Black Hills Corporation (BKH)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Operating income (ttm)	US$ in thousands	472,700	466,193	447,901	456,774	455,244	439,196	449,590	444,467	409,429	421,405	413,766	413,433	428,303	423,711	412,028	399,096	406,042	398,810	393,344	408,894
Total assets	US$ in thousands	9,620,400	9,932,930	9,409,100	9,460,140	9,618,200	9,322,290	9,134,560	9,130,650	9,131,900	8,910,390	8,738,050	8,696,200	8,088,790	7,829,050	7,689,930	7,648,810	7,558,460	7,274,950	7,081,450	7,037,570
Operating ROA		4.91%	4.69%	4.76%	4.83%	4.73%	4.71%	4.92%	4.87%	4.48%	4.73%	4.74%	4.75%	5.30%	5.41%	5.36%	5.22%	5.37%	5.48%	5.55%	5.81%

December 31, 2023 calculation

Operating ROA = Operating income (ttm) ÷ Total assets
= $472,700K ÷ $9,620,400K
= 4.91%

The operating return on assets (operating ROA) for Black Hills Corporation fluctuated over the eight quarters presented. The metric ranged from a low of 4.69% in Q3 2023 to a high of 4.92% in Q2 2022. Despite some variability, the operating ROA generally remained within a narrow range between 4.69% and 4.92% during this period. This suggests that Black Hills Corporation has been able to effectively generate operating income relative to its total assets, with the quarterly fluctuations potentially reflecting changes in operational efficiency or asset utilization. Overall, the average operating ROA of approximately 4.81% indicates that the company has been moderately efficient in generating operating profits from its asset base across the quarters analyzed.