Valuation, from the filing
| Public float | $4.06B | Market value of stock held by non-affiliates, as stated on the cover page for 2025-06-30 |
|---|---|---|
| Float per share | $53.75 | Float divided by shares outstanding in the same filing. A floor under the share price on that date, not the price itself. |
| Float / net income | 13.9× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / revenue | 1.8× | A lower bound on the multiple, because affiliate holdings are excluded. |
| Float / equity | 1.0× | A lower bound on the multiple, because affiliate holdings are excluded. |
Every figure here is drawn from the 10-K cover page and the statements behind it, so each one traces to a filing. Public float counts only stock held by non-affiliates, which makes these floors rather than estimates: a high multiple is conclusive, a low one may mean cheap or may mean closely held. The float was measured on 2025-06-30, not today, and each multiple below it uses the figures for the fiscal year ending 2025-12-31 — the year that filing covered.
Valuation over time
13.9× earnings today, against a median of 16.5× across 10 years on record. Below its own history.
| Float measured | Public float | Float / net income | |
|---|---|---|---|
| 2025-06-30 | $4.06B | 13.9× | |
| 2024-06-28 | $3.76B | 13.8× | |
| 2023-06-30 | $4.02B | 15.3× | |
| 2022-06-30 | $4.70B | 18.2× | |
| 2021-06-30 | $4.14B | 17.5× | |
| 2020-06-30 | $3.53B | 15.5× | |
| 2019-06-30 | $4.73B | 23.7× | |
| 2018-06-30 | $3.24B | 12.5× | |
| 2017-06-30 | $3.56B | 20.1× | |
| 2016-06-30 | $3.25B | 44.5× |
Each float is paired with the fiscal year the filing that stated it covers. Only years where the company reported positive net income appear, because a multiple against a loss is not a multiple.
How this compares in its industry
Percentile among the Electric Services filers on this site, highest value first. A high percentile means a large figure, which is good for a margin and not for leverage — the ranking says where the company sits, not whether that is where it should be.
| Measure | Reported | Percentile | |
|---|---|---|---|
| Current ratio | 1.35x | 81th | |
| Effective tax rate | 12.7% | 30th | |
| Long-term debt / equity | 1.20x | 33th | |
| Operating margin | 23.3% | 64th | |
| SBC / revenue | 0.5% | 36th | |
| Net margin | 12.6% | 62th | |
| CapEx / revenue | 35.5% | 55th | |
| FCF margin | -6.3% | 45th | |
| Revenue YoY growth | 8.6% | 45th |
BLACK HILLS CORP /SD/ (BKH) reported revenue of $2.29B and net income of $299.10M for the fiscal year ended 2026-06-30. This page shows 1 annual period of income statement, balance sheet and cash flow figures normalized from BLACK HILLS CORP /SD/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Electric Services.
Income
| Metric | 2026-06-30 |
|---|---|
| Revenue | $2.29B |
| Cost of revenue | Unavailable |
| Gross profit | Unavailable |
| Operating income | $549.00M |
| Net income | $299.10M |
| Research & development | Unavailable |
| Weighted-average diluted shares | Unavailable |
| Pretax income | $352.10M |
| Income tax expense | $44.00M |
| Diluted EPS | Unavailable |
| Selling, general & administrative | Unavailable |
| General & administrative | Unavailable |
| Selling & marketing | Unavailable |
Balance
| Metric | 2026-06-30 |
|---|---|
| Cash & equivalents | $71.50M |
| Total assets | $11.04B |
| Current assets | $745.10M |
| Total liabilities | Unavailable |
| Current liabilities | $1.43B |
| Total equity incl. NCI | $4.02B |
| Temporary (mezzanine) equity | Unavailable |
| Inventory | $157.90M |
| Accounts receivable | $282.10M |
| Goodwill | $1.30B |
| Long-term debt | $3.99B |
| Accounts payable | $275.20M |
Cash flow
| Metric | 2026-06-30 |
|---|---|
| Operating cash flow | $628.30M |
| Capital expenditures | $933.50M |
| Investing cash flow | -$944.10M |
| Financing cash flow | $379.50M |
| Net change in cash | Unavailable |
| Stock-based compensation | $12.50M |
| Common dividends paid | $206.90M |
| Common share repurchases | Unavailable |
| Depreciation & amortization | $294.90M |
Derived
| Metric | 2026-06-30 |
|---|---|
| Free cash flow | -$305.20M |
| Gross margin | Unavailable |
| Operating margin | 24.0% |
| FCF margin | -13.3% |
| SBC / revenue | 0.5% |
| Current ratio | 0.52x |
| Revenue YoY growth | 2.5% |
| Net margin | 13.1% |
| R&D / revenue | Unavailable |
| CapEx / revenue | 40.8% |
| Long-term debt / equity | 0.99x |
| Effective tax rate | 12.5% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open BKH in the interactive workspace to inspect any figure back to its filing.
Source filings
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.