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Side-by-side financial comparison of BLACK HILLS CORP (BKH) and SCANSOURCE, INC. (SCSC). Click either name above to swap in a different company.
SCANSOURCE, INC. is the larger business by last-quarter revenue ($766.5M vs $622.7M, roughly 1.2× BLACK HILLS CORP). BLACK HILLS CORP runs the higher net margin — 16.8% vs 2.2%, a 14.7% gap on every dollar of revenue. On growth, BLACK HILLS CORP posted the faster year-over-year revenue change (6.4% vs 2.5%). SCANSOURCE, INC. produced more free cash flow last quarter ($28.9M vs $-101.5M). Over the past eight quarters, SCANSOURCE, INC.'s revenue compounded faster (0.9% CAGR vs -6.8%).
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.
ScanSource, Inc. is a leading global specialty technology distributor offering a broad portfolio of solutions including point-of-sale systems, barcode scanning tools, cybersecurity products, cloud services and communication solutions. It primarily serves value-added resellers, managed service providers and enterprise clients across North America, Latin America and Europe, covering retail, healthcare, industrial and public sector core segments.
BKH vs SCSC — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $622.7M | $766.5M |
| Net Profit | $104.9M | $16.5M |
| Gross Margin | — | 13.4% |
| Operating Margin | 27.5% | 2.3% |
| Net Margin | 16.8% | 2.2% |
| Revenue YoY | 6.4% | 2.5% |
| Net Profit YoY | 7.0% | -3.3% |
| EPS (diluted) | $1.39 | $0.75 |
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.
| Q4 25 | $622.7M | $766.5M | ||
| Q3 25 | $427.4M | $739.6M | ||
| Q2 25 | $435.7M | $812.9M | ||
| Q1 25 | $800.4M | $704.8M | ||
| Q4 24 | $585.1M | $747.5M | ||
| Q3 24 | $398.6M | $775.6M | ||
| Q2 24 | $397.1M | $746.1M | ||
| Q1 24 | $717.2M | $752.6M |
| Q4 25 | $104.9M | $16.5M | ||
| Q3 25 | $24.9M | $19.9M | ||
| Q2 25 | $27.5M | $20.1M | ||
| Q1 25 | $134.3M | $17.4M | ||
| Q4 24 | $98.0M | $17.1M | ||
| Q3 24 | $24.4M | $17.0M | ||
| Q2 24 | $22.8M | $16.1M | ||
| Q1 24 | $127.9M | $12.8M |
| Q4 25 | — | 13.4% | ||
| Q3 25 | — | 14.5% | ||
| Q2 25 | — | 12.9% | ||
| Q1 25 | — | 14.2% | ||
| Q4 24 | — | 13.6% | ||
| Q3 24 | — | 13.1% | ||
| Q2 24 | — | 13.0% | ||
| Q1 24 | — | 12.6% |
| Q4 25 | 27.5% | 2.3% | ||
| Q3 25 | 18.4% | 3.5% | ||
| Q2 25 | 18.9% | 3.3% | ||
| Q1 25 | 25.6% | 3.2% | ||
| Q4 24 | 27.9% | 2.5% | ||
| Q3 24 | 19.0% | 2.3% | ||
| Q2 24 | 17.8% | 2.9% | ||
| Q1 24 | 27.0% | 2.3% |
| Q4 25 | 16.8% | 2.2% | ||
| Q3 25 | 5.8% | 2.7% | ||
| Q2 25 | 6.3% | 2.5% | ||
| Q1 25 | 16.8% | 2.5% | ||
| Q4 24 | 16.7% | 2.3% | ||
| Q3 24 | 6.1% | 2.2% | ||
| Q2 24 | 5.7% | 2.2% | ||
| Q1 24 | 17.8% | 1.7% |
| Q4 25 | $1.39 | $0.75 | ||
| Q3 25 | $0.34 | $0.89 | ||
| Q2 25 | $0.38 | $0.87 | ||
| Q1 25 | $1.87 | $0.74 | ||
| Q4 24 | $1.36 | $0.70 | ||
| Q3 24 | $0.35 | $0.69 | ||
| Q2 24 | $0.33 | $0.66 | ||
| Q1 24 | $1.87 | $0.50 |
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 | $83.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.8B | $910.9M |
| Total Assets | $10.9B | $1.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $182.8M | $83.5M | ||
| Q3 25 | $21.1M | $124.9M | ||
| Q2 25 | $8.1M | $126.2M | ||
| Q1 25 | $6.6M | $146.3M | ||
| Q4 24 | $16.1M | $110.5M | ||
| Q3 24 | $12.5M | $145.0M | ||
| Q2 24 | $624.8M | $185.5M | ||
| Q1 24 | $123.0M | $159.1M |
| Q4 25 | $3.8B | $910.9M | ||
| Q3 25 | $3.8B | $914.0M | ||
| Q2 25 | $3.6B | $906.4M | ||
| Q1 25 | $3.6B | $901.7M | ||
| Q4 24 | $3.5B | $900.7M | ||
| Q3 24 | $3.4B | $920.9M | ||
| Q2 24 | $3.4B | $924.3M | ||
| Q1 24 | $3.3B | $944.1M |
| Q4 25 | $10.9B | $1.7B | ||
| Q3 25 | $10.3B | $1.7B | ||
| Q2 25 | $10.1B | $1.8B | ||
| Q1 25 | $10.1B | $1.7B | ||
| Q4 24 | $10.0B | $1.7B | ||
| Q3 24 | $9.7B | $1.8B | ||
| Q2 24 | $10.2B | $1.8B | ||
| Q1 24 | $9.7B | $1.8B |
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 | $30.8M |
| Free Cash FlowOCF − Capex | $-101.5M | $28.9M |
| FCF MarginFCF / Revenue | -16.3% | 3.8% |
| Capex IntensityCapex / Revenue | 43.3% | 0.3% |
| Cash ConversionOCF / Net Profit | 1.60× | 1.87× |
| TTM Free Cash FlowTrailing 4 quarters | $-146.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $168.1M | $30.8M | ||
| Q3 25 | $88.9M | $23.2M | ||
| Q2 25 | $188.6M | — | ||
| Q1 25 | $227.8M | $66.1M | ||
| Q4 24 | $153.2M | $-6.2M | ||
| Q3 24 | $102.1M | $44.8M | ||
| Q2 24 | $230.6M | — | ||
| Q1 24 | $233.4M | $160.2M |
| Q4 25 | $-101.5M | $28.9M | ||
| Q3 25 | $-89.5M | $20.8M | ||
| Q2 25 | $-30.3M | — | ||
| Q1 25 | $74.9M | $64.6M | ||
| Q4 24 | $-60.5M | $-8.2M | ||
| Q3 24 | $-86.0M | $42.5M | ||
| Q2 24 | $64.4M | — | ||
| Q1 24 | $57.2M | $157.7M |
| Q4 25 | -16.3% | 3.8% | ||
| Q3 25 | -20.9% | 2.8% | ||
| Q2 25 | -7.0% | — | ||
| Q1 25 | 9.4% | 9.2% | ||
| Q4 24 | -10.3% | -1.1% | ||
| Q3 24 | -21.6% | 5.5% | ||
| Q2 24 | 16.2% | — | ||
| Q1 24 | 8.0% | 21.0% |
| Q4 25 | 43.3% | 0.3% | ||
| Q3 25 | 41.7% | 0.3% | ||
| Q2 25 | 50.2% | 0.3% | ||
| Q1 25 | 19.1% | 0.2% | ||
| Q4 24 | 36.5% | 0.3% | ||
| Q3 24 | 47.2% | 0.3% | ||
| Q2 24 | 41.9% | 0.2% | ||
| Q1 24 | 24.6% | 0.3% |
| Q4 25 | 1.60× | 1.87× | ||
| Q3 25 | 3.57× | 1.17× | ||
| Q2 25 | 6.86× | — | ||
| Q1 25 | 1.70× | 3.79× | ||
| Q4 24 | 1.56× | -0.36× | ||
| Q3 24 | 4.18× | 2.64× | ||
| Q2 24 | 10.11× | — | ||
| Q1 24 | 1.82× | 12.51× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
SCSC
| Products And Services | $723.4M | 94% |
| Intelisys Advisory | $25.0M | 3% |
| Recurring Revenue | $18.2M | 2% |
