Black Hills (BKH) EBITDA Margin (2009 - 2026)
Black Hills (BKH) recorded quarterly EBITDA Margin of 25.86% in Q1 2026, down 4.11% quarter-over-quarter from 26.97% in Q4 2025, and up 40.0% on a YoY basis from 18.47% in Q1 2025.
Black Hills (BKH) EBITDA Margin (2009 - 2026) Analysis & Trends
Black Hills' EBITDA Margin history runs 18 years deep, the most recent figure standing at 25.86% for Q1 2026.
- In Q1 2026, EBITDA Margin rose 40.0% year-over-year to 25.86%; the TTM figure through Mar 2026 stood at 23.39% (up 1982.0% YoY), while the FY2025 annual figure was 23.27%, up 2011.0% from the prior year.
- EBITDA Margin was 25.86% for Q1 2026 at Black Hills, down from 26.97% in the prior quarter.
- In the past five years, EBITDA Margin ranged from a high of 26.97% in Q4 2025 to a low of 46.12% in Q4 2023.
- Historically, EBITDA Margin has averaged 12.65% across 5 years, with a median of 18.79% in 2025.
- The sharpest annual moves came in 2023 and 2025: EBITDA Margin plunged 6254 bps in 2023, then jumped 7262 bps in 2025.
- A 5-year view of EBITDA Margin shows it stood at 16.42% in 2022, then sank by 381 bps to 46.12% in 2023, then increased by 1 bps to 45.65% in 2024, then jumped by 159 bps to 26.97% in 2025, then slipped by 4 bps to 25.86% in 2026.
- The last three EBITDA Margin figures came in at 25.86% (Q1 2026), 26.97% (Q4 2025), and 18.29% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | EBITDA Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Atmos Energy | 28.34 Bn | 28.21 Bn | - | 29.40% |
| 2 | Nisource | 22.33 Bn | 24.52 Bn | 1.83 Bn | 35.28% |
| 3 | Ugi | 7.49 Bn | 6.94 Bn | 1.50 Bn | 28.23% |
| 4 | New Jersey Resources | 5.59 Bn | 5.45 Bn | 826.91 Mn | 32.04% |
| 5 | Black Hills | 5.49 Bn | 5.46 Bn | - | 25.86% |
| 6 | ONE Gas | 4.93 Bn | 4.91 Bn | 438.14 Mn | 22.80% |
| 7 | Mdu Resources | 4.39 Bn | 4.33 Bn | - | 19.09% |
| 8 | Centuri Holdings | 3.01 Bn | 2.95 Bn | 35.76 Mn | -0.66% |
| 9 | Chesapeake Utilities | 2.96 Bn | 2.96 Bn | 102.40 Mn | 39.87% |
| 10 | Brookfield Infrastructure | 426.14 Mn | 3.22 Bn | 539.00 Mn | 63.35% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 25.86% |
| Dec 31, 2025 | 26.97% |
| Sep 30, 2025 | 18.29% |
| Jun 30, 2025 | 18.79% |
| Mar 31, 2025 | 25.46% |
| Dec 31, 2024 | -45.65% |
| Sep 30, 2024 | 18.87% |
| Jun 30, 2024 | 17.54% |
| Mar 31, 2024 | 26.61% |
| Dec 31, 2023 | -46.12% |
| Sep 30, 2023 | 24.02% |
| Jun 30, 2023 | 15.44% |
| Mar 31, 2023 | 18.99% |
| Dec 31, 2022 | 16.42% |
| Sep 30, 2022 | 17.18% |
| Jun 30, 2022 | 15.27% |
| Mar 31, 2022 | 21.05% |
| Dec 31, 2021 | 20.26% |
| Sep 30, 2021 | 23.61% |
| Jun 30, 2021 | 18.05% |