Black Hills vs NorthWestern Energy
Black Hills reported revenue of $2.3 billion in fiscal 2025, 1.4 times NorthWestern Energy's $1.6 billion in fiscal 2025. Black Hills' revenue grew 8.6% in its latest year, and NorthWestern Energy's grew 6.4%. Black Hills had an operating margin of 23.3%, against 20.2% at NorthWestern Energy. Free cash flow was −$146 million at Black Hills and −$130 million at NorthWestern Energy.
Side by side
| Black Hills | NorthWestern Energy | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $2.3B | $1.6B |
| Revenue growth | 8.6% | 6.4% |
| Revenue growth a year, last 5 years | 6.4% | 6.1% |
| Gross margin | — | — |
| Operating margin | 23.3% | 20.2% |
| Net margin | 12.6% | 11.2% |
| Free cash flow | −$146M | −$130M |
| Free cash flow margin | −6.3% | −8.1% |
| Return on capital | 5.7% | 5.1% |
| Net debt to EBITDA | 5.5x | 6.0x |
| Dividends and buybacks | $198M | $161M |
| Change in diluted share count | 4.7% | 0.3% |
| Last close | $80.20 | $78.45 |
| P/E at the last close | 20.2× | 28.3× |
| Insider trades, last 12 months | sold $1.3 million | — |
| Piotroski F-score | 6 of 8 | 5 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Black HillsNorthWestern Energy
Operating margin
Percent of revenue
Black HillsNorthWestern Energy
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Black HillsNorthWestern Energy
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Black Hills and NorthWestern Energy pages.