Is the business good?
How good a business is BKH?
Black Hills Corporation earns 5.2% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
5.2%
Return on invested capital · cost of capital 9.0% · 3.8 points below what the capital costs: growth destroys value
- Operating margin
- 24%
Operating margin · Utilities - Regulated Gas median 22% · 12 months to Q2 2026
- Cash conversion
- −1.02×
Cash conversion · −0.36× a year ago · some of the reported profit has not turned into cash yet
- Share count, year on year
- +5.1%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 25% |
| FY2021 | 21% |
| FY2022 | 18% |
| FY2023 | 20% |
| FY2024 | 24% |
| FY2025 | 23% |
Details›
- Operating margin12 months to Q2 2026
- 24%
- Net margin12 months to Q2 2026
- 13%
- Free cash flow margin
- −13%
- Revenue, trailing twelve months
- $2.30B
- Free cash flow, trailing twelve months
- −$305M
- Net income, trailing twelve months
- $299M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 5.2%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Utilities - Regulated Gas
Ranks #12 of 13 by Smart Score