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Side-by-side financial comparison of BLACK HILLS CORP (BKH) and WORTHINGTON ENTERPRISES, INC. (WOR). Click either name above to swap in a different company.
BLACK HILLS CORP is the larger business by last-quarter revenue ($622.7M vs $327.5M, roughly 1.9× WORTHINGTON ENTERPRISES, INC.). BLACK HILLS CORP runs the higher net margin — 16.8% vs 8.3%, a 8.5% gap on every dollar of revenue. On growth, WORTHINGTON ENTERPRISES, INC. posted the faster year-over-year revenue change (19.5% vs 6.4%). WORTHINGTON ENTERPRISES, INC. produced more free cash flow last quarter ($39.1M vs $-101.5M).
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.
Worthington Enterprises, Inc. is an American industrial manufacturing company headquartered in Columbus, Ohio. The company is composed of two business segments, consumer products and building products. Within these segments, the company designs and manufactures pressure vessels such as propane, oxygen and helium tanks, refrigerant and industrial cylinders, camping and residential use cylinders, water system tanks for storage, treatment, heating, expansion and flow control, as well as a variet...
BKH vs WOR — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $622.7M | $327.5M |
| Net Profit | $104.9M | $27.3M |
| Gross Margin | — | 25.8% |
| Operating Margin | 27.5% | 3.7% |
| Net Margin | 16.8% | 8.3% |
| Revenue YoY | 6.4% | 19.5% |
| Net Profit YoY | 7.0% | -3.3% |
| EPS (diluted) | $1.39 | $0.55 |
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 | $327.5M | ||
| Q3 25 | $427.4M | $303.7M | ||
| Q2 25 | $435.7M | — | ||
| Q1 25 | $800.4M | — | ||
| Q4 24 | $585.1M | — | ||
| Q3 24 | $398.6M | — | ||
| Q2 24 | $397.1M | — | ||
| Q1 24 | $717.2M | — |
| Q4 25 | $104.9M | $27.3M | ||
| Q3 25 | $24.9M | $35.1M | ||
| Q2 25 | $27.5M | — | ||
| Q1 25 | $134.3M | — | ||
| Q4 24 | $98.0M | — | ||
| Q3 24 | $24.4M | — | ||
| Q2 24 | $22.8M | — | ||
| Q1 24 | $127.9M | — |
| Q4 25 | — | 25.8% | ||
| Q3 25 | — | 27.1% | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 27.5% | 3.7% | ||
| Q3 25 | 18.4% | 3.0% | ||
| Q2 25 | 18.9% | — | ||
| Q1 25 | 25.6% | — | ||
| Q4 24 | 27.9% | — | ||
| Q3 24 | 19.0% | — | ||
| Q2 24 | 17.8% | — | ||
| Q1 24 | 27.0% | — |
| Q4 25 | 16.8% | 8.3% | ||
| Q3 25 | 5.8% | 11.6% | ||
| Q2 25 | 6.3% | — | ||
| Q1 25 | 16.8% | — | ||
| Q4 24 | 16.7% | — | ||
| Q3 24 | 6.1% | — | ||
| Q2 24 | 5.7% | — | ||
| Q1 24 | 17.8% | — |
| Q4 25 | $1.39 | $0.55 | ||
| Q3 25 | $0.34 | $0.70 | ||
| Q2 25 | $0.38 | — | ||
| Q1 25 | $1.87 | — | ||
| Q4 24 | $1.36 | — | ||
| Q3 24 | $0.35 | — | ||
| Q2 24 | $0.33 | — | ||
| Q1 24 | $1.87 | — |
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 | $180.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $3.8B | $962.6M |
| Total Assets | $10.9B | $1.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $182.8M | $180.3M | ||
| Q3 25 | $21.1M | $167.1M | ||
| Q2 25 | $8.1M | — | ||
| Q1 25 | $6.6M | — | ||
| Q4 24 | $16.1M | — | ||
| Q3 24 | $12.5M | — | ||
| Q2 24 | $624.8M | — | ||
| Q1 24 | $123.0M | — |
| Q4 25 | $3.8B | $962.6M | ||
| Q3 25 | $3.8B | $959.1M | ||
| Q2 25 | $3.6B | — | ||
| Q1 25 | $3.6B | — | ||
| Q4 24 | $3.5B | — | ||
| Q3 24 | $3.4B | — | ||
| Q2 24 | $3.4B | — | ||
| Q1 24 | $3.3B | — |
| Q4 25 | $10.9B | $1.8B | ||
| Q3 25 | $10.3B | $1.7B | ||
| Q2 25 | $10.1B | — | ||
| Q1 25 | $10.1B | — | ||
| Q4 24 | $10.0B | — | ||
| Q3 24 | $9.7B | — | ||
| Q2 24 | $10.2B | — | ||
| Q1 24 | $9.7B | — |
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 | $51.5M |
| Free Cash FlowOCF − Capex | $-101.5M | $39.1M |
| FCF MarginFCF / Revenue | -16.3% | 11.9% |
| Capex IntensityCapex / Revenue | 43.3% | 3.8% |
| Cash ConversionOCF / Net Profit | 1.60× | 1.89× |
| TTM Free Cash FlowTrailing 4 quarters | $-146.4M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $168.1M | $51.5M | ||
| Q3 25 | $88.9M | $41.1M | ||
| Q2 25 | $188.6M | — | ||
| Q1 25 | $227.8M | — | ||
| Q4 24 | $153.2M | — | ||
| Q3 24 | $102.1M | — | ||
| Q2 24 | $230.6M | — | ||
| Q1 24 | $233.4M | — |
| Q4 25 | $-101.5M | $39.1M | ||
| Q3 25 | $-89.5M | $27.9M | ||
| Q2 25 | $-30.3M | — | ||
| Q1 25 | $74.9M | — | ||
| Q4 24 | $-60.5M | — | ||
| Q3 24 | $-86.0M | — | ||
| Q2 24 | $64.4M | — | ||
| Q1 24 | $57.2M | — |
| Q4 25 | -16.3% | 11.9% | ||
| Q3 25 | -20.9% | 9.2% | ||
| Q2 25 | -7.0% | — | ||
| Q1 25 | 9.4% | — | ||
| Q4 24 | -10.3% | — | ||
| Q3 24 | -21.6% | — | ||
| Q2 24 | 16.2% | — | ||
| Q1 24 | 8.0% | — |
| Q4 25 | 43.3% | 3.8% | ||
| Q3 25 | 41.7% | 4.3% | ||
| Q2 25 | 50.2% | — | ||
| Q1 25 | 19.1% | — | ||
| Q4 24 | 36.5% | — | ||
| Q3 24 | 47.2% | — | ||
| Q2 24 | 41.9% | — | ||
| Q1 24 | 24.6% | — |
| Q4 25 | 1.60× | 1.89× | ||
| Q3 25 | 3.57× | 1.17× | ||
| Q2 25 | 6.86× | — | ||
| Q1 25 | 1.70× | — | ||
| Q4 24 | 1.56× | — | ||
| Q3 24 | 4.18× | — | ||
| Q2 24 | 10.11× | — | ||
| Q1 24 | 1.82× | — |
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% |
WOR
| Building Products | $207.5M | 63% |
| Equity Method Investment Nonconsolidated Investee Other | $120.7M | 37% |
