Black Hills Corporation (BKH)

Debt-to-capital ratio

		Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	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
Long-term debt	US$ in thousands	4,250,200	4,248,800	4,247,100	3,802,800	3,801,200	3,799,510	3,955,740	3,954,410	3,607,300	4,131,030	4,129,660	4,128,290	4,126,920	4,125,570	3,530,220	3,529,160	3,528,100	3,526,890	3,532,890	3,136,890
Total stockholders’ equity	US$ in thousands	3,501,500	3,446,600	3,357,300	3,333,900	3,215,300	3,167,320	3,110,020	3,097,950	2,994,900	2,886,620	2,885,450	2,871,920	2,787,090	2,697,520	2,659,040	2,624,510	2,561,380	2,519,050	2,513,290	2,523,170
Debt-to-capital ratio		0.55	0.55	0.56	0.53	0.54	0.55	0.56	0.56	0.55	0.59	0.59	0.59	0.60	0.60	0.57	0.57	0.58	0.58	0.58	0.55

December 31, 2024 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $4,250,200K ÷ ($4,250,200K + $3,501,500K)
= 0.55

The debt-to-capital ratio of Black Hills Corporation has shown a fluctuating trend over the analyzed period from March 31, 2020, to December 31, 2024. The ratio started at 0.55 in March 2020, increased to 0.60 by September 30, 2021, and then gradually declined to 0.53 by March 31, 2024.

Overall, Black Hills Corporation has maintained its debt-to-capital ratio within a moderate range, indicating a balanced capital structure with a mix of debt and equity financing. The slight fluctuations in the ratio suggest that the company has been effectively managing its debt levels in relation to its total capital.

It is important for investors and stakeholders to monitor the debt-to-capital ratio as it provides insights into the company's leverage and financial risk. A stable and reasonable debt-to-capital ratio can signal financial stability and efficient capital management within the organization.