Black Hills Corporation (BKH) — Capital Reinvestment Ratio
Black Hills Corporation (BKH) has a Capital Reinvestment Ratio of 1.52x as of March 2026, meaning it reinvests 2% of its operating cash flow ($176.20 Million) in capital expenditures ($267.40 Million). Check BKH intangible-adjusted equity ratio to evaluate the tangible quality of the company's equity base.
Capital Reinvestment Ratio
Operating Cash Flow
Capital Expenditures
Data as of
Black Hills Corporation Capital Reinvestment Ratio (1994–2025)
This chart tracks Black Hills Corporation's Capital Reinvestment Ratio across 31 annual periods. For the full cash flow conversion analysis, see Black Hills Corporation cash flow conversion.
Annual Capital Reinvestment Ratio for Black Hills Corporation (1994–2025)
Year-by-year Capital Reinvestment Ratio for Black Hills Corporation from 1994 to 2025. See cash generation quality of Black Hills Corporation to measure how efficiently the company converts operating cash flow to free cash.
| Year | Reinvestment Ratio | Operating CF (USD) | Capital Expenditures | YoY Change |
|---|---|---|---|---|
| 2025 | 1.22x | $673.40 Million | $819.80 Million | ▲ +17.7% |
| 2024 | 1.03x | $719.30 Million | $744.20 Million | ▲ +75.9% |
| 2023 | 0.59x | $944.40 Million | $555.60 Million | ▼ -43.1% |
| 2022 | 1.03x | $584.80 Million | $604.37 Million | ▼ -27.0% |
| 2020 | 1.42x | $541.86 Million | $767.40 Million | ▼ -12.5% |
| 2019 | 1.62x | $505.51 Million | $818.38 Million | ▲ +73.0% |
| 2018 | 0.94x | $488.81 Million | $457.52 Million | ▲ +23.0% |
| 2017 | 0.76x | $428.26 Million | $326.01 Million | ▼ -48.6% |
| 2016 | 1.48x | $320.46 Million | $474.78 Million | ▲ +39.2% |
| 2015 | 1.06x | $428.00 Million | $455.48 Million | ▼ -13.6% |
| 2014 | 1.23x | $323.46 Million | $398.49 Million | ▲ +12.7% |
| 2013 | 1.09x | $324.63 Million | $354.75 Million | ▼ -0.8% |
| 2012 | 1.10x | $316.97 Million | $349.13 Million | ▼ -44.1% |
| 2011 | 1.97x | $223.70 Million | $440.70 Million | ▼ -38.4% |
| 2010 | 3.20x | $147.75 Million | $472.68 Million | ▲ +149.5% |
| 2009 | 1.28x | $270.50 Million | $346.87 Million | ▼ -43.2% |
| 2008 | 2.26x | $145.64 Million | $328.92 Million | ▲ +117.8% |
| 2007 | 1.04x | $252.08 Million | $261.37 Million | ▼ -12.7% |
| 2006 | 1.19x | $259.69 Million | $308.45 Million | ▲ +49.8% |
| 2005 | 0.79x | $174.85 Million | $138.63 Million | ▲ +19.1% |
| 2004 | 0.67x | $136.68 Million | $90.97 Million | ▲ +25.7% |
| 2003 | 0.53x | $170.57 Million | $90.35 Million | ▼ -50.3% |
| 2002 | 1.07x | $218.77 Million | $233.07 Million | ▼ -50.1% |
| 2001 | 2.13x | $177.40 Million | $378.48 Million | ▲ +17.8% |
| 2000 | 1.81x | $74.47 Million | $134.85 Million | ▲ +31.6% |
| 1999 | 1.38x | $75.70 Million | $104.20 Million | ▲ +175.8% |
| 1998 | 0.50x | $54.70 Million | $27.30 Million | ▼ -1.2% |
| 1997 | 0.51x | $56.00 Million | $28.30 Million | ▲ +14.7% |
| 1996 | 0.44x | $55.40 Million | $24.40 Million | ▼ -58.6% |
| 1995 | 1.06x | $45.30 Million | $48.20 Million | ▼ -48.3% |
| 1994 | 2.06x | $48.90 Million | $100.70 Million | — |