-12-31 $503.1M, 2025-12-31 $537.5M. Net income: 2021-12-31 $236.7M, 2022-12-31 $258.4M, 2023-12-31 $262.2M, 2024-12-31 $273.1M, 2025-12-31 $291.6M. Free cash flow: 2021-12-31 $-742.1M, 2022-12-31 $-19.6M, 2023-12-31 $388.8M, 2024-12-31 $-24.9M, 2025-12-31 $-146.4M

Growth heatmap

2022202320242025CAGR
Revenue
+30.9%
-8.6%
-8.7%
+8.6%
+4.3%
Gross profit
+30.9%
-8.6%
-8.7%
+8.6%
+4.3%
Operating income
+11.2%
+3.8%
+6.4%
+6.8%
+7.0%
Free cash flow
+97.4%
+2087.3%
-106.4%
-488.0%
No data

Earnings quality

Operating cash flow
$673.4M−6.4% YoY
Net income
$291.6M+6.8% YoY
Free cash flow
$-146.4M−488.0% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 231%, 2024-12-31 263%, 2023-12-31 360%, 2022-12-31 226%, 2021-12-31 -27%. Free cash flow: 2025-12-31 -50%, 2024-12-31 -9%, 2023-12-31 148%, 2022-12-31 -8%, 2021-12-31 -313%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
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FCF / share
Latest
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Diluted shares
Latest
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Financial flexibility

Cash & equivalents
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Total debt
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Net debt
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Current ratio
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Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
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Return on assets
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Return on invested capital
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Asset turnover
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Return on capital

No data

Valuation

Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
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Price to sales
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EV / EBITDA
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Free cash flow yield
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