Based on the latest figures, Black Hills reports a gross margin of 37.2%, an operating margin of 24.3%, an EBITDA margin of 37.4%, and a net margin of 13.5%. The company's available margins all advanced, with EBITDA margin reporting the strongest expansion of 1.9 percentage points.
BKH margin history
Looking back over the last 3 years, Black Hills recorded average margins of 35.53% gross, 23.14% operating, 35.6% EBITDA, and 12.63% net. Compared with their three-year averages, all four current margins are higher.
BKH margin expansion
Gross margin expanded by 1.6 percentage points, operating margin by 1 percentage point, EBITDA margin by 1.9 percentage points, and net margin by 1 percentage point, led by EBITDA margin with an increase of 1.9 percentage points.
BKH Gross margin
Looking back over the last 3 years, Black Hills recorded an average gross margin of 35.53%. Black Hills's current gross margin is 37.2% and is 1.7 percentage points above its three-year average. The highest gross margin for Black Hills was 37.2% in Sep 2026, while the lowest was 31.3% in Dec 2023.
BKH Operating margin
Looking back over the last 3 years, Black Hills recorded an average operating margin of 23.14%. Black Hills's current operating margin is 24.3% and is 1.2 percentage points above its three-year average. The highest operating margin for Black Hills was 24.3% in Sep 2026, while the lowest was 20.3% in Dec 2023.
BKH EBITDA margin
Over the last 3 years, the average EBITDA margin for Black Hills was 35.6%. The latest EBITDA margin for Black Hills is 37.4%, 1.8 percentage points above its three-year average. Black Hills's EBITDA margin ranged from a low of 31.1% in Dec 2023 to a high of 37.4% in Sep 2026.
BKH Net margin
Over the last 3 years, Black Hills's net margin averaged 12.63%. The current net margin of 13.5% is 0.9 percentage points above its three-year average. During this period, net margin reached a high of 13.5% in Sep 2026 and a low of 11.2% in Dec 2023.
BKH margin group comparison
Black Hills's gross margin of 37.2% is lower than the Utilities sector, the industry and its peers average. In comparison with the Utilities sector average of 42.7%, Black Hills's gross margin is 13% lower.
BKH margin peer comparison
Frequently asked questions
What is Black Hills's gross margin?
As of Sep 30, 2026, BKH has a gross margin of 37.2%.
What is Black Hills's operating margin?
The current operating margin for BKH is 24.3% as of Sep 30, 2026.
What is Black Hills's EBITDA margin?
The current EBITDA margin for BKH is 37.4% as of Sep 30, 2026.
What is Black Hills's net margin?
As of Sep 30, 2026, BKH has a net margin of 13.5%.
What are the average margins of BKH?
Across the last 3 years, BKH averaged 35.5% gross, 23.1% operating, 35.6% EBITDA, and 12.6% net.
What are the highest historical margins of BKH?
Black Hills's highest recorded margins during the past 5 years were 37.2% gross in Sep 2026, 24.3% operating in Sep 2026, 37.4% EBITDA in Sep 2026, and 13.5% net in Sep 2026.
What are the lowest historical margins of BKH?
Over the last 5 years, Black Hills's lowest margins were 26.8% gross in Mar 2023, 17.2% operating in Mar 2023, 26.4% EBITDA in Mar 2023, and 9.5% net in Jun 2023.