Black Hills Corp key statistics and ratios

In fiscal 2025, Black Hills Corp had return on equity of 8.0%, an operating margin of 23.3%, debt equal to 122.9% of equity and a current ratio of 1.35. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Black Hills Corp: financial ratios, annual
Fiscal year	2009Dec 2009	2010Dec 2010	2011Dec 2011	2012Dec 2012	2013Dec 2013	2014Dec 2014	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	50.3%	53.5%	54.8%	65.3%	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Operating margin	10.4%	15.0%	14.6%	23.5%	20.3%	18.9%	23.8%	21.8%	24.8%	22.6%	23.4%	25.2%	21.0%	17.8%	20.3%	23.6%	23.3%	23.9%
Net margin	6.8%	5.6%	3.9%	6.9%	9.0%	9.4%	−2.5%	4.7%	10.5%	14.7%	11.5%	13.4%	12.1%	10.1%	11.2%	12.8%	12.6%	13.0%
Free-cash-flow margin	−6.4%	−26.6%	−17.1%	−2.7%	−2.4%	−6.0%	12.5%	−8.7%	6.1%	1.8%	−18.0%	−13.3%	−38.1%	−0.8%	16.7%	−1.2%	−6.3%	−13.3%
Return on equity	7.5%	6.3%	4.4%	6.9%	9.2%	9.9%	−2.3%	4.7%	10.7%	13.3%	8.8%	9.2%	8.9%	8.9%	8.4%	8.1%	8.0%	7.7%
Return on assets	2.5%	2.0%	1.3%	2.1%	3.0%	3.2%	−0.7%	1.3%	2.7%	3.8%	2.7%	2.9%	2.7%	2.8%	2.7%	2.8%	2.8%	2.7%
Asset turnover	0.36	0.35	0.32	0.30	0.34	0.34	0.28	0.28	0.25	0.26	0.24	0.22	0.23	0.27	0.24	0.22	0.22	0.21
Current ratio	0.97	0.86	0.86	0.55	0.91	0.70	1.98	0.88	0.88	0.78	0.58	0.71	0.90	0.64	0.70	0.97	1.35	0.52
Debt to equity	112.1%	130.9%	140.1%	109.5%	115.3%	119.5%	132.6%	245.7%	194.6%	144.0%	148.0%	147.2%	163.1%	155.9%	136.9%	125.2%	122.9%	114.0%
Interest cover (operating income ÷ interest)	1.5x	2.0x	2.0x	2.4x	2.3x	3.7x	3.5x	2.5x	3.0x	2.8x	2.9x	3.0x	2.7x	2.8x	2.8x	2.8x	2.7x	2.7x
Effective tax rate	30.2%	26.5%	31.7%	35.5%	34.7%	33.7%	35.7%	28.7%	26.0%	−9.2%	12.2%	11.9%	2.8%	8.5%	8.5%	11.3%	12.7%	12.5%
Capital spending as % of revenue	28.9%	38.7%	34.6%	29.7%	27.8%	28.6%	21.1%	29.6%	19.4%	26.1%	47.2%	45.2%	34.8%	23.7%	23.8%	35.0%	35.5%	40.6%
Free cash flow ÷ net income	−93.4%	−472.5%	−436.3%	−39.4%	−26.2%	−63.5%	—	−184.3%	57.8%	12.1%	−157.0%	−99.1%	−313.5%	−7.6%	148.3%	−9.1%	−50.2%	−102.0%
Dividends ÷ net income	67.6%	82.2%	119.0%	80.0%	58.8%	53.2%	—	120.0%	54.6%	41.2%	62.5%	59.5%	61.3%	60.6%	64.1%	66.8%	67.9%	69.2%
Dividends and buybacks ÷ free cash flow	—	—	—	—	—	—	45.9%	—	94.6%	340.7%	—	—	—	—	43.2%	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Black Hills Corp: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Operating margin	18.9%	27.3%	25.5%	18.8%	18.3%	27.0%	25.9%	21.4%
Net margin	6.1%	16.4%	16.7%	6.3%	5.8%	16.5%	16.8%	8.4%
Free-cash-flow margin	−21.4%	−10.1%	9.3%	−6.9%	−20.8%	−16.0%	−11.7%	−5.1%
Current ratio	1.12	0.97	0.76	0.64	0.91	1.35	0.65	0.52
Debt to equity	123.3%	121.4%	117.0%	116.9%	116.2%	122.9%	111.6%	111.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 6 checks passed · June 30, 2026

What it owns · $11.0bn

Short-term assets $745mLonger-term assets $10.3bn

What it owes, and who funded it · $5.4bn

Short-term liabilities $1.4bnShareholders' equity $3.9bn

Short-term assets cover short-term liabilities $745m of assets due within a year against $1.4bn of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $72m of cash against $4.4bn of debt.
Debt below 40% of shareholders' equity Debt is 112% of equity.
Debt burden no higher than five years ago Debt to equity moved from 148% to 112% over five years.
A year's operating cash flow covers at least 20% of debt $628m of operating cash flow against $4.4bn of debt.
Operating profit covers interest at least five times over Operating income of $549m against $203m of interest.

From Black Hills Corp's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

40 /100

Weak moat

How hard Black Hills's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 1 / 20

Net income has been a median 2.7% of total assets over 10 years.
Durability 17 / 20

Operating margin has been a median 23.4%; its worst year was 17.3%.
Cash conversion 3 / 20

Free cash flow was positive in 3 of 10 years, at a median -2.8% of revenue.
Discipline 10 / 20

The diluted share count rose 21.6% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Black Hills Corp's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Black Hills Corp.