Black Hills Corporation
Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. The company operates through the Electric Utilities and Gas Utilities segments. The Electric Utilities segment engages in the generation, transmission, and distribution of electricity to electric utility customers in Colorado, Montana, South Dakota, and Wyoming; ownersh… Read more
Black Hills Corporation (BKH) - Net Assets
Latest net assets as of December 2025: $3.91 Billion USD
Based on the latest financial reports, Black Hills Corporation (BKH) has net assets worth $3.91 Billion USD as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($10.87 Billion) and total liabilities ($6.96 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $3.91 Billion |
| % of Total Assets | 35.93% |
| Annual Growth Rate | 10.53% |
| 5-Year Change | 35.28% |
| 10-Year Change | 125.75% |
| Growth Volatility | 14.22 |
Black Hills Corporation - Net Assets Trend (1994–2025)
This chart illustrates how Black Hills Corporation's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Black Hills Corporation (1994–2025)
The table below shows the annual net assets of Black Hills Corporation from 1994 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | $3.91 Billion | +8.94% |
| 2024-12-31 | $3.59 Billion | +8.45% |
| 2023-12-31 | $3.31 Billion | +6.99% |
| 2022-12-31 | $3.09 Billion | +7.02% |
| 2021-12-31 | $2.89 Billion | +8.43% |
| 2020-12-31 | $2.66 Billion | +8.06% |
| 2019-12-31 | $2.46 Billion | +7.72% |
| 2018-12-31 | $2.29 Billion | +25.67% |
| 2017-12-31 | $1.82 Billion | +5.21% |
| 2016-12-31 | $1.73 Billion | +18.03% |
| 2015-12-31 | $1.47 Billion | +6.53% |
| 2014-12-31 | $1.38 Billion | +5.22% |
| 2013-12-31 | $1.31 Billion | +6.10% |
| 2012-12-31 | $1.23 Billion | +1.92% |
| 2011-12-31 | $1.21 Billion | +9.91% |
| 2010-12-31 | $1.10 Billion | +1.42% |
| 2009-12-31 | $1.08 Billion | +3.27% |
| 2008-12-31 | $1.05 Billion | +7.74% |
| 2007-12-31 | $975.02 Million | +22.61% |
| 2006-12-31 | $795.20 Million | +6.91% |
| 2005-12-31 | $743.80 Million | +0.43% |
| 2004-12-31 | $740.60 Million | +3.66% |
| 2003-12-31 | $714.44 Million | +31.91% |
| 2002-12-31 | $541.62 Million | +1.29% |
| 2001-12-31 | $534.70 Million | +66.93% |
| 2000-12-31 | $320.31 Million | +47.88% |
| 1999-12-31 | $216.60 Million | +4.79% |
| 1998-12-31 | $206.70 Million | +0.63% |
| 1997-12-31 | $205.40 Million | +6.31% |
| 1996-12-31 | $193.20 Million | +5.98% |
| 1995-12-31 | $182.30 Million | +3.93% |
| 1994-12-31 | $175.40 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Black Hills Corporation's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 1064.7% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $1.34 Billion | 35.12% |
| Common Stock | $75.50 Million | 1.97% |
| Other Comprehensive Income | $-9.70 Million | -0.25% |
| Other Components | $2.41 Billion | 63.16% |
| Total Equity | $3.82 Billion | 100.00% |
Black Hills Corporation Competitors by Market Cap
The table below lists competitors of Black Hills Corporation ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Innolux Corp
TW:3481
|
$5.29 Billion |
|
Spire Inc
NYSE:SR
|
$5.30 Billion |
|
HYBE Co. Ltd
KO:352820
|
$5.30 Billion |
|
SAIC Motor Corp Ltd
SHG:600104
|
$5.30 Billion |
|
Global Net Lease Inc. 7.50% Cum. Redeem. Pfd. Series D
NYSE:GNL-PD
|
$5.29 Billion |
|
Grupo Aval
NYSE:AVAL
|
$5.28 Billion |
|
Ming Yang Smart Energy Group Ltd
SHG:601615
|
$5.28 Billion |
|
Persimmon Plc
PINK:PSMMY
|
$5.28 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Black Hills Corporation's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 3,501,500,000 to 3,823,600,000, a change of 322,100,000 (9.2%).
- Net income of 291,600,000 contributed positively to equity growth.
- Dividend payments of 197,900,000 reduced retained earnings.
- Share repurchases of 219,200,000 reduced equity.
- New share issuances of 219,200,000 increased equity.
- Other comprehensive income decreased equity by 300,000.
- Other factors increased equity by 228,700,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $291.60 Million | +7.63% |
| Dividends Paid | $197.90 Million | -5.18% |
| Share Repurchases | $219.20 Million | -5.73% |
| Share Issuances | $219.20 Million | +5.73% |
| Other Comprehensive Income | $-300.00K | -0.01% |
| Other Changes | $228.70 Million | +5.98% |
| Total Change | $- | 9.20% |
Book Value vs Market Value Analysis
This analysis compares Black Hills Corporation's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.37x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 8.75x to 1.37x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1994-12-31 | $8.18 | $71.59 | x |
| 1995-12-31 | $8.47 | $71.59 | x |
| 1996-12-31 | $8.93 | $71.59 | x |
| 1997-12-31 | $9.45 | $71.59 | x |
| 1998-12-31 | $9.53 | $71.59 | x |
| 1999-12-31 | $10.10 | $71.59 | x |
| 2000-12-31 | $12.67 | $71.59 | x |
| 2001-12-31 | $20.12 | $71.59 | x |
| 2002-12-31 | $19.75 | $71.59 | x |
| 2003-12-31 | $22.88 | $71.59 | x |
| 2004-12-31 | $22.36 | $71.59 | x |
| 2005-12-31 | $22.20 | $71.59 | x |
| 2006-12-31 | $23.55 | $71.59 | x |
| 2007-12-31 | $25.92 | $71.59 | x |
| 2008-12-31 | $27.51 | $71.59 | x |
| 2009-12-31 | $28.04 | $71.59 | x |
| 2010-12-31 | $28.15 | $71.59 | x |
| 2011-12-31 | $30.17 | $71.59 | x |
| 2012-12-31 | $27.97 | $71.59 | x |
| 2013-12-31 | $29.44 | $71.59 | x |
| 2014-12-31 | $30.80 | $71.59 | x |
| 2015-12-31 | $28.63 | $71.59 | x |
| 2016-12-31 | $30.29 | $71.59 | x |
| 2017-12-31 | $31.02 | $71.59 | x |
| 2018-12-31 | $39.31 | $71.59 | x |
| 2019-12-31 | $38.85 | $71.59 | x |
| 2020-12-31 | $41.02 | $71.59 | x |
| 2021-12-31 | $44.01 | $71.59 | x |
| 2022-12-31 | $46.06 | $71.59 | x |
| 2023-12-31 | $47.92 | $71.59 | x |
| 2024-12-31 | $50.09 | $71.59 | x |
| 2025-12-31 | $52.23 | $71.59 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Black Hills Corporation utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 7.63%
- The company has moderate efficiency in generating returns from equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 12.62%
- • Asset Turnover: 0.21x
- • Equity Multiplier: 2.84x
- Recent ROE (7.63%) is below the historical average (9.83%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1994 | 13.57% | 16.36% | 0.33x | 2.49x | $6.26 Million |
| 1995 | 14.04% | 17.08% | 0.33x | 2.46x | $7.37 Million |
| 1996 | 15.68% | 18.63% | 0.35x | 2.42x | $10.98 Million |
| 1997 | 15.77% | 10.33% | 0.62x | 2.48x | $11.86 Million |
| 1998 | 12.48% | 3.80% | 1.21x | 2.71x | $5.13 Million |
| 1999 | 17.13% | 4.68% | 1.17x | 3.12x | $15.44 Million |
| 2000 | 18.72% | 3.25% | 1.23x | 4.68x | $24.61 Million |
| 2001 | 17.10% | 11.94% | 0.44x | 3.22x | $36.56 Million |
| 2002 | 11.48% | 6.76% | 0.45x | 3.80x | $7.94 Million |
| 2003 | 8.63% | 4.90% | 0.61x | 2.91x | $-9.75 Million |
| 2004 | 7.88% | 13.01% | 0.22x | 2.79x | $-15.60 Million |
| 2005 | 4.52% | 5.45% | 0.29x | 2.87x | $-40.47 Million |
| 2006 | 10.26% | 14.93% | 0.24x | 2.84x | $2.01 Million |
| 2007 | 10.18% | 17.18% | 0.23x | 2.55x | $1.79 Million |
| 2008 | 10.00% | 10.45% | 0.30x | 3.22x | $26.40K |
| 2009 | 7.52% | 6.42% | 0.38x | 3.06x | $-26.93 Million |
| 2010 | 6.24% | 5.63% | 0.33x | 3.37x | $-41.34 Million |
| 2011 | 4.11% | 3.91% | 0.31x | 3.41x | $-71.20 Million |
| 2012 | 8.31% | 8.73% | 0.31x | 3.03x | $-20.81 Million |
| 2013 | 8.98% | 9.20% | 0.33x | 2.96x | $-13.35 Million |
| 2014 | 9.51% | 9.39% | 0.33x | 3.11x | $-6.71 Million |
| 2015 | -2.19% | -2.55% | 0.27x | 3.18x | $-178.70 Million |
| 2016 | 4.52% | 4.74% | 0.24x | 4.04x | $-88.49 Million |
| 2017 | 10.36% | 10.54% | 0.25x | 3.90x | $6.14 Million |
| 2018 | 11.85% | 14.73% | 0.25x | 3.19x | $40.28 Million |
| 2019 | 8.44% | 11.49% | 0.23x | 3.20x | $-36.90 Million |
| 2020 | 8.89% | 13.41% | 0.21x | 3.16x | $-28.53 Million |
| 2021 | 8.49% | 12.14% | 0.21x | 3.28x | $-42.01 Million |
| 2022 | 8.63% | 10.13% | 0.27x | 3.21x | $-41.09 Million |
| 2023 | 8.15% | 11.25% | 0.24x | 2.99x | $-59.33 Million |
| 2024 | 7.80% | 12.84% | 0.21x | 2.86x | $-77.05 Million |
| 2025 | 7.63% | 12.62% | 0.21x | 2.84x | $-90.76 Million |
Industry Comparison
This section compares Black Hills Corporation's net assets metrics with peer companies in the Utilities - Regulated Gas industry.
Industry Context
- Industry: Utilities - Regulated Gas
- Average net assets among peers: $10,634,635,172
- Average return on equity (ROE) among peers: 15.35%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Black Hills Corporation (BKH) | $3.91 Billion | 13.57% | 1.78x | $5.29 Billion |
| APA Group (APAJF) | $3.21 Billion | 8.05% | 4.14x | $6.28 Billion |
| Ascopiave S.p.A (ASCOF) | $409.67 Million | 8.69% | 1.12x | $220.54 Million |
| Atmos Energy Corporation (ATO) | $1.65 Billion | 8.96% | 2.47x | $30.35 Billion |
| Beijing Gas Blue Sky Holdings Limited (BJGBF) | $25.42 Million | 42.17% | 3.14x | $31.34 Million |
| CF Energy Corp (CGFEF) | $47.11 Million | 14.33% | 1.32x | $2.67 Million |
| China Gas Holdings Limited (CGHOF) | $45.80 Billion | 20.06% | 1.45x | $2.35 Billion |
| Chesapeake Utilities Corporation (CPK) | $561.58 Million | 11.60% | 2.18x | $3.01 Billion |
| China Resources Gas Group Limited (CRGGF) | $31.61 Billion | 14.08% | 1.33x | $2.74 Billion |
| China Suntien Green Energy Corporation Limited (CSGEF) | $12.40 Billion | 10.23% | 2.16x | $894.23 Million |