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Black Hills BKH Regulatory assets

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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
Net margin12.6%-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

Reported directly by Black Hills in its filing.

Tagged under the XBRL concept us-gaap:RegulatoryAssetsCurrent.

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 regulatory assets?
Black Hills (BKH) reported regulatory assets of $122.6M in Q1 2026.
How has Black Hills's regulatory assets changed year-over-year?
Black Hills's regulatory assets decreased by 5.2% year-over-year, from $129.3M to $122.6M.
What is the long-term trend for Black Hills's regulatory assets?
Over 5 years (2020 to 2025), Black Hills's regulatory assets has grown at a 22.0% compound annual growth rate (CAGR), from $51.68M to $139.7M.
What does regulatory assets mean?
This metric represents costs incurred by the utility that are deferred as assets because they are expected to be recovered from customers through future rate adjustments approved by regulatory commissions. It reflects the company's right to collect revenue for past expenditures, serving as a key indicator of future cash flow potential and regulatory support. Investors monitor this to assess the balance between capital investment and the timing of cost recovery in regulated markets.