Black Hills annual debt-to-equity ratio
2009
2010
2011
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2015
2016
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2018
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2020
2021
2022
2023
2024
2025
Black Hills Debt-to-Equity Ratio Growth & History (BKH)
Black Hills's debt-to-equity ratio was 1.23 for fiscal 2025.
View full Black Hills company overviewBlack Hills annual debt-to-equity ratio history
| Fiscal year | Period ended | Debt-to-equity ratio | Change | Growth |
|---|---|---|---|---|
| 2025 | 2025-12-31 | 1.23 | −0.02 | −1.80% |
| 2024 | 2024-12-31 | 1.25 | −0.12 | −8.53% |
| 2023 | 2023-12-31 | 1.37 | −0.19 | −12.18% |
| 2022 | 2022-12-31 | 1.56 | −0.07 | −4.47% |
| 2021 | 2021-12-31 | 1.63 | 0.16 | +10.83% |
| 2020 | 2020-12-31 | 1.47 | −0.01 | −0.67% |
| 2019 | 2019-12-31 | 1.48 | 0.04 | +2.90% |
| 2018 | 2018-12-31 | 1.44 | −0.51 | −26.00% |
| 2017 | 2017-12-31 | 1.95 | −0.11 | −5.15% |
| 2016 | 2016-12-31 | 2.05 | 0.74 | +55.83% |
| 2015 | 2015-12-31 | 1.32 | 0.12 | +10.23% |
| 2014 | 2014-12-31 | 1.19 | 0.04 | +3.65% |
| 2013 | 2013-12-31 | 1.15 | 0.06 | +5.31% |
| 2012 | 2012-12-31 | 1.09 | −0.31 | −21.89% |
| 2011 | 2011-12-31 | 1.40 | 0.09 | +7.05% |
| 2010 | 2010-12-31 | 1.31 | 0.34 | +35.09% |
| 2009 | 2009-12-31 | 0.97 | — | — |
Black Hills quarterly debt-to-equity ratio
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Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Debt-to-equity ratio | Change | YoY change |
|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | 1.14 | −0.06 | −5.31% |
| Q1 2026 | 2026-03-31 | 1.18 | −0.01 | −0.53% |
| Q4 2025 | 2025-12-31 | 1.23 | −0.02 | −1.80% |
| Q3 2025 | 2025-09-30 | 1.16 | −0.08 | −6.12% |
| Q2 2025 | 2025-06-30 | 1.20 | −0.24 | −16.64% |
| Q1 2025 | 2025-03-31 | 1.19 | −0.13 | −10.19% |
| Q4 2024 | 2024-12-31 | 1.25 | −0.12 | −8.53% |
| Q3 2024 | 2024-09-30 | 1.24 | −0.32 | −20.39% |
| Q2 2024 | 2024-06-30 | 1.44 | 0.00 | +0.21% |
| Q1 2024 | 2024-03-31 | 1.32 | −0.13 | −8.67% |
| Q4 2023 | 2023-12-31 | 1.37 | −0.19 | −12.18% |
| Q3 2023 | 2023-09-30 | 1.55 | −0.05 | −3.12% |
| Q2 2023 | 2023-06-30 | 1.44 | −0.11 | −6.89% |
| Q1 2023 | 2023-03-31 | 1.45 | −0.11 | −7.10% |
| Q4 2022 | 2022-12-31 | 1.56 | −0.07 | −4.47% |
| Q3 2022 | 2022-09-30 | 1.60 | −0.05 | −2.90% |
| Q2 2022 | 2022-06-30 | 1.55 | −0.10 | −5.79% |
| Q1 2022 | 2022-03-31 | 1.56 | −0.10 | −6.14% |
| Q4 2021 | 2021-12-31 | 1.63 | 0.16 | +10.83% |
| Q3 2021 | 2021-09-30 | 1.65 | 0.22 | +14.97% |
| Q2 2021 | 2021-06-30 | 1.64 | 0.23 | +16.69% |
| Q1 2021 | 2021-03-31 | 1.66 | 0.29 | +20.86% |
| Q4 2020 | 2020-12-31 | 1.47 | −0.01 | −0.67% |
| Q3 2020 | 2020-09-30 | 1.44 | −0.00 | −0.21% |
| Q2 2020 | 2020-06-30 | 1.41 | 0.04 | +3.06% |
| Q1 2020 | 2020-03-31 | 1.37 | 0.00 | +0.01% |
| Q4 2019 | 2019-12-31 | 1.48 | 0.04 | +2.90% |
| Q3 2019 | 2019-09-30 | 1.44 | −0.39 | −21.31% |
| Q2 2019 | 2019-06-30 | 1.37 | −0.41 | −23.23% |
| Q1 2019 | 2019-03-31 | 1.37 | −0.43 | −23.90% |
| Q4 2018 | 2018-12-31 | 1.44 | −0.51 | −26.00% |
| Q3 2018 | 2018-09-30 | 1.83 | −0.15 | −7.79% |
| Q2 2018 | 2018-06-30 | 1.78 | −0.17 | −8.92% |
| Q1 2018 | 2018-03-31 | 1.80 | −0.15 | −7.62% |
| Q4 2017 | 2017-12-31 | 1.95 | −0.11 | −5.15% |
| Q3 2017 | 2017-09-30 | 1.99 | −0.07 | −3.25% |
| Q2 2017 | 2017-06-30 | 1.95 | −0.11 | −5.43% |
| Q1 2017 | 2017-03-31 | 1.95 | −0.33 | −14.37% |
| Q4 2016 | 2016-12-31 | 2.05 | 0.74 | +55.83% |
| Q3 2016 | 2016-09-30 | 2.05 | 0.75 | +58.05% |
| Q2 2016 | 2016-06-30 | 2.07 | 0.80 | +62.90% |
| Q1 2016 | 2016-03-31 | 2.28 | 1.09 | +91.31% |
| Q4 2015 | 2015-12-31 | 1.32 | 0.12 | +10.23% |
| Q3 2015 | 2015-09-30 | 1.30 | 0.12 | +10.61% |
| Q2 2015 | 2015-06-30 | 1.27 | 0.11 | +9.26% |
| Q1 2015 | 2015-03-31 | 1.19 | 0.05 | +4.55% |
| Q4 2014 | 2014-12-31 | 1.19 | 0.04 | +3.65% |
| Q3 2014 | 2014-09-30 | 1.17 | 0.13 | +12.23% |
| Q2 2014 | 2014-06-30 | 1.16 | 0.14 | +13.28% |
| Q1 2014 | 2014-03-31 | 1.14 | 0.12 | +11.71% |
| Q4 2013 | 2013-12-31 | 1.15 | 0.06 | +5.31% |
| Q3 2013 | 2013-09-30 | 1.05 | −0.19 | −15.13% |
| Q2 2013 | 2013-06-30 | 1.02 | −0.23 | −18.16% |
| Q1 2013 | 2013-03-31 | 1.02 | −0.21 | −17.05% |
| Q4 2012 | 2012-12-31 | 1.09 | −0.31 | −21.89% |
| Q3 2012 | 2012-09-30 | 1.23 | −0.28 | −18.46% |
| Q2 2012 | 2012-06-30 | 1.25 | −0.16 | −11.49% |
| Q1 2012 | 2012-03-31 | 1.23 | −0.10 | −7.27% |
| Q4 2011 | 2011-12-31 | 1.40 | 0.09 | +7.05% |
| Q3 2011 | 2011-09-30 | 1.51 | 0.27 | +21.96% |
| Q2 2011 | 2011-06-30 | 1.41 | 0.29 | +25.51% |
| Q1 2011 | 2011-03-31 | 1.33 | — | — |
| Q4 2010 | 2010-12-31 | 1.31 | 0.34 | +35.09% |
| Q3 2010 | 2010-09-30 | 1.24 | — | — |
| Q2 2010 | 2010-06-30 | 1.13 | — | — |
| Q4 2009 | 2009-12-31 | 0.97 | — | — |
Black Hills debt-to-equity ratio trends
Over the last five fiscal years, Black Hills's debt-to-equity ratio decreased from 1.47 to 1.23, a change of −0.24. The latest reported quarter, Q2 2026, shows 1.14.
About the metric
What the debt-to-equity ratio means
The debt-to-equity ratio compares interest-bearing debt with shareholders’ equity. It helps show how much debt financing a company uses relative to its accounting equity, but useful comparison levels vary by industry.
Calculation and source
How debt-to-equity is calculated
TickerStat calculates debt-to-equity as total interest-bearing debt divided by SEC-reported shareholders’ equity for the same balance-sheet date. Total liabilities are not treated as debt, and periods with non-positive equity are omitted. Fiscal periods can differ from calendar years, so exact period-end dates are included.
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