Black Hills Corporation — Earnings Quality Grade F
BKH · Utilities
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 35 days, change +1 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 8.6%, CFFO -6.4%. Cash follows revenue
Expense Quality
Inventory 12.0% vs COGS 10.4%. Normal
CapEx growth 10.2% vs revenue 8.6%. Normal
Insufficient data
Gross margin 38.5%, change -1.0pp. Stable
Cash Flow Quality
CFFO/NI = 2.31. Profits backed by cash
FCF < 50% of Net Income for 2 years
Accruals ratio = -3.5%. Low accruals
Cash $0.2B covers only 4% of debt $4.7B
Balance Sheet Health
Goodwill+Intangibles $1.3B = 34% of equity
Debt/EBITDA = 5.6x (>4x). Financial stress
Other assets 11.9% vs revenue 8.6%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -0% YoY. Normal
Manipulation Score
Insufficient data
Portfolio monitoring
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Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25