$70.96+0.82 (+1.17%)
At close: Oct 2, 2026, 4:00 PM ET
Black Hills Corporation · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineSteady: revenue compounds ~4.3%/yr (FY21→FY25), net margin 13.0%; free cash flow runs at −49% of net income. Check the accrual gap. Worth your attention in FY25: Share count (+15.6%) and Returns vs FCF (n/m). Both visible in the receipts below.
The four lines that matter · FY21–FY25
Revenue ($M)▲8.6%
2,310.0
FY21→FY25CAGR +4.3%/yr
Net income ($M)▲5.7%
299.8
FY21→FY25CAGR +4.5%/yr
Free cash flow ($M)▼488.0%
−146.4
FY21→FY25CAGR —
Diluted EPS▲1.8%
3.98
FY21→FY25CAGR +1.6%/yr
What the receipts whisper · what a headline number hides
Share count
+15.6%
63.3mn → 73.2mn diluted shares since FY21. Rising share count dilutes EPS. Growth must outrun it.
Capex
$819.8M
steady at 35.5% of revenue (+10.2% YoY).
Returns vs FCF
n/m
$207.7M returned vs $−146.4M of FCF in FY25. Free cash flow was negative, so returns were funded from the balance sheet rather than from cash generation.
What the income statement says · FY21–FY25
Where every revenue dollar goes · FY25 ($M)
13¢ of every revenue dollar becomes profit. The biggest cost lever is operating expenses.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 61.9% → 64.0%. Net margin 13.0% is above the sector median.
The receipt · income statement · FY21–FY25 USD millions except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY25 | FY24 | FY23 | FY22 | FY21 | YoY | CAGR 21→25 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 2,299.3 | 2,310.0 | 2,127.7 | 2,331.3 | 2,551.8 | 1,949.1 | ▲8.6% | +4.3% |
Cost of revenue | 799.2 | 831.5 | 730.3 | 982.9 | 1,230.6 | 741.9 | ▲13.9% | +2.9% |
Gross profit | 1,500.1 | 1,478.5 | 1,397.4 | 1,348.4 | 1,321.2 | 1,207.2 | ▲5.8% | +5.2% |
Total operating expenses | 951.2 | 941.0 | 894.3 | 875.7 | 866.0 | 797.8 | ▲5.2% | +4.2% |
Operating incomefeeds ROC rank | 548.9 | 537.5 | 503.1 | 472.7 | 455.2 | 409.4 | ▲6.8% | +7.0% |
Other income, net | −196.8 | −194.0 | −183.1 | −171.1 | −159.2 | −151.0 | — | — |
Pretax income | 352.1 | 343.5 | 320.0 | 301.6 | 296.0 | 258.4 | ▲7.3% | +7.4% |
Income tax | 44.0 | 43.7 | 36.3 | 25.6 | 25.2 | 7.2 | ▲20.4% | +57.0% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 308.1 | 299.8 | 283.7 | 276.0 | 270.8 | 251.2 | ▲5.7% | +4.5% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 3.96 | 3.98 | 3.91 | 3.91 | 3.97 | 3.74 | ▲1.8% | +1.6% |
Diluted shares (mn) | 76.10 | 73.20 | 69.90 | 67.10 | 65.02 | 63.33 | ▲4.7% | +3.7% |
| Margins | ||||||||
Gross margin83rd pct in Utilities | 65.2% | 64.0% | 65.7% | 57.8% | 51.8% | 61.9% | ▼1.7pp | +2.1pp |
Operating margin | 23.9% | 23.3% | 23.6% | 20.3% | 17.8% | 21.0% | ▼0.4pp | +2.3pp |
Net margin52nd pct in Utilities | 13.4% | 13.0% | 13.3% | 11.8% | 10.6% | 12.9% | ▼0.4pp | +0.1pp |
† TTM = trailing four quarters through 2026-06-30.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-02-11 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.