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Side-by-side financial comparison of ASSOCIATED BANC-CORP (ASB) and BLACK HILLS CORP (BKH). Click either name above to swap in a different company.
BLACK HILLS CORP is the larger business by last-quarter revenue ($622.7M vs $383.0M, roughly 1.6× ASSOCIATED BANC-CORP). ASSOCIATED BANC-CORP runs the higher net margin — 31.2% vs 16.8%, a 14.4% gap on every dollar of revenue. Over the past eight quarters, ASSOCIATED BANC-CORP's revenue compounded faster (9.1% CAGR vs -6.8%).
Associated Banc-Corp is a U.S. regional bank holding company providing retail banking, commercial banking, commercial real estate lending, private banking and specialized financial services. Headquartered in Green Bay, Wisconsin, Associated is a Midwest bank with from more than 220 banking locations serving more than 100 communities throughout Wisconsin, Illinois and Minnesota. The company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas.
Black Hills Corporation is an American diversified energy company that is an electric and gas utility in South Dakota, Montana, Wyoming, Colorado, Arkansas, Kansas, Nebraska, and Iowa. The company sells power throughout the American West. The company is based in Rapid City, South Dakota. It derives its name from its home in the Black Hills of South Dakota.
ASB vs BKH — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $383.0M | $622.7M |
| Net Profit | $119.6M | $104.9M |
| Gross Margin | — | — |
| Operating Margin | — | 27.5% |
| Net Margin | 31.2% | 16.8% |
| Revenue YoY | — | 6.4% |
| Net Profit YoY | 566.6% | 7.0% |
| EPS (diluted) | $0.70 | $1.39 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $383.0M | — | ||
| Q4 25 | $310.0M | $622.7M | ||
| Q3 25 | $305.2M | $427.4M | ||
| Q2 25 | $300.0M | $435.7M | ||
| Q1 25 | $285.9M | $800.4M | ||
| Q4 24 | $270.3M | $585.1M | ||
| Q3 24 | $329.7M | $398.6M | ||
| Q2 24 | $321.8M | $397.1M |
| Q1 26 | $119.6M | — | ||
| Q4 25 | $137.1M | $104.9M | ||
| Q3 25 | $124.7M | $24.9M | ||
| Q2 25 | $111.2M | $27.5M | ||
| Q1 25 | $101.7M | $134.3M | ||
| Q4 24 | $-161.6M | $98.0M | ||
| Q3 24 | $88.0M | $24.4M | ||
| Q2 24 | $115.6M | $22.8M |
| Q1 26 | — | — | ||
| Q4 25 | 52.6% | 27.5% | ||
| Q3 25 | 50.5% | 18.4% | ||
| Q2 25 | 46.5% | 18.9% | ||
| Q1 25 | 42.3% | 25.6% | ||
| Q4 24 | -65.8% | 27.9% | ||
| Q3 24 | 32.8% | 19.0% | ||
| Q2 24 | 32.0% | 17.8% |
| Q1 26 | 31.2% | — | ||
| Q4 25 | 44.2% | 16.8% | ||
| Q3 25 | 40.9% | 5.8% | ||
| Q2 25 | 37.1% | 6.3% | ||
| Q1 25 | 35.6% | 16.8% | ||
| Q4 24 | -59.8% | 16.7% | ||
| Q3 24 | 26.7% | 6.1% | ||
| Q2 24 | 35.9% | 5.7% |
| Q1 26 | $0.70 | — | ||
| Q4 25 | $0.80 | $1.39 | ||
| Q3 25 | $0.73 | $0.34 | ||
| Q2 25 | $0.65 | $0.38 | ||
| Q1 25 | $0.59 | $1.87 | ||
| Q4 24 | $-1.10 | $1.36 | ||
| Q3 24 | $0.56 | $0.35 | ||
| Q2 24 | $0.74 | $0.33 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $182.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $5.0B | $3.8B |
| Total Assets | $45.6B | $10.9B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $182.8M | ||
| Q3 25 | — | $21.1M | ||
| Q2 25 | — | $8.1M | ||
| Q1 25 | — | $6.6M | ||
| Q4 24 | — | $16.1M | ||
| Q3 24 | — | $12.5M | ||
| Q2 24 | — | $624.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.0B | — | ||
| Q3 25 | $594.1M | — | ||
| Q2 25 | $593.5M | — | ||
| Q1 25 | $591.4M | — | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $844.3M | — | ||
| Q2 24 | $536.1M | — |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | $3.8B | ||
| Q3 25 | $4.9B | $3.8B | ||
| Q2 25 | $4.8B | $3.6B | ||
| Q1 25 | $4.7B | $3.6B | ||
| Q4 24 | $4.6B | $3.5B | ||
| Q3 24 | $4.4B | $3.4B | ||
| Q2 24 | $4.2B | $3.4B |
| Q1 26 | $45.6B | — | ||
| Q4 25 | $45.2B | $10.9B | ||
| Q3 25 | $44.5B | $10.3B | ||
| Q2 25 | $44.0B | $10.1B | ||
| Q1 25 | $43.3B | $10.1B | ||
| Q4 24 | $43.0B | $10.0B | ||
| Q3 24 | $42.2B | $9.7B | ||
| Q2 24 | $41.6B | $10.2B |
| Q1 26 | — | — | ||
| Q4 25 | 0.20× | — | ||
| Q3 25 | 0.12× | — | ||
| Q2 25 | 0.12× | — | ||
| Q1 25 | 0.13× | — | ||
| Q4 24 | 0.31× | — | ||
| Q3 24 | 0.19× | — | ||
| Q2 24 | 0.13× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $168.1M |
| Free Cash FlowOCF − Capex | — | $-101.5M |
| FCF MarginFCF / Revenue | — | -16.3% |
| Capex IntensityCapex / Revenue | — | 43.3% |
| Cash ConversionOCF / Net Profit | — | 1.60× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-146.4M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $218.1M | $168.1M | ||
| Q3 25 | $158.0M | $88.9M | ||
| Q2 25 | $141.5M | $188.6M | ||
| Q1 25 | $98.2M | $227.8M | ||
| Q4 24 | $207.1M | $153.2M | ||
| Q3 24 | $105.1M | $102.1M | ||
| Q2 24 | $113.5M | $230.6M |
| Q1 26 | — | — | ||
| Q4 25 | — | $-101.5M | ||
| Q3 25 | — | $-89.5M | ||
| Q2 25 | — | $-30.3M | ||
| Q1 25 | — | $74.9M | ||
| Q4 24 | — | $-60.5M | ||
| Q3 24 | — | $-86.0M | ||
| Q2 24 | — | $64.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | -16.3% | ||
| Q3 25 | — | -20.9% | ||
| Q2 25 | — | -7.0% | ||
| Q1 25 | — | 9.4% | ||
| Q4 24 | — | -10.3% | ||
| Q3 24 | — | -21.6% | ||
| Q2 24 | — | 16.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 43.3% | ||
| Q3 25 | — | 41.7% | ||
| Q2 25 | — | 50.2% | ||
| Q1 25 | — | 19.1% | ||
| Q4 24 | — | 36.5% | ||
| Q3 24 | — | 47.2% | ||
| Q2 24 | — | 41.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.59× | 1.60× | ||
| Q3 25 | 1.27× | 3.57× | ||
| Q2 25 | 1.27× | 6.86× | ||
| Q1 25 | 0.97× | 1.70× | ||
| Q4 24 | — | 1.56× | ||
| Q3 24 | 1.19× | 4.18× | ||
| Q2 24 | 0.98× | 10.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ASB
| Net Interest Income | $307.2M | 80% |
| Noninterest Income | $75.9M | 20% |
BKH
| Gas Utilities | $391.1M | 63% |
| Retail Electric Natural Gasand Coal | $189.7M | 30% |
| Other | $15.3M | 2% |
| Market Off System Sales | $13.6M | 2% |
| Transferred At Point In Time | $8.9M | 1% |
| Wholesale | $4.9M | 1% |
| Inter Segment Revenues | $2.4M | 0% |
