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Black Hills Corporation (BKH)
The export includes the complete available history of financial statements and ratios. Numbers are provided in full, without million or billion abbreviations, in their original reporting units.
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Black Hills Corporation Balance Sheet 2025-2007 | BKH
Brief overview of Black Hills Corporation's balance sheet strength
The balance sheet is assessed across five available annual reports spanning 2015 to 2019.
Assets reached $7.6 billion, compared with $4.7 billion at the beginning. Growth of +62.4% and CAGR near 12.9% show active expansion.
Assets and liabilities changed at similar rates, +62.4% and +59.7%. The funding mix did not shift sharply.
The equity ratio is 31.3% versus 31.5% five periods ago. Capitalization remains workable.
The net-debt-to-equity ratio is 1.48x. Borrowed funding is already a meaningful part of the structure.
The cash share moved from 9.5% to 0.1%. A higher figure generally provides more room in an adverse scenario.
Retained earnings reached $778.8 million, changing +64.8% over the period. A positive accumulated result supports equity.
Overall assessment
Black Hills Corporation's balance sheet sends more positive than negative signals, but liabilities should not begin outpacing the capital base.
Annual Balance Sheet Black Hills Corporation
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
4.52 B | 4.23 B | 4.31 B | 4.11 B | 4.11 B | 3.53 B | 3.49 B | 3.12 B | 3.31 B | 3.3 B | 1.49 B | 1.6 B | 1.47 B | 1.3 B | 1.61 B | 1.17 B | 938 M | - | - |
Long Term Debt |
4.7 B | 4.25 B | 3.8 B | 3.61 B | 4.13 B | 3.53 B | 3.14 B | 2.95 B | 3.11 B | 3.21 B | 1.87 B | 1.27 B | 1.4 B | 939 M | 1.28 B | 1.19 B | 1.02 B | - | - |
Long Term Debt Current |
- | - | 600 M | 525 M | - | 8.44 M | 5.74 M | 5.74 M | 5.74 M | 5.74 M | - | 275 M | - | 104 M | 2.47 M | 5.18 M | 35.2 M | - | - |
Total Non Current Liabilities |
- | - | - | - | - | - | 4.28 B | 4.03 B | 4.19 B | 4.26 B | 2.77 B | 2.25 B | 2.19 B | 1.76 B | 2.04 B | 632 M | 572 M | - | - |
Total Current Liabilities |
740 M | 763 M | 1.19 B | 1.67 B | 902 M | 697 M | 811 M | 648 M | 649 M | 528 M | 422 M | 651 M | 378 M | 735 M | 878 M | 794 M | 645 M | - | - |
Total Liabilities |
- | - | - | - | - | - | 5.09 B | 4.68 B | 4.84 B | 4.79 B | 3.19 B | 2.9 B | 2.57 B | 2.5 B | 2.92 B | - | - | - | - |
Deferred Revenue |
- | - | - | - | - | - | 54.7 M | 43.6 M | 44.4 M | 51.6 M | 53.5 M | - | - | - | - | - | - | - | - |
Retained Earnings |
1.34 B | 1.25 B | 1.16 B | 1.06 B | 962 M | 871 M | 779 M | 700 M | 549 M | 458 M | 473 M | 599 M | 540 M | 493 M | 477 M | 486 M | 474 M | - | - |
Total Assets |
10.9 B | 10 B | 9.62 B | 9.62 B | 9.13 B | 8.09 B | 7.56 B | 6.96 B | 6.66 B | 6.52 B | 4.66 B | 4.28 B | 3.88 B | 3.73 B | 4.13 B | 3.71 B | 3.32 B | - | - |
Cash and Cash Equivalents |
183 M | 16.1 M | 86.6 M | 21.4 M | 13.8 M | 10.7 M | 9.78 M | 20.8 M | 15.4 M | 13.6 M | 441 M | 21.2 M | 7.84 M | 15.5 M | 21.6 M | 16.4 M | 113 M | 169 M | 81.3 M |
Book Value |
10.9 B | 10 B | 9.62 B | 9.62 B | 9.13 B | 8.09 B | 2.46 B | 2.29 B | 1.82 B | 1.73 B | 1.47 B | 1.38 B | 1.31 B | 1.23 B | 1.21 B | 3.71 B | 3.32 B | - | - |
Total Shareholders Equity |
3.82 B | 3.5 B | 3.22 B | 2.99 B | 2.89 B | 2.66 B | 2.36 B | 2.18 B | 1.71 B | 1.61 B | 1.47 B | 1.35 B | 1.28 B | 1.21 B | 1.21 B | 1.1 B | 1.08 B | 1.05 B | 970 M |
Annual performance
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All numbers in USD currency
Quarterly Balance Sheet Black Hills Corporation
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q3 | 2010-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
3.99 B | 3.99 B | 4.25 B | 3.95 B | 3.95 B | 4.25 B | 4.25 B | - | 3.8 B | 3.96 B | 3.95 B | 3.61 B | 4.13 B | - | 4.13 B | 4.13 B | 4.13 B | 3.53 B | 3.53 B | 3.53 B | 3.53 B | 3.53 B | 3.53 B | 3.14 B | 3.14 B | 3.14 B | 3.14 B | 2.95 B | 2.95 B | 2.95 B | 2.95 B | 3.11 B | 3.11 B | 3.11 B | 3.11 B | 3.21 B | 3.21 B | 3.21 B | 3.21 B | 1.85 B | 1.85 B | 1.85 B | 1.85 B | 1.27 B | 1.27 B | 1.27 B | 1.27 B | 1.4 B | 1.4 B | 1.4 B | 1.4 B | 939 M | 939 M | 939 M | 939 M | 1.28 B | 1.28 B | 1.28 B | 1.28 B | 1.19 B | 990 M |
Total Non Current Liabilities |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.11 B | 1.08 B | 1.06 B | 1.05 B | 1.05 B | 1.08 B | 1.08 B | 1.08 B | 1.08 B | 1.07 B | 1.04 B | 1.04 B | 1.04 B | 901 M | 901 M | 901 M | 901 M | 973 M | 973 M | 973 M | 985 M | 779 M | 792 M | 792 M | 792 M | 823 M | 823 M | 823 M | 823 M | 759 M | 759 M | 759 M | 759 M | 632 M | 604 M |
Retained Earnings |
1.41 B | 1.42 B | 1.29 B | 1.31 B | 1.33 B | 1.2 B | 1.22 B | - | 1.12 B | 1.12 B | 1.14 B | 1.06 B | 1.03 B | - | 1.04 B | 962 M | 929 M | 921 M | 932 M | 871 M | 871 M | 871 M | 871 M | 779 M | 779 M | 779 M | 779 M | 700 M | 700 M | 700 M | 700 M | 549 M | 549 M | 549 M | 549 M | 458 M | 458 M | 458 M | 458 M | 473 M | 473 M | 473 M | 473 M | 577 M | 577 M | 577 M | 577 M | 516 M | 540 M | 540 M | 540 M | 493 M | 493 M | 493 M | 493 M | 477 M | 477 M | 477 M | 477 M | 467 M | 468 M |
Total Assets |
11 B | 10.8 B | 10.3 B | 10.1 B | 10.1 B | 9.72 B | 10.2 B | - | 9.93 B | 9.41 B | 9.46 B | 9.62 B | 9.32 B | - | 9.13 B | 9.13 B | 8.91 B | 8.74 B | 8.7 B | 8.09 B | 8.09 B | 8.09 B | 8.09 B | 7.56 B | 7.56 B | 7.56 B | 7.56 B | 6.96 B | 6.96 B | 6.96 B | 6.96 B | 6.66 B | 6.66 B | 6.66 B | 6.66 B | 6.54 B | 6.52 B | 6.52 B | 6.52 B | 4.63 B | 4.64 B | 4.64 B | 4.64 B | 4.25 B | 4.25 B | 4.25 B | 4.25 B | 3.84 B | 3.88 B | 3.88 B | 3.88 B | 3.73 B | 3.73 B | 3.73 B | 3.73 B | 4.13 B | 4.13 B | 4.13 B | 4.13 B | 3.54 B | 3.37 B |
Cash and Cash Equivalents |
71.5 M | 23.6 M | 21.1 M | 8.1 M | 6.6 M | 19.6 M | 632 M | 130 M | 600 M | 159 M | 39.4 M | 21.4 M | 17.1 M | 15.4 M | 21.3 M | 8.92 M | 14.9 M | 1.18 M | 13.4 M | 6.36 M | 6.36 M | 6.36 M | 6.36 M | 9.78 M | 9.78 M | 9.78 M | 9.78 M | 20.8 M | 20.8 M | 20.8 M | 20.8 M | 15.4 M | 15.4 M | 15.4 M | 15.4 M | 13.5 M | 13.6 M | 13.6 M | 13.6 M | 441 M | 457 M | 457 M | 457 M | 21.2 M | 21.2 M | 21.2 M | 21.2 M | 7.84 M | 7.84 M | 7.84 M | 7.84 M | 15.5 M | 15.5 M | 15.5 M | 15.5 M | 21.6 M | 21.6 M | 21.6 M | 21.6 M | 59 M | 64 M |
Book Value |
11 B | 10.8 B | 10.3 B | 10.1 B | 10.1 B | 9.72 B | 10.2 B | - | 9.93 B | 9.41 B | 9.46 B | 9.62 B | 9.32 B | - | 9.13 B | 9.13 B | 8.91 B | 8.74 B | 8.7 B | 8.09 B | 8.09 B | 8.09 B | 8.09 B | 7.56 B | 7.56 B | 7.56 B | 7.56 B | 6.96 B | 6.96 B | 6.96 B | 6.96 B | 6.66 B | 6.66 B | 6.66 B | 6.66 B | 6.54 B | 6.52 B | 6.52 B | 6.52 B | 4.63 B | 4.64 B | 4.64 B | 4.64 B | 4.25 B | 4.25 B | 4.25 B | 4.25 B | 3.84 B | 3.88 B | 3.88 B | 3.88 B | 3.73 B | 3.73 B | 3.73 B | 3.73 B | 4.13 B | 4.13 B | 4.13 B | 4.13 B | 3.54 B | 3.37 B |
Total Shareholders Equity |
3.94 B | 3.95 B | 3.77 B | 3.64 B | 3.64 B | 3.53 B | 3.44 B | 3.42 B | 3.26 B | 3.2 B | 3.19 B | 2.99 B | 2.98 B | 2.98 B | 2.97 B | 2.79 B | 2.8 B | 2.76 B | 2.73 B | 2.56 B | 2.56 B | 2.56 B | 2.56 B | 2.36 B | 2.36 B | 2.36 B | 2.36 B | 2.18 B | 2.18 B | 2.18 B | 2.18 B | 1.71 B | 1.71 B | 1.71 B | 1.71 B | 1.61 B | 1.61 B | 1.61 B | 1.61 B | 1.47 B | 1.47 B | 1.47 B | 1.47 B | 1.35 B | 1.35 B | 1.35 B | 1.35 B | 1.28 B | 1.31 B | 1.31 B | 1.31 B | 1.21 B | 1.21 B | 1.2 B | 1.22 B | 1.16 B | 1.21 B | 1.21 B | 1.21 B | 1.08 B | 1.08 B |
Quarterly performance
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All numbers in USD currency
Balance Sheet is a fundamental financial report of Black Hills Corporation, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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