Based on the latest figures, Black Hills reports a gross margin of 36.7%, an operating margin of 23.9%, an EBITDA margin of 36.9%, and a net margin of 13%. The company's available margins all advanced, with EBITDA margin reporting the strongest expansion of 1.2 percentage points.
BKH margin history
Looking back over the last 3 years, Black Hills recorded average margins of 35.37% gross, 23.04% operating, 35.44% EBITDA, and 12.55% net. Compared with their three-year averages, all four current margins are higher.
BKH margin expansion
Gross margin expanded by 0.9 percentage points, operating margin by 0.4 percentage points, EBITDA margin by 1.2 percentage points, and net margin by 0.3 percentage points, led by EBITDA margin with an increase of 1.2 percentage points.
BKH Gross margin
Looking back over the last 3 years, Black Hills recorded an average gross margin of 35.37%. Black Hills's current gross margin is 36.7% and is 1.3 percentage points above its three-year average. The highest gross margin for Black Hills was 36.7% in Jun 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 23.04%. Black Hills's current operating margin is 23.9% and is 0.9 percentage points above its three-year average. The highest operating margin for Black Hills was 23.9% in Jun 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 35.44%. The latest EBITDA margin for Black Hills is 36.9%, 1.5 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 36.9% in Jun 2026.
BKH Net margin
Over the last 3 years, Black Hills's net margin averaged 12.55%. The current net margin of 13% is 0.5 percentage points above its three-year average. During this period, net margin reached a high of 13% in Jun 2026 and a low of 11.2% in Dec 2023.
BKH margin group comparison
Black Hills's gross margin of 36.7% is lower than the Utilities sector, the industry and its peers average. In comparison with the Utilities sector average of 42.8%, Black Hills's gross margin is 14% lower.
BKH margin peer comparison
Frequently asked questions
What is Black Hills's gross margin?
As of Jun 30, 2026, BKH has a gross margin of 36.7%.
What is Black Hills's operating margin?
The current operating margin for BKH is 23.9% as of Jun 30, 2026.
What is Black Hills's EBITDA margin?
The current EBITDA margin for BKH is 36.9% as of Jun 30, 2026.
What is Black Hills's net margin?
As of Jun 30, 2026, BKH has a net margin of 13%.
What are the average margins of BKH?
Across the last 3 years, BKH averaged 35.4% gross, 23.0% operating, 35.4% 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 36.7% gross in Jun 2026, 23.9% operating in Jun 2026, 36.9% EBITDA in Jun 2026, and 13% net in Jun 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.