Black Hills Corporation

Black Hills Corporation

BKHยทNYSE

$71.90

+0.60%
UtilitiesDiversified Utilities

Black 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.

At a Glance

Live Snapshot
Market Cap$5.47B
EPS3.9900
P/E Ratio18.02
Earnings Date07/29/2026
3Y+15.0%
5Y+24.0%
10Y+110.0%
3Y+37.0%
5Y+9.0%
10Y-48.0%
3Y+896.0%
5Y+48.0%
10Y-62.0%
BKH

Black Hills Corporation Cash Conversion Engine

BKH ยท NYSE
Net Income299.80M
Depreciation & Amortization283.80M
Stock-Based Compensation11.80M
Change in Working Capital20.30M
Others3.40M
Capital Expenditures-819.80M
Free Cash Flow-146.40M

Cash Flow Quality Analysis

FCF Conversion Rate

-48.8%

Negative free cash flow despite positive earnings raises concerns about cash generation ability or heavy capital requirements.

CapEx Intensity

121.7%

Very high capital intensity consumes most operating cash flow. Limited flexibility for dividends or debt reduction.

FCF Growth Trend

-488.0%

Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.

Working Capital Impact

+$20.30M

Working capital inflow boosted cash flow. Efficient management of receivables, inventory, and payables contributing positively.

Cash Flow Quality Insight

Cash flow concerns: Despite profitability, the company is burning cash. Review working capital management, CapEx levels, and sustainability of current operations.

Black Hills Corporation Cash Flow Statement

BKH โ€ข NYSE

Black Hills Corporation Cash Flow StatementDec 2025Dec 2024Dec 2023Dec 2022Dec 2021Dec 2020Dec 2019Dec 2018Dec 2017Dec 2016Dec 2015Dec 2014Dec 2013Dec 2012Dec 2011Dec 2010Dec 2009Dec 2008Dec 2007Dec 2006
OPERATING ACTIVITIES
299.8M
283.7M
262.2M
270.8M
251.3M
242.8M
213.3M
279.5M
208.4M
82.6M
-32.1M
128.8M
115.8M
88.5M
40.4M
68.7M
78.8M
105.1M
98.8M
81M
283.8M
270.1M
256.8M
250.9M
245.5M
243.3M
241.3M
204.9M
217.6M
310.3M
430M
162.9M
132.4M
195.4M
156.1M
132.8M
140.2M
0.0
0.0
0.0
54.3M
52M
25.4M
25.6M
7.3M
38.1M
38M
-24.2M
81M
36.2M
-26M
69M
63.8M
39.7M
33.6M
19.2M
39.7M
2.1M
31.4M
33.2M
11.8M
10.6M
7M
8.6M
9.7M
5.4M
12.1M
12.4M
7.6M
10.9M
4.1M
9.3M
12.6M
8.3M
5.6M
5.8M
4M
0.0
0.0
0.0
3.4M
-3.4M
10.2M
-4.5M
14.2M
11.5M
17.6M
7.7M
-32.6M
-41.6M
-17.7M
7.1M
4.4M
-24.3M
20.8M
-11.6M
-22.9M
120.1M
93.7M
98.8M
(0.0)
(0.0)
(1M)
(771K)
(1.5M)
(2.2M)
(4.7M)
(0.0)
(1.8M)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(33M)
(14.2M)
(2.7M)
20.3M
106.3M
382.8M
33.4M
-592.4M
818K
-16.8M
8.6M
-53.7M
-78M
69.8M
-53.6M
-4.4M
9.4M
-32.8M
-67.2M
30.7M
-81.6M
28.2M
46.6M
673.4M
719.3M
944.4M
584.8M
-64.6M
541.9M
505.5M
488.8M
428.3M
320.5M
428M
323.5M
324.6M
317M
223.7M
147.8M
270.5M
145.6M
252.1M
259.7M
INVESTING ACTIVITIES
-819.8M
-744.2M
-555.6M
-604.4M
-677.5M
-767.4M
-818.4M
-457.5M
-326M
-474.8M
-455.5M
-398.5M
-354.7M
-349.1M
-440.7M
-472.7M
-346.9M
-328.9M
-261.4M
-308.5M
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
-907.9M
-22M
(0.0)
(0.0)
(107.5M)
(0.0)
(0.0)
(0.0)
-102.8M
(0.0)
(40.7M)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
-24.4M
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
(0.0)
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
583K
0.0
0.0
0.0
0.0
0.0
-8.4M
-1.8M
18.9M
500K
13.3M
5.7M
2.2M
16.1M
8.3M
-1.1B
-20.9M
-2.7M
5.5M
252.8M
-6.9M
83.5M
77M
-25.3M
1.1M
-382K
-828.2M
-746M
-536.7M
-603.9M
-664.2M
-761.7M
-816.2M
-465.8M
-317.7M
-1.6B
-476.4M
-401.1M
-349.3M
(11.2M)
-447M
-389.2M
-269.8M
-457.1M
-260.3M
-268.1M
FINANCING ACTIVITIES
219.2M
181.4M
118.3M
90.1M
119M
99.3M
101.4M
300.8M
4.4M
121.6M
538.8M
3.3M
4.4M
4.7M
123M
3.2M
4.8M
2.7M
150.8M
4.1M
316.2M
-16.2M
-260.6M
115.4M
777.7M
275.9M
358.1M
-154.7M
9M
623.1M
26.8M
140.3M
159.6M
-308.1M
187.6M
224.6M
1.6M
536.5M
-33.5M
54M
-197.9M
-182.3M
-168.1M
-156.7M
-145M
-135.4M
-124.6M
-106.6M
-96.7M
-87.6M
-72.6M
-69.6M
-67.6M
-65.3M
-59.2M
-56.5M
-55.2M
-53.7M
-50.3M
-44M
-15.7M
-25.8M
-31.3M
-16.5M
-19.8M
-22.9M
-34.6M
-56.6M
-25.3M
305.5M
-9.3M
17.2M
-79.3M
-2.8M
-1.8M
-10.4M
-7.6M
-86.8M
-15M
-2.3M
321.8M
-42.9M
-341.7M
32.3M
731.9M
216.9M
300.2M
-17.1M
-108.7M
841M
483.7M
91.1M
17M
-371.4M
249.6M
161M
-56.3M
398.7M
51.9M
11.7M
CASH FLOW SUMMARY
167M
-69.6M
66M
13.2M
3.1M
-2.9M
-10.5M
5.9M
1.9M
-427.3M
435.3M
13.4M
-7.6M
-43.3M
26.3M
-80.5M
-55.6M
87.3M
43.7M
3.3M
23.4M
93M
27M
13.8M
10.7M
13.7M
24.1M
18.2M
13.5M
440.9M
21.2M
7.8M
15.5M
58.8M
32.4M
112.9M
168.5M
81.3M
37.5M
34.2M
190.4M
23.4M
93M
27M
13.8M
10.7M
13.7M
24.1M
15.4M
13.6M
456.5M
21.2M
7.8M
15.5M
58.8M
32.4M
112.9M
168.5M
81.3M
37.5M
-146.4M
-24.9M
388.8M
-19.6M
-742.1M
-225.5M
-312.9M
31.3M
102.3M
-154.3M
-27.5M
-75M
-30.1M
-32.2M
-217M
-324.9M
-76.4M
-183.3M
-9.3M
-48.8M

SEC Filings

BKH - Filing history and reports

Filing TypeFiling DatePeriod EndingFiscal YearActions
8-K

8-K 2026

N/A

May 15, 2026
May 15, 2026
2026
10-Q

10-Q 2026 Q1

Q1

May 07, 2026
March 31, 2026
2026
8-K

8-K 2026

N/A

May 06, 2026
May 06, 2026
2026
8-K

8-K 2026

N/A

May 01, 2026
April 29, 2026
2026
8-K

8-K 2026

N/A

April 02, 2026
April 02, 2026
2026
DEF 14A

DEF 14A 2026

N/A

March 18, 2026
April 29, 2026
2026
8-K

8-K 2026

N/A

February 19, 2026
February 19, 2026
2026
10-K

10-K 2025 FY

FY

February 11, 2026
December 31, 2025
2025
8-K

8-K 2026

N/A

February 04, 2026
February 04, 2026
2026
S-4

S-4

N/A

January 30, 2026
January 30, 2026
ย 
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