What is Black Hills's net margin?

Black Hills (BKH) reported net margin of 12.6% in Q1 2026.

How has Black Hills's net margin changed year-over-year?

Black Hills's net margin decreased by 0.4% year-over-year, from 12.7% to 12.6%.

What is the long-term trend for Black Hills's net margin?

Over 5 years (2020 to 2025), Black Hills's net margin has grown at a -1.2% compound annual growth rate (CAGR), from 13.4% to 12.6%.

What does net margin mean?

Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.

Black Hills BKH Net margin

Net margin at other companies

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EvergyEVRG

14.6%-0.2pp

CMS

CMS EnergyCMS

12.5%-0.6pp

PG&EPCG

11.4%+1.6pp

Duke EnergyDUK

15.7%+1.3pp

ExelonEXC

11.2%-0.2pp

New Jersey ResourcesNJR

15.7%-4.4pp

Other financials

Income statement

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Revenue$780.7M-3.0%

Operating income$201.9M-1.5%

Net income$131.0M-2.5%

EPS (diluted)$1.73-7.5%

Balance sheet

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Cash & equivalents$23.6M+258%

Total debt$4.2B+5.8%

Total equity$3.9B+8.5%

Total assets$10.8B+7.5%

Cash flow

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Operating cash flow$176.2M-22.7%

CapEx$267.4M+74.9%

Free cash flow-$91.2M-222%

Valuation

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Market cap$5.54B+20.7%

Enterprise value$9.76B+13.4%

P/E19.2×+2.8×

P/S2.4×+0.3×

Profitability

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Operating margin23.4%+0.1pp

FCF margin-13.7%-14.0pp

Returns & leverage

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Return on equity7.6%-0.4pp

Debt / equity1.1×0.0×

Current ratio0.6×-0.1×

Where this comes from

Calculated from Black Hills’s reported figures.

net income/total revenue=12.6%

Based on trailing twelve months.

The official record: Black Hills’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Black Hills's net margin?: Black Hills (BKH) reported net margin of 12.6% in Q1 2026.
How has Black Hills's net margin changed year-over-year?: Black Hills's net margin decreased by 0.4% year-over-year, from 12.7% to 12.6%.
What is the long-term trend for Black Hills's net margin?: Over 5 years (2020 to 2025), Black Hills's net margin has grown at a -1.2% compound annual growth rate (CAGR), from 13.4% to 12.6%.
What does net margin mean?: Net income as a percentage of revenue (trailing twelve months). The bottom-line profitability measure after all costs, interest, and taxes.