Black Hills Corporation (BKH) 10-Year Financial Performance & Capital Metrics

BKH • • Utilities

UtilitiesDiversified UtilitiesIntegrated Electric & Gas UtilitiesUS Multi-State Electric & Gas Utilities

AboutBlack Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. It operates in two segments, Electric Utilities and Gas Utilities. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 218,000 electric utility customers in Colorado, Montana, South Dakota, and Wyoming; and owns and operates 1,481.5 megawatts of generation capacity and 8,892 miles of electric transmission and distribution lines. The Gas Utilities segment distributes natural gas to approximately 1,094,000 natural gas utility customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming; owns and operates 4,732 miles of intrastate gas transmission pipelines; 41,644 miles of gas distribution mains and service lines; six natural gas storage sites; and approximately 50,000 horsepower of compression and 515 miles of gathering lines. The company also constructs and maintains gas infrastructure facilities for gas transportation customers; and provides appliance repair services to residential utility customers, as well as electrical system construction services to large industrial customers. In addition, it produces electric power through wind, natural gas, and coal-fired generating plants; and coal at its coal mine located near Gillette, Wyoming. The company was incorporated in 1941 and is headquartered in Rapid City, South Dakota.Show more

Revenue $2.13B -8.7%
EBITDA $773M +6.0%
Net Income $273M +4.2%
Free Cash Flow -$25M -106.4%
EBITDA Margin 36.34% +16.1%
Net Margin 12.84% +14.1%
ROE 7.93% -3.3%
Interest Coverage 2.58 -1.9%
Debt/Equity 1.22 -8.2%
Net Debt/EBITDA 5.65 -4.5%
CapEx / Revenue 34.98% +46.8%
CapEx Coverage 0.97 -43.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓Healthy dividend yield of 3.6%
✓Trading near 52-week high
✓Trading at only 1.4x book value

✗Weaknesses

✗High leverage: 5.7x Debt/EBITDA

Price & Volume

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Growth Metrics

Revenue CAGR

10Y4.32%

5Y4.17%

3Y2.97%

TTM7.03%

Profit (Net Income) CAGR

10Y7.63%

5Y6.5%

3Y4.88%

TTM11.78%

EPS CAGR

10Y2.93%

5Y3.58%

3Y1.49%

TTM6.45%

ROCE

10Y Avg6.22%

5Y Avg5.68%

3Y Avg5.69%

Latest5.69%

Peer Comparison

US Multi-State Electric & Gas Utilities

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MGEEMGE Energy, Inc.	2.92B	79.95	24.01	-1.95%	18.55%	10.37%	1.4%	0.64
SRESempra	59.77B	91.57	20.72	-18%	15.73%	5.37%		0.95
NWENorthwestern Energy Group Inc	4.2B	68.44	18.75	6.45%	13.82%	7.53%		1.09
BKHBlack Hills Corporation	5.52B	73.14	18.71	-8.73%	12.54%	7.4%		1.22
AVAAvista Corporation	3.26B	40.09	17.58	10.64%	9.14%	6.75%	0.03%	1.20
UTLUnitil Corporation	908.46M	50.71	17.31	-11.18%	9.32%	7.84%		1.47

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.26B	1.54B	1.68B	1.75B	1.73B	1.7B	1.95B	2.55B	2.33B	2.13B
Revenue Growth %	-0.09%	0.22%	0.09%	0.04%	-0.01%	-0.02%	0.15%	0.31%	-0.09%	-0.09%
Cost of Revenue	780.7M	925.74M	1.02B	1.11B	1.07B	987.81M	1.24B	1.78B	1.53B	1.29B
Gross Profit+	480.63M	613.18M	662.37M	646.95M	668.08M	709.13M	705.5M	772.8M	796.4M	840.4M
Gross Margin %	-	-	-	-	-	-	-	-	-	-
Gross Profit Growth %	0.06%	0.28%	0.08%	-0.02%	0.03%	0.06%	-0.01%	0.1%	0.03%	0.06%
Operating Expenses+	180.21M	277M	245.64M	249.91M	262.04M	280.83M	296.1M	317.6M	323.7M	337.3M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-
EBITDA+	426.95M	511.71M	604.98M	593.37M	615.16M	652.76M	645.4M	706.1M	729.5M	773.2M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
EBITDA Growth %	0.04%	0.2%	0.18%	-0.02%	0.04%	0.06%	-0.01%	0.09%	0.03%	0.06%
Depreciation & Amortization+	126.53M	175.53M	188.25M	196.33M	209.12M	224.46M	236M	250.9M	256.8M	270.1M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income (EBIT)+	300.42M	336.18M	416.74M	397.04M	406.04M	428.3M	409.4M	455.2M	472.7M	503.1M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.14%	0.12%	0.24%	-0.05%	0.02%	0.05%	-0.04%	0.11%	0.04%	0.06%
Interest Expense+	84.65M	136.11M	138.12M	141.62M	139.29M	144.93M	154.1M	162.6M	180M	195.2M
Interest Coverage	3.55x	2.47x	3.02x	2.80x	2.92x	2.96x	2.66x	2.80x	2.63x	2.58x
Interest / Revenue %	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income+	220.21M	205.89M	281.74M	255.88M	242.9M	275.68M	258.4M	296M	301.6M	320M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	78.66M	59.1M	73.37M	-23.67M	29.58M	32.92M	7.2M	25.2M	25.6M	36.3M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-32.11M	72.97M	177.03M	258.44M	199.31M	227.61M	236.7M	258.4M	262.2M	273.1M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-1.25%	3.27%	1.43%	0.46%	-0.23%	0.14%	0.04%	0.09%	0.01%	0.04%
EPS (Diluted)+	-0.71	1.37	3.34	4.66	3.28	3.65	3.74	3.97	3.91	3.91
EPS Growth %	-1.24%	2.93%	1.44%	0.4%	-0.3%	0.11%	0.02%	0.06%	-0.02%	0%
EPS (Basic)	-0.71	1.41	3.46	4.75	3.29	3.65	3.74	3.98	3.91	3.91
Diluted Shares Outstanding	51.19M	53.3M	55.1M	55.5M	60.8M	62.44M	63.33M	65.02M	67.1M	69.9M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	4.66B	6.52B	6.66B	6.96B	7.56B	8.09B	9.13B	9.62B	9.62B	10.02B
Asset Growth %	0.09%	0.4%	0.02%	0.05%	0.09%	0.07%	0.13%	0.05%	0%	0.04%
PP&E (Net)+	3.26B	4.47B	4.54B	4.85B	5.5B	6.02B	6.45B	6.8B	7.12B	7.63B
PP&E / Total Assets %	-	-	-	-	-	-	-	-	-	-
Total Current Assets+	822.15M	466.81M	570.78M	503.83M	473.18M	493.29M	808.13M	1.07B	826.6M	742.3M
Cash & Equivalents	456.54M	13.58M	15.42M	20.78M	9.78M	6.36M	8.92M	21.4M	86.6M	16.1M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Inventory	86.94M	107.21M	113.28M	117.3M	117.17M	117.4M	150.98M	207.4M	160.9M	153.9M
Other Current Assets	129.12M	90.38M	193.75M	83.63M	73.98M	84.13M	308.56M	317.1M	210.3M	201.3M
Long-Term Investments	11.98M	12.56M	13.09M	41.01M	21.93M	0	0	0	0	2.2M
Goodwill	359.76M	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B
Intangible Assets	3.38M	8.39M	7.56M	14.34M	13.27M	11.94M	10.77M	9.6M	8.4M	7.6M
Other Assets	-251.45M	-276.37M	-109.93M	-61.52M	247.44M	264.38M	564.36M	439.4M	366.6M	341.1M
Total Liabilities	3.19B	4.79B	4.84B	4.68B	5.09B	5.43B	6.24B	6.53B	6.31B	6.44B
Total Debt+	1.94B	3.31B	3.33B	3.14B	3.5B	3.77B	4.55B	4.67B	4.4B	4.38B
Net Debt	1.49B	3.3B	3.31B	3.12B	3.49B	3.76B	4.54B	4.65B	4.31B	4.37B
Long-Term Debt	1.87B	3.21B	3.11B	2.95B	3.14B	3.53B	4.13B	3.61B	3.8B	4.25B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Total Current Liabilities+	422.03M	527.93M	649.1M	648.23M	811.29M	696.53M	901.71M	1.67B	1.19B	763.4M
Accounts Payable	89.79M	152.13M	160.89M	210.61M	193.52M	183.34M	217.76M	310M	186.4M	229.1M
Accrued Expenses	43.34M	54.55M	173.49M	170.44M	64.66M	66.52M	70.68M	80.5M	89.8M	106.4M
Deferred Revenue	53.5M	51.63M	44.42M	43.57M	54.73M	52.19M	48.81M	47.7M	76M	55.6M
Other Current Liabilities	196.42M	206.35M	97.68M	75.82M	98.6M	104.91M	93.4M	115.5M	180.2M	183.8M
Deferred Taxes	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Liabilities	436.98M	1.05B	743.67M	765.51M	782.28M	792.88M	750.75M	745.4M	780.3M	798.7M
Total Equity+	1.47B	1.73B	1.82B	2.29B	2.46B	2.66B	2.89B	3.09B	3.31B	3.59B
Equity Growth %	0.07%	0.18%	0.05%	0.26%	0.08%	0.08%	0.08%	0.07%	0.07%	0.08%
Shareholders Equity	1.47B	1.61B	1.71B	2.18B	2.36B	2.56B	2.79B	2.99B	3.22B	3.5B
Minority Interest	0	115.5M	111.23M	105.83M	101.95M	101.26M	100.03M	95M	90.5M	83.7M
Common Stock	51.23M	53.4M	53.58M	60.05M	61.48M	62.83M	64.79M	66.1M	68.3M	71.7M
Additional Paid-in Capital	953.04M	1.14B	1.15B	1.45B	1.55B	1.66B	1.78B	1.88B	2.01B	2.19B
Retained Earnings	472.53M	457.93M	548.62M	700.4M	778.78M	870.74M	962.46M	1.06B	1.16B	1.25B
Accumulated OCI	-9.05M	-34.88M	-41.2M	-26.92M	-30.66M	-27.35M	-20.08M	-15.6M	-14.8M	-9.4M
Return on Assets (ROA)	-0.01%	0.01%	0.03%	0.04%	0.03%	0.03%	0.03%	0.03%	0.03%	0.03%
Return on Equity (ROE)	-0.02%	0.05%	0.1%	0.13%	0.08%	0.09%	0.09%	0.09%	0.08%	0.08%
Debt / Equity	1.33x	1.92x	1.83x	1.37x	1.42x	1.42x	1.57x	1.51x	1.33x	1.22x
Debt / Assets	0.42%	0.51%	0.5%	0.45%	0.46%	0.47%	0.5%	0.49%	0.46%	0.44%
Net Debt / EBITDA	3.48x	6.45x	5.47x	5.26x	5.67x	5.77x	7.03x	6.58x	5.91x	5.65x
Book Value per Share	28.63	32.46	33.03	41.21	40.53	42.64	45.59	47.52	49.27	51.29

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	428M	320.46M	428.26M	488.81M	505.51M	541.86M	-64.56M	584.8M	944.4M	719.3M
Operating CF Growth %	0.32%	-0.25%	0.34%	0.14%	0.03%	0.07%	-1.12%	10.06%	0.61%	-0.24%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	-32.11M	82.63M	208.38M	279.55M	213.32M	242.76M	251.26M	270.8M	262.2M	283.7M
Depreciation & Amortization	430M	310.29M	217.62M	204.88M	241.27M	243.31M	245.54M	250.9M	256.8M	270.1M
Deferred Taxes	-26.03M	36.22M	80.99M	-24.24M	38.02M	38.09M	7.26M	25.6M	25.4M	52M
Other Non-Cash Items	-17.74M	-41.58M	-32.63M	7.67M	17.62M	11.51M	14.15M	-4.5M	10.2M	-3.4M
Working Capital Changes	69.81M	-77.98M	-53.72M	8.56M	-16.82M	818K	-592.44M	33.4M	382.8M	106.3M
Capital Expenditures+	-455.48M	-1.59B	-326.01M	-457.52M	-818.38M	-767.4M	-677.49M	-604.4M	-555.6M	-744.2M
CapEx / Revenue %	-	-	-	-	-	-	-	-	-	-
CapEx / D&A	-	-	-	-	-	-	-	-	-	-
CapEx Coverage (OCF/CapEx)	-	-	-	-	-	-	-	-	-	-
Cash from Investing+	-476.39M	-1.59B	-317.66M	-465.85M	-816.21M	-761.66M	-664.23M	-603.9M	-536.7M	-746M
Acquisitions	-21.97M	-907.87M	0	0	0	0	0	0	0	0
Purchase of Investments	0	0	0	-24.43M	0	0	0	0	0	0
Sale of Investments	0	0	0	0	0	0	0	0	0	0
Other Investing	-20.91M	-1.11B	8.35M	16.1M	2.17M	5.74M	13.26M	500K	18.9M	-1.8M
Cash from Financing+	483.7M	841M	-108.69M	-17.06M	300.21M	216.88M	731.87M	32.3M	-341.7M	-42.9M
Dividends Paid	-72.6M	-87.57M	-96.74M	-106.59M	-124.65M	-135.44M	-145M	-156.7M	-168.1M	-182.3M
Dividend Payout Ratio %	-	1.2%	0.55%	0.41%	0.63%	0.6%	0.61%	0.61%	0.64%	0.67%
Debt Issuance (Net)	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K	-1000K	-1000K
Stock Issued	538.79M	121.62M	4.41M	300.83M	101.36M	99.28M	119M	90.1M	118.3M	181.4M
Share Repurchases	0	0	0	0	0	0	0	0	0	0
Other Financing	-9.28M	305.47M	-25.32M	-56.56M	-34.64M	-22.9M	-19.8M	-16.5M	-31.3M	-25.8M
Net Change in Cash+	435.32M	-427.28M	1.9M	5.91M	-10.49M	-2.92M	3.07M	13.2M	66M	-69.6M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	21.22M	440.86M	13.52M	18.24M	24.14M	13.66M	10.74M	13.8M	27M	93M
Cash at End	456.54M	13.58M	15.42M	24.14M	13.66M	10.74M	13.81M	27M	93M	23.4M
Free Cash Flow+	-27.48M	-1.27B	102.25M	31.29M	-312.86M	-225.54M	-742.06M	-19.6M	388.8M	-24.9M
FCF Growth %	0.63%	-45.16%	1.08%	-0.69%	-11%	0.28%	-2.29%	0.97%	20.84%	-1.06%
FCF Margin %	-	-	-	-	-	-	-	-	-	-
FCF / Net Income %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-2.26%	4.57%	9.97%	12.58%	8.39%	8.88%	8.53%	8.65%	8.2%	7.93%
EBITDA Margin	33.85%	33.25%	36.01%	33.82%	35.46%	38.47%	33.11%	27.67%	31.29%	36.34%
Net Debt / EBITDA	3.48x	6.45x	5.47x	5.26x	5.67x	5.77x	7.03x	6.58x	5.91x	5.65x
Interest Coverage	3.55x	2.47x	3.02x	2.80x	2.92x	2.96x	2.66x	2.80x	2.63x	2.58x
CapEx / Revenue	36.11%	103.24%	19.4%	26.08%	47.17%	45.22%	34.76%	23.69%	23.83%	34.98%
Dividend Payout Ratio	-	120.01%	54.65%	41.24%	62.54%	59.51%	61.26%	60.64%	64.11%	66.75%
Debt / Equity	1.33x	1.92x	1.83x	1.37x	1.42x	1.42x	1.57x	1.51x	1.33x	1.22x
EPS Growth	-124.23%	292.96%	143.8%	39.52%	-29.61%	11.28%	2.47%	6.15%	-1.51%	0%

Revenue by Segment

	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
Other	-	-	-	-	379.77M	343.98M	352.98M	356.15M	368.2M	29.6M
Other Growth	-	-	-	-	-	-9.43%	2.62%	0.90%	3.38%	-91.96%
Gas Utilities	1.24B	1.01B	1.68B	1.9B	-	-	-	-	-	-
Gas Utilities Growth	-	-17.91%	65.31%	13.04%	-	-	-	-	-	-
Electric Utilities	1.39B	1.45B	1.35B	1.41B	-	-	-	-	-	-
Electric Utilities Growth	-	3.83%	-6.45%	4.04%	-	-	-	-	-	-
Power Generation	175.12M	181.58M	182.26M	183.09M	-	-	-	-	-	-
Power Generation Growth	-	3.69%	0.38%	0.46%	-	-	-	-	-	-
Mining	-	-	120.56M	133.24M	-	-	-	-	-	-
Mining Growth	-	-	-	10.52%	-	-	-	-	-	-
Oil and Gas	110.23M	86.57M	68.12M	-	-	-	-	-	-	-
Oil and Gas Growth	-	-21.47%	-21.31%	-	-	-	-	-	-	-
Coal Mining	126.72M	130.13M	-	-	-	-	-	-	-	-
Coal Mining Growth	-	2.70%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Black Hills Corporation (BKH) has a price-to-earnings (P/E) ratio of 18.7x. This is roughly in line with market averages.

Growth & Financials

Black Hills Corporation (BKH) reported $2.27B in revenue for fiscal year 2024. This represents a 79% increase from $1.27B in 2011.

Black Hills Corporation (BKH) saw revenue decline by 8.7% over the past year.

Yes, Black Hills Corporation (BKH) is profitable, generating $284.8M in net income for fiscal year 2024 (12.8% net margin).

Dividend & Returns

Yes, Black Hills Corporation (BKH) pays a dividend with a yield of 3.57%. This makes it attractive for income-focused investors.

Black Hills Corporation (BKH) has a return on equity (ROE) of 7.9%. This is below average, suggesting room for improvement.

Black Hills Corporation (BKH) generated $355.9M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

Industry Metrics

Black Hills Corporation (BKH) has a dividend payout ratio of 67%. This suggests the dividend is well-covered and sustainable.

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