Black Hills
Financial ratios & Valuation

Forward Multiples (2025 – 2028)

2025202620272028
Price/Earnings ratio
14.8514.0213.2512.66
Price/Sales ratio
1.651.591.491.46
Earnings per Share (EPS)
$4.14$4.39$4.64$4.86

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
18.41-74.0443.6717.3713.2123.9016.8418.8417.6513.7815.7213.21
Price/Sales ratio
1.701.822.021.901.942.742.2510.779.951.551.971.94
Price/Book Value ratio
1.721.621.971.871.562.011.491.601.521.121.192.01
Price/Cash Flow ratio
7.325.559.937.466.989.427.07-69.097.803.825.479.42
Price/Free Cash Flow ratio
-31.57-86.50-20.6231.27109.15-15.22-16.99-6.01-233.189.2946.5046.50
Price/Earnings Growth ratio
2.220.60-0.130.110.35-0.771.537.642.75-7.830.10-0.77
Dividend Yield
2.93%3.05%2.75%3.02%3.12%2.61%3.53%3.25%3.43%4.65%4.44%3.12%
Profitability Indicator Ratios
Gross Profit Margin
29.31%33.32%32.96%36.00%33.82%35.46%38.46%-200.46%-288%34.16%36.24%33.82%
Operating Profit Margin
18.69%2.28%14.15%-8.21%22.63%23.40%25.24%42.26%44.94%20.27%22.95%22.63%
Pretax Profit Margin
13.92%-4.16%5.91%16.77%14.58%14.00%16.23%62.45%64.55%12.93%14.08%14.00%
Net Profit Margin
9.23%-2.46%4.63%10.95%14.73%11.48%13.41%57.18%56.35%11.24%12.37%11.48%
Effective Tax Rate
33.69%40.88%11.27%23.56%-9.26%12.18%11.94%2.78%8.51%8.48%9.13%-9.26%
Return on Assets
3.00%-0.68%1.11%2.76%3.71%2.63%2.81%2.59%2.68%2.72%2.70%2.70%
Return On Equity
9.35%-2.18%4.51%10.77%11.84%8.43%8.88%8.49%8.62%8.15%7.86%8.43%
Return on Capital Employed
7.17%0.70%3.71%-2.29%6.28%6.01%5.79%2.12%2.59%5.60%5.30%6.01%
Liquidity Ratios
Current Ratio
0.691.940.880.870.770.580.70N/AN/AN/A1.110.77
Quick Ratio
0.551.740.680.700.590.430.530.720.510.560.820.59
Cash ratio
0.031.080.020.020.030.010.000.000.010.070.020.02
Days of Sales Outstanding
50.2941.3660.1753.9458.7057.2761.39299.53404.5657.7438.7457.27
Days of Inventory outstanding
33.7936.4837.1138.4536.8838.1941.0344.3142.5538.2641.9136.88
Operating Cycle
84.0977.8597.2892.3995.5895.47102.42343.85447.1296.0080.6695.47
Days of Payables Outstanding
46.0037.6852.6654.6166.2163.0864.0863.9163.6044.3236.7663.08
Cash Conversion Cycle
38.0840.1744.6237.7829.3632.3838.34279.93383.5151.6743.8929.36
Debt Ratios
Debt Ratio
0.370.410.500.490.450.460.460.490.480.450.430.46
Debt Equity Ratio
1.171.322.051.941.441.471.471.631.551.361.231.47
Long-term Debt to Capitalization
0.470.560.660.640.570.570.570.590.540.540.550.57
Total Debt to Capitalization
0.540.570.670.660.590.590.590.610.600.570.550.59
Interest Coverage Ratio
3.673.332.433.012.802.912.95N/AN/AN/A2.532.91
Cash Flow to Debt Ratio
0.190.220.090.120.150.140.14-0.010.120.210.170.15
Company Equity Multiplier
3.113.174.033.893.193.193.153.273.212.992.813.19
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.230.320.200.250.270.290.31-0.151.270.400.350.27
Free Cash Flow / Operating Cash Flow Ratio
-0.23-0.06-0.480.230.06-0.61-0.4111.49-0.030.410.110.06
Cash Flow Coverage Ratio
0.190.220.090.120.150.140.14-0.010.120.210.170.15
Short Term Coverage Ratio
0.925.573.131.972.551.422.23-0.150.551.5743.112.55
Dividend Payout Ratio
54.10%-226.18%120.12%52.54%41.23%62.54%59.50%61.25%60.64%64.11%67.96%41.23%