Black Hills (BKH) Net Margin (2009 - 2026)
Black Hills (BKH) recorded quarterly Net Margin of 17.05% in Q1 2026, down 23.59% quarter-over-quarter from 22.31% in Q4 2025, and up 11.0% on a YoY basis from 15.36% in Q1 2025.
Black Hills (BKH) Net Margin (2009 - 2026) Analysis & Trends
Black Hills' Net Margin history runs 18 years deep, the most recent figure standing at 17.05% for Q1 2026.
- In Q1 2026, Net Margin rose 11.0% year-over-year to 17.05%; the TTM figure through Mar 2026 stood at 14.42% (up 134.0% YoY), while the FY2025 annual figure was 14.41%, up 108.0% from the prior year.
- Net Margin was 17.05% for Q1 2026 at Black Hills, down from 22.31% in the prior quarter.
- In the past five years, Net Margin ranged from a high of 22.31% in Q4 2025 to a low of 6.02% in Q3 2025.
- Historically, Net Margin has averaged 11.81% across 5 years, with a median of 11.99% in 2023.
- The sharpest annual moves came in 2024 and 2025: Net Margin plunged 541 bps in 2024, then soared 538 bps in 2025.
- A 5-year view of Net Margin shows it stood at 9.61% in 2022, then jumped by 46 bps to 14.08% in 2023, then grew by 20 bps to 16.93% in 2024, then soared by 32 bps to 22.31% in 2025, then declined by 24 bps to 17.05% in 2026.
- The last three Net Margin figures came in at 17.05% (Q1 2026), 22.31% (Q4 2025), and 6.02% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Atmos Energy | 28.34 Bn | 28.21 Bn | - | 29.65% |
| 2 | Nisource | 22.33 Bn | 24.52 Bn | 1.83 Bn | 21.99% |
| 3 | Ugi | 7.49 Bn | 6.94 Bn | 1.50 Bn | 19.37% |
| 4 | New Jersey Resources | 5.59 Bn | 5.45 Bn | 826.91 Mn | 23.01% |
| 5 | Black Hills | 5.49 Bn | 5.46 Bn | - | 17.05% |
| 6 | ONE Gas | 4.93 Bn | 4.91 Bn | 438.14 Mn | 15.47% |
| 7 | Mdu Resources | 4.39 Bn | 4.33 Bn | - | -0.02% |
| 8 | Centuri Holdings | 3.01 Bn | 2.95 Bn | 35.76 Mn | -1.31% |
| 9 | Chesapeake Utilities | 2.96 Bn | 2.96 Bn | 102.40 Mn | 23.79% |
| 10 | Brookfield Infrastructure | 426.14 Mn | 3.22 Bn | 539.00 Mn | -12.67% |
Historic Data
Download Data| Date | Value |
|---|---|
| Mar 31, 2026 | 17.05% |
| Dec 31, 2025 | 22.31% |
| Sep 30, 2025 | 6.02% |
| Jun 30, 2025 | 6.56% |
| Mar 31, 2025 | 16.94% |
| Dec 31, 2024 | 16.93% |
| Sep 30, 2024 | 6.57% |
| Jun 30, 2024 | 6.14% |
| Mar 31, 2024 | 18.12% |
| Dec 31, 2023 | 14.08% |
| Sep 30, 2023 | 11.99% |
| Jun 30, 2023 | 6.47% |
| Mar 31, 2023 | 12.74% |
| Dec 31, 2022 | 9.61% |
| Sep 30, 2022 | 7.56% |
| Jun 30, 2022 | 7.05% |
| Mar 31, 2022 | 14.69% |
| Dec 31, 2021 | 13.20% |
| Sep 30, 2021 | 11.59% |
| Jun 30, 2021 | 6.75% |